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HARARE – Zimbabwe’s annual broad money supply rose 35, 85 percent to $7, 9 billion in March this year from $5, 8 billion in the same period last year, buoyed by an upsurge in deposits, latest figures from the central bank have shown.
Broad money supply (M3), is a measure of the money in circulation which includes physical currency and demand deposits.
In its latest monthly report, the Reserve Bank of Zimbabwe (RBZ) said transferable deposits and negotiable certificates of deposits grew by 46, 55 percent and 28, 51 percent respectively.
Time deposits were however down by 2, 54 percent while month-on-month (M3) was up two percentage points from $7, 8 billion in February to $7, 9 billion in March.
Year on year, credit to the private sector increased to 5, 8 percent in March while on a monthly basis it went up by three percent to close the month under review at $3.6 billion.
Credit to households claimed the largest share of credit, at 23, 99 percent, followed by agriculture at 18, 16 percent while services and distribution claimed 13, 62 percent and 12, 91 percent as at the end of March.
Manufacturing, financial organisations and investments share of credit stood at 11, 38 percent and 10, 84 percent in that order.
Mining and construction claimed share at 4, 29 percent and 2, 43 percent respectively while transport and communications claimed the least share at 1, 64 percent.
Additionally, the value of transactions processed through the National Payment System (NPS) increased to $11, 4 billion in March from $8, 9 billion reported in February. – New Ziana
Bongani Ndlovu