SELECTED ECONOMIC INDICATORS... 2 INTERNATIONAL COMMODITY PRICE DEVELOPMENTS... 3 MERCHANDISE TRADE DEVELOPMENTS... 4 MONETARY DEVELOPMENTS...

Transcription

1 JUNE i

2 TABLE OF CONTENTS SELECTED ECONOMIC INDICATORS... 2 INTERNATIONAL COMMODITY PRICE DEVELOPMENTS... 3 MERCHANDISE TRADE DEVELOPMENTS... 4 MONETARY DEVELOPMENTS... 7 STOCK MARKET DEVELOPMENTS... 8 INFLATION OUTTURN... 9 NATIONAL PAYMENTS SYSTEM

3 SELECTED ECONOMIC INDICATORS May June Month-on- Month Change (%) Z.S.E All share Index Z.S.E. Mining Index Z.S.E. Industrial Index National Payment System Transactions (US$ millions) Money Supply (US$ millions) Money Supply (M3) Annual Growth 2 (%) Yearly Inflation 3 (%) Monthly Inflation 3 (%) Nominal Lending Rate 2 (% per annum) Merchandise Exports 3 (US$ millions) Merchandise Imports 3 (US$ millions) Trade Balance 3 (US$ millions) Sources: 1. Zimbabwe Stock Exchange (ZSE) 2. Reserve Bank of Zimbabwe (RBZ) 3. Zimbabwe National Statistics Agency (ZIMSTAT) 2

4 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 COPPER USUS$/TON NICKEL US$/TON INTERNATIONAL COMMODITY PRICE DEVELOPMENTS The international commodity prices of precious metals and crude oil retreated in June. Base metal prices, however, firmed during the same month. Precious Metals Precious metal prices were weighed down by weak safe haven demand, following monetary policy tightening by the U.S. Federal Reserve in June. This development raised the opportunity cost of holding precious metals, as investors shifted to interest bearing assets. Base Metals Nickel prices increased by 5.9%, from US$14,388.45/ton in May to US$15,230.95/ton in June, following an increase in the demand for the metal from the automotive and steel making industries. Similarly, copper prices registered a 1.2% increase, to close the month under review at US$6,943.81/ton. This was amid concerns over supply disruptions, owing to persistent protests at mines in Chile, the world s major producer of the base metal. Figure 2: Base metal prices Consequently, gold and platinum prices declined by 1.6% and 2.2%, to close the month under analysis at US$1,281.84/oz. and US$884.67/oz., respectively. Figure 1: Precious metal prices Copper Source: Bloomberg, Nickel Gold Source: Bloomberg, Platinum Brent Crude Oil Brent crude oil prices reversed gains recorded in previous months, amid fears of the resurgence of a global glut, following the decision to increase output, by the Organization of Petroleum Exporting Countries (OPEC) and its allies. In addition, global oil supply went up as the US increased production, further exerting 3

5 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 downward pressure on prices. As a result, crude oil prices retreated by 1.8%, from a monthly average of US$77.19/barrel in May to US$75.77 in June. Figure 3: International crude oil prices Merchandise Export Developments Merchandise exports stood at US$384.6 million in June, compared to US$267.2 million recorded in the previous month. The increase in merchandise exports was largely driven by a surge in export earnings from gold (69.2%); nickel mattes (63.8%); ferrochrome (58.9%); and flue-cured tobacco (53.6%). Figure 4: Merchandise Exports (US$ m) Source: Bloomberg, MERCHANDISE TRADE DEVELOPMENTS Source: Zimstat, Total merchandise trade increased by 25%, from US$799.6 million in May to US$999.2 million, during the month under review. This was as a result of month-on-month increases in both merchandise exports and imports. 4

