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SEPTEMBER 2025

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TABLE OF CONTENTS


OVERVIEW
Domestic prices have remained relatively
stable during the month of September 2025 as
reflected by the month-on-month inflation rate
for September 2025 of -0.2%. The annual ZiG
inflation rate also dropped significantly from
93.8% to 82.7% during the same period. The
decline is anticipated to continue in the short to
medium term.
Broad money (M3) stock, which consists of
both local and foreign currency deposits has
also remained under check, with a moderate
increase of 0.32% from ZiG99,202.27 million
recorded in August 2025 to ZiG99,523.73
million in September 2025.
The Zimbabwe Stock Exchange (ZSE) traded
on a positive trajectory for the fifth consecutive
month. The Victoria Falls Stock Exchange also
exhibited
positive
sentiments
reflecting
heightened investor appetite.
The total digital payment systems transaction
values for September 2025 increased by 17%
from ZiG205.49 billion in August 2025 to
ZiG239.91 billion. Transactional volumes
increased by 1% from 71.42 million to 72.19
million recorded during the same period.
During the month under analysis, international
average prices for all selected commodities
increased, mainly attributable to supply
concerns
amid
heightened
geopolitical
tensions.
Merchandise exports declined by 3.1% to
US$850.5 million in September 2025, from
US$878.2 million in August 2025. Imports,
however, rose to US$881.3 million in
September 2025, from US$871.3 million
recorded in the previous month. Resultantly,
the country’s trade deficit amounted to
US$30.8 million in September 2025.
INTERNATIONAL COMMODITY
PRICE DEVELOPMENTS
During the month under review, international
average prices for all selected commodities
increased, as shown in Table 1.

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

Aug-25


Sep-25
Monthly
changes
(%)
Gold
US$/oz
3,369.29
3,675.29
9.08
Platinum
US$/oz
1,341.59
1,439.61
7.31
Palladium
US$/oz
1,143.38
1,190.47
4.12
Copper
US$/t
9,739.93
10,056.43
3.25
Nickel
US$/t
15,134.38
15,285.00
1.00
Brent Crude
oil
US$/bbl
66.90
67.16
0.39
Lithium
US$/t
8,417.57
9,501.55
12.88
Source: Bloomberg, 2025

Gold
Average gold prices strengthened by 9.08% to
US$3,675.29 per ounce in September 2025,
from US$3,369.29 per ounce recorded in
August 2025. The surge in international gold
prices was largely driven by heightened
investor expectations of a U.S. Federal Reserve
interest rate cut, following weaker-thanexpected labour market data. Mounting
concerns about the Fed’s independence,
coupled with escalating global economic
uncertainty, further bolstered demand for the
precious metal.
Platinum
On average, platinum prices increased by
7.31% to US$1,439.61 per ounce in September

2025, from US$1,341.59 per ounce recorded in
the previous month. Prices benefitted from
rising demand from the automotive sector and
the
hydrogen
fuel
cell
technology.
Furthermore, China’s stronger policies on
promoting clean energy, electric vehicles, and
emission controls spurred both speculative and
physical demand for platinum.
Palladium
Average palladium prices rose by 4.12% to
US$1,190.47 per ounce in September, from
US$1,143.38 per ounce recorded in August
2025. Prices rose on account of heightened
supply concerns stemming from potential U.S.
tariffs on Russian imports, amid escalating
geopolitical tensions.

Figure 1 shows the changes in precious metals
prices for the period from September 2023 to
September 2025.

Figure 1: Monthly Precious Metal Prices
(US$ per Ounce): September 2023 –
September 2025

Source: Bloomberg, 2025

Brent Crude Oil
The average brent crude oil price was
US$67.16 per barrel in September 2025, 0.39%
up from US$66.90 per barrel recorded in the
previous month. The increase was supported by
heightened geopolitical tensions stemming
from the ongoing Russia–Ukraine conflict,
which raised fears of potential disruptions to
global oil supply. A major Russian airstrike on
Ukraine amplified concerns of further Western
sanctions on Russian crude, fuelling market
expectations of constrained supply. In addition,
new European Union measures aimed at
curbing Russia’s energy revenues, coupled
with Ukrainian attacks on key energy
infrastructure,
reinforced
perceptions
of
tightening market conditions.

The developments in brent crude oil prices for
the period September 2023 to September 2025
are shown in Figure 2.

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

Source: Bloomberg, 2025

Copper
Copper
prices
increased
by
3.25%
to
US$10,056.43 per tonne in September 2025,


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

from US$9,739.93 per tonne recorded in the
previous month. The increase was mainly
attributable to concerns over potential supply
disruptions in Indonesia, the world’s leading
producer of the base metal.

Nickel
The average nickel prices rose by 1% to
US$15,285.00 per tonne in September 2025,
from US$15,134.38 per tonne recorded in
August 2025. The increase was mainly
attributed to declining inventory levels at the
London Metal Exchange (LME).

The base metal price movements for the period
from September 2023 to September 2025 are
depicted in Figure 3.

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

Source: Bloomberg 2025

Lithium
Lithium prices increased by 12.88% to
US$9,501.55
in
September
2025,
from
US$8,417.57 per tonne recorded in August
2025. Lithium prices rose sharply, buoyed by
supply concerns following the shutdown of
China’s Jianxiawo mine, a major producer of
lithium, which cut global output by about 3%.

The movements in lithium prices for the period
from September 2023 to September 2025 are
illustrated in Figure 4.

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

Source: London Metal Exchange, 2025

Merchandise Trade Developments
Zimbabwe’s total merchandise trade declined
by 1.0% to US$1.73 billion in September 2025,
from US$1.75 billion recorded in August 2025.
The decline stemmed from a drop in exports
during the month under review. On an annual
basis, total merchandise trade rose by 27.4%,
from US$1.36 billion in the corresponding
month in 2024,

Merchandise Exports
The country’s merchandise exports declined by
3.1% to US$850.5 million, from US$878.2
million recorded in the previous month. The
decrease was largely driven by the decline in
exports of gold and Platinum Group of Metals
(PGMs). Gold exports decreased by 10%, from
US$462.7 million in August 2025, to US$416.6
million during the month under review.

