MONETARY POLICY STATEMENT

BiGSZiG
Banknote Series

Deepening Domestic Currency Usage to Consolidate
__ Price and Exchange Rate Stability.

; =

27 February 2026. , — LOPS,

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«Going forward, the Reserve Bank will continue to align money supply

growth with real economic activity, while ensuring that liquidity conditions
remain consistent with the inflation objective of preserving ZiG stability and
ensuring sustainable economic growth, The monetary policy framework will
remain anchored on transparency, market-based instruments and strict
adherence to sustained build-up of foreign reserves buffer. The Reserve
Bank will also enhance coordination with fiscal authorities to ensure that
monetary and fiscal policies remain mutually reinforcing...

Dr. John Mushayavanhu
Governor,
Reserve Bank of Zimbabwe
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KEY HIGHLIGHTS

This Monetary Policy Statement aims to deepen the use of the local currency and consolidate macroeconomic
stability in the economy. The Reserve Bank has maintained a prudent monetary policy stance to durably
entrench price, currency and exchange rate stability in the economy without compromising economic growth,

in the outlook, the stance will be reviewed based on inflation dynamics as well as incoming data on monetary

and financial conditions, and economic activity.

1. The Upgraded BiG 5 ZiG Banknote Series
Introduced

Official launch and introduction of the upgraded BiG 5 ZiG
Banknote Series with new desiqns, improved durability
andenhanced security features.

2. Single Digit Annual Inflation Achieved

The Reserve Bank has achieved single digit local currency
inflation of 4.1% in January, for the first time in over three
decades,

3. Lowand Stable Monthly Inflation Sustained
ZiG monthly inflation remained low and stable averaging
0.4% in 2025 and was recorded at around 0.0% in January
2026.

4, Exchange Rate Stability Sustained

The exchange rate remained stable in 2025 between
2iG25-27 per USS and parallel market premium contained
below 20%,

5. Prudent Money Supply Management
Reserve money growth contained within target in 2025.

6. Prudent Liquidity Management
Liquidity levels were consistently maintained within the
Optimal Liquidity Levels (OLL) throughout 2025

7. Sustained Foreign Currency Receipts
Foreign currency receipts increased to US$16.2 billion in
2025 from USS$13.3 billion in 2024, an increase of 21.8%.
The improvement in foreign currency inflows supported a.
smooth interbank market and contributed to the build-upy
of foreign reserves to 1.5 months of import cover.

The available foreign currency reserves of USS1.2 billion.
cover local currency reserve money of ZiG5.3 billion by,
atiout 6 times and about 2 times the entire stock of ZiG
deposits of Z1G18.3 billion as at 31 December 2025. [

9. Banking Sector Stability & Financial Inclusion

Famer | eae As ate oe Beer aE iri tread ee ce a

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The NPS Sorat rate
soae of over

11. Foreign Exchange Market Trading System
Development

The Reserve Bank is developing a new foreign exchange
trading platform for authorised dealers to enhance market
efficiency and price discovery.

1 2. Targeted Finance Facility ( TFE) Retained
TRE retained and the facility increased to ZiG1 billion to
Spport productive secton of the economy.

13. Exporters’ Foreign Currency Retention

The exporter foreign currency retention threshold has been
maintained at 70%.across all sectors of the economy.

14, Bank Policy Rate Maintained
The Bank Policy Rate has been maintained at 35%.

15. Statutory Reserve Requirements Maintained
Statutory Reserve Requirements have been maintained at
15% far savings and fixed deposits and 30% for demand and
call deposits for both focal and foreign currency.

16. Minimum Deposit Interest Rates Maintained
The Reserve Bank has maintained the current minimum
interest rates for savings deposits at (5% for ZiG) and (2.5% for
USS) and time deposits (7.5% for ZiG) and (4% for US$).

17, ZiG Denominated Term Deposit Facility
(ZiGDTDF) Int i

To complement NNCDs in managing 21G liquidity and to move
towards indirect monetary policy instruments, the Reserve
Bank is introducing the ZiG Denominated Term Deposit

‘ - FacltyiZeDTM
.
: 48 . Upward Revision of Cash Withdrawal Limits _
Cash withdrawal limits have been increased to Z1G10,000 and
Saeed eis week for = duals and cooperates,

Table of Contents

INTRODUCTION AND BACKGROUND 00.....ccccccccessepcsseecssessnsenescceeenesepeesetscnguseseeseeseensuneseensesspenes ]
MONETARY POLICY PERFORMANCE ASSESSMEN PB oo...c..cccccccsceeecsecsscascestecessseesesnveenseanennees 5
Pa Ce ER Rerpeteetepeerpeaererteeresreertrerat pare: traameereetieteneetearee nieerpe vere ster partetenerepreneeeprrs tee rretencerteee=eenrte ra 22
EXTERNAL SECTOR DEVELOPMENT SS Qos csscecteneresesseseeeeenocesusesoeesaseees 22
SECTION TV ooo. cccccecscssecsecsnrescsssesteneseeseesecsnepeeravanyraesansaaeensaseaetnesaqecesensageenessanenseasaeereecssasersseavaneeneeess 35
FINANCTAL SECTOR DEVELOPMENTS 00.000... eececceteeseeseescectees cee saustgeeasceedecasseeeeeeseseeesecees 35
MONETARY AND FINANCIAL CONDITIONS ou... ccc cece ns eceeeacomeneey 61
rj ot Behe 3 Geer eer ein oe er oon Perper ony eet COS ott eer Seco TO Rea OD 70
MONETARY POLICY MEASURES AND OTHER REGULATORY MATTERS .....0.000...., 70
SECTION WEE icticininciciind nati deinkinanileiniaiasiall navbar ihaieeaitiantad nnieaaniaies 88
ECONOMIC, INFLATION AND FINANCIAL SECTOR OUTLOOK |. 88
SECTION VHT... iu. sca bias bAN SSRN deeb one eb LESS ph mea TAL ap pees deacon 89
CONCLUSION sisiccstcicc aa ccensricnsitastinnasrincrR Gr neeEoINT Near aa Ae OE 89
RBZCONSULTS: STAKEHOLDERS’ VIEWS ON MONETARY POLICY MANAGEMENT. 92
LIST OF REGISTERED MICROFINANCE INSTITUTIONS .. syns stevnentidaseesieenppiveneyyient LOL

List of Figures

Figure 1; Exchange Rate Development (August 2024 - February 2026) ..........,...0..-.0---:ccseepeeecneees 7
Figure 2: Bank Policy and Lending Rates (0) cccccccccccicivscccradiscevsccsceeseccusiscecensnvecceceecsbeieiisnunsanes 8
Figure 3: Market Positions (Jam - Dec 2025) ..0..00..occcc ccc cece cess cescccceeseeecaeeascueees ]
Figure 4: ZiG Reserve Money Developrrents. ....,...........0...sceccesscsenerseerrsrerecnrerecosnneesensenectnetaerenrareere Ll
Figure 5: Local Currency Components of Broad Money. Giana rere IRON nO Cert uEetE 12
Figure 6; Broad Money (M35) Developments ..........0.0.05.0.0000c0clccccescecteceeteessecscuseeceueseseceeseeesedaueanenes 2
Figure 7: Zi Currency Issued as a Share of Broad Momey ..00. 0.0.0... ccc cceeee ce cceeeee ee ersctee encore 13
Figure 8: Foreign Currency Reserves and ZiG Reserve Cover........0..0....0...0.0..00c2ccseeecseeeen LS
Figure 9; Foreign Currency Reserves and Import Cover... se rate
Figure 10: ZiG month-on-menth inflation (April 2024 - Ficrgery 2026)... i ae, 7
Figure Li: Zits annual inflation (April 2025 - Daripary 226)... ccc seneceeeneererecesereneereseeneeneneey 1s

Figure 12: RBZ Monetary Policy Impact Plow. .0...0..0.2.....50c.ccceec eects cesses ete esa cepts cteepee teeta gene ell
Figure 13: Global Grorwtla (0) sisccscsciscsiseecceescccenciecstteeiviecvisiccassvaecaibbesanisasdiedeasteedadeesbetbee aed see

Figure 14:Global Inflation Developments .......,...........000..0:0..0.0c0cce cence cee tage rteseceseseceeeesteteesaeeeneny 27
Figure 15; Developments in Selected Commodity Prices ....................00.cccsccsseeceseeseseceneesecnneaseoe 29
Figure 16: Current Account Developments (USS million) ............0:cccceeessenesseererseetseenenerseeneeeenes 5
Figure 17: Asset Mix as at 31 December 2025... eavits Sntreear ere errii ter herrntrr ree arr cSt
Figure 18: Sectoral Distribution of Loans as at 31 ‘December 202539
Figure 19: Trend in Non- Performing Loam ..........06..000.0:0.s0ccesecceccenesecsseeresssnsserctesesnenceeneseseanereees 40)

Figure 20: Banking Sector Income WUC.9:...cccsccgeecnas cee iasecicassctatieedhes tetas casdentiee egedeetebbiecdtedenee +t)
Figure 21: Capital Levels for Operational DTMFIs as at 31 December 2025_......0000.00000000000..045

Figure 22: Cumulative Credit Registry Usage Status .. vee we SO
Figure 23: Corresponding Loan Amount of Registered Security Interests: 31 ‘December 2025. 41
Figure 24: Types of Collateral as at 31 December 2025 (oo... cece ccceesccscessecessseseeectnersseneeeneaes 52
Figure 25:Movable Collateral Plodged ty Gomdber oo... 00.0.0... 00.ccccec ccc cesccceunconeseeesereneeersctnenesenne 52.
Figure 26: ZiG ATM Disbursements... _ sasesapsccisecsancett

Figure 27: Digital Payments Transaction Values and Volumes frou ‘January ~Deseniber 2025 55

Figure 29; Number of Point-of-Sale Machines... ............0..:ccc:cccseecccceeseeseereeseereoneerssesesnrnceneeenenscasenes S7
List of Tables

Table 1: Governance, Performance, Effectiveness MEAIr ix, .....665).cccccesceee cacesceyerrereeerre nti ereerecrtenrer 19
Table 2: International Commodity Price Developments (Yearly Average) ......0..000..00000..0cc 28

Table 4: Export Earnings Performance by Sector (US$ Millions) .............20..0....0....-.c00eiseee OU
Table 5:Foreign Payments by Category (US$) for 2025 and 2024 0.000... ccc

Table 6: Private Sector Offshore Loams (2024-25)... ccc eet cteeee ra ceteneeeteetieeeennenenaters 33
Table 7: Banking Sector Architecture - December 2025 ...........0.0...ccccccccesecseesseseesecseeeceeeeeneecsenes 35
Table 8: Financial Soundmess Indicators (ZU 24-25) ooo... ccc ccccesccccesceceseecsseesseevensestasecsserepeueceuseenennes 36
Table 9:Reported Core Capital as at 31 December 2025 .. disidd Soe eer ere ee renee res ¥ |
Table 10: Microfinance Key Performance Indicators: 31 Pibcaniber: 2025. SG aS
Table 11:Financial Inclusion Indicators ......... TELE re eT Entre Feet erent 7
Table 12: Payment Access Points and Devices as of December 2028 .........0..0....0.0ccc ce cceesteceenes 56
Table 13: Minimum Interest Rates for ZG and US$ Savings and Time Deposits ..................0 H
Table 14: Mobile Money and ZIPTT Transactional Limits (ZUG) 2... eeceeecesececeeeenceeceneeees 76

Table 15: Mobile Money and ZIPIT Transactional Limits (USS) .........-...--..--. 78

List of Boxes

Box 1: Local Currency Inflation Dymanties....6cccciccccsicivsccrssccssisscccuensevcussscedensneecerneesesbebociseueane 6a
Box 2: Transitioning to Inflation Targeting.....0.00000000.000000. eee eeenee teeter canes cae 65
Box 3: Term Deposit Facility (IDF) to Enhance Monetary Polity ................-0.:00-cescsecterteereereeeee AO
Box 4: Monetary Policy Cycles Lessons from Country Experiemees ...................0...00c6ecceecerenes 67


iv

SECTION I

ha

This Monetary Policy Statement is issued in terms of Section 46 of the Reserve
Bank of Zimbabwe Act [Chapter 22:15]. The policies outlined in this Statement are
desizned to deepen the use of the domestic currency in the economy and to
consolidate price, currency and exchange rate stability, as part of the key steps in

the transition to mono-currency.

Since the introduction of ZiG in 2024, the economy has registered significant
milestones towards meeting the critical Conditions Precedent (CPs) for the
effective transition to the exclusive use of the local currency for domestic

transactions.

Notably, the economy has witnessed a progressive disinilation trend as evidenced
by the significant decline in annual ZiG inflation from peak levels of 95.8% mm July
2025, lo low single-digit levels of 4.1% in January 2026. The decline in annual
local currency inflation to single-digit levels, is a significant milestone that has been
achieved for the first time in over 30 years, Importantly, the low mflation rate is a
critical condition precedent for safeguarding the stability of the domestic currency.
Going forward, annual ZiG inflation is expected to remain within single-digit
levels, benefitting from prident monetary policy measures and complementary

fiscal policy.

The prevailing monetary and financial conditions have significantly boosted
confidence in the Z7iG currency as a unit of account, store of value and medium of
exchange. Reflecting declining concerns related to the erosion of purchasing power,
econoriic agents are now keeping ZiG deposits in bank accounts for longer periods.
In this regard, the proportion of ZiG usage in the National Payment Systems (NPS)
significantly increased to a peak of 43% in May 2025 and averaged between 35 -

40% for the greater part of 2025.

The exchange rate has also remained largely stable, predictable and oscillating
between ZiG25-27 per USS, since the once-off market-driven adjustment in
September 2024. This stability has been anchored by prudent monetary policy
management through effective money supply control and strong foreign currency

reserves backing, thereby boosting market confidence.

The foreign exchange market has been supported by strong forcign currency
inflows, which reached US$16.2 billion in 2025, representing a 21.6% increase
compared to 2024. The strong foreign currency inflows were mainly driven by
exports of gold, tobacco and platinum group of metals (PGMs), on account of both
firm international commodity prices and the increase in production. This resulted

in trade surpluses recorded during the greater part of the second half of 2025.

Reflecting improved performance in the trade account and resilient diaspora
remittances, the current account balance is estimated to have improved
substantially, from a surplus of about U$$500 million in 2024 to US$2.1 billion in
2025. A favourable current account balance is critical for the build-up of foreign

exchange reserve buffers and anchoring exchange rate stability.

Against this background, foreign currency reserves grew from US$276 million in
April 2024 to US$1.2 billion in December 2025, equivalent to 1.5 months of import
cover. Further, the foreign currency reserve holdings provide about 6 times
coverage for the ZiG component of reserve money and about double the entire stock
of Z1G deposits in the banking system. The positive performance underscores the
effectiveness of the current monetary policy stance and reinforces the role of the

ZiG asa Stable currency.

Zimbabwe and the International Monetary Fund (IMF) reached a Staff-Level
agreement on economic policies and reforms to be monitored under a 10-month
Staff Monitored Program (SMP). Notably, the current monetary policy famework
informed the key monetary and financial elements of the SMP parameters and

benchmarks aimed at consolidating price, currency and exchange rite stability.

10,

12.

13.

Going forward, the Reserve Bank will continue to align money supply growth with
teal economic activity, while ensuring that liquidity conditions remain consistent
with the inflation objective of preserving ZiG stability and ensuring sustainable
economic growth. The monetary policy framework will remain anchored on
transparency, market-based instruments and strict adherence to sustained build-up
of foreign reserves buffer. The Reserve Bank will also enhance coordination with
fiscal authorities to ensure that monetary and fiscal policies remain mutually

remforcimg.
This Monetary Policy Statement is presented in two parts:

1, Part 1 - Specific monetary policy measures informed by wider stakeholder
consultations.

ii. Part 2 - Leveraging the prevailing strong economic fundamentals and
relative stability, largely focusing on the official introduction and launch of
the upgraded BiG 5 ZiG Banknote Series. This is part of the broader
strategy of “deepening domestic currency usage to consolidate price and

exchange rate stability”.

The measures outlined in this Monetary Policy Statement benefited trom extensive
stakeholder consultations conducted from 9-19 February 2026, and feedback from
the ZiG Perception and Confidence Survey II administered from August to
December 2025. These stakeholder consultative engagements and surveys are part
of the Reserve Bank's monetary policy communication strategy. In this regard, this
Statement contains a detailed Stakeholder Consultations Report, titled
“RBZ Consults” and the consolidated results of the ZiG Perception and Confidence
Survey IT, including the Banking Sector Survey and Frequently Asked Questions
(FAQs) on ZiG and monetary policy matters.

The subsequent sections of the Monetary Policy Statement are presented as follows:

e Section 2: Monetary Policy Performance Assessment
e Section 3: External Sector Developments
e Section 4: Financial Sector Developments

Section 5: Monetary and Financial Conditions

Section 6: Monetary Policy Measures and Launch of the Upgraded ZiG
Banknote Series

Section 7: Economic, Inflation and Financial Sector Outlook

Section §: Conclusion

Supplement 01: The Official Introduction and Launch of the Upgraded BiG 5
71G Banknote Series

Supplement 02: ZiG Perception and Confidence Survey II Results, including
the Banking Sector Survey and Frequently Asked Questions (FAQs)

SECTION I

Background...
15, The recalibrated monetary policy framework introduced in April 2024 has been
effective in addressing the price, currency and exchange rate instability that once

characterised the economy.

16. The historical instability resulted in difficulties in implementing an efficient foreign
exchange management framework, leading to a thoiving parallel market. The
widening parallel market premiums led to rampant speculative behaviours, high

market indiscipline and unfair pricmg practices.

17. Consequently, the domestic currency lost its store of value function, resulting in
entrenched economy-wide dollarisation. Concurrently, the high pass-through effect
from the exchange rate to prices resulted in elevated inflation, which undermmed

economic stability and eroded incomes and savings.

18. Against this background, the objectives of the recalibrated monetary policy
framework of April 2024 were to establish:
i. A solid and stable national currency.
ii. Astable and sustainable exchange rate.
ii. Robust policy credibility and restoration of market confidence.
iv. Astable and sustainable macro economy as enshrined in Vision 2030 and the

First National Development Strategy (NDS 1).

Key Monetary Policy Imperatives
19. To restore price, currency and exchange rate stability and rebuild market confidence
needed te promote the use of the local currency, the Reserve Bank has consistently

implemented the followmg key monetary policy imperatives since April 2024:

20.

22;

23.

Adoption of a market-determmed exchange tate system.

Efficient and optimal money supply management.

Introduction of a new structured currency.

Anchoring local curreney on reserves backed by gold and foreign currency
balances.

Other support measures and obligations in response to market demands.

The Recalibrated Monetary Policy Framework

In line with the monetary policy imperatives, the Reserve Bank adopted a hybrid
monetary policy framework, with reserve money as the operational target and the
exchange rate as the intermediate target. This recalibrated monetary policy
framework has served the country very well in effectively restoring price, currency

and exchange rate stability.

The tailored monetary policy framework recognised the importance of stabilising
the exchange rate in a niulticurrency environment to achieve and sustain price,
currency and exchange rate stability. The hybrid monetary policy approach entailed

the sequential implementation of appropriate monetary policy measures.

Adoption of a Market-determined Exchange Rate System

The Reserve Bank adopted the Willing-Buyer-Willing-Seller (WBWS) foreign
exchange market system to improve transparency and price discovery in the
interbank foreign exchange market, Under the WBWS, the Reserve Bank only
intervenes in the interbank market to smoothen excess volatility and to ensure that

the foreign exchange market clears.

To further support flexibility in the interbank market, the Reserve Bank provided
clarification on the 5% trading margin and removed foreign exchange trading

limits.

24.

25,

26.

Importantly, Government liberalised the pricing of goods and services to marketdriven pricing through the repeal of SI 81A of 2024, which imposed a maximum
tracing margin of 10%.

The adoption of a market determined exchange rate system supported by prudent
money supply management and the accumulation of reserves resulted in stability
in the WBWS interbank exchange rate which oscillated between ZiG25-27 per US
dollar m 2025.

In addition, there have been significant movements towards convergence between
the paralle! market and the interbank market exchange rates, with premiums
narrowing from over 100% in September 2024 to levels of around 20% during

2025, as shown in Figure |.

sure 1: Exchange Rate Development (August 2024 - February 2026

Exchange Rate
Premium

Sos
SNe
2d}
6c td
20-Deer- 24.
je lag ct
1 ds
aE
Rh bfar-25
lA
BeApe-25
Ooty Qs
LO Pei
i indh
lefaa2e
FER

Fi-daned

d4eteh- 2
Ferdi

4 Mer 24

4 %

Pee ker |

Pf ibejed

wee Premium Interbank Rate —Porallel Rate

Source: Reserve Bank of Zimbabwe, 2026

Efficient and optimal money supply management
Under the hybrid monetary policy framework, the Reserve Bank strengthened
money supply liquidity management to maintain price, currency and exchange rate

stability,

28.

29,

30.

To achieve optirnal growth of money supply, the Reserve Bank ensured that the
growth of money supply remained closely tied to the envisaged economic growth
and targeted inflation level.

Interest Rate Policy

To curb speculative borrowing anc control money supply, the Reserve Bank
adopted a tight monetary policy aimed at supporting positive real mterest rates in
the economy. In this regard, the Reserve Bank increased the policy rate from the
initial 20% in April 2024 to 35% in September 2024 to curb emerging inflation and
exchange rate pressures. This tight monetary policy stance has been maintained and
helped contain inflation and anchor expectations as shown in Figure 2.

Figure 2: Bank Policy and Lending Rates (%)

? ‘ ' # ; a
ta : a “ls *) AL : An = iy = = Pal “
os = eg , a2 a “ " Se
= a ¥ = " - A oF P = = os

ame Policy Bale ("G) me Hi Encl Welgh Landing ale
= Max Ind Weigh Lending rate se fiin Com Weigh Lending rate
—— ins Com Weigh Lending rite

Source: Reserve Bank of Zimbabwe, 2026

Statutory Reserves

The review of the Bank Policy Rate was buttressed by the increase in statutory
reserves for both the 7iG and US dollar deposits. In this regard, the statutory reserve
requirements for foreign currency demand and call deposits were reviewed and

standardised at 30%, while savings and time deposits remained at 15% in

31,

32.

33,

September 2024 and were maintamed through 2025 to support the disinilation
program.

Against this background, local currency statutory reserve balances increased by
22.85% from ZiG3.96 billion as of 30 June 2025 to ZiG4.86 billion as of 31
December 2025, The increase in statutory reserves largely reflected the growth in
deposits.

Liquidity Management

To support the tight monetary stance, the daily market positions were kept below
optimal liquidity limits throughout 2025, As shown in Figure 3, the daily limits
were below the ZiG5S00 million Optimal Liquidity Level (OLL) prior to 27 May
2025 and stayed within the revised threshold of ZiG600 million during the
remainder of 2025.

Figure 3 shows the market closing positions from January 2025 to December 2025.

Figure 3: Market Positions (Jan - Dec 2025

2h.
100,00

Ol-Feb-25
O1-Jun-25
S4Ful-25

03-Mar-25

——— Market Position (74 Millions) ~—OLL (ZiC Millions)

Source: Reserve Bank of Zimbabwe, 2026

34.

35,

36.

37.

Accordingly, liquidity levels were consistently maintained within the OLL, and
cumulative transactions since the start of the year 2025, with the market closing at
21G298.73 million as of 31 December 2025,

To align liquidity to targeted money supply growth, the Reserve Bank enhanced the
Non-Negotiable Certificates of Deposits (NNCDs) through tying them to a fixed
term of 30 days and curtailed carly redemption. The outstanding level of NNCDs
as of 31 December 2025 amounted to Z1G3.53 billion.

