QUARTERLY
ECONOMIC
REVIEW


MARCH 2025

CONTENTS


List of Figures


iii

List of Tables


1.
OVERVIEW
The global economy is facing weakened
economic prospects due to escalating trade
tensions and policy uncertainty. The IMF projects
global growth to decline from an estimated 3.3%
in 2024 to 2.8% in 2025 before a slight rebound
in 2026. Global headline inflation is expected to
decrease, but at a slower pace than previously
anticipated, averaging 4.3% in 2025 and 3.6% in
2026.

The tight monetary policy stance that continued in
the first quarter of 2025 has resulted in a stable
macroeconomic environment, characterised by a
marked
deceleration
in
prices.
This
is
notwithstanding a once-off shock in January
2025. Monthly ZiG inflation decelerated by 3.7
percentage points from 3.7% in December 2024 to
-0.1% in March 2025, driven by both food and
non-food inflation.

The US$ month-on-month inflation rate also
receded from 0.6% recorded in December 2024 to
0.1% in March 2025. The end period willingbuyer willing-seller (WBWS) interbank exchange
rate depreciated by 3.77%, from US$1: ZiG25.80
recorded in the previous quarter to US$1:
ZiG26.77 during the first quarter of 2025.

The country’s exports in the first quarter of 2025,
amounted to US$1.75 billion against an import
bill US$2.29 billion. The country’s trade deficit
widened from US$381.8 million in the fourth
quarter of 2024 to US$543.0 million during the
first quarter of 2025.

Broad money stock (M3) stood at ZiG91.53
billion in March 2025, reflecting a quarter-onquarter growth of 4.67% from ZiG87.45 billion
recorded in December 2024.This emanated from
growth in both foreign currency and local
currency components of broad money. The
growth of 4.67% was 11.92 percentage points
lower than the 16.62% recorded in the fourth
quarter of 2024. Foreign currency deposits
accounted for 82.41% of broad money, followed
by local currency deposits constituting 17.48%,
and currency in circulation constituting a balance
of 0.12%.

On the capital markets, the ZSE traded in a
negative trajectory, resulting in major indices
registering losses during the first quarter of 2025.
Consequently, the All-Share index declined by
5.67% to close at 205.25. In contrast, the VFEX
exhibited bullish sentiments, with the VFEX All
Share index gaining 4.12% to close at 110.32
points.

The value of electronic transactions processed
through the National Payment Systems (NPS)
infrastructure decreased from ZiG583.14 billion
in the fourth quarter of 2024 to ZiG532.61 billion
during the first quarter of 2025. Similarly, NPS
transaction volumes also decreased from 188.64
million to 174.41 million during the same period.

2.
INTERNATIONAL DEVELOPMENTS
Global growth is projected to decline from an
estimated 3.3% in 2024 to 2.8% in 2025, before
rebounding to 3% in 2026. The figures represent
downward revision from the January 2025 World
Economic Outlook (WEO) Update, with 0.5 and
0.3 percentage point reductions for 2025 and
2026, respectively, driven by weaker forecasts for
most countries. The downgrades are a result of the
impact of newly imposed trade measures,
compounded by their spillover through global
supply chains, increasing policy uncertainty, and
declining business and consumer sentiment.

Table 1: Global and Regional Economic
Growth & Outlook (%)
Region/Country

Est.

Proj.

Proj.
World Output
3.3
2.8
3.0
Advanced Economies
1.8
1.4
1.5
USA
2.8
1.8
1.7
Euro-Area
0.9
0.8
1.2
United Kingdom
1.1
1.1
1.4
Emerging Markets &
Developing Economies
4.3
3.7
3.9
Emerging and
Developing Asia
5.3
4.5
4.6
China
5.0
4.0
4.0
India
6.5
6.2
6.3
Emerging and
Developing Europe
3.4
2.1
2.1
Russia
4.1
1.5
0.9
Sub Saharan Africa
4.0
3.8
4.2
Nigeria
3.4
3.0
2.7
South Africa
0.6
1.0
1.3
Zimbabwe
2.0
6.0
5.0
Source: IMF WEO: April 2025 Update
Growth in advanced economies is expected to
decline from an estimated 1.8% in 2024 to 1.4%
in 2025, followed by a slight increase to 1.5% in
2026. Real growth for the US economy is
forecasted to slow to 1.8% in 2025. In 2026,
growth is projected to moderate further to 1.7%,
supported by moderate private consumption
despite continued tariff pressures.

Growth in the euro area is anticipated to decrease
slightly to 0.8% in 2025, before modestly
rebounding to 1.2% in 2026. Factors supporting
the modest recovery in 2026 include stronger
consumption, fuelled by rising real wages and a
projected fiscal easing in Germany after
significant revisions to its fiscal rule.

Growth is expected to decline in emerging market
and developing economies to 3.7% in 2025 and
3.9% in 2026, following an estimated 4.3% in
2024. After a significant slowdown in 2024,
growth in emerging and developing Asia is
projected to decline further to 4.5% in 2025 and
4.6% in 2026.

China’s GDP growth for 2025 has been revised
downward to 4.0% from 4.6% in the January 2025
WEO Update. This adjustment reflects the effects
of recently imposed tariffs, which have countered
the stronger carryover from 2024. Growth for
2026 has also been adjusted downward to 4.0%,
from 4.5% in the January 2025 WEO Update,
primarily due to the ongoing trade policy
uncertainty and the existing tariffs.

In emerging and developing Europe, growth is
expected to slow significantly, declining from
3.4% in 2024 to 2.1% in both 2025 and 2026. This
slowdown is largely driven by a sharp decrease in

growth in Russia, which is projected to fall from
4.1% in 2024 to 1.5% in 2025 and 0.9% in 2026.

In sub-Saharan Africa, growth is projected to
decline slightly from 4% in 2024 to 3.8% in 2025,
with a modest recovery to 4.2% in 2026. Nigeria's
growth forecast has been revised downward by
0.2 percentage points for 2025 and 0.3 percentage
points for 2026, primarily due to lower oil prices.
Similarly, South Africa's growth forecast has
been adjusted downward by 0.5 percentage points
for 2025 and 0.3 percentage points for 2026. This
reflects slowing momentum from a weaker-thanexpected 2024 outturn, deteriorating sentiment
due to heightened uncertainty, the intensification
of protectionist policies, and a deeper slowdown
in major economies.

Global Inflation
Global headline inflation is projected to decrease
at a slightly slower pace than previously
anticipated, averaging 4.3% in 2025 and 3.6% in
2026. The inflation forecasts for advanced
economies have been revised and are notably
higher, while those for emerging market and
developing economies have been trimmed down
for 2025.

Risks
Intensifying downside risks dominate the global
economic landscape. Escalating trade tensions
and heightened trade disputes coupled with
elevated policy uncertainty threaten to reduce
growth further, while weakened fiscal and
monetary buffers leave the countries more
vulnerable to shocks. This may cause major
fluctuations in exchange rates and capital flows,
particularly for debt-stressed economies which
may result in broader financial instability,
potentially
undermining
the
international
monetary system.

In addition, escalating geopolitical tensions could
exacerbate risks, leading to increased commodity
prices. The ongoing conflicts in the Middle East
and Ukraine may directly affect food and energy
prices, as well as disrupt trade routes.

Opportunities
On the upside, a de-escalation in the current
tit-for-tat tariff hikes and new trade agreements
could lift global growth.

INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS
International
commodity
prices
for
gold,
platinum, copper, lithium and crude oil increased
during the first quarter of 2025, while palladium
and nickel prices declined during the same period.
Table 2 shows the evolution of selected
commodity prices during the quarter under
review.

Table 2: International Commodity Prices:
January – March 2025

2024 Q4
Average
Jan-25
Feb-25
Mar-25
2025 Q1
Average
Changes
(Q4 -
Q1) (%)
Gold
(US$/oz)

Platinum
(US$/oz)

Palladiu
m(US$/o
z)

Copper
(US$/ton
ne)

Nickel
(US$/ton
ne)

Lithium
(US$/ton
ne)

Crude
Oil
(US$/bar
rel)

Source: World Bank and Bloomberg, 2025

Commodity price developments were mainly
influenced by escalating global trade wars during
the review period.

Gold
Gold prices increased by 7.48% to US$2,862.51
per ounce in the first quarter of 2025, from an
average of US$2,663.21 per ounce reported in the
fourth quarter of 2024. The surge in price was
fuelled by rising global tensions, trade policy
uncertainties due to U.S tariff threats, higher U.S
inflation, declining U.S treasury yields, and
anticipated economic policy changes, which
ultimately boosted gold's safe-haven appeal.

Platinum
Platinum prices were relatively steady during the
first quarter of 2025, recording marginal increase
of 0.02% to US$968.14 per from an average of
US$967.91 per ounce recorded in the previous
quarter. The marginal gain in quarterly average
price was supported by a weaker U.S dollar,
boosting dollar-denominated commodities, and
higher industrial demand.

Palladium
Palladium
prices
fell
by
4.86%,
from
US$1,010.63 per ounce in the fourth quarter of
2024, to US$961.56 per ounce during the first
quarter of 2025. Palladium prices developments
during the quarter under review were influenced
by ongoing geopolitical tensions, amid United
States of America imposed sanctions on Russia a
key producer of palladium.

Developments in precious metal prices for the
period March 2022 to March 2025 are shown in
Figure 1.

Figure
1:
Precious
Minerals
Prices
(US$/ounce): March 2022 – March 2025

Source: Bloomberg, 2025

1,000
1,050


Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Jun-24
Sep-24
Dec-24
Mar-25
Gold
Palladium
Platinum (RHS)

Copper
Copper prices increased by 1.36%, from
US$9,300.33 per tonne in the previous quarter to
US$9,426.43 per tonne during the first quarter of
2025. Copper prices benefitted from tighter
supply conditions on the back of disruptions in
Chile, the world’s top producer. In addition,
increased demand, tighter supply and economic
uncertainty also buoyed copper prices during the
period under review.

Nickel
Nickel prices registered a 2.62% decline to
US$15,789.27 per tonne during the first quarter of
2025, from a quarterly average of US$16,213.37
per tonne in the prior quarter. Nickel prices fell
due to stricter mining quotas in Indonesia which
affected supply. In addition, reduced demand
from
Chinese battery
manufacturers,
who
increasingly
shifted
toward
low-nickel
technologies.

Figure 2 depicts developments in base metal
prices from March 2022 to March 2025.


Figure 2: Base Metal Prices (US$/tonne):
March 2022 – March 2025

Source: Bloomberg, 2025

Lithium
Lithium prices surged by 6.14%, from an average
of US$9,393.30 per ounce in the previous quarter
to US$9,969.82 per ounce during the reporting
period. The price increase was driven by
anticipated supply cuts and strong demand,
especially from electric vehicle (EV) batteries and
energy storage systems. Figure 3 shows
developments in lithium prices from March 2023
to March 2025.


Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Jun-24
Sep-24
Dec-24
Mar-25
Copper
Nickel (RHS)

Figure 3: Lithium Prices (US$/tonne): March
2023 – March 2025
Source: Bloomberg, 2025
Brent Crude Oil
Brent crude oil prices registered a marginal
increase of 0.8%, from US$73.87 per barrel in the
previous quarter to US$74.46 per barrel in the
quarter under review. The increase in prices was
attributed to U.S. sanctions on Russia's energy
sector that raised concerns of potential supply
shortages, as well as trade policy disruptions
affecting China, the top crude oil importer, and
other key importing countries. Figure 4 illustrates
developments in crude oil prices for the period
from March 2022 to March 2025.


Figure 4: Brent Crude Oil Prices (US$/barrel):
March 2022 – March 2025
Source: Bloomberg, 2025

EXCHANGE RATE DEVELOPMENTS
The end period willing-buyer willing-seller
(WBWS) interbank exchange rate depreciated by
3.77%, from US$1: ZiG25.80 recorded in the
previous quarter to US$1: ZiG26.77 during the
first quarter of 2025. The exchange rate premium
significantly narrowed from 42% at the close of
the fourth quarter of 2024, to 23% for the quarter
under review.

Figure 5 shows developments in exchange rates
from April 2024 to March 2025.


Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Jun-24
Sep-24
Dec-24
Mar-25

Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Jun-24
Sep-24
Dec-24
Mar-25

Figure 5: Official and Parallel Market
Exchange Rates April 2024 – March 2025

Source: Reserve Bank of Zimbabwe, 2025

MERCHANDISE TRADE DEVELOPMENTS
During the first quarter of 2025, the country’s
total merchandise trade amounted to US$4.04
billion, representing an 18.8% decrease from
US$4.97 billion recorded in the fourth quarter of
2024. The decline in total merchandise trade was
primarily on account of a significant dip in both
merchandise exports and imports during the
quarter under analysis.

Figure

shows
total
merchandise
trade
developments during the fourth quarter of 2024
and the first quarters of 2024 and 2025,
respectively.


Figure 6: Quarterly Merchandise Total Trade
(US$m)
Source: ZIMSTAT,2025

On an annual basis, total merchandise trade
improved by 4.4%, from US$3.87 billion in the
first quarter of 2024, to US$4.04 billion in the first
quarter
of
2025.
The
improvement
was
underpinned by an increase in both imports and
exports during the reporting quarter.

Merchandise Export Developments
The country’s exports for the first quarter of 2025
totalled US$1.75 billion, representing a 23.9%
decline from US$2.30 billion recorded in the
fourth quarter of 2024. On the other hand, the
outturn was 1.5% greater than the US$1.72 billion
realized in the comparable quarter in 2024, as
shown in Figure 7.


30-Apr-24
31-May-24
30-Jun-24
31-Jul-24
31-Aug-24
30-Sep-24
31-Oct-24
30-Nov-24
31-Dec-24
31-Jan-25
28-Feb-25
31-Mar-25
PREMIUM (RHS)
OFFICIAL RATES
PARALLEL RATES (Transfer)

2024Q1
2024Q4
2025Q1

Figure 7: Quarterly Merchandise Exports
(US$m)
Source: ZIMSTAT, 2025

The increase in merchandise exports in the first
quarter of 2025, from the corresponding quarter of
2024 was largely driven by increased exports of
gold and coal.

Table 3 shows developments in the country’s
exports for the first quarter of 2024 and first
quarter of 2025.


Table 3: Quarterly Merchandise Exports
(US$m)
2024Q1
(USm)
2025Q1
(USm)
2024Q1
to
2025Q1
Changes
(%)
Total
1,720.60
1,746.50
1.5
Gold
385.1
755.2
96.1
Tobacco (inc
cigarettes)
427.3
321.8
-24.7
PGMs
413.8
276.4
-33.2
Ferrochrome
75.4
64.6
-14.3
Coal
31.6
52.8
67.1
Diamonds
95.4
29.8
-68.8
Chrome
31.2
28.7
-8.0
Electricity
6.8
7.8
14.7
Others
218.2
99.6
-54.4
Source: ZIMSTAT & RBZ Calculations, 2025

Major Merchandise Export Destinations
During the period under analysis, the country’s
exports were mainly destined for the United Arab
Emirates, South Africa and China which
accounted for 42.9%, 23.2% and 18.1% of the
country’s exports, respectively. Other notable
export
destinations
included
Mozambique,
Zambia and various other countries, collectively
contributing approximately 10.3% of total
exports. Figure 8 depicts the country’s top export
destinations for the first quarter of 2025.


1,720.6
2,295.8
1,746.5


2024Q1
2024Q4
2025Q1

Figure
8:
Major
Merchandise
Export
Destination

Source: ZIMSTAT & RBZ Computation, 2025

Merchandise Import Developments
During the first quarter of 2025, the country’s
import bill totalled US$2.29 billion, down by
14.5% from US$2.68 billion recorded in the prior
quarter.

Year-on-year, merchandise imports for the period
under review were 6.8% higher than the US$2.14
billion in the comparable quarter in 2024. The
increase was driven by higher volumes of food,
fuel, raw materials, and vehicle imports. The
increase in food imports was largely due to
increased maize imports, following a sub-optimal
2023/24 agricultural production season, following
the El Niño-induced drought

Figure

shows
the
merchandise
import
developments for the first and fourth quarters of
2024, and the first quarter of 2025.
Figure 9: Quarterly Merchandise Imports
(US$m)

Source: ZIMSTAT, 2025
In the first quarter of 2025, Zimbabwe’s imports
were mainly driven by industrial supplies, which
are essential for manufacturing processes as they
include
raw
materials,
components,
and
machinery needed for production. Other major
import categories included fuel and lubricants, as
well as capital goods, as shown in Table 4.

Table 4: Quarterly Merchandise Imports
(US$m)

2024Q1
(USM)
2025Q1
(USM)
24Q1/25Q1
Changes (%)
Total
2,144.40
2,289.50
6.8
Industrial
Supplies
767.7
816.6
6.4
Fuels and
Lubricants
420.9
437.8
4.0
Capital Goods
419.3

-0.5
Food and
Beverages
179.4
242.9
35.4
Transport
Equipment, Parts
and Accessories

223.9
5.1
Consumer
Goods
120.7
130.3
8.0
Other
23.3

-9.9
Source: ZIMSTAT & RBZ Computations, 2025

United Arab Emirates
South Africa
China
Mozambique
Belgium
Zambia
Netherlands
India
Indonesia
Italy
2,144.4
2,677.5
2,289.5
2 0 2 4 Q1
2 0 2 4 Q4
2 0 2 5 Q1

Major Import Sources
The country’s imports for the first quarter of 2025
were mainly sourced from South Africa (38.1%),
China (16.2%), Bahamas (11.0%), and other
markets, as shown in Figure 10.
Figure 10: Major Merchandise Import Source
Source: ZIMSTAT & RBZ Computations, 2025
Trade Balance
The country’s trade deficit widened from
US$381.8 million in the fourth quarter of 2024 to
US$543.0 million during the first quarter of 2025.
Compared to the corresponding quarter in 2024,
the country’s trade balance also worsened from a
deficit of US$423.8 million.

Figure 11 depicts the country’s trade balance for
the first and fourth quarters of 2024 as well as the
first quarter in 2025.


Figure 11: Merchandise Trade Balance
(US$m)
Source: ZIMSTAT & RBZ Computations, 2025

3.
DOMESTIC ECONOMIC
DEVELOPMENTS
REAL SECTOR DEVELOPMENTS
Agriculture
The
First
Crop,
Livestock
and
fisheries
Assessment report (CLAFA-1) published during
the first quarter of 2025 indicated that the overall
area under staple cereals increased by 8.1% to
2,540,385 hectares, from 2,349,921 hectares
achieved in the previous season.
Table 5 shows the planted area of selected key
crops during the 2024/25 compared to the 2023/24
season.


South Africa
China
Bahamas
Mozambique
Hong Kong
Zambia
Singapore
India
United Arab Emirates
Bahrain

2024Q1
2024Q4
2025Q1
Exports
Imports
Trade Balance

Table 5: Area under selected key crops (ha)
Crop
2024/25
2023/24
% Change
Maize
1 822 904
1 728 873
5.4
Sorghum
434 374
405 116
7.2
Pearl Millet
251 265
194 232
29.4
Finger Millet
31 842
21 700
46.7
Soya bean
40111
37 658
6.5
Groundnuts
223 729
369 772
-39.5
Sugar Beans
31 577
34 488
-8.4
Round nuts
73 820
121 211
-39.1
African pea
92 009
93 732
-1.8
Sunflower
90 220
87 295
3.4
Cotton
122 493
145 256
-15.7
Sesame
39 295
71 990
-45.4
Tobacco
143 058
136 126
5.1
Source: Ministry of Lands, Agriculture, Fisheries,
Water and Rural Development, 2025
The late onset of rains, however, affected the
planting of crops such as groundnuts, round nuts,
cotton and sesame whose area planted fell by
about 40%.
Maize
Total area under maize increased by 5.4% from
1,728,873 ha in the 2023/24 season, to 1,822,904
ha in the current season. About 74,000 hectares of
the area were, however, written off due to the
impact of the dry spell on the early planted crop.
Communal areas and A1 resettlement farmers
accounted for about 1,325,473 ha or 73% of the
total maize cropping area. The crop benefited
from
the
Government
funded
Pfumvudza
programme which supported about 504,136 ha, in
the current season.
Traditional Grains
The total area under traditional grains comprising
sorghum, pearl millet, and finger millet, increased
by 15.5% in the 2024/25 season. Natural regions
3 to 5 in Masvingo, Matabeleland South and
Midlands provinces recorded the largest increases
in area planted.
Cotton
The area put under cotton declined by 15.7%,
from 145,256 hectares in the 2023/24 season to
122,493 hectares in the current season. The
contraction is partially attributed to delayed
planting occasioned by a dry spell which occurred
from mid-November to Mid-December 2024.
Livestock
The CLAFA-1 2025 reported fair to good
livestock condition for most of the country, with
poor cattle condition in some parts of the lowveld.
Grazing and water availability also followed the
same trend, largely due to poor rainfall
distribution in the first half of the season.

