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February 2025

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TABLE OF CONTENTS


OVERVIEW
Both the ZWG and USD month-on-month
inflation fell below 1% in February 2025,
vindicating that the shock experienced in
January 2025 was transitory. The ZWG
monthly inflation rate declined from 10.5% to
0.5%, while the USD inflation also fell from
11.5% in January to 0.2% in February 2025.
Broad
money
(M3)
stock
stood
at
ZiG85,635.15 million in February 2025, a
decline of 1.71% from the January 2025
position of ZiG87,120.75 million.
The Zimbabwe Stock Exchange (ZSE) and the
Victoria Falls Stock Exchange (VFEX)
exhibited bullish trends in February 2025,
recovering from losses experienced in the
previous month. As a result, the ZSE All Share
Index gained by 4.34% while the VFEX All
Share index gained by 2.97% compared to
January 2025.

The aggregate value of digital payment systems
transaction in February 2025 decreased by 9%
to ZiG162.46 billion from ZiG178.79 billion.
Similarly, volumes decreased by 6% to 53.57
million from 56.83 million recorded in January
2025.
During
the
month
of
February
2025,
international average prices for gold, platinum,
palladium, copper, and lithium increased, while
nickel and Brent crude oil prices decreased.
Commodity price changes were driven by U.S.
administration tariff threats, concerns over
potential supply disruptions and persistent
geopolitical uncertainty.
Merchandise exports amounted to US$512.6
million in February 2025, representing a 21.4%
decrease from US$ US$652 million realised in
January 2025. Similarly, the country’s import
bill decreased to US$730.3 million from
US$748.8 million recorded in January 2025. As
a result, the country’s trade deficit was
US$217.7 million in February 2025.
INTERNATIONAL COMMODITY
PRICE DEVELOPMENTS
During
the
month
of
February
2025,
international average prices for gold, platinum,
palladium, copper, and lithium increased, while
nickel and brent crude oil prices decreased.
The commodity price developments are shown
in Table 1.
Table 1: International Commodity Prices
for January 2025 and February 2025
Commodity

Jan-25
Feb-25
Monthly
changes
(%)
Gold
US$/oz
2,707.74
2,896.38
6.97
Platinum
US$/oz
948.45
975.53
2.86
Palladium
US$/oz
952.01
975.08
2.42
Copper
US$/t
9,108.02
9,406.75
3.28
Nickel
US$/t
15,610.91
15,497.65
-0.73
Brent Crude
oil
US$/bbl.
77.79
74.57

-4.14
Lithium
US$/t
10,025.00
10,350.00
3.24
Source: Bloomberg, 2025

Gold
Gold prices averaged US$2,896.38 per ounce
in February 2025, reflecting 6.97% increase
from the monthly average of US$2,707.74 per
ounce reported in January 2025. The rise in the
yellow metal’s prices was fuelled by increase
in the U.S inflation rate, uncertainties
stemming from U.S. administration tariff
threats, and persistent geopolitical uncertainty,
all enhancing gold's appeal as a safe haven.

Platinum
Platinum price increased by 2.85% during the
reporting month, to an average of US$975.53
per ounce from US$948.45 per ounce recorded
in the previous month. The price increase was
mainly attributed to investor concerns over
potential supply disruptions especially from
South Africa the largest producer of platinum.
Palladium
Palladium prices rebounded by 2.42% in
February 2025, from US$952.01 per ounce in
January 2025 to US$975.08 per ounce. The
price recovery was driven by growing demand
for the precious metal as investors anticipated
interest rate cuts from major central banks.
Figure 1 shows the trends of precious metal
prices for the period from February 2022 to
February 2025.

Figure 1: Monthly Precious Metal Prices (in
US$ per Ounce): February 2022 – February

Source: Bloomberg, 2025

Brent Crude Oil
In February 2025, brent crude oil price declined
due to disappointing economic data from the
U.S and Germany, which raised concerns about
reduced energy demand, as well as the new
U.S. administration implementation of trade
policies and tariffs that disrupt international
trade with China, the world’s largest importer
of crude oil and other nations. Resultantly,
monthly average prices for oil decreased to
US$74.57 per barrel, marking a 4.14%
decrease from US$77.79 per barrel in the prior
month.

