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OCTOBER 2025

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TABLE OF CONTENTS


OVERVIEW
Monthly ZiG inflation decelerated by 0.2
percentage points from -0.2% in September
2025 to -0.4 % in October 2025. In tandem, the
year-on-year ZWG inflation rate also dropped
sharply to 32.7% in October 2025 from 82.7%
in September 2025.
Broad money (M3) stock, which consists of
both local and foreign currency deposits, stood
at ZiG105,453.84 million in October 2025, an
increase of 5.96% (ZiG5,930.10 million) from
ZiG99,523.73 million recorded in September

The Zimbabwe Stock Exchange (ZSE) and the
Victoria Falls Stock Exchange exhibited
bullish sentiments during the month under
review.
The total digital payment systems transaction
values for October 2025 decreased by 1% from
ZiG239.90 billion in September 2025 to
ZiG236.57 billion. Transactional volumes
increased by 8% from 72.13 million to 77.82
million recorded during the same period
International monthly average prices for gold,
platinum, palladium, copper, nickel, and
lithium firmed in October 2025. Brent crude oil
prices, however, retreated during the same
month.


INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS
International monthly average prices for gold,
platinum, palladium, copper, nickel, and
lithium firmed in October 2025, driven by
robust industrial demand, investment inflows,
and supply constraints. Brent crude oil prices,
however, retreated amid OPEC+ production
increases, persistent oversupply, and subdued
global demand growth.

The developments in prices of selected
commodities for the month highlight divergent
dynamics in metals versus energy markets, as
shown in Table 1.

Table 1: International Commodity Prices
for September 2025 and October 2025
Commodity

Sep-25


Oct-25
Monthly
changes
(%)
Gold
US$/oz
3,675.29
4,067.78
10.68
Platinum
US$/oz
1,439.61
1,617.09
12.33
Palladium
US$/oz
1,190.47
1,427.78
19.93
Copper
US$/t
10,056.43
10,746.78
6.86
Nickel
US$/t
15,285.00
15,288.35
0.02
Brent Crude
oil
US$/bl
67.16
63.97
(4.74)
Lithium
US$/t
9,501.55
9,608.70
1.13
Source: Bloomberg, 2025

Gold
In the month of October 2025, gold prices
averaged US$4,067.78 per ounce, an increase
of 10.68%, from US$3,675.29 per ounce
recorded in September 2025. The uptick was
fuelled by heightened global uncertainty due to
the U.S. government shutdown and fears of
economic slowdown, which drove investors
toward gold as a secure store of value. In
addittion, escalating U.S.–China trade tensions
and anticipation of U.S. Federal Reserve
interest rate cuts made gold more attractive,
boosting demand and driving prices higher

Platinum
On average platinum prices rose by 12.33%, to
US$1,617.09 per ounce in the month under
review, from US$1,439.61 per ounce recorded
in the previous month. The global platinum
market is projected to record its third
consecutive annual deficit in 2025, primarily
driven by declining mine output from South
Africa,
the
world’s
leading
producer.
Production in South Africa has suffered from
underinvestment,
power
shortages,
and
infrastructure constraints, which have slowed
output growth and caused demand to outpace
supply. Furthermore, a resurgence in industrial
activities, particularly in sectors such as
automotive manufacturing, has driven the
demand for platinum.
Palladium
Average monthly palladium prices surged by
19.93%, to US$1,427.78 per ounce in October
2025, from US$1,190.47 per ounce recorded in
the previous month. A depreciating US dollar
and investor hedging behaviour, coupled with
broader market uncertainty caused by the U.S.
government shutdown, supported palladium
prices as investors sought refuge in precious
metals. Growing fears over U.S.–China trade
tensions, coupled with palladium’s primary use
in automotive catalytic converters, continued to
drive strong industrial demand. The price
movement over the period from October 2023
to October 2025, is shown comprehensively in
Figure 1.


Figure 1: Monthly Precious Metal Prices
(US$ per Ounce): October 2023 – October

Source: Bloomberg, 2025

Brent Crude Oil
Brent crude oil price declined by 4.74%, from
US$67.16 per barrel in September 2025 to
US$63.97 per barrel, during the month under
review. This was attributable to the ceasefire
between Israel and Hamas in Gaza, which
reduced fears of supply disruptions in the
Middle East. The immediate threat of the
conflict subsided, reducing the geopolitical risk
premium on oil prices and contributing to the
decline
in
prices.
Additionally,
the
International Energy Agency (IEA) projected a
significant global oil surplus averaging 3.2
million barrels per day through mid-2026,
driven by increased production from major
producers and stockpiling by economies such
as China. The developments raised concerns
about a supply glut, exerting downward
pressure on prices.


Oct-23
Dec-23
Feb-24
Apr-24
Jun-24
Aug-24
Oct-24
Dec-24
Feb-25
Apr-25
Jun-25
Aug-25
Oct-25
US$/ounce
US$/ounce
Gold
Palladium
Platinum (RHS)

Figure 2 shows the developments in Brent
crude oil prices for the period from October
2023 to October 2025.

Figure
2:
Brent
Crude
Oil
Prices
(US$/Barrel) October 2023 – October 2025

Source: Bloomberg, 2025

Copper
On average copper prices increased by 6.86%,
to
US$10,746.78
per
tonne,
from
US$10,056.43 per tonne recorded in September
2025. Prices rose following production outages
in Indonesia and Chile. The production
disruptions affected global supply, tightening
market availability, leading to the subsequent
increase in copper prices. Fears of further
mining
interruptions
spurred
speculative
buying and upward price pressure. A major
accident at the Grasberg Mine in Indonesia, the
world's second-largest copper mine, triggered
production outages and substantially tightened
the global copper supply. The increase in
copper prices was further supported by rising
demand for copper linked to infrastructure
expansion, including power grids, renewable
energy installations, electric vehicle (EV)
electrification,
and
Artificial
Intelligence
infrastructure.
Nickel
In the month of October 2025, nickel prices
averaged US$15,288.35 per tonne, from
US$15,285.00 per tonne recorded in the
previous month. Prices rose as Indonesia
shortened the validity of mining quotas to one
year, creating uncertainty for nickel producers.
This regulatory change raised concerns about
potential future supply constraints. In addition,
expectations of a more favourable monetary
policy, such as a possible US Federal Reserve
rate cut, prompted speculative buying in base
metals such as nickel.

The base metals price movements for the period
from October 2023 to October 2025 are
depicted in Figure 3

Figure 3: Base Metal Prices (US$/tonne):
October 2023 – October 2025

Source: Bloomberg 2025

Lithium
During the month under review, lithium prices
strengthened by 1.13% to US$9,608.70, from
US$9,501.55 per tonne recorded in September
2025. Prices increased as China announced
policy measures aimed at scaling up large-scale
battery storage to support solar/wind grid
integration, boosting demand for lithium.

Oct-23
Dec-23
Feb-24
Apr-24
Jun-24
Aug-24
Oct-24
Dec-24
Feb-25
Apr-25
Jun-25
Aug-25
Oct-25

Oct-23
Dec-23
Feb-24
Apr-24
Jun-24
Aug-24
Oct-24
Dec-24
Feb-25
Apr-25
Jun-25
Aug-25
Oct-25
US$/tonne
US$/tonne
Copper
Nickel (RHS)

Figure 4 depicts the changes in lithium prices
for the period from October 2023 to October
2025.

Figure 4: Lithium Prices (US$/tonne)
October 2023 – October 2025

Source: London Metal Exchange, 2025

MERCHANDISE TRADE DEVELOPMENT

Zimbabwe’s total merchandise trade increased
by 19.0% to US$2.05 billion in October 2025,
from US$1.72 billion in September 2025. This
growth was driven by higher exports during the
month. Year over year, however, total
merchandise trade increased by 33.7% from
US$1.53 billion compared to the same month
in 2024.

