QUARTERLY
ECONOMIC
REVIEW


SEPTEMBER 2025

CONTENTS


List of Figures


iii
List of Tables


1.
OVERVIEW
Global economic growth is expected to slow
down from 3.3% in 2024 to 3.2% in 2025 and
3.1% in 2026. The decline in global economic
activity is largely attributed to prolonged policy
uncertainty, escalation of protectionist policies
and commodity price volatility. Global headline
inflation is projected to decline from 5.7% in 2024
to 4.2% in 2025 and 3.7% in 2026.

During the third quarter of 2025, the Composite
Indicator of Economic Activity (CIEA) signalled
a pickup in domestic economic activity buoyed by
the mining and agricultural sectors.

Inflation remained benign in the third quarter of
2025. As such, monthly ZiG inflation fell to
-0.25% in September 2025. Annual ZiG inflation
also ended the third quarter of 2025 at 82.74%
reflecting the dissipation of the base effect.
Similarly, the ZiG/US$ exchange rate remained
stable, during the period under review with
parallel market premiums contained below 20%.

During
the
third
quarter,
the
country’s
merchandise exports were US$2.6 billion, while
merchandise imports were US$2.64 billion.
Resultantly, the country’s trade balance narrowed
to a deficit of US$33.6 million during the third
quarter of 2025, from US$415.9 million recorded
in the previous quarter.

Broad money stock (M3) stood at ZiG99.53
billion in September 2025, compared to ZiG97.34
billion recorded in June 2025. The growth in
broad money emanated largely from an increase
of ZiG2.38 billion in the foreign component of
broad money.


On the capital markets, the Zimbabwe Stock
Exchange (ZSE) exhibited bullish sentiments
during the quarter under review, with the AllShare Index adding 6.79% to close at 210.63
points. Similarly, the Victoria Falls Stock
Exchange (VFEX) traded positively, with the AllShare Index gaining 40.69% to close at 150.83
points, as at end of September 2025.

The value of electronic transactions processed
through the National Payment Systems (NPS)
increased by 4.17% from ZiG655.60 billion in the
preceding quarter to ZiG682.93 billion during the
third quarter of 2025. NPS transaction volumes
also increased from 200.90 million to 213.07
million during the period under review.

2.
INTERNATIONAL DEVELOPMENTS
Global growth is projected to slow from 3.3% in
2024 to 3.2% in 2025 and 3.1% in 2026. These
growth rates are well below the historical average
of 3.8% recorded between 2000 and 2019.

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

Est.

Proj.

Proj.
World Output
3.3
3.2
3.1
Advanced Economies
1.8
1.6
1.6
USA
2.8
2.0
2.1
Euro-Area
0.9
1.2
1.1
United Kingdom
1.1
1.3
1.3
Emerging Markets &
Developing Economies
4.3
4.2
4.0
Emerging and
Developing Asia
5.3
5.2
4.7
China
5.0
4.8
4.2
India
6.5
6.6
6.2
Emerging and
Developing Europe
3.5
1.8
2.2
Russia
4.3
0.6
1.0
Sub-Saharan Africa
4.1
4.1
4.4
Nigeria
4.1
3.9
4.2
South Africa
0.5
1.1
1.2
Source: IMF WEO: July 2025 Update
Advanced economies are projected to grow by
1.6% in both 2025 and 2026. In the U.S., growth
is projected at 2.0% in 2025 and 2.1% in 2026,
aided by fiscal stimulus and easing financial
conditions. The Euro Area is expected to grow by
1.2% in 2025 and 1.1% in 2026, up from 0.9% in
2024. The modest improvement reflects rising
real wages and fiscal easing in Germany and
strong performance in Ireland.

Growth in emerging market and developing
economies (EMDEs) is projected to slow from
4.3% in 2024 to 4.2% in 2025 and 4.0% in 2026.
China’s GDP is expected to grow by 4.8% in 2025
and 4.2% in 2026, with fiscal expansion and
strong domestic consumption offsetting U.S. trade
tensions. Emerging and developing Europe will
see a sharp slowdown from 3.5% in 2024 to 1.8%
in 2025, with a modest rebound to 2.2% in 2026,
mainly due to Russia’s deceleration from 4.3% in
2024 to 0.6% in 2025, reflecting concentrated
fiscal spending in late 2024.

Sub-Saharan Africa is projected to grow by 4.1%
in 2025 and 4.4% in 2026, with Nigeria’s growth
expected to benefit from higher oil output,
improved investor confidence, and supportive
fiscal policy. Other economies face downward
revisions, partly due to loss of preferential access
to the U.S. market, following expiry of the
African Growth and Opportunity (AGOA) Act,
with Lesotho and Madagascar the most affected.

Global Inflation
Global headline inflation is expected to decline
from 5.7% in 2024 to 4.2% in 2025 and 3.7% in
2026. Inflation is expected to rise in the second
half of 2025 in the United States, as the impact of
tariffs is no longer absorbed within supply chains
and instead passed on to consumers. In the U.K,
inflationary pressures are expected to persist in
2025, on account of changes in regulated prices.
In contrast, China, India, and Thailand are
experiencing
lower-than-expected
inflation,
mainly from low food, energy, and administrative
prices.

Risks
Risks to the outlook remain tilted to the downside.
Prolonged policy uncertainty could dampen
consumption
and
investment.
Further
intensification
of
protectionist
measures,
particularly through non-tariff barriers, may
dampen investment, disrupt supply chains, hinder
productivity, and negatively impact the growth
outlook.

Commodity price spikes stemming from climate
shocks or geopolitical tensions pose additional
risks, especially for low-income, commodityimporting countries.

Opportunities
On the upside, a breakthrough in trade
negotiations could lower tariffs and reduce
uncertainty, and productivity gains from artificial
intelligence.
Overall,
global
growth
is
moderating, but supportive domestic policies,
structural reforms, and technological advances
could help offset downside risks and sustain
gradual recovery through 2026.

INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS
During the third quarter of 2025, international
commodity prices for gold, platinum, palladium,
copper and brent crude oil firmed during the third
quarter of 2025, while prices for nickel and
lithium declined. Changes in commodity prices
were largely driven by expectations of Federal
Reserve interest rate cuts and escalating
geopolitical and trade tensions.

Table 2 shows the evolution of selected
commodity prices during the quarter under
review.

Table 2: International Commodity Prices: July
– September 2025

2025 Q2
Average
Jul-25
Aug-25
Sep-25
2025 Q3
Average
Changes
(Q2– Q3)
(%)
Gold
(US$/oz)

Platinum
(US$/oz)

Palladium
(US$/oz)

Copper
(US$/tonn
e)

Nickel
(US$/tonn
e)

Lithium
(US$/tonn
e)

Crude Oil
(US$/barr
el)

Source: World Bank and Bloomberg, 2025

Gold
Gold prices continued on an upward trend during
the third quarter of 2025, increasing by 5.53% to
US$3,462.34 per ounce, from an average of
US$3,280.76 per ounce recorded in the second
quarter of 2025. The increase was driven by
investor expectations of Federal Reserve interest
rate cuts, slower U.S. job growth, concerns over
independence of the U.S. Federal Reserve, and

ongoing trade tensions which have undermined
confidence in traditional markets.

Platinum
Platinum prices stood at US$1,390.49 per ounce
during the quarter under review, up by 29.43%
from US$1,074.31 per ounce recorded in the
previous quarter. The increase was driven by a
worsening supply deficit, fueled by the sharp
decline in production, particularly in South
Africa, and constrained recycling efforts. In
addition, China’s stronger policies promoting
clean energy, electric vehicles, and emission
controls spurred both speculative and physical
demand for platinum.

Palladium
During the quarter under analysis, palladium
prices strengthened by 19.03% to US$1,180.75
per ounce, from US$992.01 per ounce recorded in
the second quarter of 2025. Prices rose due to
heightened supply concerns driven by potential
U.S. tariffs on Russian imports and escalating
geopolitical tensions. Fears of trade restrictions
and factory disruptions in Russia and South Africa
tightened global supply, prompting increased
buying by investors and manufacturers, thereby
pushing prices higher.

Developments in precious metal prices for the
period September 2023 to September 2025 are
shown in Figure 1.
Figure
1:
Precious
Minerals
Prices
(US$/ounce): September 2023 – September

Source: Bloomberg, 2025
Copper
Copper prices rose by 4.02% to US$9,859.61 per
tonne during the third quarter of 2025, from
US$9,478.88 per tonne recorded in the second
quarter. Prices increased amid concerns over
potential supply disruptions in Indonesia, the
world’s leading producer of the base metal, which
heightened fears of decline in global supply.

Nickel
During the period under review, nickel prices
retreated by 1.17% to US$15,160.32 per tonne,
from US$15,340.17 per tonne recorded in the
previous quarter. The prices were largely driven
by Indonesia’s rising production, leading to global
excessive supply. The persistent output growth,
driven by Indonesia’s expansion of smelting and
refining capacity, exerted downward pressure on


Platinum
Palladium
Gold (RHS)

prices as global demand failed to keep pace with
the
rising
inventories.
Figure

depicts
developments in base metal prices from
September 2023 to September 2025.

Figure 2: Base Metal Prices (US$/tonne):
September 2023 – September 2025

Source: Bloomberg, 2025
Lithium
Lithium prices were weighed down by concerns
of oversupply from major producers, particularly
Chile, Mali, Argentina, and Australia, which
increased output, contributing to the market glut.
Consequently, prices declined by 1.70%, from
US$8,818.44 per ounce recorded in the second
quarter to an average of US$8,668.11 per ounce in
the third quarter of 2025.

Figure 3 illustrates the developments in lithium
prices for the period from September 2023 to
September 2025.

Figure
3:
Lithium
Prices
(US$/tonne):
September 2023 – September 2025

Source: Bloomberg, 2025
Brent Crude Oil
During the quarter under review, brent crude oil
prices increased by 2.01% to US$67.69 per barrel
during the third quarter of 2025, from US$66.36
per barrel recorded in the prior quarter. The rise
was driven by escalating geopolitical tensions
linked to the worsening Russia–Ukraine conflict,
which sparked fears of disruptions in global oil
supply.

Figure 4 shows the developments in Brent crude
oil prices for the period from September 2023 to
September 2025.


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

Sept-23
Dec-23
Mar-24
Jun-24
Sept-24
Dec-24
Mar-25
Jun-25
Sept-25

Figure 4: Brent Crude Oil Prices (US$/barrel):
September 2023 – September 2025

Source: Bloomberg, 2025

EXCHANGE RATE DEVELOPMENTS
During the third quarter of 2025, the exchange
rate has remained largely stable on the WillingBuyer-Willing Seller market and has stabilised
around ZiG26/US$ with stochastic movements
that are consistent with a floating exchange rate
system. Reflecting developments in interbank and
parallel market rates, the premium fell to around
20% in the third quarter of 2025, from around
40% in January.

The parallel market exchange rate premium has
remained stable, since July 2025. Figure 5 shows
developments in exchange rates from June 2024
to September 2025.