US$/tonne
US$/tonne
Copper
Nickel (RHS)


Similarly, PGMs exports stood at US$108.3
million in September 2025, down by 24.1%
from US$142.7 million realised in the previous
month. On an annual basis, exports were 47.9%
higher in the reporting month, compared to
US$575.0 million recorded in September 2024.

The movements in the country’s merchandise
exports for the period January 2024 to
September 2025 are shown in Figure 5.

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

Source: ZIMSTAT, 2025

Exports by Commodity
The country’s export basket was largely
dominated by primary commodities, with gold
accounting for 49.0%, followed by tobacco,
15.4%, and PGMs, 12.7%.

The country’s exports in August and September
2025, classified by Harmonized Commodity
Description and Code System, are shown in
Table 2.


Table 2: Major Exports (US$ millions)

August -

(US$m)
Septemb
er - 25
(US$m)
Aug
-
Sept 2025
Changes
(%)
Share
of Sept
Exports
(%)
Total

Of Which:


Gold

Tobacco (Including
cigarettes)

PGMs

Other
mineral
substances

Ferrochromium

Chromium
ores
and concentrates

Other
ores
and
concentrates

Cane sugar

Coal

Electrical energy

Others

Source: ZIMSTAT & RBZ Calculations, 2025

Export Markets
The bulk of the country’s exports were destined
for the United Arab Emirates (49.8%), South
Africa (18.2%), and China (15.1%), during the
month of September 2025. The remainder of
the exports were destined to other countries.
Figure 6 shows the country’s major export
markets during the month under review.

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

Source: ZIMSTAT & RBZ Calculations, 2025

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


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

Merchandise Imports
Merchandise imports rose by 1.2% to
US$881.3 million in September 2025, from
US$871.3 million recorded in August 2025.
Compared to the similar month in 2024,
imports increased by 12.4%, from US$784.2
million.

The monthly import developments for 2024
and 2025 are depicted in Figure 7.

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

Source: ZIMSTAT & RBZ Computations, 2025

Imports by Commodity
The main contributor to the country’s import
bill were industrial supplies, which made up
33.3% of total imports, fuel and lubricants at
21.2%, capital goods at 18.1%, and food and
beverages at 10.9%.

Table 3 shows the imports of major
commodities by Broad Economic Category
(BEC) in August and September 2025.


Table 3: Major Imports (US$ millions)

Aug
ust -

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

881.

1.2
100.0
Of Which:


Industrial
supplies
295.

293.

-0.9
33.3
Fuels and
lubricants
182.

187.

2.5
21.2
Capital goods
166.

159.

-3.9
18.1
Food and
beverages

Transport
equipment and
parts

Consumer goods

Others

Source: ZIMSTAT & RBZ Calculations, 2025

Import Markets
During the month under review, most of the
country’s imports originated from South Africa
(35.6%), followed by China (14.4%), Bahrain
(8.7%), the Bahamas (6.9%), and Mozambique
(6.1%). The remaining imports were sourced
from various other markets as indicated in
Figure 8.

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

Source: ZIMSTAT & RBZ Calculations, 2025


South...
China
Bahrain
Bahamas
Mozambi...
United...
Zambia
Mauritius
India
Singapore

Merchandise Trade Balance
The country recorded a trade deficit of US$30.8
million in September 2025, compared to a
surplus of US$6.9 million in August 2025.
Relative to August 2024, the trade balance
improved from a deficit of US$209.2 million to
a deficit of US$30.8 million in the reporting
month.

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

Figure 9: Merchandise Trade Balance (US$
millions)

Source: ZIMSTAT & RBZ Computations, 2025

1 Monetary data was revised from September 2024
following the adoption of new standardized reporting
formats (SRFs) submitted by banks. The notable revision
is on broad money stock (M3), which was revised
MONETARY DEVELOPMENTS1

Broad money (M3) stock, which consists of
both local and foreign currency deposits, stood
at ZiG99,523.73 million, an increase of 0.32%
(ZiG321.46
million)
from
ZiG99,202.27
million recorded in August 2025.

The increase in broad money largely reflected
a month-on-month increase of ZiG552.60
million (0.67%) in the foreign currency
component, from ZiG81,963.47 million in
August 2025 to ZiG82,516.07 million. The
local currency component, however, registered
a decrease of ZiG231.14 million (1.34%), from
ZiG17,238.80 million to ZiG17,007.66 million
during the same period. This reflects the tight
liquidity conditions in the economy, aimed at
curbing speculative borrowing that previously
fuelled inflation.

The M3 stock was largely dominated by foreign
currency deposits, comprising 82.91% of the
total money supply; followed by local currency
deposits, at 15.39%; negotiable certificates of
deposits, 1.57%; and local currency in
circulation, 0.12%.


downwards due to removal of Government foreign
currency deposits held by banks from deposits included
in broad money. Other monetary aggregates also
changed following the re-classification exercise.

Jan-25
Mar-25
May-25
Jul-25
Sep-25
Exports
Imports
Trade Balance

Figure 10 shows the composition of the money
supply.

Figure 10: Composition of Money Supply

Source: Reserve Bank of Zimbabwe, 2025

During the month under review, the banking
sector’s net credit to the Government2
decreased by 4.66% to ZiG68,978.08 million.
Credit to the Government is largely in the form
of long-term treasury bills held by banks.
Credit to the private sector increased by 1.65%,
from ZiG65,346.24 million to ZiG66,422.93
million, largely on the back of an increase of
2.37% in foreign currency-denominated loans
to ZiG56,222.03 million.

Outstanding credit to the private sector was
mainly channelled to households, agriculture,
manufacturing
and
distribution,
which
collectively received about 70% of the total
credit. The mining sector received about 8.96%
of the total outstanding credit.


2 Claims on Government was adjusted for exchange
losses related to SDR drawdowns, backdated to April
2024. The resultant increase in Credit to Government is,
however, just an accounting entry since it did not
Figure 11 shows the distribution of credit by
sector.

