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AUGUST 2025

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TABLE OF CONTENTS


OVERVIEW
Monthly ZiG inflation fell significantly from
1.57% in July 2025 to 0.4% in August 2025. In
tandem, annual ZiG inflation continued its
downward trend, declining to 93.8% in August,
from 95.8% in July 2025.
Broad
money
(M3)
stock
stood
at
ZiG99,202.27 million in August 2025, an
increase of 3.14% from ZiG96,184.73 million
recorded in July 2025.
The
Zimbabwe
Stock
Exchange
(ZSE)
maintained a bullish trajectory for the third
consecutive month. The Victoria Falls Stock
Exchange also traded positively benefitting
from heightened investor appetite.
The total digital payment systems transaction
values for August 2025 decreased by 13% from
ZiG237.47 billion in July 2025, to ZiG205.49
billion in August 2025. Transactional volumes,
however, increased by 2% from 69.90 million
to 71.42 million recorded during the same
period.
In commodity markets, international average
prices for platinum, palladium, copper, nickel
and Brent crude oil declined during the month
of August 2025, while prices for gold and
lithium increased during the same month.
Concerning merchandise trade dynamics, the
country’s
merchandise
exports
totalled
US$878.2 million against an import bill of
US$871.1 million, resulting in a trade surplus
of US$7.0 million.
INTERNATIONAL COMMODITY
PRICE DEVELOPMENTS
International average prices for platinum,
palladium, copper, nickel and Brent crude oil
declined during the month of August 2025,
while prices for gold and lithium increased
during the same month.
Table 1 shows the changes in prices of selected
commodities for August 2025.

Table 1: International Commodity Prices
for July 2025 and August 2025
Commodity

July-25


Aug-25
Monthly
changes
(%)
Gold
US$/oz
3,342.45
3,369.29
0.80
Platinum
US$/oz
1,390.28
1,341.59
(3.50)
Palladium
US$/oz
1,208.39
1,143.38
(5.38)
Copper
US$/t
9,782.46
9,739.93
(0.43)
Nickel
US$/t
15,233.00
15,134.38
(0.65)
Brent Crude
oil
US$/bbl
69.01
66.90
(3.07)
Lithium
US$/t
8,085.22
8,417.57
4.11
Source: Bloomberg, 2025

Gold
During the month of August 2025, gold prices
firmed by 0.80% to US$3,369.29 per ounce,
from US$3,342.45 per ounce recorded in the
previous month. The uptick in prices was
supported by slower U.S. job growth,
expectations of multiple Federal Reserve
interest rate cuts, heightened concerns over
political
interference
in
central
bank
independence, and ongoing trade tensions
which
have
undermined
confidence
in
traditional markets. As such, global investors
have increasingly turned to gold as a preferred
asset for risk-hedging.

Platinum
Platinum prices averaged US$1,341.59 per
ounce during the month under review, a 3.5%
decline from an average of US$1,390.28 per
ounce recorded in July 2025. The price
decrease was influenced by a strengthening
U.S. dollar, which made the metal more
expensive for investors and consumers holding
other currencies. In addition, selling pressure
from exchange traded funds (ETF) and
inventory adjustments
have, temporarily,
outweighed the ongoing supply deficits and
strong demand from the jewellery and
investment sectors, thereby moderating upward
pressure on platinum prices.
Palladium
Palladium prices fell by 5.38% to US$1,143.38
per ounce, from US$1,208.39 per ounce
recorded in July 2025. Prices declined amid
reports of a potential de-escalation in the
Russia–Ukraine conflict, alongside ongoing
negotiations
which
have
heightened
expectations for a relaxation of sanctions on
Russian
palladium
exports.
These
developments could lead to an increase in
supply, thereby exerting downward pressure on
prices.
Furthermore,
the
weakening
of
industrial
demand,
especially
from
the
automotive sector, further contributed to the
price decline.

The movements in precious metals prices for
the period from August 2023 to August 2025
are shown in Figure 1.


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

Source: Bloomberg, 2025

Brent Crude Oil
Brent crude oil prices decreased by 3.07% to
US$66.90 per barrel in August 2025, from
US$69.01 per barrel recorded during the
previous month. Brent crude oil prices retreated
as the Organization of the Petroleum Exporting
Countries (OPEC+) ramped up oil production
significantly in August 2025, by approximately
548,000 barrels per day, exceeding market
expectations. The growing supply of crude oil
pushed prices downwards, despite ongoing
global economic concerns and seasonal
demand factors.

