Selected Macroeconomic and Financial Indicators

2000 2001 2001 2002 2002 2003 2003 2003 2003 2003 2003 2003 2005 2006 2006 2007 2008
Description/Years December December March JuneSeptemberDecember January February March April May June July August September October November December December Jan Feb Mar Apr May June Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec*
Monetary and Credit Aggregates (K'bn)
Narrow Money (K' Billion) 2,280.3 2,389.5 2,349.1 2,225.5 2,250.6 2,316.0 2,442.3 2,610.9 2,876.4 3,123.6 2,964.6 3,086.9 3,464.2 3,082.8 3,041.5 2,961.6 3,014.4 3,116.6 3,182.8 3,453.3 3,542.1 3,478.5 3,536.6 3,674.8 4,173.1 3,863.0 3,665.5 3,785.3 3,829.9 4,415.1 4,397.2 4,456.0 4,488.6 4,650.9
Growth Rate -2.0 4.8 -1.7 -5.3 1.1 2.9 5.5 6.9 10.2 8.6 -5.1 4.1 12.2 -11.0 -1.3 -2.6 1.8 3.4 2.1 8.5 2.6 -1.8 1.7 3.9 13.6 -7.4 -5.1 3.3 1.2 15.3 -0.4 1.3 0.7 3.6
Reserve money (in K'billion)* 555..8 805.4 564.3 644.6 742.7 805.4 796.0 730.0 783.7 865.5 824.6 795.5 779.1 808.9 800.0 931.4 915.6 1,118.6 1,444.4 1,429.5 1,322.1 1,360.0 1,417.5 1,468.0 1,480.9 1,747.4 2,004.1 2,084.1 1,775.1 1,660.3 1,960.0 1,816.4 1,927.7 2,018.5 2,069.4 2,424.3 2,222.4 2,196.9 2,458.9 2,330.2 2,184.0 2,196.4 2,089.4 2,239.0 2,321.3 2,454.3 2,603.3 2,646.0 2,283.4 2,381.1 2,499.8 2,315.1 2,239.4 2,277.3 2,311.4 2,456.5 2,522.6 2,680.2 2,782.1 2,755.2 2,843.7
Growth Rate 14.7 4.0 -14.8 -6.5 18.1 -7.3 6.1 4.7 2.5 17.1 -8.3 -1.1 11.9 -5.2 -6.3 0.6 -4.9 7.2 3.7 5.7 6.1 1.6 -13.7 4.3 5.0 -7.4 -3.3 1.7 1.5 6.3 2.7 6.2 3.8 -1.0 3.2
Broad money (in K'billion)** 2,503.0 2,752.5 2,098.0 2,366.4 2,642.6 2,752.5 2,809.0 2,737.4 2,695.4 2,715.7 2,982.9 3,119.3 3,137.2 3,346.5 3,230.9 3,459.2 3,525.1 3,619.7 4,467.9 4,530.7 4,539.4 4,635.6 4,849.1 4,949.4 5,263.6 5,841.1 5,900.2 5,818.4 5,812.8 5,690.1 6,020.6 6,289.4 6,704.4 7,134.9 7,703.0 7,200.5 7,778.4 8,476.8 7,980.1 7,843.4 7,781.9 7,877.1 8,370.5 8,557.2 9,244.8 9,528.9 9,544.8 9,421.2 9,809.7 10,674.9 10,702.2 10,305.4 10,286.3 10,226.7 10,835.9 10,840.1 11,363.8 11,432.0 11,193.4 12,792.4
Growth Rate 3.3 1.0 -1.4 -0.1 -2.1 5.8 4.5 6.6 6.4 8.0 -6.5 8.0 9.0 -5.9 -1.7 -0.8 1.2 6.3 2.2 8.0 3.1 0.2 -1.3 4.1 8.8 0.3 -3.7 -0.2 -0.6 6.0 0.0 4.8 0.6 -2.1 14.3
Total Domestic Credit (K'Billion) 4,746.8 5,322.9 5,346.5 5,319.0 5,366.0 5,857.9 5,883.7 6,048.2 6,169.7 6,275.4 5,959.0 5,998.3 6,358.1 6,341.5 6,318.2 6,472.5 6,104.7 5,977.4 6,039.1 6,236.9 6,618.8 6,814.9 6,975.5 7,142.0 7,616.6 5,865.6 5,757.6 5,465.0 4,636.5 5,051.9 5,303.2 5,299.2 5,429.5 5,694.5 6,544.9