Cattle
Formal abattoir cattle slaughters increased by
3.03% to 96,909 head in the first quarter of 2025
from 94,062 head in the comparable period in

2024, albeit declining from 99,475 head in the
fourth quarter of 2024. The decline in cattle
slaughters over the quarter is partially attributable
to retention of stock for draft power purposes, as
well as, rebuilding of herds following drought
conditions in the previous year.
Table 6 shows the total number of cattle
slaughters at formal abattoirs in the first and
fourth quarters of 2024 and the first quarter of
2025.

Table 6: Quarterly Cattle Slaughters
Quarter
Slaughters
Q1:2024
94 062
Q4:2024
99 475
Q1:2025
96 909
Source: Ministry of Lands, Agriculture, Fisheries,
Water, and Rural Development, 2025
Pigs
Pig slaughters in the first quarter of 2025
increased by a marginal 0.34% on the
performance of the same period in 2024.
Consistent with past trends, this was 3.48% below
the slaughters in the fourth quarter of 2024,
attributed to lower market demand. The industry
continues to grapple with the high costs of
production, chiefly on stock feeds.
Table 7 shows the total number of pig slaughters
at formal abattoirs in the first and fourth quarters
of 2024 and the first quarter of 2025.

Table 7: Quarterly Pig Slaughters
Quarter
Slaughters
Q1:2024
59 026
Q4:2024
61 283
Q1:2025
59 224
Source: Ministry of Lands, Agriculture, Fisheries, Water,
and Rural Development, 2025
Milk Production
Total fresh milk output increased by 2.67% to
28.03 megalitres in the first quarter of 2025, up
from the 27.30 megalitres produced in the same
period in 2024. Growth in dairy output continues
to accrue from investments aimed at increasing
the herd size and cow productivity by the industry
players.
Table 8 shows the fresh milk production statistics
in 2024 and 2025.

Table 8: First Quarter Milk Output (million
litres) in 2024 and 2025

Variance%
Jan
9.53
9.77
2.52
Feb
8.81
8.69
-1.32
Mar
8.96
9.57
6.76
Q1
27.30
28.03
2.67
Source: Ministry of Lands, Agriculture, Fisheries,
Water, and Rural Development, 2025

MINING
The first quarter 2025 mining output showed
mixed performance when compared to similar
quarter in 2024. Gold, iridium and coal showed
strong performance.
Table 9 shows quarterly mineral performances in
2024 and 2025.

Table 9: Quarterly Mineral Output Statistics
Q1 2024
Q4 20 24
Q1 2025
Gold (kg)
6,638.0
12,696.7
8,979.89
Platinum (kg)
4,987.5
4,515.7
4,177.25
Palladium (kg)
4,136.1
3,640.9
3,413.81
Rhodium (kg)
436.6
424.3
394.15
Iridium (kg)
218.8
225.4
308.10
Ruthenium (kg)
367.6
460.3
405.12
Diamonds (cts)
1,417,150
1,422,858
782,648.49
Chrome (MT)
495,097.8
512,410.2
468.795.0
Nickel (MT)
4,046.1
3,447.5
3,097.46
Copper (MT)
3,689.8
2,751.6
2,561.78
Cobalt (MT)
85.3
91.1
77.74
Coal (MT)
1,047,279
1,731,331
1,688,429.00
HCFC (MT)
90,998
1,464,496
98,196.67
Lithium (MT)
902,898.6
338,038
358,468.02
Granite (MT)
446,217.6
37,381.7
23,848.01
Vermiculite
(MT)
4,222.3
36,837.2
3,028.10
Source: Ministry of Mines and Mining Development &
Chamber of Mines Zimbabwe, 2025

Gold
Gold output stood at 8,979.89 kg in the first
quarter of 2025, about 29% lower than 12,696.70
kg produced in the last quarter of 2024. The first
quarter of 2025 output was, however 35% better
than 6,638.0 kg produced in the comparable
period in 2024.

The first quarter 2025 gold deliveries to Fidelity
Gold Refiners (FGR), amounted to 8,496.4
kilograms, down from 12,214.0 kilograms
delivered in the fourth quarter of 2024. Deliveries
in the first quarter of 2025 to FGR recorded a
significant increase of 41% when compared to
deliveries
of
6,044.87
kilograms
in
the
comparable quarter in 2024.

Table 10 below shows deliveries to FGR in 2024
and 2025.

Table 10: Quarterly Gold Deliveries to FGR
for 2024 and 2025 (kg)

Q1 24
Q4 24
Q1 25
Primary
producers/kg
3,143.07
3,185.5
2,725.6
Small
Scale
producers/kg
2,901.80
9,028.5
5,770.9
Total
6,044.87
12,214.0
8,496.4
Source: FGR, 2025
In terms of shares of deliveries, small scale
producers accounted for 68% whilst primary
producers accounted for 32% during the quarter
under review.

Platinum Group of Metals (PGMs)
The softening of PGMs commodity prices, which
persisted through all the quarters of 2024 and in
the first quarter of 2025, platinum and palladium
output retreated by 7% and 6%, respectively in the
first quarter of 2025 when compared to fourth
quarter of 2024. Similarly, output in first quarter
2025 was 16% and 17%, down, respectively,
when compared to similar output in the first
quarter of 2024.

Figure 12: Quarterly Trends in Platinum and
Palladium Output (kg)


Source: Ministry of Mines and Mining Development,

Rhodium output amounted to 394.15 kg in the
first quarter of 2025 compared to 424.3 kg in
fourth quarter of 2024, reflecting the softening of
international commodity prices. This output is
also 10% lower than output in the comparable
period in 2024.


Figure 13: Quarterly Trends in Rhodium
Output (kg)
Source: Ministry of Mines and Mining Development,

Nickel
Nickel output at 3,097.46 tonnes in the first
quarter of 2025, is 10% lower than 3,447.5.1
tonnes registered in the last quarter of 2024. The
Nickel output for the first quarter is also 23%
lower than comparable period of 2024, as shown
in Figure 14.

Figure 14: Quarterly Trends in Nickel Output
(mt)

Source: Ministry of Mines and Mining Development,

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Platinum
Palladium

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

The bulk of the nickel produced in the quarter
under review was from PGMs production
reflecting the closure of the country’s largest
nickel producer Bindura Nickel Corporation.
Diamond
Diamond output stood at 0.783 million carats in
q1 2025, about 45% down from 1.422 million
carats produced in the fourth quarter of 2024.
Output in the first quarter of 2025 was also 45%
lower than 1.417 million carats produced in the
corresponding quarter in 2024, as shown in Figure
15.

Figure 15: Quarterly Trends in Diamond
Output (carats)

Source: Ministry of Mines and Mining Development,

Diamond benefitted from increased investments
in mining and processing capacity. Diamond
potential, however, continues to be adversely
affected by frequent power outages leading to loss
of production time at some of the mining houses.


Chrome
Chrome ore output in the first quarter of 2025
amounted to 495,097.80 tonnes, which is 3.5%
lower than 512,410.21 tonnes produced in the last
quarter of 2024. The first quarter output of 2025
surpassed output produced in the comparable
period in 2024. The surge in production of chrome
ore was largely driven by increase in demand of
the mineral in China, the largest consumer.
Figure 16 shows quarterly trends in chrome ore
Output.

Figure 16: Quarterly Trends in Chrome Ore
Output (Tonnes)
Source: Ministry of Mines and Mining Development,
MMCZ, 2025
Coal
Coal output recorded a marginal decline of 2%
from 1,731,331 tonnes produced in the last quarter
of 2024 to 1,688,429 tonnes produced in the first
quarter of 2025. There was, however, 61%
increase in coal output during the first quarter of
2025 when compared to first quarter of 2024.

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Thousands
-

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Thousands

Quarterly coal output from 2021 to 2025 is shown
in Figure 17.

Figure 17: Quarterly trends in coal output


Source: Ministry of Mines and Mining Development,

Lithium
Lithium output stood at about 358,468.01 tonnes
in the first quarter of 2025, compared to 338,038
tonnes produced in the fourth quarter of 2024. The
first quarter 2025 output was, however, 60%
lower than 902,898.60 tonnes produced in similar
quarter in 2024 largely driven by softer prices.

Figure 18: Lithium production 2024 and 2024

Source: Ministry of Mines and Mining Development,

ELECTRICITY
Total electricity generated by major power
stations and independent power producers (IPPs)
during the first quarter of 2025 amounted to
2,314.41 GWh, up by 5.56%, from the fourth
quarter output of 2,314.41 GWh. This was also
8.19% higher than the 2,258.10 GWh produced
during the first quarter of 2024.

Hwange, inclusive of units 7 and 8 contributed
69.77% of total production during the first quarter
of 2025, covering up for the low output from
Kariba. Kariba Hydro Power Station produced
587.29 GWh, slightly higher than 516.6 GWh
produced in the fourth quarter of 2024. In total,
Kariba contributed about 24.04% of total
electricity generation in the first quarter of 2025,
up from the 20.06% in the fourth quarter of 2024.

Table 11 shows power output statistics from the
major power stations and independent power
producers in 2025.

Table 11: Quarterly Power Output.
Q1:

Q4:

Q1:

Kariba
446.3
516.6
587.29
Hwange
402.9
694.0
676.94
Hesco (Hwange
7&8)
1,300.4
986.9
1 027.68
IPPs
108.6
116.9
151.24
Total (GWh)
2,258.1
2,314.4
2 443.14
Source: ZERA and ZPC, 2025


Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25

Q1 24
Q2 24
Q3 24
Q4 24
Q1 25

The improved performance by IPPs in the first
quarter of 2025 is attributed to the additional
10.49 GWh produced by Great Zimbabwe hydro
power station, which benefited from improved
inflows in the first quarter.
Figure 19 shows the trend of quarterly electricity
production by IPPs since the first quarter of 2024.

Figure 19: Quarterly Power Output by IPPs

Source: ZERA, 2025

INFLATION DEVELOPMENTS
During the first quarter of 2025, there was general
stability in inflation largely on account of
monetary
and
financial
conditions,
notwithstanding a transient shock in January
2025.
ZiG Month on Month Inflation
Monthly ZiG inflation decelerated by 3.7
percentage points from 3.7% in December 2024
to -0.1% in March 2025, driven by both food and
non-food inflation.

Food inflation retreated by 5.0 percentage points
from 4.6% in fourth quarter of 2024, to -0.5% in
first quarter of 2025. Food inflation contributed
-0.2 percentage points to the March 2025
inflation rate.
Non-food inflation also slowed down from 3.2%
in December 2024, to 0.2% in March 2025.
Housing, alcoholic beverages and tobacco and
education largely drove non-food inflation during
the quarter.

