Despite this, Government bonds accounted for the largest proportion of the outstanding total stock of marketable securities, contributing K5,439.4 billion (54.7%) to the entire portfolio. Total Treasury bills in circulation amounted to K4,501.5 billion, representing 45.3% of the total marketable securities outstanding. 13. Investment in Treasury bills held by non-residents increased to K497.0 billion from K8.8 billion in the third quarter. The increase reflected renewed confidence in short-term Government paper. Conversely, foreign Investment in Government bonds decreased to K127.9 billion from K150.5 billion recorded in the third quarter, due to net maturities. Collectively, total holdings of Government securities by non-resident was K625.4 billion, representing 7% of total securities outstanding. 14. Developments in commercial banks’ nominal interest rates continued to be mixed during the reviewed quarter, with the weighted average lending base rate (WALBR) trending downwards to 19.4% from 19.8% in September 2010. Similarly, the average lending rate (ALR) fell to 26.4% in December 2010 from 26.8% in September 2010. However, the 30-day deposit rate for amounts exceeding K20 million and the average savings rate (ASR) for amounts above K100,000 remained unchanged at 5.6% and 4.7%, respectively. Real sector 15. Developments in the real sector were satisfactory during the reviewed quarter. This was reflected by higher output of most monitored commodities, and an increase in investment pledges. 1  2  Figures in square brackets are for September 2010. BIS central bankers’ speeches  Food reserve agency stocks 16.
Cement output increased by 26.1% to 359,966.0 mt in the fourth quarter of 2010 from 312,791.0 mt during the previous quarter. This outturn was attributed to a rise in cement production at Lafarge Cement and Oriental Quarries by 14.9% and 2.3% to 251,505.0 mt and 16,295 mt, respectively. Zambezi Portland Plc also increased its output of cement by 18.1%  BIS central bankers’ speeches  3  to 92,166.0 mt. Total output of cement for the year at 1,126,728 mt was 37.9% higher than the 817,223.0 mt produced in 2009. Tourism 24. During the quarter under review, international arrivals at the country’s four international airports 2 declined to 116,140 passengers from 124,244 passengers in the third quarter of 2010. However, this was 24.0% higher than 93,688 passengers recorded during the fourth quarter of 2009. Livingstone and Mfuwe international airports, which are the major tourist destinations, accounted for 20,590 passengers and 257 passengers compared with 21,272 passengers and 241 passengers in the previous quarter, respectively. 25. On an annual basis, international arrivals at the country’s four international airports increased to 679,172 passengers from 438,788 passengers recorded in 2009, representing an increase of 20.27%. Investment 26. Total investment pledges were estimated at US $ billion in the fourth quarter of 2010 compared with US $ million in the third quarter.