Net Claims on Government (in K'billion) 13,366.9 1,793.6 1,507.2 1,598.1 1,828.3 1,793.6 1,776.2 1,685.3 1,820.5 1,922.2 2,037.0 1,760.7 1,847.1 1,887.8 1,742.1 2,040.6 2,113.3 1,998.9 2,474.6 2,546.3 2,581.0 2,658.3 2,623.5 2,753.2 2,792.3 2,386.9 2,626.9 2,574.4 2,467.3 2,471.5 2,534.8 2,383.4 2,371.6 2,218.6 2,174.2 1,936.2 2,247.4 2,374.0 2,329.6 2,223.1 2,098.2 1,606.2 1,495.5 1,491.7 1,480.7 1,519.5 1,524.6 1,484.9 1,417.9 1,893.5 1,676.4 1,680.9 1,188.7 722.6 1,046.7 1,229.9 899.7 865.2 1,000.6 1,212.5
Credit to the Private Sector 2,359.9 2,696.0 2,772.1 2,851.7 2,894.5 3,323.1 3,500.3 3,676.6 3,951.1 4,101.2 4,022.8 3,750.9 3,984.0 4,011.9 4,095.1 4,374.3 4,498.4 4,481.9 4,547.5 4,756.3 5,099.3 5,290.3 5,490.6 5,724.1 5,723.1 4,189.3 4,076.7 4,276.2 3,913.9 4,005.3 4,073.2 4,399.5 4,564.4 4,694.0 5,332.4
GDP, GDP Growth and Per Capita 3.9 4.9 3.3 5.1 - - - - - - 5.2 6.2 5.7
Nominal GDP (in K' Billion) 10,071.9 13,132.7 16,260.4 20,481.0 - - - - - - 32,456.0 - - - - 39,223.1 - - - - - - - - - - - 45,669.0 53,615.0
Real GDP (in K'Billion) 3,155.9 3,351.7 3,542.5
GDP Growth Rate 5.3 6.2 6.3 5.8
Population 11,441,500.0 11,804,400.0 12,160,000.0 12,525,791.0
GDP Per Capita - Kwacha 2,836,691.0 3,322,754.9 3,755,674.3 4,280,368.4
Prices (%)
Inflation (Annual) 30.1 18.7 28.8 20.2 17.4 18.7 19.6 19.2 18.1 17.8 20.9 23.6 23.4 23.7 23.8 23.8 25.3 26.7 17.2 17.4 16.8 17.6 17.8 17.4 18.6 16.6 12.3 10.0 11.4 9.9 8.5 9.1 8.4 6.1 6.6 6.3 6.0 5.6 7.3 11.0 10.9 10.3 9.9 8.3 9.2 9.6 8.0 8.0 7.4 7.9 9.3 9.5 9.8 10.1 10.9 12.1 12.6 13.2 14.2 15.2 15.3
CPI (1994=100) 1,273.2 1,272.3 1,270.0 1,279.6 1,281.6 1,286.8 1,296.8 1,300.2 1,311.1 1,332.8 1,341.8 1,362.0 1,378.1 1,397.5 1,430.1 1,441.9 1,441.0 1,438.0 1,441.0 1,445.8 1,450.9 1,457.1 1,462.0 1,481.2 1,501.2 1,527.9 1,566.4 1,582.7 1,587.2 1,594.1 1,615.3 1,628.7 1,643.0 1,664.2 1,684.1 1,708.3
Fiscal Sector
Total Revenue and Grants 7,728.3 8,320.0 10,626.0 11,802.0
Domestic Revenue 5,627.8 6,618.0 8,522.1 9,829.0
Total Expenditure and Net Lending 8,845.8 8,955.7 11,209.0 13,068.0
Net Lending Financing 0.0 0.0 0.0
Nominal Interest and yield rates (aver. %)
Commercial Banks ' rates
Commercial banks' weighted lending base rate 37.5 46.7 49.0 45.9 47.2 46.7 47.4 49.3 47.5 46.9 46.8 45.5 45.2 43.8 43.5 43.1 42.8 42.4 37.7 36.2 33.7 31.8 30.0 29.8 29.8 27.4 26.7 26.4 25.4 25.2 22.8 21.6 21.7 21.7 21.6 21.6 21.6 21.6 21.0 21.0 20.3 18.2 18.2 18.2 18.2 18.2 18.2 18.2 18.2 18.3 18.4 18.3 18.2 18.2 18.2 18.5 18.6 18.6 19.6 20.6 20.6
Average Savings rate (>K100,000) 9.7 8.7 11.2 9.0 8.6 8.7 8.7 8.7 8.7 8.7 8.7 8.7 8.7 8.7 8.7 8.3 8.0 8.1 7.6 7.2 7.0 6.8 6.6 6.6 6.6 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 5.8 4.8 4.8 4.8 4.8 4.8 4.8 4.8 4.8 4.8 4.8 4.8 4.8 4.8 4.8
