Monetary Policy Statement Key Highlights:
- Exports up by 37% from 2.54bn in 2016 to $3.475bn in 2017
- 80% of total mineral exports were from gold, diamond, tobacco, nickel and ferrochrome
- Imports up by 4.5% from $4.722bn in 2016 to $4.932bn in 2017
- Trade deficit down from $2.181bn in 2016 to $1.456bn in 2017
- Debt inflows decreased from $544.7mln in 2016 to $315.6mln in 2017
- Net Foreign Direct Investment (FDI) declined from $343m in 2016 to $235.4 in 2017
- Portfolio investments decreased from $80mln in 2016 to $41mln in 2017
- Non-Perfoming Loans (NPLs) down from 8.63% in 2016 to 7.08% in 2017. NPL benchmark is 5%
- Total bank profits increased from $181.06mln in 2016 to $241.94mln in 2017
- Lending increased from $3.69bln to 3.8bln in June 2017 with 74% of the loan being channeled to productive sectors mainly manufacturing and agriculture.
- 7% savings bond raises $165mln in 3months
- Auction system for treasury bills and bonds to be reintroduced
- RBZ to mop up excess liquidity through open market operations
- Foreign currency retention levels revised upwards from 20% to 35% for private producers of diamond, platinum and chrome
Down the full 2018 Monetary Policy Statement.