i


March 2025

i
TABLE OF CONTENTS


OVERVIEW
The month-on-month inflation rates for both
the ZWG and USD continued to trend
downwards in March 2025, reflecting the
effectiveness of the tight monetary policy
stance in fostering macroeconomic stability.
Broad money (M3) stock increased by 6.88%
to ZiG91,530.27 million in March 2025, from
ZiG85,635.15 million in February 2025.
On the capital markets, both the Zimbabwe
Stock Exchange (ZSE) and Victoria Falls Stock
Exchange
(VFEX)
exhibited
bullish
sentiments. Consequently, the ZSE All Share
Index and VFEX All Share Index added 0.58%
and 3.97% to close at 205.25 points and 110.32
points, respectively.

The aggregate value of transactions processed
through the National Payment Systems (NPS)
increased by 18% to ZiG191.25 billion in
March 2025 from ZiG162.46 billion. Likewise,
volumes increased by 19% to 63.88 million,
from 53.57 million recorded in February 2025.
In the international commodity markets,
average prices for gold, platinum, copper, and
nickel increased, while palladium, brent crude
oil and lithium prices decreased. Commodity
prices were mainly influenced by a weaker US
dollar, trade policy uncertainty and persistent
geopolitical tensions.
Total merchandise exports rose by 13.5% in
March 2025 to US$581.9 million, from
US$512.6 million in February. Similarly, the
country’s import bill increased to US$809.9
million, from US$730.4 million recorded in
February
2025.
The
merchandise
trade
developments resulted in March 2025 resulted
in a trade deficit of US$228 million.
INTERNATIONAL COMMODITY
PRICE DEVELOPMENTS
The international average prices for gold,
platinum, copper, and nickel strengthened in
March 2025, while palladium, brent crude oil
and lithium prices retreated. The commodity
price developments during the month under
review are as shown in Table 1.

Table 1: International Commodity Prices
for February 2025 and March 2025
Commodity

Feb-25
Mar-25
Monthly
changes
(%)
Gold
US$/oz
2,896.38
2,983.42
3.01
Platinum
US$/oz
975.53
980.45
0.50
Palladium
US$/oz
975.08
957.58
-1.79
Copper
US$/t
9,406.75
9,764.52
3.80
Nickel
US$/t
15,497.65
16,259.24
4.91
Brent Crude
oil
US$/bbl.
74.57
71.02

-4.76
Lithium
US$/t
10,350.00
9,534.47
-7.88
Source: Bloomberg, 2025

Gold
Gold prices registered a 3.01% increase from
an average of US$2,896.38 per ounce in
February 2025, to a monthly average of
US$2,983.42 per ounce in March 2025. The
combination
of
heightened
geopolitical
tensions, U.S. policy adjustments, surging
inflation, and declining interest rates boosted
investor demand for the metal as a safe haven
asset, during the period under review.

Platinum
Platinum prices slightly increased by 0.50%, to
an average of US$980.45 per ounce in the
reporting month, driven by a weaker U.S. dollar
and rising demand for the metal in various
industrial applications.
Palladium

Palladium prices declined by 1.79% to
US$957.58 per ounce in March 2025, from
US$975.08 in February, despite tightening
supply and increasing demand. The price
retreat was largely attributed to profit-taking by
investors and concerns over slowing industrial
activity in key consuming markets. Figure 1
shows the trends of precious metal prices for
the period from March 2022 to March 2025.

Figure 1: Monthly Precious Metal Prices (in
US$ per Ounce): March 2022 – March 2025

Source: Bloomberg, 2025

Brent Crude Oil
Brent crude oil prices continued on a negative
trajectory, falling by 4.76% from US$74.57 per
barrel in the previous month to US$71.02 per
barrel, during the month under review. Prices
were weighed down by weak economic data
from China and uncertainties surrounding U.S.
tariffs, both of which dampened the demand
outlook for the commodity. Additionally,
OPEC+'s plans to increase production in April
2025 and higher output from Kazakhstan
exacerbated fears of oversupply in the market,
adding to the downward pressures on oil prices.
Figure 2 shows developments in oil prices for
the period from March 2022 to March 2025.


Figure
2:
Brent
Crude
Oil
Prices
(US$/Barrel) Mach 2022 – March 2025

Source: Bloomberg, 2025

Copper
Copper prices increased by 3.80%, from
US$9,406.75 per tonne in the previous month
to US$9,764.52 per tonne in the month under
analysis. The increase in copper prices was
fueled by a combination of supply constraints,
rising demand and uncertainty surrounding the
United States trade policy.

Nickel
During the reporting month, nickel prices
firmed by 4.91% to US$16,259.24 per tonne,
from US$15,497.65 per tonne reported in the
previous month. The increase was on account
of delayed U.S tariffs on vehicles from Canada
and
Mexico,
and
supply
constraints
stemming from
new
Indonesian
mining
policies that are deemed to be unfavourable.
Figure 3 shows base metals price developments
for the period from March 2022 to March 2025.


Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Jun-24
Sep-24
Dec-24
Mar-25
US$/ounce
US$/ounce
Gold
Palladium
Platinum (RHS)

Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
Sep-24
Nov-24
Jan-25
Mar-25
US$/BARREL

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

Source: Bloomberg 2025

Lithium
Lithium prices continued on a downward trend
in March 2025, falling by 7.88% to close at
US$9,534.47 per tonne. The decline was
attributed to increasing supply driven by robust
production in Chile, and the launch of new
lithium projects in Mali and Argentina. Price
developments for lithium for the period March
2023 to March 2025 are shown in Figure 4.


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

Source: London Metal Exchange, 2025

Merchandise Trade Developments
Total merchandise trade rose by 12.0%, from
US$1.24 billion in the previous month to
US$1.39 billion in March 2025. The growth
was attributed to increases in both exports and
imports during the month under review. On a
year-on-year basis, total merchandise trade
surged by 10.9%, from US$1.26 billion
recorded in the corresponding month in 2024.

Merchandise Exports
The country’s merchandise exports increased
by 13.5% to US$581.9 million in March 2025,
from the previous month’s outturn of US$512.6
million. The increase was largely due to the
growth in export earnings from gold, tobacco
and the Platinum Group of Metals (PGMs).
Similarly, on an annual basis, exports were
8.8% higher compared to US$534.7 million
recorded in March 2024.

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

Mar-22
Jul-22
Nov-22
Mar-23
Jul-23
Nov-23
Mar-24
Jul-24
Nov-24
Mar-25
US$/tonne
US$/tonne
Copper
Nickel (RHS)


Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
Sep-24
Nov-24
Jan-25
Mar-25
US$/tonne

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 42.4%, followed by PGMs, (16.0%),
tobacco (17.1%), and other mineral exports
(6.7%). Table 2 shows developments in the
country’s exports for the months of February
and March 2025.


Table 2: Major Exports (US$ millions)

Feb-25
(US$m)
Mar-25
(US$m)
FebMar

Changes
(%)
Share of
Exports
(%)
Total

Of Which:


Gold

PGMs

Tobacco
(Including
cigarettes)

Other mineral
substances

Ferro
Chromium

Coal

Chromium Ores
and
concentrates

Other ores and
concentrates

Industrial
diamonds

Other cane
sugar
0.0
0.3
6,391.

0.1
Others

Source: ZIMSTAT & RBZ Calculations, 2025

Export Markets
In March 2025, the country’s exports
were mainly destined for United Arab Emirates
(40.7%), South Africa (24.4%), and China at
20.8%. The remaining exports were spread
across various other international markets.

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


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

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

Source: ZIMSTAT & RBZ Calculations, 2025

Merchandise Imports
Merchandise imports amounted to US$809.9
million in March 2025, reflecting a 10.9%
increase from US$730.4 million recorded in the
previous month. On a year-on-year basis,
imports rose by 12.4%. The developments in
merchandise imports for the period January
2024 to March 2025 are illustrated in Figure 7.

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

Imports by Commodity
In March 2025, the country’s import basket
predominantly comprised of industrial supplies
(36.9%), followed by fuels and lubricants
(19.1%), and capital goods (15.9%), as shown
in Table 3.
Table 3: Major Imports (US$ millions)

Feb-25
(US$m)
Mar-25

(US$m)
FebMar 25
Changes
(%)
Share
of Total
Imports
(%)
Mar-25
Total

Of Which:


Industrial
Supplies

Fuels and
Lubricants

Capital
goods

Food and
Beverages

Transport
Equipment
and parts

Consumer
Goods

Others

Source: ZIMSTAT & RBZ Calculations, 2025

During the month under review, most of the
country’s imports originated from South Africa
(38.2%), China (15.2%), Bahamas (11.5%),
and Mozambique (4.9%), with the rest sourced
from range of other markets, as shown in Figure
8.


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


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

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

Source: ZIMSTAT & RBZ Calculations, 2025

Merchandise Trade Balance
The country’s trade deficit widened to
US$228.0 million in March 2025, compared to
US$217.9 million recorded in the previous
month. On a year-on-year basis, the deficit
increased from US$185.9 million in March
2024 to US$228.0 million in the reporting
month. Figure 9 shows the country’s trade
balance for the period January 2025 to March
2025.


1 All monetary numbers are valued in ZiG since the
introduction of the new currency in April 2024.
Figure 9: Merchandise Trade Balance (US$
millions)

Source: ZIMSTAT & RBZ Computations, 2025
MONETARY DEVELOPMENTS1
Broad
money
(M3)
stock
stood
at
ZiG91,530.27 million in March 2025, an
increase of 6.88% from ZiG85,635.15 million
in February 2025.