Deposit rate (30 days, over K20 million) 17.9 19.8 19.4 19.0 19.4 19.8 19.8 19.8 19.7 19.8 20.2 20.2 20.4 20.7 20.5 20.2 20.2 19.3 17.9 15.1 11.5 9.9 8.5 8.3 8.3 8.4 8.4 8.4 8.4 8.4 8.4 8.4 8.4 8.4 8.4 8.4 8.4 8.4 8.4 8.4 8.4 8.4 8.4 8.4 8.4 8.4 7.5 4.8 4.9 4.8 4.8 4.9 5.0 5.0 5.0 5.0 5.0 5.0 5.1 5.1 5.1
Treasury bill yield rates
Weighted TB rate 33.8 48.2 50.8 43.6 44.6 48.2 48.7 47.4 45.9 42.1 35.5 29.8 29.1 29.3 29.5 30.1 30.0 31.7 19.7 19.1 14.6 9.0 8.4 6.9 6.7 16.4 15.9 14.6 12.3 9.6 7.4 7.2 8.5 9.0 9.9 11.0 9.5 9.2 10.7 10.9 12.1 12.9 12.0 11.9 12.5 12.5 13.1 12.1 12.3 12.9 12.6 12.6 12.8 13.0 13.3 13.4 13.5 13.4 13.6 16.2 16.4
91-day 34.1 50.5 53.4 42.3 44.7 50.5 51.1 49.6 46.6 42.7 35.8 31.0 29.3 29.8 29.7 30.7 31.6 32.0 18.2 16.8 13.1 7.6 7.3 6.1 5.8 15.2 15.1 14.1 12.7 9.0 6.4 5.5 6.6 7.6 8.6 10.3 9.1 8.7 9.1 9.8 10.8 12.0 11.2 10.9 11.6 11.3 11.9 11.5 10.7 11.5 11.2 10.6 10.9 11.0 12.1 12.1 12.1 12.3 12.5 13.3 13.9
182-day 36.7 50.4 45.1 47.6 45.9 50.4 51.5 50.5 47.6 43.5 37.4 32.0 29.6 29.6 29.5 30.9 31.7 32.9 19.8 19.6 14.4 8.9 8.9 7.1 6.5 16.4 15.9 14.7 12.1 9.6 7.4 7.0 8.3 8.9 9.5 10.3 9.2 8.7 10.1 10.7 11.8 12.9 11.7 11.4 12.0 12.5 13.0 12.2 12.5 12.6 12.5 11.8 12.0 11.7 13.0 13.0 12.6 13.4 13.5 14.7 13.9
273-day 38.6 46.4 44.0 49.4 49.5 46.4 45.1 47.6 48.2 44.7 38.8 33.2 31.4 30.6 31.5 31.5 31.9 33.2 21.0 21.0 16.3 10.6 10.1 7.6 7.9 17.0 16.1 14.9 12.3 10.0 7.8 7.9 8.9 9.5 10.5 11.2 9.5 9.6 10.5 11.1 11.8 13.4 12.1 12.2 12.5 12.8 13.2 12.2 12.8 13.0 13.0 12.4 12.8 12.7 13.4 13.6 13.5 13.6 13.8 15.0 16.4
364-day 17.0 16.3 14.5 12.1 9.9 7.9 8.6 10.2 10.2 11.0 12.2 10.0 9.9 11.3 11.3 12.5 13.3 12.4 12.9 12.9 12.9 13.4 12.1 13.3 13.3 13.6 13.6 13.8 13.8 13.6 13.7 13.8 13.9 14.4 16.8 18.1
Government bonds Yield Rates
Weighted Bond Yield Rate 13.4 13.0 14.5 14.0 14.5 14.5 14.6 16.7 15.1 15.0 15.0 15.6 15.4 16.9 15.5 15.4 17.1 15.7 15.5 17.3 15.3 16.2 17.3
24 months 45.8 55.4 53.1 57.1 57.5 55.4 55.0 54.2 54.5 52.3 47.8 45.6 43.3 40.6 40.6 40.1 40.0 41.6 26.1 25.6 23.2 19.3 16.0 13.6 13.7 19.0 17.9 15.5 12.5 9.8 9.3 10.2 11.0 11.5 14.3 14.3 11.0 10.6 11.1 12.4 12.7 13.5 13.9 14.8 14.5 14.5 14.4 14.3 14.3 14.5 14.6 15.2 15.3 15.2 14.6 14.6 14.1 14.9 14.9 15.8 16.6
3 year 22.3 21.1 19.1 14.5 11.0 10.9 11.8 12.1 12.8 14.8 14.8 12.3 12.1 12.4 13.0 13.3 13.8 13.8 13.5 13.9 15.0 15.0 15.1 15.1 15.4 15.4 15.2 15.2 15.1 15.6 16.1 15.4 15.5 15.6 15.9 16.2
5 year 25.0 23.2 20.9 17.5 14.2 13.9 13.8 13.9 14.5 16.0 16.0 13.6 13.5 13.7 13.9 14.0 14.6 14.6 15.0 15.3 15.3 15.2 15.4 15.4 15.8 15.7 15.8 15.9 16.0 16.5 17.1 16.1 16.4 16.5 16.5 17.9
7 year - - - - - - - - - - - - - 17.8 17.8 17.8 17.8 17.3 17.3 17.3 17.2 17.2 17.2 17.2 17.3 17.2 17.3 17.3 17.3
10 year - - - - - - - - - - - - - 19.1 19.1 19.1 19.1 18.8 18.8 18.8 18.6 18.6 18.5 18.4 18.4 18.2 18.4 18.4 18.4
