HARARE,– Zimbabwe’s annual broad money supply growth rate increased from 12.5 percent in May 2016, to 13.1 percent in June 2016 driven by an increase in demand deposits, latest data from the central bank have shown.
Broad money supply (M3), a measure of the money in circulation which includes physical currency and demand deposits, stood at $5, 1 billion in June 2016 just shy of the $5 billion recorded in May 2016.
“The annual growth in money supply was driven by increases in demand deposits which grew 28.7 percent, over 30- day deposits and savings deposits which grew 13.9 percent and 10.3 percent respectively,” said the central bank in latest monthly economic report.
Partially offsetting the increases was a decline of 24.1 percent in short term deposits.
Demand deposits constituted 54.6 percent of total deposits followed by over 30-days deposits at 19.1 percent; under 30-days deposits 13.2 percent and savings deposits, 12.9 percent. Bond coins accounted for 0.2 percent.
Total banking sector credit registered an annual growth of 13.3 percent in June 2016, down from 16.4 percent in May 2016.
On a monthly basis, domestic credit increased by 1.6 percent, from $5, 6 billion in May 2016 to $5, 7 billion.
Year-on-year, credit to the private sector declined by 4.5 percent to $ 3, 5 billion in June 2016, from $3, 7 billion in June 2015.
Month-on-month, credit to the private sector also decreased by 0.7 percent in June 2016.
“On a sectoral basis, households took up 23 percent, agriculture 18.3 percent, distribution 13 percent, services 17.1 percent, manufacturing 15.6 percent, mining 5.2 percent, transport and communications 2.8 percent and construction 1.4 percent,” said the central bank. -The Source
THE rand continued firmer against the dollar late on Monday, breaching the R14/$ level as investors awaited Thursday’s Reserve Bank’s repo-rate decision.
The US Federal Reserve and Bank of Japan central ...
Ongoing cash shortages in Zimbabwe are forcing many companies which used to pay their employees in cash to resort to bank deposits.
BY TATIRA ZWINOIRA
Like individuals, companies are now accessing very ...
Old Mutual Zimbabwe’s Central African Buildings Society (CABS) doubled its net surplus to $20.75 million from $10.63 million last year, on the back of improved loan recoveries amid restricted lending.
JOHANNESBURG – South African music legend Yvonne Chaka Chaka is grateful to be alive. This is after the star was caught in the crossfire of a shooting between cops and hijackers in Midrand that left […]
NEW YORK – NEW YORK A federal judge has dismissed a $7 million lawsuit accusing Jay Z of breach of contract and copyright infringement against a Bronx, New York clothing designer who claimed to have […]
Music stars Beyonce and Justin Bieber lead the nominations for this year’s MTV Europe Music Awards, earning five nods each at the major music event. Beyonce is in the running for Best Video for her […]