Figure 5: Official and Parallel Market
Exchange Rates June 2024 – September 2025

Source: Reserve Bank of Zimbabwe, 2025

MERCHANDISE TRADE DEVELOPMENTS
During the third quarter of 2025, the country’s
total merchandise trade rose by 12.0% to US$5.2
billion, from US$4.7 billion recorded in the
second quarter of 2025. The growth in total
merchandise trade was largely attributed to a
significant rise in both exports and imports during
the quarter under review.

Figure 6 illustrates total merchandise trade
developments in the second quarter of 2025 and
the third quarters of 2024 and 2025.

Sept-23
Dec-23
Mar-24
Jun-24
Sept-24
Dec-24
Mar-25
Jun-25
Sept-25


7-Jun-24
7-Jul-24
6-Aug-24
5-Sep-24
5-Oct-24
4-Nov-24
4-Dec-24
3-Jan-25
2-Feb-25
4-Mar-25
3-Apr-25
3-May-25
2-Jun-25
2-Jul-25
1-Aug-25
31-Aug-25
30-Sep-25
Premium
Exchange Rate
Premium
Parallel
Interbank Rate

Figure 6: Quarterly Merchandise Total Trade
(US$ million)
Source: ZIMSTAT,2025
On an annual basis, total merchandise trade stood
at US$5.2 billion in the quarter under review,
increasing by 22.3% from the US$4.3 billion
recorded in the third quarter of 2024. This
expansion was primarily driven by higher levels
of both exports and imports during the reporting
period.

Merchandise Export Developments
The country’s exports rose by 23.2% to US$2.6
billion during the quarter under review, from
US$2.1 billion recorded in the second quarter of
2025. Annually, the performance in the third
quarter was 44.9% higher than the US$1.8 billion
recorded in the corresponding quarter in 2024, as
highlighted in Figure 7.


Figure 7: Quarterly Merchandise Exports (US$
million)
Source: ZIMSTAT, 2025
The increase in the country’s exports during the
third quarter of 2025 was largely driven by higher
exports of tobacco, gold, Platinum Group Metals
(PGMs), and, which rose by 77.7%, 26.0%, and
10.9%, and respectively. The rise in gold exports
was largely attributed to increased production,
evidenced by higher gold deliveries to the Fidelity
Gold Refinery (FGR) during the period. In
addition,
gold
prices
remained
elevated,
supported by sustained global demand amid
economic uncertainty and anticipated interest rate
cuts by the U.S. Federal Reserve.

Table 3 shows developments in the country’s
exports.


2024Q3
2025Q1
2025Q2
2025Q3


2024Q3
2025Q1
2025Q2
2025Q3

Table 3: Quarterly Merchandise Exports (US$
million)

2024Q

(USm)
2025Q

(USm)
2025Q3
(USm)
2025Q
22025Q

Chang
es (%)
Share
of
Export
s (%)
Total

Of Which


Gold

PGMs

Tobacco
(Including
cigarettes)


Ferrochromiu
m

Other
mineral
substances

Chromium
ores and
concentrates

Other ores
and
concentrates

Coal

Cane sugar

Steel

Others

Source: ZIMSTAT & RBZ Calculations, 2025

Major Merchandise Export Destinations
The country’s exports were primarily directed to
the United Arab Emirates, South Africa, and
China in the third quarter of 2025, which
accounted for 51.4%, 21.2%, and 11.0% of total
exports, respectively. Other significant export
markets included Mozambique, Belgium, and
several additional countries, which together made
up about 13.4% of total exports. Figure 8
illustrates the country’s top export destinations for
the third quarter of 2025.

Figure
8:
Major
Merchandise
Export
Destination

Source: ZIMSTAT & RBZ Computation, 2025

Merchandise Import Developments
The country’s import bill increased by 2.8% to
US$2.64 billion, from US$2.57 billion recorded
in the second quarter of 2025. On a year-on-year
basis, merchandise imports for the comparable
period in 2024 were 6.0% higher than the
US$2.49 billion recorded in the third quarter in
2024.

Figure 9 depicts the merchandise imports
developments for the third quarter of 2024, and
the second and third quarter of 2025.


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

Figure 9: Quarterly Merchandise Imports (US$
million)

Source: ZIMSTAT, 2025
In the third quarter of 2025, Zimbabwe’s imports
were mainly comprised of industrial supplies
during the third quarter of 2025, crucial for
manufacturing, and these included raw materials,
and
machinery.
Other
significant
import
categories comprised fuel and lubricants, along
with capital goods, as shown in Table 4.


Table 4: Quarterly Merchandise Imports (US$
million)

2024Q3
(US$M)
2025Q2
(US$M)
2025Q3
(US$M)
2025Q
22025Q

Chang
es (%)
Share
of
Impor
ts (%)
Total

o/w


Industrial
Supplies

Fuels and
Lubricants

Capital Goods
(except
Transport
Equipment)

Food and
Beverages

Transport
Equipment,
Parts and
Accessories

Consumer
Goods

Other

Source: ZIMSTAT & RBZ Computations, 2025

Major Import Sources
During the third quarter of 2025, the country’s
imports mainly originated from South Africa
(23.2%), China (20.5%), Bahrain (9.2%), and
various other markets, as shown in Figure 10.

2 0 2 4 Q3
2 0 2 5 Q1
2 0 2 5 Q2
2 0 2 5 Q3

Figure 10: Major Merchandise Import Source

Source: ZIMSTAT & RBZ Computations, 2025

Trade Balance
The country’s trade balance narrowed to a deficit
of US$33.6 million during the third quarter of
2025, from US$415.9 million recorded in the
previous quarter. Compared to the corresponding
quarter in 2024, the country’s trade balance also
improved from a deficit of US$691.5 million.

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

Figure 11: Merchandise Trade Balance (US$
million)

Source: ZIMSTAT & RBZ Computations, 2025

3.
DOMESTIC ECONOMIC
DEVELOPMENTS
REAL SECTOR DEVELOPMENTS
Signals from the Composite Indicator of
Economic Activity (CIEA) point to sustained
growth momentum in the economy, supported by
strong performance in the mining and agricultural
sectors. The trends in the CIEA are shown in
Figure 12.


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


2024Q3
2025Q2
2025Q3
Exports

Figure 12: Composite Indicator of Economic
Activity (CIEA)
Source: RBZ & MOFEDIP, 2025

Agriculture
The marketing of major cash crops such as
tobacco and cotton saw a considerable increase in
output during the third quarter of 2025, compared
to the same period in 2024. The livestock sector
remained resilient with an increase in meat output
from the major livestock classes.

Crops
Tobacco
Flue-cured tobacco production recovered from a
dip in 2024, recording a record output of 354.88
million kilogrammes in 2025. The increase in
output is partially attributed to the favourable
temporal distribution of rainfall, which boosted
yields of the dryland portion of the crop over a
longer-than-usual period.

Despite the slight decline in average price in 2025,
the value of the tobacco crop increased to
US$1.18 billion, up from US$0.79 billion in 2024.
Table 5 shows total tobacco sales in 2024 and
2025.

Table 5: Total tobacco sales in 2024 and 2025

Variance
(%)
Total sold (million
kg)
354.88
231.87
53.05
Total value (US$
million)
1 178.46
794.07
48.41
Average
price
(US$)/kg
3.32
3.42
-3.03
Source: Tobacco Industry and Marketing Board, 2025

Wheat
Wheat output is expected to exceed 600 000
tonnes, up from 562 091 tonnes realised in 2024.
The improvement in production is largely due to
an increase in yield. The availability of water,
electricity supply, and crop inputs in the market
enabled timely planting of the crop, thus also
contributed to higher yields.

Cotton
Seed cotton deliveries increased significantly to
28.70 million kilograms in 2025, from an
estimated 14 million kilograms in 2024, marking
the sector’s partial recovery.


-0.5

0.5

1.5

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

Government
continues
to
support
cotton
production with the aim of reviving the cotton-toclothing value chain. Seed cotton production,
however, continues to face viability challenges
due to low productivity worsened by low producer
prices.

Cattle
Cattle slaughters at registered abattoirs increased
by 5.80% to 106 957 head during the third quarter
of 2025, from 101 097 head in the same period in
2024.

The increase in cattle slaughters in 2025 is
partially attributable to the increase in the beef
herd size compared to the previous year. The
better
conditions
for
livestock
including
improved grazing and water availability also
boosted cattle sales, despite reports of an outbreak
of foot and mouth disease (FMD) in some
Southern provinces of the country. Table 6 shows
quarterly cattle slaughters in 2024 and 2025.

Table 6: Cattle Slaughters

Variance %
Q1
96 909
94 062
3.03
Q2
102 294
98 658
3.69
Q3
106 957
101 097
5.80
Total
306 160
293 817
4.20
Source: Ministry of Lands, Agriculture, Fisheries, Water,
and Rural Development, 2025
Pigs
Pig slaughters stood at 68 897 head in the third
quarter of 2025, up 16.68% from the 59 046 head
in the same period in 2024. Figure 13 shows the
trend of quarterly pig slaughters in 2024 and
2025.

Figure 13: Quarterly Pig Slaughters

Source: Ministry of Lands, Agriculture, Fisheries,
Water, and Rural Development, 2025

MINING
Gold Deliveries
Gold deliveries to Fidelity Gold Refineries
(FGR), which excludes gold from PGMs,
amounted to 12 878.48 kilograms in the third
quarter of 2025. This represents a 10.95%
increase from 11 607.14 kilograms delivered in
the second quarter of 2025. Deliveries in the third
quarter of 2025 to FGR recorded a significant
increase of 23.58% when compared to deliveries
of 10 421.50 kilograms in the comparable quarter
in 2024. The growth in gold deliveries to FGR was
largely driven by increased mining output,
spurred by the upward trend in international gold
prices. Table 7 shows deliveries to FGR in 2024
and 2025.

Q3:2023
Q4:2023
Q1:2024
Q2:2024
Q3:2024
Q4:2024
Q1:2025
Q2:2025
Q3:2025
Millions

Table 7: Quarterly Gold Deliveries to FGR for
2024 and 2025 (kg)

Q3 24
Q2 25
Q3 25
Primary
producers/kg
3,188.3
2,816.3
2,911.0
Small
Scale
producers/kg
7,233.3
8,790.8
9,967.5
Total
10,421.5
11,607.1
12,878.5
Source: FGR, 2025
In terms of shares of deliveries, small-scale
producers accounted for 77.40%, whilst primary
producers accounted for 22.60% during the
quarter under analysis.

ELECTRICITY
Total electricity generated by major power
stations and independent power producers (IPPs)
during the third quarter of 2025 amounted to
3 030.20 GWh, up 6.01% from the 2 858.30 GWh
produced in the previous quarter. The electricity
generated was also 13.63% higher than the
2 666.82 GWh produced during the third quarter
of 2024.
Hwange, inclusive of Units 7 and 8, produced
2 079.20 GWh, contributing approximately
68.62% of total production during the third
quarter of 2025. Kariba Hydro Power Station
produced 831.25 GWh, up from the 786.41 GWh
produced in the previous quarter.