15 year - - - - - - - - - - - - - 20.0 20.0 20.0 20.0 19.9 19.9 19.8 19.4 19.4 19.4 19.3 19.3 19.2 19.3 19.3 19.3
Real Interest and Yield Rates (%)
Commercial Banks' rates
Commercial banks' weighted lending rate 7.4 28.0 20.2 25.7 29.8 28.0 27.8 30.1 29.4 29.1 25.9 21.9 21.8 20.1 19.7 19.3 17.5 15.7 20.5 18.8 16.9 14.2 12.2 12.4 11.2 10.8 14.4 16.4 14.0 15.3 14.3 12.5 13.3 15.6 15.0 15.3 15.6 16.0 13.7 10.0 9.4 7.9 8.3 7.1 7.0 7.5 8.9 9.2 9.5 9.6 9.1 8.8 8.4 8.1 7.3 6.4 6.0 5.4 5.4 5.4 5.3
Average savings rate -20.4 -10.0 -17.6 -11.2 -8.8 -10.0 -10.9 -10.5 -9.4 -9.1 -12.2 -14.9 -14.7 -15.0 -15.1 -15.5 -17.3 -18.6 -9.6 -10.2 -9.8 -10.8 -11.2 -10.8 -12.0 -10.5 -6.2 -3.9 -5.3 -3.8 -2.4 -3.0 -2.3 0.0 -0.5 -0.2 0.1 0.5 -1.2 -4.9 -4.8 -4.2 -3.8 -2.2 -5.1 -4.6 -3.2 -2.9 -3.9 -3.9 -4.5 -4.7 -5.0 -5.3 -6.1 -7.3 -7.8 -8.4 -9.4 -10.4 -10.5
Deposit rate (30 days, over K20 million) -12.2 1.1 -9.4 -1.2 2.0 1.1 0.2 0.6 1.6 2.0 -0.7 -3.4 -3.0 -3.1 -3.4 -3.6 -5.1 -7.4 0.7 -2.3 -5.3 -7.7 -9.3 -9.1 -10.3 -8.2 -3.9 -1.6 -3.0 -1.5 -0.1 -0.7 0.0 2.3 1.8 2.1 2.4 2.8 1.1 -2.6 -2.5 -1.9 -1.5 -2.7 -2.8 -2.3 -0.9 -0.6 -3.8 -4.5 -4.5 -4.6 -4.8 -5.1 -5.9 -7.1 -7.6 -8.2 -9.1 -10.1 -10.2
Treasury bill yield rates
Weighted TB rate 3.7 29.5 22.0 23.4 27.2 29.5 29.1 28.2 27.8 24.3 14.6 6.2 5.7 5.6 5.7 6.3 4.7 5.0 2.5 1.7 -2.2 -8.6 -9.4 -10.5 -11.9 -0.2 3.6 4.6 0.9 -0.3 -1.1 -1.9 0.1 2.9 3.3 4.7 3.5 3.6 3.4 -0.1 1.2 2.6 2.1 0.8 1.3 1.9 3.7 3.0 3.6 3.6
91-day 4.0 31.8 24.6 22.1 27.3 31.8 31.5 30.4 28.5 24.9 14.9 7.4 5.9 6.1 5.9 6.9 6.3 5.3 1.0 -0.6 -3.7 -10.0 -10.5 -11.3 -12.8 -1.4 2.8 4.1 1.3 -0.9 -2.1 -3.6 -1.8 1.5 2.0 4.0 3.1 3.1 1.8 -1.2 -0.1 1.7 1.3 -0.2 0.4 0.6 2.6 2.5 2.0 2.2 1.9 1.1 1.1 0.9 1.2 0.0 -0.5 -0.9 -1.7 -1.9 -1.4
182-day 6.6 31.7 16.3 27.4 28.5 31.7 31.9 31.3 29.5 25.7 16.5 8.4 6.2 5.9 5.7 7.1 6.4 6.2 2.6 2.2 -2.4 -8.7 -8.9 -10.3 -12.1 -0.2 3.6 4.7 0.7 -0.3 -1.1 -2.1 -0.1 2.8 2.9 4.0 3.2 3.1 2.8 -0.3 0.9 2.6 1.8 0.3 0.8 1.8 3.7 3.2 3.8 3.3 3.2 2.3 2.2 1.6 2.1 0.9 0.0 0.2 -0.7 -0.5 -1.4
273-day 8.5 27.7 15.2 29.2 32.1 27.7 25.5 28.4 30.1 26.9 17.9 9.6 8.0 6.9 7.7 7.7 6.6 6.5 3.8 3.6 -0.5 -7.0 -7.7 -9.9 -10.7 0.4 3.8 4.9 0.9 0.1 -0.7 -1.2 0.5 3.4 3.9 4.9 3.5 4.0 3.2 0.1 0.9 3.1 2.2 1.1 1.3 2.1 3.9 3.2 4.1 3.7 3.7 2.9 3.0 2.6 2.5 1.5 0.9 0.4 -0.4 -0.2 1.1
364-day 0.4 4.0 4.5 0.7 0.0 -0.6 -0.5 1.8 4.1 4.4 5.9 4.0 4.3 4.0 0.3 1.6 3.0 2.5 1.8 1.7 2.2 4.1 3.1 4.6 4.0 4.3 4.1 4.0 3.7 2.7 1.6 1.2 0.7 0.2 1.6 2.8
Government bonds Yield Rates
Weighted Bond rate 6.1 2.0 3.6 3.7 4.6 6.2 5.4 7.1 7.1 6.0 6.3 6.3