6 Table 1: Exports Classified by HS Code Product May-18 US$m Jun-18 US$m Share of total Exports (%) Semimanufactured gold Nickel mattes Nickel ores and concentrates Ferro-chrome Flue-cured tobacco Chromium ores and concentrates Unwrought Platinum Industrial Diamonds Macadamia Nuts Other Total Source: Zimstat, & RBZ Calculations, Gold, nickel, flue-cured tobacco, ferrochrome, chromium ore, industrial diamonds, macadamia nuts and platinum dominated the country s exports, contributing about 84.3% of total export earnings in June. The country s exports during the month under analysis were mainly destined for South Africa (39.7%); the United Arab Emirates (27.1%); Mozambique (10.8%); Zambia (1.7%); Botswana (0.6%); and Malawi and Namibia (0.2% each), as shown in Figure 5. Figure 5: Major Merchandise Export Destination UAE 27.1% Namibia United 0.2% Kingdom 0.1% Zambia 1.7% Mozambique 10.8% Botswana 0.6% Malawi 0.2% United states 0.1% Source: Zimstat, & RBZ Calculations, Merchandise Import Developments Other 19.5% Merchandise imports registered a 15.4% increase, from US$532.4 million in May to US$614.6 million in June. This was on the back of increases in merchandise imports of electricity, 94.3%; diesel, 27.9%; and unleaded petrol, 6.9%. South Africa 39.7% 5

7 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Table 2:Imports Classified by HS Code May-18 US$m Jun-18 US$m Share of Total Imports(%) Diesel Unleaded petrol Electrical energy Crude soya bean oil Aviation Spirit (Jet A1) Wheat Medicines Rice Fertilizers (Ammonium Nitrate) Other Total Source: Zimstat, & RBZ Calculations, The country s imports were mainly sourced from South Africa (41.2%); Singapore (28.1%); China (4.7%); Japan (3.2%); Mauritius (2.4%); and Zambia (2.3%), during the month under review. Figure 6: Major Merchandise Import Sources (% Share) other Zambia India UK UAE Mozambique Japan Mauritius Hong Kong China Singapore South Africa 0% 10% 20% 30% 40% 50% Source: Zimstat, & RBZ Calculations, Merchandise Trade Balance The developments on merchandise trade resulted in an improvement in the trade deficit, from US$265.2 million in May, to US$229.9 million in June. Figure 7: Merchandise Exports, Imports and Trade Balance (US$m) Exports Imports Trade Balance Source: Zimstat, & RBZ Computations, 6

8 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 USUS$ BILLIONS % MONETARY DEVELOPMENTS 1 Broad money increased by 40.81% on an annual basis, from US$ million in June 2017 to US$ million in June. This reflected yearly increases in transferable deposits, 93.31%; and negotiable certificates of deposits (NCDs) 2, 1.79%. Time deposits, however, declined by 5.18%. Bond notes and coins circulating outside the banking system increased from US$ million in June 2017, to US$ million in June. certificates of deposits, 0.73%, during the month under analysis. Figure 9: Composition of Money Supply June Other Deposits (Time) 15.96% NCDs 0.73% Bond Notes and Coins 4.15% Month-on-month, broad money increased by 6.84%, from US$ million in May to US$9, in June. Figure 8: Money Supply Transferable Deposits 79.16% Source: Reserve Bank of Zimbabwe, Credit to the private sector recorded an annual growth of 11.42% in June, compared to an annual growth of 8.40% in the previous month. On a monthly basis, credit to the private sector increased by 2.90%, from US$ million in May to US$ million in June. M3 M3 Annual Growth rate Source: Reserve Bank of Zimbabwe, Broad money was made up of transferable deposits, 79.16%; time deposits, 15.96%; currency in circulation, 4.15%; and negotiable Households accounted for 23.27% of total domestic credit on a sectoral basis, followed by agriculture, 17.33%; distribution, 13.69%; financial organisations and investments, 12.74%; services, 11.97%; manufacturing, 11.31%; mining, 4.16%; construction, 2.44%; and transport and communications, 1.89%. 1 Provisional figures 2 NCDs are also referred to as securities included in broad money. 7