Table 8 shows power output statistics from the
major power stations and independent power
producers in 2025.
Table 8: Quarterly Power Output

Q3:2024
Q2:2025
Q3:2025
Kariba
495.83
786.41

831.25
Hwange
775.47
642.96

786.01
Hesco
(Hwange
7&8)
1 300.23
1 302.64
1 293.19
IPPs
95.28
126.30
119.75
Total
(GWh)
2 666.82
2 858.30
3 030.20
Source: ZERA and ZPC, 2025

Electricity generation at the Hwange Units 1-6
rose sharply by 22.25% to 786.01 GWh in the
third quarter from 642.96 GWh in the second
quarter. The improvement was due to increased
operational efficiency and more reliable coal
supplies.

Power output by Independent Power Producer
(IPPs) fell by 5.19%, from 126.30 GWh in the
second quarter of 2025 to 119.75 GWh. The
performance, however, increased significantly
from the 95.28 GWh produced in the same period
in 2024. Figure 14 shows the trend of quarterly
electricity production since the third quarter of
2024.

Figure 14: Quarterly Power Output
Source: ZPC, 2025
Hwange Units 7 and 8 continued to account for
the
highest
share
of
electricity
output,
contributing 42.68% to total output in the third
quarter of 2025. Figure 15 shows the contribution
of each power station to quarterly electricity
output in 2025.

Figure 15: Quarterly Share of output in 2025
(%)
Source: ZPC, 2025


INFLATION DEVELOPMENTS
The disinflationary path continued during the
third quarter of 2025, with both the ZiG and US$
inflation rates slowing down significantly. The
sustained decline in inflation is largely due to the
tight monetary policy stance pursued by the
Reserve Bank.
ZiG Month-on-Month Inflation
Monthly ZiG inflation slowed down by 0.53
percentage points from 0.28% in June 2025 to
-0.25% in September 2025.

Non-food inflation decelerated to -0.48% in
September 2025 from 0.53% in June 2025, driven
by the easing of housing, water, electricity, gas
and other fuels; furniture and equipment; and
restaurants and hotels. Food inflation registered a
0.42 percentage points increase, from -0.21% in
June 2025 to 0.21% in September 2025. Table 9
shows monthly inflation profile during the third
quarter of 2025.

Table 9: Monthly Inflation Profiles (%)

ZiG
USD
Weighted
Jul - 2025
1.57
0.27
0.59
Aug - 2025
0.40
0.01
0.04
Sep - 2025
-0.25
-0.04
-0.07
Source: ZIMSTAT, 2025

US$ Month-on-Month Inflation
Albeit remaining in negative territory, the USD
month-on-month inflation rate increased by 0.18

Q3 2024
Q2 2025
Q3 2025
Kariba
Hwange
Hesco (Hwange 7&8)
IPPs

Q1
Q2
Q3
Kariba
Hwange G1 - G6
HESCO G7 & 8
IPPs

percentage points from -0.22% in June 2025 to
-0.04% in September 2025. The rise was driven
by food inflation, which gained 0.81 percentage
points on the June 2025 inflation rate of 0.73%.
US$ non-food inflation, however, fell by 0.13
percentage points from 0.03% in June 2025 to -
0.10% in September 2025, attributed to declines
in education; furniture and equipment; and
transport, among others.

Figure 16 shows the US$ monthly inflation
developments since 2023.

Figure 16: Monthly US$ Inflation Profile (%)
Source: ZIMSTAT, 2025

Annual ZiG Inflation
Annual ZiG inflation fell by 9.78 percentage
points from 92.52% in June 2025 to 82.74% in
September 2025. Food inflation shed 22.26
percentage points to 82.74% over the third
quarter. Non-food inflation also declined to
76.47%, falling by 4.75 percentage points from
85.13% in June 2025.

Table 10 shows the ZiG, US$, and weighted
annual inflation profile during the third quarter of
2025.

Table 10: Yearly Inflation Profile (%)

ZiG
USD
Weighted
July - 2025
95.79
14.40
28.06
Aug– 2025
93.78
14.22
27.59
Sept- 2025
82.74
13.35
25.11
Source: ZIMSTAT 2025

Annual US$ Inflation
Yearly US$ inflation eased by 0.67 percentage
points from 14.03% in June 2025 to 13.35% in
September 2025. Annual food inflation fell from
21.56% in June 2025, to 19.11% in September
2025. Food inflation contributed about 5.90
percentage points to annual inflation in the third
quarter of 2025.

Annual non-food inflation increased by 0.08
percentage points from 10.70% in June 2025 to
10.78% in September 2025. Annual non-food
inflation was driven by housing, water, and
energy, and transport, among other subcategories.

Figure

shows
annual
US$
inflation
developments from January 2024.


Nov-23
Jan-24
Mar-24
May-24
Jul-24
Sept-24
Nov-24
Jan-25
Mar-25
May-25
Jul-25
Sept-25
Food
Non food
All Items

Figure 17: Annual US$ Inflation Profile (%)

Source: ZIMSTAT, 2025

4.
MONETARY DEVELOPMENTS
Broad money stock (M3) slowed down to 2.25%
in the third quarter of 2025, compared to 16.14%
recorded in the second quarter. In levels, broad
money stock stood at ZiG99.53 billion in
September 2025, compared to ZiG97.34 billion
recorded in June 2025, an increase of just over
ZiG2 billion over the quarter. The growth in
broad money emanated largely from an increase
of ZiG2.38 billion in the foreign component of
broad money. Over the period under analysis, the
local currency component, however, declined by
1.12% from ZiG17.20 billion to ZiG17.01
billion, reflecting the prevailing tight liquidity
conditions.

Foreign currency deposits accounted for 82.91%
of broad money, followed by local currency
deposits,
at
16.97%,
while
currency
in
circulation constituted the balance of 0.12%.

Figure 18 shows the components of broad money
for the period March 2024 to September 2025.

Figure 18: Broad Money Developments (ZiG
billion)

Source: Reserve Bank of Zimbabwe, 2025

Domestic Credit
Domestic credit increased by 1.95%, from
ZiG138.73 billion in June 2025 to ZiG141.47
billion in September 2025. The growth in
domestic credit largely reflected an increase of
4.05% in credit to the private sector, from
ZiG63.84 billion to ZiG66.24 billion. Net claims
on Government, however, recorded a quarter-onquarter decline of 1.34% from ZiG69.92 billion to
ZiG68.98 billion, largely reflecting maturities of
some treasury bills.

Outstanding credit to the private sector was
mainly channelled to households, agriculture,
manufacturing
and
distribution,
which
-6
-3

Jan-24
Mar-24
May-24
Jul-24
Sept-24
Nov-24
Jan-25
Mar-25
May-25
Jul-25
Sept-25
Food
Non food
All Items

Mar-24
May-24
Jul-24
Sep-24
Nov-24
Jan-25
Mar-25
May-25
Jul-25
Sep-25
Billions
Currency in Circulation
Foreign Currency Deposits
Local Currency Deposits

collectively received just over 70% of the total
credit. The mining sector received 8.96% of the
total outstanding credit. Figure 19 shows the
distribution of credit by sector.

Figure 19: Distribution of Private Sector Credit

Source: Reserve Bank of Zimbabwe, 2025

Credit to the private sector was largely utilised for
recurrent expenditures (34.98%), inventory buildup (21.27%), and fixed capital investments
(19.85%).

Interest Rates
During the quarter ending 30 September 2025,
nominal lending rates quoted by banks on local
currency-denominated loans ranged between 25%
and 58%, while time deposit rates for 90-days,
360-days, and over one-year tenures ranged
between 5% and 40%. The savings rates were
quoted between 3% and 9% during the period
under review.

Figure 20 shows the profile of the benchmark
interest rate and market rates.

Figure 20: Interest Rates Developments (%)
Source: Reserve Bank of Zimbabwe, 2025

Lending rates for foreign currency-denominated
loans advanced to individuals ranged between
7.00% and 27.00% per annum, as of the end of
September 2025, while those for corporate clients
ranged from a minimum of 5.00% to a maximum
of 21.00%.

5.
STOCK MARKET DEVELOPMENTS

ZIMBABWE STOCK EXCHANGE (ZSE)
DEVELOPMENTS

During the quarter ending September 2025, the
Zimbabwe Stock Exchange (ZSE) recovered from
the previous quarter's losses. As such, the All
Share, Top 10, Top 15 and Medium Cap indices
Households
25.77%
Agriculture
16.92%
Mining
8.96%
Manufacturing
13.99%
Distribution
13.65%
Transport and
Communication
3.52%
Services
9.12%
Financial
Organisations and
Investments...
Construction
2.90%
Other
0.01%

Policy Rate
Max Weighted Lending Rates Individuals
Max Weighted Lending Rates Corporates
90 Day Deposit Rates

added 6.79%, 6.45%, 7.78% and 6.39% to close
at 210.63 points, 206.67 points, 213.00 points and
246.44 points, respectively.

The resource index, however, declined by 15.01%
to close at 123.58 points compared to 145.40
points recorded in the second quarter.

Figure 21 shows developments of the ZSE All
Share, Top 10 and Mining indices for the period
30 September 2024 to 30 September 2025.

Figure 21: ZSE All Share, Top 10 and Mining
Indices

Source: Zimbabwe Stock Exchange, 2025

Market Turnover
The cumulative volume and value of shares traded
added 17.16% and 36.14% to 953.47 million
shares and ZiG1.91 billion, respectively. This
compares to 813.82 million shares and ZiG1.01
billion recorded in the second quarter of 2025,
respectively. The surge in market turnover was
largely on account of block trades, where a
combined 90.01 million Econet Wireless Limited
shares and 313.98 million TN Cybertech Limited
shares exchanged hands at ZiG452.52 cents/share
and ZiG12 cents/share, respectively.

Figure 22: ZSE Market Turnover

Source: Zimbabwe Stock Exchange, 2025

Foreign investor participation, as measured by its
contribution to the value of shares traded, declined
to 7.01%, compared to 18.04% recorded in the
second quarter of 2025. Net foreign position also
worsened to negative ZiG404.27 million, from
negative ZiG286.83 million registered during the
quarter ending June 2025.

Market Capitalisation
Owing to improved trading activity on the ZSE
during the quarter under review, the local bourse
added 7.72%, or ZiG4.70 billion worth of
capitalisation to close at ZiG65.68 billion,
compared to ZiG60.97 billion recorded in the
second quarter. On an annual basis, however, the
ZSE capitalisation declined by 12%, from
30-Sept-24
31-Oct-24
30-Nov-24
31-Dec-24
31-Jan-25
28-Feb-25
31-Mar-25
30-Apr-25
31-May-25
30-Jun-25
31-Jul-25
31-Aug-25
30-Sept-25

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

Volumes Traded (millions)
Values Traded (millions)
Volume
Value

ZiG74.49 billion in the comparable period last
year.

Figure 23 shows the evolution of market
capitalization for the period September 2024 to
September 2025.