The Liquidity Management and Cashflow Management Committees constituted by
Treasury and the Reserve Bank were revived, and have played a critical role in

ensunng congruence between Government payments and money supply targets.

fargeted Finance Facility (TFF)

To ameliorate the impact of the tight monetary policy on the productive sectors of
the economy, the Reserve Bank introduced the TFF in January 2025. The TFF
disbursements amounted to ZiG476.12 million, representing a 79.35% take-up of
the Z1G600 million facility as of the end of 2025, The facility has gone a long way
in sustaining economic activity in an environment of tight monetary policy. The
TFF outstanding balance stood at 7iG162.52 million as at 31 December 2025,

Money Supply Developments

Reserve Money

Reflecting optimal money contro] and liquidity management, reserve money was
largely contained within the set target in 2024 and 2025, consistent with inflation
and growth targets. Specifically, ZiG reserve money for December 2025 amounted
to 71G5.31 billion, an amount below the set target of 71G5.35 billion as shown in
Figure 4.

39,

Figure 4: ZiG Reserve Money Developments

6,000
S000
2 4,000
=
=
© 3,000
i
a
#2 pat
a
=
iJ
= aoe Th
a
i
SPSS SP EEE eR EES SESE SE 2

ee FG Aeserye Money m= 24 Ti Aeseve Movey Target ees 1075 0D Reser Money Tareet

Source: Reserve Bank of Zimbabwe, 2026

Broad Money

The tight control of reserve moncy resulted in a decline of the growth of the local
currency component of broad money, which averaged 2.70% on a monthly basis in
2025. This growth compares favourably with an average of above 40% prior to the
introduction of ZiG.

The slowdown in broad money growth is largely attributed to monetary policy
measures Implemented by the Reserve Bank throughout 2025. As such, the local
currency component of M3 increased from 71G14.48 billion recorded in December
2024 to ZiG20.17 billion in December 2025, translating to an annual growth of
39.30%, which was consistent with economic growth of above 6% and average
annual inflation of 67.7%. Figure 5 shows developments in the local currency
component of M3 from December 2024 to December 2025.

Al.

Figure 5: Local Currency Components of Broad Money

ai)
20 15

10)
Q
=F)
i) -40
PP st PP PP De DP PP PP Oe
oo) SF oP age of es ee im Ff FF FS a? oF a oF
i 21S Componanteal Ma (LHS) oe [Harith on Month Giewth in 2S M3 (AHS)

Source: Reserve Bank of Zimbabwe, 2026

Total broad money for both local and foreign currency components stood at
Z1G108.09 billion in December 2025, an increase of 36.98%, from Z1G78.9 1 billion
recorded in December 2024, The growth in the money supply was driven by
expansions of 39.30% and 36.46% in local and foreign currency components,

reaching ZiG20.17 billion and ZiG86.92 billion, respectively, as shown in Figure
6.

Figure 6: Broad Money (M3) Developments

100 40

AO a0

40 20

a0 oi 16
- = ‘J .

20 -- | a = it]
0 10
s FCs @ & fF SB SE ett a Ee >S @ nbn PB. oe
FS2iFESERS SFE ST EE EE

Gee FG Componentof M3 (LHS) meee FX Component of M3 (LHS)

eee flonth on Month Growth in MalARS) eee Honthan Manth: Growth in ZiG M3 (AHS)

Source: Reserve Bank of Zimbabwe, 2026

42. The proportion of the local currency component in broad money increased [rom

43,

17.91% in January 2025 to 18.66% in December 2025. Going forward, the
proportion of local currency deposits is envisaged to increase in line with sustained

exchange rate and price stability as the country transitions to mono-currency.

[Introduction of a New Structured Currency

The ZiG currency, which is anchored by foreign currency reserves, has
demonstrated sustamed stability, which fostered significant progress in the
cuirencys acceptance and usage by the public. This 1s evidenced by the
improvement in the use of the local currency in electronic transactions from around

20% in 2024 to averaging between 35-40% mm 2025.

The growth in electronic transactions was complemented by the issuance of Z1G
banknotes and coins in denominations of 7iG1, 7iG2, ZiGS, ZiGLO and ZiG20.
The stock of currency issued steadily increased from less than 0.5% of broad money

in April 2024 to 2.5% of broad money as at December 2025 as shown in Figure 7.

Figure 7: ZiG Currency Issued as a Share of Broad Money


Beste RS SR RES EEEESPRRSE

Source: Reserve Bank of Zimbabwe, 2026

45,

47.

48.

49.

Reflecting improved trust and confidence in the local currency, economic agents
have started to maintain 21G in their accounts lor longer than | month suggesting

the increasing use of ZiG for savings purposes in the economy.

Anchoring Local Currency on Reserves

To ensure sustained stability and strong backing of the ZiG, the Reserve Bank
implemented a robust foreign currency reserves accumulation strategy anchored on
using in-kind mineral royalties and a dedicated portion of export liquidation

proceeds.

The reserves accumulation efforts were buttressed by the increase in export
proceeds liquidation threshold from 25% to 30% m February 2025, OF the 30%
export liquidation, 12.5% was earmarked for Government's external debt service,
12.5% was allocated to the Reserve Bank to liquify the interbank market, and the

remaining 5% was devoted to reserve accumulation,

As a result of the aggressive reserves accumulation strategy, the Reserve Bank
managed to build reserve buffers from US$276 million in April 2024 to US$1.2
billion by December 2025, which further entrenched and sustained the stability of
the Z1G,

In this regard, foreign currency reserves covering ZiG reserve money increased
from around 3 times at inception in April 2024 to 6 times by December 2025,
thereby entrenching stable monetary conditions. In addition, the foreign currency
reserves adequately covered the entire ZiG deposit base by almost 2 times as at 20

February 2026, as shown in Figure 8.

50.

31.

Figure 8: Foreign Currency Reserves and ZiG Reserve Cover

- 25 6x
= caver
a 20 of
: ,
Bas ‘RM

fin

SFE 2 LL
Ce

g 8 Fd
a g

Kd

+ sf os a in i tt oo Be) sp
moo ot ity om Li] ti fu Oy | 7 fy
aA B&B 2 i uw c & fH ££ E£ a ou
a 2A 5 Fa & 2 28848 a Kd
: i ao SF iw +
boo @ m = a = = a 4 8

Me 2G Aeserve honey a FG Repesits (Mbt | emmee fesse Covel

Source: Reserve Bank of Zimbabwe, 2026

External Reserve Buffers

The increase in the country’s foreign currency reserves to about US$1.2 billion as
of December 2025 represents 1.5 months of import cover, a substantial
improvement from the 0.18 months of import cover recorded in the first quarter of
2024, prior to the onset of the recalibrated monetary policy framework.

Gold holdings. a key component of the foreign currency reserves, significantly
improved from 1.5 tonnes in April 2024 to 4.03 tonnes by December 2025,
representing an increase of over 250%. This has boosted reserve buffers and
enhanced the country’s resilience to external shocks, while providing sufficient
backing for the local currency, ZiG. Figure 9 shows developments in foreign

cuIrency reserves.

52.

53.

FE

re

ure 9: Foreign Currency Reserves and Import Cover

auth

202401 202402 202483 302404 202501 202802 202503 202504
0.

gee Foreign Reserves Meee Curren! Account Balance- US$ im -—LTmnport Cover (Goods) rhs:
Source: Reserve Bank af Zimbabwe, 2026

The build-up of foreign currency reserves has supported strategic intervention in
the interbank market and ensured that all bonmafide foreign payment invoices are

inet,

The Reserve Bank intervened in the foreign currency interbank market to about
US$1.5 billion between April 2024 and 20 February 2026. This has gone a long
way in maintaining orderly market conditions and meeting legitimate foreign

currency demand.

Other Support Measures and Obligations Implemented

Monetary Policy Communication

The Reserve Bank adopted effective and clear communication as part of the tools
to strengthen the efficacy and transparency of monetary policy through insightful
feedback from robust stakeholder engagements. The Reserve Bank broadened its
consultative engagements to enrich the monetary policy debate and better-informed

monetary policy formulation,

toy

56.

58.

To enhance communication, the Reserve Bank continued to produce regular
Monetary Policy Committee (MPC) Communique, Quarterly Snapshots of key
monetary and financial indicators. Weekly, Monthly and Quarterly Economic

Bulletins, Explainers and other ad hoe Press Statements.

inflation Developments

Overall, the consistent implementation of the monetary policy imperatives adopted
in April 2024 has led to the achievement of single digit local currency inflation of
4.1% m January 2026.

ZiG month-on-month inflation has been sustainably low except for levels of 37.2%
recorded m October 2024. Importantly, month-on-month mflation averaged 0.4%
from February to December 2025 and declined to 0% in January 2026 and is
expected to remain stable in the medium-term. Monthly inflation developments are

shown in Figure 10,

Figure 10: ZiG month-on-month inflation (April 2024 - January 2026)


ap ap ig of oa sk oa nk nh Pe a

Let ak 2 a Aa aut a a at
Re ~ - af as - ge a

i i be i ales a
op orb eh on ae

“, ah aie e,
Re ge a a a ee ee
PF eS Ar SS SY

— Zit Headline Inflation -——Food Inflation -——Non food Inflation
Source: ZIMSTAT, 2026

The sustained low monthly inflation realised since February 2025 underpinned the
deceleration of annual inflation from peak levels of 95.8% in July 2025 to 15% by
December 2025, against an initial year-end target of 30%. Furthermore, annual ZiG

60.

61,

inflation decelerated to single-digit levels of 4.1% in January 2026 and is expected
to remain stable. Figure 1] shows annual inflation trends.

Figure 11: ZiG annual inflation (April 2025 - January 2026)
120%

92. 5% 95.8% 93.8%

00%: -gewgp 92-1%

82.7%


IN, 41M
0%

Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dee-25 Jan-26
Source: ZIMSTAT, 2026

. The low levels of annual and month-on-month inflation confirm that the policy

thrust has effectively eased inflationary pressures and anchored inflation
expectations, This trajectory culminated in the realisation of single-digit annual
inflation for the first time in over three decades.

Reflecting general price stability in both US dollar and local currency, annual US$
inflation also declined significantly from 14.6% in January 2025 to 1.0% in January
2026, following the dissipation of the base effects from a once-off rental price

induced increase in January 2025.

Governance, Performance and Policy Nexus

The performance of monetary policy has been underpimned by the Reserve Bank's
monetary policy governance and monitormyg architecture, Following the launch of
ZiG in April 2024, the Reserve Bank took deliberate and considered steps to
strengthen and improve policy performance and overall effectiveness through the

recalibration of its governance and monitonng framework.

62.

63,

The Reserve Bank’s monetary policy governance is structured to ensure effective
and efficient policy formulation, implementation and evaluation, Specifically, the
system is anchored on transparency and accountability, thereby entrenching trust,

confidence and monetary policy credibility.

Table | highlights the main governance and monitoring structures, their role and

impact on monetary policy outcomes.

Table 1: Governance, Performance. Effectiveness Matrix
Governance / Role in System Performance Impact Effectiveness Impact
Institutional (Execution Quality) (Policy Outcomes)
Element

| Governor (Chair | Strategic policy | Faster decisions, Clearer policy signal
of Board & leadership and improved cohesion, and stranger
MPC) authority stronger enforcement | expectations
anchormg
REZ Board Oversight and Reduced discretionary | Enhanced credibility |
imstitutions!l diserpline | slippage, continuity of | and stronger
glance iransmission
| Monetary Policy | Sets policy stance and | Coherent, instirutional | Anchors inflation and
Committee Bank Policy Rate decision-making exchange rate

(MPC) expectations

Anticipates liquidity | Fewer liquidity Stabilisés interbank

conditions shacks, smooth and rates and improves
efficient money monetary policy
markets iransmission

Open Market Executes market lnterest-rate corridor - Meeting targets on

Operations: aperations enforcement and reserve money, gald

Committee reserve money control | and foreign currency
reserves accumulation.
~ Strengthens the

interest-rate channel

Prevents expectation
de-anchoring and
supports stability

Shorter reaction lag,
timely comections

Early-wartning signals
and feedback control

Governor's
Dashboard /
Monitoring
System

Soiree: Reserve Bank of Zimbabwe, 2026

64.

65,

66.

The Reserve Bank monitors on a daily basis, through dashboards, all the key
economic, monetary and financial indicators. The Governor’s Dashboard, which 1s
a monitoring and evaluation tool, tracks trends and developments on indicators and
provides an early warning mechanism to the Reserve Bank and MPC, allowing for

real-time corrective action to be taken.

The policy impact flow can be illustrated as the relationship between the
governance structure, Implementation machinery and the ultimate performance and
effectiveness outcomes as shown in Figure 12.

Figure 12: RBZ Monetary Policy Impact Flow

Ceseraice 2 leplementition Manihering de. Porfermenice Etleci ive
Surin tule ir Frédbach r Chute r Chub boric

Siti paicy losulers tigate auitlornty

Source: Reserve Bank of Zimbabwe, 2026

The above policy impact flow diagram shows an institutional system thal
effectively supports disciplined implementation, critical for improved monetary
policy transmission and enhanced credibility,

67.

68.

69.

70.

71.

Enhancing Monetary Policy Effectiveness
To sustain the gains realised to date and durably anchor inflation expectations, the
Reserve Bank will continue to implement prudent monetary policy measures that

strike an appropriate balance between inflation and economic growth,

In the medium term, this will entail maintaining zero credit to Government as
agreed with Treasury. At the same time, the limiting of credit to Government is
consistent with NDS 2 pronouncements on the reduction of the statutory limit from
the current limit of 20% of the previous year’s fiscal revenue to 5% im line with

regional benchmarks under the SADC Macroeconomic Convergence Criteria.

The Reserve Bank continues to promote the Increased usage of Z1G in the economy
through various measures such as outreach and awareness campaigns, The Reserve
Bank will continuously engage Government to promulgate legislation to promote

the payment of taxes in 1G.

Overall, the assessment of the policies implemented since April 2024 has shown
that the Reserve Bank has “walked the talk” of prudent monetary policy, which has
demonstrated clear effectiveness, restored discipline, and measurable

macroeconomic gains, particularly in inflation control and exchange rate stability.

The consistency, certainty and predictability on monetary affairs continue to
improve confidence, trust and policy credibility in the Reserve Bank and the local
currency, the ZiG. The Reserve Bank’s current prudent monetary policy stance
values transparency and emphasises policy communication as a key component of

the policy strategy to ensure a more effective policy transmission.

Stability in the financial sector has remained a cornerstone for effective monetary
policy transmission. The banking system, supported by adequate liquidity, strong
capitalisation, and solid earnings, has ensured that policy signals are transmitted

smoothly to households and businesses in alignment with price, currency and

2]

exchange rate stability goals of the Reserve Bank. This resilience has safeguarded
the economy, allowing credit flows to remain robust and supporting broader growth
momentum. This way, financial sector stability has acted as a shield against

volatility, as well as a catalyst for inclusive and enduring development,

SECTION TI

73,

74.

75,

Global Economic Developments

The global economy continues to demonstrate resilience to trade policy shifts and
persistent uncertainty. The impact of trade shocks was less than anticipated, while
easing trade tensions, fiscal stimulus and accommodative financial conditions

provided impetus for global growth.

Moreover, private sector agility countered the negative repercussions of trade
disruptions alongside stronger policy frameworks in emerging markets.
Nevertheless, strains from the low growth-high debt context, climate shocks,
excessive external imbalances and geo-political tensions continue to challenge the

resilience of the global economy.

In this context, the IMF's January 2026 World Economic Outlook (WEO) Update
estimates global growth to hold steady at 3.3% in 2025 and 2026, as shown m

Figure 15.

76.

TT.

78.

Figure 13: Global Growth (°%)

2018 2018 2021 2022 2023 2024 2025 2026* 2027

Source: IMF World Economic Outlook Update, January 2026 (* Projections)

Going forward, global growth is forecasted to slow down to 3.2% in 2027, as the
outlook remains clouded by risks from renewed trade and geo-political tensions. In
addition, the escalation of protectionist measures may further depress investment,

disrupt supply chains, and curb productivity growth.

Additionally, labour supply shocks precipitated by restrictive immigration policies
could dampen growth in economies facing population aging. Meanwhile, the rise
in financial sector risks owing to the rapid expansion of non-banks and digital
currencies, as well as worsening fiscal imbalances and elevated debt vulnerabilities,

poses risks to financial stability.

In advanced economies, growth is projected to firm-up from. 1.7% in 2025 to 1.8%
in 2026, characterized by divergent growth paths for the US and the Euro-Area. In
the US, growth is projected to increase from 2.1% in 2025 to 2.4% in 2026
benefitting from the waning effects of trade tariffs, supportive fiscal policy and
lower policy rates. While growth is expected to decelerate to 2.0% in 2027, the still
strong performance will be spurred by tax incentives, increased investment under
the One Big Beautiful Bill Act (OBBBA) and technology-driven investments.

fee

80.

$1.

82.

These growth drivers are expected to offset risk from stricter immigration policies

that reduced labour supply, as well as moderating consumption.

In the Euro-Area, growth 15 projected to slow from 1.4% in 2025 to 1.3% in 2026,
on the back of elevated global uncertainties. Strong growth performance in 2025 1s
attributed to the Euro-Area’s remarkable resilience against trade policy shocks,
benefitting from deeper market integration and trade diversion opportunities.
Importantly, the US trade agreements with the EU and the UK helped moderate
trade policy uncertainty, while higher real wages provided further impetus to
consumption and growth. Going forward, growth in the Euro-area is projected to
rebound to 1.4% in 2027, benefitting from increased public spending, notably, in

Germany and strong growth performance in Ireland and Spain.

In Emerging Market and Developing Economies (EMDEs), growth is projected to
moderate from 4.4% in 2025 to 4.2% im 2026, and 4.1% in 2027. The proeressive
growth decline in EMDEs largely reflects the challenging global economic outlook,
as well as the unsustainable debt wajectory. This notwithstanding, EMDEs,
demonstrated resilience to global shocks through strengthening monetary and fiscal
policies, alongside appropriate macroprudential frameworks. Concurrently, fiscal
policy management switched from pro-cyclical into counter-cyclical mode to

leverage fiscal space to stabilize output and react to economic slack.

Growth in the Chinese economy is expected to moderate from 5.0% in 2025 to
4.5% in 2026 and 4.0% in 2027, Despite the progressive decline, growth in China
remains stronger than anticipated due to fiscal expansion measures which supported
robust domestic demand. Importantly, the redirection of exports to European and
Asian markets, as well as the year-long trade truce with the US moderated the

negative effects of trade shocks and global policy uncertainties.

At the same time, the frontloading of international trade in the wake of the trade

policy uncertainty earlier in 2025 provided an offsetting effect on the higher tariffs.

§3.

84.

35,

56.

The depreciation of the real elfective exchange rate in China also countered the
negative effects of the US tariffs and enhanced export competitiveness. Looking
ahead, China’s growth prospects remain subject to negative spillovers from

property market adjustments that continue to pose debt and deflation risks.

In Sub-Saharan Africa (SSA), growth is projected to firm-up from 4.4% in 2025 to
4.6% in 2026, notwithstanding heightened global uncertainties. While growth in
SSA demonstrated resilience, the recovery momentum was weighed down by
several constraints, including cuts in foreign aid and associated financing gaps,
nising borrowing costs that have amplified debt vulnerabilities, and significant
changes in preferential access to US markets. Specifically, the expiration of the
African Growth and Opportunities Act (AGOA) im September 2025 had

pronounced negative effects, particularly on Lesotho and Madagascar.

Growth in South Affica is projected to remain broadly subdued at 1.3% m 2025,
belore firming up to 1.4% tn 2026 and 1.5% in 2027. Growth performance in South
Africa remains constrained by underlying structural challenges, strains on public
finances, heightened external imbalances and vulnerabilities to climate and

commodity price shocks.

Meanwhile, growth in Nigeria is projected to increase from 4.2% in 2025 to 4.4%
in 2026, before declining to 4.1% in 2027. The growth rebound in 2026 largely
reflects the positive impact of higher oil production, improved investor confidence
and a supportive fiscal stance. More importantly, Nigeria has limited exposure to
higher US tarits.

Going forward, growth in SSA is projected to hold steady at 4.6% in 2027 supported
by macroeconomic stabilization efforts in key economies, SSA growth prospecis,
however, remam challenged by potential headwinds from the uncertain external
environment characterized by uneven prospects in commodity prices, elevated

borrowing costs and the deterioration in the global trade and aid landscape.

37.

88.

$9.

Global Inflation Developments

Global inflation is projected to decline from 4.1% in 2025 to 3.8% in 2026 and
3.4% in 2027, as the global economy weathers the inflationary pressures emanating
from the US tariffs. Delays in the implementation of the proposed new tariffs,
however, enabled firms to postpone price increases and absorb rising costs. In the
US, inflation is envisaged to remain above the 2% target with risks tilted on the
upside, owing to the impact of tariffs and fiscal stimulus measures. Going forward,
US inflation is projected to retum to the 2% target in 2027, as risks from higher

tariffs crvstallise.

Euro-Area mflation is expected to decline to 2.1% im 2025 and decelerate further
to 1.9% in 2026, As such, Europe is on course to achieve the inflation target of 2%
as member countries prioritise the implementation of macroeconomic policies
geared towards further entrenching price stability and sustain inflation within the
EU targets.

Inflation in SSA, though elevated in double digit levels, is expected to decline from
13.1% in 2025 to 10.9% in 2026, amid lingering challenges from slower global
economic growth. Furthermore, fiscal imbalances and increased spending pressures
from debt repayments, as well as currency volatilities, will continue to pose risks

to the inflation outlook. Figure 14 shows global inflation developments.

90,

91.

92.

Figure 14:Global Inflation Developments

2015 2020 2021 203? 2023 2028 2025 2026F 2027F

eeeeGiobal =sAdvancedEcanomias (EAs) Emerging and Ooveloging Eoonomies

Source: IMF World Economic Outlook, 2026

Generally, the current global disinflation trajectory remains on course, benefitting
from stabilisation measures currently being implemented by major central banks.
In the outlook period, inflation developments remain conditioned by the lingering
global policy uncertainties that continue to weigh on growth amid mounting fiscal

pressures,

Commodity Price Developments

Intemational commodity prices declined for the fourth consecutive year m 2025
owing to weak global economic growth, global trade, policy uncertainties and
global oil oversupply concerns. Prices for base metals, agricultural commodities
and energy registered declines in 2025, while prices for precious metals such as

gold and platinum recorded an impressive boor during the same year.

Oil and food prices are envisaged to remain subdued in 2026, with Zimbabwe
standing to benefit from lower petroleum and food import bills considering the
country’s reliance on such imports. This trend is expected to sustain the current
account surplus and lessen pressures on the local currency (2G). Table 2 shows

international commodity price developments.