24 months 15.7 36.7 24.3 36.9 40.1 36.7 35.4 35.0 36.4 34.5 26.9 22.0 19.9 16.9 16.8 16.3 14.7 14.9 8.9 8.2 6.4 1.7 -1.8 -3.8 -4.9 2.4 5.6 5.5 1.1 -0.1 0.8 1.1 2.6 5.4 7.7 8.0 5.0 5.0 3.8 1.4 1.8 3.2 4.0 3.7 3.3 3.8 5.1 5.3 5.6 5.2 5.3 5.7 5.5 5.1 3.7 2.5 1.5 1.7 0.7 0.6 1.3
3 year 5.7 8.8 9.1 3.1 1.1 2.4 2.7 3.7 6.7 8.2 8.5 6.3 6.5 5.1 2.0 2.4 3.5 3.9 2.4 2.7 4.3 5.7 6.1 6.4 6.1 6.1 5.7 5.4 5.0 4.7 4.0 2.8 2.3 1.4 0.7 0.9
5 year 8.4 10.9 10.9 6.1 4.3 5.4 4.7 5.5 8.4 9.4 9.7 7.6 7.9 6.4 2.9 3.1 4.3 4.7 3.9 4.1 4.6 5.9 6.4 6.7 6.5 6.4 6.3 6.1 5.9 5.6 5.0 3.5 3.2 2.3 1.3 2.6
7 year - - - - - - - - - - - - - 7.1 8.5 8.8 9.1 8.0 8.0 7.8 7.4 7.1 6.3 5.1 4.7 4.0 3.1 2.1 2.0
10 year - - - - - - - - - - - - - 8.4 9.8 10.1 10.4 9.5 9.5 9.3 8.8 8.5 7.6 6.3 5.8 5.0 4.2 3.2 3.1
15 year - - - - - - - - - - - - - 9.3 10.7 11.0 11.3 10.6 10.6 10.3 9.6 9.3 8.5 7.2 6.7 6.0 5.1 4.1 4.0
Exchange rates (average K/US $)
Commercial banks' weighted selling rate 4,209.8 3,890.7 3,406.7 3,635.8 3,719.1 3,890.7 4,002.8 4,145.2 4,247.2 4,111.5 4,217.4 4,456.1 4,548.7 4,540.9 4,532.5 4,614.4 4,831.2 4,842.0 4,598.4 4,786.0 4,783.6 4,740.2 4,753.7 4,771.8 4,850.4 3,454.7 3,395.0 3,311.2 3,315.7 3,227.2 3,216.2 3,499.2 3,568.9 3,899.2 4,149.7 3,847.1 3,997.0 4,142.8 4,205.4 4,259.0 4,270.1 4,171.2 4,028.7 3,900.4 3,838.6 4,023.7 3,976.2 3,848.3 3,784.8 3,845.8 3,805.4 3,767.7 3,688.1 3,538.5 3,414.0 3,264.2 3,403.8 3,455.8 3,549.1 4,059.1 4,293.0
Bank of Zambia mid rate 4,108.8 3,820.3 3,349.6 3,604.5 3,678.2 3,820.3 3,848.7 3,904.3 3,930.7 3,939.0 4,097.6 4,354.7 4,499.2 4,492.7 4,519.2 4,603.3 4,753.7 4,740.1 4,645.5 4,767.6 4,762.5 4,722.1 4,735.0 4,754.7 4,832.6 3,416.3 3,363.7 3,289.6 3,294.7 3,201.5 3,172.6 3,470.6 3,546.7 3,883.9 4,095.2 3,835.2 3,985.0 4,127.8 4,221.1 4,254.0 4,258.5 4,161.5 4,013.8 3,780.2 3,830.2 4,001.4 3,995.8 3,831.4 3,766.7 3,836.9 3,792.8 3,753.6 3,668.9 3,517.2 3,397.7 3,249.7 3,393.4 3,452.8 3,539.9 4,044.3 4,257.0
Real Exchange Rate Index 79.6 62.4 62.7 63.0 63.8 64.6 66.4 68.3 67.0 78.1 63.0 68.8 76.0 78.3 79.8 82.5 83.7 86.1 88.4 91.6 95.2 98.6 108.7 118.7 135.0
Real sector
Mining output (tonnes)
Copper 259,573.0 298,150.0 66,908.0 73,188.0 74,710.0 83,288.0 24,995.0 23,785.0 29,033.0 25,916.0 27,437.0 27,780.0 31,679.0 28,513.0 26,516.0 31,999.7 32,200.0 27,513.0 33,369.0 31,764.0 29,235.0 35,789.0 34,295.0 32,047.0 35,013.0 45,793.3 41,010.0 40,143.0 44,727.0 44,393.0 50,231.0 43,748.3 40,845.0 38,497.0 39,172.0 41,179.0 33,785.0 40,536.0 37,123.9 36,726.5 41,062.4 39,697.5 41,462.3 43,766.5 44,867.1 49,622.7 46,578.5 47,261.7 44,558.6 49,256.6 42,368.8 42,450.4 54,102.6 53,142.2 49,569.1 45,117.1 45,780.9 45,067.0 42,302.3 48,477.1
