Money supply reaches $52 billion: RBZ

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ZIMBABWE’S broad money supply which consists of domestic and foreign currency deposits increased to $52 billion in April from $48,4 billion in March, the central bank has said.
In its monthly economic review for April 2020, the Reserve Bank of Zimbabwe (RBZ) said during the month under review, foreign currency deposits were equivalent to $19,46 billion (37,44 percent), while local currency deposits amounted to ZW$31,48 billion (60,56 percent).
Currency in circulation constituted the balance of about $1,04 billion (two percent).

“Over the year to April 2020, foreign currency deposits grew by 1 009,96 percent, largely reflecting the impact of exchange rate depreciation, from $3,26/US dollar in March 2019 to $25/US dollar in March 2020.
“Thus, 43,59 percent of the annual growth in broad money in April 2020 came from the revaluation adjustment of the foreign currency component of the deposits, due to the exchange rate movement,” said RBZ.