Table 12: Monthly Inflation Profiles (%)

ZiG
US$
Weighted
Jan - 2025
10.5
0.6
1.1
Feb – 2025
0.5
0.2
0.3
Mar- 2025
-0.1
0.1
0.0
Source: ZIMSTAT, 2025
US$ Month on Month Inflation
The US$ month-on-month inflation rate receded
from the 0.6% recorded in December 2024 to
0.1% in March 2025. The decrease in inflation is
partially attributed to the subdued aggregate
demand which dampened inflationary pressures
during the quarter.
Monthly food inflation decreased from 1.9% in
the previous quarter to 0.2% during the first
quarter of 2025. Non-food inflation marginally
increased by 0.02 percentage points from 0.05%
in the fourth quarter of 2024 to 0.07% in the same
quarter under review.
Figure 20 shows the US$ monthly inflation
profile.

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1
GWhs

Figure 20: Monthly US$ Inflation Profile (%)
Source: ZIMSTAT, 2025
Annual US$ Inflation
Annual US$ inflation surged by 12.53 percentage
points, from 2.48% in December 2024 to 15.01%
at the end of the first quarter of 2025 on account
of both non-food and food inflation.
Annual food inflation accelerated from 5.2% in
the fourth quarter of 2024, to 22.4% in the first
quarter of 2025, while non-food inflation edged
up from 1.3% to 11.7% during the same period.
Figure 21 shows annual US$ inflation profile.


Figure 21: Annual US$ Inflation Profile (%)

Source: ZIMSTAT, 2025

4.
MONETARY DEVELOPMENTS
Broad money stock (M3) stood at ZiG91.53
billion in March 2025, reflecting a quarter-onquarter growth of 4.67% from ZiG87.45 billion
recorded in December 2024. Growth in broad
money reflected expansions of ZiG2.62 billion
(3.60%) and ZiG1.46 billion (9.97%) in foreign
currency and local currency components of broad
money, respectively. The growth of 4.67% was
11.92 percentage points lower than the 16.62%
recorded in the fourth quarter of 2024.

The broad money stock was largely made up of
foreign currency deposits, which accounted for
82.40%;
local
currency
deposits,
which
accounted for 17.48%; and currency in
circulation, which constituted a balance of
0.12%.

Figure 22 shows the components of broad money
for the period March 2024 to March 2025.


-2

Dec-23
Mar-24
Jun-24
Sep-24
Dec-24
Mar-25
Food
Non food
All Items
-10
-5

Dec-23
Mar-24
Jun-24
Sep-24
Dec-24
Mar-25
Food
Non food
All Items

Figure 22: Broad Money Developments (ZiG
billion)
Source: Reserve Bank of Zimbabwe, 2025

Domestic Credit
Domestic credit increased by 8.95%, from
ZiG108.92 billion in December 2024, to
ZiG118.66 billion in March 2025. The growth
was largely driven by expansions in credit to the
private sector, and net claims on the Government
of ZiG3.79 billion and ZiG569.53 million,
respectively.

Outstanding credit to the private sector was
mainly channelled to households, agriculture,
manufacturing, services and mining, which
received 28.44%, 17.15%, 13.47%, 10.84% and
9.01% of the total credit, respectively. Private
sector credit shares for the rest of the economic
sectors are shown in Figure 23.


Figure 23: Distribution of Private Sector
Credit

Source: Reserve Bank of Zimbabwe, 2025

Credit to the private sector was largely utilized for
recurrent expenditures, 39.70%; inventory buildup, 22.79%; and fixed capital investments,
13.35%.

Interest Rates
During March 2025, nominal lending rates quoted
by banks on local currency-denominated loans
ranged between 20% and 58%. Time deposit rates
for 90-day, 360-day, and over a year tenure ranged
between 5% and 25%. The savings rates were
quoted between 2% and 9%, during the period
under review.

Figure 24 shows the profile of the benchmark
interest rate and market rates.

Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Billion
Currency in Circulation
Foreign Currency Deposits
Local Currency Deposits
Households
28.44%
Agriculture
17.15%
Mining
9.01%
Manufacturing
13.47%
Distribution
10.38%
Transport and
Communication
2.36%
Services
10.84%
Financial Organisations
and Investiments
5.13%
Construction
2.56% Other...

Figure 24: Interest Rates Developments (%)
Source: Reserve Bank of Zimbabwe, 2025
Lending rates for foreign currency-denominated
loans advanced to individuals ranged between
7.00% and 27.00% per annum, as of the end of
March 2025. Foreign currency lending interest
rates for corporate clients ranged from a minimum
of 5.00% to a maximum of 21.00%.


5.
STOCK MARKET DEVELOPMENTS

ZIMBABWE STOCK EXCHANGE (ZSE)
DEVELOPMENTS

During the first quarter of 2025, trading on the
ZSE followed a negative trajectory, resulting in
major indices registering losses. As such, the All
Share, Top 10, and Top 15 indices declined by
5.67%, 7.30% and 3.70% to close at 205.25
points, 199.52 points and 204.67 points,
respectively.


Table 13: Key Stock Market Indicators

ZSE Indicators

December
-24
31 March-

Change
(%)
All Share Index (points)
217.58
205.25
-5.67
Top 10 Index (points)
215.24
199.52
-7.30
Top 15 Index (points)
212.54
204.67
-3.70
Medium Cap Index (points)
227.60
250.55
10.09
Small Cap Index (points)
100.11
100.11
0.00
Mining Index (points)
235.38
180.43
-23.35
The volume of shares traded
(mn)
333.48
477.87
43.30
Market Turnover (ZiG mn)
1 018.09
933.04
-8.35
ZSE Capitalization (ZiG mn)
66 241.20
62 916.75
-5.02
Net Foreign Position (ZiG mn)
-144.99
-13.97
-90.36

VFEX Indicators


All Share Index (points)
105.95
110.32
4.12
The volume of shares traded
(mn)
97.55
1 207.03
1 137.29
Market Turnover (US mn)
26.91
58.91
117.45
VFEX Capitalization (US$m)
1 279.62
1 287.08
0.58
Source: Zimbabwe Stock Exchange, 2025; and
Victoria Falls Stock Exchange, 2025

The resource index lost 23.35% to close at 180.43
points during the same period.

Figure 25 shows the developments of the ZSE All
Share, Top 10 and Mining indices for the period 5
April 2024 through to 31 March 2025.

Policy rate
Max Weighted Lending Rates Individuals
Max Weighted Lending Rates Corporates

Figure 25: ZSE All Share, Top 10 and Mining
Indices


Source: Zimbabwe Stock Exchange, 2025
Market Turnover
During the first quarter of 2025, cumulative
volumes of shares traded increased by 43.30% to
477.87 million, while the value of shares declined
by 8.35% to ZiG933.04 million. This compares to
333.48 million shares and ZiG1 018.09 million
recorded in the fourth quarter of 2024,
respectively.


Figure 26: ZSE Market Turnover

Source: Zimbabwe Stock Exchange, 2025
Foreign investor participation, as measured by the
contribution to the value of shares traded, declined
to 15.30%, compared to 8.83% recorded in the
fourth quarter of 2024. Concomitantly, net foreign
position improved to negative ZiG13.97 million,
from negative ZiG144.99 million registered
during the quarter ending December 2024.

Market Capitalisation
Subdued trading activity on the ZSE during the
first quarter of 2025, resulted in the local bourse
shedding 5.02%, or ZiG3 324.45 billion worth of
capitalisation to close at ZiG62.92 billion,
compared to ZiG66.24 billion recorded in the
previous quarter.
Figure 27 shows the evolution of market
capitalization for the period December 2023 to
March 2025.

Top 10 Index
Mining Index (Points)
ZSE ALL SHARE INDEX

Volumes Traded (millions)
Values Traded (millions)

Figure 27: ZSE Market Capitalisation (ZiG
millions)

Source: Zimbabwe Stock Exchange, 2025
VICTORIA FALLS STOCK EXCHANGE
(VFEX) DEVELOPMENTS
The VFEX exhibited bullish sentiments during
the first quarter of 2025. As a result, the VFEX All
Share index added 4.12% to close at 110.32
points, from 105.95 points recorded in the quarter
ending December 2024.
On an annual basis, the VFEX All Share index
added 9.16%, from 101.06 points recorded in
March 2024.


Figure 28: Victoria Falls Stock Exchange All
Share Index
Source: Victoria Falls Stock Exchange, 2025
VFEX Market Capitalization (US$ billions)
During the first quarter of 2025, VFEX market
capitalisation gained 0.58%, or US$7.46 million,
to close at US$1.29 billion, compared to US$1.28
billion recorded in the last quarter of 2024. On an
annual
basis, VFEX market
capitalisation
increased by 5%, from US$1.22 billion recorded
in the comparable period in 2024.

Figure 29 VFEX Market Capitalization in
billions of US$

Source: Victoria Falls Stock Exchange, 2025

MILLIONS

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

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

6.
PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES
The value of electronic transactions processed
through
the
national
payment
systems
infrastructure
decreased
by
8.66%
from
ZiG583.14 billion in the fourth quarter of 2024 to
ZiG532.61 billion during the first quarter of 2025.
Transactions volumes also decreased by 7.54% to
174.41 million from 188.64 million, during the
same period.

Table
14:
Consolidated
Transactional
Activities for the First Quarter 20251
PAYMENT
STREAM
FOURTH
QUARTER
ENDING 31
DECEMBER

FIRST
QUARTER
ENDING 31
MARCH

CHANGE
FROM
LAST
QUARTER
PROPORTION

VALUES IN ZIG (BILLIONS)

RTGS

POS

ATMS

MOBILE

INTERNET

TOTAL


VOLUMES (MILLIONS)

RTGS

POS

ATMs

MOBILE

INTERNET

TOTAL

Source: Reserve Bank of Zimbabwe, 2025
The aggregate value of US$ transactions
processed through the RTGS system recorded a
decline of 9.80% to $7.74 billion while volumes

1 Figures are inclusive of USD Transactions converted at
prevailing interbank exchange rates to ZiG at the
transaction date.
declined by 2.31 % to 1.46 million during quarter
ending 31 March 2025.

LARGE VALUE PAYMENTS
During the first quarter of 2025, the value of
transactions processed through the RTGS system
decreased by 8.9% from ZiG340.50 billion in the
fourth quarter 2024 to ZiG310.19 billion. The
volume of transactions decreased by 8.64% to
2.57 million over the same period.

Figure 30: Values (ZiG) and Volumes of
RTGS2 Transactions from Q2 2024 to Q1 2025

Source: Reserve Bank of Zimbabwe, 2025


2 Real Time Gross Settlement System (RTGS) is the
Zimbabwe Electronic Transfer and Settlement System
(ZETSS)

2024 Q2 2024 Q3 2024 Q4 2025 Q1
Billions
Millions
Values
Volumes [RHS]

RETAIL PAYMENTS
The aggregate values for retail transactions
decreased by 8.33% from ZiG242.64 billion
recorded in fourth quarter 2024 to ZiG222.42
billion in first quarter of 2025.

