Mobile and internet based transaction down 4,75 percent in June: RBZ

Reserve Bank building

THERE was a 4,7 percent decrease in the value of mobile and internet based transaction in June to US$490,2 million, according to the latest Reserve Bank of Zimbabwe monthly review for that month.

The decrease, mainly due to the tightening liquidity, was in spite of the 18,2 percent increase in mobile banking agents to 30 274in the six months to June.

According to the review, the value of such transactions was at $514.5 million in May 2015. In the period registered mobile banking users grew 2,8 percent to 6.23 mln from 6,06 million.

However the value of transactions processed through the RTGS system increased 17 percent to US$4,04 billion from US$3,5 billion in May.

In tandem, the volume of transactions registered an increase of 9,3 percent to 196 410 from 179 761.
The total value of card based transactions, however, decreased to US$419,7 million in June 2015 from US$455,4 million.

The value of cheque transactions declined to US$11,9 million from US$13,1 million in May 2015, in
June 2015.

Meanwhile annual broad money supply growth rebounded to 5,1 percent from 3,75 percent in May 2015, in June 2015. In tandem, monthly broad money growth rose to US$4,54 billion from US$4,48 billion an increase of 1,25 percent.

The annual growth in broad money was driven by increases across the entire spectrum of deposits. Long term, savings and short term deposits rose by 19,02%, 8,04 percent and 2,1 percent, respectively. Demand deposits also increased by 0,76 percent during the period under review.

In terms of composition, demand deposits accounted for 47,96 percent short term, 19,73 percent long term, 19,02 percent and savings deposits, 13,23 percent of total deposits.