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


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
US$/ounce
US$/ounce
Gold
Palladium
Platinum (RHS)

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

Source: Bloomberg, 2025

Copper
Copper prices fell by 0.43% to US$9,739.93
per tonne in August 2025, from US$ 9,782.46
per tonne recorded in July 2025. The decrease
in prices followed the exemption of refined
copper from steep U.S. tariffs. The shift altered
supply dynamics as traders began unwinding
stocks they had built in anticipation of higher
tariffs, resulting in excess supply of the red
metal in the global markets.

Nickel
During the month of August 2025, nickel prices
dropped by 0.65% to US$15,134.38 per tonne,
from US$15,233.00 per tonne in the preceding
month. The prices were largely driven by
Indonesia’s continued production, leading to
global excessive supply.

Figure

illustrates
base
metals
price
developments for the period from August 2023
to August 2025.

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

Source: Bloomberg 2025


Lithium
Lithium prices strengthened by 4.11% to
US$8,417.57 per tonne in August 2025, from
US$8,085.22 per tonne in July 2025. The surge
in prices was largely fuelled by supply
disruptions in China which prompted investors
to bid up prices in anticipation of further
shortages.

Figure 4 indicates the developments of lithium
prices for the period from August 2023 to
August 2025.

Aug-23
Nov-23
Feb-24
May-24
Aug-24
Nov-24
Feb-25
May-25
Aug-25
US$/barrel

Aug-23
Nov-23
Feb-24
May-24
Aug-24
Nov-24
Feb-25
May-25
Aug-25
US$/tonne
US$/tonne
Copper
Nickel (RHS)

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

Source: London Metal Exchange, 2025

Merchandise Trade Developments
Zimbabwe’s total merchandise trade decreased
by 0.7% to US$1.74 billion in August 2025,
from US$1.76 billion recorded in the previous
month. The decline was driven by a reduction
in imports during the month under review.
Compared to the corresponding month in 2024,
however, total merchandise trade rose by
12.8%, from US$1.55 billion.

Merchandise Exports
Merchandise exports stood at US$878.2
million in August 2025, a 0.2% increase from
the previous month’s outturn of US$876.0
million. The increase was largely due to the
growth in export earnings from gold and
lithium.

Similarly, on annual basis, exports in August
2025 were 30.3% higher compared to
US$674.0 million recorded in August 2024.
The increase was driven by elevated global
gold prices, amid ongoing geopolitical and
geoeconomic uncertainties.

Figure 5 shows developments in the country’s
merchandise exports for the period from
January 2024 to August 2025.

Figure 5: Monthly Merchandise Exports
(US$ millions): 2024 and 2025

Source: ZIMSTAT, 2025

Exports by Commodity
The country's export basket was predominantly
composed of primary commodities, with gold
leading at 53.2%, followed by PGMs, (16.3%),
tobacco (9.5%), and ferrochrome (5.0%). Table
2 shows the country’s exports for the months of
July
and
August
2025,
classified
by
harmonised commodity description and code.


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
US$/tonne

Table 2: Major Exports (US$ millions)

July -

(US$m)
August - 25
(US$m)
July -
Aug 2025
Changes
(%)
Share of
Aug
Exports
(%)
Total

Of Which:


Gold

PGMs

Tobacco
(Including
cigarettes)

Ferrochromi
um

Other
mineral
substances

Other ores
and
concentrates

Chromium
ores and
concentrates

Coal

Cane sugar

Iron/steel
bars & rods

Others

Source: ZIMSTAT & RBZ Calculations, 2025

Export Markets
The country’s exports were primarily destined
to the United Arab Emirates (52.5%), South
Africa (22.6%), and China (9.7%), during the
month of August 2025. The remaining exports
were from other various international markets.

Figure 6 shows the country’s major export
markets during the month under review.


Figure 6: Top Ten Merchandise Export
Destinations (% Share)


Source: ZIMSTAT & RBZ Calculations, 2025

Merchandise Imports
Merchandise imports stood at US$871.1
million in August 2025, reflecting a 1.7%
decline from US$886.2 million recorded in the
previous month. On an annual basis, imports
declined by 0.6%, from US$876.2 million in
August 2024.

Figure 7 shows monthly import developments
for 2024 and 2025.