Figure 11: Distribution of Private Sector
Credit

Source: Reserve Bank of Zimbabwe, 2025

Credit to the private sector was largely utilized
for recurrent expenditures (34.98%), inventory
build-up
(21.27%),
and
fixed
capital
investments (19.85%).
STOCK MARKET DEVELOPMENTS
Zimbabwe Stock Exchange (ZSE)
During the month of September 2025, the
Zimbabwe Stock Exchange (ZSE) traded on a
positive trajectory for the fifth consecutive
month. As a result, the ZSE All Share, Top 10
and Top 15 indices added 0.92%, 0.38% and
1.56% to 210.63 points, 206.67 points and
213.00 points, respectively.

In line with the developments on the local
bourse, the ZSE added 0.49%, or ZiG321.15
million worth of capitalisation to ZiG65,675.91
constitute actual lending to Government. The adjustment
also involved re-classification of unrealized exchange
losses to amounts receivable from Government in future.
NCDs,
1.57%
Local Currency Time
Deposits, 1.88%
FX Time
Deposits,
11.53%
Local Currency
Transferable ,
13.52%
FX Transferable
Deposits, 71.38%
Currency in
Circulation,
0.12%
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
5.17%
Construction
2.90%
Other
0.01%

million during the month under analysis,
compared to ZiG65,354.76 million recorded in
the previous month. On an annual basis, the
ZSE market capitalisation, however, lost
11.83%, from ZiG74,489.51 million recorded
in the comparable period last year.

The resource index closed at 123.58 points,
representing a 14.95% decline from 145.31
points recorded in the previous month.
Annually, the mining index lost 50.90%, from
251.68 points recorded in September 2024.

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

Source: Zimbabwe Stock Exchange, 2025

The cumulative volume and value of shares
traded declined by 77.75% and 34.47% to
95.40 million shares and ZiG452 million,
respectively. This is compared to 428.73
million shares and ZiG689.80 million in
turnover volume and value recorded in August
2025, respectively.

The proportion of foreign purchases to the
value of shares traded declined to 0.26%, from
5.49% in August 2025. In the same vein, the
cumulative net foreign position worsened from
a negative position of ZiG66.07 million to a
negative position of ZiG94.04 million.

Victoria Falls Stock Exchange (VFEX)
The Victoria Falls Stock Exchange exhibited
positive sentiments due to heightened investor
appetite. Resultantly, the VFEX All Share
index added 18.98% to close at 150.83 points
in September 2025, compared to 126.77 points
recorded in the previous month, as shown in
Figure 13.

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

Source: Victoria Falls Stock Exchange, 2025

VFEX Market Capitalization
Owing to improved trading activity during
September 2025, the VFEX market added
21.47%, or US$317.77 million worth of
capitalisation to US$1,798.06 million. This is
in
comparison
to
US$1,480.28
million
recorded in the previous month. Annually, the
VFEX capitalisation gained 38.68%, from
US$1,296.58
million
recorded
in
the
comparable period last year.

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

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

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

Source: Zimbabwe Stock Exchange, 2025
NATIONAL PAYMENTS SYSTEM
The total digital payment systems transaction
values increased by 17% from ZiG205.49
billion in August 2025 to ZiG239.91 billion in
September
2025.
Transactional
volumes
increased by 1% from 71.42 million to 72.19
million recorded during the same period, as
shown in Figure 15.

Figure 13: Payment Systems Monthly
Transactional Values and Volumes from
October 2024 – September 2025

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

The combined value of ZiG and US$
transactions processed through the RTGS
system increased by 21% from ZiG109.47
billion recorded in August 2025 to ZiG132.72
billion
in
September
2025.
Similarly,
transactional volumes increased by 21% from
0.82 million to 0.99 million during the period
under review.

Figure 14: RTGS System Trend for Values
and
Volumes
from
October

-
September 2025

Source: Reserve Bank of Zimbabwe, 2025

Mobile and Internet-Based Transactions
Mobile
and
internet-based
transactions
increased by 13.34%, from ZiG80.04 billion in
August 2025 to ZiG90.72 billion in September
2025.

Cash Transactions
Cash-based transactions increased by 9.11%
from ZiG12.66 billion in August 2025 to
ZiG13.82 billion in September 2025.


US$ BILLIONS

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


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

Card-Based Transactions
Card-based transactions rose by 3.1% from
ZiG15.97 billion in August 2025 to ZiG16.47
billion in September 2025.

INFLATION OUTTURN
Monthly Inflation Developments
ZiG Monthly Inflation
The ZiG monthly inflation rate decelerated to
-0.2% in September 2025 from 0.4% recorded
in August 2025, largely on account of declines
in non-food inflation.

Figure 17 shows developments in monthly ZiG
inflation from July 2024 to September 2025.

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

Source: ZIMSTAT, 2025

Food inflation, however, increased by 0.30
percentage points, from -0.1% in August 2025
to 0.2% in September 2025, driven mainly by
increases in prices of meat; fish and sea food
and vegetables categories. The food component
contributed 0.07 percentage points to the
September 2025 monthly inflation rate.

Non-food inflation, fell significantly from
0.6% in August 2025, to -0.5% in September
2025 and contributed -0.3 percentage points to
the monthly inflation rate. Housing; water; gas;
transport and other fuels, furniture and
equipment
and
restaurants
and
hotels
categories contributed to the decline of nonfood inflation in September 2025.

US$ Monthly Inflation
The monthly US$ inflation rate remained
unchanged at 0.0% in September 2025.

Monthly food inflation edged up to 0.1% in
September 2025 from 0.0% in August 2025,
attributable to increases in prices of meat; fish
and sea food; and coffee and tea subcategories.

Monthly non-food inflation retreated to -1.0%
in September 2025, from 0.0% in August 2025
mainly due to a decline in prices of furniture
and equipment, transport and education.

Weighted Monthly Inflation
Weighted monthly inflation declined to -0.07%
in September 2025, from 0.0% in August 2025,
in line with developments in ZiG monthly
inflation.

Annual Inflation Developments
ZiG Annual Inflation Developments
The year-on-year ZiG inflation rate dropped
significantly from 93.8% in August 2025 to
82.7% in September 2025.