Table 2: International Commodity Price Developments (Yearly Average)

Commodity Actual Actual Forecast Forecast
2023 2024 2025 2026
Energy
Crude Ol, brent (USS/bbt) 82.6 Ril 68.0. 60,0
Coal Australia (US5/imt) 172.8 136.1 1o7 160
Naturil Gas, Europe (US/inmbin) 13,1 110 12.1 10,8
Food .
Sova bean oil (US5/m1) Lyte {at L158 LUFS
Maize (US$/mt) 233 19) 198 (83
Rice, Thailond (US$ mt) 554 588 406 401
Wheat (UShmit} 40 369 249 758
Agricultural commodities
Cotton (USi-ka) 2.04 1.3] 1.70 1.75
Tobateo (LISS/mt) 5,016 5,899 6.400 5,600
Base Metals and Minerals
Nickel (US#/mt} 21421 16:1 84. 15,200 15,500
Copper (US$/mit) 8.490 142 5700 9300)
Tron ore (USS ier) 120.6 [09.4 og.0 Ot
Precious Metals
Gold US$itoz 1.943 2.388 3400 3.375
Platinum USh toz 960 955 1.230 L274

World Bank Commodity Market Outlook, October 2025

Gold prices demonstrated remarkable strength in 2025, surpassing US$4,000.00
per ounce, largely contributing to foreign reserve accumulation and. export
earnings. In addition, PGM prices rallied significantly, driven by deepening market
deficits and strong auto catalyst demand, among others. In 2025, copper prices
averaged US$9,968.89 per tonne, up by 9.04% from US$9.142.14 per tonne

recorded in 2024, amid concems over potential supply disruptions in Indonesia.

Global lithium prices significantly declined by 21.54°% in 2025 to US$9,416.84 per
tonne, from US$12,002.84 per tonne in 2024, primarily due to a pronounced
oversupply in the global market. Similarly, Nickel prices fell by 8.76% in 2025,
largely driven by Indonesia’s continued production, which led to excessive global
supply. Figure 15 shows developments in selected commodity prices.

Gold Prices US$/Oz PGMs Prices US$/0z
10,0N68

2.206
Hp

etx
erate

Lithium Prices US8tonne Base Metals Prices US#/tonne

(at OD)

hor
B00

5.106
2 (KH)

16,

6,000

Lat

os (OC) DET (|) heel (RHS)

Source: World Rank Commodity Prices, 2025

Foreign Currency Receipts

95. Reflecting the commodity super-cycle for precious minerals, particularly gold, total
foreign currency receipts for 2025 amounted to USS16.19 billion, representing a
21.6% increase froma US$13.32 billion received in 2094, as shown in Table 3.

Receipt

Table 3: Total Forei
Type of FX

Amount
(US$ millions)

B.675.2

Loan Proceeds

4 Private)
Diasporas

Remitiances

NGOs

Remittances

Foreign

Investment

Income Receipis

Contribution

59.7%

15.6%

Source: Reserve Bank of Zimbabwe, 2026

n Currency Receipts for 2025 and 2024 (US$ million

Amount

(USS millions)

T8791

| 585.8

Coutribution

"ia

Change

59.17%

1 b.94%

96. Export earnings continue to anchor foreign currency receipts for the economy,

accounting for 59.7% of the country's total foreign currency receipts in 2025.

Diaspora remittances (person-to-person transfers) have maintained the upward

trend in 2025, accounting for 15.1% of total reccipts.

97. Table 4 shows the export earnings performance by sector for 2025 and 2024,

Table 4: Export Earnings Performance by Sector (US$ Millions)

Sector

Mining

Tobacco

Gold
Platinum
Lithium Gre
Diamonds
Chrome are ch
Ferrochrome

‘Coke

iron & Steel
Granite

Coal
Fermiculite
Nickel

Other minerals

Amount

(USS)
7,307.5
4,381.3
1,612.7

432!

219.48

371.7

179.)
62.25
18.5

0.02
10.9
1,533.0

30)

Amount
(US$)
5,435.4
225) 4
464.6

O15.

402.4

125.7
0.5
d2.2
16.3
af
53.0
42.9
1,599.1

‘eo Change

34, 505
Od eG
L014
(52.8%)
77.90%
(7.6%)

42 5%
(42. 5%)
2M


Sector 2025 2i24 Yo Change

Amount ATO
(US$) (US$)
Tourism 264.8 202.7 5), 6%
Manufacturing {92.4 234.9 (18.1%)
Transport 183.8 190.9 (3.7%)
Agriculture 7.7 120.1 (1e.7%4)
Horticulture 58.8 57.6 2.76
Other Services (Construction, etc) 24.9 255 (2.424)
Postal & Telecommunications 12.3 14.9 T74%

Source: Reserve Bank of Zimbabwe, 2026

98. Mineral exports contributed 75.5% of the total export earnimegs. Gold export
eamings registered significant growth of 94.6%, on account of favourable
international prices and resultant increased domestic output. Increased geo-political
uncertainty strengthened gold’s position as a safe haven asset, pushing prices

upward and boosting export earnings.

99. On the domestic front, enhanced formalisation of artisanal and small-scale mining

operations contributed to higher gold deliveries through official channels.

Foreign Payments

100. Total foreign payments reported by Authorised Dealers (Banks) amounted to
US$11.42 billion in 2025, representing an increase of 21.6% from US$9.34 billion
recorded in 2024, as shown in Table 5.

Table 5:Foreign Payments by Category (US$) for 2025 and 2024

C fle ory 2025 2074 Ma or mi

Amnon Amount Variance Contribution Contribution
(USS) (USS) 2025 2024
.102,115.527 | Sai33\817,132

| Merchandise
pupal (excl,

Raw “Mater ain & 2315,978,968 | 1,625,712,834

| Intermediste Goods

j Consumption & Re 368, 504, 196 1.649, 464, 092 17.6%
| Manufactured
_Goods

& 2.000,291.284 | 1,752,284.989

31]

Cat egory 2025 2024 ri yo Ma
shades AmOouut Variance Contribution Contribution

| 60527, 496

L, TERE CREE

chnics 458 72.166 66
Professional d&

_sonsult —
195.625,869 167,799.93)

Other (iourism, 462.811.0077 438.198,623

edu, frei tc

Income Payments 608,435.007 409.847.4651)

(Profits, Dividends:
| Dividends |
| Interest Payments |
Other (Salaries, 158.422.5835 162,822,167 ae TMG 17%

| Expatriates,Rental) | | 2s |e :
Capital Remittances | 1,185,221,167 906 441,637 AMG O37"
(outwurd)

| External Loan 907,014.639 696. 772.38 | 30.2% Ta TAM
Repayments

|_Disinvestments (55,462,543 | 106,820,348 I
- Foreign 122,742,985 [1
Investment

L Other] ¢ Payments "402,539, 405 _-263 2.8%
EE Card Payments _ 3753547, 646. | 228.5 513 949, 24M
| Refunds 26,991,759 35,097,720 0.4%

Source: Reserve Bank of Zimbabwe, 2026

Trade and Current Account Developments

LOL. The strong exports growth and resilient remittance flows resulted in an estimated
current account surplus of US$2.1 billion m 2025. This represents a significant
improvement from US$501,2 million recorded in 2024. The country recorded trade
surpluses for the greater part of the second half of 2025, a significant inprovement
from persistent trade deficits recorded in yesteryears. Figure 16 shows quarterly

developments in the current account from 2023 to 2025.

Figure 16: Current Account Developments (US$ million

2023091 202302 2023503 20230 202401 202402 202403 202404 202501 202502 202503 202504

fee Trade Bal Ss Servite Bal =_ Bal on Pomary Income
== Bal on secondary Income = "Current Account Bal

Source: RBZ and Zimstat Estimates, 2026

Access to Offshore Loans by the Private Sector

102. The private sector accessed offshore loans amounting to US$3,53 billion in 2025,
representing an increase of 43% from US$2.46 billion in 2024, as shown in Table
6.

Table 6: Private Sector Offshore Loans (2024-25
2025 2024

Sector

‘a “0

Amount (055) Amount (US)

Contribution Contribution

Source: Reserve Bank of Zimbabwe, 2026

103. Agriculture remains the major beneficiary of offshore loans with a proportion of
37.1%, followed by mining (22.8%), and manufacturing (15.6%), among others.
Offshore loan facilities expand financing options at competitive terms and interest

rates, supporting employment creation and prowth.

SECTION TV

104.

106,

107,

The banking sector continued to exhibit resilience and mamtained its support for
economic development through provision of financing to various sectors of the

econoniy.

. The sector remains sale and sound, bolstered by the prevailing macroeconomic

stability. On aggregate, the performance of the sector has remained robust,
characterised by strong capital positions, satisfactory asset quality, liquidity and

profitability,

This notwithstanding, there are a few outliers with elevated areas of supervisory
concern, and the Reserve Bank is implementing appropriate and proportionate
actions in terms of the Banking Act [Chapter 24:20] and the Microfinance Act
(Chapter 24:30].

Banking Sector Architecture

Table 7 shows the banking sector architecture as al 31 December 2025,

Table 7: Banking Sector Architecture - December 2025
Type of Institution Nomber
Commercial Banks
Building Societies 2 |

Savings Bank (POSB)

Non-Bank Financial Institutions Under the Supervision of Reserve Bank

|_'Grectitwatthy MFIs S16
_ Deposittalang MFls rrrr—“—‘i—s—s—s—sSCS
Development Financial Institutions (SMEDCO, IDBZ, IDCZ and AFC Land & 4

Development Bank)
Total Non - Bank Financial Institutions 328

Source; Reserve Bank of Zimbabwe, 2026

108.

109,

110.

The number of building societies reduced from four (4) to two (2) following the
voluntary surrender of operating licences by shareholders of ZB Building Society
and FBC Building Society. The Reserve Bank cancelled the operating licenses of
ZB Building Society and FBC Building Society effective 19 December 2025 and
30 December 2025, respectively, in terms of section 14 of the Building Societies
Act [Chapter 24:02].

The number of deposit-taking microfinance institutions declined from nine (9) to
seven (7) as at 3] December 2025, following the cancellation of licenses of
CashBox Financial Services and Lion Microfinance Limited in terms of section 12
of the Microfinance Act [Chapter 24:30], During the same period, a total of
fifty-seven (57) credit-only microfinance institutions were registered, while two (2)
credit-only microfinance licences were cancelled between January and December
2025.

Financial Soundness Indicators

Asat31 December 2025, the condition and performance of the banking sector were
satisfactory as reflected by the key financial soundness indicators depicted in Table
8.

Table 8: Financial Soundness Indicators (2024-25

Key Indicators Benchmark: DBec-24 Mar-25) Jun-i5) Sep-25 Dec-F5

Total Agsets (ZiG billisn) SS [6733 | 19L82 | 200.66

a a ll ce
—

| Core Capital (ZIG billion) 33.42° | 33.22 53.06 3546

Toa epost (0 bon ear sats fam
Net Profit (2416 billion) re ome [268 [26 68 2.63 496 2?
Fu on Ase an a
Capital Adequacy Ratio
Tier 1 Ratio Ca E | AL67% =| 26.44%6 | | AL67% =| 26.44%6 | 26.44% | 25.2808 | 28% | 25.95% | 23,065

nee Te stall bas disaliall i

Liquidin Ratio
Source: Reserve Bank of, Zimbabwe, 2026

Banking Sector Capitalization
11 L. The reported core capital as at 31 December 2025 is shown in Table 9.

Table 9:Re nital as at 31 December 2025

Reported Core US Equivalent
Capital (4iG) (USE: ZNG25.9807)

orted Core Ca

Minimum Regulatory
Capital (USS)! ZG
Lquivalenes

CBZ Bank Limited 6,028,833.94729 932-050,458.51

Limited

Feobank Zimbabwe Limited 4,2.10,231,388.80 162,052,769 14

Banking Institution

#2 Bank Limited 40 million

2,731,622.247,97 103,140,440, 71

NMB Bank Limited 1,906.620,227.41 73.386.022.22 | 30 million
Nedbank Zimbabwe Limited 1,389,329,209.00 $3.475,434.08

13,643,016.67 127,542,484.10 30 million
|ZBBankLimited illi
0 million
1,305,788,848.05 50,259,956.35
sper
rye
eT

3; :
First Capital Bank Limited 2.264,.017,081 26 87, 142 266.42
L119,

i

TN Cyberlech Bank Limited 973.834.947,54 37,483.014.22 30 million
ormerty Stewand Hank}
FRC Crown Bank Limited 969,513,883.3 37,316,693.99
AFC Commercial Bank Limited | 906,738,345.43
139.032.652.98 5.351382.10

Source: Reserve Bank of Zimbabwe, 2026

Banc ABC Limited 19. 989,.494 54 43,085,424.74
1.018,776.088.40 39.212,803,67
1,010,865,434.16 38,908,321.72

112. POSB, which is established in terms of the POSB Act [Chapter 24:/0| does not
have minimum capital requirements. The institution, however, benchmarks with
tier TT banking institutions that have a capital requirement of ZiG equivalent of
US$20 million,

Banking Sector Asset Structure

113, Banking sector assets continued on a growth path as evidenced by a 29.5% increase
from 21G161,39 billion as at 3] December 2024 to Z7i1G208.93 billion as at 31
December 2025. As shown in Figure 17, the asset mix remained skewed towards
loans & advances, which accounted for 33.48% of total banking sector assels as at

3] December 2025, compared to 32.85% in June 2025.

| Not authorized to take depasits

Figure 17: Asset Mix as at 31 December 2025

Repossessed Propernes Asses
Foreign Claims (Ineluding Bills .of Exchange)

Aupset in Traneit

Balances wath Domestic Banking Institutions
Off-Balance Sheet Items

Balances with Foren Institutions

BSD- BS Other Assets

Moterand Coin

Fixéd Assets

42.25%
po
SS 8
ss.)

Fda
ee = 548,
o% 3% 10% 15% 20% 23% 30% 35% 40%

Dec 24! «e325
Source; Reserve Bank of Zimbabwe, 2026

Secuntics & Investments

Loan a Advances

Banking Sector Loans and Advances

114. Agerepate gross banking sector loans and advances amounted to 7iG75.59 billion
as at 31 December 2025, compared to 2155.93 billion as at 31 December 2024.
Foreign currency-denominated loans accounted for 89.63% of the banking sector
aggregate loans.

115. The banking sector continues to support the productive sectors of the economy,

with 74.82% of total loans directed towards these sectors as at 31 December 2025,
as shown in Figure 18.

Figure 18: Sectoral Distribution of Loans as at 31 December 2025

Source: Reserve Bank of Zimbabwe, 2026

Asset Quality

116. The quality of the banking sector’s loan portfolio remained satisfactory. As at 31
December 2025, the average non-performing loan to total loans ratio (NPL) was
3.47%, compared to 3.37% reported as alt 31 December 2024. The NPL ratio

remains within the internationally acceptable benchmark of 5%.

117, The trend in the level of NPLs from 31 December 2021] to 31 December 2025 is as
shown in Figure 19,

Figure 19:Trend in Non- Performing Loans

AIG-BO.00 oillian Sis

Fis F000 oitlion

2G 6100 olitiar 3, ot
FG 50.00 pilllar
7G 46.00 pilllon iS
FIG 30.00 fillhart
Fi 20.00 billion 2B
AiG 10.00 fiillon |

7G 0.00 billidn 2 O05

Ege Dat Jone 25 Bepo-25 Gec-25

Moss Ge Dob) Mm Substandard: Special Mention Gee Pass ——=(PL atin

Source: Reserve Bank of Zimbabwe, 2026

Banking Sector Profitability

118. The banking sector remams profitable and recorded aggregate profit of Z1G8,77
billion (US$337.65 million) for the year ended 3] December 2025, compared to
Z1G26.68 billion (US$1.03 billion) reported in the corresponding period in 2024.
The quality of earnings has, however, improved as a result of stability in the local

currency over the past year.

119. The income mix for the sector for December 2024 and December 2025 is depicted

in the Figure 20.

Figure 20: Banking Sector Income Mix
60%

diterest [ncome. [nterest income lnterest income = Other Non- Been and
i Investments on Belinces fram Los Inereatincome Commission
and Seeutities with Banking Advances mul

Taslituitons Lewes

me Biec-24 m Dee-25

Source; Reserve Bank of Zimbabwe, 2026

120.

121,

122.

123.

124.

The banking sector continues to implement measures to enhance income generation

from sustamable sources such as loans and advances.

The return on assets ratio was 6.17% as at 31 December 2025, compared to 24.72%
as at 3] December 2024, respectively, reflecting the significant reduction in the
gains from revaluation owing to the stability of the loca! currency.

Banking Sector Deposits and Liquidity
The banking sector continued to maintaim satisfactory liquidity positions as
evidenced by an average prudential liquidity ratio of 37.61% as at 31 December

2025, which was compliant with the regulatory minimum ratio of 30%.

Banking sector deposits continued to increase, reflecting growing public
confidence in the sector. As at 31 December 2025, total banking sector deposits
amounted to ZiG123.53 billion, representing a 38.7% increase from ZiG89.07
billion recorded as at 31 December 2024. Foreign currency-denominated deposits

accounted for §3.22% of total deposits recorded as at 31 December 2025.

BANKING SECTOR DEVELOPMENTS

ZB Building Society Surrender of Operating Licence

The Registrar of Building Societies cancelled ZB Building Society’s licence in
terms of section 14 of the Building Societies Act [Chapter 24:02), effective 19
December 2025.

5. The cancellation followed the institution’s voluntary surrender of its licence and

request for its cancellation in terms of section 14 (3) of the Building Societies Act.
ZB Financial Holdings Liraited, the mstitution’s shareholders, resolved to surrender
the building society licence for cancellation and proceed with its voluntary

liquidation.

4]

126.

128.

130.

131.

Accordingly, ZB Building Society in terms of the Building Societies Act, is no

longer a building society.

Restructuring of FBC Holdings Limited

. The Minister of Finance, Economic Developnient and Investment Promotion

approved the merger of FBC Bank Limited and FBC Building Society at the request
of FBC Holdings Limited in terms of section 25(5) of the Banking Act [Chapter
24:20).

Following the approval, the Registrar of Building Societies cancelled FBC

Building Society’s lheence in terms of section 14(4) of the Building Societies
Act [Chapter 24:02), with effect from 30 December 2025.

Sustainable Finance

. As at 31 December 2025, a total of 15 out of 17 banking institutions, two (2)

development finance institutions and one (1) deposit-taking microfinance
institulion, are pursuing implementation of the sustamability standards under the
Sustainability Standards & Certification Initiative (SSCD.

The Reserve Bank remains resolutely focused on advancing supervisory activities
that foster the development of a sustainability-oriented financial sector. In 2026,
this commitment will encompass sustamed engagement with institutions on
sustainable finance initiatives. deepening of green finance adoption, and active

support for sector-wide sustainability efforts,

These efforts are designed to embed environmental, social and governance
principles nto the fnancial system and strengthen resilience agamst climate-related
risks and align the country’s financial sector with international best practice and

National Development Strategy Il while safeguarding long-term financial stability.

133.

134.

135.

Climate Risk Management in the Banking Sector

. The Reserve Bank continues to review the banking sector’s integration of climate

risk in institutions’ risk management frameworks in line with Guideline No. 01-

2023/BSD: Climate Risk Management.

An evaluation of banking institutions’ climate risk profiles revealed that most
banking institutions have incorporated climate risk in their risk management cycle
Le. risk identification, risk assessment, risk monitoring, and nsk mitigation, The
institutions are also putting in place appropnate governance systems and strategy
development processes, which ensure accountability for climate-related risks

across all layers of their risk management processes.

PERFORMANCE OF THE MICROFINANCE SECTOR

The microfinance sector continues to play a strategic role in transforming
livelihoods and advancing the national financial inclusion agenda by facilitating
access to finance for low-income and underserved communities, including micro,

small and median enterprises.

The key performance indicators for the microfinance sector (deposit-taking and
credit-only microfinance institutions) for the year ended December 2025 is

summarised in Table 10.

Table 10: Microfinance Key Performance Indicators; 31 December 2025

lndicator Dec 2024 June 2025 Dec 2025

| sso | oso | sas
2.74 3.77 4.39

01 0.40 0.86
re ee

136.

137.

138.

. - Vis cee! | ee
Indicator Bec 2024 June 2025 Bec 2025

972.541 545.533 | = 470-028

| Numbe: mi ranches am

Source: Reserve Bank of Zimbabwe, 2026

Microfinance Outreach

During the year 2025, the microfinance industry expanded the branch and agents”
network to 4,078 branches and agents, up from 3,046 in the previous year. The
increase in the branch network was driven by the growing number of microfinance
institutions and the expansion of agent networks, as institutions sought to enhance

outreach and access to financial services,

Durmg the review period, female clients accessed loans amounting to ZiG2.27
billion, representing 31.57% of the total loan portfolio of ZiG7.19 billion. The
proportion of female borrowers stood at 43.37% of the industry’s total borrowers
of 422,358. reflecting an increase from 28.68% recorded as at 31 December 2024.

Profitability

During the year under review, the microfinance industry recorded aggregate net
profit of ZiG859 million compared to ZiG971.68 million recorded in December
2024. The decline in net profit was due to high operational costs as represented by
a decline in the operational self-sufficiency ratio (OSS) from 182.81% as at 31
December 2024 to 163.85% as at 3] December 2025. Microfinance institutions are
urged to adopt digital financial technology to development efficient delivery
channels.

139,

140.

141.

Capitalisation

As at 3] December 2025 the aggregate equity for the microfinanee industry
amounted to Z7iG4.39 billion compared to Z1G2.74 billion recorded as at December
2024, The increase in aggregate equity was largely driven by microfinance
institutions that injected additional capital im order to comply with the minimum

capital requirements.

Five (5) out of the seven (7) operational deposit taking microfinance institutions
were compliant with the minimum capital requirement of the local. currency
equivalent to USS$5 million. The two (2) non-compliant DIMFIs, (EmpowerBank
Limited and Zimbabwe Women's Microfinance Bank Limited) continue to record
losses due to viability challenges. The Reserve Bank continues to engage these

institutions to put in place turnaround strategies.

Figure 21 shows the capital levels of the Deposit-Taking Microfinance Institutions
(DTMFIs) as at 31 December 2025.

Figure 21: Capital Levels for Operational DTMFIs as at 31 December 20257
$18.00
$6.00
£14.00
$12.00
$10.00

$2.00
$6.00

$400 253

all” 0:92
i

Tnnhurks ACE Subcess Nluakounras Gethucks Empawerhank Z=WMB

$2.00

a4.00

Geeoo-24 ME Sep-25 Se Deer ——KReguletary mm

Source: Reserve Bank of Zimbabwe, 2026

? Minimum capital requirement! is equivalent of S35 million, The declared copital levels were converted ising an
exchange rate of USEI=ZiG2S, 7985 ay att! December 2024, USE: ZiG26.6439 as at JO September 2025 and USE|
FIGIS ROT af qt 3) December 2075

142.

143.

144,

143.

146,

Deposits Mobilisation

As at 31 December 2025, the DTMFI subsector registered a 105.19% increase in
total deposits from ZiG1.35 billion as at 31 December 2024 to ZiG2.77 billion,
largely drtven by increased deposit taking mobilisation efforts within the sector

towards corporate clients.

The DIMFI subsector prudential liquidity ratio of 127.13% as at 31 December
2025, indicated an increase from 96.34% as at 31 December 2024. significantly
above the prudential minimum threshold of 30%. The high prudential liquidity ratio
was reflective of the subsector’s maintenance of a high level of liquid assets

compared to the level of obligations.

FINANCIAL INCLUSION

Zimbabwe achieved sustained, transformational progress in the financial inclusion
space in 2025. The strengthening of economic participation of the target groups
during the same period has demonstrated the effectiveness of targeted financial
inclusion policies and co-ordinated national strategies and partnerships, ‘leaving no

one, and no place behind’.

The co-ordinated targeted policy interventions, adoption of innovative financial
solutions by the banks, microfinance institutions, and other service providers, and
the establishment of a robust credit infrastructure, including the collateral registry,

provided the impetus to the financial inclusion journey in Zimbabwe.