9 31-Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun-18 Figure 10: Sectoral Distribution of Credit Transport and Communication; Mining; 4.16% Financial Organisations; 12.74% Distribution; 13.69% Construction; 2.44% Other; 1.21% Households; 23.27% Agriculture; 17.33% Figure 11: Zimbabwe Stock Exchange All share and Top 10 Indices Services; 11.97% Manufacturing; 11.31% All Share Index Top 10 Index Source: Zimbabwe Stock Exchange, Source: Reserve Bank of Zimbabwe, Credit to the private sector was utilised for inventory build-up, 25.14%; consumer durables, 17.05%; fixed capital investment, 11.35%; and pre and post shipment financing, 1.62%. Other recurrent expenditures accounted for 43.84% of the total outstanding loans and advances, during the month under review. The industrial index stood at points in June, down from points in May. A 9.75 points increase was, however, recorded for the mining index, from points in May to points in June. Figure 12: Zimbabwe Stock Exchange Indices STOCK MARKET DEVELOPMENTS The Zimbabwe Stock Exchange (ZSE) registered losses in June, due to profit taking and portifolio rebalancing, emanating from uncertanities in the market. This saw the All Share Index registering a 5.72% decline, from points in May to points, during the month under review The Top 10 Index also declined by 7.10% to close the month under analysis at points, from points registered in the previous month. Industrial Mining Source: Zimbabwe Stock Exchange, 8

10 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Volumes Traded (Millions) Values Traded (USUS$ Millions) Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 The volume of shares traded on the ZSE increased by 81.82%, to close at million shares in June. Concomitantly, the value of shares traded also increased, from US$59.28 million in May to US$72.99 million, during the month under analysis. This was largely driven by increased trading activity in wealth preserving blue-chip counters. The contribution of foreign investors to the total value of shares traded declined to 34.40%, from 40.38% registered in the previous month. Cumulative net foreign purchases amounted to US$40.28 million on a year to date basis, compared to net sales of US$28.97 million recorded during the same period in Figure 13: ZSE Monthly Volumes and Values Traded INFLATION OUTTURN Annual Inflation The annual headline inflation increased by 0.2 percentage points, from 2.71% in May to 2.91% in June. This was largely driven by increases in both food and non-food inflation. The year-on-year food inflation accelerated from 4.88% in May to 5.12%, during the month under review. Annual non-food inflation, also rose by 0.19 percentage points, to close the month under review at 1.88% in June. Figure 14 shows annual inflation developments for the period from January 2017 to June. Figure 14:Annual Inflation (%) Volume Turnover Source: Zimbabwe Stock Exchange, Headline Inflation Food Non Food Source: ZIMSTAT, The ZSE market capitalisation decreased by 5.78%, from US$10.39 billion in May to US$9.79 billion in June. Monthly Inflation Month-on-month inflation stood at -0.05% in June, down from 0.03% in May. This was underpinned by the decline in food inflation. 9

11 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 VALUE IN USUS$ BILLIONS VOLUME IN THOUSANDS Figure 15: Month-on- Month Inflation Source: ZIMSTAT, Figure 16: ZETTS Volumes and Values Volume Value Source: Reserve Bank of Zimbabwe, Monthly food inflation decelerated from 0.017% in May, to -0.23% in June. Month-on-month non-food inflation, however, increased from 0.03% in May to 0.04%, during the month under review. This was on account of increases in furniture, household equipment and maintenance; and clothing and footwear sub-categories. NATIONAL PAYMENTS SYSTEM Transactions processed through the National Payments System (NPS) amounted to US$14.69 billion in June, up from US$13.85 billion in May. NPS transaction volumes also increased from million in the previous month, to million in June. Zimbabwe Electronic Transfer Settlement System (ZETSS) Transactions processed through the RTGS stood at US$8 billion in June, an increase of 9.6% from US$7.30 billion recorded in May. The volume of transactions processed through the RTGS, however, registered a 9.4% decline, to close the month under analysis at transactions. Cash transactions Cash transactions rose from US$ million in May, to US$ million in June. Mobile and Internet Based Transactions Mobile and internet based transactions stood at US$4.46 billion in June, a 1.3% decline from US$4.52 billion recorded in May. Card Based Transactions Card based transactions declined from US$ million in May, to close the month under review at US$ million. Cheque Transactions Cheque transactions increased by 10.5% to US$4.7 million in June, from US$4.25 million in May. AUGUST RESERVE BANK OF ZIMBABWE 10