Figure 2 shows developments in oil prices for
the period from February 2022 to February
2025.

Figure
2:
Brent
Crude
Oil
Prices
(US$/Barrel) February 2022 – February

Source: Bloomberg, 2025

Copper
During the month of February 2025, copper
prices surged by 3.28%, to close the month
under analysis at US$9,406.75 per tonne. The
rise in copper prices emanated from Chile, the
world’s largest copper producer encountering
supply bottlenecks due to delays caused by
aging mines.


Feb-22
May-22
Aug-22
Nov-22
Feb-23
May-23
Aug-23
Nov-23
Feb-24
May-24
Aug-24
Nov-24
Feb-25
US$/ounce
US$/ounce
Gold
Palladium
Platinum (RHS)

Feb-22
Apr-22
Jun-22
Aug-22
Oct-22
Dec-22
Feb-23
Apr-23
Jun-23
Aug-23
Oct-23
Dec-23
Feb-24
Apr-24
Jun-24
Aug-24
Oct-24
Dec-24
Feb-25
US$/BARREL

Nickel
Nickel prices remained in a negative trajectory,
dropping by 0.73% from US$15,610.91 per
tonne in the preceding month to US$15,497.65
per tonne during the month under review, as
fears of output restrictions by Indonesia were
insufficient to offset the prevailing sentiment of
an oversupplied market. Figure 3 shows base
metals price developments for the period from
February 2022 to February 2025.

Figure 3: Base Metal Prices (US$/tonne):
February 2022 – February 2025

Source: Bloomberg 2025

Lithium
Lithium prices improved during the month
under review, attributable to expectations of
supply reduction in 2025. Consequently,
lithium prices increased by 3.24%, closing the
month of February 2025 at US$10,350.00 per
tonne. Price developments for lithium for the
period February 2023 to February 2025 are
shown in Figure 4.


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

Source: London Metal Exchange, 2025

Merchandise Trade Developments
During the month of February 2025, total
merchandise trade declined by 11.3% to
US$1.24
billion,
from
US$1.40
billion
recorded in the previous month, due to declines
in both exports and imports. On a year-to-year
comparison, total merchandise trade declined
by 9.6% in February 2025, from US$1.37
billion recorded in February 2024.

Merchandise Exports
The country’s merchandise exports recorded
US$512.6 million in February 2025, a 21.4%
decline from the previous month’s outturn of
US$652.0 million. The decline was largely due
to lower export earnings from gold, tobacco
and platinum group metals (PGMs). On a yearon-year basis exports were 20.5% lower in
February 2025 compared to US$645.0 million
registered in February 2024.


Feb-22
Jun-22
Oct-22
Feb-23
Jun-23
Oct-23
Feb-24
Jun-24
Oct-24
Feb-25
US$/tonne
US$/tonne
Copper
Nickel (RHS)


Feb-23
Apr-23
Jun-23
Aug-23
Oct-23
Dec-23
Feb-24
Apr-24
Jun-24
Aug-24
Oct-24
Dec-24
Feb-25
US$/tonne

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

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

Source: ZIMSTAT, 2025

Exports by Commodity
The country's export basket was predominantly
composed of primary commodities, with gold
leading at 42.31%, followed by tobacco,
18.0%, and PGMs at 15.1%. Table 2 shows
developments in the country’s exports for the
months of January and February 2025.