Merchandise Exports
The country’s merchandise exports increased
by 20.2% to US$1.02 billion, from US$851.1
million recorded in the previous month’s
outturn. The rise was supported by increases in
exports of gold, tobacco, and Platinum Group
Metals (PGMs). Gold exports grew by 11%,
from US$416.6 million in September 2025 to
US$462.8 million in October 2025. Similarly,
tobacco exports increased to US$162.3 million
in October 2025, a rise of 20.7% from
US$134.5 million in the previous month.
On an annual basis, exports rose by 46.6% in
the reporting month compared to the US$698.1
million recorded in September 2024. Exports
grew as global gold prices firmed, bolstered by
continuing geopolitical tensions and the U.S.
government shutdown.
Figure 5 illustrates the developments in the
country’s merchandise exports for the period
from January 2024 to October 2025.
Figure 5: Merchandise Exports (US$
million): 2024 and 2025

Source: ZIMSTAT, 2025

Exports by Commodity
The country’s export basket was largely
dominated by primary commodities, with gold
accounting for 45.2%, followed by tobacco at
15.9%, and PGMs at 13.9%. The country’s
exports for September and October 2025 are
shown in Table 2, classified by Harmonized
Commodity Description and Code System.


Oct-23
Dec-23
Feb-24
Apr-24
Jun-24
Aug-24
Oct-24
Dec-24
Feb-25
Apr-25
Jun-25
Aug-25
Oct-25

1,023

Table 2:Top Ten Exports Classified by
Harmonized Commodity Description and
Code System

Septemb
er - 25
(US$m)
Octob
er - 25
(US$m
)
Sept - Oct

Changes
(%)
Share
of Oct
Exports
(%)
Total
851.1
1,023.4
20.2

Of Which:


Gold

Tobacco (Including
cigarettes)

PGMs

Other mineral
substances

Industrial diamonds

Ferrochromium

Other ores and
concentrates

Chromium ores and
concentrates

Coal

Steel

Others

Source: ZIMSTAT & RBZ Calculations, 2025
*PGMs Include Nickel mattes, nickel ores &
concentrates and platinum
Export Markets
In October 2025, the bulk of the country’s
exports were destined for the United Arab
Emirates (49.8%), South Africa (20.6%), and
China (12.7%). The remainder of the exports
went to other countries. Figure 6 shows the
country’s major export markets during the
month under review.

1Merchandise imports referred to in this case are valued
on a cost, insurance and freight (CIF)basis
Figure 6: Top Ten Merchandise Export
Destinations (% Share)
Source: ZIMSTAT & RBZ Calculations, 2025

Merchandise Imports
In October 2025, merchandise imports1
increased by 17.8% to US$1,03 billion, from
US$871.8 million recorded in September 2025.
Compared to the similar month in 2024,
imports rose by 22.8% to US$835.9 million.
Monthly import developments for 2024 and
2025 are shown in Figure 7.

Figure 7:Merchandise Imports classified by
HS Codes 2024 & 2025 (US$ m)
Source: ZIMSTAT & RBZ Computations, 2025

United Arab Emirates
South Africa
China
Belgium
Mozambique
Zambia
Indonesia
Viet Nam
United States
Germany

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Imports by Commodity
Industrial supplies remained the dominant
driver of the country’s import bill, accounting
for 36.0% of total imports, followed by fuel and
lubricants, which constituted 18.8%. In
comparison, capital goods represented 17.5%
and food and beverages 11.0% of total import
payments. Table 3 illustrates the imports of
major commodities by Broad Economic
Category (BEC) for September and October
2025.

Table 3: Imports classified by Broad
Economic Category (BEC)

Sept
- 25
(US$
m)
Oct -

(US$
m)
Sept -
Oct 25
Change
s (%)
Share of Total
Imports Oct25 (%)
Total
871.

1,026.

17.8
100.0
Of Which:


Industrial supplies
293.

369.4
26.0
36.0
Fuels and
lubricants
177.

192.9
8.6
18.8
Capital goods
159.

179.4
12.3
17.5
Food and
beverages

Transport
equipment and
parts

Consumer goods

Others

Source: ZIMSTAT & RBZ Calculations, 2025
Import Markets
In the reporting month, most of the country’s
imports originated from South Africa (37.4%),
followed by China (15.9%), the Bahamas
(8.9%), Bahrain (5.7%), and Mozambique
(4.5%). The remaining imports came from
various other markets, as indicated in Figure 8.

2 Merchandise imports that were used in calculating the
trade deficit are valued on a cost, insurance and freight
(CIF)basis
Figure 8: Top Ten Merchandise Import
Sources (% Share)

Source: ZIMSTAT & RBZ Calculations, 2025

Merchandise Trade Balance
In October 2025, the country’s trade balance2
improved to a deficit of US$3.6 million, from a
deficit of US$20.7 million recorded in
September 2025. Relative to October 2024, the
trade balance improved from a deficit of
US$137.8 million to a deficit of US$3.6 million
in the reporting month. The significant
improvement was due to better export
performance relative to imports. The country’s
trade balance for the period from January 2025
to October 2025 is shown in Figure 9.


South...
China
Bahamas
Bahrain
Mozambi...
United...
India
Zambia
Mauritius
Hong Kong

Figure 9: Merchandise Trade Balance (US$
m)
Source: ZIMSTAT & RBZ Computations, 2025

MONETARY DEVELOPMENTS3

Broad money (M3) stock, which consists of
both local and foreign currency deposits, stood
at ZiG105,453.84 million in October 2025, an
increase of 5.96% (ZiG5,930.10 million) from
ZiG99,523.73 million recorded in September
2025.
The increase in broad money largely reflected
a month-on-month rise of ZiG4,549.22 million
(5.51%), in the foreign currency component,
from ZiG82,516.07 million in September 2025
to ZIG87,065.29 million. Over the same period,
the local currency component registered an

3 Monetary data was revised from September 2024
following the adoption of new reporting return submitted
by banks. The notable revision is on broad money stock
(M3)
which
was
revised
downwards
due
to
reclassification of Government foreign currency deposits
held by banks from deposits included in broad money.
4 Claims in Government was adjusted to include
exchange losses related to SDR drawdowns. The
increase of ZiG1,380.89 million (8.12%) in
October 2025, from ZiG17,007.66 million to
ZiG18,388.55 million the previous month.
The M3 stock was largely dominated by foreign
currency deposits, comprising 82.56% of the
total money supply; followed by local currency
deposits, at 15.73%; negotiable certificates of
deposits, 1.58%; and local currency in
circulation, 0.12%.
Figure 10 shows the composition of the money
supply.

Figure 10: Composition of Money Supply

Source: Reserve Bank of Zimbabwe, 2025

During the month under analysis, the banking
sector's net credit to the Government4 increased
by 5.72% to ZiG72,926.01 million. Credit to
the Government is largely in the form of longterm treasury bills held by banks. Credit to the
adjustment, however, does not imply actual lending to
Government, but is merely an accounting treatment. The
adjustments from June 2025 also include exchange
losses related to external loans transferred to
Government, which were previously classified under
Unrealized Exchange Losses in Other Items Net (OIN).

Feb-25
Apr-25
Jun-25
Aug-25
Oct-25
Exports
Imports
Trade Balance
NCDs;
1.58%
Local Currency Time
Deposits; 2.01%
FX Time Deposits;
11.85%
Local Currency
Transferable ;
13.73%
FX Transferable
Deposits; 70.71%
Currency in
Circulation;
0.12%

private sector increased by 3.43%, from
ZiG66,422.93 million to ZiG68,700.81 million,
largely on the back of an increase of 3.65% in
foreign
currency-denominated
loans
to
ZiG58,272.26 million.
Outstanding credit to the private sector was
mainly channelled to households, agriculture,
manufacturing
and
distribution,
which
collectively received about 26.10%, 16.54%,
13.66%, and 12.96% of the total credit,
respectively. The mining sector received about
8.86% of the total outstanding credit.

Figure 11 shows the distribution of credit by
sector.


Figure 11: Distribution of Private Sector
Credit

Source: Reserve Bank of Zimbabwe, 2025

Credit to the private sector was largely utilized
for recurrent expenditure (37.42%), inventory
build-up
(21.43%),
and
fixed
capital
investments (19.31%).
STOCK MARKET DEVELOPMENTS
Zimbabwe Stock Exchange (ZSE)
During October 2025, the Zimbabwe Stock
Exchange (ZSE) continued a bull run for the
sixth consecutive month. As such, the ZSE All
Share, Top 10 and Top 15 indices added 1.45%,
2.26% and 1.75% to 213.68 points, 211.34
points and 216.17 points, respectively.

In line with the developments on the local
bourse during the month under review, the ZSE
added 3.09%, or ZiG2,032.55 million worth of
capitalisation
to
ZiG67,708.46
million,
compared to ZiG65,675.91 million recorded in
the previous month. On an annual basis,
however, the ZSE market capitalisation lost
24.44%, from ZiG89,605.28 million recorded
in the comparable period last year.

