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

Transcription

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

4 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 US$/oz. Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Copper US$/ton Nickle US$/ton INTERNATIONAL COMMODITY PRICE DEVELOPMENTS During the month of September, the international commodity prices of precious metals and base metals, were on a negative trajectory. Crude oil prices, however, firmed during the same month. Precious Metals Prices of precious metals were weighed down by a stronger US dollar, in September. Investors preferred the U.S. dollar as a safe haven asset, ahead of precious metals, as the US-Sino trade war escalated. Resultantly, gold and platinum prices retreated by 0.2%, from US$1,201.55/oz and US$805.85/oz to US$1,198.97/oz and US$804.24/oz, respectively. Figure 1: Precious metal prices (US$/oz.) Source: Bloomberg, Gold Platinum Base Metals Base metal prices weakened on account of sluggish global demand, particularly in the Chinese steel industries. Copper prices retreated by 0.6%, from US$6,077.05/ton in the previous month to US$6,038.13/ton in September. Similarly, nickel prices declined by 7.2%, from US$13,566.59/ton in August to US$12,584.50/ton, during the month under review. Figure 2: Base metal prices (US$/ton) 7,500 7,000 6,500 6,000 5,500 5,000 4,500 4,000 Source: Bloomberg, Brent Crude Oil Copper Nickel (RHS) 17,000 15,000 13,000 11,000 9,000 7,000 5,000 Brent crude oil prices rose by 7.2%, from a monthly average of US$73.86/barrel in August to US$79.21/barrel in September. The reluctance by the Organisation of Petroleum Exporting Countries to raise output to address shrinking supplies from Iran, coupled with the unexpected decrease in U.S crude stockpiles, supported the increase in the price. 3

5 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 US$/barrel Figure 3: International crude oil prices (US$/barrel) Figure 4: Merchandise Exports (US$ m) Source: Bloomberg, MERCHANDISE TRADE DEVELOPMENTS Total merchandise trade stood at US$930.5 million in September, representing a 9.3% decline from US$1,025.9 million registered in the previous month. The decline was underpinned by a fall in merchandise exports. Merchandise Export Developments Merchandise exports amounted to US$353.4 million in September, compared to US$449.3 million in August. The 21.3% fall in exports was underpinned by declines in exports of flue-cured tobacco (-48.5%); nickel ores and concentrates (-29.6%); nickel mattes (-26.9%); and gold (-18.5%). Source: ZIMSTAT, Table 1 shows the major export commodities for the months of August and September. Table 1: Exports Classified by HS Code Commodity Aug-18 US$m Sept-18 US$m Share of Total Exports (%) Semimanufactured gold Flue-cured tobacco Nickel mattes Nickel ores and concentrates Ferro-chromium Industrial diamonds Ginned cotton Chromium ores & concentrates Cane sugar Unwrought Platinum Other Total Source: ZIMSTAT, & RBZ Calculations, 4

6 The country s exports were mainly destined for South Africa (45.3%); the United Arab Emirates (25.9%); Mozambique (8.9%); Belgium (2.3%); Zambia (1.5%); and Kenya (1.1%). Figure 5 shows the country s major export markets, during the period under review. Figure 5: Major Merchandise Export Destinations Source: ZIMSTAT, & RBZ Calculations, Merchandise Import Developments Merchandise imports increased by 0.1%, from US$576.5 million in August to US$577.1 million, during the month under review. Increases in merchandise imports were recorded for wheat (82.5%); fertilisers (53.2%); and diesel (20.2%). Table 2 shows the the country s import commodities for August and September.. Zambia 1.5% Belgium 2.3% Kenya 1.1% Mozambique 8.9% United Arab Emirates 25.9% Botswana 0.7% Namibia 13.8% 0.2% Malawi 0.2% Germany 0.1% South Africa 45.3% Table 2: Imports Classified by HS Code Commodity Diesel Aug- 18 US$m Sep- 18 US$m Share of Total Imports (%) Unleaded petrol Durum wheat Ammonium nitrate Medicines Electrical energy Aviation Spirit (Jet A1) Crude soya bean oil Ammonium phosphate (fertilisers) Rice Other Total Source: ZIMSTAT, & RBZ Calculations, The country mainly sourced imports from South Africa (33.6%); Singapore (16.9%); United Kingdom (12.1%); China (6.6%); and Japan (3.6%) in September, as shown in Figure 6. Figure 6: Major Merchandise Import Sources (%Share). United Arab Emirates Mozambique Mauritius Zambia India Japan China United Kingdom Singapore South Africa Other 0% 10% 20% 30% 40% 50% Source: ZIMSTAT, & RBZ Calculations, 5