12 Statistical Tables Monetary Statistics 1. Depository Corporations Survey Central Bank Survey Other Depository Corporations Survey 16 Other Depository Corporations 4.1 Assets Liabilities 18 Commercial Banks 5.1 Assets Liabilities 20 Building Societies 6.1 Assets Liabilities 22 Sectoral Analysis of Bank Loans and Advances and Deposits 7.1 Sectoral Analysis of Commercial Banks Loans and Advances Sectoral Analysis of Commercial Banks Deposits 24 Interest Rates 8.1 Lending Rates Banks Deposit Rates 26 Inflation 9.1 Monthly Inflation Yearly Inflation 28 External Statistics 10. Total External Debt Outstanding by Debtor Exchange Rates 30 11

13 12. Zimbabwe Stock Market Statistics National Payments System Statistics 13.1 Values of Transactions Volumes of Transactions Merchandise Trade Statistics 34 12

14 TABLE 1: DEPOSITORY CORPORATIONS SURVEY (US$ '000) Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 MOM % YOY % Net Foreign Assets -574, , , , , , , ,004, ,058, ,273, ,261, ,240, ,021, Central Bank(net) -572, , , , , , ,126, ,184, ,238, ,469, ,454, ,468, ,217, Foreign Assets 415, , , , , , , , , , , , , Foreign Liabilities 987, ,053, ,067, ,086, ,066, ,186, ,552, ,480, ,531, ,722, ,712, ,782, ,727, Other Depository Corporations(net) -2, , , , , , , , , , , , , , Foreign Assets 260, , , , , , , , , , , , , Foreign Liabilities 262, , , , , , , , , , , , , Net Domestic Assets (NDA) 7,066, ,190, ,656, ,010, ,287, ,738, ,071, ,842, ,883, ,260, ,379, ,795, ,162, Domestic Claims 8,430, ,563, ,041, ,445, ,806, ,290, ,699, ,501, ,523, ,009, ,397, ,857, ,421, Claims on Central Government(net) 4,429, ,583, ,963, ,262, ,558, ,980, ,277, ,217, ,217, ,614, ,945, ,361, ,703, Claims on Central Government 4,543, ,702, ,092, ,358, ,642, ,055, ,412, ,365, ,411, ,770, ,083, ,510, ,834, Central Bank 2,781, ,976, ,253, ,386, ,558, ,826, ,985, ,002, ,073, ,316, ,510, ,687, ,961, ODCs 1,761, ,726, ,838, ,971, ,084, ,229, ,426, ,362, ,337, ,453, ,572, ,823, ,872, Less Liabilities to Central Government 114, , , , , , , , , , , , , Central Bank 40, , , , , , , , , , , , , ODCs 73, , , , , , , , , , , , , Claims on Other Sectors 4,001, ,979, ,078, ,183, ,247, ,310, ,421, ,283, ,306, ,395, ,452, ,495, ,717, Other Financial Corporations 105, , , , , , , , , , , , , State and Local Government 35, , , , , , , , , , , , , Public Non Financial Corporations 349, , , , , , , , , , , , , Private Sector 3,510, ,479, ,583, ,636, ,690, ,693, ,719, ,577, ,587, ,696, ,729, ,800, ,911, Central Bank 20, , , , , , , , , , , , , ODCs 3,489, ,457, ,553, ,612, ,661, ,663, ,693, ,562, ,572, ,680, ,714, ,781, ,891, Other Items(Net) 1,363, ,373, ,384, ,435, ,519, ,551, ,627, ,658, ,639, ,748, ,018, ,061, ,258, Shares and Other Equity 1,547, ,546, ,561, ,584, ,635, ,657, ,862, ,838, ,868, ,896, ,893, ,925, ,993, Liabilities to Other Financial Corporations 17, , , , , , , , , , , , , Restricted Deposits 84, , , , , , , , , , , , , Deposits and Securities Excluded from Base Money Other Items(net) -286, , , , , , , , , , , , , Broad Money-M3 6,491, ,564, ,075, ,460, ,687, ,020, ,108, ,837, ,825, ,987, ,117, ,555, ,140, Securities Other than Shares Included in Broad Money 65, , , , , , , , , , , , , Broad Money-M2 6,426, ,497, ,004, ,404, ,624, ,953, ,039, ,772, ,749, ,910, ,033, ,467, ,074, Other Deposits 1,538, ,600, ,604, ,571, ,460, ,450, ,401, ,453, ,458, ,490, ,374, ,442, ,459, Narrow Money-M1 4,887, ,897, ,399, ,832, ,163, ,503, ,637, ,318, ,291, ,419, ,659, ,024, ,614, Transferable Deposits 4,690, ,696, ,199, ,589, ,875, ,184, ,305, ,987, ,959, ,078, ,311, ,670, ,235, Currency Outside Depository Corporations 196, , , , , , , , , , , , , Source: Reserve Bank of Zimbabwe, Notes: (i) Depository corporations survey - formerly Monetary Survey. (ii) Broad money redefined using IMF's Monetary and Financial Statistics Manual of Major changes include exclusion of Government deposits held by banks from broad money. (iii) Transferable deposits made up of demand and savings deposits. (iv) NCDs are also referred to as securities included in broad money. (v) All classes of time deposits, short and long term are classified as time deposits, which are also termed other deposits. (vi) Credit to the private sector now excludes claims on other financial corporations, as well as claims on state and local government (local authorities) (vii) Depository corporations made up of the Central Bank and other depository corporations (viii) Other depository corporations (ODCs) - Commercial banks, merchant banks, building societies and POSB. (ix) In December 2017, the statistics were adjusted in restrospect by reclassifying Securities issued under Aftrades from claims on government to claims on central bank (x) In December 2017, the statistics were adjusted in restrospect by reclassifying amounts accessed by banks under the Aftrades from liabilities to Other Depository corporations and Other Financial Corporations to liabilities to Central Bank 13