Cobalt 4,373.0 4,375.0 1,004.0 1,188.0 1,170.0 1,015.0 362.9 356.7 377.2 364.7 334.3 325.0 323.0 332.3 359.7 317.1 307.0 230.0 184.0 171.5 149.8 209.5 171.9 194.0 175.0 421.6 367.7 360.0 456.0 392.0 426.0 391.0 374.0 439.0 432.5 405.0 381.0 234.0 262.9 276.3 367.3 388.0 446.1 447.7 484.9 511.7 447.6 409.2 447.4 396.3 340.8 383.3 420.5 410.7 311.4 363.9 424.6 425.7 372.4 132.9
Metal Earnings (US $mn)
Copper 425.2 506.7 128.9 130.0 128.0 119.6 41.5 39.2 38.6 45.4 35.7 51.3 44.7 41.8 40.7 40.3 48.8 41.6 59.0 63.8 62.9 87.9 83.5 96.4 80.8 209.1 153.7 161.1 240.9 259.2 354.5 300.9 302.3 225.3 303.9 233.2 170.4 232.4 136.8 205.1 315.6 245.0 282.9 334.9 295.4 335.2 397.3 267.9 257.8 332.7 264.6 309.4 461.5 407.7 323.9 394.4 250.1 310.5 295.7 205.9
Cobalt 72.2 82.9 19.3 26.6 24.4 12.6 5.8 3.8 3.7 4.1 5.4 5.5 5.8 3.1 4.5 2.8 2.9 2.6 7.7 6.4 9.3 16.4 8.0 10.8 8.7 11.3 8.7 9.0 12.1 10.5 13.2 10.8 11.3 14.0 16.3 10.8 15.7 13.7 10.6 13.0 19.1 20.9 27.3 24.2 24.7 21.4 20.8 23.9 28.4 26.8 34.5 36.9 40.2 38.1 27.7 24.4 19.8 16.3 33.4 7.3
Total 497.4 589.6 148.2 156.6 152.4 132.2 47.3 43.0 42.3 49.4 41.1 56.8 50.5 44.9 45.2 43.1 51.7 44.2 66.7 70.2 72.2 104.3 91.5 107.2 89.6 220.4 162.4 170.1 253.0 269.7 367.7 311.7 313.6 239.3 320.2 244.0 186.1 246.1 147.4 218.1 334.7 265.9 310.2 359.1 320.1 356.6 418.1 291.8 286.2 359.5 299.1 346.3 501.7 445.8 351.6 418.8 269.8 326.8 329.0 213.2
External sector (US $ mn) Annual Annual Annual Annual
Trade Balance -350.5 -389.5 -73.9 -105.8 -101.6 -108.1 -36.1 -32.7 -24.4 -33.0 -25.5 0.7 -18.7 -2.3 -23.0 -22.0 -20.1 11.9 -10,472.4 -26.0 -11.7 -32.6 -23.9 -50.4 -63.6 118.0 14.1 34.9 64.6 105.9 198.5 103.9 158.9 21.0 134.3 20.1 -22.0 1,293.0 -126.9 26.8 128.9 72.0 70.0 109.7 54.1 86.3 96.3 -40.1 -48.8 838.0 -21.1 117.1 223.3 -5.3 43.4 50.7 -197.8 -146.2 -120.9 -223.8 -234.0 -12.0
Exports, c.i.f. 735.8 901.4 215.5 232.4 235.5 218.0 70.6 65.6 67.5 72.9 66.4 90.6 80.9 76.6 79.4 75.5 97.0 94.2 1,074.8 101.2 111.6 138.9 135.9 145.7 130.2 2,278.0 209.9 221.0 300.2 322.6 436.8 379.2 361.3 307.6 398.6 312.9 260.7 3,929.0 198.4 266.9 393.9 337.5 390.5 434.4 408.7 434.8 491.0 363.4 359.2 4,449.0 356.2 408.3 569.4 520.6 431.9 498.4 344.8 373.2 410.2 301.4 294.1 4,316.0
Imports, c.i.f. -1,086.3 -1,290.8 -289.4 -338.3 -337.1 -326.1 -106.7 -98.2 -91.9 -105.9 -92.0 -89.9 -99.6 -79.0 -102.4 -97.5 -117.2 -82.3 -11,547.2 -127.2 -123.3 -171.5 -159.8 -196.1 -193.8 2,161.0 -195.8 -186.1 -235.5 -216.7 -238.3 -275.3 -202.3 -286.6 -264.4 -292.8 -282.6 -2,636.0 -325.3 -240.1 -265.0 -265.5 -320.5 -324.7 -354.6 -348.5 -394.7 -403.5 -408.0 -3,611.0 -377.4 -291.2 -346.0 -525.9 -388.4 -447.6 -542.6 -519.4 -531.0 -525.2 -528.1 4,329.0
Terms of Trade 10.4 55.2 7.9 -18.9
Current Account as % of GDP (including grants) -4.4 3.0 -2.4 -7.1