The resource index closed at 115.11 points,
representing a 6.85% decline, compared to
123.58 points recorded in the previous month.
Annually, the mining index lost 54.26%, from
251.68 points recorded in October 2024.

The cumulative volume of shares traded
increased by 26.17% to 120.37 million, while
turnover value decreased by 13.54% to
ZiG390.82 million. This is compared to 95.40
million shares and ZiG452 million in turnover
volume and value recorded in September 2025,
respectively.


Households
26.10%
Agriculture
16.54%
Mining
8.86%
Manufacturing
13.66%
Distribution
12.96%
Transport and
Communication
4.27%
Services
9.49%
Financial Organisations
and Investments
5.08%
Construction
3.03%
Other
0.01%

Figure 12: ZSE All Share, Top 10 and
Mining Indices

Source: Zimbabwe Stock Exchange, 2025

The proportion of foreign purchases to the
value of shares traded improved to 2.96%, from
0.26% recorded in September 2025. However,
the cumulative net foreign position worsened
from a negative position of ZiG94.04 million to
a negative position of ZiG162.47 million.

Victoria Falls Stock Exchange (VFEX)
The Victoria Falls Stock Exchange exhibited
positive sentiments for the second consecutive
month. Resultantly, the VFEX All Share index
added 6.02% to close at 159.91 points in
October 2025, compared to 150.83 points
recorded in the previous month, as shown in
Figure 13.


Figure 13: Victoria Falls Stock Exchange
(VFEX) All Share Index (ASI): October
2024-October 2025

Source: Victoria Falls Stock Exchange, 2025

VFEX Market Capitalization
In line with the sentiments on the VFEX market
in October 2025, the VFEX added 6.04%, or
US$108.66 million worth of capitalisation to
US$1,906.71 million. This is in comparison to
US$1,798.06 million recorded in the previous
month. Annually, the VFEX capitalisation
gained 51.26%, from US$1,260.55 million
recorded in the comparable period last year.

Figure 14: Victoria Falls Stock Exchange
(VFEX)
Market
Capitalisation
(USD
billions)

Source: Zimbabwe Stock Exchange, 2025

31-Oct-24
30-Nov-24
31-Dec-24
31-Jan-25
28-Feb-25
31-Mar-25
30-Apr-25
31-May-25
30-Jun-25
31-Jul-25
31-Aug-25
30-Sep-25
31-Oct-25
ALL SHARE AND TOP 10
INDICES
ZSE ALL SHARE INDEX
Top 10 Index
Mining Index (Points)

31-Oct-24
30-Nov-24
31-Dec-24
31-Jan-25
28-Feb-25
31-Mar-25
30-Apr-25
31-May-25
30-Jun-25
31-Jul-25
31-Aug-25
30-Sep-25
31-Oct-25

0.5

1.5

2.5
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Jul-25
Aug-25
Sep-25
Oct-25
US$ BILLIONS

NATIONAL PAYMENTS SYSTEM
The total digital payment systems transaction
values for October 2025 decreased by 1% from
ZiG239.90 billion in September 2025 to
ZiG236.57 billion. Transactional volumes
increased by 8% from 72.13 million to 77.82
million recorded during the same period, as
shown in Figure 15.


Figure 15: Payment Systems Monthly
Transactional Values and Volumes from
December 2024 – October 2025

Source: Reserve Bank of Zimbabwe, 2025
Zimbabwe Electronic Transfer Settlement
System (ZETSS)

The combined value of ZiG and USD
transactions processed through the RTGS
system in October 2025 increased by 1.51%
from ZiG132.72 billion recorded in September
2025 to ZiG134.73 billion. Transactional
volumes also increased by 1.04% from 0.99
million to 1.00 million during the same period
under review.

Figure 16: RTGS System Trend for Values
and Volumes from December 2024 - October

Source: Reserve Bank of Zimbabwe, 2025

Mobile and Internet-Based Transactions
Mobile
and
internet-based
transactions
declined by 4.48%, from ZiG90.72 billion in
September 2025 to ZiG84.25 billion in October
2025.

Cash Transactions
Cash-based transactions increased by 4.9%
from ZiG13.82 billion in September 2025 to
ZiG14.50 billion in October 2025.

Card-Based Transactions
Card-based transactions rose by 6.7% from
ZiG16.47 billion in September 2025 to
ZiG17.60 billion in October 2025.

INFLATION OUTTURN
Monthly Inflation Developments
ZiG Monthly Inflation
Monthly ZiG inflation decelerated by 0.2
percentage points from -0.2% in September

Dec-24
Feb-25
Apr-25
Jun-25
Aug-25
Oct-25
Volumes (Millions)
Values (Billions)
Values
Volumes


Dec-24 Feb-25 Apr-25 Jun-25 Aug-25 Oct-25
Volumes in Millions
Values in $ Billions
Values
Volume

2025 to -0.4 % in October 2025, attributed to
the decline in non-food inflation.

Figure 17 shows developments in monthly ZiG
inflation from August 2024 to October 2025.

Figure 17: ZiG Month-on-Month Inflation


Source: ZIMSTAT, 2025

Food inflation, however, increased by 0.50
percentage points, from 0.2% in September
2025 to 0.7% in October 2025, driven mainly
by increases in meat, bread and cereals, fish and
sea food, fruits vegetables and categories. The
food component contributed 0.24 percentage
points to the October 2025 monthly inflation
rate.

Non-food inflation, declined from -0.5% in
September 2025 to -0.9% in October 2025 and
contributed -0.6 percentage points to the
monthly inflation rate. Housing, water, gas,
gas, transport and other fuels, clothing and
footwear and alcoholic beverages and tobacco
categories contributed to the slowing down of
non-food inflation in October 2025.

US$ Monthly Inflation
The monthly USD inflation rate increased by
0.3 percentage points from 0.0% in September
to 0.3% in October 2025.

Monthly food inflation edged up to 0.2% in
October 2025 from 0.1% in September 2025,
attributed to increases in meat, bread and
cereals,
fish
and
sea
food
and
fruit
subcategories.

Monthly non-food inflation increased to 0.4%
in October 2025, from -1.0% in September
2025 attributed to the increases in housing,
water, electricity, gas and other fuels, furniture
and equipment, equipment and transport,
among other sub-categories.

Weighted Monthly Inflation
Weighted monthly inflation edged up to 0.20%
in October 2025, from -0.07% in September
2025, driven by the increase in the USD
component.

Annual Inflation Developments
ZiG Annual Inflation Developments
The year-on-year ZiG inflation rate continued
a downward trend, which started in August
2025, decelerating sharply to 32.7% in October
2025 from 82.7% in September 2025.

US Annual Inflation Developments
Annual USD inflation rate subsided to 13.0%
in October 2025 from 13.40% in September
2025 mainly due to declines in vegetables,
milk, cheese, eggs and clothing sub-categories.


M-O-M %

Figure
18:
US$
Annual
Inflation
Developments (%)


Source: ZIMSTAT, 2025


NOVEMBER 2025

RESERVE BANK OF ZIMBABWE


Jun-23
Aug-23
Oct-23
Dec-23
Feb-24
Apr-24
Jun-24
Aug-24
Oct-24
Dec-24
Feb-25
Apr-25
Jun-25
Aug-25
Oct-25
Y-o-Y (%)

TABLE 1: DEPOSITORY CORPORATIONS SURVEY ($ 'Million)
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Jul-25
Aug-25
Sep-25
Oct-25
Net Foreign Assets

Central Bank(net)

Foreign Assets

Foreign Liabilities

Other Depository Corporations(net)

Foreign Assets

Foreign Liabilities

Net Domestic Assets (NDA)

Domestic Claims

Claims on Central Government(net)

Claims on Central Government

Central Bank*

ODCs

Less Liabilities to Central Government

Central Bank

Of which foreign Currency

ODCs

Of which foreign currency

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Central Bank

ODCs

Of which Foreigm currency

Other Items(Net)

Shares and Other Equity

Liabilities to Other Financial Corporations

Restricted Deposits

Deposits and Securities Excluded from Base Money

Other Items(net)