15 TABLE 2: CENTRAL BANK SURVEY (US$'000) Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 MOM % YOY % Net Foreign Assets -572, , , , , , ,126, ,184, ,238, ,469, ,454, ,468, ,217, Claims on Non Residents 415, , , , , , , , , , , , , Official Reserves Assets 311, , , , , , , , , , , , , Other Foreign Assets 103, , , , , , , , , , , , , Less Liabilities to Non Residents 987, ,053, ,067, ,086, ,066, ,186, ,552, ,480, ,531, ,722, ,712, ,782, ,727, Short Term Liabilities 502, , , , , , ,054, , ,033, ,224, ,213, ,284, ,229, Other Foreign Liabilities 484, , , , , , , , , , , , , Net Domestic Assets (NDA) 2,521, ,737, ,999, ,105, ,256, ,578, ,794, ,659, ,543, ,791, ,672, ,825, ,730, Domestic Claims 3,030, ,245, ,502, ,713, ,917, ,231, ,413, ,407, ,440, ,733, ,949, ,100, ,420, Net Claims on Central Government 2,740, ,935, ,213, ,346, ,517, ,785, ,945, ,961, ,980, ,274, ,468, ,645, ,919, Claims on Central Government 2,781, ,976, ,253, ,386, ,558, ,826, ,985, ,002, ,073, ,316, ,510, ,687, ,961, Of which: Securities Other than Shares 620, , , , ,105, ,153, ,478, ,481, ,479, ,546, ,560, ,597, ,655, Loans 2,160, ,336, ,576, ,745, ,452, ,672, ,507, ,521, ,594, ,769, ,950, ,089, ,305, Loans and Advances 1,839, ,014, ,255, ,426, ,133, ,354, ,232, ,246, ,319, ,495, ,677, ,816, ,032, Legacy Debt 321, , , , , , , , , , , , , Less Liabilities to Central Government 40, , , , , , , , , , , , , Of which: Deposits 40, , , , , , , , , , , , , Other Claims on Other Sectors 289, , , , , , , , , , , , , Other Financial Corporations 17, , , , , , , , , , , , , State and Local Government Public Non Financial Corporations 250, , , , , , , , , , , , , Private Sector 20, , , , , , , , , , , , , Claims on Other Depository Corporations 52, , , , , , , , , , , , , Of which: Loans 52, , , , , , , , , , , , , Other Liabilities to ODCs 322, , , , , , , , , , ,227, ,351, ,762, Of which: Aftrades Balances 300, , , , , , , , , , , , , Securities , , , , , , , , , ,181, Other Items(Net) 238, , , , , , , , , , , , , Shares and Other Equity 222, , , , , , , , , , , , , Other Items(Net) -83, , , , , , , , , , , , , Liabilities to Other Resident Sectors 15, , , , , , Deposits and Securities Excluded from Base Money 84, , , , , , , , , , , , , Monetary Base Incl. foreign currency clearing balances Monetary Base 1,948, ,064, ,364, ,461, ,520, ,709, ,668, ,475, ,305, ,321, ,218, ,356, ,513, Bond Coins 27, , , , , , , , , , , , , Bond Notes 175, , , , , , , , , , , , , Liabilities to ODCs 1,728, ,838, ,135, ,166, ,181, ,331, ,286, ,071, ,908, ,920, ,813, ,924, ,112, Reserve Deposits Other 1,728, ,838, ,135, ,166, ,181, ,331, ,286, ,071, ,908, ,920, ,813, ,924, ,112, Private Deposits 17, , , , , , , , , , , , , Source: Reserve Bank of Zimbabwe, 14