As the National Financial Inclusion Strategy I] (NFIS I) comes to an end in
October 2026, the Reserve Bank, in consultation with other financial inclusion
stakeholders is spearheading the development of the National Financial Inclusion
Strategy TI (NFIS I, which will be launched in the fourth quarter of 2026,
Preliminary assessment of the implementation of NFIS IT (2022-2026) indicates

that significant progress has been achieved on both the access and usage strands.

147, Building on the progress to date, NFTS II will focus on the transformational impact

148.

of the various financial inclusion mitiatives through translating access and usage
into improved livelihoods, enterprise prowth and economic resilience, while
prioritizing consumer protection, financial health and capability, productive sector

financing, and data-driven policy interventions.

Financial Inclusion Indicators

Loans to the marginalised groups, particularly the women and youth generally
exhibited an upward trend indicating that the financial inclusion initiatives were
having a notable impact on the sustainable uptake and usage of financial services.
Table I] shows a snapshot of financial inclusion progress made during the period

under review,

Table 11:Financial Inclusion Indicators

daateeator Dec 24

Value of Loans fo Women (ZiG
billion)
Average loans to women asa % of

total bank loans
Number of Loans to Youth
Value of Loans to Youth (ZiG
Average loans (o the youth aso % of
total bank loans
Total humber of Active Bank
Accounts (Million) _
Number of Low-Cost Bank
Accounts (Million
Source: Reserve Brink of Zimbabwe, 2026

149. The number of active bank accounts marginally increased from 7.53 million to 7.60

million, whilst low-cost accounts improved from 3.37 million to 3.62 million, over

the same period,

151.

152;

153.

154,

AML/CFT/CPF! SUPERVISION

. The Reserve Bank continues to promote the integrity of the banking sector through

the application of risk-based supervision, to ensure that banking and microfinance

institutions conmply with their AML, CFT, CPF obligations.

The banking sector level of compliance with AML, CFT, CPF obligations remains
high as supported by comprehensive AML, CFT, CPF policies and procedures,
robust internal controls buttressed by a culture of compliance permeating from

board level to operational level.

The controls include implementation of msk-based customer due diligence
procedures at on boarding and on an on-going basis to ensure that they are not used
as conduits for legitimizing illicit proceeds from criminals, adherence to record
keeping requirements and reporting suspicious transactions and activities, among

others.

As part of efforts to align their AML,CFT,CPF frameworks with the results of the
2024 Money Laundering National Risk Assessment, banking institutions and
deposit taking microfinance institutions are undertaking a number of risk based
acuWilies and initiatives. These include updating Institutional Risk Assessments,
reviewing policies and procedures, adjusting transaction monitoring scenarios and

thresholds and training staff, among others.

Most banking institutions have pul in place effective sanctions screening systems
to deter sanctioned individuals and entities from using the products and services of
banking institutions, as well as implementing automated transaction monitoring

systems to facilitate effective suspicious transaction reporting.

* Anti-Money Laundering, Counter Terrorist Financing, Counter Prodiferation Financing

155.

156.

157.

158.

Given the evolving money laundering, terrorist fmancing and proliferation
financing threat landscape and emerging risks, as well as changes in regulatory and
Financial Action Task Force (FATF) standards, banking and microfinance
institutions are urged to remain vigilant and proactive in the implementation of
measures that ensure the effectiveness of their AML, CFT, CPF programs on-going

basis.

Compliance and Enforcement

Durmg the year, the Reserve Bank noted improved compliance levels across
banking institutions and deposit-taking microfinance institutions (DTMEFI).
Instances of non-compliance were, however, identified and these included delayed

or non-submission of regulatory returns.

The Reserve Bank will continue to maintain a zero-tolerance stance toward
non-compliance, and appropriate supervisory action was taken in all cases to

reinforce a strong compliance culture across the sector.

CREDIT INFRASTRUCTURE

Credit Registry

The credit mformation ecosystem demonstrated sustained forward momentum,
reflecting a clear commitment to 18 strategic objectives and long-term
development. Through effective coordination among the Credit Registry and the
three private credit bureaus, the coverage, depth, and reliability of borrower
information continued to improve, supporting a more transparent and inclusive

credit market.

. This steady progression has reinforced confidence in lending decisions, contributed

to stronger credit discipline, and enhanced the financial sector’s capacity to manage

risk. Overall, the continued infrastructure development provides assurance of its

readiness to support future growth, innovation, and stability within the financial
system.

160. As at 31 December 2025, all the credit reporting institutions, which include the
Reserve Bank and three (3) private credit reference bureaux, maintained 24.82
million searchable records.

161, As at 31 December 2025, statistics from the Credit Registry reveal a 11.76%
increase in cumulative inquiries, rising from 5,219,776 as at 31 December 2024, as
shown in Figure 22.

Figure 22: Cumulative Credit Registry Usage Status
7,000,000

6,000,000
400.000:

Number nf Inquiries

200.000

Deze
Mape25
Jonze
Sep2s
Dgie5

Scuree: Reserve Rank of Zimbabwe, 2026

‘Misr
Ji 24

162. The Collateral Registry has recorded a cumulative 8,690 security interest notices in
movable assets since commencement in November 2022, comprising 3,352 (37%)
active security interest notices, and 5,704 (63%) expired registrations.

163.

164.

As al 31 December 2025, there were 3,352 active registrations in the Collateral
Registry with a total principal value of ZiG87.541 billion. Banking institutions
were the major users of the Collateral Registry with 1,648 active registrations,
followed by microfinance institutions with 1.421 entries. In terms of value of
movable collateral, banking institutions recorded a total of 2iG33.998 billion while
law firms registered a total value of 71G52.748 billion on behalf of clients as shown
in Figure 23.

Figure 23; Corresponding Loan Amount of Registered Security Interests: 31
December 2025

ZiG 60.00 billion
ZiG 50,00 billion

fio 40.00 bullion
ZiGy 32.75 billion
Z0G 30.00 billion

Zi 20.00 billion
ZG 34.00 billion

ZiG 10.00 billion

| Zit 75.38 mailliog ZiG 45,65 million
20)

BARING MICROFINANCE LAW PIRME CONTRACT OTHER
INSTITUTIONS = INSTITUTIONS FINANCIERS REGISTRANTS

2G 0.00 billion

BNUMBER OF ACTIVE SECURITY INTBREST NOTICES. © PRINCIPAL AMOUNT tfaty)

Source: Reserve Bank of Zimbabwe, 2026

Lending institutions continue to expand the types of movable assets which qualify
as collateral. During the year to 31 December 2025 collateral ranged from
household goods, private vehicles, trucks, agricultural equipment to shares as
further shown in Figure 24.

Figure 24: Types of Collateral’ as at 31 December 2025

Hap

li
TE ger asa spss

il $7 ya ae
lias:

& a
—

Source; Reserve Bank of Zimbabwe, 2026

165, Although men continue to pledge higher volumes overall, women are actively

utilismg movable assets, particularly within the lower to mid-value categories,
which reflects increasing financial inclusion and confidence in formal lending

systems. Figure 25 shows the movable collateral pledged by gender.

Figure 25:Movable Collateral Pledged by Gender

140)
| 20)
} OU)
BOW) Loe

a0

4h)
100) L2s

=o

bil Beas o O B
ee ie A “7 e eee, e
oe - ti oe ?
£ ee ae

BCOLLATERAL PLEDGED BY MEN COLLATERAL PLEDGED BY WOMEN

Source: Reserve Bank of Zimbabwe, 2026

* Other includes motorcycles, trailers and other movable assets (hat ere yet to be classified in the Colluteral

Registry svstem

166.

167.

168.

169,

170.

UL.

The data shows encouraging participation by women in the use of movable assets
as collateral, demonstrating a growing engagement by women in accessing credit

facilities.

NATIONAL PAYMENT SYSTEMS DEVELOPMENTS

The Reserve Bank remained firmly committed to maintaining a secure, efficient,
and inclusive national payment system, while continuing to prioritise the
enhancement and modernisation of the National Payment Systems asa vital pillar

of the country’s financial ecosystem.

Resultantly, the payment systems remained stable, safe, and resilient in 2025, with
steady growth in transaction activity reflecting a sound and well-functioning
financial environment aligned with the Reserve Bank's objectives. The average
system uptime for both RTGS and retail systems averaged 98%, dure the year
2025.

The Reserve Bank continues to strengthen the National Payment Systems as a
critical enabler of financial stability and inclusive economic participation. In this
regard, the Reserve Bank is advancing key regulatory, infrastructural, and policy

initiatives within the national payments ecosystem as outlined below.

Strengthening Financial Stability Through Cyber Resilience

In August 2025, the Reserye Bank reissued the Cybersecurity and Resihence
Guideline. reaffirming minimum standards for cyber risk management across

banks, payment service providers, and other national payment system participants.

The reissued framework seeks to enhance the operational resilience of the financial

sector agaist cyber threats, system outages, data breaches, and fraud.

172.

173,

174.

The Reserve Bank, Postal and Telecommunications Regulatory Authority of
Zimbabwe (POTRAZ) and the International Telecommunication Union (ITU), are
working on coming up with an enhanced Digital Financial Services security

framework.

ATM ZiG Cash Availability and Usage

Following the Reserve Bank’s directive, im line with enhancing ZiG distribution in
the economy, banks reconfigured their Automated Teller Machines (ATMs) to issue
ZiG cash, resulting in transactions valued at Z1G44.2 million processed in 2025, as

shown in Figure 26.

Figure 26: ZiG ATM Disbursements

VALUES IN Million 2G
— wo Bote om <r om oe

Source; Reserve Bank of Zimbabwe, 2026

Digital Transactions

The Reserve Bank continued to promote the adoption and usage of digital financial
services to reduce reliance on cash, broaden access to payment services, and

accelerate digital financial inclusion.

. A total of 827.09 million transactions valued 71G2.61 trillion were processed

through the national payment system in 2025. Figure 27 provides an illustration of

the trends in transaction values and volumes over the year 2025.

Figure 27: Digital Payments Transaction Values and Volumes from January —
December 2025°


a
§ 200.00 60.00 =
a 50.00 =
‘= 150.00 =
¥ 40,00 6
= 100.00 30.0 2
= “Ss

moo on oe
SF SF SF FY SS oS USC; a ed
— vw ve » ire & - Ral

a= Trinsaciion Values (1G) Transaction Volumes (2G IRH§

Source: Reserve Bank of Zimbabwe, 2026

Real Time Gross Settlement System (RTGS)

176, During 2025, the values of transactions processed through the RTGS System were
41G520.34 billion and US3836.98 billion for ZiG and US$, respectively. The

corresponding volumes were 4.48 million and 6.48 million.

177, The ratio of ZiG transactions to the total transactions processed through the RTGS

system in terms of value and volume, averaged 35-40% during 2025.

178. Regionally, the Zimbabwean banks processed 4,038 tansactions valued at
ZAR3.51 billion on the SADC-RTGS system.

Interoperability Statistics

179. The Reserve Bank will continue to advance the integration of the digital financial

system to facilitate seamless transaction flows across payment platforms, thereby

3 ipital Paymenty Include Tronsaciions conducted on the RTGS, Card Mobile Money. Mobile Apos and Online plarforme

180.

181,

reducing frictions, lowering transaction costs, and improving access to financial

SeTVICES,

The interoperability transactions values processed for retail digital transactions
continued to trend upwards, reaching Z1G2.63 billion in July 2025 and closing the
year at 7i1G2.14 billion as shown in Figure 28.

Figure 28: Interoperability transactional values and volumes from Jan 2025
to Dee 2025

44 4

of i]
af o x Be rE) = os a ob as a“
a “ al ae = x" gh” a Pd a aa
& > ao a a8
= Values LAS = Volumes RHS 0 teererets Linear (Valumes RES)

Source: Reserve Bank of Zimbabwe, 2026

Access Devices and Points

All access channels recorded growth during 2025, with the exception of mobile
point of sale (MPOS), reflecting increased digital transactional activity and
improved efficiency in the payments system. Table 12 shows the number of

payment access points and access devices.

Table 12: Payment Access Points and Devices as of December 2025
PAYMENTS SYSTEMS ACCESS POINTS

ATMs Faso | es aee| aes] sm «|||
ae aes

PAYMENT SYSTEMS ACCESS DEVICES

pebitcants | 81? | seno.sor| seosgrs | sozzies | soei0e | 610.460 | gary |

A
Prepaid Gard | 163200] 65838 | 173706 | i020 | ve2a7 | asm | oa

obile Money 47 4
M 10, i 030 35 PO,267,626 | 1OTOR SID | [0,795,085 | 10.955.086
Subscribers 148%
Inteist Banking

$77,1 377,669 57g.5 591 [54 995.186 600,082

Source: Reserve Bank of Zimbabwe, 2026

182. The number of Point-of-Sale Machines (POS) operating in the country gradually
increased from around 150,000 in February 2025 when the Reserve Bank
announced the requirement for use of POS devices by businesses to around 160,200
by 31 December 2025. The developments on the number of POS machines are

shown in Figure 29,

Figure 29: Number of Point-of-Sale Machines


op 2 Soh Ph Ph ph DP Pe oe OF
PLE LEP EE PEEL ELLE SH

Source: Reserve Bank of Zimbabwe, 2026

Payment Systems Pradential Oversight Activities
183. Through a combination of onsite inspections and offsite surveillance, the Reserve
Bank continued to undertake prudential oversight of payment systems in line with

intemational best practice.

184. The supervisory activities ensured that payment system operators and participants

complied with regulatory requirements, upheld operational resilience, managed

185.

186,

187,

188.

189.

risks effectively, and maintamed the safety, efficiency, and integrity of the payments

ecosVslem.

The Reserve Bank, working with the Zimbabwean banking community, ensured the
successful migration of all participants on the RTGS, SADC RTGS and SWIFT
Cross Border Payments and Remittances Plus (CBPR+) systems to [IS020022
before the November 2025 deadline. Resultantly, customers can now transact in the

new ISO20022 format without any challenges.

To ensure Cyber Security resilience, banks were required to undertake independent
assessments against the SWIFT Customer Security program. In the same vem,
Card, POS and ATMs compliance with Europay, Mastercard and Visa (EMV)
clobal standards were enforced to manage cybersecurity incidents related to card
fraud_ In this regard, the Reserve Bank is pleased to advise that the market has
achieved 100% EMV compliance for POS machines, ATMs and cards.

The Reserve Bank will continue to exercise robust supervisory oversight over
payment service providers to ensure compliance with applicable laws and
regulations, supported by onsite examinations, off-site surveillance, payment

system monitoring, and strengihened consumer protection measures.

Payment Systems Providers AML/CFT Supervision

The payment systems providers have remained compliant with AML/CFT
regulatory and international standards. Payment service providers have continued
to enhance internal controls, compliance programmes, and msk management
frameworks in support of effective regulatory compliance.

The Reserve Bank urges all Payment Service Providers to ensure that their risk-

based frameworks are aligned with the national risk assessment, in view of the

pending AML/CFT mutual evaluation in 2026. In addition, they are expected to

190.

191,

193.

continue strengthening compliance arrangements on an ongoing basis in Ime with

evolving risks and supervisory expectations.

Licensing and Assessment of New Initiatives
The Reserve Bank approved seventeen (17) product initiatives from both financial

institutions and prospective payment system providers during 2025.

Asignificant proportion of the applications received and approved were for additive
initiatives and system enhancements. Going forward, the Reserve Bank will
continue fo encourage financial innovation and closely monitor emerging products

through robust oversight mechanisms to safeguard the safety and soundness of the
payment systems.

Market Conduet for Digital Financial Services

. In 2025, the Reserve Bank strengthened its nationwide consumer and stakeholder

engagement programmes m furtherance of ils mandate to promote financial
stability and inclusion, These initiatives were implemented across all provinces, in
close collaboration with key education, regulatory, and consumer protection
institutions, including the Postal and Telecommunications Regulatory Authority of
Zimbabwe (POTRAZ), the Consumer Council of Zimbabwe, and other strategic

partners.

The coordinated outreach programmes supported the Reserve Bank’s broader
monetary and financial sector policy objectives by enhancing public awareness,
strengthening consumer confidence, and promoting the safe and ¢fficient use of
digital financial services, thereby contributing to a resilient, stable, and inclusive

financial system.

. The Reserve Bank urges all market participants to deepen collaboration in the

design and implementation of consumer education initiatives on digital financial

195.

196,

197.

services (DFS), to strengthen financial literacy, mitigate consumer-related risks and

ensure informed participation in the evolving digital fmancial ecosystem.

Encouraging Affordable and Inclusive Payment Services

The Reserve Bank encourages all financial services providers to offer payment
services at lair, transparent, and affordable prices to support inclusion, economic
participation, and business growth. Payment system providers are, therefore, urged
to review and rationalise transaction fees, particularly for low-value retail

payments.

Regional and International Developments

The Reserve Bank remained actively engaged with regional and international
payment systems platforms under the Southern African Development Community
(SADC) and the Common Market for Eastern and Southern Africa (COMESA),
while also contributing to initiatives that advance the objectives of the Eastern and
Southern Africa Anti-Money Laundering Group (ESAAMLG), reaffirming its

commitment to coordinated financial sector development and policy cooperation.

The Reserve Bank supported efforts to deepen cross-border payment system
integration through the Pan-African Payment and Setilement System (PAPSS). It
continued to advance financial inclusion priorities in line with the Alliance for

Financial Inclusion (AFT) framework,

60)

SECTION V

198. This section discusses the monetary and financial conditions underpinning. the

current monetary policy stance and provides detailed explanations on key

fundamentals, including:

Local Currency Inflation Dynamics.

Transitioning to Inflation Targeting.

Indirect Monetary Policy Instruments.

Monetary Policy Cycles.

Monetary Policy Transmission Mechanism and the Roadmap to Mono-

Currency.

199, Understanding the monetary and financial conditions is key to supporting price

stability as the primary objective of monetary policy.

Local Currency Inflation Dynamics

200. Zimbabwe has achieved domestic currency single-digit inflation lor the first time

in over three decades, This milestone is attributed to the implementation of prudent

monetary policy measures by the Reserve Bank since the introduction of ZiG in

April 2024. This highlights a shift from the chronic inflationary phases the country

has gone through smce Independence in 1980, There is, therefore, need to

continuously anchor inflation expectations to maintain a low and stable inflation

environment,

201. Box | chronicles the country’s local currency inflation trends from 1980.

61]

Box 1: Local Currency Inflation Dynamics

Zimbabwe experienced high inflation since 1980, mostly in double-digit levels. A cursory analysis of the
historical trends shows that annual inflation averaged 13% during the first decade of independence.
Annual average single digit inflation was only recorded in 1980, 1985 and 1988, with the last recorded
single digit annual inflation in January 1989.

Since then, annual inflation has continued to be high above 10% impacting on purchasing power, savings
and investment, and general economic activity.

Between 1990 and 1999 annual inflation averaged 29% sisnificantly higher than the previous decade
reflecting the opening up of the economy under the Economic Structural Adjustment Programme (ESAP),
This average, however, masks outliers in 1902 due to-s¢vere drought, 1998 reflecting fiscal pressures and
1999 due to removal of Balance of Payment support by International Financial Institutions (IFTs).

Annual Zim Dollar Inflation Panels 1980 to 2005
1990-1598

cia] in ow
S aoaq
Ee] m TW
on o ac
a fat ao
- od as |

Tn the 2000s the high inflation trend continued, marked by episodes of hyperinflation from 2006 to 2008.
The hypermflation period reflected a confluence of factors mcluding diminished sources of externul
finance, intensification of sanctions and inereased money supply growth.

The country adopted a multi-currency-system in 2009, which led to deflation, low production, loss of
vompetitiveness and an milux of imported goods, Efforts to résuscilale the local currency faced
transitional! challenges due to recurring droughts, hyperinflation hysteresis and fiscal slippages which
resulted in undesired increases in money supply. The continued preference of the US dollar, as a store of
Value, undermined increased use of the local currency.

Annual USS Inflation Annual Zim Dollar Inflation

2009-2018 30.00 2019-2023
B00 00


a00.00
200.00
100.00

0,00

A201
‘2070
st
f2012
s2045
weno
ans207
1/2019
Weois
Leo7s
aizo20
ae?
Wio23

VW
a
or
hy
ay
|
fi

|

a

While historical cycles of inflation presented challenges in the past, the introduction of the ZiG in April
2024, managed to foster greater certainty, credibility and predictability in monetary and financial affairs.

Tn this regard, the Reserve Bank has been walking the talk of prudent monetary policy characterised by
optimal money supply and liquidity management. The strategic accumulation of foreign reserves
backing the local currency and an efficient foreign exchange market under the WBWS have
successfully anchored price and exchange rate stability resulting in the country achieving single
digit inflation of 4.1% in January 2026,

#iG Annual Inflation

92.1% 92.5% 758% 93.8%

Apr-25 May-25 Jun-25 Jab25 Aug-25 Sep-25 Oet-25 Nov-25 Dee-25 Jan-26

The experiences of inflation in Zimbabwe have shown that high inflation and deflation are inimical ta
economic growth,

wk

PW PP et PS > xt
BPE Ph GF off

mee tDP Growth Loy lin!)

Sustaining a low and stable inflation, therefore will be critical to support financial market development,
mobilisation of domestic savings and inclusive economic growth.

202. The Reserve Bank is pursuing a hybrid monetary policy framework where reserve
money is the operational target. However, under a low inflation regime, the
relationship between the money aggregates and inflation weakens. Sustaining
single-digit inflation may require a fine-tuning of the monetary policy framework
in future. Country experiences have shown that inflation targeting is more effective

in controlling inflation when inflation 1s low and stable.

Transition to Inflation Targeting

203. To entrench low and stable inflation in the medium-term, the Reserve Bank will
transition to an Inflation Targeting monetary policy framework in line with the
SADC monetary policy harmonisation programme. The conditions to transition to
inflation targeting are explained in Box 2.

Box 2: Transitioning to Inflation Targeting

Since the introduction: of the ZG currency, the Reserve Bank has been operatme undera hybrid monetary policy
framework, with reserve monev as the operational target and the exchange rate os the intermediate target and
nominal anchor. This has been critical in ‘supporting price and currency stability.

The framework: is, however, hinged on the assumption of a stable money demand function. Country experiences
have revealed that this relationship breaks down when inflation is sustainably below 10° where inflation
becomes mainly driven by inflation expectations. This has prompted some countries to shift to inflation targeting
(IT) which is more suitable in anchoring inflation expectations.

Against this background and consistent with the Reserve Bank’s Strategy Plan (2026-2030), the strategic thrust
over the next five years is to transtion towards an inflation fargeting. regime in line. with the NDS2 and SADC
CCBG Monetary Policy Harmomzation Roadmap. Countries that have adopted inflation targeting follow #
etadual approach by initially introducing a flexible moneiary targeting framework where prominence is given to
interest rates to anchor money supply growth to support price and exchange rate stability. This will allow
strengthening of the interest rate channel and enable migration to an inflation targeting lite or Nexible inflation
Flexible inflation targeting involves-adopting an inflation target range. This flexibility is critical to engure a trackrecord of meeting the target, that way building trust, confidence and credibility which are necessary prerequisites for anchoring inflation expectations,

The inflation targeting framework entails adoption of a specific numerical target or range for miflation as the
policy objective using the bank policy rate as an instrument, with short-term interest rate as the operational target
and inflation forecasts serving as the intermediate target and nominal anchor. Under inflation taresting,
communication snd transparency become vital monetary policy tools to anchor inflation expectations.

The successful adopuon of an inflation targeting framework involves but is not limited to:

Setting and communicating specific inflation target or range.
Sirengienmg operational and instrument independence.