US Annual Inflation Developments
Annual US$ inflation rate decelerated to
13.40% in September 2025 from 14.20%, in

Jul-24
Sep-24
Nov-24
Jan-25
Mar-25
May-25
Jul-25
Sep-25
M-O-M %

August 2025, mainly attributable to the
decrease in prices of furniture and equipment
categories, among other factors.


Figure
16:
US$
Annual
Inflation
Developments (%)


Source: ZIMSTAT, 2025

NOVEMBER 2025
RESERVE BANK OF ZIMBABWE


May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
Sep-24
Nov-24
Jan-25
Mar-25
May-25
Jul-25
Sep-25
Y-o-Y (%)

TABLE 1: DEPOSITORY CORPORATIONS SURVEY (ZWG '000)
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

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

Loans

Loans and Advances

Amounts Due from Gvt including SDR Drawdowns

of which USD Securities revaluations (Exchange rate movements)

Export Incentives

Less Liabilities to Central Government

Of which: Deposits

of which Foreign Currency

Local Currency Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on Other Depository Corporations

Of which: Loans

Other Liabilities to ODCs

Of which: Aftrades Balances

Securities

Other Items(Net)

Shares and Other Equity

Other Items(Net)

Liabilities to Other Resident Sectors

Deposits and Securities Excluded from Base Money

Monetary Base

Currency Issued

ZWL Coins

ZWL Notes

Zig Notes

ZiG Coins

Liabilities to ODCs

Reserve Deposits

Local Currency Reserve Deposits

Foreign Currency Reserve Deposits

Exess reserves

of which Excess reserves - ZiG

Excess reserves - FCA

Private Deposits

Source: Reserve Bank of Zimbabwe, 2025
NB: * Other Foreign Liabilities include blocked funds amounting to USD2.2 billion assumed by the Central Bank on behalf of Government.
*Statistics are denominated in ZiG
TABLE 2: CENTRAL BANK SURVEY (ZWG'000)

TABLE 3 : OTHER DEPOSITORY CORPORATIONS SURVEY ( ZWG '000)
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
65,955,004.65

74,431,400.02

71,557,885.59

77,653,699.15

76,952,923.01

77,123,326.81

81,906,890.48

85,574,557.18

91,519,327.84

95,396,238.70

94,314,196.34

96,697,984.65

97,310,749.74

Transferable Deposits
61,611,721.37

67,635,335.00

65,726,264.95

71,536,873.82

70,228,432.67

69,326,092.81

74,633,455.07

76,668,539.82

81,316,502.35

84,216,034.31

83,327,483.31

84,046,559.52

83,971,860.74

of which FCAs
49,660,323.14

56,662,042.07

54,884,341.25

59,157,868.07

58,527,956.72

57,270,326.39

62,418,688.19

63,622,764.25

66,516,873.21

70,151,596.80

69,751,551.92

70,659,662.88

70,517,624.93

Other Deposits (Time Deposits)