Figure 23: ZSE Market Capitalisation (ZiG
millions)

Source: Zimbabwe Stock Exchange, 2025
VICTORIA FALLS STOCK EXCHANGE
(VFEX) DEVELOPMENTS

The VFEX also recovered from the losses realised
in the second quarter of 2025. As a result, the
VFEX All Share index added 40.69% to close at
150.83 points, from 107.21 points recorded in the
second quarter.

On an annual basis, the VFEX All Share index
also rose by 40.50%, from 107.35 points recorded
in the third quarter of 2024.

Figure 24: Victoria Falls Stock Exchange All
Share Index

Source: Victoria Falls Stock Exchange, 2025
VFEX Market Capitalization (US$ billions)
Reflecting the positive developments on the
VFEX in the third quarter of 2025, VFEX market
capitalisation rose by 43.75%, or US$547.25
million, to US$1,798.06 million, compared to
US$1.25 billion recorded in the second quarter of
2025. On an annual basis, VFEX market
capitalisation gained 38.68%, or US$501.48
million, compared to US$1.30 billion recorded in
the comparable period in 2024. Figure 25 depicts
the VFEX Market Capitalization from September
2024 to September 2025.


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

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

Figure 25: VFEX Market Capitalization in
billions of US$

Source: Victoria Falls Stock Exchange, 2025

6.
PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES
During the quarter under review, the value of
electronic transactions processed through the
National Payment Systems (NPS) infrastructure
increased by 4.17% from ZiG655.60 billion in the
second quarter of 2025 to ZiG682.93 billion.
Transaction volumes also increased by 6.06%
from 200.90 million to 213.07 million, during the
same period.


Table
11:
Consolidated
Transactional
Activities for the Q2 & Q3 2025
PAYMENT
STREAM
SECOND
QUARTER
ENDING
30 JUNE

THIRD
QUARTER
ENDING 30
SEPTEMBER

CHANGE
FROM
LAST
QUARTER
PROPORTION

VALUES IN ZIG (BILLIONS)

RTGS

POS

ATMS

MOBILE

INTERNET

TOTAL


VOLUMES (MILLIONS)

RTGS

POS

ATMs

MOBILE

INTERNET

TOTAL

Source: Reserve Bank of Zimbabwe, 2025
Large Value Payments
During the third quarter of 2025, the value of
transactions processed through the RTGS system
decreased by 0.95% from ZiG384.02 billion
reported in the second quarter of 2025 to
ZiG380.38 billion.

Conversely, the volume of transactions processed
through the RTGS system increased by 1.30%
from 2.75 million to 2.79 million during the
period under review.


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

Figure 26: Values (ZiG) and Volumes of RTGS
Transactions from Q2 2024 to Q3 2025
Source: Reserve Bank of Zimbabwe, 2025

Retail Payments
The aggregate values for retail transactions
increased by 11.40% from ZiG271.58 billion
recorded in the second quarter of 2025 to
ZiG302.55 billion in the third quarter.
Figure 27: Retail Transaction Values (ZiG)
from Q3 2024 to Q3 2025
Source: Reserve Bank of Zimbabwe, 2025
The volume of aggregate retail transactions also
increased by 6.12% from 198.15 million to 210.28
million, during the same period.

Figure 28: Retail Transaction Volumes from
Q2 2024 to Q3 2025

Source: Reserve Bank of Zimbabwe, 2025

COLLATERAL
The value of collateral for Zimswitch, Central
Securities Depository (CSD) and Zimbabwe
Stock Exchange (ZSE) rose from ZiG761.90
million in the second quarter of 2025 to
ZiG974.72 million in the third quarter, largely
reflecting an increase in the value of transactions
processed through the systems.

Q2

Q3

Q4

Q1

Q2

Q3
Values in Billions
Volumes in Millions
Values
Volumes

Q2

Q3

Q4

Q1

Q2

Q3
Mobile in Billions
Other Retail Vaues in Billions
POS
ATMS
INTERNET
MOBILE MONEY

Q2
2024Q32024Q42025Q1 2025
Q2

Q3
Mobile Volumes in Millions
Other Retai Volumes in Millions
POS
ATMs
INTERNET
MOBILE MONEY

Figure 29: Collateral (ZiG)

Source: Reserve Bank of Zimbabwe, 2025

ACCESS POINTS AND DEVICES
The POS population, which stood at 153,454 at
the end of the second quarter of 2025, increased
to 156,669 as at end of the third quarter. Similarly,
active mobile financial services subscribers
increased by 3.32% from 10.04 million in the
second quarter to 10.37 million in the third
quarter. Table 12 shows payment systems access
points and devices for the third quarter of 2024,
and for the second and third quarter of 2025.


Table 12: Payment Systems Access Points and
Devices for the Third Quarter of 2025

Q3 2024
Q2 2025
Q3 2025


ACCESS POINTS


Mobile Banking
Merchants
55,415
56,250
56,532


ATMs

ACCESS DEVICES


POS
135,614
153,454
156,669


Debit Cards
5,872,074
5,771,107
5,864,975


Credit Cards
19,540

Prepaid Cards
143,598
160,099
173,706


Mobile Banking
Subscribers
9,955,399
10,036,287
10,369,828


Internet Banking
Subscribers
554,563
569,581
579,983


Source: Reserve Bank of Zimbabwe, 2025

7.
FISCAL DEVELOPMENTS
Fiscal developments in the third quarter of 2025
saw revenue collections amounting to ZiG55.03
billion. Government expenditures over the same
period amounted to ZiG54.04 billion. This
resulted in a fiscal surplus of ZiG0.99 billion.

Government Revenue
Government revenue for the third quarter of 2025
amounted to ZiG55.03 billion, marking a slight
increase of 0.92% from the ZiG54.53 billion
collected in the second quarter of 2025. Tax
revenue contributed 94.86% of total revenue.
Non-tax revenue accounted for the remaining
5.14%.

1,000
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
MILLIONS
ZSE
Zimswitch
CDC

Figure 30: Government Revenue Structure:
Third quarter 2025
Source: Ministry of Finance, Economic Development and
Investment Promotion, 2025
Government Expenditure
Total Government spending in the third quarter of
2025 amounted to ZiG54.04 billion, comprising
current expenditure of ZiG41.53 billion and
capital expenditure of ZiG12.51 billion.

Capital expenditure amounted to ZiG12.51
billion, accounting for 23.15% of total spending
during the third quarter of 2025. Capital
expenditure largely reflected expenditure on
infrastructure projects being undertaken by
government.
Current expenditure accounted for 76.85% of total
Government
expenditure.
Compensation
of
employees dominated current expenditure, at
46.40% of the total, with use of goods and
services, social benefits, subsidies, interest on
debt accounting for the remaining 30.45%.
Figure 31 shows the Government expenditure
during the third quarter of 2025.
Figure 31: Government Expenditure, Third
Quarter 2025

Source: Ministry of Finance, Economic Development and
Investment Promotion, 2025
Overall Budget Balance
Fiscal developments culminated in a budget
surplus of ZiG0.99 billion, up from the surplus of
ZiG0.60 billion recorded in the previous quarter.
Figure 32 shows the quarterly developments in
overall budget balance in 2025.


Tax on
Income and
Profits,
33.12%
Customs
duties,
7.39%
Excise
duties,
11.38%
Taxes on
Specific
Services,
8.26%
Value
Added Tax
(VAT),
20.78%
Tax on gross
Revenue,
6.60%
Taxes on
financial and
capital
transactions
, 7.05%
Other
Indirect
taxes ,
0.27%
Non-tax
Revenue,
5.14%
Operations and
Maintenance
28.1%
Transfers to Provincial
Councils and Local
Authorities
0.4%
Employment
Costs
46.4%
Interest on
debt
1.9%
Capital Expenditure
23.2%

Figure 32: Budget balance (ZiG billion)

Source: Ministry of Finance, Economic Development and Investment
Promotion, 2025.

RESERVE BANK OF ZIMBABWE
NOVEMBER 2025


Q1 2025
Q2 2025
Q3 2025
ZWG (Billion)
Revenue
Expenditure
Overall Balance

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

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

4.2.Reserve Bank: liabilities 33


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

6. Commercial Banks
6.1.Commercial Banks: Assets

6.2.Commercial Banks: Liabilities

7. Building Societies


7.1.Building Societies: Assets

7.2.Building Societies: Liabilities 39


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

9. National Payment Systems


9.1.Values of Transactions

9.2.Volumes of Transactions

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

10.2. Deposit Rates 43


11. Stock Exchange Indices

12. Inflation


12.1. Monthly Inflation

12.2. Quarterly Inflation

12.3. Annual Inflation

13. Balance of Payments
13.1. Cross Border Payments

13.2. Cross Border Receipts

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

Central Bank(net)

Foreign Assets

Foreign Liabilities

Other Depository Corporations(net)

Foreign Assets

Foreign Liabilities

Net Domestic Assets (NDA)

Domestic Claims

Claims on Central Government(net)

Claims on Central Government

Central Bank*

ODCs

Less Liabilities to Central Government

Central Bank

Of which foreign Currency

ODCs

Of which foreign currency

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Central Bank

ODCs

Of which Foreigm currency

Other Items(Net)

Shares and Other Equity

Liabilities to Other Financial Corporations

Restricted Deposits

Deposits and Securities Excluded from Base Money

Other Items(net)

Broad Money-M3

Securities Other than Shares Included in Broad Money

Broad Money-M2

Other Deposits (Time Deposits)

of which Foreign Currency Accounts

Narrow Money-M1

Transferable Deposits

Of which Foreign Currency Accounts

Currency Outside Depository Corporations

Memorandum Items
Reserve Money

FCAs as a Percentage of Deposits in M3

End Period Exchange Rate

Source: Reserve Bank of Zimbabwe,2025
Notes:
(i) Depository corporations survey - formerly Monetary Survey.
(ii) Broad money redefined using IMF's Monetary and Financial Statistics Manual of 2000. Major changes include exclusion of Government deposits held by banks from broad money.
(iii) Transferable deposits made up of demand and savings deposits.
(iv) NCDs are also referred to as securities included in broad money.
(v) All classes of time deposits, short and long term are classified as time deposits, which are also termed other deposits.
(vi) Credit to the private sector now excludes claims on other financial corporations, as well as claims on state and local government (local authorities)
(vii) Depository corporations made up of the Central Bank and other depository corporations
(viii) Other depository corporations (ODCs) - Commercial banks, merchant banks, building societies and POSB.
(ix) In December 2017, the statistics were adjusted in restrospect by reclassifying Securities issued under Aftrades from claims on government to claims on central bank
(x) In December 2017, the statistics were adjusted in restrospect by reclassifying amounts accessed by banks under the Aftrades from liabilities to Other Depository corporations and Other Financial Corporations to liabilities to Central Bank
(xi) In December 2018, statistics were revised from November 2017 due to reclassification of lines of credit (foreign liabilities) that were initially classified as deposits included in broad money
(xii) All monetary and financial statistics are valued in ZWL$ since the introduction of the interbank foreign exchange market in February 2019
(xiii). Monetary data was revised from September 2024 following the adoption of new reporting return submitted by banks. The notable revision is on broad money stock (M3) which was revised downwards due to reclassification of Government foreign currency deposits held by banks from deposits included in broad money.
(xiv) From April 2024, amounts include Unrealised Exchange Losses pertaining to IMF SDR Drawdowns which have been reclassified from Other Assets (OIN).
(xv). The June 2025 figure includes exchange losses related to external loans transferred to the Government, which were reclassified from Unrealised Exchange Losses in Other Items Net (OIN). The adjustment does not indicate a flow of new money.
(xvi). Loans and Advances to Gvt were revised from April 2024 to incorporate exchange losses relating to IMF SDR Drawdowns
(xvii). Loans and Advances to Gvt were further adjusted in June 2025 to include exchange rate related revaluations on external loans transferred to Gvt.
TABLE 1: DEPOSITORY CORPORATIONS SURVEY ($ 'Million)