Figure 31: Retail Transaction Values (ZiG)
from Q2 2024 to Q1 2025

Source: Reserve Bank of Zimbabwe, 2025
The aggregate retail volume also decreased by
7.53% to 171.84 million during the same period.

Figure 32: Retail Transaction Volumes from
Q2 2024 to Q1 2025

Source: Reserve Bank of Zimbabwe, 2025
COLLATERAL
The value of collateral for Zimswitch, Central
Securities Depository (CSD) and Zimbabwe
Stock Exchange (ZSE) settlement systems
increased to ZiG571.83 million in the first quarter
of 2025, up from ZiG562.03 million recorded in
the previous quarter.
This largely reflects an increase in the value of
transactions processed through the Zimswitch
platform resulting in the Zimswitch Collateral
balances rising by 2%.

Figure 33: Collateral Amounts (ZiG) from Q2
2024 to Q1 2025

Source: Reserve Bank of Zimbabwe, 2025

The Victoria Falls Stock Exchange Limited
(VFEX) foreign currency collateral for the quarter
ending 31 March 2025 was US$47, 766.28 and is
considered adequate to cover the risk levels.

2024 Q2 2024 Q3 2024 Q4 2025 Q1
Mobile in Billions
Other Retail Values in Billions
POS
ATMS
INTERNET
MOBILE

2024 Q2
2024Q3
2024Q4
2025Q1
Mobile Volumes in Millions
Other Retai Volumes in
Millions
POS
ATMs
INTERNET
MOBILE

Quarter
Ending 30
June 2024
Quarter
Ending 30
September

Quarter
Ending 31
December

Quarter
Ending 31
March 2025
MILLIONS
ZSE
Zimswitch
CDC

ACCESS POINTS AND DEVICES
The POS population which stood at 135,520 at the
end of the fourth quarter 2024 decreased to
129,081 during the first quarter of 2025.

Table 15: Payment Systems Access Points and
Devices for the First Quarter of 2025
PAYMENT SYSTEMS ACCESS POINTS

Q2 2024
Q3 2024
Q4 2024
Q1 2025
Mobile
Banking
Merchants

ATMs

POS

PAYMENTS SYSTEMS ACCESS DEVICES
Debit Cards

Credit Cards

Prepaid Cards

Mobile
Banking
Subscribers

Internet
Banking
Subscribers

Source: Reserve Bank of Zimbabwe, 2025
As of 31 March 2025, active mobile financial
services subscribers slightly rose to 10.1 million
from 10 million recorded in the quarter ending 31
December 2024.

7.
FISCAL DEVELOPMENTS
Cumulative revenues in the first quarter of 2025
stood at ZiG46.72 billion, against expenditures of
ZiG45.16 billion, resulting in a fiscal surplus of
ZiG1.56 billion.
Table 16 shows the summary of fiscal
developments during the first quarter of 2025.
Table 16: Summary of first Quarter 2025
Fiscal Position

ZiG millions
Revenue
46 719.50
Tax revenue
44 785.70
Non-Tax Revenue
1 933.80
Expenditure
45 155.95
Current expenditure
34 039.07
o/w employment costs
14 719.20
Capital Expenditure
11 116.88
Overall Balance
1 563.55
Source: Ministry of Finance, Economic Development, and
Investment Promotion, 2025
Government Revenue
During the first quarter of 2025, Government
revenue stood at ZiG46.72 billion. Taxes on
income and profits contributed (31.2%), value
added tax (27.9%), excise duties (10.1%) the
largest portion of government revenue, as shown
in Figure 34.

Figure 34: Government Revenue Structure:
First quarter 2025
Source: Ministry of Finance, Economic Development
and Investment Promotion, 2025
Government Expenditure
Cumulative government spending in the first
quarter of 2025 amounted to ZWG45.16 billion,
comprising of current expenditure ZWG34.04
billion and
ZWG11.12
billion
capital
expenditures. Table 17 shows a summary of
Government expenditure in the fourth quarter of
2024 and the first quarter of 2025.


Table 17: Summarised Government Spending
(ZiG milions)

Q4 2024
Q1 2025
Total Expenditure
47 314.85
45 155.95
Current Expenditure
36 333.08
34 039.07
Of which Employment
Costs
19 669.19
14 791.20
Capital Expenditure
10 981.77
11 116.88
Source: Ministry of Finance, Economic Development,
and Investment Promotion. 2025
Government
capital
expenditure
stood
at
ZiG11.12 billion, accounting for 24.62% of total
spending during the quarter under review. Capital
expenditure was largely driven by significant
increases in building and structures, machinery
and equipment and capital grants.
Figure 35: Government Expenditure, First
Quarter 2025


Operations and
Maintenance
39.0%
Transfers to
Provincial
Councils and
Local
Authorities
0.3%
Employment
Costs
32.8%
Interest on debt
3.4%
Capital
Expenditure
24.6%

Overall Budget Balance
The fiscal developments in the first quarter of
2025 resulted in government revenue of
ZiG46.72 billion, against total expenditure of
ZiG45.16 billion, which culminated into a budget
surplus of ZiG1.56 billion. Figure 36 shows the
quarterly developments in overall budget balance
in 2024 and 2025.
Figure 36: Budget balance (ZWG billion)


RESERVE BANK OF ZIMBABWE
JUNE 2025


Revenue
Expenditure
Overall
Balance
ZWG BILLIONS
Q4 2024
Q1 2025

STATISTICAL TABLES
1. Depository Corporation Survey 29
2. Central Bank Survey 30
3. Other Depository Corporation Survey 31

4. Liabilities and Assets of the Central Bank
4.1.Reserve Bank: Assets

4.2.Reserve Bank: liabilities 33


5. Other Depository Corporation
5.1.Other Depository Asset 34
5.2.Other Depository Liabilities 35

6. Commercial Banks
6.1.Commercial Banks: Assets

6.2.Commercial Banks: Liabilities

7. Building Societies


7.1.Building Societies: Assets

7.2.Building Societies: Liabilities 39


8. Sectoral Analysis of Commercial Banks
8.1.Sectoral Analysis of Commercial Banks’ Loans and Advances 40
8.2.Sectoral Analysis of Commercial Bank’s Deposits

9. National Payment Systems


9.1.Values of Transactions

9.2.Volumes of Transactions

10. Interest Rates, Security Yields and Prices
10.1. Lending Rates

10.2. Deposit Rates 43


11. Stock Exchange Indices

12. Inflation


12.1. Monthly Inflation

12.2. Quarterly Inflation

12.3. Annual Inflation

13. Balance of Payments
13.1. Cross Border Payments

13.2. Cross Border Receipts

Mar-24
*Apr-24
*May-24
*Jun-24
*Jul-24
*Aug-24
*Sep-24
*Oct-24
*Nov-24
*Dec-24
*Jan-25
*Feb-25
*Mar-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

ODCs

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Central Bank

ODCs

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

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 $ since the introduction of the interbank foreign exchange market in February 2019
(xii) All monetary and financial statistics are valued in ZWL$ since the introduction of the interbank foreign exchange market in February 2019
*Statistics are denominated in ZiG
TABLE 1: DEPOSITORY CORPORATIONS SURVEY (ZWG '000)

Mar-24
*Apr-24
*May-24
*Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-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

Loans

Loans and Advances

Amounts Due from Gvt including SDR Drawdowns

of which USD Securities revaluations (Exchange rate movements)

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

ZWL Coins

ZWL Notes

Zig Notes

ZiG Coins

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
*Statistics are denominated in ZiG
TABLE 2: CENTRAL BANK SURVEY (ZWG'000)

Mar-24
*Apr-24
*May-24
*Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-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

Loans

Other

Less Liabilities to Central Government

Of which: Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

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

Transferable Deposits

of which FCAs

Other Deposits

of which FCAs

Money Market Instruments

Source: Reserve Bankof Zimbabwe, 2025
*Statistics are denominated in ZiG
TABLE 3: OTHER DEPOSITORY CORPORATIONS SURVEY (ZWG'000)

ZWG Thousands
End of
Gold
Other
Total
Treasury Bills
Central
Banks
Other
Govt.
Other
Other Assets
TOTAL
Government
Stock

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

Source: Reserve Bank of Zimbabwe, 2024
*Statistics are denominated in ZiG
TABLE 4.1: RESERVE BANK - ASSETS
Foreign Assets
Loans and advances
Investments

TABLE 4.2 RESERVE BANK: LIABILITIES
Capital
and
Foreign
general
Bond Notes in
Circulation
Bond Coins in
Circulation
Bond Notes and
Bankers Deposits
Other Deposits
Govt. Deposits
Total Deposits
Liabilities
reserve
Other Liabilities
TOTAL
coins* issued

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

Source: Reserve Bank of Zimbabwe, 2025
*Bond coins first issued in December 2014
* Bond Notes issued on 28 November 2016
*Statistics are denominated in ZiG
ZWG Thousands
Deposits

Foreign
TOTAL
End of
Notes
Bond
&
Balances
Balances with
Balances
Other Claims
Local
Other
Notes &
Coin
with
Other Depository
with
on
Government1
Governemt
Other2
Government
Local
Public
Institutional
Other cliams
Contigent Assets
Other Assets
Non Financial
Coins
RBZ
Corporations
Foreign Banks
Non-residents
Securities
securities
Government
Enterprises
Units
Assets

Jan
1,483.3

42,733.9

77,994.4

13,109.2

40,071.8


Feb
1,735.4

41,180.7

76,140.3

17,748.1

39,141.4


Mar
1,457.1

40,953.3

83,032.1

6,945.5

42,516.8


Apr
1,699.7

40,964.4

85,330.2

6,844.8

49,733.4


May
1,906.1

30,579.1

94,330.9

7,907.2

63,644.8


Jun
1,702.8

30,255.6

75,795.2

25,605.9

72,780.6


Jul
2,139.9

30,509.1

104,983.5

17,817.9

82,032.9


Aug
2,551.1

33,323.4

93,806.9

11,919.2

72,753.9


Sep
2,853.7

38,500.1

100,996.0

8,626.8

68,707.9


Oct
2,611.1

50,074.7

108,009.2

9,575.8

89,822.4


Nov
2,721.5

53,424.3

107,781.7

15,560.6

74,072.3


Dec
2,838.3

50,031.0

118,451.3

13,654.0

91,352.6


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
86.3

12,729.4

32,300.6

5,224.8

6,088.6


Feb
92.8

11,621.9

31,847.5

4,434.0

8,274.5


Mar
98.3

9,274.8

33,387.0

3,734.6

12,264.7


Source:Reserve Bank of Zimbabwe, 2025
Notes
1.Government securities includes treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households and other financial corporations.
*Statistics are denominated in ZiG
Debt Securities
Loans and Advances
Public
Enterprises
TABLE 5.1: OTHER DEPOSITORY CORPORATIONS -ASSETS
ZWG millions