United Arab Emirates
South Africa
China
Mozambique
Belgium
Indonesia
Zambia
Viet Nam
Netherlands
Armenia

Figure 7: Monthly Merchandise Imports
(US$ millions): 2024 and 2025

Source: ZIMSTAT & RBZ Computations, 2025


Imports by Commodity
The major drivers of the country’s imports in
August 2025 were industrial supplies, which
accounted for 34.0% of the total import bill.
The other import products included fuel and
lubricants, 21.0%, capital goods, 19.1% and
food and beverages, 9.9%.

Table 3 shows the major import commodities
for the months of July and August 2025.


Table 3: Major Imports (US$ millions)

July - 25
(US$m)
August -

(US$m)
July –
August 25
Changes
(%)
Share of
Total
Imports
Aug-25
(%)
Total

Of Which:


Industrial
supplies

Fuels and
lubricants

Capital
goods

Food and
beverages

Transport
equipment
and parts

Consumer
goods

Others

Source: ZIMSTAT & RBZ Calculations, 2025

During the month under review, Zimbabwe’s
imports were predominantly sourced from
South Africa, which accounted for 38.5% of the
total import bill. This was followed by China
(13.1%), the Bahamas (9.7%), Bahrain (6.9%)
and the United Arab Emirates (4.4%). The
remaining imports originated from other
international markets, as indicated in Figure 8.

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

Figure 8: Top Ten Merchandise Import
Sources (% Share)

Source: ZIMSTAT & RBZ Calculations, 2025

Merchandise Trade Balance
During the month of August 2025, Zimbabwe
recorded a trade surplus of US$7.0 million, an
improvement from a deficit of US$10.2 million
recorded in the previous month. Relative to
August 2024, the trade balance shifted from a
deficit of US$202.1 million to a surplus of
US$7.0 million in the reporting month. The
significant improvement in the trade balance
was primarily due to the decline in imports.

Figure 9 shows the country’s trade balance for
the period January 2025 to August 2025.


1 Monetary data was revised from September 2024
following the adoption of new standardized reporting
formats (SRFs) submitted by banks. The notable revision
is on broad money stock (M3), which was revised
Figure 9: Merchandise Trade Balance (US$
millions)

Source: ZIMSTAT & RBZ Computations, 2025
MONETARY DEVELOPMENTS1

Broad
money
(M3)
stock
stood
at
ZiG99,202.27 million in August 2025, an
increase of 3.14% (ZiG3,017.54 million) from
ZiG96,184.73 million recorded in July 2025.

The month-on-month growth in broad money
reflected increases of 3.47% and 1.57%, in the
foreign and local currency components to
ZiG81,963.47
million
and
ZiG17,238.8
million, respectively.

The broad money stock was comprised of
foreign currency deposits, 82.62%; local
currency
deposits,
15.53%;
negotiable
downwards due to removal of Government foreign
currency deposits held by banks from deposits included
in broad money. Other monetary aggregates also
changed following the re-classification exercise.

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


-400
-200

Feb-25 Mar-25 Apr-25 May-25 Jun-25
Jul-25 Aug-25
Exports
Imports
Trade Balance

certificates of deposits, 1.73%; 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, net claims on
the Government2 increased by 0.29% to
ZiG72,353.48 million. Credit to the private
sector increased by 1.26%, from ZiG64,535.76
million to ZiG65,346.24 million. The growth in
credit to the private sector was largely driven
by an increase of 6.96% in local currencydenominated loans to ZiG9,785.58 million.

Outstanding credit to the private sector was
mainly channelled to households, agriculture,
manufacturing and distribution, which received
25.58%, 16.04%, 15.11%, and 13.69% of the
total credit, respectively. The mining sector
received 7.88% of the total outstanding credit.


2 Claims on Government was adjusted for exchange
losses related to SDR drawdowns for the period April
2024 to January 2025. The adjustment does not imply
actual lending to Government.
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 expenditures (34.38%), inventory
build-up
(21.84%),
and
fixed
capital
investments (19.21%).
STOCK MARKET DEVELOPMENTS
Zimbabwe Stock Exchange (ZSE)
During the month of August 2025, the
Zimbabwe Stock Exchange (ZSE) traded
positively for the third consecutive month.
Resultantly, the ZSE All Share, Top 10 and Top
15 indices added 1.46%, 3.00% and 1.65% to
208.72 points, 205.89 points and 209.73 points,
respectively.