Broad Money-M3

Securities Other than Shares Included in Broad Money

Broad Money-M2

Other Deposits (Time Deposits)

of which Foreign Currency Accounts

Narrow Money-M1

Transferable Deposits

Of which Foreign Currency Accounts

Currency Outside Depository Corporations

Memorandum Items
Reserve Money

FCAs as a Percentage of Deposits in M3

End Period Exchange Rate

Source: Reserve Bank of Zimbabwe,2025
Notes:
(i) Depository corporations survey - formerly Monetary Survey.
(ii) Broad money redefined using IMF's Monetary and Financial Statistics Manual of 2000. Major changes include exclusion of Government deposits held by banks from broad money.
(iii) Transferable deposits made up of demand and savings deposits.
(iv) NCDs are also referred to as securities included in broad money.
(v) All classes of time deposits, short and long term are classified as time deposits, which are also termed other deposits.
(vi) Credit to the private sector now excludes claims on other financial corporations, as well as claims on state and local government (local authorities)
(vii) Depository corporations made up of the Central Bank and other depository corporations
(viii) Other depository corporations (ODCs) - Commercial banks, merchant banks, building societies and POSB.
(ix) In December 2017, the statistics were adjusted in restrospect by reclassifying Securities issued under Aftrades from claims on government to claims on central bank
(x) In December 2017, the statistics were adjusted in restrospect by reclassifying amounts accessed by banks under the Aftrades from liabilities to Other Depository corporations and Other Financial Corporations to liabilities to Central Bank
(xi) In December 2018, statistics were revised from November 2017 due to reclassification of lines of credit (foreign liabilities) that were initially classified as deposits included in broad money
(xii) All monetary and financial statistics are valued in ZWL$ since the introduction of the interbank foreign exchange market in February 2019
(xiii). Monetary data was revised from September 2024 following the adoption of new reporting return submitted by banks. The notable revision is on broad money stock (M3) which was revised downwards due to reclassification of Government foreign currency deposits held by banks from deposits included in broad money.
(xiv) From April 2024, amounts include Unrealised Exchange Losses pertaining to IMF SDR Drawdowns which have been reclassified from Other Assets (OIN).
(xv). The June 2025 figure includes exchange losses related to external loans transferred to the Government, which were reclassified from Unrealised Exchange Losses in Other Items Net (OIN). The adjustment does not indicate a flow of new money.
(xvi). Loans and Advances to Gvt were revised from April 2024 to incorporate exchange losses relating to IMF SDR Drawdowns
(xvii). Loans and Advances to Gvt were further adjusted in June 2025 to include exchange rate related revaluations on external loans transferred to Gvt.

Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Jul-25
Aug-25
Sep-25
Oct-25
Net Foreign Assets

Claims on Non Residents

Official Reserves Assets

Other Foreign Assets

Less Liabilities to Non Residents

Short Term Liabilities

Other Foreign Liabilities*

of which blocked funds

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Of which: Securities Other than Shares

of which USD Securities

of which Interest on Foreign Currency TBs

Loans and Advances

Of which Loans (inc interest capitalisation on Loans transfared to Gvt)

Revaluations on External Loans Transfared to Government

Amounts Due from Gvt including SDR Drawdowns

Export Incentives

Less Liabilities to Central Government

Of which: Deposits

of which Foreign Currency

Local Currency Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on Other Depository Corporations

Of which: Loans

Other Liabilities to ODCs

Of which: Aftrades Balances

Securities

Other Items(Net)

Shares and Other Equity

Other Items(Net)

Liabilities to Other Resident Sectors

Deposits and Securities Excluded from Base Money

Monetary Base

Currency Issued

ZWL Coins

ZWL Notes

ZiG Coins

ZiG Notes

Liabilities to ODCs

Reserve Deposits

Local Currency Reserve Deposits

Foreign Currency Reserve Deposits

Exess reserves

of which Excess reserves - ZiG

Excess reserves - FCA

Private Deposits

Source: Reserve Bank of Zimbabwe,2025
Notes
i. Other Foreign Liabilities include blocked funds amounting to USD2.2 billion assumed by the Central Bank on behalf of Government.
ii. From April 2024, claims on Government amounts include Unrealised Exchange Losses pertaining to IMF SDR Drawdowns which have been reclassified from Other Assets (OIN).
iii. The June 2025 figure includes exchange losses related to external loans transferred to the Government, which were reclassified from Unrealised Exchange Losses in Other Items Net (OIN). The adjustment does not indicate a flow of new money.
iv. Loans and Advances to Gvt were revised from April 2024 to incorporate exchange losses relating to IMF SDR Drawdowns
vi. Loans and Advances to Gvt were further adjusted in June 2025 to include exchange rate related revaluations on external loans transferred to Gvt.
TABLE 2: CENTRAL BANK SURVEY ($'Million)

Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Jul-25
Aug-25
Sep-25
Oct-25
Net Foreign Assets

Claims on Non Residents

Of Which: Foreign Currency

Deposits

Other

Less Liabilities to Non Residents

Of Which: Deposits

Loans

Other

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Securities

of which foreign currency denominated securities

Loans

of which foreign currency

Other
-

-

-

-

-

-

-

-

-

-

-

-

-

Less Liabilities to Central Government

Of which: Deposits

of which foreign currency deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

of which foreign currency denominated loans

Claims on the Central Bank

Currency

Reserves

Securities

Other Claims

Liabilities to the Central Bank

Other Items(Net)

Shares and Other Equity

Liabilities to other ressident sectors

Other Items(Net)

Deposits and Securities Included in Broad Money

Deposits Included in Broad Money
74,431.40

71,557.89

77,653.70

76,952.92

77,123.33

81,906.89

85,574.56

91,519.33

95,396.24

94,314.20

96,697.98

97,310.75

103,323.38

Transferable Deposits
67,635.34

65,726.26

71,536.87

70,228.43

69,326.09

74,633.46

76,668.54

81,316.50

84,216.03

83,327.48

84,046.56

83,971.86

88,707.29

of which FCAs
56,662.04

54,884.34

59,157.87

58,527.96

57,270.33

62,418.69

63,622.76

66,516.87

70,151.60

69,751.55

70,659.66

70,517.62

74,233.88

Other Deposits (Time Deposits)

of which FCAs

Money Market Instruments
1,049.25

771.68

995.70

1,110.84

1,043.01

1,258.29

1,113.65

1,031.34

1,500.40

1,525.56

1,714.71

1,562.95

1,671.42

Source:Reserve Bank of Zimbabwe,2025
Notes
i. Monetary data was revised from September 2024 following the adoption of new reporting return submitted by banks.
ii. The notable revision is on broad money stock (M3) which was revised downwards due to reclassification of Government foreign currency deposits held by banks from deposits included in broad money.
TABLE 3 : OTHER DEPOSITORY CORPORATIONS SURVEY ( $ 'Million)

TOTAL
End of
Foreign
Bond
Notes
Balances
Balances with
Balances
Other Claims
Local
Notes &
&
with
Other Depository
with
on
Local Governemt
Other2
Government
Local
Public
Other cliams
Contigent Assets
Other Assets
Non Financial
Coins
Coin
RBZ
Corporations
Foreign Banks
Non-residents
securities
Government
Enterprises
Total
Assets