Overall Balance as % of GDP -1.8 7.5 2.7 0.3
External Debt (US $' Million)
Total External Debt (Govt and Private sectors) 5,055.7 1,892.1 2,082.9 2,179.2
Total External Debt as % of GDP 69.5 17.4 18.3 15.1

Gross Official Reserves (US $'mn) 331.1 463.9 461.7 462.4 506.2 526.4 534.0 536.4 575.9 688.3 738.6 751.4 595.0 709.0 720.5 779.1 837.2 888.6 972.4 1,013.5 976.2 1,051.8 1,011.3 1,087.8 947.0 1,106.7 1,121.9 1,245.7 1,306.1 1,355.8 1,413.4 1,435.0 1,351.7 1,292.8 1,184.6 1,157.3 1,009.0
GIR (Months of Imports) 268.3 116.5 229.0 157.1 156.9 116.5 124.6 112.8 104.2 103.8 95.2 260.0 253.2 247.3 275.3 258.3 253.1 464.8 272.2 244.5 217.8 225.3 234.6 248.8 243.2 1.5 2.1 2.1 2.1 2.2 2.3 2.4 2.4 2.6 3.1 3.3 3.3 2.2 2.4 2.4 2.6 2.8 3.0 3.2 3.4 3.2 3.5 3.4 3.6 2.5 3.7 3.7 4.1 4.3 4.5 4.7 4.8 4.5 4.3 3.9 3.8 2.4
Banking, Currency and Payments System
Currency in Circulation K'Bil 964.4 870.6 855.7 846.1 859.2 917.5 998.7 1,061.5 1,126.1 1,237.7 1,172.3 1,168.1 1,224.2 1,168.3 1,115.1 1,142.4 1,150.8 1,226.8 1,328.6 1,377.5 1,445.8 1,445.1 1,444.4 1,397.1 1,513.4 1,395.5 1,361.3 1,404.4 1,430.0 1,508.1 1,608.3 1,756.7 1,756.9 1,768.3
Real Time Gross Settlement System Transactions
Volumes 6,369.0 5,487.0 4,871.0 5,492.0 4,592.0 5,313.0 5,373.0 4,735.0 5,678.0 5,857.0 5,661.0 5,979.0 6,028.0 6,126.0 5,287.0 6,394.0 6,474.0 7,581.0 7,064.0 7,105.0 7,687.0 7,734.0 9,997.0 10,246.0 9,767.0 10,624.0 9,877.0 9,689.0 11,015.0 11,227.0 11,013.0 12,645.0 11,020.0 11,910.0 13,043.0 12,118.0
Values K'Bil 13,304.0 10,425.0 7,552.0 10,178.0 7,927.0 6,406.0 7,712.0 8,564.0 9,741.0 13,814.0 13,243.0 13,229.0 13,162.0 13,926.0 10,579.0 14,123.0 16,414.0 17,696.0 11,360.0 13,862.0 13,524.0 12,001.0 12,679.0 13,426.0 14,705.0 18,281.0 17,159.0 14,218.0 14,344.0 16,912.0 20,017.0 18,908.0 20,518.0 21,781.0 26,926.0 21,855.0
Zambia Electronic Clearing HouseTransactions
Volumes 251,539.0 240,517.0 225,924.0 254,518.0 216,718.0 259,629.0 252,517.0 237,882.0 273,267.0 234,847.0 271,044.0 264,704.0 262,651.0 269,392.0 244,641.0 272,367.0 262,344.0 285,118.0 269,758.0 293,813.0 294,443.0 256,488.0 320,558.0 307,508.0 308,383.0 294,525.0 300,665.0 280,398.0 328,273.0 310,715.0 323,193.0 343,284.0 310,619.0 344,531.0 332,567.0 305,220.0
Values K'Bil 2,622.0 2,904.0 2,046.0 2,344.0 2,150.0 2,345.0 2,318.0 2,402.0 2,749.0 2,757.0 2,967.0 2,859.0 2,599.0 3,028.0 2,494.0 2,894.0 2,791.0 2,873.0 2,840.0 3,149.0 3,136.0 2,727.0 2,653.0 2,433.0 2,355.0 2,230.0 1,892.0 1,883.0 2,107.0 2,041.0 2,108.0 2,288.0 2,191.0 2,341.0 2,300.0 2,153.0

Financial Stability Indicators

Core Liquid Aseets Ratio (Required Reserve Ratio) 35.0 35.0 35.0 35.0 35.0 35.0 35.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0
