Electronic transfers reach $32bn

HARARE - The value of transactions processed through the Zimbabwe Electronic Transfer Settlement System (ZETSS) system in the first nine months of the year stood at $32,1 billion from the $31,5 billion recorded prior year comparative figures from the central bank show.

According to the Reserve Bank of Zimbabwe monthly review for the month of September, monthly transactions also surged to 3,7 billion in September from $3,3 billion in August.

“The value of transactions processed through the RTGS system increased from $3,3 billion in August 2015 to $3,8 billion in September 2015.

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

In the same period card-based transactions, fell from $506,6 million in August 2015, to $450,6 million in September 2015.

The total value of mobile and Internet-based transactions increased from $524,8 million in August 2015, to $543,2 million while the value of cheque transactions rose from $11,4 million in August 2015 to $12,9 million in September 2015.

According to the report, the annual broad money supply growth rate rose from 3,5 percent in August 2015 to 4,5 percent in September 2015.

On a monthly basis, broad money supply increased from $4, 473 billion in August 2015 to $4 586,0 million in September 2015.

“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. Short term deposits, however, registered a decline of -3,7 percent,” the central bank said.

Annual growth in total banking sector credit to the domestic economy increased to 19,0 percent in September 2015, from 18,8 percent in August 2015.

On a monthly basis, banking sector credit rose from $5, 029 billion in August 2015, to $5, 079billion in September 2015.

On an annual basis, growth in credit to the private sector which makes up the largest proportion of banking sector credit increased by 2,4 percent in September 2015, up from 1,4 percent in August 2015.

Month-on-month, credit to the private sector also increased from $3 780,6 million in August 2015, to $3 844,0 million in September 2015.

In terms of distribution, loans and advances accounted for 83,1 percent of the total credit to the private sector, mortgages advanced by building societies, 12,5 percent; other investments, 3,8 percent; bankers’ acceptances, 0,3 percent; and bills discounted, 0,2 percent in September 2015.