In line with the developments on the local
bourse, the ZSE market capitalisation added
1.64%, or ZiG1 052.01 million worth of
capitalisation to
ZiG65 354.76 million,
The June 2025 figure, include exchange losses related to
external loans transferred to Government, which were
reclassified from Unrealized Exchange Losses in Other
Items Net (OIN).
NCDs;
1.73%
Local Currency
Time Deposits;
2.03%
FX Time
Deposits; ...
Local Currency
Transferable ;
13.50%
FX Transferable
Deposits; 71.90%
Currency in
Circulation;
0.12%
Households
25.58%
Agriculture
16.04%
Mining
7.88%
Manufacturing
13.69%
Distribution
15.11%
Transport and
Communication
3.69%
Services
9.95%
Financial
Organisations and
Investments...
Construction
2.99%
Other
0.01%

compared to ZiG64 302.76 million recorded in
the prior month. On a year-on-year basis, the
ZSE capitalisation increased by 6.36%, from
ZiG61 448.73 million recorded in the
comparable period last year.

The resource index increased by 0.32% to
145.31 points. On an annual basis, however, the
mining index fell by 42.66%, from 253.42
points recorded during the same period last
year.

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

Source: Zimbabwe Stock Exchange, 2025

The cumulative volume and value of shares
traded declined by 6.83% and 9.93% to 428.73
million shares and ZiG689.80 million during
the period under analysis, respectively.

The proportion of foreign purchases to the
value of shares traded declined to 5.49%, from
12.35% in July 2025. Notwithstanding this,
however, the cumulative net foreign position
improved from a negative position of
ZiG244.16 million to a negative position of
ZiG66.07 million, during the period under
analysis.

Victoria Falls Stock Exchange (VFEX)
The Victoria Falls Stock Exchange traded
positively due to improved investor appetite.
Resultantly, the VFEX All Share index added
2.68% to close at 126.77 points in August 2025,
compared to 123.46 points recorded in July
2025, as shown in Figure 13.

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

Source: Victoria Falls Stock Exchange, 2025

VFEX Market Capitalization
The VFEX market capitalisation gained 2.72%,
or US$39.16 million worth of capitalisation to
US$1 480.28 million in August 2025. This is in
comparison to US$1 441.13 million recorded in
the previous month. On an annual basis, the
VFEX capitalisation added 16.88%, from
US$1 266.45 million recorded in August 2024.

31-Aug-24
30-Sep-24
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
ALL SHARE AND TOP 10 INDICES
ZSE ALL SHARE INDEX
Top 10 Index
Mining Index (Points)

31-Aug-24
30-Sep-24
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

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

Source: Zimbabwe Stock Exchange, 2025
NATIONAL PAYMENTS SYSTEM
The total digital payment systems transaction
values decreased by 13% from ZiG237.47
billion in July 2025 to ZiG205.49 billion in
August 2025. Transactional volumes, however,
increased by 2% from 69.90 million to 71.42
million recorded during the same period, as
shown in Figure 15.

Figure 13: Payment Systems Monthly
Transactional Values and Volumes from
September 2024 – August 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 August 2025 fell by 20.78% from
ZiG138.19 billion recorded in July 2025 to
ZiG109.47 billion. Similarly, transactional
volumes decreased by 16.77% from 0.98
million to 0.82 million during the period under
review.
Figure 14: RTGS System Trend for Values
and Volumes from September 2024 - August

Source: Reserve Bank of Zimbabwe, 2025

Mobile and Internet-Based Transactions
Mobile
and
internet-based
transactions
decreased by 0.85%, from ZiG80.73 billion in
July 2025 to ZiG80.04 billion in August 2025.

Cash Transactions
Cash-based transactions decreased by 15.94%
from ZiG15.06 billion in July 2025 to
ZiG12.66 billion in August 2025.

0.8
0.9


US$ BILLIONS

Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Jul-25
Aug-25
Volumes (Millions)
Values (Billions)
Values
Volumes


Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Jul-25
Aug-25
Volumes in Millions
Values in $ Billions
Values
Volume

Card-Based Transactions
Card-based transactions declined by 13.91%
from ZiG18.55 billion in July 2025 to
ZiG15.97 billion in August 2025.

INFLATION OUTTURN
Monthly Inflation Developments
ZIG Monthly Inflation
Monthly ZiG inflation decelerated by 1.2
percentage points, from 1.6% in July 2025 to
0.4 % in August 2025, driven by a significant
decrease in non- food inflation.