Jan
2,891.2

53,378.3

116,654.8

13,232.3

69,668.2


Feb
2,577.7

62,064.5

122,479.8

17,480.5

76,802.2


Mar
2,111.5

76,544.2

142,962.5

19,239.6

87,884.5


Apr
2,624.9

74,716.9

160,466.5

28,352.1

123,190.3


May
3,155.9

142,118.9

236,166.0

35,928.9

207,812.8


Jun
2,801.2

138,347.1

266,691.8

45,952.0

241,920.1


Jul
2,427.6

159,024.6

315,832.5

39,388.2

230,432.5


Aug
2,640.6

263,637.4

411,439.9

69,203.5

311,107.0


Sep
3,030.7

289,230.8

504,071.1

75,446.7

417,007.1


Oct
3,022.6

300,240.3

525,870.3

104,483.2

389,979.7


Nov
3,251.4

286,365.2

575,885.7

111,716.1

342,790.1


Dec
3,361.7

295,435.1

652,284.4

119,932.8

351,906.8


Jan
4,923.3

379,841.7

704,168.6

151,980.1

389,342.8


Feb
1,880.1

436,062.8

743,888.5

81,067.5

518,081.0


Mar
2,031.6

425,326.5

817,631.1

112,374.3

531,935.4


Apr
1,844.7

462,081.4

972,122.7

161,740.7

620,095.0


May
1,107.2

1,048,116.4

2,049,066.1

309,234.1

1,554,969.0


Jun
1,984.5

2,249,201.6

4,424,350.0

471,360.3

3,050,984.1


Jul
1,489.0

1,584,403.3

4,137,377.2

380,493.0

3,132,849.9


Aug
2,292.1

1,505,916.2

4,651,358.8

448,025.8

3,179,274.3


Sep
2,465.6

2,015,621.6

5,263,338.5

560,033.8

3,210,332.7


Oct
2,425.4

2,312,575.1

5,910,277.9

751,077.6

2,663,186.5


Nov
2,705.3

2,558,589.3

6,324,144.1

730,377.0

2,788,783.6


Dec
3,398.4

2,868,505.6

5,973,706.9

918,524.5

2,631,445.7


Jan
2,947.9

5,196,670.6

9,096,074.6

1,414,527.9

3,957,664.6


Feb
3,143.6

7,309,077.0

12,595,037.9

2,395,225.7

5,340,576.7


Mar
2,831.0

9,785,505.6

16,734,744.0

3,185,636.7

7,548,560.1


Apr
7.5

4,794.8

11,004.0

2,108.7

5,798.1


May
15.0

4,337.6

12,420.7

2,281.4

6,437.2


Jun
9.2

4,753.1

12,746.0

2,349.5

6,493.3


Jul
7.5

5,739.9

11,453.3

1,987.0

6,135.6


Aug
6.4

6,444.9

13,516.2

2,310.5

4,922.1


Sep
7.9

10,895.9

22,399.7

3,870.6

8,728.6


Oct
56.7

13,662.1

30,414.7

5,068.5

8,024.4


Nov
72.6

11,233.7

29,835.6

4,498.6

6,365.0


Dec
82.6

10,274.6

32,110.0

5,538.7

8,540.2


Jan
69.3

12,746.4

30,180.7

3,532.9

6,021.2


Feb
75.0

11,639.8

28,998.1

3,283.1

8,161.6


Mar
101.3

9,242.7

30,230.5

3,610.1

12,141.7


Apr
107.4

9,519.9

33,479.3

3,591.2

12,582.7


May
161.4

8,665.8

34,327.1

3,618.3

17,046.8


Jun
212.5

9,521.0

35,799.3

6,230.7

15,373.4


Jul
213.8

9,541.1

35,802.0

6,242.3

15,357.8


Aug
226.2

14,822.2

36,977.1

5,875.5

10,221.8


Sep
239.9

15,521.3

36,090.8

4,591.7

12,448.2


Oct
251.3

14,189.7

36,754.9

5,802.9

12,553.0


Source:Reserve Bank of Zimbabwe, 2025
Notes
i.Government securities includes treasuary bills and bonds
ii.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
ii.Includes households, other financial corporations.
*Statistics are denominated in ZiG
Public Enterprises
Debt Securities
Loans and Advances
Government1
Securities
Other Institutional Units
Foreign
Currency
Denominated
ZiG
Denominated
TABLE 4.1 : OTHER DEPOSITORY CORPORATIONS - ASSETS
Millions

End of
Total Deposits
of which FCA

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sept

*Oct

Source: Reserve Bank of Zimbabwe, 2025
*Statistics are denominated in ZiG
TABLE 4.2 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES
Deposits
Amounts Owing to
ZWG millions
TOTAL
Time Deposits
Savings
Demand
Government
Other Finacial
Corporations
Capital and
Reserves
Contigent
Liabilities
Other
Liabilities
Other
Depository
Total Deposits from
the Public
Other Depository
Corporations
Debt Securities
Foreign
Liabilities
RBZ

End of
Foreign
Bond
Notes
Balances
Balances with
Balances
Other Claims
Local
Public
Contigent
Non Financial
Notes &
&
with
Other Depository
with
on
Government1
Local Governemt
Public Enterprises
Other2
Government
Government
Enterprises
Loans in ZiG
Loans in Foreign Currency
Total
Other claims
Assets
Other Assets
Assets
TOTAL
Coins
Coin
RBZ
Corporations
Foreign Banks
Non-residents
Securities
securities

Jan
2,359.27

49,206.02

108,119.97

10,419.90

66,808.45

30,774.31

38,636.84

-

186.80

801.50

20.33

163.02

3,628.73

199,495.34

2,997.94

53,627.76

47,405.91

69,989.80

684,641.9

Feb
1,971.78

57,553.54

112,522.99

14,300.66

70,750.63

28,703.53

44,705.21

-

-

976.55

20.34

158.06

5,367.16

215,520.37

3,055.50

55,099.61

53,459.12

70,832.47

734,997.5

Mar
1,541.49

70,856.33

130,423.48

15,503.46

82,662.70

43,284.13

44,874.23

-

-

1,380.20

19.40

253.42

6,240.94

258,715.05

3,092.69

65,660.61

58,874.69

76,938.87

860,321.7

Apr
1,939.64

70,204.43

144,168.02

23,452.88

117,033.42

26,628.79

57,772.47

-

-

722.54

37.54

252.44

6,858.06

305,476.79

4,348.46

53,372.28

62,788.55

71,414.75

946,471.1

May
2,397.94

131,996.38

211,837.59

31,586.61

190,366.81

61,757.62

64,373.91

-

154.99

1,559.14

41.28

289.00

16,193.81

398,048.90

4,712.74

134,993.54

94,851.60

111,543.84

1,456,705.7

Jun
2,263.18

127,839.16

234,109.43

40,937.28

219,607.39

63,631.76

83,690.44

-

653.97

2,159.12

61.20

226.29

13,888.60

478,163.38

8,954.46

169,511.81

110,528.09

168,440.54

1,724,666.1

Jul
1,578.47

147,217.74

284,912.89

34,334.13

202,815.28

41,246.78

86,971.63

-

394.34

1,852.14

100.65

349.68

22,516.21

556,692.12

9,737.92

144,090.18

129,869.55

192,524.32

1,857,204.0

Aug
1,630.70

247,190.46

377,078.80

64,650.96

273,181.97

29,186.59

95,346.12

-

330.12

3,556.96

113.50

287.14

26,564.57

681,253.30

11,493.92

167,029.36

238,442.98

194,745.11

2,412,082.6

Sep
1,791.71

270,594.59

465,301.31

68,020.95

370,323.69

18,184.96

134,414.53

-

267.40

4,916.56

115.11

306.33

21,773.50

806,774.24

12,680.89

146,133.14

215,417.68

219,933.24

2,756,949.8

Oct
1,704.79

281,204.64

480,106.49

94,573.08

343,440.15

22,895.35

136,939.74

-

204.69

2,201.55

116.48

341.96

22,935.50

852,069.39

15,525.65

165,306.91

232,188.99

245,924.22

2,897,679.6

Nov
1,644.95

259,109.18

533,438.97

101,870.32

299,715.01

17,089.04

180,534.44

-

141.97

2,292.28

119.53

303.55

22,178.73

960,814.77

15,450.39

170,944.78

196,338.19

250,551.19

3,012,537.3

Dec
1,778.71

263,863.65

603,136.26

110,935.77

299,087.30

7,965.37

266,725.41

-

79.26

3,887.78

114.42

282.61

30,272.25

1,066,654.12

16,130.63

159,126.16

189,560.01

344,235.10

3,363,834.8

Jan
2,391.61

340,953.56

654,740.29

143,455.70

335,380.17

(1,443.59)