of which FCAs

Money Market Instruments
891,228.11

1,049,252.60

771,678.79

995,701.33

1,110,841.91

1,043,012.21

1,258,288.66

1,113,653.48

1,031,340.62

1,500,399.00

1,525,555.09

1,714,706.90

1,562,950.97

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

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

Jan
2,891.2

53,378.3

116,654.8

13,232.3

69,668.2


Feb
2,577.7

62,064.5

122,479.8

17,480.5

76,802.2


Mar
2,111.5

76,544.2

142,962.5

19,239.6

87,884.5


Apr
2,624.9

74,716.9

160,466.5

28,352.1

123,190.3


May
3,155.9

142,118.9

236,166.0

35,928.9

207,812.8


Jun
2,801.2

138,347.1

266,691.8

45,952.0

241,920.1


Jul
2,427.6

159,024.6

315,832.5

39,388.2

230,432.5


Aug
2,640.6

263,637.4

411,439.9

69,203.5

311,107.0


Sep
3,030.7

289,230.8

504,071.1

75,446.7

417,007.1


Oct
3,022.6

300,240.3

525,870.3

104,483.2

389,979.7


Nov
3,251.4

286,365.2

575,885.7

111,716.1

342,790.1


Dec
3,361.7

295,435.1

652,284.4

119,932.8

351,906.8


Jan
4,923.3

379,841.7

704,168.6

151,980.1

389,342.8


Feb
1,880.1

436,062.8

743,888.5

81,067.5

518,081.0


Mar
2,031.6

425,326.5

817,631.1

112,374.3

531,935.4


Apr
1,844.7

462,081.4

972,122.7

161,740.7

620,095.0


May
1,107.2

1,048,116.4

2,049,066.1

309,234.1

1,554,969.0


Jun
1,984.5

2,249,201.6

4,424,350.0

471,360.3

3,050,984.1


Jul
1,489.0

1,584,403.3

4,137,377.2

380,493.0

3,132,849.9


Aug
2,292.1

1,505,916.2

4,651,358.8

448,025.8

3,179,274.3


Sep
2,465.6

2,015,621.6

5,263,338.5

560,033.8

3,210,332.7


Oct
2,425.4

2,312,575.1

5,910,277.9

751,077.6

2,663,186.5


Nov
2,705.3

2,558,589.3

6,324,144.1

730,377.0

2,788,783.6


Dec
3,398.4

2,868,505.6

5,973,706.9

918,524.5

2,631,445.7


Jan
2,947.9

5,196,670.6

9,096,074.6

1,414,527.9

3,957,664.6


Feb
3,143.6

7,309,077.0

12,595,037.9

2,395,225.7

5,340,576.7


Mar
2,831.0

9,785,505.6

16,734,744.0

3,185,636.7

7,548,560.1


Apr
7.5

4,794.8

11,004.0

2,108.7

5,798.1


May
15.0

4,337.6

12,420.7

2,281.4

6,437.2


Jun
9.2

4,753.1

12,746.0

2,349.5

6,493.3


Jul
7.5

5,739.9

11,453.3

1,987.0

6,135.6


Aug
6.4

6,444.9

13,516.2

2,310.5

4,922.1


Sep
7.9

10,895.9

22,399.7

3,870.6

8,728.6


Oct
56.7

13,662.1

30,414.7

5,068.5

8,024.4


Nov
72.6

11,233.7

29,835.6

4,498.6

6,365.0


Dec
82.6

10,274.6

32,110.0

5,538.7

8,540.2


Jan
69.3

12,746.4

30,180.7

3,532.9

6,021.2


Feb
75.0

11,639.8

28,998.1

3,283.1

8,161.6


Mar
101.3

9,242.7

30,230.5

3,610.1

12,141.7


Apr
107.4

9,519.9

33,479.3

3,591.2

12,582.7


May
161.4

8,665.8

34,327.1

3,618.3

17,046.8


Jun
212.5

9,521.0

35,799.3

6,230.7

15,373.4


Jul
213.8

9,541.1

35,802.0

6,242.3

15,357.8


Aug
226.2

14,822.2

36,977.1

5,875.5

10,221.8


Sep
239.9

15,521.3

36,090.8

4,591.7

12,448.2


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

End of
Total Deposits
of which FCA
475,755.5

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sept

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

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

Jan
2,359.27

49,206.02

108,119.97

10,419.90

66,808.45

30,774.31

38,636.84

-

186.80

801.50

20.33

163.02

3,628.73

199,495.34

2,997.94

53,627.76

47,405.91

69,989.80

684,641.9

Feb
1,971.78

57,553.54

112,522.99

14,300.66

70,750.63

28,703.53

44,705.21

-

-

976.55

20.34

158.06

5,367.16

215,520.37

3,055.50

55,099.61

53,459.12

70,832.47

734,997.5

Mar
1,541.49

70,856.33

130,423.48

15,503.46

82,662.70

43,284.13

44,874.23

-

-

1,380.20

19.40

253.42

6,240.94

258,715.05

3,092.69

65,660.61

58,874.69

76,938.87

860,321.7

Apr
1,939.64

70,204.43

144,168.02

23,452.88

117,033.42

26,628.79

57,772.47

-

-

722.54

37.54

252.44

6,858.06

305,476.79

4,348.46

53,372.28

62,788.55

71,414.75

946,471.1

May
2,397.94

131,996.38

211,837.59

31,586.61

190,366.81

61,757.62

64,373.91

-

154.99

1,559.14

41.28

289.00

16,193.81

398,048.90

4,712.74

134,993.54

94,851.60

111,543.84

1,456,705.7

Jun
2,263.18

127,839.16

234,109.43

40,937.28

219,607.39

63,631.76

83,690.44

-

653.97

2,159.12

61.20

226.29

13,888.60

478,163.38

8,954.46

169,511.81

110,528.09

168,440.54

1,724,666.1

Jul
1,578.47

147,217.74

284,912.89

34,334.13

202,815.28

41,246.78

86,971.63

-

394.34

1,852.14

100.65

349.68

22,516.21

556,692.12

9,737.92

144,090.18

129,869.55

192,524.32

1,857,204.0

Aug
1,630.70

247,190.46

377,078.80

64,650.96

273,181.97

29,186.59

95,346.12

-

330.12

3,556.96

113.50

287.14

26,564.57

681,253.30

11,493.92

167,029.36

238,442.98

194,745.11

2,412,082.6

Sep
1,791.71

270,594.59

465,301.31

68,020.95

370,323.69

18,184.96

134,414.53

-

267.40

4,916.56

115.11

306.33

21,773.50

806,774.24

12,680.89

146,133.14

215,417.68

219,933.24

2,756,949.8

Oct
1,704.79

281,204.64

480,106.49

94,573.08

343,440.15

22,895.35

136,939.74

-

204.69

2,201.55

116.48

341.96

22,935.50

852,069.39

15,525.65

165,306.91

232,188.99

245,924.22

2,897,679.6

Nov
1,644.95

259,109.18

533,438.97

101,870.32

299,715.01

17,089.04

180,534.44

-

141.97

2,292.28

119.53

303.55

22,178.73

960,814.77

15,450.39

170,944.78

196,338.19

250,551.19

3,012,537.3

Dec
1,778.71

263,863.65

603,136.26

110,935.77

299,087.30

7,965.37

266,725.41

-

79.26

3,887.78

114.42

282.61

30,272.25

1,066,654.12

16,130.63

159,126.16

189,560.01

344,235.10

3,363,834.8

Jan
2,391.61

340,953.56

654,740.29

143,455.70

335,380.17

(1,443.59)