Table 2: Major Exports (US$ millions)

Jan-25
(US$m)
Feb-25
(US$m)
Jan-Feb

Changes
(%)
Share of
Exports
(%)
Total

Of Which:


Gold

Tobacco (Including
cigarettes)

PGMs

Other mineral
substances

Coke

Other ores and
concentrates

Ferrochromium

Industrial diamond

Chromium ores and
concentrates

Sugar

Others

Source: ZIMSTAT & RBZ Calculations, 2025

Export Markets
In February 2025, the country’s exports were
primarily directed to United Arab Emirates
(42.6%), South Africa (23.3%), and China at
19.3%. The remaining exports were spread
across various other international jurisdictions
and markets. Figure 6 shows the country’s
major export markets during the month under
review.

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

Source: ZIMSTAT & RBZ Calculations, 2025


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


United Arab Emirates
South Africa
China
Mozambique
Zambia
Hong Kong
Netherlands
Botswana
Italy

Merchandise Imports
Merchandise
imports
reached
US$730.3
million in February 2025, reflecting a 2.5%
decline from US$748.8 million recorded in the
previous month. Figure 7 shows the monthly
merchandise imports from January 2024 to
February 2025.

Figure 7: Monthly Merchandise Imports
(US$ millions): 2024 and 2025
Source: ZIMSTAT & RBZ Computations, 2025

Imports by Commodity
During the month of February 2025, the import
basket was largely comprised of raw materials
(32.8%), capital goods (20%), and fuels and
lubricants ((19.6%) as shown in Table 3.


Table 3: Major Imports (US$ millions)

Jan-25
(US$m)
Feb-25

(US$m)
Jan-Feb

Changes
(%)
Share
of Total
Imports
(%)
Feb-25
Total

Of Which:


Industrial
Supplies

Capital
Goods

Fuels and
Lubricants

Food and
Beverages

Transport
Equipment
and Parts

Consumer
Goods

Others

Source: ZIMSTAT & RBZ Calculations, 2025

In February 2025, the country’s imports were
mainly sourced from the following markets:
South Africa (37.7%), China (16.9%), the
Bahamas (10.7%), and Singapore (3.4%). The
remaining imports came from various other
markets as shown in Figure 8.

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

Source: ZIMSTAT & RBZ Calculations, 2025


South Africa
China
Bahamas
Singapore
Zambia
Mozambique
Hong Kong
Bahrain
Italy
India


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

Merchandise Trade Balance
During the month of February 2025, the
country’s trade deficit widened to US$217.7
million, from US$96.8 million recorded in the
previous month. Relative to February 2024, the
deficit increased by 157% from US$84.7
million. Figure 9 shows the country’s trade
balance for the period from December 2024 to
February 2025.


Figure 9: Merchandise Trade Balance (US$
millions)

Source: ZIMSTAT & RBZ Computations, 2025
MONETARY DEVELOPMENTS1
Broad
money
(M3)
stock
stood
at
ZiG85,635.15 million in February 2025, a
decline of 1.71% from the January 2025
position of ZiG87,120.75 million.

The decline in broad money largely reflected a
month-on-month decrease of 3.12% in the
foreign
currency
component,
from

1 All monetary numbers are valued in ZiG since the
introduction of the new currency in April 2024.
2 Claims in Government were adjusted for exchange
losses related to SDR drawdowns for the period April
ZIG73,255.21 million recorded in January
2025 to ZIG70,971.06 million. The local
currency component, however, recorded a
month-on-month growth of 5.76%, from
ZiG13,865.54 million to ZiG14,664.08 million.
The money stock was comprised of 82.88%
foreign currency deposits, 17.00% local
currency deposits, and 0.12% local currency in
circulation.
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, credit to the
private sector and net claims on the
Government2 increased by 0.80% and 2.32%,
from ZiG56,741.74 million and ZiG52,732.57
million
to
ZiG57,193.72
million
and
ZiG53,954.32 million, respectively.
Outstanding credit to the private sector was
mainly channelled to households, agriculture,
2024 to January 2025. The adjustment is an accounting
treatment which does not constitute actual RBZ lending
to Government.