301,026.07

-

105.97

4,873.87

228.45

251.24

44,113.17

1,307,512.98

17,767.70

227,545.42

204,830.78

374,080.77

3,957,814.2

Feb
1,470.56

366,544.71

691,937.49

71,097.36

452,795.43

21,074.53

306,913.92

-

50.02

1,524.98

318.96

197.44

44,691.50

1,481,851.05

18,037.18

226,932.96

224,983.29

411,002.80

4,321,424.2

Mar
1,771.98

344,570.46

755,463.34

103,284.07

478,333.21

41,928.66

330,669.68

-

-

3,884.11

432.22

149.78

48,725.38

1,679,284.89

28,439.56

554,840.85

254,605.57

438,790.17

5,065,173.9

Apr
1,631.24

388,822.83

903,029.49

144,252.31

555,886.92

32,206.95

361,846.09

-

-

8,716.45

559.82

99.28

54,058.39

1,722,384.40

28,899.91

214,270.92

321,765.39

476,263.19

5,214,693.6

May
1,010.26

907,818.70

1,932,225.57

281,052.93

1,351,116.97

84,147.32

570,367.60

-

-

8,974.78

4,599.15

80.34

112,188.06

3,844,133.80

65,696.39

607,438.10

669,908.72

758,154.17

11,198,912.9

Jun
1,762.11

1,979,000.71

4,218,755.04

444,538.09

2,584,596.63

350,042.51

865,465.55

-

-

221.09

10,133.46

8,052.34

260,946.26

8,487,837.63

92,224.26

1,390,786.24

1,304,228.92

2,222,499.38

24,221,090.2

Jul
1,305.13

1,428,604.02

3,898,282.53

359,151.15

2,646,743.26

337,541.82

1,133,463.14

-

-

153.30

7,368.09

68.07

208,253.70

6,917,007.30

129,308.58

829,382.28

1,155,945.57

2,438,538.20

21,491,116.1

Aug
1,664.09

1,370,651.81

4,309,693.74

391,792.23

2,693,989.06

208,098.88

1,084,784.90

-

-

138.30

7,469.95

75.80

205,341.47

6,863,348.14

127,816.16

701,626.16

1,081,800.09

2,446,465.02

21,494,755.8

Sep
1,503.56

1,763,364.33

4,914,305.55

517,813.92

2,760,807.78

247,094.60

1,204,684.14

-

-

9.75

9,935.82

92.05

219,878.94

8,245,053.80

151,685.43

776,997.57

1,312,147.78

2,668,520.81

24,793,895.8

Oct
1,977.18

2,059,471.85

5,625,069.70

562,790.91

2,202,475.21

175,235.94

1,172,130.22

-

-

0.03

10,816.83

98.06

237,525.73

8,864,363.09

153,534.70

958,746.42

1,351,846.54

2,767,099.33

26,143,181.7

Nov
2,295.18

2,278,921.91

5,913,094.15

568,556.41

2,451,981.00

180,229.25

1,337,040.40

-

-

0.03

10,921.42

59.77

238,702.30

9,040,518.08

158,702.11

1,046,256.98

1,702,370.26

2,868,031.98

27,797,681.2

Dec
2,947.49

2,536,437.97

5,489,443.24

657,432.63

2,268,702.96

155,742.88

2,420,663.39

-

-

0.03

12,324.59

73.45

248,699.79

9,507,281.46

255,007.08

1,184,706.91

1,748,495.98

3,349,062.31

29,837,022.2

Jan
2,536.36

4,749,173.95

8,535,153.83

940,210.80

3,564,879.01

285,807.60

3,972,600.87

-

-

0.03

17,912.41

198.80

374,088.29

14,957,169.30

312,516.30

1,949,662.45

2,737,500.88

4,289,981.53

46,689,392.4

Feb
2,519.25

6,564,463.71

11,709,703.62

1,772,649.65

4,708,270.62

153,450.01

5,911,393.45

-

-

0.03

26,073.06

232.00

488,602.76

22,234,523.09

378,975.16

2,608,075.14

3,125,793.33

5,812,047.28

65,496,772.2

Mar
2,435.72

8,601,285.46

15,501,059.95

2,213,233.27

6,701,169.42

775,336.87

8,098,495.31

-

-

0.03

47,609.35

143.35

729,484.92

34,077,197.02

597,886.20

2,860,196.61

4,317,386.46

8,974,860.63

93,497,780.6

Apr
5.89

4,141.51

9,980.68

1,414.28

5,461.70

287.09

5,206.08

-

-

0.00

31.18

88.00

440.49

20,170.86

246.21

2,510.15

5,472.97

4,360.99

59,818.1

May
10.60

3,583.02

11,575.45

1,506.01

6,092.37

382.87

5,420.56

-

-

0.00

29.63

1.37

433.36

21,315.87

348.50

2,114.73

6,339.55

4,613.87

63,767.8

Jun
8.01

4,111.49

11,498.97

1,627.32

5,775.34

298.05

6,080.69

-

-

7.23

24.70

1.49

446.45

22,801.09

345.72

2,541.32

6,558.03

5,419.46

67,545.3

Jul
5.05

4,943.82

10,426.18

1,342.47

5,743.94

351.44

6,988.99

-

0.00

5.21

25.13

0.16

432.35

24,895.03

348.09

2,342.85

6,539.59

6,244.23

70,634.5

Aug
5.26

5,703.86

12,540.81

1,453.04

4,411.38

205.93

6,149.38

-

-

2.43

126.05

0.19

378.05

25,591.15

542.15

2,767.89

7,004.36

6,832.60

73,714.5

Sep
6.82

9,465.31

20,161.22

2,742.22

7,903.81

340.45

10,295.58

-

-

0.00

244.94

0.33

600.93

43,094.11

979.13

4,853.44

11,326.85

9,785.35

121,800.5

Oct
39.65

12,315.40

27,597.64

3,670.13

7,120.62

129.14

11,256.45

-

-

0.00

239.01

0.08

679.62

49,545.16

1,042.81

6,380.10

11,454.83

11,116.57

142,587.2

Nov
58.26

10,111.62

27,498.54

3,102.17

5,626.08

117.33

9,757.48

-

0.00

0.00

287.55

2,326.36

572.57

45,782.99

1,064.73

6,685.94

11,362.33

10,783.91

135,137.8

Dec
64.89

8,774.50

29,312.78

3,217.87

7,673.17

287.57

10,942.77

-

0.00

8.29

54.88

0.57

549.66

46,926.14

1,073.63

6,555.30

13,399.70

11,326.46

140,168.2

Jan
55.47

11,470.10

27,587.58

2,805.14

5,383.93

896.67

12,362.23

-

-

807.94

342.87

-

201.82

6,018.68

38,456.08

44,474.76

4,490.04

6,786.76

7,296.77

14,700.77

139,662.8

Feb
60.09

10,394.10

26,074.71

2,500.83

7,466.49

879.05

11,985.91

-

-

1,227.40

525.19

-

210.91

5,135.14

39,602.20

44,737.33

4,572.78

7,060.84

6,529.15

14,603.01

138,827.8

Mar
79.63

7,880.54

27,417.58

2,717.51

11,623.76

820.11

12,300.30

-

-

1,342.02

509.01

-

196.72

4,699.08

40,942.54

45,641.63

4,354.50

7,859.25

6,540.97

15,243.80

144,527.3

Apr
87.99

8,108.02

30,664.80

2,649.20

12,068.34

413.80

12,241.98

-

-

1,095.15

478.00

-

177.77

4,854.99

44,593.50

49,448.49

4,042.90

6,452.91

9,497.37

15,304.56

152,731.3

May
133.33

7,539.98

31,081.99

2,649.42

16,140.56

419.60

12,259.88

-

-

953.79

469.51

-

151.74

5,278.01

46,383.60

51,661.61

3,991.35

7,163.66

9,319.35

15,249.33

159,185.1

Jun
181.74

8,374.10

32,527.57

5,410.98

14,549.70

119.42

13,604.07

-

-

992.17

508.81

-

141.15

5,228.09

47,537.52

52,765.60

6,477.32

7,532.53

8,140.55

15,060.65

166,386.4

Jul
183.05

8,394.26

32,530.27

5,422.55

14,534.13

119.42

13,602.14

-

-

992.17

508.81

-

141.15

5,228.09

47,619.44

52,847.52

6,442.57

7,493.64

8,217.25

15,090.15

166,519.1

Aug
193.19

13,295.37

33,500.18

4,346.93

8,753.41

609.59

14,232.02

-

-

583.16

540.44

21.46

129.27

6,419.77

47,719.81

54,139.58

7,481.64

8,543.31

9,652.13

15,411.88

171,433.6

Sep
201.68

13,950.40

32,362.47

3,553.93

11,188.77

921.94

13,421.60

-

-

757.44

561.95

18.84

110.22

6,020.45

49,450.81

55,471.26

5,730.80

8,537.36

10,340.98

15,804.22

172,933.8

Oct
204.51

12,507.21

32,947.48

4,526.89

11,385.81

910.64

14,013.13

-

-

655.59

539.19

23.48

267.06

6,236.10

51,566.50

57,802.60

4,997.85

7,774.84

9,423.21

16,097.87

174,077.4

Source: Reserve Bank of Zimbabwe, 2025
Notes
i.Government securities include treasuary bills and bonds
ii.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
iii.Includes households, other financial corporations.
Statistics are denominated in ZiG
TABLE 5.1: COMMERCIAL BANKS -ASSETS
ZWG millions
Debt Securities
Loans and Advances
Other Institutional Units