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

Figure 15: ZiG Month-on-Month Inflation (%)

Source: ZIMSTAT, 2025

Food inflation decreased by 0.25 percentage
points, from 0.2% in July 2025 to -0.1% in
August 2025, on account of declines in coffee,
tea and cocoa, meat, oil and fats and sugar, jam,
honey, chocolate and confectionery food
categories. The food component contributed
-0.02 percentage points to the August 2025
inflation rate.
Non-food inflation, significantly declined from
2.3% in July 2025, to 0.6% in August 2025 and
contributed 0.4 percentage points to the
monthly inflation rate. Recreation and culture
and,
miscellaneous
goods
and
service
categories eased the overall non-food inflation.

US$ Monthly Inflation
The slowdown in monthly USD inflation rate
from 0.3% in July 2025, to 0.0% in August
2025 was largely driven by decreases in
furniture and equipment, miscellaneous goods
and services, health and communication
categories.

Weighted Monthly Inflation
Weighted monthly inflation retreated to 0.0%
in August 2025, from 0.6% in July 2025, in line
with the declines in both USD and ZiG
components.

Annual Inflation Developments
ZiG Annual Inflation Developments
The year-on-year ZiG inflation rate declined
from 95.8% in July 2025 to 93.8% in August
2025.

USD Annual Inflation Developments
Annual USD inflation rate retreated to 14.20%
in August 2025 from 14.40% in July 2025,
largely weighed down by the significant
decreases in furniture and equipment, among
other categories.


Jun-24
Aug-24
Oct-24
Dec-24
Feb-25
Apr-25
Jun-25
Aug-25
M-O-M %

Figure
16:
US$
Annual
Inflation
Developments (%)

Source: ZIMSTAT, 2025


OCTOBER 2025
RESERVE BANK OF ZIMBABWE


Apr-23
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
Y-o-Y (%)

TABLE 1: DEPOSITORY CORPORATIONS SURVEY (ZWG '000)
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Jul-25
Aug-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
*Statistics are denominated in ZiG

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

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

Currency Issued

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
NB: * Other Foreign Liabilities include blocked funds amounting to USD2.2 billion assumed by the Central Bank on behalf of Government.
*Statistics are denominated in ZiG
TABLE 2: CENTRAL BANK SURVEY (ZWG'000)

TABLE 3 : OTHER DEPOSITORY CORPORATIONS SURVEY ( ZWG '000)
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Jul-25
Aug-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
46,313,212.53

65,955,004.65

74,431,400.02

71,557,885.59

77,653,699.15

76,952,923.01

77,123,326.81

81,906,890.48

85,574,557.18

91,519,327.84

95,396,238.70

94,314,196.34

96,697,984.65

Transferable Deposits
42,434,906.62

61,611,721.37

67,635,335.00

65,726,264.95

71,536,873.82

70,228,432.67

69,326,092.81

74,633,455.07

76,668,539.82

81,316,502.35

84,216,034.31

83,327,483.31

84,046,559.52

of which FCAs
31,648,530.18

49,660,323.14

56,662,042.07

54,884,341.25

59,157,868.07

58,527,956.72

57,270,326.39

62,418,688.19

63,622,764.25

66,516,873.21

70,151,596.80

69,751,551.92

70,659,662.88

Other Deposits (Time Deposits)

of which FCAs

Money Market Instruments
26,605.39

891,228.11

1,049,252.60

771,678.79

995,701.33

1,110,841.91

1,043,012.21

1,258,288.66

1,113,653.48

1,031,340.62

1,500,399.00

1,525,555.09

1,714,706.90

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

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


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, 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 4.2 : OTHER DEPOSITORY CORPORATIONS - ASSETS
Millions

End of
Total Deposits
of which FCA
475,755.5

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

Source: Reserve Bank of Zimbabwe, 2025
*Statistics are denominated in ZiG
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
TABLE 4.2 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES
Deposits
Amounts Owing to
ZWG millions

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

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, 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

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

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, other financial corporations,
* Statistics are denominated in ZiG
Other Institutional Units
TABLE 6.1: BUILDING SOCIETIES SSSETS
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


Source: Reserve Bank of Zimbabwe, 2025
* Statistics are denominated in ZiG
ZWG millions
TABLE 6.2: 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

Source: Reserve Bank of Zimbabwe, 2025
1 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

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

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

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

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

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

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

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
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS
Mining Index
Market Turnover
ZWG
Volume of Shares
END OF
*All Share index was introduced in January, 2018

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

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

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