7 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-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 Jul-18 Aug-18 Sep-18 US$ Billions % Merchandise Trade Balance The aforementioned merchandise trade developments resulted in a trade deficit of US$223.7 million in September. This was largely on the back of the significant decline in merchandise exports. Figure 7: Merchandise Exports, ImportsTrade Balance (US$m) On a month-on-month basis, broad money increased by 3.32%, from US$ million in August to US$ million in September. Figure 8: Broad Money in Levels Growth Rates Exports Imports Trade Balance Source: ZIMSTAT, & RBZ Computations, MONETARY DEVELOPMENTS 1 Broad money stood at US$10,122 million in September, compared to US$7,460 million in September This represented an annual growth of 35.68%. The growth in money supply, largely reflected yearly increases in demand deposits, 44.73%; and currency in circulation, %. Annual declines of 6.11% and 5.25% in negotiable certificates of deposits (NCDs) 2 and time deposits, partially offset the growth in money supply. M3 M3 Annual Growth rate Source: Reserve Bank of Zimbabwe, Broad money comprised of demand deposits, 79.92%; time deposits, 14.71%; currency in circulation, 4.85%; and negotiable certificates of deposits, 0.52%, during the month under analysis. 1 Provisional figures 2 NCDs are also referred to as securities included in broad money. 6

8 Figure 9: Composition of Money Supply September Other Deposits (Time) 14.71% NCDs 0.52% Bond Notes and Coins 4.85% Figure 10: Sectoral Distribution of Credit Transport and Communication, 2.07% Mining, 4.48% Financial Organisations, 6.36% Construction, 3.15% Other, 2.57% Households, 26.54% Demand Deposits 79.92% Distribution, 13.60% Agriculture, 17.97% Source: Reserve Bank of Zimbabwe Annual private sector credit grew by 6.98% in September, compared to 3.94% in August. On a monthly basis, credit to the private sector increased by 4.43%, from US$ million in August to US$ million in September. During the month under review, households accounted for 26.54% of total credit, followed by agriculture, 17.97%; distribution, 13.60%; services, 12.76%; manufacturing, 10.50%; financial organisations and investments, 6.36%; mining, 4.48%; construction, 3.15%; and transport and communications, 2.07%. Services, 12.76% Manufacturing, 10.50% Source: Reserve Bank of Zimbabwe, STOCK MARKET DEVELOPMENTS The Zimbabwe Stock Exchange (ZSE) was bearish, during the month of September, as prices of most securities fell. Consequently, the All Share Index declined by 1.88% to points, from points recorded in August. Over the same period, the Top 10 declined by 3.36% to points. 7

9 30-Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep-18 Industrial Inedx Points Mining Index Points Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Volumes Traded (milions) Values Traded (US$ millions) Figure 11: Zimbabwe Stock Exchange All share and Top 10 Indices Source: Zimbabwe Stock Exchange, The industrial index decreased by 1.94% to points in September, from points in August. A gain of 1.5% was, however, recorded for the mining index, to close the month under review at points. Figure 12: Zimbabwe Stock Exchange Indices Feb Mar-18 3-Apr-18 3-May-18 All Share Index 2-Jun-18 2-Jul-18 1-Aug-18 Top 10 Index 31-Aug Sep-18 During the month of September, foreigners contributed 35.52% of the total value of shares traded on the ZSE. This reflected a percentage points increase from 24.65% in August. The cumulative volume of shares traded on the ZSE increased by 59.33% to million, during the month under review. Concomittantly, the value of shares traded increased from US$50.49 million in August, to US$61.11 million in September. Figure 13: ZSE Monthly Volumes and Values Traded 1, Volume Turnover Source: Zimbabwe Stock Exchange, As a consequence of negative trading, the ZSE lost US$0.21 billion worth of capitalization to close the month under analysis at US$12.27 billion Industrial Mining Source: Zimbabwe Stock Exchange, 8

10 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Value in US$ Billions Volume in Thousands Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 INFLATION OUTTURN Annual Inflation Annual headline inflation stood at 5.4% in September, up from 4.8% recorded in the previous month. This was due to increases in both food and non-food inflation. Figure 14:Annual Inflation (%) The monthly food inflation rate stood at 1.05% in September, gaining 0.43 percentage points on 0.62% recorded in the August,. Month-on-month non-food inflation rose by 0.57 percentage points to close at 0.85% in September, from 0.28% registered in August. NATIONAL PAYMENTS SYSTEM The total value of transactions processed through the National Payments System (NPS) decreased by 3.9% to US$14.6 billion in September, from US$15.2 billion recorded in August. In tandem, NPS transaction volumes decreased by 2.1% to million, from million recorded in the previous month. Headline Inflation Food Non Food Source: ZIMSTAT, Monthly Inflation Month-on-month inflation increased by 0.53 percentage points to 0.92% in September, from 0.39% in August. Zimbabwe Electronic Transfer Settlement System (ZETSS) The value and volume of transactions processed through the RTGS system decreased by 7.8% and 1.8%, respectively, in September. Figure 16: ZETSS Volumes and Values Figure 15: Month-on- Month Inflation (%) Source: ZIMSTAT, Volume Value Source: Reserve Bank of Zimbabwe, 9