End of
Demand
Savings
Time Deposits
Total Deposits
Other Depository
Government
Total
Of wich FCA
Debt Securities Foreign Liabilities
RBZ
Other Depository Other Finacial
Capital
Contigent
Other
from the public
Corporations
Corporations
Corporations
and
Liablities
Liablities
TOTAL
Reserves

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Source: Reserve Bank of Zimbabwe, 2025
*Statistics are denominated in ZiG
TABLE 5.2 : COMMERCIAL BANKS - LIABILITIES
Deposits
Amounts Owing to
ZWG millions

Foreign
Other
Contigent
End of
Notes
Claims
Assets
Bond
&
Balances
Balances with
Balances
Other Claims
Non Financial
TOTAL
Notes &
Coin
with
Other Depository
with
on
Government1
Local Governemt
Public Enterprises
Other2
Mortgages
Government
Public Enterprise
Other Assets
Assets
Coins
RBZ
Corporations
Foreign Banks
Non-residents
Securities
securities
Loans in ZiG
Loans in Foreign Currency
Total

Jan
324.6

3504.3
8,506.5

2680.3
2,631.0

-

1,110.8

2.4
-

1,487.3

2,967.6

-

35,913.5

6693.8
14,008.7

79,830.9

Feb
411.5

4021.5
9,763.6

3069.7
5,678.0

-

4,048.9

1.6
-

1,465.4

3,241.1

-

39,977.5

4511.5
13,964.4

90,154.6

Mar
354.3

4413.6
11,882.6

3691.3
4,932.3

-

5,235.0

0.9
-

1,590.0

3,888.3

-

42,741.3

9086.6
15,421.2

103,237.4

Apr
546.4

3054.1
15,585.8

4857.7
5,768.6

-

5,714.4

0.2
-

1,861.4

4,143.7

-

48,582.4

9654.2
16,999.2

116,768.1

May
639.5

8326.7
23,817.6

4251.9
16,001.6

-

6,150.9

0.0
-

1,486.3

8,474.8

-

74,864.0

14793.9
17,091.2

175,898.5

Jun
418.5

8464.3
32,497.6

3807.5
21,184.8

-

2,639.3

0.0
-

1,340.0

10,851.1

-

85,145.9

18155.8
35,128.1

219,633.0

Jul
700.4

9914.6
30,660.3

4983.4
24,902.9

-

4,077.6

0.0
-

1,411.5

13,722.1

-

98,066.0

9998.6
45,127.9

243,565.1

Aug
863.8

14422.1
33,703.2

4483.0
34,971.8

-

4,379.8

0.0
-

2,106.6

16,515.4

-

115,491.9

8745.3
45,694.0

281,377.1

Sep
1,086.8

14998.2
37,911.3

7470.1
45,094.8

-

8,440.8

0.0
-

1,302.8

17,996.8

-

129,242.7

11630.7
60,830.4

336,005.2

Oct
1,158.3

14768.7
44,296.5

10013.7
44,664.1

-

14,109.9

0.0
-

1,142.4

16,817.7

-

123,793.8

30036.4
47,678.2

348,479.7

Nov
1,449.3

22456.9
41,398.0

9771.8
41,317.6

-

17,572.6

0.0
-

2,085.3

16,785.8

-

136,029.9

30694.0
46,275.8

365,836.9

Dec
1,470.7

23012.7
48,533.8

8913.7
50,229.0

-

21,411.1

0.0
19,993.4

2,176.2

17,693.7

-

119,322.3

39279.1
69,102.5

421,138.1

Jan
2,402.7

32405.1
47,062.6

8410.8
50,364.6

-

17,976.2

0.0
23,668.5

2,406.3

18,311.0

-

132,757.4

41367.4
69,570.1

446,702.8

Feb
234.9

59685.4
50,103.0

9568.6
62,701.4

889.9

24,809.7

0.0
26,667.1

4,451.9

21,629.1

-

146,798.4

50093.6
70,987.9

528,620.9

Mar
214.6

72311.9
57,399.6

9196.8
51,300.9

-

28,841.5

0.0
24,689.0

5,503.9

19,118.6

-

170,376.6

54524.7
84,489.1

577,967.3

Apr
184.1

61341.6
63,129.5

16343.2
61,444.0

-

28,727.0

0.0
28,119.0

5,989.2

27,619.9

-

205,412.2

81442.9
86,571.2

666,323.9

May
78.1

125685.1
100,808.7

22707.0
195,646.6

-

81,344.3

0.0
69,908.9

6,246.8

53,180.7

-

440,462.4

103176.1
116,103.7

1,315,348.2

Jun
176.6

227001.8
172,666.5

25998.2
452,772.6

40,326.7

115,193.3

0.0
196,310.3

4,209.5

121,677.5

-

870,075.1

230604.4
544,587.8

3,001,600.3

Jul
162.7

132017.2
220,995.0

20797.2
459,668.2

32,010.8

105,308.6

0.0
154,472.7

13,777.8

153,638.5

-

697,177.8

209734.6
612,937.8

2,812,698.9

Aug
611.0

105296.6
309,821.7

55744.7
475,838.3

37,447.1

102,495.2

0.0
153,578.2

6,767.5

135,193.3

-

758,439.2

223114.4
564,622.1

2,928,969.2

Sep
949.3

193065.6
339,269.2

41680.1
437,996.0

58,554.5

110,351.3

0.0
161,346.6

4,522.1

153,113.7

-

880,148.8

290026.7
565,616.4

3,236,640.3

Oct
403.8

204713.4
254,684.1

187632.1
440,150.3

65,022.1

97,046.1

0.0
176,111.9

13,771.8

173,523.5

-

829,479.5

345029.3
586,015.6

3,373,583.5

Nov
370.5

222344.7
387,213.2

160896.0
326,510.1

50,688.3

159,225.4

0.0
173,990.9

28,127.2

187,363.3

-

926,663.7

395549.5
595,811.6

3,614,754.5

Dec
403.7

251968.8
457,034.9

261067.9
345,348.0

56,551.7

185,131.1

0.0
166,902.0

27,875.9

222,503.1

0.7

973,788.6

507890.9
658,045.7

4,114,512.9

Jan
367.9

368046.7
524,020.9

471915.0
363,325.6

40,412.9

280,803.2

0.0
280,441.0

45,935.9

339,610.7

-

1,563,405.5

649087.4
742,734.0

5,670,106.8

Feb
578.8

637645.2
797,581.2

618074.6
613,309.7

24,680.4

425,783.2

0.0
399,313.5

67,900.2

519,513.4

-

2,188,186.8

904519.6
937,957.6

8,135,044.1

Mar
356.6

1026840.5
1,171,941.4

888362.3
829,470.4

-

440,943.8

0.0
528,820.5

103,276.3

787,872.2

-

3,761,909.8

1403556.4
1,697,667.5

12,641,017.5

Apr
1.0

564.4
864.1

693.0
326.5

67.2

337.2

0.0
313.5

-

593.2

212.7

2,856.8

420.1
824.2

8,074.0

May
4.0

639.2
783.2

772.6
296.2

109.6

407.6

0.0
303.7

-

309.2

19.8

2,946.5

712.1
903.7

8,207.5

Jun
1.1

520.3
1,122.4

718.7
678.1

110.9

188.6

0.0
282.9

-

424.7

20.4

2,998.6

858.8
1,229.8

9,155.3

Jul
2.4

681.0
918.2

640.3
336.2

99.8

676.7

0.0
276.2

5.0

333.9

20.5

3,022.2

1332.3
1,250.3

9,595.1

Aug
1.1

642.2
853.3

852.1
428.1

-

764.6

0.0
246.2

5.1

373.1

20.6

3,042.5

1811.8
1,318.9

10,359.6

Sep
1.0

1230.9
1,985.1

1121.2
705.4

-

555.5

0.0
431.0

34.5

1,130.0

37.0

4,878.1

2054.8
2,298.6

16,463.3

Oct
13.1

1166.2
2,512.0

1391.6
769.7

-

745.1

0.0
502.2

5.3

1,380.9

42.7

5,751.9

2214.8
2,435.0

18,930.4

Nov
14.0

918.9
2,141.3

1383.8
649.7

-

602.6

0.0
367.6

5.4

1,293.8

39.5

4,997.5

2566.9
2,458.3

17,439.1

Dec
17.1

1089.4
2,633.9

2306.6
754.5

-

675.7

0.0
361.0

-

1,424.9

35.4

5,500.8

2343.9
2,593.3

19,736.5

Jan
13.1

939.4
2,348.5

616.8
637.3

-

1,028.5

0.0
-

1,019.2

1,294.7

-

356.6

317.5

5,353.2

5,670.7

199.4

-

3001.4
3,282.1

20,407.7

Feb
13.9

980.7
2,545.5

628.6
695.1

-

753.2

0.0
-

997.8

1,428.4

-

335.1

535.1

5,302.8

5,837.9

199.4

-

1754.4
3,294.2

19,464.2

Mar
20.4

1031.3
2,349.0

786.9
517.9

-

844.9

0.0
-

1,066.7

1,604.4

-

284.5

358.4

5,601.2

5,959.7

121.0

-

1684.9
3,466.0

