RTGS transactions up 14pc

HARARE - Zimbabwe's total value of Real Time Gross Settlement (RTGS) processed in September surged by 14 percent to $4 billion up from $3,5 billion in August 2014, statistics from the central bank show.

In volume terms, RTGS transactions registered an increase of 16 percent from 170 858 to 197 878 during the same period.

“The total value of card-based transactions stood at $418,89 million in September 2014, up from $409,29 million in August 2014,” said the Reserve Bank of Zimbabwe (RBZ) in its monthly economic review.

In the period under review, the value of mobile and Internet-based transactions increased from $423,62 million in August 2014, to $457,17 million in September 2014, while the value of cheque transactions increased to $11,16 million in September 2014, from $9,37 million in the previous month.

This comes as cumulative fiscal revenue inflows totalled $2,8 billion, against total expenditure outlays of $2,7 billion in September 2014 — resulting in a surplus of $26,72 million.

The central bank also noted that for the nine months period to September 2014, fiscal revenues amounted to $2,8 billion, against a target of $2,9 billion, resulting in a negative variance of $101,08 million.

“This represented a 3,31 percent decline from $2,9 billion collected during the same period in 2013,” said the RBZ.

In the quarter to September, 2014, tax revenue, predominantly the major source of government revenue, accounted for 93,40 percent of total revenue, while the remaining 6,60 percent was non-tax revenue.

“Tax on income and profits as well as Value Added Tax continued to dominate, in terms of contribution to total revenue during the period under review, accounting for 38,42 percent and 32,45 percent, respectively.

“The lower than anticipated collections were, in large part, a result of subdued economic activity,” read part of the report.

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