11 Cash transactions Cash transactions stood at US$ million in September, a 0.9% increase from the US$ million recorded in August. Mobile and Internet Based Transactions Mobile and Internet based transactions increased by 0.7%, from US$5.81 billion in August to US$ 5.86 billion in Sepetember. Card Based Transactions The total value of card based transactions increased by 3.9% to US$ million in September, up from US$ million registered in August. Cheque Transactions The value of cheque transactions stood at US$3.97 million in September. This represented a 37.9% increase from the US$2.88 million recorded in August. NOVEMBER RESERVE BANK OF ZIMBABWE 10

12 Statistical Tables Monetary Statistics 1. Depository Corporations Survey Central Bank Survey Other Depository Corporations Survey 15 Other Depository Corporations 4.1 Assets Liabilities 17 Commercial Banks 5.1 Assets Liabilities 19 Building Societies 6.1 Assets Liabilities 21 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 23 Interest Rates 8.1 Lending Rates Banks Deposit Rates 25 Inflation 9.1 Monthly Inflation Yearly Inflation 27 External Statistics 10. Total External Debt Outstanding by Debtor Exchange Rates 29 11

13 12. Zimbabwe Stock Market Statistics National Payments System Statistics 13.1 Values of Transactions Volumes of Transactions Merchandise Trade Statistics 33 12