19,737.7

Apr
17.8

1038.4
2,522.2

766.4
514.4

-

900.0

0.0
-

1,084.2

1,815.7

-

284.5

322.9

5,519.7

5,842.6

111.4

-

1736.6
3,476.9

20,111.3

May
26.4

855.4
2,940.4

801.9
906.2

-

1,009.6

0.0
-

1,098.4

1,814.5

-

204.3

695.6

5,865.6

6,561.2

139.8

-

2062.4
3,495.2

21,915.6

Jun
29.0

803.0
2,966.8

631.1
823.7

-

1,262.5

0.0
-

1,046.3

1,892.2

-

197.5

635.7

6,405.1

7,040.8

232.2

-

1786.7
3,716.9

22,428.7

Jul
29.0

803.0
2,966.8

631.1
823.7

-

1,262.5

0.0
-

1,046.3

1,892.2

-

197.5

635.7

6,405.1

7,040.8

232.2

-

1786.7
3,716.9

22,428.7

Aug
32.3

1148.2
3,101.3

1361.4
1,468.4

-

892.1

0.0
-

1,235.6

1,836.0

-

113.8

639.9

6,476.6

7,116.6

593.1

-

2036.4
3,683.5

24,618.5

Sep
34.4

1218.5
3,281.0

813.1
1,259.5

-

830.3

0.0
-

1,226.4

2,125.7

-

107.4

842.6

6,263.1

7,105.7

451.2

-

2125.9
3,664.0

24,242.9

Oct
43.3

1267.3
3,558.0

979.8
1,167.2

-

825.7

0.0
-

1,303.7

2,339.1

-

192.1

741.0

5,924.4

6,665.4

439.4

-

2552.1
3,279.3

24,612.4

Source:Reserve Bank of Zimbabwe, 2025
Notes
i.Government securities include treasuary bills and bonds
ii.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
ii.Includes households, other financial corporations,
* Statistics are denominated in ZiG
Other Institutional Units
TABLE 6.1: BUILDING SOCIETIES ASSETS
ZWG millions
Debt Securities
Loans and Advances

Debt Securities
Foreign Liabilities
Capital
Contigent
Other
TOTAL
and
Liabilities
Liablities
End of
Demand
Savings
Time Deposits
Total Deposits
Other Depository
Government
Total
Of wich FCA
RBZ
Other Depository
Other Finacial
Reserves
from the public
Corporations
Corporations
Corporations

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan


Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan


Feb


Mar


Apr


May


Jun


Jul


Aug


Sep


Oct


Source: Reserve Bank of Zimbabwe, 2025
* Statistics are denominated in ZiG
ZWG millions
TABLE 1: BUILDING SOCIETIES -LIABILITIES
Amounts Owing to

END OF

Jan

Feb

Mar

Apr

May

June

July

Aug

Sept

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

Source: Reserve Bank of Zimbabwe, 2025
Notes
i.Including the only merchant bank still in operation.
*Statistics are denominated in ZiG
TABLE 7.1 : SECTORAL ANALYSIS OF COMMERCIAL BANKS LOANS AND ADVANCES
ZWG ('000)
AGRICULTURE
CONSTRUCTION
COMMUNICATION
DISTRIBUTION
FINANCIAL &
INVESTMENTS
FINANCIAL
ORGANISATIONS
MANUFACTURING
MINING
SERVICES
TRANSPORT
INDIVIDUALS
CONGLOMERATES
TOTAL

END OF
AGRICULTURE
CONSTRUCTION
COMMUNICATIONS
DISTRIBUTION
FINANCIAL &
FINANCIAL
MANUFACTURING
MINING
SERVICES
TRANSPORT
INDIVIDUALS
CONGLOMERATES
TOTAL
INVESTMENTS
ORGANISATIONS

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

Source: Reserve Bank of Zimbabwe, 2025
*Statistics are denominated in ZiG
TABLE 7.2: SECTORAL ANALYSIS OF COMMERCIAL BANKS DEPOSITS
ZWG ('000)

Minimum
Maximum
Minimum
Maximum

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

Source: Reserve Bank of Zimbabwe, 2025
*Lending rates are for ZiG loans
TABLE 8.1: COMMERCIAL BANKS LENDING RATES (percent per annum)
Individuals
Corporates
End of
Weighted Lending Rates

Minimum
Maximum
Minimum
Maximum

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

Source: Reserve Bank of Zimbabwe, 2025
* Deposit rates depict the range of rates qouted by banks.
*Deposit rates are for ZiG deposits
SAVINGS
3 MONTHS
TABLE 8.2 : COMMERCIAL BANKS DEPOSIT RATES (percent per annum)

WEIGHTS


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

Source: Zimstat, 2025
*Statistics are in ZiG
TOTAL NON
FOOD
ALCOHOLIC
BEVERAGES &
TOBACCO
FURNITURE AND
EQUIPMENT
HEALTH
TRANSPORT
COMMUNICATION
TABLE 9.1 : MONTHLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
FOOD & NON
ALCOHOLIC
BEVERAGES
ALL
ITEMS
HOUSING,
WATER,
ELECTRICTY,
GAS & OTHER
FUELS
CLOTHING &
FOOTWEAR
RECREATION &
CULTURE
RESTAURANTS &
HOTELS
EDUCATION
MISC. GOODS &
SERVICES

FOOD
INFLATION
WEIGHTS


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr


*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

Source: Zimstat, 2025
*Statistics are in ZiG
RESTAURANTS
& HOTELS
MISC.
GOODS &
SERVICES
TOTAL NON
FOOD
FOOD & NON
ALCOHOLIC
CEVERAGES
ALL ITEMS
TABLE 9.2 : YEARLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
NON-FOOD INFLATION
HEALTH
TRANSPORT
COMMUNICATION
EDUCATION
ALCOHOLIC
BEVERAGES
& TOBACCO
CLOTHING
&
FOOTWEAR
HOUSING,
WATER,
ELECTRICTY,
GAS &
OTHER FUELS
FURNITURE
AND
EQUIPMENT
RECREATION
& CULTURE

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

Source: Reserve Bank of Zimbabwe, 2025
TABLE 10 : SELECTED INTERNATIONAL EXCHANGE RATES
*The Reserve Bank introduced a new currency ZiG on 5 April
& recalibrated exchange rates to ZiG
END O F
USA DO LLAR
SO UTH ARFICAN
RAND
BO TSWANA PULA
JAPANESE YEN
EURO
PO UND
STERLING

Market Capitalisation
All Share Index*
ZWG millions

Jan

Feb

Mar

Apr

May

June

July

Aug

Sept

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

Source: Zimbabwe Stock Exchange, 2025
**As at 26 June 2020
***The ZSE rebased indices to 100 in April 2024 following the introduction of the ZiG
*Statistics are denominated in ZiG
*All Share index was introduced in January, 2018
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS
Mining Index
Market Turnover
ZWG
Volume of Shares
END OF

END OF
ZETSS
POS
ATM
MOBILE
INTERNET

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

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

Source: Reserve Bank of Zimbabwe, 2025
*Statistics are denominated in ZiG
TABLE 12.1 : ZETSS AND RETAIL PAYMENTS
Values of Transactions (ZWG Millions)

END OF
ZETSS
POS
ATM
MOBILE
INTERNET

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

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

Source: Reserve Bank of Zimbabwe, 2025
*Statistics are denominated in ZiG
TABLE 12.2 : ZETSS AND RETAIL PAYMENTS
Volumes of Transactions (000's)

END OF
EXPORTS
IMPORTS
TOTAL TRADE
TRADE BALANCE

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

Source: ZIMSTAT, 2025
TABLE 13 : MERCHANDISE TRADE STATISTICS
(US$ millions)