16 TABLE 3 : OTHER DEPOSITORY CORPORATIONS SURVEY ( US '000) Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 MOM % YOY % Net Foreign Assets -2, , , , , , , , , , , , , , Claims on Non Residents 260, , , , , , , , , , , , , Of Which: Foreign Currency 57, , , , , , , , , , , , , Deposits 202, , , , , , , , , , , , , Other Less Liabilities to Non Residents 262, , , , , , , , , , , , , Of Which: Deposits 119, , , , , , , , , , , , , Loans 143, , , , , , , , , , , , , Other Net Domestic Assets (NDA) 6,280, ,298, ,804, ,083, ,220, ,501, ,576, ,277, ,268, ,406, ,535, ,909, ,552, Domestic Claims 5,399, ,318, ,539, ,732, ,889, ,058, ,286, ,093, ,083, ,276, ,448, ,756, ,000, Net Claims on Central Government 1,688, ,647, ,750, ,916, ,041, ,194, ,331, ,255, ,236, ,339, ,476, ,715, ,783, Claims on Central Government 1,761, ,726, ,838, ,971, ,084, ,229, ,426, ,362, ,337, ,453, ,572, ,823, ,872, Securities 1,713, ,680, ,797, ,930, ,049, ,196, ,397, ,336, ,313, ,434, ,558, ,814, ,865, Loans 47, , , , , , , , , , , , , Other Less Liabilities to Central Government 73, , , , , , , , , , , , , Of which: Deposits 73, , , , , , , , , , , , , Other Claims on Other Sectors 3,711, ,670, ,788, ,816, ,847, ,864, ,954, ,838, ,846, ,936, ,972, ,040, ,216, Other Financial Corporations 87, , , , , , , , , , , , , State and Local Government 35, , , , , , , , , , , , , Public Non Financial Corporations 98, , , , , , , , , , , , , Private Sector 3,489, ,457, ,553, ,612, ,661, ,663, ,693, ,562, ,572, ,680, ,714, ,781, ,891, Claims on the Central Bank 2,034, ,168, ,440, ,495, ,525, ,671, ,604, ,552, ,536, ,474, ,438, ,557, ,089, Currency 7, , , , , , , , , , , , , Other Claims including Reserves 2,027, ,161, ,427, ,483, ,516, ,661, ,591, ,528, ,516, ,457, ,423, ,542, ,080, Liabilities to the Central Bank 44, , , , , , , , , , , , , Other Items(Net) 1,109, ,156, ,154, ,124, ,161, ,177, ,200, ,253, ,240, ,203, ,269, ,302, ,417, Shares and Other Equity 1,325, ,330, ,342, ,356, ,398, ,422, ,530, ,506, ,528, ,556, ,542, ,574, ,632, Liabilities to other ressident sectors 2, , , , , , , , , , , , , Other Items(Net) (218,409.95) (177,748.32) (190,420.99) (243,324.12) (246,366.01) (254,520.08) (335,994.03) (255,843.43) (290,901.87) (359,300.93) (289,215.79) (391,532.79) (336,376.33) Deposits and Securities Included in Broad Money 6,278, ,345, ,858, ,177, ,356, ,652, ,738, ,457, ,447, ,602, ,727, ,137, ,748, Deposits Included in Broad Money 6,212, ,279, ,786, ,121, ,293, ,585, ,670, ,391, ,372, ,525, ,643, ,049, ,681, Transferable Deposits 4,673, ,679, ,182, ,550, ,832, ,135, ,268, ,937, ,913, ,034, ,269, ,607, ,222, Money Market Instruments 65, , , , , , , , , , , , , Source:Reserve Bank of Zimbabwe, 15