14 TABLE 1: DEPOSITORY CORPORATIONS SURVEY (US$ '000) Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 MOM % YOY % Net Foreign Assets -549, , , , ,004, ,058, ,273, ,261, ,240, ,021, ,008, ,309, ,301, Central Bank(net) -644, , , ,126, ,184, ,238, ,469, ,454, ,468, ,217, ,275, ,513, ,555, Foreign Assets 442, , , , , , , , , , , , , Foreign Liabilities 1,086, ,066, ,186, ,552, ,480, ,531, ,722, ,712, ,782, ,727, ,803, ,804, ,793, Other Depository Corporations(net) 94, , , , , , , , , , , , , Foreign Assets 249, , , , , , , , , , , , , Foreign Liabilities 155, , , , , , , , , , , , , Net Domestic Assets (NDA) 8,010, ,287, ,738, ,071, ,842, ,883, ,260, ,379, ,795, ,162, ,689, ,106, ,423, Domestic Claims 9,445, ,806, ,290, ,699, ,501, ,523, ,009, ,397, ,857, ,421, ,202, ,844, ,168, Claims on Central Government(net) 5,262, ,558, ,980, ,277, ,217, ,217, ,614, ,945, ,361, ,703, ,707, ,245, ,367, Claims on Central Government 5,358, ,642, ,055, ,412, ,365, ,411, ,770, ,083, ,510, ,834, ,782, ,319, ,454, Central Bank 3,386, ,558, ,826, ,985, ,002, ,073, ,316, ,510, ,687, ,961, ,486, ,949, ,303, ODCs 1,971, ,084, ,229, ,426, ,362, ,337, ,453, ,572, ,823, ,872, ,295, ,369, ,151, Less Liabilities to Central Government 95, , , , , , , , , , , , , Central Bank 40, , , , , , , , , , , , , ODCs 55, , , , , , , , , , , , , Claims on Other Sectors 4,183, ,247, ,310, ,421, ,283, ,306, ,395, ,452, ,495, ,717, ,494, ,599, ,800, Other Financial Corporations 49, , , , , , , , , , , , , State and Local Government 31, , , , , , , , , , , , , Public Non Financial Corporations 465, , , , , , , , , , , , , Private Sector 3,636, ,690, ,693, ,719, ,577, ,587, ,696, ,729, ,800, ,911, ,646, ,724, ,890, Central Bank 24, , , , , , , , , , , , , ODCs 3,612, ,661, ,663, ,693, ,562, ,572, ,680, ,714, ,781, ,891, ,625, ,702, ,869, Other Items(Net) 1,435, ,519, ,551, ,627, ,658, ,639, ,748, ,018, ,061, ,258, ,512, ,738, ,745, Shares and Other Equity 1,584, ,635, ,657, ,862, ,838, ,868, ,896, ,893, ,925, ,993, ,192, ,239, ,135, Liabilities to Other Financial Corporations 27, , , , , , , , , , , , , Restricted Deposits 115, , , , , , , , , , , , , Deposits and Securities Excluded from Base Money Other Items(net) -292, , , , , , , , , , , , , Broad Money-M3 7,460, ,687, ,020, ,108, ,837, ,825, ,987, ,117, ,555, ,140, ,681, ,796, ,122, Securities Other than Shares Included in Broad Money 55, , , , , , , , , , , , , Broad Money-M2 7,404, ,624, ,953, ,039, ,772, ,749, ,910, ,033, ,467, ,074, ,592, ,729, ,069, Other Deposits 1,571, ,460, ,450, ,401, ,453, ,458, ,490, ,374, ,442, ,459, ,501, ,524, ,488, Narrow Money-M1 5,832, ,163, ,503, ,637, ,318, ,291, ,419, ,659, ,024, ,614, ,090, ,205, ,580, Transferable Deposits 5,589, ,875, ,184, ,305, ,987, ,959, ,078, ,311, ,670, ,235, ,663, ,744, ,089, Currency Outside Depository Corporations 243, , , , , , , , , , , , , 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) Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 MOM % YOY % Net Foreign Assets -644, , , ,126, ,184, ,238, ,469, ,454, ,468, ,217, ,275, ,513, ,555, Claims on Non Residents 442, , , , , , , , , , , , , Official Reserves Assets 281, , , , , , , , , , , , , Other Foreign Assets 161, , , , , , , , , , , , , Less Liabilities to Non Residents 1,086, ,066, ,186, ,552, ,480, ,531, ,722, ,712, ,782, ,727, ,803, ,804, ,793, Short Term Liabilities 593, , , ,054, , ,033, ,224, ,213, ,284, ,229, ,303, ,303, ,291, Other Foreign Liabilities 492, , , , , , , , , , , , , Net Domestic Assets (NDA) 3,105, ,256, ,578, ,794, ,659, ,543, ,791, ,672, ,825, ,730, ,065, ,481, ,447, Domestic Claims 3,713, ,917, ,231, ,413, ,407, ,440, ,733, ,949, ,100, ,420, ,026, ,509, ,826, Net Claims on Central Government 3,346, ,517, ,785, ,945, ,961, ,980, ,274, ,468, ,645, ,919, ,444, ,907, ,261, Claims on Central Government 3,386, ,558, ,826, ,985, ,002, ,073, ,316, ,510, ,687, ,961, ,486, ,949, ,303, Of which: Securities Other than Shares 641, ,105, ,153, ,478, ,481, ,479, ,546, ,560, ,597, ,655, ,767, ,124, ,107, Loans 2,745, ,452, ,672, ,507, ,521, ,594, ,769, ,950, ,089, ,305, ,718, ,825, ,195, Loans and Advances 2,426, ,133, ,354, ,232, ,246, ,319, ,495, ,677, ,816, ,032, ,445, ,552, ,925, Legacy Debt 318, , , , , , , , , , , , , Less Liabilities to Central Government 40, , , , , , , , , , , , , Of which: Deposits 40, , , , , , , , , , , , , Other Claims on Other Sectors 366, , , , , , , , , , , , , Other Financial Corporations 19, , , , , , , , , , , , , State and Local Government Public Non Financial Corporations 323, , , , , , , , , , , , , Private Sector 24, , , , , , , , , , , , , Claims on Other Depository Corporations 40, , , , , , , , , , , , , Of which: Loans 40, , , , , , , , , , , , , Other Liabilities to ODCs 386, , , , , , , ,227, ,351, ,762, ,996, ,054, ,395, Of which: Aftrades Balances 339, , , , , , , , , , , , , Securities 6, , , , , , , , , ,181, ,425, ,486, ,823, Other Items(Net) 261, , , , , , , , , , , , , Shares and Other Equity 228, , , , , , , , , , , , , Other Items(Net) -99, , , , , , , , , , , , , Liabilities to Other Resident Sectors 16, , , Deposits and Securities Excluded from Base Money 115, , , , , , , , , , , , , Monetary Base Incl. foreign currency clearing balances Monetary Base 2,461, ,520, ,709, ,668, ,475, ,305, ,321, ,218, ,356, ,513, ,789, ,967, ,891, Bond Coins 35, , , , , , , , , , , , , Bond Notes 220, , , , , , , , , , , , , Liabilities to ODCs 2,166, ,181, ,331, ,286, ,071, ,908, ,920, ,813, ,924, ,112, ,294, ,406, ,296, Reserve Deposits Other 2,166, ,181, ,331, ,286, ,071, ,908, ,920, ,813, ,924, ,112, ,294, ,406, ,296, Private Deposits 38, , , , , , , , , , , , , Source: Reserve Bank of Zimbabwe, 14

