Banking sector deposits increase – RBZ report


Reserve Bank of Zimbabwe said bank deposits were mainly driven by the services sector

ZIMBABWE’S banking sector deposits increased by 7,5 percent to US$4,3 billion in the nine months to September from US$4 billion in January this year due to a rising confidence in the sector, latest statistics from the central bank have shown.

In its monthly economic review for September released last Friday, the Reserve Bank of Zimbabwe said bank deposits were mainly driven by the services sector that contributed US$1,003 billion followed by financial organisations and individuals who deposited US$831 million and US$676 million respectively.

Broad money supply (M3) rose from 3,5 percent in August 2015 to 4,5 percent in September or US$4, 47 billion to US$4,6 billion.

“Annual growth in broad money was driven by increases across all deposit classes, with the exception of short-term deposits. Long term deposits registered the largest annual growth of 11,4 percent, followed by demand deposits, 4,8 percent and savings deposits, 4,5 percent,” said the RBZ.

Short-term deposits registered a decrease of 3,7 percent in September.

The report also showed that annual growth in total banking sector credit to the domestic economy increased to 19 percent in September from 18,8 percent in August.

Loans and advances accounted for 83,1 percent of the total credit to the private sector, mortgages advanced by building societies were at 12,5 percent, other investments constituted 3,8 percent among others.

The value of transactions processed through the RTGS system increased from US$3,3 billion in August US$3,8 billion.

“In tandem, the volume of transactions rose by 7,0 percent from 153,133 to 164,309 during the same period,” the RBZ said.

According to the central bank card-based transactions, fell from US$506,6 million in August 2015, to US$450,6 million in September 2015.

“The total value of mobile and internet based transactions increased from US$524,8 million in August 2015, to US$543,2 million in September 2015. The value of cheque transactions rose from US$11,4 million in August 2015 to US$12,9 million in September 2015,” said the RBZ.  The Source

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