Foreign Liabilities
Capital
Contigent
Other
TOTAL
and
Liablities
Liablities
End of
Demand
Savings
Time Deposits
Total Deposits
Other Depository Government
Total
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

*Nov

*Dec


Jan

Feb

Mar

Source:Reserve Bank of Zimbabwe,2025
*Statistics are denominated in ZiG
TABLE 5.2 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES
ZWG millions
Deposits
Amounts Owing to
Debt Securities

TOTAL
End of
Foreign
Bond
Notes
Balances
Balances with
Balances
Other Claims
Local
Public
Other
Contigent
Non Financial
Notes &
&
with
Other Depository
with
on
Government1 Local GovernemtPublic Enterprises
Other2
Government
Government
Enterprises
Institutional Units3
Other claims
Assets
Other Assets
Assets
Coins
Coin
RBZ
Corporations
Foreign Banks Non-residents
Securities
securities

Jan
1,237.43

39,565.64

71,463.64

12,288.89

39,092.85

10,921.99

8,281.80

-

-

1.18

16.67

18.01

1,264.28

71,090.96

718.83

25,036.22

12,333.21

32,123.11

325,454.7

Feb
1,320.27

38,100.03

69,341.48

16,867.76

38,108.83

6,341.39

12,518.15

-

-

1.26

24.15

22.69

1,493.66

77,324.34

774.89

28,339.17

15,953.14

33,612.14

340,143.4

Mar
1,244.16

38,369.53

76,479.44

5,317.61

41,401.24

8,733.65

15,889.61

-

19.21

34.56

15.17

21.67

1,309.75

80,607.03

878.97

32,908.13

19,302.34

30,861.86

353,393.9

Apr
1,430.83

38,008.89

79,592.64

5,639.40

48,564.03

7,679.05

18,267.01

-

19.23

62.89

19.86

12.71

1,336.70

91,062.16

956.75

34,537.88

21,214.88

32,383.77

380,788.7

May
1,648.09

28,677.21

87,611.51

6,479.66

59,745.10

11,582.44

18,846.75

-

152.75

93.37

21.77

16.58

1,263.75

94,790.46

990.41

35,592.28

21,398.95

31,307.45

400,218.5

Jun
1,419.27

28,452.53

69,413.26

24,215.35

70,835.98

17,601.31

17,152.75

-

19.46

92.91

17.91

77.79

1,511.86

106,954.15

1,247.08

26,856.45

26,444.57

33,288.94

425,601.6

Jul
1,794.72

29,100.73

97,429.50

15,901.02

79,937.02

25,314.30

21,665.10

-

290.76

47.39

17.32

67.80

1,351.13

117,348.16

1,301.18

26,869.18

29,079.64

33,587.68

481,102.6

Aug
2,137.72

31,734.84

85,441.98

9,099.10

70,391.64

25,194.95

31,434.20

-

339.72

51.28

22.49

63.94

1,583.28

132,522.63

1,337.19

32,281.12

30,022.43

37,697.05

491,355.6

Sep
2,417.81

36,259.54

93,032.71

6,164.78

66,640.78

25,023.38

31,460.81

-

366.88

57.60

21.07

62.45

1,531.08

134,780.92

1,342.62

31,980.97

30,439.34

34,630.85

496,213.6

Oct
1,993.06

47,379.62

99,470.02

7,339.71

86,302.62

26,924.18

37,639.16

-

188.07

121.59

21.20

75.41

1,683.89

149,477.36

1,523.34

49,580.96

40,853.06

36,664.31

587,237.6

Nov
2,168.80

49,327.15

100,125.90

12,723.73

71,667.33

29,748.47

41,015.56

-

187.03

999.12

21.24

74.76

1,882.53

168,661.25

1,484.24

52,327.68

40,073.22

43,878.52

616,366.5

Dec
2,315.32

46,412.99

109,803.84

10,942.92

87,347.07

33,690.93

38,610.29

-

185.99

4,146.13

21.09

167.53

2,798.61

184,836.87

3,368.75

60,916.98

41,811.67

59,011.63

686,388.6

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

684,641.89

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

734,997.53

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

860,321.67

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

946,471.05

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

1,456,705.70

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

1,724,666.09

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

1,857,204.02

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

2,412,082.57

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

2,756,949.83

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

2,897,679.60

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

3,012,537.30

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

3,363,834.80

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

3,957,814.16

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

4,321,424.21

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

5,065,173.94

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

5,214,693.59

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

11,198,912.85

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

24,221,090.21

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

21,491,116.14

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

21,494,755.81

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

24,793,895.84

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

26,143,181.72

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

27,797,681.23

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

29,837,022.16

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

46,689,392.37

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

65,496,772.18

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

93,497,780.56

*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

59,818.08

*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

63,767.76

*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

67,545.34

*Jul
5.05

4,943.82

10,426.18

1,342.47

5,743.94

351.44

6,988.99

-

-

5.21

25.13

0.16

432.35

24,895.03

348.09

2,342.85

6,539.59

6,244.23

70,634.52

*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

73,714.52

*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

121,800.51

*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

142,587.19

*Nov
58.26

10,111.62

27,498.54

3,102.17

5,626.08

117.33

9,757.48

-

-

0.00

287.55

2,326.36

572.57

45,782.99

1,064.73

6,685.94

11,362.33

10,783.91

135,137.84

*Dec
64.89

8,774.50

29,312.78

3,217.87

7,673.17

287.57

10,942.77

-

-

8.29

54.88

0.57

549.66

46,926.14

1,073.63

6,555.30

13,399.70

11,326.46

140,168.19

Jan
69.16

11,456.41

29,733.87

3,619.46

5,360.40

371.37

10,307.60

-

-

8.47

56.00

10.04

602.54

47,707.68

1,083.88

6,541.21

10,321.33

12,929.18

140,178.60

Feb
74.54

10,379.65

28,980.85

2,887.47

7,444.59

537.09

9,957.34

-

-

8.33

56.51

18.89

773.23

47,741.48

1,091.66

6,813.47

9,654.17

12,804.87

139,224.14

Mar
79.63

7,925.12

30,608.58

2,161.71

11,619.28

786.30

10,693.31

-

-

0.00

65.05

59.30

740.61

49,559.08

1,085.54

7,656.70

8,750.57

13,326.61

145,117.41

Source:Reserve Bank of Zimbabwe,2025
Statistics are denominated in ZiG
TABLE 6.1: COMMERCIAL BANKS -ASSETS
ZWG millions
Debt Securities
Loans and Advances

ZWG millions
End of
Demand
Savings
Time Deposits Total Deposits Other Depository Government
Total
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

*Nov

*Dec


Jan

Feb

Mar


Source: Reserve Bank of Zimbabwe, 2025
*Statistics are denominated in ZiG
TABLE 6.2 : COMMERCIAL BANKS - LIABILITIES
Deposits
Amounts Owing to

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

Jan
188.7

2943.3
5,986.5

793.8
843.5

-

1,783.8

10.2
-

211.3

1,091.3

0.0

9,329.1

2980.3
7,685.1

33,846.9

Feb
345.7

2762.9
6,004.8

811.1
984.2

-

2,731.0

9.2
-

236.8

2,089.3

-

8,950.2

2949.2
7,790.6

35,665.0

Mar
168.3

2278.9
6,313.1

1594.4
1,028.2

-

1,341.7

8.4
-

415.1

1,242.4

-

10,867.7

3027.5
7,841.0

36,126.8

Apr
206.9

2702.1
5,302.6

1156.7
1,085.4

-

871.7

7.7
-

508.9

1,581.5

-

14,233.6

3431.1
7,237.9

38,326.2

May
210.3

1687.6
5,962.2

1250.9
3,847.1

-

116.9

7.0
-

517.7

1,568.8

-

17,154.9

2927.9
7,532.9

42,784.2

Jun
249.6

1649.7
6,202.6

1163.8
1,866.7

-

204.6

6.5
-

588.0

1,851.9

-

18,795.4

2580.9
7,701.1

42,860.7

Jul
283.7

1212.2
7,193.4

1892.7
1,875.4

-

1,143.4

6.0
-

447.3

1,963.2

-

18,280.3

3923.5
7,695.6

45,916.5

Aug
352.8

1408.8
7,869.3

2537.6
2,316.2

-

3,535.6

5.4
-

399.5

2,101.3

-

19,422.2

3837.6
7,666.6

51,453.0

Sep
349.8

1926.6
7,608.5

2430.2
1,941.4

-

4,314.6

5.1
-

205.2

2,231.7

-

20,461.1

4013.2
9,460.7

54,948.1

Oct
411.5

2396.2
8,221.0

2162.4
3,421.5

-

5,627.7

4.3
-

271.1

2,539.5

-

22,881.3

5432.3
9,501.3

62,870.1

Nov
339.8

3578.4
7,561.6

2568.8
2,299.5

-

5,882.7

3.7
-

566.4

2,788.5

-

27,326.1

4400.3
9,614.3

66,930.0

Dec
351.1

3217.3
8,557.8

2619.2
3,620.2

-

2,353.6

3.0
-

1,189.0

2,786.9

-

33,115.3

5610.8
11,334.1

74,758.3

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
19993.4
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
166902.0
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
280441.0
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
399313.5
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
528820.5
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
16.4

936.1
2,314.6

1595.3
637.3

-

1,060.8


35.6

5,695.2

3701.1
2,505.2

20,382.5

*Feb
17.2

977.3
2,481.1

1537.6
695.1

-

856.4

0.0
292.4
-

1,628.3

35.8

5,937.3

2478.3
2,513.8

19,450.5

*Mar
17.4

1018.9
2,314.6

1592.7
529.8

-

1,073.9

0.0
284.5
-

2,195.8

78.2

5,596.1

2357.9
2,677.9

19,737.7

Source:Reserve Bank of Zimbabwe,2025
Notes
1.Government securities include treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households and other financial corporations,
* Statistics are denominated in ZiG
TABLE 7.1: BUILDING SOCIETIES -ASSETS
ZWG millions
Debt Securities
Loans and Advances

Debt Securities
Foreign Liabilities
Capital
Other
TOTAL
and
Liablities
End of
Savings
Time Deposits
Total Deposits
Other Depository
Government
Total
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