Dec-24
Jan-25
Feb-25
Exports
Imports
Trade Balance
NCDs,
0.00%
Local Currency
Time Deposits,
2.43%
FX Time
Deposits, 7.74%
Local Currency
Transferable ,
13.37%
FX Transferable
Deposits, 76.34%
Currency in
Circulation,
0.12%

manufacturing,
and
distribution,
which
received 27.79%, 17.55%, 13.75%, and
10.21% of the total credit, respectively. The
mining sector received 10.16% of the total
outstanding credit.
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, 38.01%; inventory
build-up,
23.34%;
and
fixed
capital
investments, 13.96%.

STOCK MARKET DEVELOPMENTS
Zimbabwe Stock Exchange (ZSE)
During February 2025, the Zimbabwe Stock
Exchange (ZSE) recovered from the previous
month’s losses. As a result, the All Share, Top
10 and Top 15 indices added 4.34%, 6.19% and
5.76% to close at 204.06 points, 204.65 points
and 206.03 points, respectively.
The resource index, however, declined by
15.70% to close at 193.56 points.

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

Source: Zimbabwe Stock Exchange, 2025

During the month under review, trading
activity was concentrated in some selected
wealth-preserving counters.
As a result, the cumulative volume and value of
shares traded increased by 5.02% and 156.94%
to close at 197.20 million shares and
ZiG506.14 million, respectively.
The proportion of foreign purchases to the
value of shares traded increased from 1.82% in
the previous month to 25.53% in February
2025.
Net foreign position, however, worsened from
a negative position of ZiG0.55 million to a
negative ZiG11.00 million.


Households
27.79%
Agriculture
17.55%
Mining
10.16%
Manufacturing
13.75%
Distribution
10.21%
Transport and
Communication
2.42%
Services
9.08%
Financial
Organisations and
Investments
6.49%
Construction
2.54%
Other
0.00%

ALL SHARE AND TOP 10 INDICES
ZSE ALL SHARE INDEX
Top 10 Index
Mining Index (Points)

Figure 13: ZSE Monthly Volume and Value
Traded

Source: Zimbabwe Stock Exchange, 2025

Owing to the bullish sentiments exhibited on
the ZSE during the period under review, the
market gained 5.56%, or ZiG3 266.09 million
worth of capitalization to close at ZiG62 060.95
million. This is comparable to ZiG58 794.86
million recorded in the previous month

Victoria Falls Stock Exchange (VFEX)
The Victoria Falls Stock Exchange (VFEX)
exhibited bullish sentiments. As such, the
VFEX All Share index added 2.97% to close at
106.11 points, compared to 103.04 points
recorded in January 2025.

On an annual basis, the VFEX All Share index
also gained 7.62%, from 98.59 points recorded
in February 2024.


Figure 14: Victoria Falls Stock Exchange
(VFEX) All Share Index (ASI)

Source: Victoria Falls Stock Exchange, 2025

VFEX Market Capitalization
Despite positive trading sentiments on the
VFEX, market capitalization decreased by
6.67% to US$ 1,190.43 million, compared to
US$ 1,275.57 million recorded in the previous
month.

The decline in VFEX market capitalization
reflects the delisting of National Foods
Holdings Limited from the USD-denominated
exchange market, which significantly reduced
the number of tradable outstanding shares on
the VFEX.

Figure 15: Victoria Falls Stock Exchange
(VFEX) Market Capitalization (US$ Billion)

Source: Victoria Falls Stock Exchange (VFEX), 2025

Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
VALUE TRADED ZIG MILLIONS
VOLUME TRADED (MILIONS)
Volume
Value

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

US$ BILLIONS

NATIONAL PAYMENTS SYSTEM
The total digital payment systems transaction
values for February 2025 decreased by 9% to
ZiG162.46 billion from ZiG178.79 billion.
Volumes also decreased by 6% to 53.57 million
from 56.83 million recorded in January 2025 as
shown in Figure 16.