Flexible exchange rate regime,

Enhanoing institutional and governance arrangements, including collaboration between central bank and
Treasury.

Sufficient financial market depth.

Enhancing modelling and forecasting capacity.

Clear and effective monetary policy communication,

E,

Ih.
ii. Limitmg fiscal dommance.
iv,

¥

Experiences from Latin America show that countries can transition to IT before they have fully de-dollarised.
Under these circumstances it-will be crucial to ensure that the exchange rate remains stable and reduce exchange
rate pass-through, supported by a floating exchange rate with intervention limited lo smoothen excess volatility
which may resuli in a de-anchoring of inflation expectations. In this regard, ensuring robus! accumulation of
foreign currency reserves to between 3 to 6 months of import cover will be critical for enabling intervention in
the foreign exchange market to foster exchange rate stability.

in preparation for transitioning to an inflation targeting frameworks, the Reserve Bank has been modemising its
monetary policy framework through enhancing its capacity in forward-looking inflation modelling and
forecasting tools, Specifically, the Reserve Bank has embarked on the development of a Forecasting and Policy
Analysis System (FPAS) which is based on quarterly projection core model (QPM). The robustness of the
forecasts from OPM tor monetary policy will improve as more consistent data devoid of structural breaks on
ZIG inflation beconies available. In addition, the Reserve Bank has sine: sinbraced commminicution as a
necessary monetary policy tool and will continue fo deepen efforts to improve monetary policy communication
for effective anchoring of inflation expectations.

Inflation targeting will be supparted by the adoption of indirect monetary policy instruments. The Reserve Bank
will also prioritise the development of domestic financial markets,

204.

Indirect Monetary Policy Instruments

Reflecting the Reserve Bank’s planned transition to an inflation-targeting monetary
policy framework, strengthening the interest channel through financial market
deepening will be critical. In this regard, the Reserve Bank will prioritise the
introduction of indirect instruments of monetary policy. Box 3 highlights the role
of term deposit facilities.

Box 3: Term Deposit Facility (TDF) to Enhance Monetary Policy

The implementation of monetary policy has two core elements, which involve the signalling
of the policy stance by the central bank, typically through its policy rate and market operations
which implement the monetary policy stance.

Central banks have various instruments available to achieve their operational targets under
different monetary policy frameworks. These mstruments melude the policy rate, open marlce!
operations, statutory reserve requirements and standing facilities.

Standing facilities comprise both lending and deposit facilities available at the central bank.
The overnight fending which elmost all central banks have, is available asa back-up system or
the /ender of last resort function. Deposit facilities provide an avenue for accommodating
excess liquidity in the banking system. ‘The msin features of the Term Deposit Facility which
will be tradable in the inter-bank market, include the tenor, remuneration (interest rate) and
qualifies as collateral for socessing finance facilitics at the central bank.

The Reserve Bonk has been using Non-negotiable Certificates of Deposits (NNCDs) at zero
interest, with fixed (enue and restrictions on ¢arly redemptions. Mowever, the use of this direot
insirument in liquidity management restricted financial intermediation as it locked-up liquidity
without the flexibility to make the funds available as and when required.

Gomg forward, reflecting the financial deepening priority under NDS2, the Reserve Bank will
consider introducing additional standing facilities such as a local currency denominated term
deposit facility to strengthen monetary policy transmission through the interest rate channel.

Aterm-depostt facility provides the floor for the interest rate corridor and strengthens the role
of the policy rate in signalling the monetary policy direction. In addition, the rates on term
deposits can provide a reference for market rates beyond the overnight rate thus helping to
shape the yield curve.

A local currency denominated term deposit facility will be critical to enhance monetary policy
operations as it provides an instrument 16 manage structural excess liquidity in the ¢conomyPrecisely, the effectiveness of monetary policy will be determined by the ability of the central
hank to steer short-term interest rates and anchor inflation expectations.

Monetary Policy Cycles

205. Central banks are expected to ensure that inflation expectations are well anchored
to guarantee sustained low and stable inflation. In this regard, central banks tend to
react aggressively to rising inflationary pressures by tightening monetary policy,
but when inflationary pressures are dissipating, the reaction tends to be more

cautious and follows a wail-and-see approach.

206. In this regard, the adoption of a wait-and-see approach allows a central bank to
assess whether the reduction in inflation is transitory or permanent. When the
reduction in mflation is viewed as permanent, central banks embark on a gradual
monetary policy loosening.

207. Box 4 highlights recent experiences on monetary policy tightening and loosening

cycles for select countries,

Box 4: Monetary Policy Cycles Lessons from Country Experiences

Experiences of global and regional central banks shows that the monetary policy easing oycles
should follow a cautious approach to guard against potential policy reversals, which can harm

policy credibility. Following the COVID-19 pandemic related stumulus packages, inflation
picked in both- global and remonal economies. There was however a variation in central bank
response, reflecting the assessment of whether the rising inflation was permanent or transitory.
Some central banks reacted quickly: and managed to-rein in inflation at lower cost to economic.
agents. Central banks who took a wait and see approach while inflation was rising later reacted
at a huge cost as they had to raise interest rates by huge margins.

This notwithstanding, central banks continued to raise rates even afler peak inflation with view
to quicken the disinflation path and anchor inflation expectations around their target rates.
Figure 1A shows the relationship between policy rates anid inflation for selected central banks,
highlighting the importance of a disciplined and data-driven approach to: monetary policy
decisions.

Figure 1A: Inflation and Policy Rates in Selected Central Banks
ECE Bok

15.0

£26

ee iniation fate Policy Rate sms (i flation Mate

SARB

“a

m Ee
es |i(Fation Fst oer Pogliciy Aste ames [TLIO Ate = Policy Pace

As depicted in Figure LA, the response of the policy rate to disinflation is not immediate and
ane-for-ane, In most cases, policy rates have been kept constant (plateaued) even after inflation
has fallen for a period of 6-12 months.

Most central banks take a gradual, well-calibrated, data-driven approach to achieve a smooth
decline in policy rates, in line with the envisaged inflation target, The Table 1A shows that
central banks kept the policy rate constant for more than a year after inflation crossed the policy
rate level.

Table 1A: Policy Rates- Comparative Action period
Central Banks Date when the Period when Policy Number of Date of First
Inftintion line rate wis kept Months when Cut
crossed the policy oomstant Policy rate wat
rate kept constant
December 22 Angust 23 - Plus 12 months September 24
| Aignst 24 an | eee
December 23 May 23 - August 16 months Séoternber 24

October 23 July 23 - June 24 Plus 12 months 12 mani July 24

“a ee

Maintaining the policy rate during the disinflation process supports the attainment of durable,
tow and stable inflation by anchoring expectations, strengthening monetary policy transmission,
and preserving positive réal interest rales. A gradual, data-dependent approach to policy
normalisation supported by clear and transparent communication helps guard agaist inflation
risks, policy reversals and éredibility loss.

Against this backdrop, the Reserve Bank will continuously monitor and assess incoming data on.
inflation developments and other economic variables to mform the policy stance without
compromising |he gains made on price, currency and exchange rate stability.

Monetary Policy Transmission Mechanism and the Roadmap to MonoCurrency
208. The relationship between money and inflation is explaimed by the Fisher equation

of exchange. This equation is important to central banks in analysing the degree to
which they can influence inflation through calibrating an appropriate level of
money supply. This relationship can also be of critical importance when

transitioning to a mono-currency as explained in Box 5.

Box 5: Monetary Policy Transmission Mechanism and the Roadmap to MonoCurrency

Understanding Monetary Dynamics in Transitioning Towards a Mono-Currency

According to the Ouantity Theory of Money (QTM), Fisher's Equation of Exchange, the price level
in the economy is proportional to the level of money supply for a given level of econotnic activity.
In a-multi-currency regime, the money supply is composed of both local currency and foreign
currency, which have different velocities of circulation depending on inflation As at end of
December 2025, local currency money supply constituted 18% of total money supply, with the
balance being foreign currency. The Reserve Bank is committed to gradually increase the quantum
of local currency money supply as the country transitions to a mono-currency. The shift will have
implications for price and growth depending on the velocity of circulation. As such, the Reserve
Bank will ensure well-calibrated monetary dynamics to ensure stable velocity and prices during the
transition phase.

The significant decline in inflation to low and single-digit levels has also resulted in the deceleration
and stability of the velocity of circulation of local currency. The low velocity reflects, improved
public trust and confidence in the local currency. This was confirmed by the result of the ZiG
Perception and Confidence Survey II which showed thal economic agents are now keeping ZiG in
their accounts for a longer period of time. The sustained low velocity in the local currency will result
in inereased demand of local currency for transactional and store of value purposes. This
phenomenon will enable the Reserve Bank to gradually increase the supply of local currency,
meluding cash at rate commensurate to replace the US dollar m domestic economy. Importantly, as
the economy moves towards mono-currency (the full and exclusive use of ZiG), the Reserve Bank
will delicately balance and manage the decline in foretgn currency money supply and the increase
in supply of local currency lo-ensure continued price, currency and exchange rate stability in the
economy.

To. ensure continued stability, the local currency money supply will be largely endogenous with the
Reserve Bank actively responding (o both expected and actual decline in foreign curreney nioney
supply to maintain the smooth flow of credit to the productive sectors of ihe economy and sustain
the positive growth trajectory,

SECTION VI

209,

210.

211.

The tight monetary policy stance pursued by the Reserve Bank from September
2024 through the year 2025, was critical in engendering greater exchange rate
stability and sustainably rectucing inflation. In this regard, in 2026, the Reserve
Bank will continue to censure prudent monetary policy management to sustain single
digit inflation, realised so far. This ts aimed at entrenching and durably anchoring

inflation expectations in the short to medium term.

A low and stable mflation environment is necessary to promote Investment and
support sustamed and inclusive growth as espoused in NDS 2 and serve as a critical
success factor for the country to meet the Conditions Precedent (CPs) for the

transition to mono-currency,

To sustain single digit inflation, the Reserve Bank will continue to “walk the talk”
of prudent monetary policy anchored on optimal money supply and liquidity
Management, positive real interest rates, an efficient market-determined foreign

exchange rate and strategic accumulation of foreign currency reserves.

. Guided by the need to sustain the current exchange rate and inflation stability gains

into the firture, the monetary policy measures for the next six months are as follows:

(a) Interest Rates

i. Bank Palicy Rate

. The tight monetary policy stance adopted by the Reserve Bank since September

2024 has engendered a progressive disinflation trajectory and delivered a singledigit inflation starting m January 2026. As such, the achievement of single-digit
ZiG annual inflation provides scope for the eventual review of the Bank Policy
Rate. It is, however, critical that the Reserve Bank remains cautious to avoid the

premature easing of monetary policy and risk reversing the gains on the inflation

215.

216.

217.

front. Any renewed inflation pressures have the potential to induce policy reversals,
including necessitating an even more aggressive Gghtening, with higher economic
and social costs. In order to strike a balance between price stability and economic
growth. the Reserve Bank will follow a gradual and cautious, stepwise policy

adjustment path.

. Importantly, the adjustment path will be data-dependent as opposed to date-

dependent. The cautious approach recognises that the economy is in the early stages
of a low and delicate inflation environment, achieved after prolonged periods of

high inflation and currency instability, stretching over three decades.

In this context, the Reserve Bank has maintained the Bank Policy Rate at 35%.
The Monetary Policy Committee (MPC) will review the Bank Policy Rate
conditional on inflation developments and the performance of other monetary,

financial and macro-economic indicators.

ti. Minimum Deposit Interest Rates and Promotion of a Savings Culture

The current deposit interest rate structure has improved the deposit and savings
base in the economy. Such momentum is essential for growing long-term national
savings, critical to suppart domestic capital mobilisation for the envisaged growth
under NDS 2.

Against this backdrop, the Reserve Bank has maintained the current minimum
interest rates for savings and time deposits in both ZiG and USS as follows:

Table 13: Minimum Interest Rates for ZiG and US$ Savings and Time
Deposits

Currency Savings Deposit Rates Time Deposit Rates
ZiG Deposits 3% 7.5%
USS Deposits 2.5% 4%

Source: Reserve Bank af Zimhabwe, 2025

vd

218.

219.

bo
[cal
i)

221,

223.

(b) Statutory Reserves
The Reserve Bank continues to utilise statutory reserves as a monetary policy tool
for controlling money supply through liquidity oversight, thereby ensuring

effective monetary policy transmission.

The Reserve Bank has maintained statutory reserve ratios at 15% for savings
and fixed deposits and 30% for demand deposits for both local and foreign

currency.

. The differentiated statutory reserve ratios are designed to incentivise banks to

promote savings and time deposits which attract a lower reserve ratio of 15%.
Banks are, therefore, encouraged to take advantage of the differentiated
statutory reserve ratios to promote savings deposits and mobilise affordable

long-term investible funds to support the economy’s productive sectors.

Against the background ofa low and stable inflationary environment in the country
and reflecting the priorities under NDS 2 to foster Macroeconomic Stability and
Financial Secror Deepening, banking institutions are expected to actively promote
a savings culture by offering innovative products and mechanisms to encourage
customers with large balances to invest them in interesi-bearing time deposits and

specialised savings products.

. Accordingly, banks are expected to decisively promote savings and term deposits,

which will be a win-win for both banks and depositors. In this regard, as low
iiflation becomes more entrenched, banking imstitutions have commutted to

offering positive real-interest rates on savings accounts for both US$ and ZiG.

(c) Non-Negotiable Certificates of Deposit (NNCDs)
Over the past vear, the enhanced NNCDs proved to be an e (fective monetary policy

instrument for effective liquidity management following their recalibration.

224,

225,

226.

227,

By ensuring that liquidity conditions remained optimal through the regular
mopping up of excess liquidity in the market, this instrument has become a

cornerstone of the Reserve Bank's stabilisation efforts.

In this regard, the Reserve Bank will continue to utilise NNCDs in their enhanced
form in its open market operations to maintain monetary stability and ensure that

the level of money supply remains optimal.

(d) ZiG Denominated Term Deposit Facility (ZiGDTDF)

As part of improving its monetary policy operations, the Reserve Bank is
introducing an indirect monetary policy instrument in the form of a
remunerated ZiG Denominated Term Deposit Facility (ZiGDTDF), in line
with NDS 2. This will complement the use of NNCDs in managing ZiG
liquidity.

The ZiGDTDF will enable the Reserve Bank to effectively mop up excess liquidity
while preserving the value of ZiG deposits for banks. The ZiGDTDF will be opened
to banks on a voluntary basis, and banks can deposit their excess liquidity for a
return and acquire certificates of deposits, which will be tradable in the inter-bank
market and can be used as collateral to access finance facilities from the central!
bank.

. The introduction of the ZiGDTDF will allow the establishment of an interest rate

corridor framework. The Bank Policy Rate will continue to serve as a benchmark
interbank rate, while the interest rate on the ZiGDTDF will serve as a floor (or
Lower Bound) in the interest rate corridor and the Overnight accommodation rate

will set the ceiling (or Upper Bound) level of interest rates in the economy.

229,

230.

231,

233,

235.

The ZiGDTDF wall essentially be a fixed term instrument, whose maturity will
intially range from a minimum of 90 days to effectively assist in mopping up

excess structural liquidity.

The detailed operational modalities of the ZiGDTDF will be communicated in due

COULSE.

The Reserve Bank reiterates that the US dollar denominated deposit facility
(USDDDF) introduced in February 2025, remains available to ensure preservation
of value for exporters with no immediate use of the 7iG equivalent from export

liquidation proceeds.

(e) Exporters’ Foreign Currency Retention Threshold

. Proceeds from export liquidations continue to play an essential role in liquifying

the WBWS interbank market, as well as facilitating the continued. strategic

accumulation of foreign exchange reserves to back ZiG.

To ensure continued stability in the foreign exchange market, the retention
threshold for exporters is maintained at 70% across all sectors of the economy,
with the exception of small-scale gold producers, whose retention shall be 90%,
with immediate effect.

(f) The Targeted Finance Facility (TFF)

. The Reserve Bank introduced the Targeted Finance Facility (IFF) i January 2025,

aimed at ensuring a continued flow of credit to the productive sectors of the

econonty.
In this regard, the Reserve Bank is extending the facility under the same terms

and conditions and will avail an additional ZiG600 million under the TFF in
2026, making a total of ZiG1.2 billion available to productive sectors.

236:

237.

238.

239,

(2) Enhancing Foreign Exchange Market Functioning and Flexibility

To improve the efficiency of the interbank foreign exchange market under WBWS,
and as part of the broader efforts under NDS 2, the Reserve Bank is developing a
new foreign exchange trading platform for authorised dealers. In this regard, the
Reserve Bank is working on a strategy to set-up a transition path to a more

competitive, transparent, credible, efficient and flexible foreign exchange market.

The new foreign exchange trading platform is expected to help promote the greater
interplay of market forces and price discovery in the foreign exchange market and

will be introduced to the market in due course.

(h) Publication of Daily Reference Exchange Rates

The Reserve Bank will continue to publish the daily reference exchange rate,
calculated as a weighted average of all WBWS interbank foreign exchange
transactions to increase exchange rate responsiveness to market forces. The
mechanism for calculation of published reference exchange rates will reflect the
total foreign exchange volume of trade “per-day”, following international best

practice, and will cover trades concluded up to the cut-off time for trading.

(i) Review of Mobile Money and ZIPIT Transactional Limits
To promote financial inclusion, support efficient payment systems, and
enhance the use of domestic currency, the Bank has reviewed the retail

payment stream limits for ZiG upwards as shown in Table 14.

4 The “per-day" transactions will represent FX trading of the previous day after cut-off time (1200hrs) and
current day's trading from opening (02800les) to cut-off time of that day (1200hrs).

240,

241.

pa
fe
ht

243.

Table 14: Mobile Money and ZIPTT Transactional Limits (ZiG

Transaction Type Current Limits New Limits
Fer Per
. Per Month Per Month
Transaction Transaction

Person to Person (P2P) 8,000.00 16,000.00 RRA

Person to Business (P2B) 8,900.00 16,000.00 13,000.00 $0.0000.00
ZIPIT $,000.00 16,000,060 15,000-00 | 30,000.00

The upward adjustment is intended to further promote the wider usage of 21G,
strengthen Zimbabwe's digital payments ecosystem, and enhance the
competitiveness and convenience of 41G@ denominated transactions across the

economy,

The upward revision of limits is also designed to support increased transactional
efficiency, deepen financial inclusion, and facilitate seamless retail payments in a

growing digital economy.

. The mobile money and ZIPIT transactional limits for US dollar have been

maintained as shown in Table 15.

Table 15: Mobile Money and ZIPIT Transactional Limits (US$)

Transaction Type Current Limits
Per Transaction. Per Month
Person to Person (P2P) S110,00 1,000.00
Person to Business (P2B) 1,000.00 3,000.00
ZIPIT 1,000,00 3,000.00

To complement this policy measure, payment service providers, particularly mobile
money operators and other KYC-lite transactional platforms, are required to
reassess and strengthen their AML/CFT compliance frameworks. This includes

aligning customer due-diligence, monitoring, and reporting mechanisms with the

245.

246,

247,

elevated money-laundering and terrorist-financing risks associated with higher

transaction thresholds.

. The Reserve Bank will continue to monitor market developments to ensure that the

revised limits promote safe, efficient, and resilient retail payments while

safeguarding the integrity of the national payment systenas.

(j) Reduction of RTGS System Transaction Costs

In Ine with Government's thrust and commitment to promote the ease and cost of
doing business under NDS 2, the Reserve Bank has taken the first step to reduce

costs associated with the use of its systems.

In this revard, the Reserve Bank has, with immediate effect, reduced RealTime Gross Settlement (RTGS) System charges as follows:
i. Reduction from US$0.90 to USS0.80, payable in ZiG equivalent for
Window 1 and 2; and
ii. Reduction from US$1.20 to US$1.10, payable in ZiG equivalent for
Window 3.

(k) Bank Charges

The Reserve Bank applauds banks for exempting the banking public from monthly
service fees for accounts with a balance of US$100 and below or the Z1G equivalent
and for waiving charges on transactions of US$5 and below or the ZiG equivalent.
These requirements remain in force and banking institutions, and deposit-taking

microfinance institutions are required to comply:

. The Reserve Bank has, however, continued to receive complaints from the banking

public regarding the high cost of doing banking business. Such high transactional

249.

251.

charges discourage economic agents [rom using formal banking channels, leading
to financial disintermediation and a low pool of domestic savings necessary to

support the productive sectors of the economy.

This notwithstanding, a further reduction in bank charges will support an improved
ease of doing business environment in the country, as well as the use of formal

banking channels and broader financial inclusion.

.In this regard, all banking institutions and deposit-taking microfinance

institutions (DTMFIs) are directed to implement the following adjustments by
31 March 2026:

i. Reduce cash withdrawal charges for both banking halls and Automated
Teller Machines (ATMs) to a maximum of 2° of the withdrawn amount
for US$ and ZiG cash withdrawals.

ii. Reduce the Point of Sale (POS) charges to a maximum of 1.5% of the
transaction amount for both local and international cards, capped at
US$20 or the ZiG equivalent. No minimum charge shall be levied on any
POS transaction and institutions are expressly prohibited from imposing
a minimum fee.

iii. Remove account balance inquiry charges on all banking and mobile
banking platforms for both ZiG and US$.
iv. Remove fees on cash deposits for both ZiG and US$,
v. Fees for issuance of new, and replacement of, bank cards shall not exceed

cost recovery levels.

The Reserve Bank encourages banks to deepen financial intermediation, expand
their depositor base and put in place incentives or structures that further minimize
bank charges to depositors, such as fee waivers for depositors who maintain a bank-

specific minimum balance, consistent with international best practice.

252.

234.

(0 Enhanced Due Diligence (EDD) and Know Your Customer (K YC) for

Mobile Network Operators

There have been increased incidences of fraud by individuals taking advantage of
weak due diligence and KYC practices by Mobile Network Operators (MNOs). In
particular, it has been observed that there have been fraudulent registrations and use
of multiple SIM cards under different identities, including those of deceased

persons, for use of mobile money wallets,

3. These lapses heighten the risk of money laundering and cybercrime, thereby

undermining consumer protection and trust,

The Reserve Bank is urging mobile money providers to enhance them due diligence
and KYC systems to enhance detection and curb criminal abuse of mobile money

wallets.

. Specifically, to support the rele of mobile money in the digitisation agenda

without compromising financial stability, MNOs are required to adhere to the
following measures:
i. Align with fee exemptions by banks for transactions of USS5 and below
or ZiG equivalent.

ii. Screen all wallets for ghost users in collaboration with the Civil Registry
Department by 30 June 2026. MNOs should provide evidence to the
Reserve Bank of the completion of the exercise by 30 June 2026.

iii. Ensure that all nano /oans’ are underwritten by a registered bank, that

is authorised to conduct banking business in Zimbabwe.

"Nano loane represent very small digital leas extendéd by mobile money providers to their clients with
minimal paperwork and no collateral requirements. designed to provide qmick aceess to cash for individuals
whihout access to formal banking credit,

(m) Conditions Precedent for the Exclusive Use of ZiG

256, The transition to the exclusive use of ZiG for scttling all domestic transactions, will

be a gradual process anchored on macro-economic stability as enunciated in NDS

2. As such, the transition is not date-based but is dependent on the achievement of

the Conditions Precedent outlined as follows:

L.

ill.

Vi.