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

Claims on Non Residents

Official Reserves Assets

Other Foreign Assets

Less Liabilities to Non Residents

Short Term Liabilities

Other Foreign Liabilities*

of which blocked funds

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Of which: Securities Other than Shares

of which USD Securities

of which Interest on Foreign Currency TBs

Loans and Advances

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

Revaluations on External Loans Transfared to Government

Amounts Due from Gvt including SDR Drawdowns

Export Incentives

Less Liabilities to Central Government

Of which: Deposits

of which Foreign Currency

Local Currency Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on Other Depository Corporations

Of which: Loans

Other Liabilities to ODCs

Of which: Aftrades Balances

Securities

Other Items(Net)

Shares and Other Equity

Other Items(Net)

Liabilities to Other Resident Sectors

Deposits and Securities Excluded from Base Money

Monetary Base

Currency Issued

ZWL Coins

ZWL Notes

ZiG Coins

ZiG Notes

Liabilities to ODCs

Reserve Deposits

Local Currency Reserve Deposits

Foreign Currency Reserve Deposits

Exess reserves

of which Excess reserves - ZiG

Excess reserves - FCA

Private Deposits

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

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

Claims on Non Residents

Of Which: Foreign Currency

Deposits

Other

Less Liabilities to Non Residents

Of Which: Deposits

Loans

Other

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Securities

of which foreign currency denominated securities

Loans

of which foreign currency

Other
-

-

-

-

-

-

-

-

-

-

-

-

-

Less Liabilities to Central Government

Of which: Deposits

of which foreign currency deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

of which foreign currency denominated loans

Claims on the Central Bank

Currency

Reserves

Securities

Other Claims

Liabilities to the Central Bank

Other Items(Net)

Shares and Other Equity

Liabilities to other ressident sectors

Other Items(Net)

Deposits and Securities Included in Broad Money

Deposits Included in Broad Money
65,955.00

74,431.40

71,557.89

77,653.70

76,952.92

77,123.33

81,906.89

85,574.56

91,519.33

95,396.24

94,314.20

96,697.98

97,310.75

Transferable Deposits
61,611.72

67,635.34

65,726.26

71,536.87

70,228.43

69,326.09

74,633.46

76,668.54

81,316.50

84,216.03

83,327.48

84,046.56

83,971.86

of which FCAs
49,660.32

56,662.04

54,884.34

59,157.87

58,527.96

57,270.33

62,418.69

63,622.76

66,516.87

70,151.60

69,751.55

70,659.66

70,517.62

Other Deposits (Time Deposits)

of which FCAs

Money Market Instruments
891.23

1,049.25

771.68

995.70

1,110.84

1,043.01

1,258.29

1,113.65

1,031.34

1,500.40

1,525.56

1,714.71

1,562.95

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

ZW$ Thousands
End of
Gold
Other
Total
Treasury Bills
Central
Banks
Other
General
Other
Other Assets
TOTAL
Government
Reserve

Jan

Feb

Mar

*Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

**Jun

Jul

Aug

Sep

Source: Reserve Bank of Zimbabwe, 2025
NOTES:
* Loans and Advances to Gvt were revised from April 2024 to incorporate exchange losses relating to IMF SDR Drawdowns
** Loans and Advances to Gvt were further adjusted in June 2025 to include exchange rate related revaluations on external loans transferred to Gvt.
2024 April ZiG Introduction
TABLE 4.1: RESERVE BANK - ASSETS
Foreign Assets
Loans and advances
Investments

TABLE 4.2 RESERVE BANK: LIABILITIES
Capital
and
Foreign
General
End of
ZiG Notes in
Circulation
ZiG Coins in Circulation
ZiG Notes and
Bankers Deposits
Other Deposits
Govt. Deposits
Total Deposits
Liabilities
Reserve
Other Liabilities
TOTAL
coins* issued