17 TABLE 4.1: OTHER DEPOSITORY CORPORATIONS -ASSETS US$ millions End of Notes & Coin with Other Depository with on Government 1 Foreign Debt Securities Loans and Advances Notes Governemt Enterprises Other 2 Government Local Public Institutional Other cliams Contigent AssetsOther Assets Non Financial Bond & Balances Balances with Balances Other Claims Local Public Other Coins RBZ Corporations Foreign Banks Non-residents Securities securities Government Enterprises Units Assets TOTAL 2017 Jan , , , ,642.1 Feb , , , ,746.0 Mar , , , ,995.8 Apr , , , ,199.0 May , , , ,307.6 Jun , , , ,702.8 Jul , , , ,654.3 Aug , , , ,125.5 Sep , , , ,303.5 Oct , , , ,564.9 Nov , , , ,955.5 Dec , , , ,317.7 Jan , , , ,962.1 Feb , , , ,958.1 Mar , , , ,168.2 Apr , , , ,277.4 May , , , ,819.1 Jun , , , ,671.8 Source:Reserve Bank of Zimbabwe, Notes 1.Government securities includes treasuary bills and bonds 2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits. 3.Includes households, other financial corporations. 16

18 TABLE 4.2 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES US$ millions Deposits Debt Securities Foreign Liabilities Amounts Owing to Capital Contigent Other TOTAL and Liablities Liablities End of Demand Savings Time Deposits Total Deposits Other Depository Government Total RBZ Other Depository Other Finacial Reserves from the public Corporations Corporations Corporations 2017 Jan 3, , , , , ,642.1 Feb 3, , , , , ,746.0 Mar 3, , , , , ,995.8 Apr 3, , , , , ,199.0 May 3, , , , , ,307.6 Jun 3, , , , , ,702.8 Jul 3, , , , , ,654.3 Aug 4, , , , , ,125.5 Sep 4, , , , , ,303.5 Oct 4, , , , , , ,564.9 Nov 5, , , , , , ,955.5 Dec 5, , , , , , ,317.7 Jan 4, , , , , , ,962.1 Feb 4, , , , , ,958.1 Mar 5, , , , , , ,168.2 Apr 5, , , , , , ,277.4 May 5, , , , , , ,819.1 June 5, , , , , , ,671.8 Source:Reserve Bank of Zimbabwe, 17

