Money supply growth fuel deposits growth

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    Harare – Total banking sector deposits amounted to $10.32 billion as at 31 December 2018, which was up from $8.48 billion as at 31 December 2017, which is a 22 percent increase, latest figures from the central bank show.

    According to RBZ, the banking sector was predominantly funded by demand deposits which accounted for 64.94 percent of total deposits as at 31 December 2018.

    As at 31 December 2018, total Nostro FCA deposits amounted to $673.81 million, representing 6.53 percent of total deposits.

    The Nostro FCA depositors are predominantly constituted by corporate deposits amounting to $654.77 million, representing 97.17 percent of total Nostro FCA deposits, as at 31 December 2018.

    As at 31 December 2018, the number of corporate RTGS FCA depositors was 214,094 valued at $8.67 billion, while the number of individual RTGS FCA depositors, amounted to 3.24 million valued at $894.54 million.

    Of the 3.24 million individual depositors, 95.98 percent held deposit balances of less than $1,000.00 each, with an average balance of $80, accounting for a total $213.42 million.

    On the other hand, corporate RTGS FCA depositors (1,884) holding balances in excess of $500,000 constitute 83.64 percent ($7.25billion) of total corporate RTGS deposit of $8.67 billion as at 31 December 2018.

    Going forward, it is envisaged that the number of Nostro FCA depositors will increase, driven by increases in the tobacco and mineral production, as well as financial inclusion efforts.

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