301,026.07

-

105.97

4,873.87

228.45

251.24

44,113.17

1,307,512.98

17,767.70

227,545.42

204,830.78

374,080.77

3,957,814.2

Feb
1,470.56

366,544.71

691,937.49

71,097.36

452,795.43

21,074.53

306,913.92

-

50.02

1,524.98

318.96

197.44

44,691.50

1,481,851.05

18,037.18

226,932.96

224,983.29

411,002.80

4,321,424.2

Mar
1,771.98

344,570.46

755,463.34

103,284.07

478,333.21

41,928.66

330,669.68

-

-

3,884.11

432.22

149.78

48,725.38

1,679,284.89

28,439.56

554,840.85

254,605.57

438,790.17

5,065,173.9

Apr
1,631.24

388,822.83

903,029.49

144,252.31

555,886.92

32,206.95

361,846.09

-

-

8,716.45

559.82

99.28

54,058.39

1,722,384.40

28,899.91

214,270.92

321,765.39

476,263.19

5,214,693.6

May
1,010.26

907,818.70

1,932,225.57

281,052.93

1,351,116.97

84,147.32

570,367.60

-

-

8,974.78

4,599.15

80.34

112,188.06

3,844,133.80

65,696.39

607,438.10

669,908.72

758,154.17

11,198,912.9

Jun
1,762.11

1,979,000.71

4,218,755.04

444,538.09

2,584,596.63

350,042.51

865,465.55

-

-

221.09

10,133.46

8,052.34

260,946.26

8,487,837.63

92,224.26

1,390,786.24

1,304,228.92

2,222,499.38

24,221,090.2

Jul
1,305.13

1,428,604.02

3,898,282.53

359,151.15

2,646,743.26

337,541.82

1,133,463.14

-

-

153.30

7,368.09

68.07

208,253.70

6,917,007.30

129,308.58

829,382.28

1,155,945.57

2,438,538.20

21,491,116.1

Aug
1,664.09

1,370,651.81

4,309,693.74

391,792.23

2,693,989.06

208,098.88

1,084,784.90

-

-

138.30

7,469.95

75.80

205,341.47

6,863,348.14

127,816.16

701,626.16

1,081,800.09

2,446,465.02

21,494,755.8

Sep
1,503.56

1,763,364.33

4,914,305.55

517,813.92

2,760,807.78

247,094.60

1,204,684.14

-

-

9.75

9,935.82

92.05

219,878.94

8,245,053.80

151,685.43

776,997.57

1,312,147.78

2,668,520.81

24,793,895.8

Oct
1,977.18

2,059,471.85

5,625,069.70

562,790.91

2,202,475.21

175,235.94

1,172,130.22

-

-

0.03

10,816.83

98.06

237,525.73

8,864,363.09

153,534.70

958,746.42

1,351,846.54

2,767,099.33

26,143,181.7

Nov
2,295.18

2,278,921.91

5,913,094.15

568,556.41

2,451,981.00

180,229.25

1,337,040.40

-

-

0.03

10,921.42

59.77

238,702.30

9,040,518.08

158,702.11

1,046,256.98

1,702,370.26

2,868,031.98

27,797,681.2

Dec
2,947.49

2,536,437.97

5,489,443.24

657,432.63

2,268,702.96

155,742.88

2,420,663.39

-

-

0.03

12,324.59

73.45

248,699.79

9,507,281.46

255,007.08

1,184,706.91

1,748,495.98

3,349,062.31

29,837,022.2

Jan
2,536.36

4,749,173.95

8,535,153.83

940,210.80

3,564,879.01

285,807.60

3,972,600.87

-

-

0.03

17,912.41

198.80

374,088.29

14,957,169.30

312,516.30

1,949,662.45

2,737,500.88

4,289,981.53

46,689,392.4

Feb
2,519.25

6,564,463.71

11,709,703.62

1,772,649.65

4,708,270.62

153,450.01

5,911,393.45

-

-

0.03

26,073.06

232.00

488,602.76

22,234,523.09

378,975.16

2,608,075.14

3,125,793.33

5,812,047.28

65,496,772.2

Mar
2,435.72

8,601,285.46

15,501,059.95

2,213,233.27

6,701,169.42

775,336.87

8,098,495.31

-

-

0.03

47,609.35

143.35

729,484.92

34,077,197.02

597,886.20

2,860,196.61

4,317,386.46

8,974,860.63

93,497,780.6

Apr
5.89

4,141.51

9,980.68

1,414.28

5,461.70

287.09

5,206.08

-

-

0.00

31.18

88.00

440.49

20,170.86

246.21

2,510.15

5,472.97

4,360.99

59,818.1

May
10.60

3,583.02

11,575.45

1,506.01

6,092.37

382.87

5,420.56

-

-

0.00

29.63

1.37

433.36

21,315.87

348.50

2,114.73

6,339.55

4,613.87

63,767.8

Jun
8.01

4,111.49

11,498.97

1,627.32

5,775.34

298.05

6,080.69

-

-

7.23

24.70

1.49

446.45

22,801.09

345.72

2,541.32

6,558.03

5,419.46

67,545.3

Jul
5.05

4,943.82

10,426.18

1,342.47

5,743.94

351.44

6,988.99

-

0.00

5.21

25.13

0.16

432.35

24,895.03

348.09

2,342.85

6,539.59

6,244.23

70,634.5

Aug
5.26

5,703.86

12,540.81

1,453.04

4,411.38

205.93

6,149.38

-

-

2.43

126.05

0.19

378.05

25,591.15

542.15

2,767.89

7,004.36

6,832.60

73,714.5

Sep
6.82

9,465.31

20,161.22

2,742.22

7,903.81

340.45

10,295.58

-

-

0.00

244.94

0.33

600.93

43,094.11

979.13

4,853.44

11,326.85

9,785.35

121,800.5

Oct
39.65

12,315.40

27,597.64

3,670.13

7,120.62

129.14

11,256.45

-

-

0.00

239.01

0.08

679.62

49,545.16

1,042.81

6,380.10

11,454.83

11,116.57

142,587.2

Nov
58.26

10,111.62

27,498.54

3,102.17

5,626.08

117.33

9,757.48

-

0.00

0.00

287.55

2,326.36

572.57

45,782.99

1,064.73

6,685.94

11,362.33

10,783.91

135,137.8

Dec
64.89

8,774.50

29,312.78

3,217.87

7,673.17

287.57

10,942.77

-

0.00

8.29

54.88

0.57

549.66

46,926.14

1,073.63

6,555.30

13,399.70

11,326.46

140,168.2

Jan
55.47

11,470.10

27,587.58

2,805.14

5,383.93

896.67

12,362.23

-

-

807.94

342.87

-

201.82

6,018.68

38,456.08

44,474.76

4,490.04

6,786.76

7,296.77

14,700.77

139,662.8

Feb
60.09

10,394.10

26,074.71