Figure 16: Payment Systems Monthly
Transactional Values and Volumes from
March 2024 - February 2025

Source: Reserve Bank of Zimbabwe, 2025

Zimbabwe Electronic Transfer Settlement
System (ZETSS)

The value of transactions processed through the
RTGS system in February 2025 decreased by
12% to ZiG92.21 billion from ZiG105.34
billion reported in January 2025 whilst volumes
decreased by 3% to 0.82 million from 0.84
million during the same period.


Figure 17: RTGS System Trend for Values
and Volumes from February 2024 -
February 2025

Source: Reserve Bank of Zimbabwe, 2025

Mobile and Internet Based Transactions
Mobile
and
internet-based
transactions
decreased by 2.2% from ZiG59.34 billion in
January 2025, to ZiG58.04 billion in February
2025.

Cash Transactions
Cash based transactions deceased by 13.31% to
ZiG13.89 billion in February 2025, from
ZiG16.02 billion obtained in January 2025.

Card Based Transactions
Card based transactions decreased by 13.47%
from ZiG14.11 billion in January 2025 to
ZiG12.21 billion recorded in February 2025.
INFLATION OUTTURN
During the month of February 2025, both the
ZiG inflation and the US$ inflation fell below
1%.

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


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

Monthly Inflation
The ZIG monthly inflation rate slowed from
10.5% recorded in January 2025, to 0.5% in
February 2025.

Figure 18 shows developments in monthly ZiG
inflation from May 2024 to February 2025.

Figure 18: ZiG Month-on-Month Inflation
(%)

Source: ZIMSTAT, 2025

The US$ month-on-month inflation rate
decreased from 11.5% in January 2025 to 0.2%
in February 2025.

The decline in monthly inflation is consistent
with the prevailing stability in the monetary and
financial conditions, brought about by the tight
monetary policy measures instituted by the
Reserve Bank of Zimbabwe.

US$ Annual Inflation Developments
Annual US$ inflation rate surged from 14.6%
recorded in January 2025 to 15.1% in February
2025.


Figure
19:
US$
Annual
Inflation
Developments (%)

Source: ZIMSTAT, 2025


APRIL 2025
RESERVE BANK OF ZIMBABWE
-5

May-24
Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
-6
-4
-2

Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25

Statistical Tables
Monetary Statistics
1. Depository Corporations Survey

2. Central Bank Survey

3. Other Depository Corporations Survey

Other Depository Corporations

4.1 Assets

4.2 Liabilities

Commercial Banks
5.1 Assets

5.2 Liabilities

Building Societies
6.1 Assets

6.2 Liabilities

Sectoral Analysis of Bank Loans and Advances and Deposits

7.1 Sectoral Analysis of Commercial Banks Loans and Advances

7.2 Sectoral Analysis of Commercial Banks Deposits

Interest Rates

8.1 Lending Rates

8.2 Banks Deposit Rates

Inflation

9.1 Monthly Inflation

9.2 Yearly Inflation

External Statistics
10. Exchange Rates

Zimbabwe Stock Exchange
11. Zimbabwe Stock Market Statistics

National Payments System Statistics


12.1 Values of Transactions

12.2 Volumes of Transactions

Trade Statistics


13. Merchandise Trade Statistics

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

Central Bank(net)

Foreign Assets

Foreign Liabilities

Other Depository Corporations(net)

Foreign Assets

Foreign Liabilities

Net Domestic Assets (NDA)

Domestic Claims

Claims on Central Government(net)

Claims on Central Government

Central Bank*

ODCs

Less Liabilities to Central Government

Central Bank

ODCs

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Central Bank

ODCs

Other Items(Net)

Shares and Other Equity

Liabilities to Other Financial Corporations

Restricted Deposits

Deposits and Securities Excluded from Base Money

Other Items(net)

Broad Money-M3

Securities Other than Shares Included in Broad Money

Broad Money-M2

Other Deposits (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:
*From April 2024, amounts include Unrealised Exchange Losses pertaining to IMF SDR Drawdowns which have been reclassified from Other Assets (OIN).
(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
TABLE 1: DEPOSITORY CORPORATIONS SURVEY
($ 'Million)

