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Download 2015 Annual Report The Reserve Bank of Zimbabwe .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Annual Report 2015 1 The Reserve Bank of Zimbabwe Table of Contents Page FOREWORD BY THE GOVERNOR.................................................................................................................................................................................................4 BANK COMPLIANCE AND GOVERNANCE...........................................................................................................................................................................6 OPERATING ENVIRONMENT: INTERNATIONAL CONTEXT..................................................................................................................................12 OPERATING ENVIRONMENT: DOMESTIC CONTEXT..................................................................................................................................................20 REAL SECTOR DEVELOPMENTS....................................................................................................................................................................................................21 BANKING SECTOR DEVELOPMENTS. ......................................................................................................................................................................................32 CONDITION AND PERFORMANCE OF THE BANKING SECTOR.......................................................................................................................34 DEVELOPMENTS IN THE MICROFINANCE SECTOR.....................................................................................................................................................35 FINANCIAL SECTOR STABILISATION INITIATIVES...........................................................................................................................................................36 FINANCIAL INCLUSION INITIATIVES.........................................................................................................................................................................................38 LEGAL AND REGULATORY DEVELOPMENTS.....................................................................................................................................................................38 MONEY AND CAPITAL MARKETS DEVELOPMENTS ....................................................................................................................................................39 EXCHANGE CONTROL DEVELOPMENTS............................................................................................................................................................................43 STATISTICAL TABLES..............................................................................................................................................................................................................................50 FINANCIAL STATEMENTS..................................................................................................................................................................................................................58 Directors’ Report 59 Auditor’s Report 65 Statement of Profit or Loss and Other Comprehensive Income 66 Statement of Financial Position 67 Statement of Changes in Equity 69 Statement of Cash Flows 70 Notes to the Financial Statements 72 .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 2 Annual Report 2015 The Reserve Bank of Zimbabwe Table of Contents Page TABLE OF FIGURES FIGURE 1: GLOBAL ECONOMIC DEVELOPMENTS 2009-2016..............................................................................................................................13 FIGURE 2 : GOLD AND PLATINUM PRICES FOR 2015 US$/OUNCE .................................................................................................................15 FIGURE 3: BASE METAL PRICE INDICES (2005=100).......................................................................................................................................................15 FIGURE 4: BRENT CRUDE OIL (US$/BARREL).....................................................................................................................................................................15 FIGURE 5: GRAIN PRICES (US$/MT)............................................................................................................................................................................................15 FIGURE 6: FAO NOMINAL FOOD PRICE INDEX (2004=100)..................................................................................................................................16 FIGURE 7: IMPLIED NOMINAL & REAL EFFECTIVE EXCHANGE RATE (2009=100).................................................................................16 FIGURE 8 : TOTAL MERCHANDISE EXPORTS & IMPORTS: 2009 - 2015............................................................................................................17 FIGURE 9: AGRICULTURE EXPORTS: 2009 - 2015..............................................................................................................................................................17 FIGURE 10: MINERAL EXPORTS: 2009 - 2015.......................................................................................................................................................................18 FIGURE 11: MANUFACTURED EXPORTS: 2009 - 2015..................................................................................................................................................18 FIGURE 12: MERCHANDISE TRADE DEVELOPMENTS (US$ MILLION).............................................................................................................19 FIGURE 13: OVERALL BALANCE OF PAYMENTS (US$ MILLION).........................................................................................................................19 FIGURE 14: GDP GROWTH...............................................................................................................................................................................................................21 FIGURE 15: MAIZE OUTPUT (000 TONNES).........................................................................................................................................................................21 FIGURE 16: WHEAT PRODUCTION TRENDS.......................................................................................................................................................................22 FIGURE 17: MILK OUTPUT (LITRES).............................................................................................................................................................................................23 FIGURE 18: MANUFACTURING OUTPUT GROWTH RATE (%): 2010-15........................................................................................................25 FIGURE 19: MANUFACTURING SECTOR CAPACITY UTILIZATION....................................................................................................................25 FIGURE 20: RETRENCHMENT STATISTICS: 2011-2015...................................................................................................................................................26 FIGURE 21: ELECTRICITY OUTPUT (GWH) BY POWER STATION IN 2015..................................................................................................27 FIGURE 22: GOVERNMENT REVENUES AND EXPENDITURES (US$), 2015..................................................................................................28 FIGURE 23: GOVERNMENT REVENUE STRUCTURE.......................................................................................................................................................29 FIGURE 24: 2015 GOVERNMENT SPENDING STRUCTURE (% OF TOTAL EXPENDITURE)...............................................................30 FIGURE 25: ANNUAL INFLATION PROFILE (%)...................................................................................................................................................................30 FIGURE 26: MONTH ON MONTH INFLATION
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