2,500.83

7,466.49

879.05

11,985.91

-

-

1,227.40

525.19

-

210.91

5,135.14

39,602.20

44,737.33

4,572.78

7,060.84

6,529.15

14,603.01

138,827.8

Mar
79.63

7,880.54

27,417.58

2,717.51

11,623.76

820.11

12,300.30

-

-

1,342.02

509.01

-

196.72

4,699.08

40,942.54

45,641.63

4,354.50

7,859.25

6,540.97

15,243.80

144,527.3

Apr
87.99

8,108.02

30,664.80

2,649.20

12,068.34

413.80

12,241.98

-

-

1,095.15

478.00

-

177.77

4,854.99

44,593.50

49,448.49

4,042.90

6,452.91

9,497.37

15,304.56

152,731.3

May
133.33

7,539.98

31,081.99

2,649.42

16,140.56

419.60

12,259.88

-

-

953.79

469.51

-

151.74

5,278.01

46,383.60

51,661.61

3,991.35

7,163.66

9,319.35

15,249.33

159,185.1

Jun
181.74

8,374.10

32,527.57

5,410.98

14,549.70

119.42

13,604.07

-

-

992.17

508.81

-

141.15

5,228.09

47,537.52

52,765.60

6,477.32

7,532.53

8,140.55

15,060.65

166,386.4

Jul
183.05

8,394.26

32,530.27

5,422.55

14,534.13

119.42

13,602.14

-

-

992.17

508.81

-

141.15

5,228.09

47,619.44

52,847.52

6,442.57

7,493.64

8,217.25

15,090.15

166,519.1

Aug
193.19

13,295.37

33,500.18

4,346.93

8,753.41

609.59

14,232.02

-

-

583.16

540.44

21.46

129.27

6,419.77

47,719.81

54,139.58

7,481.64

8,543.31

9,652.13

15,411.88

171,433.6

Sep
201.68

13,950.40

32,362.47

3,553.93

11,188.77

921.94

13,421.60

-

-

757.44

561.95

18.84

110.22

6,020.45

49,450.81

55,471.26

5,730.80

8,537.36

10,340.98

15,804.22

172,933.8

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

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

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

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

Jan
324.6

3504.3
8,506.5

2680.3
2,631.0

-

1,110.8

2.4
-

1,487.3

2,967.6

-

35,913.5

6693.8
14,008.7

79,830.9

Feb
411.5

4021.5
9,763.6

3069.7
5,678.0

-

4,048.9

1.6
-

1,465.4

3,241.1

-

39,977.5

4511.5
13,964.4

90,154.6

Mar
354.3

4413.6
11,882.6

3691.3
4,932.3

-

5,235.0

0.9
-

1,590.0

3,888.3

-

42,741.3

9086.6
15,421.2

103,237.4

Apr
546.4

3054.1
15,585.8

4857.7
5,768.6

-

5,714.4

0.2
-

1,861.4

4,143.7

-

48,582.4

9654.2
16,999.2

116,768.1

May
639.5

8326.7
23,817.6

4251.9
16,001.6

-

6,150.9

0.0
-

1,486.3

8,474.8

-

74,864.0

14793.9
17,091.2

175,898.5

Jun
418.5

8464.3
32,497.6

3807.5
21,184.8

-

2,639.3

0.0
-

1,340.0

10,851.1

-

85,145.9

18155.8
35,128.1

219,633.0

Jul
700.4

9914.6
30,660.3

4983.4
24,902.9

-

4,077.6

0.0
-

1,411.5

13,722.1

-

98,066.0

9998.6
45,127.9

243,565.1

Aug
863.8

14422.1
33,703.2

4483.0
34,971.8

-

4,379.8

0.0
-

2,106.6

16,515.4

-

115,491.9

8745.3
45,694.0

281,377.1

Sep
1,086.8

14998.2
37,911.3

7470.1
45,094.8

-

8,440.8

0.0
-

1,302.8

17,996.8

-

129,242.7

11630.7
60,830.4

336,005.2

Oct
1,158.3

14768.7
44,296.5

10013.7
44,664.1

-

14,109.9

0.0
-

1,142.4

16,817.7

-

123,793.8

30036.4
47,678.2

348,479.7

Nov
1,449.3

22456.9
41,398.0

9771.8
41,317.6

-

17,572.6

0.0
-

2,085.3

16,785.8

-

136,029.9

30694.0
46,275.8

365,836.9

Dec
1,470.7

23012.7
48,533.8

8913.7
50,229.0

-

21,411.1

0.0
19,993.4

2,176.2

17,693.7

-

119,322.3

39279.1
69,102.5

421,138.1

Jan
2,402.7

32405.1
47,062.6

8410.8
50,364.6

-

17,976.2

0.0
23,668.5

2,406.3

18,311.0

-

132,757.4

41367.4
69,570.1

446,702.8

Feb
234.9

59685.4
50,103.0

9568.6
62,701.4

889.9

24,809.7

0.0
26,667.1

4,451.9

21,629.1

-

146,798.4

50093.6
70,987.9

528,620.9

Mar
214.6

72311.9
57,399.6

9196.8
51,300.9

-

28,841.5

0.0
24,689.0

5,503.9

19,118.6

-

170,376.6

54524.7
84,489.1

577,967.3

Apr
184.1

61341.6
63,129.5

16343.2
61,444.0

-

28,727.0

0.0
28,119.0

5,989.2

27,619.9

-

205,412.2

81442.9
86,571.2

666,323.9

May
78.1

125685.1
100,808.7

22707.0
195,646.6

-

81,344.3

0.0
69,908.9

6,246.8

53,180.7

-

440,462.4

103176.1
116,103.7

1,315,348.2

Jun
176.6

227001.8
172,666.5

25998.2
452,772.6

40,326.7

115,193.3

0.0
196,310.3

4,209.5

121,677.5

-

870,075.1

230604.4
544,587.8

3,001,600.3

Jul
162.7

132017.2
220,995.0

20797.2
459,668.2

32,010.8

105,308.6

0.0
154,472.7

13,777.8

153,638.5

-

697,177.8

209734.6
612,937.8

2,812,698.9

Aug
611.0

105296.6
309,821.7

55744.7
475,838.3

37,447.1

102,495.2

0.0
153,578.2

6,767.5

135,193.3

-

758,439.2

223114.4
564,622.1

2,928,969.2

Sep
949.3

193065.6
339,269.2

41680.1
437,996.0

58,554.5

110,351.3

0.0
161,346.6

4,522.1

153,113.7

-

880,148.8

290026.7
565,616.4

3,236,640.3

Oct
403.8

204713.4
254,684.1

187632.1
440,150.3

65,022.1

97,046.1

0.0
176,111.9

13,771.8

173,523.5

-

829,479.5

345029.3
586,015.6

3,373,583.5

Nov
370.5

222344.7
387,213.2

160896.0
326,510.1

50,688.3

159,225.4

0.0
173,990.9

28,127.2

187,363.3

-

926,663.7

395549.5
595,811.6

3,614,754.5

Dec
403.7

251968.8