Jan

Feb

Mar

**Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

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

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

Jan
1,483.3

42,733.9

77,994.4

13,109.2

40,071.8


Feb
1,735.4

41,180.7

76,140.3

17,748.1

39,141.4


Mar
1,457.1

40,953.3

83,032.1

6,945.5

42,516.8


Apr
1,699.7

40,964.4

85,330.2

6,844.8

49,733.4


May
1,906.1

30,579.1

94,330.9

7,907.2

63,644.8


Jun
1,702.8

30,255.6

75,795.2

25,605.9

72,780.6


Jul
2,139.9

30,509.1

104,983.5

17,817.9

82,032.9


Aug
2,551.1

33,323.4

93,806.9

11,919.2

72,753.9


Sep
2,853.7

38,500.1

100,996.0

8,626.8

68,707.9


Oct
2,611.1

50,074.7

108,009.2

9,575.8

89,822.4


Nov
2,721.5

53,424.3

107,781.7

15,560.6

74,072.3


Dec
2,838.3

50,031.0

118,451.3

13,654.0

91,352.6


Jan
2,891.2

53,378.3

116,654.8

13,232.3

69,668.2


Feb
2,577.7

62,064.5

122,479.8

17,480.5

76,802.2


Mar
2,111.5

76,544.2

142,962.5

19,239.6

87,884.5


Apr
2,624.9

74,716.9

160,466.5

28,352.1

123,190.3


May
3,155.9

142,118.9

236,166.0

35,928.9

207,812.8


Jun
2,801.2

138,347.1

266,691.8

45,952.0

241,920.1


Jul
2,427.6

159,024.6

315,832.5

39,388.2

230,432.5


Aug
2,640.6

263,637.4

411,439.9

69,203.5

311,107.0


Sep
3,030.7

289,230.8

504,071.1

75,446.7

417,007.1


Oct
3,022.6

300,240.3

525,870.3

104,483.2

389,979.7


Nov
3,251.4

286,365.2

575,885.7

111,716.1

342,790.1


Dec
3,361.7

295,435.1

652,284.4

119,932.8

351,906.8


Jan
4,923.3

379,841.7

704,168.6

151,980.1

389,342.8


Feb
1,880.1

436,062.8

743,888.5

81,067.5

518,081.0


Mar
2,031.6

425,326.5

817,631.1

112,374.3

531,935.4


Apr
1,844.7

462,081.4

972,122.7

161,740.7

620,095.0


May
1,107.2

1,048,116.4

2,049,066.1

309,234.1

1,554,969.0


Jun
1,984.5

2,249,201.6

4,424,350.0

471,360.3

3,050,984.1


Jul
1,489.0

1,584,403.3

4,137,377.2

380,493.0

3,132,849.9


Aug
2,292.1

1,505,916.2

4,651,358.8

448,025.8

3,179,274.3


Sep
2,465.6

2,015,621.6

5,263,338.5

560,033.8

3,210,332.7


Oct
2,425.4

2,312,575.1

5,910,277.9

751,077.6

2,663,186.5


Nov
2,705.3

2,558,589.3

6,324,144.1

730,377.0

2,788,783.6


Dec
3,398.4

2,868,505.6

5,973,706.9

918,524.5

2,631,445.7


Jan
2,947.9

5,196,670.6

9,096,074.6

1,414,527.9

3,957,664.6


Feb
3,143.6

7,309,077.0

12,595,037.9

2,395,225.7

5,340,576.7


Mar
2,831.0

9,785,505.6

16,734,744.0

3,185,636.7

7,548,560.1


*Apr
7.5

4,794.8

11,004.0

2,108.7

5,798.1


*May
15.0

4,337.6

12,420.7

2,281.4

6,437.2


*Jun
9.2

4,753.1

12,746.0

2,349.5

6,493.3


*Jul
7.5

5,739.9

11,453.3

1,987.0

6,135.6


*Aug
6.4

6,444.9

13,516.2

2,310.5

4,922.1


*Sep
7.9

10,895.9

22,399.7

3,870.6

8,728.6


*Oct
56.7

13,662.1

30,414.7

5,068.5

8,024.4


*Nov
72.6

11,233.7

29,835.6

4,498.6

6,365.0


*Dec
82.6

10,274.6

32,110.0

5,538.7

8,540.2


*Jan
69.3

12,746.4

30,180.7

3,532.9

6,021.2


*Feb
75.0

11,639.8

28,998.1

3,283.1

8,161.6


*Mar
101.3

9,242.7

30,230.5

3,610.1

12,141.7


*Apr
107.4

9,519.9

33,479.3

3,591.2

12,582.7


*May
161.4

8,665.8

34,327.1

3,618.3

17,046.8


*Jun
212.5

9,521.0

35,799.3

6,230.7

15,373.4


*Jul
213.8

9,541.1

35,802.0

6,242.3

15,357.8


*Aug
226.2

14,822.2

36,977.1

5,875.5

10,221.8


*Sep
239.9

15,521.3

36,090.8

4,591.7

12,448.2


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

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

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

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

Jan
1,237.43

39,565.64

71,463.64

12,288.89

39,092.85

10,921.99

8,281.80

-

-

1.18

16.67

18.01

1,264.28

71,090.96

718.83

25,036.22

12,333.21

32,123.11

325,454.7

Feb
1,320.27

38,100.03

69,341.48

16,867.76

38,108.83

6,341.39

12,518.15

-

-

1.26

24.15

22.69

1,493.66

77,324.34

774.89

28,339.17

15,953.14

33,612.14

340,143.4

Mar
1,244.16

38,369.53

76,479.44

5,317.61

41,401.24

8,733.65

15,889.61

-

19.21

34.56

15.17

21.67

1,309.75

80,607.03

878.97

32,908.13

19,302.34

30,861.86

353,393.9

Apr
1,430.83

38,008.89

79,592.64

5,639.40

48,564.03

7,679.05

18,267.01

-

19.23

62.89

19.86

12.71

1,336.70

91,062.16

956.75

34,537.88

21,214.88

32,383.77

380,788.7

May
1,648.09

28,677.21

87,611.51

6,479.66

59,745.10

11,582.44

18,846.75

-

152.75

93.37

21.77

16.58

1,263.75

94,790.46

990.41

35,592.28

21,398.95

31,307.45

400,218.5

Jun
1,419.27

28,452.53

69,413.26

24,215.35

70,835.98

17,601.31

17,152.75

-

19.46

92.91

17.91

77.79

1,511.86

106,954.15

1,247.08

26,856.45

26,444.57

33,288.94

425,601.6

Jul
1,794.72

29,100.73

97,429.50

15,901.02

79,937.02

25,314.30

21,665.10

-

290.76

47.39

17.32

67.80

1,351.13

117,348.16

1,301.18

26,869.18

29,079.64

33,587.68

481,102.6

Aug
2,137.72

31,734.84

85,441.98

9,099.10

70,391.64

25,194.95

31,434.20

-

339.72

51.28

22.49

63.94

1,583.28

132,522.63

1,337.19

32,281.12

30,022.43

37,697.05

491,355.6

Sep
2,417.81

36,259.54

93,032.71

6,164.78

66,640.78

25,023.38

31,460.81

-

366.88

57.60

21.07

62.45

1,531.08

134,780.92

1,342.62

31,980.97

30,439.34

34,630.85

496,213.6

Oct
1,993.06

47,379.62

99,470.02

7,339.71

86,302.62

26,924.18

37,639.16

-

188.07

121.59

21.20

75.41

1,683.89

149,477.36

1,523.34

49,580.96

40,853.06

36,664.31

587,237.6

Nov
2,168.80

49,327.15

100,125.90

12,723.73

71,667.33

29,748.47

41,015.56

-

187.03

999.12

21.24

74.76

1,882.53

168,661.25

1,484.24

52,327.68

40,073.22

43,878.52

616,366.5

Dec
2,315.32

46,412.99

109,803.84

10,942.92

87,347.07

33,690.93

38,610.29

-

185.99

4,146.13

21.09

167.53

2,798.61

184,836.87

3,368.75

60,916.98

41,811.67

59,011.63

686,388.6

Jan
2,359.27

49,206.02

108,119.97

10,419.90

66,808.45

30,774.31

38,636.84

-

186.80

801.50

20.33

163.02

3,628.73

199,495.34

2,997.94

53,627.76

47,405.91

69,989.80

684,641.89

Feb
1,971.78

57,553.54

112,522.99

14,300.66

70,750.63

28,703.53

44,705.21

-

-

976.55

20.34

158.06

5,367.16

215,520.37

3,055.50

55,099.61

53,459.12

70,832.47

734,997.53

Mar
1,541.49

70,856.33

130,423.48

15,503.46

82,662.70

43,284.13

44,874.23

-

-

1,380.20

19.40

253.42

6,240.94

258,715.05

3,092.69

65,660.61

58,874.69

76,938.87

860,321.67

Apr
1,939.64

70,204.43

144,168.02

23,452.88

117,033.42

26,628.79

57,772.47

-

-

722.54

37.54

252.44

6,858.06

305,476.79

4,348.46

53,372.28

62,788.55

71,414.75

946,471.05

May
2,397.94

131,996.38

211,837.59

31,586.61

190,366.81

61,757.62

64,373.91

-

154.99

1,559.14

41.28

289.00

16,193.81

398,048.90

4,712.74

134,993.54

94,851.60

111,543.84

1,456,705.70

Jun
2,263.18

127,839.16

234,109.43

40,937.28

219,607.39

63,631.76

83,690.44

-

653.97

2,159.12

61.20

226.29

13,888.60

478,163.38

8,954.46

169,511.81

110,528.09

168,440.54

1,724,666.09

Jul
1,578.47

147,217.74

284,912.89

34,334.13

202,815.28

41,246.78

86,971.63

-

394.34

1,852.14

100.65

349.68

22,516.21

556,692.12

9,737.92

144,090.18

129,869.55

192,524.32

1,857,204.02

Aug
1,630.70

247,190.46

377,078.80

64,650.96

273,181.97

29,186.59

95,346.12

-

330.12

3,556.96

113.50

287.14

26,564.57

681,253.30

11,493.92

167,029.36

238,442.98

194,745.11

2,412,082.57

Sep
1,791.71

270,594.59

465,301.31

68,020.95

370,323.69

18,184.96

134,414.53

-

267.40

4,916.56

115.11

306.33

21,773.50

806,774.24

12,680.89

146,133.14

215,417.68

219,933.24

2,756,949.83

Oct
1,704.79

281,204.64

480,106.49

94,573.08

343,440.15

22,895.35

136,939.74

-
204.69

2,201.55

116.48

341.96

22,935.50

852,069.39

15,525.65

165,306.91

232,188.99

245,924.22

2,897,679.60

Nov
1,644.95

259,109.18

533,438.97

101,870.32

299,715.01

17,089.04

180,534.44

-
141.97

2,292.28

119.53

303.55

22,178.73

960,814.77

15,450.39

170,944.78

196,338.19

250,551.19

3,012,537.30

Dec
1,778.71

263,863.65

603,136.26

110,935.77

299,087.30

7,965.37

266,725.41

-
79.26

3,887.78

114.42

282.61

30,272.25

1,066,654.12

16,130.63

159,126.16

189,560.01

344,235.10

3,363,834.80

Jan
2,391.61

340,953.56

654,740.29

143,455.70

335,380.17

(1,443.59)

