WATCH LIVE: Chiwenga Losing Patience With Mnangagwa

BREAKDOWN OF RBZ SNAPSHOTS (Q2 2025 & Q2 2026) 1. MONEY MARKET This covers monetary policy tools, interest rates, banking sector liquidity, credit growth, and currency operations. A. Monetary Policy Rates (As at 30 June 2026) Instrument Rate (p.a.) Change from 2025 Bank Policy Rate 30% ↓ from 35% ZiGDTDF - 30-day 8% New instrument ZiGDTDF - 90-day 11% New instrument TFF Interest Rate 15% ↓ from 20% C. ZiG Denominated Term Deposit Facility (ZiGDTDF) Tenor Issued Rate Bills Nominal (ZiG) % of Total Interest Cost (ZiG) 30-day 8.00% 2 110,000,000 23.6% 723,288 90-day 10.00% 1 20,000,000 4.3% 493,151 90-day 11.00% 8 306,600,000 65.7% 8,316,000 90-day 11.50% 1 30,000,000 6.4% 850,685 TOTAL 12 466,600,000 100% 10,383,123 Features: Part of Open Market Operations (OMO) D. Reserve Money & Money Supply Indicator Jun-25 Jun-26 Change Reserve Money (ZiG M) 4,658 6,607 ↑ 42% Reserve Money Cover (ZiG M) 4,658 6,607 ↑ 42% Month-on-Month M3 Growth (Jan-May 2026) — 6.7% New data Market Position + NNCDs (ZiG M) 1,877 6,397 ↑ 241% Reserve Money Target vs Actual (Jun 2026) — Target: ZiG 7.3B Actual: ZiG 6.6B Under target E. Banking Sector Credit Growth Metric 2025 2026 Change ZiG Loan Growth (Weekly Avg) 0.40% 1.13% ↑ 183% FX Loan Growth (Weekly Avg) 0.64% 1.27% ↑ 98% ZiG Loan Share (Dec 2025) 15.55% Not specified N/A ZiG Loan-to-Deposit Ratio (Dec 2025) 38% Not specified N/A F. ZiG Currency in Circulation (Q2 2026) Metric Value ZiG Currency in Circulation ZiG 568 million As % of ZiG Bank Deposits 2.11% G. Lending to Government Period Status 2025 (Full Year) Nil Q2 2026 Nil 2. MACROECONOMIC A. Inflation Indicator Jun-25 Jun-26 Change Annual ZiG Inflation 92.5% 4.7% ↓ 87.8 pp Month-on-Month ZiG Inflation 0.28% 0.6% ↑ 0.32 pp Average MoM Inflation (Jan-Jun 2026) — 0.47% New data 2025 Disinflation Path: Peak: 95.8% (July 2025) December 2025: 15.0% (vs target of 30%) Q1 2026 projected: Single-digit 2026 Inflation Performance: Remained below 5% since January 2026 Despite global oil price shock from Middle East conflict Domestic fuel prices rose 30% Without anchored expectations, inflation could have approached 8% B. Exchange Rate Metric Jun-25 Jun-26 Change WBWS Rate (ZiG/US$) 26.9457 26.7698 ↓ 0.65% Average Rate (Q2 2026) — ZiG 26.05 New data Closing Rate (Q2 2026) — ZiG 26.77 New data Parallel Market Premium 20% 20% Stable RBZ Total Intervention (since Apr 2024) US$1.34B US$2.1B ↑ 56.7% REER & NEER Developments: REER remained below benchmark level C. Foreign Reserves Indicator Jun-25 Jun-26 Change Total Reserves (USD M) 731 1,603 ↑ 119% Reserve Money Cover ~6x ~6x Stable ZiG Deposits Cover ~1.5x ~1.5x Stable Component Value (USD M) Cash & Nostro 944 Gold Holdings 586 Total Reserve Cover 1,603 ZiG Reserve Cover (Jun 2026): Metric Value Reserve Money Cover ~6 times ZiG Deposits Cover ~1.5 times D. Foreign Currency Receipts & Payments Metric H1 2025 H1 2026 Change Total Inflows (USD B) 7.25 10.72 ↑ 47.9% Total Payments (USD B) ~5.7 7.3 ↑ 28.1% Source % of Total Export Earnings 59.7% Loan Proceeds 14.8% Diaspora Remittances 13.5% 2026 Outlook: E. Gold Delivery Analysis Period Monthly Accumulation (Avg) Dec 2024 - Mar 2025 ~51 kg/month Mar 2025 - Jun 2025 ~220 kg/month Jun 2025 - Dec 2025 ~98 kg/month Dec 2025 - Jun 2026 ~82 kg/month Gold Holdings Progression: Date Kgs Value (USD M) Implied Price/kg Jun-24 1,500 113 ~75,333 Jun-25 3,439 361 ~104,971 Jun-26 4,525 586 ~129,503 F. Uncovered Foreign Currency Demand Mar-26 36.0 (from external context) A 3. REAL ECONOMY This covers GDP growth, sectoral performance, employment/income indicators, and economic outlook. A. GDP Growth Period Growth Rate Status 2025 (Full Year) 6.6% Estimated 2026 (Full Year) 5% Envisaged Projection 2026 (H1 Update) On track for 5% "Well on course" D. Missing Real Economy Data The reports do not provide: Missing Element Nominal GDP (US$ value) Sectoral growth rates (manufacturing, agriculture, services) Sectoral contributions to GDP Employment data Household income/wages Investment data Consumption data Government spending data Net exports contribution GDP per capita Poverty/inequality metrics Source attribution for GDP data Summary: What the Reports Cover vs. What They Miss Category Covered? Details Money Market ✅ Comprehensive Policy rates, reserves, credit, liquidity, new instruments Macroeconomic ✅ Comprehensive Inflation, exchange rates, reserves, forex flows, current account Real Economy ⚠️ Minimal Only GDP growth estimates (6.6%, 5%) — no sectoral breakdowns or supporting data virtually silent on: The structure of the real economy Sectoral performance (beyond a passing mention of mining) Employment, wages, or household welfare Investment or consumption patterns The methodological basis for GDP figures