Vil,

Durable macro-economic stability characterised by low and stable inflation at
single-digit levels,

Adequate foreign currency reserves of at least 3-6 months of imports cover, in
the medium to long-term,

An efficient foreign exchange management system that eliminates foreign
exchange market segmentation and promotes ease of access to foreign
currency by importers and for other bonafide requirements,

Stable exchange rate dynamics, with minimum over- or undervaluation of the
ZiG,

Increased demand for ZiG through recalibration of the percentage of
Government taxes and broadening payment of public sector goods and services
in local currency,

Financial sector stability,

Efficient and secure National Payments Svstem, to promote ease of payment
in ZiG locally,

Fiscal and monetary policy cohesion, with low and sustainable National
Budget deficits.

257. Under mono-currency, domestic products and services will be exclusively paid for

and seitled in local currency, while foreign currency will be reserved for external

payments.

258, The Reserve Bank assures the public that financial assets and contracts

denominated in foreign currency will be safeguarded and preserved, Accordingly,

the adoption of mono-currency will not eliminate foreign currency accounts,

259,

260.

262.

263.

foreign currency-denomimated pension fund holdings, or US dollar-based equities,

including those on the Victoria Falls Siock Exchange (VFEX) and Treasury Bills.

Foreign currency loans and advances made to domestic individuals and non-

exporting corporates shall remain denominated in foreign currency.

(1) Regulatory Policy on Foreign Exchange Net Open Position (NOP) Limits
Further to the detailed outline of qualifying criteria for foreign exchange structural
assets previously communicated to banks, the Reserve Bank hereby directs that,
with immediate effect, and in lme with mtermational best practice, banking
institutions shall observe a quantitative limit on the structural amounts each

institution may hold to hedge their capital ratios.

. The Reserve Bank has set the limit for FX structural positions as a percentage of

Total Net Capital Base. This approach, consistent with the Banking Regulations, SI
205 of 2000, directly ties FX exposures to an institution’s capital strength. The
approach ensures that risk-taking remains proportionate to each bank’s capacity to
absorb potential shocks, thereby safeguarding systemic stability. Accordingly, the
limit for FX structural position has been set at 40% of Total Net Capital Base.

(o) Sustainable Finance and Climate Related Risks

In preparation for the mandatory disclosure requirements on sustainability and
climate-related risks and opportunities, governance and risk management systems
in line with the requirements of International Financial Reporting Standards $1 and
52, the Reserve Bank will conduct a survey to assess the preparedness to implement
the standards.

The Reserve Bank continues to review the banking sector's integration of climate
risk in their risk management frameworks in line with Guideline No.01-2023/BSD:

Climate Risk Management.

264.

268.

Going forward, banking institutions are required to adequately integrate climate
risks in their Internal Capital Adequacy Assessment Processes and stress testing

frameworks.

. Banking institutions should also design appropriate key performance indicators

pertaining to climate risk management, while the internal audit and compliance

functions should ensure climate risks are specifically monitored in their programs.

(p) Recovery Planning

. Recovery planning remains a critical tool for ensuring that banking institutions can

respond quickly and effectively to periods of severe financial stress, To enhance
recovery planning, banking stitutions are required to conduct penodic simulation
testing “dry runs” to assess governance effectiveness, operational readiness, and

communication protocols under stress.

. The simulation testing should be conducted at least every two (2) years, with the

first such submission of the results to the Reserve Bank expected by 31 March 2027.

(gq) Cyber Security Governance and Incident Reporting

In line with the requirements of the Cybersecurity and Resilience Guideline, all
regulated institutions are required to ensure limeous incident reporting. Timely
disclosure is a vital pillar of the regulatory framework, enabling enhanced
monitoring of the evolving threat landscape and assessment of tisks at a

macroprudential level.

(r) Artificial Intelligence (AT)

. While AI offers transformative benefits, its integration may exacerbate existing

risks across the financial sector. AI heightens traditional risks such as credit,
operational, and conduct risk. Specifically, it intensifies model risk, where a lack
of explainability makes it challenging to assess the appropriateness of Al-driven
decisions, as well as data-related risks involving security, privacy, and algorithmic

bias. From a macroprudential perspective, Al may amplify financial stability nsks

273.

through increased market interconnectedness or procyclicality, necessitating a

proactive regulatory approach to safeguard the broader economy.

.In this regard, the Reserve Bank is finalizing its Artificial Intelligence (AJ)

Guidelines in alignment with the National AI Stratezy to ensure that the adoption
of these technologies is supported by robust governance and human-in-the-loop
oversight, These guidelines will provide a clear framework for allocating roles

across the AI life cycle to mmimize harmful outcomes in core business functions.

. To ensure the framework is both comprehensive and practical, the Reserve Bank

will conduct inclusive consultations with all regulated institutions before the
official issuance of the guidelines by 30 June 2026.

(s) AML/CFT/CPF Supervision

. Banking and deposit-taking microfinance institutions are required to submit to the

Reserve Bank updates on the activities and initiatives undertaken to incorporate
the results of the 2024 National Risk Assessment Report, including evidence
thereof, on a quarterly basis, 14 days after the end of each quarter. The first
submission is expected no later than 14 April 2026.

In addition, following the dissemination of the results of the risk assessments listed
hereunder, banking and deposit-taking microfinance institutions are required to
adopt and implement the results by updating their AML/CFT/CPF frameworks and

other activities.

a) 2023 National Terrorist Financing Risk Assessment (NIFRA) Summary of
Findings;

b) 2024 Zimbabwe Non-Profit Organisation (NPO) Risk Assessment;

c) 2024 Tax Crimes National Risk Assessment;

d) 2024 Legal Persons and Legal Arrangements National Risk Assessment; and

e) 2024 Virtual Assets and Virtual Assets Service Providers Risk Assessment.

Ne

—

274.

The Risk Assessrnent Reports are available on the Financial Intelligence Unit’s

(FIU) Website for ease of reference (

. To facilitate monitoring of the implementation process, banking institutions and

deposit-taking microfinance institutions are required to submit, board-approved
Action Plans. on the activities and initiatives to be undertaken to incorporate the
results of the risk assessments listed above, including evidence thereof, to the
Reserve Bank, no later than 14 April 2026.

. AML/CFT/CPF violations will continue to attract heavy penalties from the Reserve

Bank.

(t) Promoting Interoperability and Efficient Retail Payments

. Consistent with the objectives of promoting interoperability and efficient retail

payments, the Reserve Bank will issue the Quick Response (QR) Code
Payments Guidelines to provide a harmonised regulatory framework for the
deployment, operation and governance of QR-based payment solutions in
Zimbabwe in line with the Europay, Mastercard, Visa Company (EMVCo) QR

Code standards.

. The Guidelines are intended to promote interoperability among banks, mobile

money operators, and other payment service providers to avoid fragmentation and
closed-loop systems. This will enhance convenience and efficiency for consumers
and merchants by enabling seamless acceptance and usage of OR Code payments

across platforms.

. The OR Code payments support the transition from cash-based transactions to

secure digital payments, thereby improving transaction traceability, transparency,

and financial inclusion.

280.

%

83.

(u) Gearing Ratio for Greenfield Foreign lavestments
The Reserve Bank has noted the increased use of debt finance by foreign investors
which has resulted in high gearing ratios with likely implications on repayment

profiles and exerting pressure on the country’s foreign currency reserves.

_In this regard, to ensure that external financing supports sustainable

development of the economy without over reliance on debt creating flows, the
gearing ratio for all greenfield foreign investments remains capped at 2:1 and
the Reserve Bank will enhance enforcement and compliance with this

requirement,

(v) Offshore Settlement of Domestic Transactions

. The Reserve Bank has noted an increase in requests for offshore settlement of

domestic transactions by locally incorporated companies. The Reserve Bank
reiterates that domestic financial transactions between locally incorporated
conipamies must be settled locally. As such, consideration for operation of

offshore accounts shall be limited to external debt servicing only.

(w) Financing of Green Leaf Tobacco and Seed Cotton

Historically, financing arrangements for green leaf tobacco and seed cotton were
regulated by the Exchange Control (Tobacco Finance) Order, published in Statutory
Instrument 61 of 2004 and the Exchange Control (Cotton Finance) Order, published
in Statutory Instrument 150 of 2008. These instruments ring-fenced the funding
model by prescribing offshore line of credit as the primary source of finance for
green leaf tobacco and seed cotton purchases. Utilisation of domestically sourced
fimds was subject to prior Reserve Bank approval, thereby mtroducing an

administrative layer to funding operations.

-In the context of evolving market dynamics, improved domestic liquidity

conditions, and the broader thrust to deepen financial imtermediation, the

framework has been recalibrated through the promulgation of the Exchange Control

285.

287,

288.

(Tobacco Finance) (Amendment) Order, 2026 (No. 2), published in Statutory
Instrument 24 of 2026 and the Exchange Control (Cotton Finance) (Amendment)
Order, 2026 (No. 1), published in Statutory Instrument 23 of 2026.

With effect from the 2026 marketing season, tobacco and cotton merchants
shall be permitted to deploy locally sourced funds for the purchase of green
leaf tobacco and seed cotton without prior Reserve Bank approval.
Irrespective of the funding model, the tobacco and cotton farmers will be paid
70% of the total value of the crop in forcign currency and 30% in local

Currency.

. To preserve transparency and ensure eflective macroprudential oversight, tobacco

and cotton merchants shall, through their Authorised Dealers, register the quantum
of locally sourced funds earmarked for green leaf tobacco and seed cotton
purchases. This reporting mechanism shall be used for oversight of the orderly

marketing of tobacco and seed cotton.

(x) Transport and Tourism Sector

The Reserve Bank advises that transport and tourism sector operators are required
to declare all their foreign currency carnings and repatriate their export proceeds
on-shore. Maintaining unauthorised offshore accounts is an offence under the

existing Exchange Control regulations.

In particular, the locally registered cross border transport operators are required to
declare to ZIMRA freight foreign currency earnings on Forms CD3 and acquit the
same within 90 days of crossing the border. The Reserve Bank will enforce this
requirement, and corrective action will be taken against any form of non-

compliance.

(y) Staff Monitored Programme and Proposed Structural Benchmarks

289. Zimbabwe and the International Monetary Fund (IMF) have reached a Staff-Level
agreement on economic policies and reforms to be monitored under a 10-month
Stall Monitored Program (SMP).

290. The structural benchmarks, informed by the Reserve Bank’s current monetary

policy framework are as follows:

i. dmprove foreign exchange market efficiency — under this policy lever,
Reserve Bank is expected to consolidate the progress on improving the
efficiency of the foreign exchange market, which will go a long way in
reducing the parallel market premium and will ensure that there is adequate
foreign exchange supply to the WBWS and that the market clears. This will
be supported by the regular publication of reference exchange rate serics,

which are calculated as a weighted average of transaction prices,

ii. Promote ZiG demand — the Reserve Bank will institute additional measures
to strengthen demand for ZiG, including continued improvements to
monetary policy operations complemented by further refinements to the

foreign exchange market and intervention policy.

(z) Introduction and Launch of Upgraded ZiG Banknotes

291. In line with the initial pronouncement made in the February 2025 Monetary Policy
Siatement and subsequent updates in other national policy documents, including
NDS 2, the Reserve Bank, through Supplement | of this Monetary Policy
Statement, introduces the upgraded ZiG banknote series. The official launch of the
upgraded BIG 5 ZiG Banknote series will be detailed and celebrated in my next

presentation.

SECTION VO

292;

293.

294,

295.

296.

Preliminary indicators suggest that in 2026, economic conditions in Zimbabwe will
be favourable with a projected growth of at least 5% for 2026, driven by continued
strong commodity prices, particularly for gold and PGMs underpinning growth in
mining and mineral exports. Notwithstanding the mid-season dry spell experienced
in some regions. agriculture is expected to positively contribute to growth. In
addition, the envisaged strong growth performance will be supported by a low and

stable inflationary environment, which has also set solid foundations for growth.

ZiG annual milation is projected to remain low and stable, within single-digit levels
for the year 2026, with month-on-month inflation projected to remain below 1%.
In addition, the exchange rate is expected to remain stable with the premium

narrowing to levels below 20% in 2026,

The current account balance is expected to maintain a surplus position of more than
US$$2.5 billion in 2026, supported by increased foreign currency inflows emanating

from improvements in merchandise exports and remittances.

The financial sector is expected to continue demonstrating resilience, underpinned
by robust supervisory and regulatory frameworks that safeguard prudential
soundness. In addition, strategic realignments by financial mstitutions, ranging
from capital optimisation to digital transformation, are positioning the sector to
absorb shocks more effectively and to adapt to evolving market dynamics. Looking
ahead, financial institutions are expected to intensify efforts to build resilience

against an expanding spectrum of emerging risks.

The Reserve Bank will continue to pursue the current prudent monetary policy
stance supported by deliberate efforts to promote the demand for the local currency.

As the country transitions to mono-currency, the proportion of local currency

transactions in the economy will gradually imcrease complemented by the
deepening of the foreign exchange market. This will, therefore, support price

discovery and facilitate efficient market access.

298.

299,

300.

. The measures enunciated in this Monetary Policy Statement are critical in

consolidating the price, currency and exchange rate stability gains achieved thus
far. This stability, alongside improved foreign currency inflows, forms the
findamental pillars cntical In supporting melusive growth and improving
livelihoods. In this regard, safeguarding these gains through continued monetary
and fiseal policy complementarity will be vital to further entrench macroeconomic
stability.

The introduction of refreshed and upgraded BiG 5 ZiG Banknote Series, a symbol
of national identity, is expected to enhance trust, confidence and credibility in the
local currency, as well as transactional convenience, thereby deepening domestic

currency usage to consolidate price and exchange rate stability.

Going forward, the Reserve Bank will continue to pursue ils consultative approach
to monetary policy formulation to benefit from valuable stakcholder feedback.
Importantly, the Staff Monitored Program (SMP) recently agreed with the IMF will
help support Zimbabwe's efforts to stabilise the economy. enhance growth
prospecis, and re-engaging with the international community on the debt
restructuring process and arrears clearance program. The successful
implementation of the SMP will provide the much-needed third-party endorsement

critical to improve the country’s risk profile.

The Reserve Bank will, therefore, continue to walk the talk and stay the course
through prudent monetary policy management designed to ensure confidence and

trust in ZiG, critical for the successful transition to mono-currency. The current

301.

stability and sustamed single-digit mflation will go a long way in supporting the
envisaged growth of 5% in 2026.

The collaboranon of the Reserve Bank, Government, and the private sector remains
essential in deepening financial markets, promoting the use of local currency and
supporting reform that builds confidence in the economy. By staying united in
purpose and diligent in implementation, the country can realise an inclusive
Zimbabwe as espoused in the NDS 2 (2026-2030) and Vision 2030 of a Prosperous

and Empowered Upper Micldle-Income society.

[THANK YOU

DR. JOHN MUSHAYAVANHU
GOVERNOR

90)

Annex 1

RBZConsults:

Stakeholders’ Views on
Monetary Policy Management

—

Zimbabwe Council of Churches

ANNEX I

1. The Reserve Bank held Stakeholder Consultative meetings from 9-19 February 2026

10 Solicit feedback on the performance of monetary policy, implications on economic

bd

agents and recommendations for the 2026 Monetary Policy Statement. The

consultations were held in the spirit of ensuring that the Monetary policy is aligned

and responsive to stakeholder needs which is critical in anchoring inflation

expectations and entrenching price, currency and exchange rate stability.

. The stakeholder engagements reflect the Reserve Bank’s listening and consultative

approach to Monetary Policy formulation aimed at ensuring policy consistency and
predictability, thereby building trust, confidence and credibility in the Central Bank.

. Stakeholder consultations are critical to support the effectiveness of monetary policy

formulation. While not every submission has been directly included in this Monetary

Policy Statement, each contribution has been crucial in shaping policy debate and

therefore helped in refining the measures contained in this Statement.

. The MPS consultative meetings were attended by key stakeholders, cutting across

the various sectors of the economy, including:

Vi.
Vil.

Vill,

Bankers Association of Zimbabwe (BAZ).
Capital Markets Association Council (CMC).
CEO Africa Roundtable.

Chamber of Mines of Zimbabwe.
Confederation of Zimbabwe Industries (CZI),
Confederation of Zimbabwe Retailers (CZR).
Consumer Council of Zimbabwe (CCZ),
Estate Agents Council (EAC).

Mobile Network Operators (MNOs),

x. Postal and Telecommunications Regulatory Authonty of Zimbabwe
(POTRAZ).
xi, —- Retailers Association of Zimbabwe (RAZ).
xii, Tourism Business Council (TBC).
xii, Transporters Operators Association of Zimbabwe (TOAZ),
xiv. Zimbabwe Association of Microfinance Institutions (ZAMFT).
xy. Zimbabwe Council of Churches (ZCC).
xvi. Zimbabwe Farmers Union (ZFU).
xvu. Zimbabwe Institute of Strategic Thinking (ZIST).

xviii, Zimbabwe National Chamber of Commerce (ZNCC),.

5, The formulation of the Monetary Policy also benefited from a consultative
engagement with former Governors and Deputy Governors of the Reserve Bank who
cormmended the current stability and recommended staying the course of the prudent

monetary policy to sustain a low inflation environment.

6. Generally, the stakeholders applauded the Reserve Bank for a consistent, predictable
monetary policy that has ushered in a low and stable single-digit inflation
environment. Emphasis was on the need to sustain the prevailing macroeconomic
stability to foster increased use of the 71G and support gradual market-led transition

To Mone-currency,

7. To consolidate and sustain price, currency and exchange rate stability, stakeholders
highlighted the following critical issues requiring further attention of authorities,
outlined in Tables 1 and 2.

Table 1: Summary of Stakeholder Issues, Comments and Feedback
Subject Matter

High bani
charges

| Statutory

reserved

Stakeholder Tesues and Conuments

Stakeholders called for the downward

review of the Bank Policy Rate turently

‘pegged at 35% in line with the decline in
annual inflation to 4.1% recorded in
January 2026.

While: stakeholders acknowledged the

vmeed (0 muna positive reel) imberesi

Tates in the economy. at current levels the
magnitude may be too high and affect the
cost of capital with negative implications
on credit and growth.

Stakeholders bemoaned the continued
high bank charges which they hiehlishied
as one major factor discouraging the use
of formal banking channels and broader
financial inclusion, thereby leading to a
predominantly cash economy.

In addition, the high fees are also
affecting the mobilisation of domestic
savings critical to support efforts under
NDS 2.

current statutery reserve
requirements Were viewed by
stakeholders a8 high and restricting credi
éreation in both domestic and foreign

Stakeholders called for the reduction of

Blatotory reserve requirements for -both
iG and US dollar.

RE?, Feedback

While the Reserve Bank acknowledges that
mflation reached single digit in January 2026, it
was important to ensure that inflation expectations

Its also prudent that ihe Reserve Bank does not
react foe single reading of low inflation-but rather
gases incoming data on inflation developments to
ensure that the stability is durable, Overall, the
Reserve Bank will adopt a cautious and gradual
approach io policy normulisation, which will be
data-dependent and not date-dependent.

Country experiences show that oentml banks are
generally cautious in loosening: their monetary
policy stance after inflation has stubilised and
adopt a wail and see approach.

Th general central banks maintain, the policy rate.
for periods af 6 ta 12 months after inflation ts
contained well below the policy rate. Accordingly,
the Reserve Bank has decided to maintain the bank
policy rate at 35% for the time being.

The Reserve Bank concurred with the views of
siskeholders and highlighted thet as part of the
Ease of Doing Business agenda in collaborslion
with BAZ, hank charges are being reviewed.

In this regard, this Monetary Policy Statement
contains ¢ new fees‘and charges framework as well
aS measures io support the mobilisation of
domestic savings.

The Reserve Bank also clarified that the IMTT is
distinct from ordinary bank fees and charges which
is under the purview of the Ministry of Finance,
Economic Bevelopment and Investment

_ Promotion.

managing lquidiry in theecononty and supporting
exchange mle sinbility and the disinfintion

The Reserve Bank clanified that stetunry reserves
are differentiated for call and demand deposits at
30% versug time and savings deposits at 15%
BOTOSS CuiTencies to encourage bans: to attract
long-term deposits cntical to support « savings
culture and undsewrlte long-term investment in the
economy.

Pig occ perecaue err tage has put

in place an inflation neutral funding mechanism
under the Targeted Finance Facility (TFF) though
the faciliry has not been fully utilised.

lnm

Subject Matter

Transition to

Meno-Curmency

5 . Li idlity
‘and Indirect

Stakeholder Issucs and Comments

Stakeholders agreed on the need to, stick

to a-gradual market-led approach through
zhsuring that all the Conditions Precedent
we sgalished. Stakeholders called for
consistent communication on the
roadmap te improve planning certainty,

They also meeded clarity on the 2030
Sunger clause for the transition to menocurrency 9s it is .aftectmy the tenure of
loans denominated in US dollars and
generally leading to capitul Might, given
the uncertainty over the treatment of
foreign currency accounts,

Stakeholders noted that there has alse
been a slowdown in real estate business
due io uncertainties over the 2030
trenstiion clause.

Banking instilutions raised concerns on

the optimal Hquidity threshold on the

RBZ RTGS platfom which has resulted

Monetary Policy in aulamatic sweeping of balences into

Instruments

Savings

Mobilisation

‘Confidence

NNCDs and called for a shift from game

day mopping to. 24hridle funds mopping,
sn

They also. requested for review of the

“and alse forthe Reserve Bank to introduce

‘Operations (OMO) instruments.

Stakeholders highlighted the need to
mobilise FiG savings by introducing
instruments that protect depositors’ value,

The Stakeholdets bighhishted ihe need for
TE instruments thal will allow a
transparent yield curve aod debt market
development.

Regarding gold trading: ond
tiodemisation, stakeholder called for
gold backed savings: accounts and
exchange traded receipts.

"The convertibility of the local cuency to
foreign currency and vice versa will

REY. Feedback

In addition, credit in US dollars has io be managed
closely to avoid the creation. of virtwal dollars in the
banking sector through excessive money creation.
The Reserve Bank clarified that the transition to
mone cuurency is nat defined by a date but rather
ihe achievemien! of the Conditions Precedent as
outlined in the NDS 2: Historical experiences have
shown that legislating a forced transitian to mona
curtency is noi sustainable,

Furthermore; the Tteserve Bank clarified that
foreign currency deposits and loans will continue
efter the mong-cumency, with loans serviced from
fonds obtained from the miterbank = foreign
exchange market,

Ecenone agents will be able to maintain. their
foreign currency accounts, However, all domestic
trimsactions will be conducted in local currency.

The Reserve Bank advised thai ihe optimal
Higuidity levels: (OLL} are determined by. the
transaction activities on the RTGS platform and the
overall reserve money target. The OLL is:
reviewed by the Reserve Bunk in line with daily
transaction developments in the RTGS System.

The Reserve Bank adyised banks to trade among:
Remsev to avoid haying funds locked into

In addition, banks were encouraged to also offer
attractive interes! cates for-term deposits to attract:
savings and time deposits in order to have adequate.
liquidity, The Reserve Bank will however. initiate
tnmngition to indirect monetary policy instruments
starting with the introduction of a remunersted
deposit facility,

The Reserve Bank highlighted that bankers would
nééd to support the TB auctions by the Central
Rank and shun private placements.

In gddition, the Reserve Bank encouraged banks to
be: innovative In coming up with ‘attractive
instruments that preserve the value of savings:

The Reserve Bank advised that there is still need
for clarification on the liberalisation of gold
possession and trading. However, banks can be
innovative and tokenise the current gold coins
through ‘frectionalisation te enable the wider
uptake oF pold coins #s a value preservation
instrument.

The Reserve Bank reiterated that foreign i

for international transactions is readily available in

Me:

Subject Matter

| Export

Retention

- Fiscal Matters

Some stakeholders

Stakeholder Issues and Comments

strengthen confidence in the Iocal’
cuirency.