301,026.07

-

105.97

4,873.87

228.45

251.24

44,113.17

1,307,512.98

17,767.70

227,545.42

204,830.78

374,080.77

3,957,814.16

Feb
1,470.56

366,544.71

691,937.49

71,097.36

452,795.43

21,074.53

306,913.92

-

50.02

1,524.98

318.96

197.44

44,691.50

1,481,851.05

18,037.18

226,932.96

224,983.29

411,002.80

4,321,424.21

Mar
1,771.98

344,570.46

755,463.34

103,284.07

478,333.21

41,928.66

330,669.68

-

-

3,884.11

432.22

149.78

48,725.38

1,679,284.89

28,439.56

554,840.85

254,605.57

438,790.17

5,065,173.94

Apr
1,631.24

388,822.83

903,029.49

144,252.31

555,886.92

32,206.95

361,846.09

-

-

8,716.45

559.82

99.28

54,058.39

1,722,384.40

28,899.91

214,270.92

321,765.39

476,263.19

5,214,693.59

May
1,010.26

907,818.70

1,932,225.57

281,052.93

1,351,116.97

84,147.32

570,367.60

-

-

8,974.78

4,599.15

80.34

112,188.06

3,844,133.80

65,696.39

607,438.10

669,908.72

758,154.17

11,198,912.85

Jun
1,762.11

1,979,000.71

4,218,755.04

444,538.09

2,584,596.63

350,042.51

865,465.55

-

-

221.09

10,133.46

8,052.34

260,946.26

8,487,837.63

92,224.26

1,390,786.24

1,304,228.92

2,222,499.38

24,221,090.21

Jul
1,305.13

1,428,604.02

3,898,282.53

359,151.15

2,646,743.26

337,541.82

1,133,463.14

-

-

153.30

7,368.09

68.07

208,253.70

6,917,007.30

129,308.58

829,382.28

1,155,945.57

2,438,538.20

21,491,116.14

Aug
1,664.09

1,370,651.81

4,309,693.74

391,792.23

2,693,989.06

208,098.88

1,084,784.90

-

-

138.30

7,469.95

75.80

205,341.47

6,863,348.14

127,816.16

701,626.16

1,081,800.09

2,446,465.02

21,494,755.81

Sep
1,503.56

1,763,364.33

4,914,305.55

517,813.92

2,760,807.78

247,094.60

1,204,684.14

-

-

9.75

9,935.82

92.05

219,878.94

8,245,053.80

151,685.43

776,997.57

1,312,147.78

2,668,520.81

24,793,895.84

Oct
1,977.18

2,059,471.85

5,625,069.70

562,790.91

2,202,475.21

175,235.94

1,172,130.22

-

-

0.03

10,816.83

98.06

237,525.73

8,864,363.09

153,534.70

958,746.42

1,351,846.54

2,767,099.33

26,143,181.72

Nov
2,295.18

2,278,921.91

5,913,094.15

568,556.41

2,451,981.00

180,229.25

1,337,040.40

-

-

0.03

10,921.42

59.77

238,702.30

9,040,518.08

158,702.11

1,046,256.98

1,702,370.26

2,868,031.98

27,797,681.23

Dec
2,947.49

2,536,437.97

5,489,443.24

657,432.63

2,268,702.96

155,742.88

2,420,663.39

-

-

0.03

12,324.59

73.45

248,699.79

9,507,281.46

255,007.08

1,184,706.91

1,748,495.98

3,349,062.31

29,837,022.16

Jan
2,536.36

4,749,173.95

8,535,153.83

940,210.80

3,564,879.01

285,807.60

3,972,600.87

-

-

0.03

17,912.41

198.80

374,088.29

14,957,169.30

312,516.30

1,949,662.45

2,737,500.88

4,289,981.53

46,689,392.37

Feb
2,519.25

6,564,463.71

11,709,703.62

1,772,649.65

4,708,270.62

153,450.01

5,911,393.45

-

-

0.03

26,073.06

232.00

488,602.76

22,234,523.09

378,975.16

2,608,075.14

3,125,793.33

5,812,047.28

65,496,772.18

Mar
2,435.72

8,601,285.46

15,501,059.95

2,213,233.27

6,701,169.42

775,336.87

8,098,495.31

-

-

0.03

47,609.35

143.35

729,484.92

34,077,197.02

597,886.20

2,860,196.61

4,317,386.46

8,974,860.63

93,497,780.56

*Apr
5.89

4,141.51

9,980.68

1,414.28

5,461.70

287.09

5,206.08

-

-

0.00

31.18

88.00

440.49

20,170.86

246.21

2,510.15

5,472.97

4,360.99

59,818.08

*May
10.60

3,583.02

11,575.45

1,506.01

6,092.37

382.87

5,420.56

-

-

0.00

29.63

1.37

433.36

21,315.87

348.50

2,114.73

6,339.55

4,613.87

63,767.76

*Jun
8.01

4,111.49

11,498.97

1,627.32

5,775.34

298.05

6,080.69

-

-

7.23

24.70

1.49

446.45

22,801.09

345.72

2,541.32

6,558.03

5,419.46

67,545.34

*Jul
5.05

4,943.82

10,426.18

1,342.47

5,743.94

351.44

6,988.99

-

-

5.21

25.13

0.16

432.35

24,895.03

348.09

2,342.85

6,539.59

6,244.23

70,634.52

*Aug
5.26

5,703.86

12,540.81

1,453.04

4,411.38

205.93

6,149.38

-

-

2.43

126.05

0.19

378.05

25,591.15

542.15

2,767.89

7,004.36

6,832.60

73,714.52

*Sep
6.82

9,465.31

20,161.22

2,742.22

7,903.81

340.45

10,295.58

-

-

0.00

244.94

0.33

600.93

43,094.11

979.13

4,853.44

11,326.85

9,785.35

121,800.51

*Oct
39.65

12,315.40

27,597.64

3,670.13

7,120.62

129.14

11,256.45

-

-

0.00

239.01

0.08

679.62

49,545.16

1,042.81

6,380.10

11,454.83

11,116.57

142,587.19

*Nov
58.26

10,111.62

27,498.54

3,102.17

5,626.08

117.33

9,757.48

-

-

0.00

287.55

2,326.36

572.57

45,782.99

1,064.73

6,685.94

11,362.33

10,783.91

135,137.84

*Dec
64.89

8,774.50

29,312.78

3,217.87

7,673.17

287.57

10,942.77

-

-

8.29

54.88

0.57

549.66

46,926.14

1,073.63

6,555.30

13,399.70

11,326.46

140,168.19

*Jan
55.47

11,470.10

27,587.58

2,805.14

5,383.93

896.67

12,362.23

-

-

807.94

342.87

-

201.82

6,018.68

38,456.08

44,474.76

4,490.04

6,786.76

7,296.77

14,700.77

139,662.84

*Feb
60.09

10,394.10

26,074.71

2,500.83

7,466.49

879.05

11,985.91

-

-

1,227.40

525.19

-

210.91

5,135.14

39,602.20

44,737.33

4,572.78

7,060.84

6,529.15

14,603.01

138,827.80

*Mar
79.63

7,880.54

27,417.58

2,717.51

11,623.76

820.11

12,300.30

-

-

1,342.02

509.01

-

196.72

4,699.08

40,942.54

45,641.63

4,354.50

7,859.25

6,540.97

15,243.80

144,527.35

*Apr
87.99

8,108.02

30,664.80

2,649.20

12,068.34

413.80

12,241.98

-

-

1,095.15

478.00

-

177.77

4,854.99

44,593.50

49,448.49

4,042.90

6,452.91

9,497.37

15,304.56

152,731.26

*May
133.33

7,539.98

31,081.99

2,649.42

16,140.56

419.60

12,259.88

-

-

953.79

469.51

-

151.74

5,278.01

46,383.60

51,661.61

3,991.35

7,163.66

9,319.35

15,249.33

159,185.09

*Jun
181.74

8,374.10

32,527.57

5,410.98

14,549.70

119.42

13,604.07

-

-

992.17

508.81

-

141.15

5,228.09

47,537.52

52,765.60

6,477.32

7,532.53

8,140.55

15,060.65

166,386.36

*Jul
183.05

8,394.26

32,530.27

5,422.55

14,534.13

119.42

13,602.14

-

-

992.17

508.81

-

141.15

5,228.09

47,619.44

52,847.52

6,442.57

7,493.64

8,217.25

15,090.15

166,519.07

*Aug
193.19

13,295.37

33,500.18

4,346.93

8,753.41

609.59

14,232.02

-

-

583.16

540.44

21.46

129.27

6,419.77

47,719.81

54,139.58

7,481.64

8,543.31

9,652.13

15,411.88

171,433.55

*Sep
201.68

13,950.40

32,362.47

3,553.93

11,188.77

921.94

13,421.60

-

-

757.44

561.95

18.84

110.22

6,020.45

49,450.81

55,471.26

5,730.80

8,537.36

10,340.98

15,804.22

172,933.84

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

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep


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

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

Jan
188.7

2943.3
5,986.5

793.8
843.5

-

1,783.8

10.2
-

211.3

1,091.3

0.0

9,329.1

2980.3
7,685.1

33,846.9

Feb
345.7

2762.9
6,004.8

811.1
984.2

-

2,731.0

9.2
-

236.8

2,089.3

-

8,950.2

2949.2
7,790.6

35,665.0

Mar
168.3

2278.9
6,313.1

1594.4
1,028.2

-

1,341.7

8.4
-

415.1

1,242.4

-

10,867.7

3027.5
7,841.0

36,126.8

Apr
206.9

2702.1
5,302.6

1156.7
1,085.4

-

871.7

7.7
-

508.9

1,581.5

-

14,233.6

3431.1
7,237.9

38,326.2

May
210.3

1687.6
5,962.2

1250.9
3,847.1

-

116.9

7.0
-

517.7

1,568.8

-

17,154.9

2927.9
7,532.9

42,784.2

Jun
249.6

1649.7
6,202.6

1163.8
1,866.7

-

204.6

6.5
-

588.0

1,851.9

-

18,795.4

2580.9
7,701.1

42,860.7

Jul
283.7

1212.2
7,193.4

1892.7
1,875.4

-

1,143.4

6.0
-

447.3

1,963.2

-

18,280.3

3923.5
7,695.6

45,916.5

Aug
352.8

1408.8
7,869.3

2537.6
2,316.2

-

3,535.6

5.4
-

399.5

2,101.3

-

19,422.2

3837.6
7,666.6

51,453.0

Sep
349.8

1926.6
7,608.5

2430.2
1,941.4

-

4,314.6

5.1
-

205.2

2,231.7

-

20,461.1

4013.2
9,460.7

54,948.1

Oct
411.5

2396.2
8,221.0

2162.4
3,421.5

-

5,627.7

4.3
-

271.1

2,539.5

-

22,881.3

5432.3
9,501.3

62,870.1

Nov
339.8

3578.4
7,561.6

2568.8
2,299.5

-

5,882.7

3.7
-

566.4

2,788.5

-

27,326.1

4400.3
9,614.3

66,930.0

Dec
351.1

3217.3
8,557.8

2619.2
3,620.2

-

2,353.6

3.0
-

1,189.0

2,786.9

-

33,115.3

5610.8
11,334.1

74,758.3

Jan
324.6

3504.3
8,506.5

2680.3
2,631.0

-

1,110.8

2.4
-

1,487.3

2,967.6

-

35,913.5

6693.8
14,008.7

79,830.9

Feb
411.5

4021.5
9,763.6

3069.7
5,678.0

-

4,048.9

1.6
-

1,465.4

3,241.1

-

39,977.5

4511.5
13,964.4

90,154.6

Mar
354.3

4413.6
11,882.6

3691.3
4,932.3

-

5,235.0

0.9
-

1,590.0

3,888.3

-

42,741.3

9086.6
15,421.2

103,237.4

Apr
546.4

3054.1
15,585.8

4857.7
5,768.6

-

5,714.4

0.2
-

1,861.4

4,143.7

-

48,582.4

9654.2
16,999.2

116,768.1

May
639.5

8326.7
23,817.6

4251.9
16,001.6

-

6,150.9

0.0
-

1,486.3

8,474.8

-

74,864.0

14793.9
17,091.2

175,898.5

Jun
418.5

8464.3
32,497.6

3807.5
21,184.8

-

2,639.3

0.0
-

1,340.0

10,851.1

-

85,145.9

18155.8
35,128.1

219,633.0

Jul
700.4

9914.6
30,660.3

4983.4
24,902.9

-

4,077.6

0.0
-

1,411.5

13,722.1

-

98,066.0

9998.6
45,127.9

243,565.1

Aug
863.8

14422.1
33,703.2

4483.0
34,971.8

-

4,379.8

0.0
-

2,106.6

16,515.4

-

115,491.9

8745.3
45,694.0

281,377.1

Sep
1,086.8

14998.2
37,911.3

7470.1
45,094.8

-

8,440.8

0.0
-

1,302.8

17,996.8

-

129,242.7

11630.7
60,830.4

336,005.2

Oct
1,158.3

14768.7
44,296.5

10013.7
44,664.1

-

14,109.9

0.0
-

1,142.4

16,817.7

-

123,793.8

30036.4
47,678.2

348,479.7

Nov
1,449.3

22456.9
41,398.0

9771.8
41,317.6

-

17,572.6

0.0
-

2,085.3

16,785.8

-

136,029.9

30694.0
46,275.8

365,836.9

Dec
1,470.7

23012.7
48,533.8

8913.7
50,229.0

-

21,411.1

0.0
19993.4
2,176.2

17,693.7

-

119,322.3

39279.1
69,102.5

421,138.1

Jan
2,402.7

32405.1
47,062.6

8410.8
50,364.6

-

17,976.2

0.0
23,668.5

2,406.3

18,311.0

-

132,757.4

41367.4
69,570.1

446,702.8

Feb
234.9

59685.4
50,103.0

9568.6
62,701.4

889.9

24,809.7

0.0
26,667.1

4,451.9

21,629.1

-

146,798.4

50093.6
70,987.9

528,620.9

Mar
214.6

72311.9
57,399.6

9196.8
51,300.9

-

28,841.5

0.0
24,689.0

5,503.9

19,118.6

-

170,376.6

54524.7
84,489.1

577,967.3

Apr
184.1

61341.6
63,129.5

16343.2
61,444.0

-

28,727.0

0.0
28,119.0

5,989.2

27,619.9

-

205,412.2

81442.9
86,571.2

666,323.9

May
78.1

125685.1
100,808.7

22707.0
195,646.6

-