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

Claims on Non Residents

Official Reserves Assets

Other Foreign Assets

Less Liabilities to Non Residents

Short Term Liabilities

Other Foreign Liabilities*

of which blocked funds

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Of which: Securities Other than Shares

Loans

Loans and Advances**

Amounts Due from Gvt including SDR Drawdowns

of which USD Securities revaluations (Exchange rate
movements)

Export Incentives

Less Liabilities to Central Government

Of which: Deposits

of which Foreign Currency

Local Currency Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on Other Depository Corporations

Of which: Loans

Other Liabilities to ODCs

Of which: Aftrades Balances

Securities

Other Items(Net)

Shares and Other Equity

Other Items(Net)

Liabilities to Other Resident Sectors

Deposits and Securities Excluded from Base Money

Monetary Base

ZWL Coins

ZWL Notes

ZiG 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
NB: * Other Foreign Liabilities include blocked funds amounting to USD2.2 billion assumed by the Central Bank on behalf of Government.
**From April 2024, amounts include Unrealised Exchange Losses pertaining to IMF SDR Drawdowns which have been reclassified from Other Assets (OIN).
TABLE 2: CENTRAL BANK SURVEY ($'Million)

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

Claims on Non Residents

Of Which: Foreign Currency

Deposits

Other

Less Liabilities to Non Residents

Of Which: Deposits

Loans

Other

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Securities

Loans

Other
-

-

-

-

-

-

-

-

-

-

-

-

-

Less Liabilities to Central Government

Of which: Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on the Central Bank

Currency

Reserves

Securities

Other Claims

Liabilities to the Central Bank

Other Items(Net)

Shares and Other Equity

Liabilities to other ressident sectors

Other Items(Net)

Deposits and Securities Included in Broad Money

Deposits Included in Broad Money
40,568,677.13

59,114,397.68

38,621.44

40,645.11

42,530.97

45,632.72

46,313.21

74,560.41

86,923.95

82,773.03

87,203.06

86,744.35

85,441.44

Transferable Deposits
37,763,111.42

54,658,584.42

35,915.96

37,368.65

38,710.52

41,742.43

42,434.91

68,694.00

79,031.45

75,045.62

79,013.92

77,884.51

76,370.33

of which FCAs
32,954,377.68

47,588,241.67

29,421.56

29,788.82

30,114.64

31,415.69

31,648.53

58,109.73

68,608.64

64,281.47

67,075.96

66,339.66

64,290.59

Other Deposits (Time Deposits)

of which FCAs

Money Market Instruments
9,458.36

6,990.86

2.80

4.37

3.99

19.18

26.61

23.83

42.73

-

-

-

-

Source:Reserve Bank of Zimbabwe,2025
1. Figures recorded before April 2024 are in ZWL$
2. Figures recorded from April 2024 to date are in ZWG
TABLE 3 : OTHER DEPOSITORY
CORPORATIONS SURVEY ( $ 'Million)