‘Particularly, stakeholders highlighted that

small scale players largely demand
‘payment in US dollars and ulso require
foreign currency for savings purposes,

which continues to feed into the: parallel

Stakeholders also highlighted that
payments such as tvages and fuel,

called for the
reduction In the surrender requitements
particularly for enclave sectors such ag
tourism and Gotten farmers.

Specifically, Safari operators called for
exemption. from sumender requirements
as they. represent o service export and
payments ae received in advance of
service provision.

In addition. stakeholders also highlighted
that delays in dhe payment of the 2G
portion to exporters affects business
Wiability and is also adversely affecting
some companies in honouring their
statutory obligations in ZiG including tax.

Tourism Stakeholders ales raised concem

over the implementation and
operationalisation of the Digital Services
Withholding Tax which eironeously

‘included goods within their scope of

lnssiness.
While

highlighted that itremains prohibitive and
that the digital taxation policy should be

stakeholders. welcome the -

REY. Feedback
the mterbank market — which guarantees the
convertibility of the local currency.

Stakeholders were advised to report pyblic and

private shtities refnsing fo accept ZIG or
dise pri¢ing against the

local currency to the Financial. Intelligence Unit.

In thia regard, the Reserve Bank clarified that
convertibility of local currency to foreign currency
will be reserved to meet Bonafide foreign invoices:

In addition, the Reserve Bank advised that
economic agents with insufficient ZiG can convert
their foreign currency throvgh the Willing-Buyer
Willing-Seller foreign exchange market.

The Reserve Bank acknowledged the views of
stakeholders and advised that there would be no
preferential weetment of sectors as ibis may resull
in arbitrage.

In addition, thé Reserve Bank clarified that
counties in niona-cumency surender 100% of
their export proceeds and access thew foreign
clirency requirements through ihe foreign
exchange market,

As the sountry moves to mono-turrency the
surrender requirements will be gradually adjusted
in tandem wilh the increased use of local currency,

The Reserve Bank also clarified on the deluys in
the settlement of the ZG portion of surrenders by
highlighting that of the 30% surrender
requirement, 12.5%) 1s for Government to meet its
extemal liabilities, whilst the Reserve Bank
recerves the: zemainder (17.5%) to liquify the
foreign exthange market and build foreign
currency reserves,

The portion to the Reserve Bank 1s paid promptiy
while Government has been paying its shate and in
some instances having bilateral armngemenis with
exporters to ‘extinguish the outstending 21G
amounts.

This was clarified a4 being outside the mandate of

the Reserve Bank and stakeholders may still raise
any emerging challenges with Freasury.

Subject Matter

Stakeholder Issucs and Comments

REY. Feedback

10 | Ease of Doing |

Business

Communication

(13 Sentiments

aligned with the broader objective of
promoting © forwnalisation, _—_ digital
payments and financial deepening,

Government to culance the Lage of Doing
Business in the country through the
review of various sectoral licensing
frameworks,

In this regard, Stakeholders called on the
Reserve Bank t review licensing
requirements tor the: prowisien of financial
serices by retail outlets and
harmonisation of the Authorised) Deuter
with Limited Authonty (ADLA) beeneces
_ with other frameworks.
Stakeholders mised concems regarding
airline ticket issuance and hotel booking
(practions where somo. service providers
are ticketing and reveiving payment
ouiside the country thereby prejudicing
the country of foreign currency.

Stakeholders called on the Reserve Bank

to enhance fs communication and
dissemination of statistics incliding those
related to the sevumulation and
composition of foreign reserves hacking
the local currency.

As sugh, Stekcholders proposed that ihe
Reserve Bank issue an additional
publication on the foreign currency
reserves developments.

‘Stakeholders noted that negative
‘sentiments can shape public expectations
‘an monetary poligy with destabilising
| effecis despite strong underlying
fundamentals.

Stakeholders recognised the efforts of

The ‘Reserve Bank requestes

The Reserve Bank advised that the issee with
ADLA licensing was nota challenge. however, in
line with the ease of domy business thrust it would
be beneficial for the mdugtry ta have s hanmonised
licensing Frameworle.

tor additional details
to allow for investigations and proposals on haw to
close the loop-holes.

The Reserve Bank acknowledged the views of
stakeholders and reaffirmed fs commitment to
communication as a tool of modem monetary

policy.

As part of this commitment, the Reserve Bank
advised that it has expanded its compendium of
economic publications io mclude the Governor's
Quarterly Snapshot on recent financial and
monetary developmenis, The Reserve Bank
advised Stakeholders that the Quarterly snapshot
includes daia on foreign currency reserves.

continue to strengthen stakeholder engagement to
Manage negative sentiments and ensure the
anchoring of inflation expectations.

Table 2: Summary of Stakeholders Comments

Subject Mutler

i Price and exchange
rite stability

| 2] Conditions
Precedent to Mono
Currency

3 Increased use and
confidence in Zits

4 Monetary Policy
and biscal Policy
Coordination

Stakeholders
commended the corncditions-based |

- Stakeholders

Stukeholder Comments

Stakeholders applauded staying the

‘course of apruident monetury policy —

which has, resulted in greater
exchange rate stability and the

country achieving single digit
inflation for the first time in more

than three decades.

Stakeholder: noted that the
roeconomi bility, is
planning ard has changed the:nature

(of comversations. with investors:

recognised and
approach adopied by the Reserve
Bank underpinning the transition to
Mino Currency,

They algo indicated wai = the
sppidach shows that Government
has listened te stakoholder concems
on Currency reforms.

Stakeholders recognised the
increased use anc acceptance of the
local currency reflecting improved

‘oomfidence and trust in the Reserve

commended the
increased policy -allgnment and
coortlination belwten the Reserve
Bank and Treasury which has
resulted in liguidity-sy¥nchronisation
and elimination of deficit financing

by the central bank.

Precisely, stakeholders commended
the return to back-io-bagics focusing
an the mandate of price stability and
the eliminahén of OQuasi-fiscal
activities.

REZ Feedback

The Reserve Bank welcomed the feedback from
stakeholders on the monetary policy uchicvements
and emphasised the need for the country to stay the
course of prudent monetary policy to ensure lasting

The Reserve Bank also underscored the need to

muinidin macroeconomic stubility during the LO
month SMP programme as it will be critical for the

success of ihe country’s debt resolution und arrears

clearance progiimme.

The Reserve Bani concurred with the. views oF

Stakeholders-and retterated that the transition to
Tmonecurency will not be daie-dependent. The
Reserve Bank committed to fulfilling all the
Conditions Precedent before transitioning to
exclosive use of the local currency in the economy.

‘The Reserve Bank welcomed: the views of the

Stakeholders and for supporting. the wider use endl

stakeholders that it will continue ta walk the tall to
deepen the use of the local currency in the
economy including the introduction new and

_ improved 21G banknotes.

The Reserve Rank welcomed the feedback of
Stakeholders and cammitied to ensure (hat policy
alignment ad coordination is continuously
enhanced to entrench macroecononue stability and
promote financial sector deepening.

Importantly both Reserve Rank and Treasury have
committed 10 not engage in central bonk deficit
finenting and aveid the re-emergence of Quesifiscal activities,

Subject Watter

Stakeholder Comments

REY, Feedback

5 Monetary Policy
Communication

Stakeholders commended ihe
Reserve Bank's modest approach in

dealing with the Public and

chtoursged= continiiation of the
censervative approach. ‘while
leveraging the: existing

munication channels:

They also underscored the need for
third-party endorsement! of what the
Reserve Bank is doing a5 an
additional measure to foster central
bank policy credibility,

Stakeholders also called for the
wider dissemination and public
engagement on NDS. 2 inchiding the

‘critical pillar of Macreeconemic

Sibi and Financial Seecror

The Reserve Bank thanked Stakeholders and
advised that the Reserve Bank will deepen efforts
On monélary comminication.

Precisely, efforts are currently underway to ensure

that monetary policy reaches all comers of the
country 30 that ye one and noplace 18 lef behind,

ANNEX 2

LIST OF REGISTERED
MICROFINANCE INSTITUTIONS
(February 2026)

ANNEX 2

1. The Reserve Bank in terms of the Microfinance Act [Chapter 24:29] section 13
publishes the list of Registered microfinance institutions as presented in Table 1 and
Table 2.

Table 1: List of Registered Deposit Taking Microfinance Institutions -
February 2026

HEAD OFFICE ADDRESS

African Century Limited Alrican Century Gardens, 153 Josiah
Chinamano Avenue,
Between 6th and 7th Street

Success Microfinance Bank Ltd 14 Steppes Road, Colne Valley,
Chisipite. Harare

GetBucks Microfinance Bank Ltd | Ist Floor; Unity Court, Cnr First Street &
Kwame Nkrumah Avenue, Harare

4 Fimbabwe Women's Microfinance | 4th Floor, Trust Towers
Bank Limited $6 Samora Machel Avenue
5 EmpowerBank Limited 60 West Road
Avondale

InnBucks Microbank Limited 2 Northridge Close, Northridge Park,
(formerly Ndoro Microfinance Borrowdale, Harare
Bank)
Mukuru Financial Services Tendeseka Office Park,
Fimbabwe Limited Block 2, Second Floor
Samora Machel Avenue
Harare

Table 2: List of Registered Credit Only Microfinance Institutions - February

HEAD OFFICE HEAD OFFICE

ADDRESS ADDRESS
ABC Easy Loans t/a | Shop No. 7, Ambkay Capital 139 Borrowdale
BaneEasy Loans ZIMRBE Centre, (Private) Limited | Gunhill
(Private) Lid Leopold Takawira Harare

Hatfield House, 3 | Anephen Shop Number 72
Seke Road, Microfinance Highglen Shepping
Graniteside, (Private) Limited Centre

| [arare Harare
40 Samora Anthill Capital Suite 516-517,5th

| Machel Avenue.

I!

Adrocash Micro

(Private) Limited

AgileCred

ALG Capital
Allegiant Finance

(Private) Limited

Aliair Finance
(Private) Limited

Altitude Finance
(Private) Limited

AMBC International
Industry (Private)
Limited

| §t Andrews

| 5th Floor,

| No. 3/4 Trelancd

| 3rd Floer,

‘Avenue,

House. Harare

15 | Applecham
Southwing, Globe Microfinance
House, Jason (Private) Limited
Moyo Ave,

68 Stable Close, Appointed
Borrowdale,
Harare

o

|

Restoration
Finance (Private)
Limited

Arcdeur Financial
Services (Private)
Limited —

Adylinn
Road, Wesigate,
Harare

Road
ZVISHAVANE
40 Samora
Machel Avenue,
Office No. 409,
South Wing ,4ih
Floor, Nicoz
Diamond, Harare

(Private) Limited

Ashleen
Investments
(Private) Linuted

Baardy Micro
Karigamombe
Centre, 53
Samora Machel

Capital (Pvt) Lid

HARARE

!

I

Z
Shop 9; 21 | Bard Santner
Samuriwo Finance (Pvt) Ltd
Building; Stand
995, Main Sireet,
Machipisa,
Highfielcl, Harare

a2

Office No.2
Ground Floor
NSSA Houee,
Corner Julmus
Nyerere and Sam

Balanaitosave and
Tavestments

| Nujoma, Harare

Arnold Kepitel

Fife Avenue,
Bulawayo

ottice at number 3152
Maukwasha,
Zvishavane,

Wailers Building,
No.16 Harare Sirest,
Harare

ZiLmpost
Tongopara
Sireet/Hughes
_Masvingo
5 Hebert Chitepo
Street
Mutare: Zimbabwe
ard Floor, West Wing,
Construction House,
108-110 Leopold
Takawira Street,
Harare

Building,

AVE,

Office 400, 41h Floor,
Construction House,
108-110 Leopold
Takawira Street,
Harare

No, 3 Renfrew Road,
Eastlea, Harare

42 Harvey Brown.
Milton Park. Harare

Bayee Microfinance
(Private) Limited

Benetacto Investments
(Pvt) Limited

BESTFIN FINANCE
(PRIVATE) LIMITED

26 Bestloans (Private)
Limited

4 = ‘

Bisquick Finance (Pvt)

FINANCE (PRIVATE)
LIMITED

Boldfinds Financial
Solutions (Private)
Limited

Bridgevest Capital
(Pvt) Lid
Butler Finance

(Private) Limited

Capemaum Finance
Zimbabwe (Pvt) Ltd

Cashconnmect Finance

(Pvt) Ltd

HEAD QEFICE
ADDRESS

276 Hebert Chitepo
Harare

Office 308 Gelfind
House, Cor Speke &
First Street. Harare

136 Mahamba Business
Centre, Inyathi

73 Heyman Road
Suburbs Bulawayo

25 Tweed Road,
Eastlea, Marare

Office 13,
Ground Floor,
City

Joina

74 Selous Avenue.
Harare

Ist Floor, Takura
House, Rwarne
Nkrumah, Harare

Office Number 4
Hwange Stock Feeds
Centre, Hwange

8th Floor, Easiwing
Construction
House.Harare

Selous Avenue, Harare

Upper

Cashit Finance
(Private) Limited

Cashmax
Microfinance

Private) Limited
Cavmont
Finance( Private)
Limited

37 | Chiedza Capital
(Private) Limited

Chisquare
Financial Services

Chronos Financial
Services

Citicash Financial
Services (Pyt) Lid

Clickeasy Finance
(Private) Limited

Clientsure
Financial Services
(formerly Tinrue
Finance (Pvt)
Limited

Club Plos (Private)
Limited

HEAD OFFICE
31 Glenara
Avenue
Easilea

Harare

66 Jason Moyo
Bothwell House,
HARARE
Office Number
2, Stanley
Properties. 16
Leyland Road,
New Ardbenme
Harare

90 The Chase,
Emerald Hill

Harare

Chilewama Finance | 3th Floor MIPF
(Pvt) Ltd House, 5 Central
Avenue, Harare

122 Samora
Machel Avenue
Belvedere
Harare

Office 12,
Jayagurn Mall,
275 Herbert
Chitepo Ave,
Harare

Sth Floor, 511
York House,
Carner 8th
Avenne/Herbert
Chitepo Street,

Belvedere,
Harare

Room 12, 2nd
Floor, MIPF
Building. 7th
Street. Gweru

Cor Sth
Avenue/Herbert
Chitepo, 3rd
Fioor, Edgars
Head Office,
Bulawayo

HEAD OFFICE HEAD OFFICE
ADDRESS ADDRESS

Conti i Shop 1A, Beverly | 56 Croerond | Bodle Road
Limited formerly Hammer & | Court, Cnr N- Financial Services | Hastlea

(Private) Limited Harare

Tongues Monevylenders Mandela/4th
Street; Harare
Convex Capital (Pvi) Ltd Ist Floor; Pearl Crown Wealth Eastwing M Floor,

House, West
Wing, 61 Samora
Machel Ave,

Harare
47 | Corerise Finance (Private) 112 | Cushion Me ees la Walterhill
Limited el ut cee | Avenue. Eastlea
i Darnuster Finance | Office 109 Masiye

Corex Capital (Pvt) Ltd No. 2291 59
Arlington Way, (Pvt) Lid Suites, Prince
Hatfield, Harare Court, {th Avenue!

Investments Club Chambers,
Corner 3rd &
Nelson Mandela

Avenue: Harare:

Fort Street,
Bulawayo
Daswa 9 Fundai House, 70
Investments. Simon Muzends
Street. Harare

Coverlink Finance (Pvt) Ltd | Number 10
Cumberland
Ihoad, Eastlea;
Harare

Cozy Comer Investments 70 Queen Street, | 1] Daventry Road,

{Privaic) Limited Chegutu nr (Private) | Eastlen, Harare

Delta Financial

Services (Pvt) Ltd | Marondera

Dendere 14 Downie

Microfinance Avenue, Beloravia,

(Private) Limited HARARE

Denvallene Zimpost Building,

Financial Services | Tongogara

(Pvt) Lite Street/Hughes Ave,
Masvingo

Credit Plus Loans (Pvt) Ltd | Stand No411/2, Destiny Driven Zimbabwe

Credaid Investments eee | 8 Gaza
Private) Limited eee | e

Credfin (Pvt) Ltd os Silwood
Close, os

Crediconnect (Pyt) Ltd Tee Arden Road,
Newlands, Harare

Office No. 3 Finanoe:(Private} Teachers

New Market Limited Association, 767
Centre. R. Chenerai Honey
Mugale St, Street , Bindura

Creditlink Financial Services Number 1

(Pv) Lid William Gale
Marlborough
TIARARE

Divida Capital Suite 29,

(Private) Limited Mezzanine Floor,
Chiedza House,
Kwame Nkurumah
AVENE:
Harare

HEAD OFFICE HEAD OFFICE
NAME ADDRESS NAME ADDRESS

(Private) Limited Southving, Causey Microfinance (Pvt) | House, 19 Harare
: Ltd Street, Harare
68 Donhodzo Finance L387 Baines Avenue Equifirst 341 Borrowdale
(Private) Limited Harare Investment (Pvt) Brooke
Ltd HARARE
69.

Dotpark Enterprises | NO. 38 Tongogara Ergoflex Office M Floor,
(Private) Limited Street, Rusape Investments Security Trust
(Private) Limited | House, Comer
Second Street’

Kowame Nkrumah
Awenue, Harare

Box 504. Tlarare (Formely known | Floor Hungwe
as-PremierCredit | Mouse,
Zimbabwe P/L Harare

Room 12, Piermont Eziza Holdings 4ih Floor, 4

Flat (Pvt) Ltd Anchor House

141 Josiah Chmamano Jason Moyo

Avenue ANENULE

Harare Harare

Edenswificash (Pvt) | 50 Palmer Road,| 83 | Femmes De Dieu | 99 Bishap’s
Lid: Miltron Park,Harare Mount Cloge,
Greendale. Harare

Educate (Private) Shop 7, Ascot Festive Wealth 13 Haropshire
Limited Shopping Centre, Investments Road, Eastlea,
Mainerton Drive,
Bulawayo

Eduloan (Pvt) Lid 16 Palmer Road, 85 | Fidelity Life 4ih Floor, Fidelity
Milton Park, Harare Financial Services. | House, 66 Julius
(Pvt) Ltd Nryetere, Harare

Eland Finance 48 Chipindura Park Finfuture (Private) | The Club House;

(Private) Limited BINDURA Limited Suite 3 Stand
nyniber 3051,
Blutill

Emporum Capital 184 Mutare Road, Finver Finance 2 nd Floor, The

{Private} Limited Masasa, Harare Private Limited Red Eastgate Mall

{formerly known as

Tsapo Financial

Ventures (Private)

Limited)

Encore Greenlend Block 08 Kawaza First Mutual Insurance Centre,

Capital (Private) Street, Rugare, Harare Microfinance 30 Samora Machel

Limited Avenue, Harare

70 «| Doves Financial Olwen Crocker House, Eshandini 69 Jason Moyo
Serviees (Pvt) Ltd 157 Harare Street. P.O. Financial Services) | Avenue, Third

i Fundvibe Finance

HEAD OFFICE
ADDRESS

Office No, 2a, 3rd
Floor, Rarnyis
Complex

Cor. Robert Mugabe
& Lith Avenue,
Bulawayo,

12th floor, Southwing,
Causeway Building
Third Avenue &
Central Avenue,
Harare

NAME
Flexipay Credit
(Private) Limited

Flyspeck Investments
(Pvt) Limited

FMC Finance
(Private) Limited

22 Fereday Drive,
Fastlea, Harare

§1 Samora Machel
Avenue

7th Floor,
Throgmorton House

Fortnvus Financial
Services (Pvt) Lid

Funamel Investments | 33 Hebert Chitepo

Road, Masvingo,

Fundhouse Finances

(Pyt} Ltd CAIF
Building, R.
Mugabe/7th Street ,
Gweru

Post Office;

House, Cor N.
Mandela/L, Takawira,
Harare
Fungioliv Investments | 146 Nelson Mandela
Gavaz
Finance( Private)
Limited

6 Livingstone Avenue
Jubilee Centre Second
Floor West Wing
Harare

Geales Private First Floor, Union 169 | GPC Financial
Limited Buildings, 64 Robert Services
Mugabe. Harare

Generational Impact | 149 Northway Drive,
inance (Pvt) Lirnited | Waterfalls, Harare

PD35, Ist Floor, Main |

Sth Fleer, St Babra

| 108

GERSHOM
FINANCIAL
SERVICES
(PRIVATE)
LIMITED

Goal Getters
(Private) Limited

Goho Financial
Services(Private)

Goldbourne
Finance (Pvt) Lid

Golden E-Connect
Investments
(Prrvate) Limited

Golden Knot
Microfmance (
formerly Golden
Knot Financial
Services (Private)
Limuted)

Golden Plate
Investments (Pvt)
Ltd

Goldenbag
Finarice

| office at 17

Gourmet Capital
Finance (Private)
Limited

HEAD OFFICE
ADDRESS

L Meredith
Drive, Eastlea,
Harare

Ist Floor,
MOLA Clyde
Road

Eastlea, Marare

4 Uplands Close
Highlands.[Tarare

Office No, 8,
Sunrise Building,
Masvingo

4th Floor,
Riunhare House,
107 Kavame
Nkrumah Ave,

Avenue, Harare

Kopje Post
Office, Ivan
Maguire Way,

[=]
59A Piers Road,
Borrowdale,
Harare

Mbuya Nehanda
Dombwe
Musengeri

168 Samora
Machel Avenue
West, Belvedere

110 | Grange Capital 2 Salhouse
(Private) Limited Avenue The
Grange Harare

NAME

Green Masters
Investments (Pvt)
Lid

Grovesion
Investments (Pvt)

HEAD OFFICE
ADDRESS

19 J. Tangogara
Avwéenud! Blakiston
Street, Harare
30,4 Trinity road
Greendale Harare

NAME
HyperCapital
Investments

(Private) Limited

Thex Finance
(Private) Limited

HEAD OFFICE
ADDRESS

48 Van Praagh
avenuc, Milton
Park, Harare

6th Floor Eastgate
Mall, Harare

Ltd

Hammiatic Finance | Suite 910, 9th Floar Icon Wealth Suite 50+), Stand

(Private) Limited | Barbra House, Corner Ventures (Private) | 844.4 Robinson
L. Takawira and Limited House,
Nelson Mandela, Corner Angwa
Harare Street’ Kwame
Nkrumah Avenue
Harare
Havilah Stream 260 Commercial Imanzi Global 74 Rhodesville
Finance (Pvt) Street, Chinhovi Finance (Private) | Road
Limited Limited Greendale,
Harare
Hillthru No. 6 Rekayi Impact Financial Shop 17
Enterprises (Pvi} Tangwena Avenue, Services (Pvt) Lid | ,Highelen
Masvingo Shopping Centre,
Harare
14182 Gunhill Avenue, Inclusive Financial | 149 Jason Moyo,
Gunhill, Harare __| Services (Pvt) Lid _| Bulawayo: |
14 Kinefisher Cloze, 129 | Indigo Century Towers,
Services (Private) | Greystone Park, Microfitiance 45 Samora
Borrowdale, Harare, (Prrvate) Limited Machel Avenue,
i — Harare
Hirtarn Finance 130 | Intercrest Capital | 4th Floor, Kopje
(Private) Limited Plaza Building.
Car Rotien Row!
Nelson Mandela,
Harare
Tlomelink Finance | 72—74 Samara Izzat Financial 76 Main Street
(Pvt) Ltd Machel Ave, Services Private Gwen
Hardwicke House, Limited
Plarare
120 | Hopeeredit 53, 19th Crescent 132 | Jakana Africa 275 Herbert |
Investments [ Warren Park: 1, Harare Microfinance (Pvt) | Chitepo Sireet, |
Private) Limited Lid Larare

‘83 Hinderhead Road 133
Chisipite
Harare

JHMM Investments
(Private) Limited
(Pvt) Ltd

Suite 2, 8th Floor
South Wing, Pax
Hause, 89 Ewame
Nirumah Ave,
Harare

121 | Hupfurni Capital
Private Limited

14 Tweed Road
Eastlea, Harare

122 | Hybrid Capital 41 Irvine Close,
(Private) Limited | Marlborough, Harare

134 | Jeseph Roberts
Capital (Private)
Limited

HEAD OFFICE
ADDRESS

63 Hofmeyer Street,
Masvingo

NAME
Jumor Marima
(Pyt} Ltd

NAME

Suite 25, 2nd Floor; New | 150 | Lender's Bag
Africa House, 40 Ewame
Nkrumah Ave, Harare

Kreamon 320 Samora Machel 153 | Lincoln Capital
Investments (Fvt) | Avenue, Easties, Harare. (Private) Limited
Ltd

Kuntem Traders 1] Oakney Road [154 | Livai-M Financial
(Private) Limited Bastlea. Harare

Kwikbueks MC

Finance (Povate)
Limited

Office Number 501, 3th | 155
Floor, Karigemombe
Centre; Samora Machael,

142 | Kyzen Solutions Office 12, Murandy
(Private) Limited | Square East, Newlands,
Tharare

143° | LA Financial
Services

LNDRE Zimbabwe
(Private) Limited

157 | Lupfin Financial
Services (Private)

19 The Chase, Emerald Limited

Hill, Harare

144 | Lakeem Finance § Robert Mugabe Road,

49 | Lemoniree
Technology(Private)
Limited

KCI Management | 94 McChery Avenue, 151 | Lenderspark
Consultants (Pv) Eastlea, Harare Financial Services
Ltd Private: Limited
“138 | Kleinfin (Private) | 22 George Silundika | 152 | Lighting Fintech
Linuted Avenue, Suite 202, (Private) Limited
Silundika House. Harare

1586. | Lomabil (Private)
Limited

158 | Lyno Finance (Pvt)

HEAD
OFFICE
ADDRESS.
3LA
Groombridge
Road, Mt
Pleasant,
Harare,
Zimbabwe
Block 3, 2nd
Floor,
Easiwing
Celestial Park
Borrowdale
Road

Tarare

l4th Floor,
Social
Security
Centre
Corner Sam
Nujoma!Julios
Nyerere Way
Harare
Office 48
Kenneth
Kaunda
Avenue, Suite
111, Harare
First Floar,
Pearl House.
Samora
Mache!
Avenue,
Hane

| Wingate
Road,
Highlanels,
Harare

60) Coronation
AVENE,
Greendale,
Harare

5475 Unit D
seke
Chitunewizs
Lupane State
University
Faculty of
Agriculture
£.0 Box 170
Lupane

lst Floor,

LAS Fmancial
Services (Private)
Lirnitedl

Enterprises

Lekka
Microfinance (Pyt)
Lid

Nit.