19 TABLE 5.1: COMMERCIAL BANKS -ASSETS US$ millions End of Debt Securities Loans and Advances Foreign Bond Notes Balances Balances with Balances Other Claims Local Public Other Contigent Non Financial Notes & & with Other Depository with on Government 1 Local Governemt Public Enterprises Other 2 Government Government Enterprises Institutional Units 3 Other claims Assets Other Assets Assets Coins Coin RBZ Corporations Foreign Banks Non-residents Securities securities TOTAL 2017 Jan , , , ,933.1 Feb , , , ,026.4 Mar , , , ,281.0 Apr , , , ,429.3 May , , , ,515.6 Jun , , , ,869.2 Jul , , , ,829.0 Aug , , , ,228.1 Sep , , , ,440.0 Oct , , , ,604.1 Nov , , , ,966.9 Dec , , , ,253.6 Jan , , , ,006.6 Feb , , , ,001.5 Mar , , , ,136.6 Apr , , , ,244.0 May , , , ,659.8 Jun , , , ,401.0 Source:Reserve Bank of Zimbabwe, Notes 1.Government securities include treasuary bills and bonds 2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits. 3.Includes households, other financial corporations, 18

20 TABLE 5.2 : COMMERCIAL BANKS - LIABILITIES US$ millions Deposits Amounts Owing to End of Demand Savings Time Deposits Total Deposits Other Depository Government Total Debt Securities Foreign Liabilities RBZ Other Depository Other Finacial Capital Contigent Other from the public Corporations Corporations Corporations and Liablities Liablities TOTAL Reserves 2017 Jan 3, , , , ,933.1 Feb 3, , , , ,026.4 Mar 3, , , , ,281.0 Apr 3, , , , ,429.3 May 3, , , , ,515.6 Jun 3, , , , ,869.2 Jul 3, , , , , ,829.0 Aug 4, , , , , ,228.1 Sep 4, , , , , ,440.0 Oct 4, , , , ,604.1 Nov 5, , , , ,966.9 Dec 5, , , , ,253.6 Jan 4, , , , ,006.6 Feb 4, , , , ,001.5 Mar 5, , , , ,136.6 Apr 5, , , , ,244.0 May 5, , , , ,659.8 Jun 5, , , , ,401.0 Source:Reserve Bank of Zimbabwe, 19

21 TABLE 6.1: BUILDING SOCIETIES -ASSETS US$ millions Foreign Debt Securities Loans and Advances Other Assets Non Financial TOTAL End of Notes Assets Bond & Balances Balances with Balances Other Claims Notes & Coin with Other Depository with on Government 1 Local Governemt Public Enterprises Other 2 Mortgages Government Other Coins RBZ Corporations Foreign Banks Non-residents Securities securities 2017 Jan ,451.4 Feb ,460.4 Mar ,448.6 Apr ,496.8 May ,515.4 Jun ,548.8 Jul ,551.5 Aug ,611.9 Sep ,574.8 Oct ,676.0 Nov ,693.3 Dec ,757.3 Jan ,674.3 Feb ,663.6 Mar ,738.2 Apr ,745.7 May ,862.0 Jun ,964.5 Source:Reserve Bank of Zimbabwe, Notes 1.Government securities include treasuary bills and bonds 2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits. 3.Includes households, other financial corporations, 20

22 TABLE 6.2: BUILDING SOCIETIES -LIABILITIES US$ millions Debt Securities Foreign Liabilities Amounts Owing to Capital Other TOTAL and Liablities End of Savings Time Deposits Total Deposits Other Depository Government Total RBZ Other Depository Other Finacial Reserves from the public Corporations Corporations Corporations 2017 Jan ,451.4 Feb ,460.4 Mar ,448.6 Apr , ,496.8 May , ,515.4 Jun , ,548.8 Jul , ,551.5 Aug , , ,611.9 Sep , , ,574.8 Oct , , ,676.0 Nov , , ,693.3 Dec , , ,757.3 Jan , , ,674.3 Feb , ,663.6 Mar , , ,738.2 Apr , , ,745.7 May , , ,862.0 June , , ,964.5 Source:Reserve Bank of Zimbabwe, 21