Statutory Reserve Ratio (Required Reserve Ratio) 14.0 14.0 14.0 14.0 14.0 14.0 14.0 14.0 14.0 14.0 14.0 14.0 14.0 14.0 14.0 14.0 14.0 14.0 14.0 14.0 14.0 14.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0
Capital Adequacy 28.4 28.9 26.5 21.0 20.4 19.1 18.9 18.1 18.6
Regulatory capital to risk-weighted assets 26.2 26.8 24.3 19.3 19.0 16.6 16.5 15.5 15.9 18.6 18.7 19.3 19.2
Tier 1Regulatory capital to risk-weighted assets 11.6 12.4 11.7 9.2 9.1 9.5 9.9 9.2 9.2 15.9 16.1 17.0 16.9
Capital to total assets 9.2 9.8 10.2 10.1

Asset quality
Past due advances (NPL) to total advances 8.9 10.3 11.5 10.8 11.3 7.4 8.5 7.8 8.8 8.8 8.3 6.0 6.8
Loan loss provisions to nonperforming loans 90.7 97.2 78.5 85.0 83.3 115.1 104.9 82.5 98.4 73.2 74.4 103.2 96.7
Bad debt provisions to advances 5.4 6.5 6.8 6.5 6.8 6.6 7.2 7.8 6.4 6.4 6.6 5.2 5.4

Loan Concentration
Households 19.5 14.1 14.3 13.7 16.1 15.1 16.8 16.4 16.1 15.5 25.2 32.8 32.8
Government and parastatals 5.5 7.1 6.9 7.3 6.2 6.7 5.6 6.5 8.9 9.1 4.7 2.6 2.3
Agriculture 27.0 27.0 26.0 26.0 23.9 23.8 23.0 18.9 18.4 18.4 15.6 16.0 15.0
Mining 4.0 3.0 4.0 5.0 4.4 5.0 5.0 4.4 4.1 4.1 5.2 5.0 4.0
Manufacturing 12.0 12.0 12.0 15.0 14.0 9.8 11.0 12.2 11.0 11.0 10.5 11.0 11.0
Construction 2.0 2.0 2.0 2.0 2.4 3.0 3.0 3.4 3.7 3.7 3.4 3.0 3.0
Services 7.0 7.0 7.0 7.0 9.8 11.2 9.0 13.0 6.2 13.3 11.5 9.0 7.0
Others 48.0 49.0 49.0 45.0 45.5 47.2 49.0 48.2 30.1 49.6 53.9 56.0 60.0

Earnings and Profitability

Return on average assets 6.5 -12.6 6.0 5.5 5.1 5.0 4.7 4.7 4.7 4.7 4.6 5.0 4.7
Return on equity 45.4 17.7 37.4 32.3 30.6 31.1 30.9 32.2 35.1 35.1 34.9 36.6 32.9
Gross interest income to total gross income 60.9 60.8 61.6 56.8 60.2 62.5 58.6 62.9 63.1 63.1 64.0
Gross noninterest income total gross income 39.1 39.2 38.4 43.2 39.8 37.5 41.1 37.1 36.9 36.9 36.0
Net interest margin 11.8 12.7 12.4 12.0 12.8 10.8 10.9 11.8 11.5 11.5 11.3 11.3 10.3

Liquidity
Liquid assets to total assets 41.0 37.2 36.5 40.7 41.3 36.2 36.5 32.7 37.6 37.6 33.4 32.8 32.5
Liquid assets to total deposits 51.0 46.7 45.3 48.5 49.6 44.2 44.7 35.4 52.1 46.0 42.1 41.2 40.8
Advances to deposits ratio 44.5 47.5 52.5 50.6 49.0 58.8 56.6 54.9 57.4 57.4 63.1 63.3 68.5

Exposure to foreign currency

Foreign currency loans to total gross loans 36.2 36.5 35.2 35.7 34.0 … 30.3 … 32.6 29.1 35.4 35.4
Foreign currency liabilities to total liabilities 31.0 30.0 31.1 34.9 61.2 … … … … 26.1 34.8 23.1
Net ope position in foreign exchange to capital 2.1 1.2 2.5 6.2 9.4 5.6 6.6 12.0 7.4 7.1 6.0 6.1 6.2

Exposure to households debt

Household debt to GDP 1.5 1.2 1.4 1.5 1.5 … … … 2.0
Note: Figures for December 2008 are projections
Source: Bank of Zambia