Cash transactions up 18pc
Staff Writer
The Reserve Bank of Zimbabwe (RBZ) says cash transactions increased by 18 percent to $765,1 million during the quarter to June 30 2018 from $649,1 million recorded in the previous quarter.
The corresponding volumes increased by one percent from 5,33 million in the quarter under review from 5,26 recorded in the previous quarter.
Zimbabwe, which is facing a cash crisis due to diminished production in many sectors of the economy and lack of foreign direct investments, needs no less than $800 million in circulation, at any given time to avoid cash shortages, according to Finance and Economic Planning Minister, Patrick Chinamasa.
The amount of transactions processed through the national Payment System (NPS) increased by 29 percent to $37,33 billion in the second quarter to June 30 2018 from $28,87 billion recorded in the previous quarter.
In its report for the quarter under review, the Reserve Bank of Zimbabwe (RBZ) said in volume terms, NPS increased by 30 percent to 489,04 million from 377,51 million the previous period.
The total value of transactions that passed through the real time gross settlement (RTGS) system in the quarter toJune 30 went up 27 percent to 21,1 billion from $ 16, 6 billion, official data shows.
Mobile banking agents increased to 49,663 in the quarter under review from 48,812 reported in the previous quarter.
POS population increased to 82,447 from 70,960 while ATM population increased to 564 from 563 recorded in the previous quarter.
The RBZ said there were 5,48 million active mobile financial services subscribers registered in the reviewed period compared to 4,91 million in the previous quarter.
Internet values recorded an increase for the period under review, whilst the volumes recorded a decrease.
The value of retail transactions increased by 31,96 percent to $16,3 billion in the period under review from $12,3 billion recorded in the previous quarter.
Volumes in the same quarter increased by 29,63 percent to 487,37 million from 375,96 million reported in the previous period.
SWIFT foreign currency payments went up 28 percent to $1,25 billion during the quarter under review from $0,97 billion in the previous quarter.
During the same period, SWIFT foreign currency receipts decreased by three percent to $1,13 billion from $1,17 billion in the previous quarter.
The net foreign currency outflows amounted to $122,45 million in the quarter under review from $192,45 million recorded in the previous quarter.