16 TABLE 3 : OTHER DEPOSITORY CORPORATIONS SURVEY ( US '000) Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 MOM % YOY % Net Foreign Assets 94, , , , , , , , , , , , , Claims on Non Residents 249, , , , , , , , , , , , , Of Which: Foreign Currency 38, , , , , , , , , , , , , Deposits 210, , , , , , , , , , , , , Other , Less Liabilities to Non Residents 155, , , , , , , , , , , , , Of Which: Deposits 54, , , , , , , , , , , , , Loans 101, , , , , , , , , , , , , Other Net Domestic Assets (NDA) 7,083, ,220, ,501, ,576, ,277, ,268, ,406, ,535, ,909, ,552, ,939, ,054, ,290, Domestic Claims 5,732, ,889, ,058, ,286, ,093, ,083, ,276, ,448, ,756, ,000, ,175, ,335, ,342, Net Claims on Central Government 1,916, ,041, ,194, ,331, ,255, ,236, ,339, ,476, ,715, ,783, ,262, ,337, ,106, Claims on Central Government 1,971, ,084, ,229, ,426, ,362, ,337, ,453, ,572, ,823, ,872, ,295, ,369, ,151, Securities 1,930, ,049, ,196, ,397, ,336, ,313, ,434, ,558, ,814, ,865, ,291, ,362, ,145, Loans 41, , , , , , , , , , , , , Other Less Liabilities to Central Government 55, , , , , , , , , , , , , Of which: Deposits 55, , , , , , , , , , , , , Other Claims on Other Sectors 3,816, ,847, ,864, ,954, ,838, ,846, ,936, ,972, ,040, ,216, ,912, ,997, ,236, Other Financial Corporations 30, , , , , , , , , , , , , State and Local Government 31, , , , , , , , , , , , , Public Non Financial Corporations 142, , , , , , , , , , , , , Private Sector 3,612, ,661, ,663, ,693, ,562, ,572, ,680, ,714, ,781, ,891, ,625, ,702, ,869, Claims on the Central Bank 2,495, ,525, ,671, ,604, ,552, ,536, ,474, ,438, ,557, ,089, ,471, ,498, ,799, Currency 11, , , , , , , , , , , , , Other Claims including Reserves 2,483, ,516, ,661, ,591, ,528, ,516, ,457, ,423, ,542, ,080, ,450, ,475, ,781, Liabilities to the Central Bank 20, , , , , , , , , , , , , Other Items(Net) 1,124, ,161, ,177, ,200, ,253, ,240, ,203, ,269, ,302, ,417, ,588, ,642, ,709, Shares and Other Equity 1,356, ,398, ,422, ,530, ,506, ,528, ,556, ,542, ,574, ,632, ,758, ,795, ,681, Liabilities to other ressident sectors 11, , , , , , , , , , , , , Other Items(Net) (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) (302,968.13) -285, , Deposits and Securities Included in Broad Money 7,177, ,356, ,652, ,738, ,457, ,447, ,602, ,727, ,137, ,748, ,206, ,258, ,544, Deposits Included in Broad Money 7,121, ,293, ,585, ,670, ,391, ,372, ,525, ,643, ,049, ,681, ,117, ,191, ,492, Transferable Deposits 5,550, ,832, ,135, ,268, ,937, ,913, ,034, ,269, ,607, ,222, ,615, ,667, ,003, Money Market Instruments 55, , , , , , , , , , , , , 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 Jul , , , ,276.5 Aug , , , ,358.0 Sep , , , ,786.4 Source:Reserve Bank of Zimbabwe, 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 July 6, , , , , , ,276.5 Aug 6, , , , , , ,358.0 Sep 6, , , , , , ,786.4 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 June , , , ,401.0 July , , , ,911.4 Aug , , , ,047.4 Sep , , , ,405.0 Source:Reserve Bank of Zimbabwe, 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 Jul 6, , , , ,911.4 Aug 6, , , , ,047.4 Sep 6, , , , ,405.0 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 June ,964.5 July ,047.7 Aug ,989.2 Sep ,059.1 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 July , , ,047.7 Aug , , ,989.2 Sep , , ,059.1 Source:Reserve Bank of Zimbabwe, 21