Almot Maqolo, Staff Writer 
ZIMBABWE’S broad money increased by 12,62 percent to $3,59 trillion in April 2023, compared to $3,19 trillion recorded in March, the latest figures from the Reserve Bank of Zimbabwe (RBZ) show.
This comes as a number of analysts have blamed money supply growth for the Zimdollar’s spectacular depreciation against major currencies, which has been witnessed lately.
According to the RBZ, the increase in money supply during the month reflected an expansion of $279,72 billion and $122,91 billion in foreign currency deposits and local currency components, respectively.
“The money stock was comprised of foreign currency deposits, 59,71 percent; local currency deposits, 40,09 percent and currency in circulation, 0,20 percent,” RBZ said.
“Annual increase in broad money largely reflected changes in net claims on government and credit to the private sector of $707,34 billion and ZW$1,54 trillion, respectively.“
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