*Nov

*Dec


*Jan

*Feb

*Mar

Source:Reserve Bank of Zimbabwe, 2025
* Statistics are denominated in ZiG
Amounts Owing to
TABLE 7.2: BUILDING SOCIETIES -LIABILITIES
ZWG millions

TABLE 8.1: SECTORAL ANALYSIS OF COMMERCIAL BANKS LOANS AND ADVANCES
ZWG ('000)

AGRICULTURE
CONSTRUCTION
COMMUNICATION
DISTRIBUTION
FINANCIAL &
FINANCIAL
MANUFACTURING
MINING
SERVICES
TRANSPORT
INDIVIDUALS
CONGLOMERATES
TOTAL
END OF


INVESTMENTS
ORGANISATIONS

Jan

Feb

Mar

Apr

May

June

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

Source:Reserve Bank of Zimbabwe,2025
*Statistics are denominated in ZiG

END OF
AGRICULTURE
CONSTRUCTION
COMMUNICATIONS
DISTRIBUTION
FINANCIAL&INV
ESTMENT
FINANCIAL ORG
MANUFACTURING
MINING
SERVICES
TRANSPORT
INDIVIDUALS
CONGLOMERATES
TOTAL

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

*Nov

*Dec


*Jan

*Feb

*Mar

Source:Reserve Bank of Zimbabwe, 2025
*Statistics are denominated in ZiG
TABLE 8.2: SECTORAL ANALYSIS OF COMMERCIAL BANKS DEPOSITS
ZWG('000)

End of
ZETSS
POS
ATM
MOBILE
INTERNET
End of
ZETSS
POS
ATM
MOBILE
INTERNET

Jan
255,551.32 21,042.23 2,300.31 35,349.13 66,624.38
Jan
720.03 9,849.33 228.95 94,691.39 872.24
Feb
226,335.83 22,882.64 2,288.90 36,434.44 63,598.24
Feb
805.99 12,309.28 527.83 90,078.04 754.86
Mar
320,422.14 28,569.92 3,316.59 44,523.99 86,463.87
Mar
1,112.80 15,178.81 751.04 105,271.97 1,003.73
Apr
288,958.76 30,071.50 2,807.02 44,131.56 90,580.45
Apr
951.67 15,184.98 605.53 97,253.26 1,040.08
May
361,427.10 36,765.06 3,193.67 49,745.80 89,471.34
May
1,029.79 16,511.28 664.43 103,708.73 994.81
Jun
388,757.52 38,540.10 3,200.04 51,437.41 115,145.66
Jun
1,076.92 14,797.88 581.86 99,349.63 982.07
Jul
379,659.93 45,808.07 2,489.07 57,565.84 145,026.95
Jul
1,028.17 15,217.56 550.97 102,587.60 980.77
Aug
397,539.02 52,853.87 4,086.04 60,908.40 159,206.60
Aug
1,045.02 14,624.45 475.41 105,269.73 955.77
Sep
477,933.57 52,262.68 4,179.52 64,139.24 181,194.82
Sep
1,193.13 15,397.64 492.21 104,141.94 2,092.60
Oct
481,180.88 53,165.93 3,839.95 65,329.02 197,972.49
Oct
1,114.18 18,207.42 434.49 107,294.58 2,342.61
Nov
621,896.69 56,025.31 4,877.03 63,017.52 252,407.92
Nov
1,144.91 17,435.88 477.03 98,386.51 2,322.92
Dec
747,035.61 67,903.92 4,705.45 76,511.57 264,749.24
Dec
1,220.28 20,029.57 519.50 106,428.62 2,580.64

Jan
802,677.72 55,961.62 5,074.74 53,456.29 218,545.32
Jan
957.90 15,480.23 439.87 83,661.76 1,902.89
Feb
672,722.97 59,581.58 5,607.02 66,811.97 238,910.83
Feb
981.01 15,190.39 433.68 78,916.08 1,895.33
Mar
961,452.00 75,050.75 7,882.23 82,886.94 342,168.72
Mar
1,242.33 16,967.63 519.12 87,501.09 2,128.58
Apr
976,617.19 89,192.57 8,391.54 89,671.98 293,204.61
Apr
1,073.00 15,906.24 457.99 82,673.39 1,937.64
May
1,205,990.00 110,807.30 13,712.78 106,881.76 469,185.15
May
1,213.50 16,069.94 477.80 78,385.20 2,001.20
Jun
1,601,225.31 134,550.97 18,810.59 123,721.28 618,347.53
Jun
1,190.30 15,304.67 474.16 75,631.66 1,705.09
Jul
1,754,111.97 170,480.64 20,413.15 172,562.48 713,401.10
Jul
1,115.80 16,063.84 517.03 88,030.56 1,866.70
Aug
2,334,295.00 152,343.37 31,418.59 178,188.87 826,377.12
Aug
1,028.04 13,686.77 489.08 76,957.81 1,623.75
Sep
2,793,056.56 177,701.71 35,144.35 202,368.06 872,807.43
Sep
1,084.61 13,818.44 455.52 71,362.13 2,225.19
Oct
2,728,731.30 186,478.90 50,202.30 209,758.00 622,412.80
Oct
969.30 12,986.80 510.90 67,641.70 1,825.40
Nov
3,370,779.90 202,876.20 61,086.70 213,295.30 734,610.60
Nov
1,001.40 12,324.10 499.90 59,151.50 2,430.20
Dec
3,310,814.90 246,783.60 76,872.00 249,516.40 1,106,346.50
Dec
1,013.60 14,316.90 616.70 60,584.50 2,469.80

Jan
3,289,379.32 240,010.34 68,386.68 238,455.31 1,107,756.41
Jan
918.88 11,733.99 444.00 48,617.07 1,692.96
Feb
3,050,933.28 219,437.84 73,672.28 245,282.55 1,202,998.52
Feb
886.75 10,301.47 479.91 43,326.51 1,895.81
Mar
5,068,223.68 308,609.08 85,343.38 328,822.35 1,517,972.57
Mar
1,092.60 13,216.99 593.97 50,037.43 1,927.14
Apr
5,294,044.55 341,571.29 79,754.60 355,007.31 1,517,972.57
Apr
907.55 14,375.14 526.73 47,171.67 1,982.93
May
6,275,310.72 518,333.86 173,170.74 532,078.61 3,274,968.53
May
1,119.24 12,808.69 576.68 49,143.18 2,233.62
Jun
17,059,664.04 882,362.57 615,190.92 1,210,486.16 6,640,627.10
Jun
1,050.21 10,190.63 606.04 45,488.80 1,212.97
Jul
17,859,586.39 1,033,836.89 541,445.55 1,620,242.78 6,077,538.29
Jul
942.67 8,226.82 1,777.10 42,648.82 993.68
Aug
17,955,865.49 1,017,990.47 649,827.89 1,440,537.41 6,244,772.44
Aug
888.00 8,434.65 653.58 42,648.82 977.54
Sep
18,690,087.00 1,221,725.29 773,363.92 1,672,654.21 7,746,084.35
Sep
964.06 9,658.95 703.55 45,148.73 1,061.36
Oct
19,808,639.10 1,264,577.16 826,681.17 5,116,902.86 8,661,662.90
Oct
949.14 9,449.30 618.97 50,640.61 904.41
Nov
23,685,304.81 1,429,269.50 901,515.57 1,999,069.40 9,557,300.70
Nov
924.50 9,525.69 623.29 52,332.44 1,048.50
Dec
26,396,219.43 1,805,050.47 1,092,682.60 2,604,059.19 10,150,615.33
Dec
924.47 11,845.97 776.49 56,450.97 1,026.21

Jan
28,285,124.94 1,907,120.03 1,843,871.04 4,295,911.58 22,017,137.88
Jan
914.90 10,017.90 708.10 52,445.00 882.80
Feb
38,298,901.05 2,856,866.96 2,676,718.17 5,734,025.51 29,563,851.53
Feb
889.70 7,868.70 737.50 51,545.90 904.20
Mar
60,432,584.71 3,937,099.72 4,464,712.77 8,691,084.21 37,343,406.06
Mar
941.14 7,569.28 728.43 58,151.43 921.38
*Apr
41,317.54 2,063.05 2,797.06 4,754.91 15,996.48
*Apr
791.83 5,729.47 744.79 30,450.44 938.01
*May
53,741.28 3,335.65 3,355.39 7,058.05 22,545.40
*May
1,046.65 7,950.08 899.38 42,290.80 1,690.28
*Jun
51,046.38 3,281.73 3,230.95 6,470.44 22,040.12
*Jun
927.30 7,224.24 849.61 41,224.15 1,155.79
*Jul
63,526.12 3,956.03 3,646.28 7,361.68 27,328.40
*Jul
1,059.13 8,228.22 920.88 44,159.41 1,318.93
*Aug
54,975.89 3,973.70 3,937.26 7,555.92 25,760.62
*Aug
974.38 8,669.34 965.97 47,536.92 1,233.10
*Sep
6,504.55 4,685.21 5,331.36 1,194.06 38,798.22
*Sep
1,009.71 8,369.30 860.54 49,927.24 1,408.88
*Oct
109,554.74 6,900.07 6,836.32 16,082.35 50,983.09
*Oct
1,015.68 8,101.53 866.85 52,795.20 1,447.54
*Nov
107,345.13 7,074.56 6,940.40 15,645.29 47,876.36
*Nov
868.41 7,253.15 864.37 50,820.53 1,359.22
*Dec
123,594.82 7,954.46 8,665.18 17,068.54 50,613.24
*Dec
931.58 8,017.72 1,071.61 50,767.85 1,541.29

*Jan
105,337.90 7,252.43 6,858.89 14,579.45 44,760.80
*Jan
839.48 7,381.34 911.06 46,337.89 1,363.63
*Feb
92,208.69 5,961.25 6,364.85 14,208.89 43,833.14
*Feb
815.47 6,229.85 838.08 44,460.79 1,346.33
*Mar
112,646.31 6,785.32 7,339.83 17,156.03 47,320.62
*Mar
917.44 6,777.01 953.30 53,987.01 1,250.12
Source:Reserve Bank of Zimbabwe, 2025
*Statistics are denominated in ZiG
TABLE 9.1 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Values of Transactions (ZWG in millions)
BLE 9.2 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIV
Volumes of Transactions (in thousands)