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

Jan
2,891.2

53,378.3

116,654.8

13,232.3

69,668.2


Feb
2,577.7

62,064.5

122,479.8

17,480.5

76,802.2


Mar
2,111.5

76,544.2

142,962.5

19,239.6

87,884.5


Apr
2,624.9

74,716.9

160,466.5

28,352.1

123,190.3


May
3,155.9

142,118.9

236,166.0

35,928.9

207,812.8


Jun
2,801.2

138,347.1

266,691.8

45,952.0

241,920.1


Jul
2,427.6

159,024.6

315,832.5

39,388.2

230,432.5


Aug
2,640.6

263,637.4

411,439.9

69,203.5

311,107.0


Sep
3,030.7

289,230.8

504,071.1

75,446.7

417,007.1


Oct
3,022.6

300,240.3

525,870.3

104,483.2

389,979.7


Nov
3,251.4

286,365.2

575,885.7

111,716.1

342,790.1


Dec
3,361.7

295,435.1

652,284.4

119,932.8

351,906.8


Jan
4,923.3

379,841.7

704,168.6

151,980.1

389,342.8


Feb
1,880.1

436,062.8

743,888.5

81,067.5

518,081.0


Mar
2,031.6

425,326.5

817,631.1

112,374.3

531,935.4


Apr
1,844.7

462,081.4

972,122.7

161,740.7

620,095.0


May
1,107.2

1,048,116.4

2,049,066.1

309,234.1

1,554,969.0


Jun
1,984.5

2,249,201.6

4,424,350.0

471,360.3

3,050,984.1


Jul
1,489.0

1,584,403.3

4,137,377.2

380,493.0

3,132,849.9


Aug
2,292.1

1,505,916.2

4,651,358.8

448,025.8

3,179,274.3


Sep
2,465.6

2,015,621.6

5,263,338.5

560,033.8

3,210,332.7


Oct
2,425.4

2,312,575.1

5,910,277.9

751,077.6

2,663,186.5


Nov
2,705.3

2,558,589.3

6,324,144.1

730,377.0

2,788,783.6


Dec
3,398.4

2,868,505.6

5,973,706.9

918,524.5

2,631,445.7


Jan
2,947.9

5,196,670.6

9,096,074.6

1,414,527.9

3,957,664.6


Feb
3,143.6

7,309,077.0

12,595,037.9

2,395,225.7

5,340,576.7


Mar
2,831.0

9,785,505.6

16,734,744.0

3,185,636.7

7,548,560.1


Apr
7.5

4,794.8

11,004.0

2,108.7

5,798.1


May
15.0

4,337.6

12,420.7

2,281.4

6,437.2


Jun
9.2

4,753.1

12,746.0

2,349.5

6,493.3


Jul
7.5

5,739.9

11,453.3

1,987.0

6,135.6


Aug
6.4

6,444.9

13,516.2

2,310.5

4,922.1


Sep
7.9

10,895.9

22,399.7

3,870.6

8,728.6


Oct
56.7

13,662.1

30,414.7

5,068.5

8,024.4


Nov
72.6

11,233.7

29,835.6

4,498.6

6,365.0


Dec
82.6

10,274.6

32,110.0

5,538.7

8,540.2


Jan
86.3

12,729.4

32,300.6

5,224.8

6,088.6


Feb
92.8

11,621.9

31,847.5

4,434.0

8,274.5


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.
4.Figures recorded before April 2024 are in ZWL$
5.Figures recorded from April 2024 to date are in ZWG
Public
Enterprises
TABLE 4.1: OTHER DEPOSITORY CORPORATIONS -ASSETS
Millions
Debt Securities
Loans and Advances

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Source:Reserve Bank of Zimbabwe, 2025
1.Figures recorded before April 2024 are in ZWL$
2.Figures recorded from April 2024 to date are in ZWG
TABLE 4.2 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES
Deposits
Amounts Owing to
(Millions)

TOTAL
End of
Foreign
Bond
Notes
Balances
Balances with
Balances
Other Claims
Local
Public
Other
Contigent
Non Financial
Notes &
&
with
Other Depository
with
on
Government

Local Governemt
Public Enterprises
Other

Government
Government
Enterprises
Institutional Units

Other claims
Assets
Other Assets
Assets
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
69.16

11,456.41

29,733.87

3,619.46

5,360.40

371.37

10,307.60

-

0.00

8.47

56.00

10.04

602.54

47,707.68

1,083.88

6,541.21

10,321.33

12,929.18

140,178.6

Feb
74.54

10,379.65

28,980.85

2,887.47

7,444.59

537.09

9,957.34

-

-

8.33

56.51

18.89

773.23

47,741.48

1,091.66

6,813.47

9,654.17

12,804.87

139,224.1

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,
TABLE 5.1: COMMERCIAL BANKS -ASSETS
Millions
Debt Securities
Loans and Advances