81,344.3

0.0
69,908.9

6,246.8

53,180.7

-

440,462.4

103176.1
116,103.7

1,315,348.2

Jun
176.6

227001.8
172,666.5

25998.2
452,772.6

40,326.7

115,193.3

0.0
196,310.3

4,209.5

121,677.5

-

870,075.1

230604.4
544,587.8

3,001,600.3

Jul
162.7

132017.2
220,995.0

20797.2
459,668.2

32,010.8

105,308.6

0.0
154,472.7

13,777.8

153,638.5

-

697,177.8

209734.6
612,937.8

2,812,698.9

Aug
611.0

105296.6
309,821.7

55744.7
475,838.3

37,447.1

102,495.2

0.0
153,578.2

6,767.5

135,193.3

-

758,439.2

223114.4
564,622.1

2,928,969.2

Sep
949.3

193065.6
339,269.2

41680.1
437,996.0

58,554.5

110,351.3

0.0
161,346.6

4,522.1

153,113.7

-

880,148.8

290026.7
565,616.4

3,236,640.3

Oct
403.8

204713.4
254,684.1

187632.1
440,150.3

65,022.1

97,046.1

0.0
176,111.9

13,771.8

173,523.5

-

829,479.5

345029.3
586,015.6

3,373,583.5

Nov
370.5

222344.7
387,213.2

160896.0
326,510.1

50,688.3

159,225.4

0.0
173,990.9

28,127.2

187,363.3

-

926,663.7

395549.5
595,811.6

3,614,754.5

Dec
403.7

251968.8
457,034.9

261067.9
345,348.0

56,551.7

185,131.1

0.0
166902.0
27,875.9

222,503.1

0.7

973,788.6

507890.9
658,045.7

4,114,512.9

Jan
367.9

368046.7
524,020.9

471915.0
363,325.6

40,412.9

280,803.2

0.0
280441.0
45,935.9

339,610.7

-

1,563,405.5

649087.4
742,734.0

5,670,106.8

Feb
578.8

637645.2
797,581.2

618074.6
613,309.7

24,680.4

425,783.2

0.0
399313.5
67,900.2

519,513.4

-

2,188,186.8

904519.6
937,957.6

8,135,044.1

Mar
356.6

1026840.5
1,171,941.4

888362.3
829,470.4

-

440,943.8

0.0
528820.5
103,276.3

787,872.2

-

3,761,909.8

1403556.4
1,697,667.5

12,641,017.5

*Apr
1.0

564.4
864.1

693.0
326.5

67.2

337.2

0.0
313.5
-

593.2

212.7

2,856.8

420.1
824.2

8,074.0

*May
4.0

639.2
783.2

772.6
296.2

109.6

407.6

0.0
303.7
-

309.2

19.8

2,946.5

712.1
903.7

8,207.5

*Jun
1.1

520.3
1,122.4

718.7
678.1

110.9

188.6

0.0
282.9
-

424.7

20.4

2,998.6

858.8
1,229.8

9,155.3

*Jul
2.4

681.0
918.2

640.3
336.2

99.8

676.7

0.0
276.2
5.0

333.9

20.5

3,022.2

1332.3
1,250.3

9,595.1

*Aug
1.1

642.2
853.3

852.1
428.1

-

764.6

0.0
246.2
5.1

373.1

20.6

3,042.5

1811.8
1,318.9

10,359.6

*Sep
1.0

1230.9
1,985.1

1121.2
705.4

-

555.5

0.0
431.0
34.5

1,130.0

37.0

4,878.1

2054.8
2,298.6

16,463.3

*Oct
13.1

1166.2
2,512.0

1391.6
769.7

-

745.1

0.0
502.2
5.3

1,380.9

42.7

5,751.9

2214.8
2,435.0

18,930.4

*Nov
14.0

918.9
2,141.3

1383.8
649.7

-

602.6

0.0
367.6
5.4

1,293.8

39.5

4,997.5

2566.9
2,458.3

17,439.1

*Dec
17.1

1089.4
2,633.9

2306.6
754.5

-

675.7

0.0
361.0
-

1,424.9

35.4

5,500.8

2343.9
2,593.3

19,736.5

*Jan
13.1

939.4
2,348.5

616.8
637.3

-

1,028.5

0.0
0.0
1,019.2

1,294.7

-

356.6

317.5

5,353.2

5,670.7

199.4

-

3,001.4

3,282.1

20,407.7

*Feb
13.9

980.7
2,545.5

628.6
695.1

-

753.2

0.0
0.0
997.8

1,428.4

-

335.1

535.1

5,302.8

5,837.9

199.4

-

1,754.4

3,294.2

19,464.2

*Mar
20.4

1031.3
2,349.0

786.9
517.9

-

844.9

0.0
0.0
1,066.7

1,604.4

-

284.5

358.4

5,601.2

5,959.7

121.0

-

1,684.9

3,466.0

19,737.7

*Apr
17.8

1038.4
2,522.2

766.4
514.4

-

900.0

0.0
0.0
1,084.2

1,815.7

-

284.5

322.9

5,519.7

5,842.6

111.4

-

1,736.6

3,476.9

20,111.3

*May
26.4

855.4
2,940.4

801.9
906.2

-

1,009.6

0.0
0.0
1,098.4

1,814.5

-

204.3

695.6

5,865.6

6,561.2

139.8

-

2,062.4

3,495.2

21,915.6

*Jun
29.0

803.0
2,966.8

631.1
823.7

-

1,262.5

0.0
0.0
1,046.3

1,892.2

-

197.5

635.7

6,405.1

7,040.8

232.2

-

1,786.7

3,716.9

22,428.7

*Jul
29.0

803.0
2,966.8

631.1
823.7

-

1,262.5

0.0
0.0
1,046.3

1,892.2

-

197.5

635.7

6,405.1

7,040.8

232.2

-

1,786.7

3,716.9

22,428.7

*Aug
32.3

1148.2
3,101.3

1361.4
1,468.4

-

892.1

0.0
0.0
1,235.6

1,836.0

-

113.8

639.9

6,476.6

7,116.6

593.1

-

2,036.4

3,683.5

24,618.5

*Sep
34.4

1218.5
3,281.0

813.1
1,259.5

-

830.3

0.0
0.0
1,226.4

2,125.7

-

107.4

842.6

6,263.1

7,105.7

451.2

-

2,125.9

3,664.0

24,242.9

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

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan


*Feb


*Mar


*Apr


*May


*Jun


*Jul


*Aug


*Sep


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

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

AGRICULTURE
CO NSTRUCTIO N
CO MMUNICATIO N
DISTRIBUTIO N
FINANCIAL &
FINANCIAL
MANUFACTURING
MINING
SERVICES
TRANSPO RT
INDIVIDUALS
CO NGLO MERATES
TO TAL
END O F


INVESTMENTS
O RGANISATIO NS

Jan

Feb

Mar

Apr

May

June

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

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

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

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sept

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

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

End of
ZET SS
POS
AT M
MOBILE
INT ERNET
End of
ZET SS
POS
AT M
MOBILE
INT ERNET

Jan

Jan

Feb

Feb

Mar

Mar

Apr

Apr

May

May

Jun

Jun

Jul

Jul

Aug

Aug

Sep

Sep

Oct

Oct

Nov

Nov

Dec

Dec


Jan

Jan

Feb

Feb

Mar

Mar

Apr

Apr

May

May

Jun

Jun

Jul

Jul

Aug

Aug

Sep

Sep

Oct

Oct

Nov

Nov

Dec

Dec


Jan

Jan

Feb

Feb

Mar

Mar

Apr

Apr

May

May

Jun

Jun

Jul

Jul

Aug

Aug

Sep

Sep

Oct

Oct

Nov

Nov

Dec

Dec


Jan

Jan

Feb

Feb

Mar

Mar

*Apr

*Apr

*May

*May

*Jun

*Jun

*Jul

*Jul

*Aug

*Aug

*Sep

*Sep

*Oct

*Oct

*Nov

*Nov

*Dec

*Dec


*Jan

*Jan

*Feb

*Feb

*Mar

*Mar

*Apr

*Apr

*May

*May

*Jun

*Jun

*Jul

*Jul

*Aug

*Aug

*Sep

*Sep

Source:Reserve Bank of Zimbabwe, 2025
*Statistics are denominated in ZiG
TABLE 9.1 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Values of Transactions (ZWG in millions)
TABLE 9.2 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Volumes of Transactions (in thousands)

End of
Nominal Lending
Rates2
Individuals
Corporate
Savings
3 Months2

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

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

*Jan
25.00-58.00
41.82
40.13
*Jan
3.54
5.00-25.00
*Feb
25.00-58.00
43.00
40.45
*Feb
3.81
5.00-25.00
*Mar
20.00-58.00
42.33
40.42
*Mar
3.81
5.00-25.00
*Apr
20.00-58.00
42.16
40.43
*Apr
3.81
5.00-25.00
*May
20.00-58.00
43.66
40.27
*May
3.81
5.00-25.00
*Jun
20.00-58.00
42.34
40.51
*Jun
3.81
2.50-25.00
*Jul
20.00-58.00
42.50
40.46
*Jul
3.67
5.00-25.00
*Aug
25.00-58.00
43.33
40.39
*Aug
3.75
5.00-27.50
*Sep
25.00-58.00
43.45
40.45
*Sep
3.75
5.00-27.50
Source:Reserve Bank of Zimbabwe, 2025
Notes
*Statistics are denominated in ZiG
3. Lending rates exclude rates on staff loans.
TABLE 10.2 : BANKS DEPOSIT RATES (percent per annum)1
1. The range of rates qouted by banks during the period.
2. Three (3) months deposit rates revised to exclude rates on
inactive or dormant accounts.
TABLE 10.1: LENDING RATES (percent per annum)1
1. Table revised, to separate weighted lending rates for individuals and
corporate bodies.
2. Nominal Lending Rates depict the range of rates quoted by banks.
Weighted Average Lending Rates3
Commercial Banks
Commercial Banks
End of

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar


*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

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

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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

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

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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

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

F OOD
IN F LA TION
A LC OHOLIC
C LOTHIN G
HOUS IN G,
WA TER ,
F UR N ITUR E
M IS C .
F OOD &
B EVER A GES
&
ELEC TR IC TY,
GA S
A N D
R EC R EA TION
&
R ES TA UR A N TS
&
GOOD S &
TOTA L N ON
N ON
A LC OHOLIC
A LL
& TOB A C C O
F OOTWEA R
& OTHER
EQUIP M EN T
C ULTUR E
HOTELS
S ER VIC ES
F OOD
B EVER A GES
ITEM S
F UELS
WEIGHTS


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr


*Apr

*May

*Jun

*Jul

*Aug

*Sep

Source: ZIMSTAT, 2025
*Annual Zig Inflation
TABLE 12.3 : YEARLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
(February 2019 = 100)
C OM M UN IC A TION
TR A N S P OR T
HEA LTH
ED UC A TION
N ON -F OOD IN F LA TION

End of
Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25
Jul-25
Aug-25
Sep-25
Merchandise Imports (excl. energy)
461.0

503.2

430.2

420.1

470.0

363.2

437.3

466.1

483.9

504.7

575.3

471.0

553.9

- Consumption Goods
166.3

173.5

160.7

156.8

143.9

108.0

119.5

138.1

128.4

146.1

160.1

126.3

172.2

- Capital Goods
144.1

178.5

143.3

132.7

142.2

109.8

143.8

158.1

177.1

172.5

205.2

184.8

200.1

- Intermediate Goods
166.3

151.2

126.2

130.6

184.0

145.4

174.1

169.9

178.4

186.1

210.0

159.9

181.7

Energy (Fuel & Electricity)
143.7

173.9

148.4

140.1

185.4

132.8

146.7

169.4

146.0

149.1

176.9

164.3

190.4

Service Payments
915.1

100.9

86.1

87.3

81.8

85.1

73.2

75.7

74.6

85.6

92.5

112.9

106.1

- Technical, Professional & consult
379.9

32.7

29.5

42.4

36.7

33.7

26.6

26.5

25.2

34.2

29.7

36.3

39.4

- Software
110.8

20.8

21.8

17.3

15.3

15.8

13.1

12.1

12.7

15.7

15.2

24.0

21.8

- Other (tourism, edu, freight etc)
424.5

47.4

34.8

27.6

29.8

35.6

33.5

37.1

36.6

35.8

47.6

52.6

45.0

Income Payments (Profits, Dividends)
417.1

20.4

20.8

58.5

50.5

32.6

39.5

65.6

31.1

66.1

54.6

30.9

77.1

Capital Remittances (outward)
763.5

59.8

80.8

102.8

87.9

53.9

58.6

73.9

82.6

96.8

77.6

88.0

90.4

- External Loan Repayments
64.0

46.3

45.5

76.9

63.4

38.4

41.8

61.4

63.8

76.2

60.2

61.0

71.6

- Disinvestments
38.5

5.9

14.4

17.6

10.9

11.8

10.3

7.3

9.2

13.7

12.2

10.9

12.5

- Cross Border Investment
84.8

7.6

20.9

8.3

13.6

3.8

6.5

5.2

9.6

6.9

5.1

16.1

6.3

Other Payments
21.7

21.3

22.7

22.7

26.0

32.1

31.6

24.4

26.8

31.3

42.2

40.1

40.2

TOTAL
836.0

879.5

788.9

831.5

901.6

699.6

786.9

875.1

844.9

933.5

1,019.1

907.2

1,058.2

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

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

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