End of
Nominal Lending
Rates2
Individuals
Corporate
Savings
3 Months2

Jan
6.00-65.00
32.65
24.77
Jan
0.22-12.00
2.00-21.50
Feb
6.00-85.00
36.67
21.36
Feb
0.22-12.00
2.00-21.50
Mar
6.00-85.00
35.83
22.61
Mar
0.22-12.00
2.00-21.50
Apr
6.00-85.00
35.22
22.59
Apr
0.22-12.00
2.00-21.50
May
6.00-85.00
34.84
21.76
May
0.22-12.00
2.00-21.50
Jun
6.00-85.00
36.25
22.46
Jun
0.25-12.00
2.00-26.00
Jul
6.00-85.00
36.56
21.66
Jul
0.50-12.00
2.00-26.00
Aug
6.00-85.00
41.06
39.65
Aug
0.50-12.00
2.00-26.00
Sep
6.00-85.00
40.61
39.50
Sep
0.50-12.00
2.00-26.00
Oct
6.00-85.00
41.86
45.81
Oct
0.50-12.00
2.00-26.00
Nov
6.00-8500
39.13
38.10
Nov
0.50-12.00
2.00-26.00
Dec
6.00-8500
39.34
37.94
Dec
0.50-12.00
2.00-26.00

Jan
15.00-8500
39.32
39.62
Jan
0.50-12.00
2.00-26.00
Feb
15.00-8500
40.55
64.02
Feb
0.50-12.00
2.00-26.00
Mar
15.00-8500
40.74
43.88
Mar
0.50-12.00
2.00-26.00
Apr
15.00-8500
38.15
45.56
Apr
0.50-12.50
2.00-30.00
May
15.00-8500
38.01
47.25
May
0.50-12.50
2.00-32.00
Jun
15.00-8500
38.45
48.25
Jun
0.50-12.50
2.00-32.00
Jul
80.00-240.00
82.75
165.45
Jul
40.00
80.00-92.00
Aug
80.00-230.00
88.46
155.96
Aug
40.00
80.00-92.00
Sep
100.00-230.00
98.07
158.46
Sep
40.00
80.00-92.00
Oct
100.00-290.00
99.37
115.26
Oct
40.00
80.00-92.00
Nov
100.00-290.00
99.03
110.97
Nov
40.00
80.00-92.00
Dec
100.00-290.00
99.02
110.83
Dec
40.00
80.00-95.00

Jan
100.00-240.00
90.05
116.03
Jan
40.00
80.00-110.00
Feb
65.00-230.00
60.12
80.88
Feb
30.00
50.00-110.00
Mar
65.00-230.00
74.35
81.46
Mar
30.00
50.00-110.00
Apr
70.00-230.00
74.48
86.96
Apr
30.00
50.00-110.00
May
70.00-230.00
77.86
83.61
May
30.00
50.00-110.00
Jun
70.00-155.00
76.33
92.64
Jun
30.00
50.00-110.00
Jul
64.00-155.00
77.82
94.80
Jul
30.00
50.00-110.00
Aug
64.00-155.00
77.63
93.18
Aug
30.00
50.00-110.00
Sep
64.00-160.00
76.49
92.69
Sep
30.00
50.00-110.00
Oct
64.00-160.00
71.72
92.43
Oct
30.00
50.00-110.00
Nov
64.00-160.00
70.15
93.15
Nov
30.00
50.00-110.00
Dec
64.00-155.00
69.02
93.77
Dec
30.00
50.00-110.00

Jan
70.00-230.00
70.18
95.24
Jan
33.75
50.00-110.00
Feb
70.00-230.00
76.05
93.76
Feb
33.75
50.00-110.00
Mar
70.00-230.00
73.43
91.40
Mar
33.75
50.00-110.00
*Apr
20.00-60.00
25.91
24.29
*Apr
5.22
5.00-10.00
*May
10.00-60.00
25.17
24.52
*May
3.75
5.00-10.00
*Jun
10.00-40.00
24.89
24.46
*Jun
3.75
5.00-10.00
*Jul
20.00-40.00
24.69
24.44
*Jul
3.75
5.00-10.00
*Aug
20.00-40.00
24.42
24.15
*Aug
3.75
5.00-10.00
*Sep
20.00-40.00
24.27
23.92
*Sep
3.75
5.00-10.00
*Oct
25.00-58.00
38.49
36.80
*Oct
3.75
5.00-10.00
*Nov
25.00-58.00
39.25
34.29
*Nov
3.75
5.00-10.00
*Dec
25.00-58.00
41.03
39.91
*Dec
3.54
5.00-10.00

*Jan
25.00-58.00
41.82
40.13
*Jan
3.54
5.00-25.00
*Feb
25.00-58.00
43.00
40.45
*Feb
3.81
5.00-25.00
*Mar
20.00-58.00
42.33
40.42
*Mar
3.81
5.00-25.00
Source:Reserve Bank of Zimbabwe, 2025
Notes
*Statistics are denominated in ZiG
3. Lending rates exclude rates on staff loans.
TABLE 10.2 : BANKS DEPOSIT RATES (percent per annum)1
1. The range of rates qouted by banks during the period.
2. Three (3) months deposit rates revised to exclude rates on
inactive or dormant accounts.
TABLE 10.1: LENDING RATES (percent per annum)1
1. Table revised, to separate weighted lending rates for individuals and
corporate bodies.
2. Nominal Lending Rates depict the range of rates quoted by banks.
Weighted Average Lending Rates3
Commercial Banks
Commercial Banks
End of

End of
All Share
Mining
Market Turnover ZWG
million
Volume of Shares
Market Capitalisation

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

Source:Zimbabwe Stock Exchange, 2025
*Statistics are denominated in ZiG
**As at 30 September 2020
ZWG
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS
Indices
*All Share index was

FOOD
INFLATION
ALL
ALCOHOLIC
BEVERAGES
CLOTHING
HOUSING,
WATER,
FURNITURE
HEALTH
TRANSPORT
COMMUNICATION
RECREATION &
EDUCATION
RESTAURANTS
&
MISC.
TOTAL
NON
FOOD &
ITEMS
& TOBACCO
FOOTWEAR
ELECTRICTY,
GAS
AND
CULTURE
HOTELS
GOODS &
FOOD
NON
ALCOHOLIC
BEVERAGES
& OTHER
EQUIPMENT
SERVICES
FUELS
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

*Nov

*Dec


*Jan

*Feb

*Mar

Source:Zimstat, 2025
*Statistics are in ZiG
NON-FOOD INFLATION
TABLE 12.1 : MONTHLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
( April 2024 = 100)

FOOD
INFLATION
ALL
ALCOHOLIC
BEVERAGES
CLOTHING
HOUSING, WATER,
FURNITURE
HEALTH
TRANSPORT
COMMUNICATION
RECREATION &
EDUCATION
RESTAURANT
S &
MISC.
TOTAL NON
FOOD &
ITEMS
& TOBACCO
FOOTWEAR
ELECTRICTY, GAS
AND
CULTURE
HOTELS
GOODS &
FOOD
NON
ALCOHOLIC
BEVERAGES
& OTHER
EQUIPMENT
SERVICES
FUELS
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

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

Source: ZIMSTAT, 2025
* Statistics are for ZiG Inflation
TABLE 12.2 : QUARTERLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
(April 2024 = 100)
NON-FOOD INFLATION

FOOD
INFLATION
ALCO HO LIC
CLO T HING
HO US ING ,
W AT E R,
FURNIT URE
MIS C.
FO O D &
B E VE RAG E S
&
E LE CT RICT Y,
G AS
AND
RE CRE AT IO N &
RE S T AURANT S
&
G O O DS &
T O T AL NO N
NO N
ALCO HO LIC
ALL
& T O B ACCO
FO O T W E AR
& O T HE R
E Q UIP ME NT
CULT URE
HO T E LS
S E RVICE S
FO O D
B E VE RAG E S
IT E MS
FUE LS
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

Source: ZIMSTAT, 2024
TABLE 12.3 : YEARLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
(February 2019 = 100)
CO MMUNICAT IO N
T RANS P O RT
HE ALT H
E DUCAT IO N
NON-FOOD INFLATION

End of
Mar-24 Apr-24 May-24 Jun-24
Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24
Jan-25
Feb-25 Mar-25
Merchandise Imports (excl. energy)
346.3

353.8

447.0

373.4

492.8

408.6

461.0

503.2

430.2

420.1

470.0

363.2

437.3

- Consumption Goods
100.6

144.2

163.2

143.2

154.3

118.1

166.3

173.5

160.7

156.8

143.9

108.0

119.5

- Capital Goods
135.2

126.5

165.2

123.4

174.3

139.7

144.1

178.5

143.3

132.7

142.2

109.8

143.8

- Intermediate Goods
110.4

83.1

118.6

106.8

154.3

118.1

166.3

151.2

126.2

130.6

184.0

145.4

174.1

Energy (Fuel & Electricity)
131.4

142.0

155.1

127.1

159.2

149.1

143.7

173.9

148.4

140.1

185.4

132.8

146.7

Service Payments
77.5

71.7

81.1

79.6

845.1

102.1

915.1

100.9

86.1

87.3

81.8

85.1

73.2

- Technical, Professional & consult
34.1

26.9

32.9

25.2

378.2

512.8

379.9

32.7

29.5

42.4

36.7

33.7

26.6

- Software
12.9

8.9

13.0

12.7

145.6

134.5

110.8

20.8

21.8

17.3

15.3

15.8

13.1

- Other (tourism, edu, freight etc)
30.5

35.9

35.2

41.7

321.3

373.4

424.5

47.4

34.8

27.6

29.8

35.6

33.5

Income Payments (Profits, Dividends)
30.6

28.3

13.1

23.7

38.1

858.6

417.1

20.4

20.8

58.5

50.5

32.6

39.5

Capital Remittances (outward)
55.4

49.0

83.3

48.8

111.1

735.7

763.5

59.8

80.8

102.8

87.9

53.9

58.6

- External Loan Repayments
40.3

31.6

59.0

41.8

95.1

60.3

64.0

46.3

45.5

76.9

63.4

38.4

41.8

- Disinvestments
75.8

6.4

17.2

2.6

80.4

10.8

38.5

5.9

14.4

17.6

10.9

11.8

10.3

- Cross Border Investment
74.9

11.0

7.1

4.4

79.6

24.9

84.8

7.6

20.9

8.3

13.6

3.8

6.5

Other Payments
23.6

7.9

31.0

22.3

28.9

20.3

21.7

21.3

22.7

22.7

26.0

32.1

31.6

TOTAL
664.8

652.8

810.7

675.0

914.7

839.5

836.0

879.5

788.9

831.5

901.6

699.6

786.9

Source:Reserve Bank of Zimbabwe, 2025
Table 13.1: Monthly Cross Border Payments (US$ Millions)

Agriculture
Horticulture
Manufacturing
Mining
Tobacco
Tourism
Transport &
Other Services
Total
End of
Telecom

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

Source:Reserve Bank of Zimbabwe, 2025
Table 13.2: Monthly Cross Border Receipts (US$Millions)