NAME

Merit Financial
Services (Pvt) Lid

Michsel
Mudhaushent
Caroline
Investments
Private) Limited
Micra- Suisse
{Private} Limited

167 | Microdawn

Financial Services

(Pvt) Lid

HEAD OFFICE
ADDRESS

Unit 3, Stand 137
Citroan Road Msasa
Harare

19 Breach Road,
Borrowdale, Harare

189 Arcturus Road,
Earnfinsa, Greendsle,
Haiare,

No. 15 Herbert Chitepo
Avenue, Belvedere,
Harare

HEAD OFFICE
ADDRESS
Shop No.8, Ground
Floor; ZB House;
Cor First SvSpeke
Ave, Harare

150 B Samora
Michael Avenue
Harare

54 Longford Road,
Queensdale. Harare
heme moved to |
Punulant

Complex, Sudan
Street, Gwanda.

166 | MicroCapital
Finance (Private)
Limited

1 Princes Avenue,
Newlancds, Harare

Office 365, Srl
Floor, St Barbara
Howse, Harare

L 74

159 | Marula Capital

(Provate) Investments

160 | Maxbark
Investments Robertson
Street,
Masvingo

Mazen Capital

(formerly Fincent
Finance) (Pvt) Ltd

Mazvimbakupa

Financial Services

(Pvt) Ltd

KAME
Million Dollar
Financial Services

Mirtenwall
Investments
(Private) Limited

Missapi Finance
(Private) Limited

Mitach Financial
Solutions (Private)
Limited

{78 | Mitchari Financial

HEAD
OFFICE
ADDRESS
House, 108110 Leopold
Takawira
Street. Harare
3 Njiri Read,
Msasa Parle,
Harare

th Floor,
Pearl House
61 Samora
Machel
AVeEnuUe
Harare
650A, Wayne
Road
/Greencrofi,
Harare

HEAD OFFICE
ADDRESS

Suite No. 33.& 34
Lst Floor

GT Bain Centre
Building, King
George

Harare

Shop No. 8, Belmont
Chambers, Masvingo

38 Pine Street,
Marondera

Shop ?, Sunrise Mall,
68 Hughes Street,
Masvingo, Zimbabwe
Office 4, Agribank
Complex,
Mupandawana, Gutu.
Masyingo

MICROGRAM
FINANCIAL
SERVICES
(PRIVATE)
LIMITED

Financial Services

(Pvt} Dra

Foundation (Pvt)
Ltd

Microplan
Financial Services
(Pvt) Ltd (formerly

172. | Microventure
Africa (Pvt) Lid

173 | Millenmial Capital

(Private) Limited

NAME
MSF Microfinance

(Pvt) Ltd

Mula Microfinance

8 | Mygreentund Financial |
Services Private Limited

Company of Zimbabwe

Mundloku Finance (Pvt) Ltd

HEAD OFFICE
ADDRESS

Noe: 401, 4th Floor,
Norah Courl, 3rd
Street, Harare

MoB Capital (Pvt)

Moen Home Loans
(Fat) Ltd

l
705 Josiah
Chinamano
Avenue, Harare
[82 | Money. Direct
Financial Services
(Pvt) Ltd
a4

[Sih Floor, CABS
Centre, 74 Jason
Moyo Avenue,
Harare

Monarch Financial
Services (Private)
Limited

4th Floor, FBC
House, 113
Leopold Takawira
St, Harare

104 Nigwl Phillips
Avenue, Eastlea,
Harare

Number 2251,
Chimbira Street,
Ruwa.

Money Mart
Finance (Pyt) Ltd

HEAD OFFICE

Mountfin Finance

(Pvt) Lid

HEAD OFFICE
LDDRESS

601 Fidelity Life
Centre, Cor Fife
Street Lith Avenue,

Bulawayo

[ath Floor Causeway
Building , third street
and Central Ave
Harare

Suite 2, Kathrine
House, Cne. Nelson
Mandela & Fourth
Streei, Harare
Harare

No 9 Belfast Road,
Emarald Hill, Harare

86 Selous Avenue,
Local Government
House. Harare

46a Central Avenue,
Corer Sth Avenue.
Flarare

HEAD OFFICE

ADDRESS NAME ADDRESS
Suite 306, 3rcd Northholt Office 2, Social
Floor, Africa Capital (Private) | Security Centre
House, Cor Fife Limited Corner Julius
Street / LOth (previously Nyerere/Sam
Avenue, Bulawavo Akili Capital Nujoma Avenue
| Private Limited) | WARARE
12 Stewarl Road, Nova Superb Office Number |
Borrowdale. Finance Eastwing, 2nd
Harare Floor, Engineering
House. 38
Rezende Street,
Harare
| 97 Hellet Street, Oakiin Finance | First Floor, North
Masvingo (Put) Lid Wing,
Throgmorion
House, Cre J,
Nyecrere Way! S.
Machel Ave,
105 Harare Drive Old Mutual 100 The Chase,
Marlborough Finance Emarald Hill,
Harare, Zimbabwe Harare

Nit. HEAD OFFICE HEAD OFFICE
NAME ADDRESS NAMIE ADDRESS
Nalchalat Finance (Private) | number 56 200 | Omama | 6Moglew Road, |
Limited Edrnund Road, Microfinante Mt Pleasant

_ are Pvt) Lid Harare
Nash Micro Capital (Pvt) 40 Samora Machel Onchain 182 Lower

Ltd Avene, St Finance Rangemore,

Andrews House. (Private) Umeuza,,
Hurare Limited Bulawayo
Nelhurst Trading (Pvt) Ltd | 1 Gloucester Close, | 202 | One Four Nine | 26 Bath Road,

Eastlea, Harare Financial Belgravia, Harare

New Horizon Financia! 21 Northampton Payhouse 9 Drummond
Services (Pvt) Lid Road, Eastlea. Finance Chaplin Road,
Harare Milton Park,
Newlands Financial Services | 203 Jostah Suite 14, 2nd
(Pvi) Ltd Chinamano Floor, Pockets
Avenue, Harare Z Building
J. Moyo! Angwa
Street
{ latare |
Nissi Global Limited | Suite 3&4 Pillhurb Bucks | 5 Lawson Avenue,
Peppermint Place, (Private) Milton Park ,
Cnr 11th Avenue Limited Harare, Zimbabwe:
& George
Silundike ,
| Bulawavo
Njere Microfinance (Private) | 4th Floor, Pime Bridge

Ground Floor, Gid |

Limited Construction Finance Mutual Centre;
House, Leopold (formerly Cnr. G, Silundiles
Tekawire, Harare known as. First & 3rd Street:
Money Harare
Financial
Services

HEAD HEAD
OFFICE OFFICE
ADDRESS NAME ADDRESS

Pivol Financial Services | 7230 Fimre FPIRSERVE 3 Atkinsen
Park, Ruwa Investments (Private) | Drive, Hillside,
| Limited Harare
Plan for sixty microfinance | 40) Somerset 219 | OATC Capital 44 - 30 Hughes

Street,
Masvingo Main
Post Office;
Room Fo &
FLO, Masvingo
Offices

422 - 4th Floor,
Tnstirance
Centre, 40

Private Limited Road, Eastlea,
Harare

(Private) Limited

Platinum Microfinance [7 Dungarvan
(formerlyFrontpage Faunce) | Close,
(Pvt) Limited Borrowdale,

Harare

220 | Quadfin Financial
Services (Pvt) Ltd

IL

NAME

Plosive (Private) Limited

Plus Cash Microfinance
{Pvt} Ltd

Portify Investments (Pvt)
Lid

‘Premier Credit Lite {Private}

Limited

Premier Service
Microfinance

Proactive Finance &
Supplies (Private) Limited

Probfix Financial Services
(Private) Limited

217 | Prudential Incorporated (Pvt) | 14 Orkney 228
Lid Road, Easilea,
Harare

HEAD
OFFICE
ADDRESS

NAME

Number 3268, Quest Financial
Nyambhunga Services (Pvt) Ltd
Township,
| Flat No. 2 Quick Access
Richwell
Gardens, 9
Richwell
évvenue,
Meyrick Park,
Quickéred Finance
Building, 10th (Part) Limited
Avenue/Jason
Maya Street,
_ Bulawayo |
| Office No. 6,4 Quid Finance (Pvi}
Ireland Road, Lid
2vishavane
2nd Floor, Quozite Enterprises
PSM.AS House; (Private) Limited
47 George
Silundike
Avenue. Harare
| [4 Argyle Road, QUPA Microfinnee
Avondale, Limited
Harare
| Office 14, Rainbow Finance
Mezzanine (Pvt) Lid
Floor,
Chiedza House
Comer Kwame
& First Street
| Harare
Rallycom Financial
Services

{12

HEAD
OFFICE
ADDRESS
Samora Machel
Avenue, Harare
Ist Floor Social
Security Centre,

Nujoraa/Julius
Nyerere Way,
Hatire

7th Floor,
Finsure Tiouse,
Cnr Kwame
Nicumah &
Sam Nujoma,
Harare

Building ,35

spread svrirom poor MAA ama

24A Tymwaldl
Shanganay1,
Tynawald.

Secoud Street
Showground,
Harare

| ZB Chambers.

2nd Floor,
Stand 506A,
Corner George
Situnedtka ane
Firs! Street.
Harare

Sth Floor,
Beverly Court.
Cnor4th /
Nelson Mandela
Street. Harare

146 Herbert
Chitepo Strect
Masvingo

Raysun Capital

Realty Microfinance (Pvt)

Ltd

Red Sphere Finance (Pvt)

Limited

Ripple Capital (Private)
Limited

‘Rise Capital (Pvt) Ltd

“ROT Finmark Finance

(Private) Limited

Roots Microfinance (Private) |

Limited

Royal Credit fund {Private}

Limited
Royal Magi Investments

(Pvt) Limited

Rulethu Microfinance
(Private) Limited

Sanzhong Finance (Private)

Limited

3A Turnham

HEAD
OFFICE
ADDRESS

87 Kwame
Skirumah Ave,
Harare

3rd Floor,
Insurance
Centre, Corner
Samora Machel
& Parklane,

| Harare

81 Robert
Mugabe Ave;
Cur First Street;
Harare

Eastleu, Harare:

First Mutual
Building
Gweru

‘Office Number

5, James Court,
Herbert Chitepo
& 9h Avenue,
Bulawayo_
Shop No. 4,
Comer BG
Mugabe &
Tangwena, New
‘Market Cenire,

drive, Myured

| 41/42 Cor

Aerodrome &

2nd Street,

Gesiner

Building.

Mutare

Close Newlands

| HARARE

6 Wellington
Drive:

Sean Preston
Financial Services
(Povate) Limited

Sedgemerge
Investments

| Shakvest
Enterprises
(Private) Limited

| Shamwari
Yakanaka Capital
(Private) Limited

Share Wealth

(Private) Limited

Sheltersal Finance
(Pvt) Ltd

| Shervani
Investments

Shous Finance
Services Private
Limited

| Simplecash

Finance

Sirosang
Investments (Pvt)
Lid

Microfinance (Pvt)
Ltd

HEAD OFFICE

ADDRESS

6th Floor, CABS

Centre, Cnr.

Jason Moyo Ave

& 2nd Street,
Haare _

12 Hellet Street.

Masvingo

Number 17432
Chiremba Road
Hillside, Harare
_, Zimbabwe
38 Harvey
Brown Ave,
Milton Park,
119 Nkwame
Nirumah
Ave,Master
House, Suite}
Harare

138 Williams
Wavy, Mosasa.
Harare

“333 Samora
Machel, Eastlea,
Harare

2nc Floor, UCPF
Building, 142
Harare Street,
HARARE

443 Goodhope,
Malbarough,
Harare

40 Moorgate
Road, Mount
Pleasant, Harare
6 Rainham Road,
Willowvale,
Harare

HEAD
OFFICE

ADDRESS NAME

HEAD OFFICE
ADDRESS

Belvedere,
Harare

No, HEAD OFFICE
ADDRESS
Number |
Goghawk Avenue,
Vaimona, Harare,

Zimbabwe
LL? Chinhovi
Street. Harare

NAME
Smart Money (Private)

NAME
Symdunes
Financial Services

(Pvt) Ltd

Limited

| Tahit Investments
{Private} Limited

“Snalvel Universal
Enterpnses

Suite 5, Baddow
Court, 43
Livingstone
Avenue , Harare

Soledd Financial

Serviecs (Pvt) Ltd
(formerly
Lendspree
Financial Services

Tamai
Microfinance
(Private) Limited

Solid Capital
Investments Zimbabwe
(Private) Limited

Shiloh Building, 91
Livingstone
Avenue

Cormier Sth Street,
Harare

9? Drew Road,
Chisipite, Harare

| Tandi Imali
Microfinance
{Private} Limited

Solten Financial
Services (Private)
Limited

We.l13. ist Floor,
Unifrerzht Touse,
L.Takawira
Avenue/Fite Sircel
, Bulawayo

Ll Angus
Road,Eastlea,
Harare

Sport-Talk Investments j

(Pvt) Ltd (Pvt) Limited

Stone Microfinance
(Pvt) Ltd

Tatu Capital (Pvt)
Ltd

Stratfin Services (Pvt)
Lid

L! Treger Howse,
2nd Floor, Jason
Moyo Street/12
Avenue, Bulawaye
Sure 804, Sth
Floor,Saint Barbara
House: 115 Neison

269 | Tazinae (Pvt) Lid

Suecess Assured
Financial Services

Taroth Investments | 2nd Floor,

HEAD OFFICE
ADDRESS
Nyanga Street,
Suite 6, Kennedy
Court, Rusape

& Montague
Court, Comer
Fifth Street &
Josiah Chinamang
Harare,
Zimbabwe

363 Harare Drive,
Pomona, Harare

Pleasant Drive,
Mount Pleasant
Harare

First Floor Block
D Smatsatst
;Busmess Park
Borrowdale,
Harare

Dolphin Thouse,
123 Leopold
Takawira, Harare

45 Kelvin Road,
North
Graniteside
Harare

Cor R Mugabe /
Inez Terrace, Asia
House, lst Floor,
Suite 4, Harare

270 | TEFCO (Pvt) Ltd $0001 Dagenham
Road,

274 | Terryfin Micro Credit

278 | Trebox Finance (Pvt)

Sumsha (Private)
Limited

WIFT CHOICE

FINANCE (PRIVATE)

Theocash Capital
(formerly Levithea
Investments)

Thrive Microfinance

(Pvt) Lid

Tora Capital (Private)

Limited,

Tottentram

Investments (Pvt) Ltd

Ltd

Trend Milra
Holdings Finance
(Private) Limited

Tretma Investments

(Pvt) Ltd

Mandela Avenue.
Harare

Stand Number
32405, Mabvazave
Estate, Runa

124 Llyton Road, 272 | Tenewi Financial
Workington, Services (Pvt) Ltd
Harare

HEAD OFFICE
ADDRESS

Shop Number 7
Karigamombe Centre,
Harare.

Tendeka Business
Finance (Pvt) Ltd

284 | Two strines
Financial
Services (Pvt)
Lid

39 R.G Mueshe Way.

Masvingo

| 286 | Umianashi
Finance Pvt Ltd

Shop 26, High Glen
Shopping Centre; High
Glen; Harare

53. Cental Avenue | 287 | Untu Capital

Harare

4 Thurso Close,
Eastiea, Harare

288 | Valley Finance

SS a
715 York House, Sth | 259 | Village Caprtal:

Finance (Private)
Limited

Avenue, Bulawayo

Office 12, Old Mutual
Building, 37 Robert
Mugabe Way,
Masvingo

Office no4, M&A
Building JN. Nkomo
Street l 2th Avenue,
Bulawayo

Shop 5.Ground Floor
Basigate Shopping
Centre

290 | Virl Rural &
Social Financial
Services (Pvt}
Lid

Virtfin (Private)
Limiied

| 291

| 292

Willowvale,
Harare

Office 29
Mezzanine Flooe,
Chiedza House,
Conr Ist and
Kavorme Nicumah
Avenye, Harare
S511 Southview
park

Harare

HEAD
OFFICE
ANDRESS
Wo. 1, Robert
Mugabe Way,
Valley Graders,

Bmdura

285 | Tsur Finance 3 Glen Road,
(Private) Limited | Glen Larne,
Tarare

2nd Floor, Block
5;
Celestial Park
Borrowdale

Road

Marae
109 Chinhoy
Street, Lot Floor
Vasean

| Shop 64

Longchen Plaza,
Belvedere.
Harare

35 Quorn
Avenue

Mt Pleasant
Harare

Shop 6, Parklane
Building, 79
Julius Nyerere
Street, Harare:

No.

Twenty-Four Hour
Future Investments
(Private) Limited

Twilight Finaneial
Services (Private)
Limited

NAME
Vang Capital (Pvt)
Lid

Wajima Finance
(Private) Limited

oN

Private Limited

299 |

Wanamari (Private)
Limited

Wildfn Financial
Services (Pvt) Ltd

WILLBEY
SOLUTIONS
(PRIVATE)
LIMITED
Wintron Financial
Services (Pvt) Ltd

Wisrad Investinents
(Pvt) Ltd

HEAD OFFICE
ADDRESS

Cor. R.Mugabe Way /
Sam Nunjoma Street
Harare

Office |, 7th Floor
Kopje Plaza Building
Harare

38 Roseland Railway
Avenue, Room 16,
Muitare

HEAD OFFICE
ADDRESS
Chiyedza House; 68
Kwame Nkrumah
Avenue; Office 3; M
Floor; Harare

| Stand No 381

StortFord Parade,
Building Shop No 3,

| Mabelreign, Harare:
Walletbright Capital

| 31 Macgowin Road,

Milton Park,Harare

First Mutual Building,

Comer Samora-and

First Street, Harare

| Tth Floer, Angwa City,

Cor, I Nyerere Way &
kK Nkrumah Ave,
Harare

302, 3rd Floor, LADF
House , 8th Avenue/
Jasan Moyo, Bulawayo
Suite 106, First Floor,
40 Samora Machel
Avenue, Nicoz
Diamond Building,

| Harare

293. | Vision Plus
Wealth (Private)
Limited

294 | Visualia
Microfinance
(Private) Limited

NAME

Yatnurai Needan|
Micro Finance
(Private)

| Yanaya Financial
Services (Private)
Limited
308 | Yebo Financial
Solutions (Private)
__| Limited
309 Yes Financial
Group (Pvt)
Limited

Enterprises (Pvt.}
Ltd

311 | Youth Economic
Capital (Pvt) Ltd

312 | Yvvyol
Microfinance
Private) Limited

313 | Zambuko Trust

HEAD
OFFICE
ADDRESS
Belvedere.
Harare

Sth Floor,
Michael House
62 Nelson
Mandela Ave;
Harare

361 Maluéekwa
Growth Point,
Chihota

HEAD OFFICE
ADDEESS

100 Airport Road,
Hatfield, Harare

| 15 George
Silundika Avenue,
ZB Chamber 3rd
Floor, Harare

114 Herbert
Chitepo, Harare

Ist Floor, Saunder
House

Comer Jason
Moyo Avenue &
First Street

310 Yonder-Rifi “49

Mashonganyika
Road, Radoma
Stanley House,
Corner lst Street
& Jason Moya,

Number 527
Syringa/Euphobia
Road, Chiredzi
Wo. 6 Aberdeen
Road, Belgravia,
Harare

HEAD OFFICE HEAD OFFICE
ADDRESS ADDRESS
XMtenda Finance | 2 Downie Avenue, 314 | Zibuko Capital | 47 Kwame
(Pvt) Ltd Belgravia. Harare (Pvt) Ltd Nkuorunmah
_Avenue, Harare
Yala (Private) 9] Livingstone 315 | Zimbabwe 74 Rhodeville

Limited Avenue, Harare Microfinance Fund | Avenue.
(Private) Limited Greendale. Harare
Yambukat Finance | Sih Floor, Chivedze _ Zimnat Financial Zimmal House,
(Pvt) Ltd House, Cnr First Services (Pvt} Lid | Cnr 3rd/Nelson
Street/Kwame Mandela Street,
Nkrumah Ave, Harare Harare

S,
ve
La
wo
=

REGISTERED OFFICES

Head Office
Reserve Bank of Zimbabwe

80 Samora Machel Avenue

Box 1283, Harare, Zimbabwe

Tek+263 243 702000 /+2363 867 700 0477
Email:

Regional Office

Reserve Bank of Zimbabwe

93 Leopold Takawira Street

Box 399 Bulawayo, Zimbabwe
Tek: +263 (0292) -72141-5, +263 8677002046
Email:

€B) www.rhz.cozw