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Source:Reserve Bank of Zimbabwe, 2025
1. Figures recorded before April 2024 are in ZWL$
2. Figures recorded from April 2024 to date are in ZWG
TABLE 5.2 : COMMERCIAL BANKS - LIABILITIES
Deposits
Amounts Owing to

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

Jan
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
16.4

936.1
2,314.6

1595.3
637.3

-

1,060.8

0.0
352.9

0.0

1,532.1

35.6

5,695.2

3701.1
2,505.2

20,382.5

Feb
17.2

977.3
2,481.1

1537.6
695.1

-

856.4

0.0
292.4

-

1,628.3

35.8

5,937.3

2478.3
2,513.8

19,450.5

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,
4.Figures recorded before April 2024 are in ZWL$
5.Figures recorded from April 2024 to date are in ZWG
TABLE 6.1: BUILDING SOCIETIES -ASSETS
Millions
Debt Securities
Loans and Advances

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Source:Reserve Bank of Zimbabwe, 2025
1. Figures recorded before April 2024 are in ZWL
2. Figures recorded from April 2024 to date are in ZWG
Amounts Owing to
TABLE 6.2: BUILDING SOCIETIES -LIABILITIES
Millions

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


INVESTMENTS
ORGANISATIONS

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

*Sept

*Oct

*Nov

*Dec


*Jan

*Feb

Source:Reserve Bank of Zimbabwe,2025
/1 Including the only merchant bank still in operation.
*Statistics are denominated in ZiG (000)
1. Figures recorded before April 2024 are in ZWL
TABLE 7.1 : SECTORAL ANALYSIS OF COMMERCIAL BANKS LOANS AND ADVANCES
('000)

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

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

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

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

Source: Reserve Bank of Zimbabwe, 2025
* Deposit rates depict the range of rates qouted by banks.
* ZiG deposit rates
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

Source: Zimstat, 2025
*Statistics are in ZiG
ALCOHOLIC
BEVERAGES &
TOBACCO
FURNITURE AND
EQUIPMENT
HEALTH
TRANSPORT
COMMUNICATION
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
TABLE 9.1 : MONTHLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX

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

Source: Zimstat, 2024
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
FOOD & NON
ALCOHOLIC
CEVERAGES
ALL ITEMS

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

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 OF
USA DOLLAR
SOUTH ARFICAN
RAND
BOTSWANA PULA
JAPANESE YEN
EURO
POUND
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

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

Jan-22

Feb-22

Mar-22

Apr-22

May-22

Jun-22

Jul-22

Aug-22

Sep-22

Oct-22

Nov-22

Dec-22

Jan-23

Feb-23

Mar-23

Apr-23

May-23

Jun-23

Jul-23

Aug-23

Sep-23

Oct-23

Nov-23

Dec-23

Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Feb-25

Source: Reserve Bank of Zimbabwe, 2025
1.Figures recorded before April 2024 are in ZWL$
2.Figures recorded from April 2024 to date are in ZWG
TABLE 12.1: ZETSS AND RETAIL PAYMENTS
RTGS
ATM
POS
Mobile
Internet
End Of
Value of Transactions (Miliions)

Jan-22

Feb-22

Mar-22

Apr-22

May-22

Jun-22

Jul-22

Aug-22

Sep-22

Oct-22

Nov-22

Dec-22

Jan-23

Feb-23

Mar-23

Apr-23

May-23

Jun-23

Jul-23

Aug-23

Sep-23

Oct-23

Nov-23

Dec-23

Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Feb-25

Source: Reserve Bank of Zimbabwe, 2025
TABLE 12.2 ZETTSS AND RETAIL PAYMENTS
Volume of Transactions ('000's)
Internet
Mobile
POS
ATM
MONTH
RTGS

Month-Year
EXPORTS
IMPORTS
TOTAL TRADE
TRADE BALANCE
Jan-23

Feb-23

Mar-23

Apr-23

May-23

Jun-23

Jul-23

Aug-23

Sep-23

Oct-23

Nov-23

Dec-23

Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Feb-25

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