457,034.9

261067.9
345,348.0

56,551.7

185,131.1

0.0
166,902.0

27,875.9

222,503.1

0.7

973,788.6

507890.9
658,045.7

4,114,512.9

Jan
367.9

368046.7
524,020.9

471915.0
363,325.6

40,412.9

280,803.2

0.0
280,441.0

45,935.9

339,610.7

-

1,563,405.5

649087.4
742,734.0

5,670,106.8

Feb
578.8

637645.2
797,581.2

618074.6
613,309.7

24,680.4

425,783.2

0.0
399,313.5

67,900.2

519,513.4

-

2,188,186.8

904519.6
937,957.6

8,135,044.1

Mar
356.6

1026840.5
1,171,941.4

888362.3
829,470.4

-

440,943.8

0.0
528,820.5

103,276.3

787,872.2

-

3,761,909.8

1403556.4
1,697,667.5

12,641,017.5

Apr
1.0

564.4
864.1

693.0
326.5

67.2

337.2

0.0
313.5

-

593.2

212.7

2,856.8

420.1
824.2

8,074.0

May
4.0

639.2
783.2

772.6
296.2

109.6

407.6

0.0
303.7

-

309.2

19.8

2,946.5

712.1
903.7

8,207.5

Jun
1.1

520.3
1,122.4

718.7
678.1

110.9

188.6

0.0
282.9

-

424.7

20.4

2,998.6

858.8
1,229.8

9,155.3

Jul
2.4

681.0
918.2

640.3
336.2

99.8

676.7

0.0
276.2

5.0

333.9

20.5

3,022.2

1332.3
1,250.3

9,595.1

Aug
1.1

642.2
853.3

852.1
428.1

-

764.6

0.0
246.2

5.1

373.1

20.6

3,042.5

1811.8
1,318.9

10,359.6

Sep
1.0

1230.9
1,985.1

1121.2
705.4

-

555.5

0.0
431.0

34.5

1,130.0

37.0

4,878.1

2054.8
2,298.6

16,463.3

Oct
13.1

1166.2
2,512.0

1391.6
769.7

-

745.1

0.0
502.2

5.3

1,380.9

42.7

5,751.9

2214.8
2,435.0

18,930.4

Nov
14.0

918.9
2,141.3

1383.8
649.7

-

602.6

0.0
367.6

5.4

1,293.8

39.5

4,997.5

2566.9
2,458.3

17,439.1

Dec
17.1

1089.4
2,633.9

2306.6
754.5

-

675.7

0.0
361.0

-

1,424.9

35.4

5,500.8

2343.9
2,593.3

19,736.5

Jan
13.1

939.4
2,348.5

616.8
637.3

-

1,028.5

0.0
-

1,019.2

1,294.7

-

356.6

317.5

5,353.2

5,670.7

199.4

-

3001.4
3,282.1

20,407.7

Feb
13.9

980.7
2,545.5

628.6
695.1

-

753.2

0.0
-

997.8

1,428.4

-

335.1

535.1

5,302.8

5,837.9

199.4

-

1754.4
3,294.2

19,464.2

Mar
20.4

1031.3
2,349.0

786.9
517.9

-

844.9

0.0
-

1,066.7

1,604.4

-

284.5

358.4

5,601.2

5,959.7

121.0

-

1684.9
3,466.0

19,737.7

Apr
17.8

1038.4
2,522.2

766.4
514.4

-

900.0

0.0
-

1,084.2

1,815.7

-

284.5

322.9

5,519.7

5,842.6

111.4

-

1736.6
3,476.9

20,111.3

May
26.4

855.4
2,940.4

801.9
906.2

-

1,009.6

0.0
-

1,098.4

1,814.5

-

204.3

695.6

5,865.6

6,561.2

139.8

-

2062.4
3,495.2

21,915.6

Jun
29.0

803.0
2,966.8

631.1
823.7

-

1,262.5

0.0
-

1,046.3

1,892.2

-

197.5

635.7

6,405.1

7,040.8

232.2

-

1786.7
3,716.9

22,428.7

Jul
29.0

803.0
2,966.8

631.1
823.7

-

1,262.5

0.0
-

1,046.3

1,892.2

-

197.5

635.7

6,405.1

7,040.8

232.2

-

1786.7
3,716.9

22,428.7

Aug
32.3

1148.2
3,101.3

1361.4
1,468.4

-

892.1

0.0
-

1,235.6

1,836.0

-

113.8

639.9

6,476.6

7,116.6

593.1

-

2036.4
3,683.5

24,618.5

Sep
34.4

1218.5
3,281.0

813.1
1,259.5

-

830.3

0.0
-

1,226.4

2,125.7

-

107.4

842.6

6,263.1

7,105.7

451.2

-

2125.9
3,664.0

24,242.9

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

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan


Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan


Feb


Mar


Apr


May


Jun


Jul


Aug


Sep


Source: Reserve Bank of Zimbabwe, 2025
* Statistics are denominated in ZiG
ZWG millions
TABLE 6.2: BUILDING SOCIETIES -LIABILITIES
Amounts Owing to

END OF

Jan

Feb

Mar

Apr

May

June

July

Aug

Sept

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

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

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

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

Minimum
Maximum
Minimum
Maximum

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

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

Minimum
Maximum
Minimum
Maximum

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

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

WEIGHTS


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

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

FOOD
INFLATION
WEIGHTS


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr


*Apr

*May

*Jun

*Jul

*Aug

*Sep

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

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

Market Capitalisation
All Share Index*
ZWG millions

Jan

Feb

Mar

Apr

May

June

July

Aug

Sept

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

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

END OF
ZETSS
POS
ATM
MOBILE
INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

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

END OF
ZETSS
POS
ATM
MOBILE
INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

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

END OF
EXPORTS
IMPORTS
TOTAL TRADE
TRADE BALANCE

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

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