The increase in broad money largely reflected
a month-on-month increase of 6.28% in foreign
currency deposits, from ZiG70,971.06 million
recorded in February 2025 to ZiG75,428.65
million in March 2025. The local currency
component of broad money recorded a monthon-month
growth
of
9.81%,
from
ZiG14,664.08 million to ZiG16,102.23 million.

The money stock comprised of 82.41% in
foreign currency deposits, 17.48% local
currency deposits, and 0.12% local currency in
circulation.


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

Jan-25
Feb-25
Mar-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 analysis, credit to the
private sector increased by 3.63%, from
ZiG57,193.72 million in February 2025 to
ZiG59,270.42 million. Net claims on the
Government
increased
by
5.30%,
from
ZiG53,954.32 million recorded in the previous
month, to ZiG56,814.23 million.

Outstanding credit to the private sector was
mainly channelled to households, agriculture,
manufacturing, and services, which received
28.44%, 17.15%, 13.47%, and 10.84% of the
total credit, respectively. The mining sector
received 9.01% 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 utilised for
recurrent expenditures, 39.70%; inventory
build-up,
22.79%;
and
fixed
capital
investments, 13.35%.

STOCK MARKET DEVELOPMENTS
Zimbabwe Stock Exchange (ZSE)
The
Zimbabwe
Stock
Exchange
(ZSE)
exhibited bullish sentiments in March 2025. As
a result, the All Share and Medium Cap indices
added 0.58% and 11.23% to close at 205.25
points and 250.55 points, respectively.

The resource index, however, declined by
6.78% to close at 180.43 points.


NCDs,
0.00%
Local Currency
Time Deposits,
2.56%
FX Time
Deposits, 6.74%
Local Currency
Transferable ,
14.92%
FX Transferable
Deposits, 75.67%
Currency in
Circulation,
0.12%
Households
28.44%
Agriculture
17.15%
Mining
9.01%
Manufacturing
13.47%
Distribution
10.38%
Transport and
Communication
2.36%
Services
10.84%
Financial
Organisations and
Investments
5.79%
Construction
2.56%
Other
0.00%

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

Source: Zimbabwe Stock Exchange, 2025

During the review period, the cumulative
volume and value of shares traded on the ZSE
decreased by 52.90% and 54.57% to close at
92.89 million shares and ZiG229.92 million,
respectively.

The proportion of foreign purchases to the
value of shares traded decreased from 25.53%
in the previous month to 4.33% in March 2025,
to close at 197.20 million shares.

The net foreign position, however, improved
from -ZiG11.00 million to -ZiG2.42 million,
during the month under review.


Figure 13: ZSE Monthly Volume and Value
Traded

Source: Zimbabwe Stock Exchange, 2025

Positive investor sentiment on the ZSE during
the review period led to a 1.38% increase in
market
capitalization,
which
rose
by
ZiG855.80 million to close at ZiG62,916.75
million. This is comparable to ZiG62,060.95
million recorded in the previous month.

Victoria Falls Stock Exchange (VFEX)
The Victoria Falls Stock Exchange (VFEX)
was characterised by positive trading. As such,
the VFEX All Share index gained 3.97% to
close at 110.32 points, compared to 106.11
points recorded in February 2025.

On an annual basis, the VFEX All Share index
added 9.16%, from 101.06 points recorded in
March 2024.

Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
ALL SHARE AND TOP 10 INDICES
ZSE ALL SHARE INDEX
Top 10 Index
Mining Index (Points)

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

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

Source: Victoria Falls Stock Exchange, 2025

VFEX Market Capitalization
Reflecting the bullish sentiments exhibited on
the VFEX, market capitalisation increased by
8.12% to US$1,287.08 million, compared to
US$1,190.43 million recorded in the previous
month.

The surge in VFEX market capitalisation was
reflective of the share allotment of about 263
million shares in Padenga Holdings Limited,
which resulted in an increase in the number of
outstanding issued shares of the firm in March
2025.

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

Source: Victoria Falls Stock Exchange (VFEX), 2025
NATIONAL PAYMENTS SYSTEM
The total digital payment systems transaction
values for March 2025 increased by 18% to
ZiG191.25 billion from ZiG162.46 billion.
Volumes also increased by 19% to 63.88
million, from 53.57 million recorded in
February 2025 as shown in Figure 16.

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

Source: Reserve Bank of Zimbabwe, 2025

Zimbabwe Electronic Transfer Settlement
System (ZETSS)

The value of transactions processed through the
Real Time Gross Settlement (RTGS) system in
March 2025 increased by 22% to ZiG112.65
billion from ZiG92.21 billion reported in
February 2025. RTGS transaction volumes
increased by 13% to 0.92 million, from 0.82
million during the same period.

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
Mar-25

Mar-24
May-24
Jul-24
Sep-24
Nov-24
Jan-25
Mar-25
US$ BILLIONS

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

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

Source: Reserve Bank of Zimbabwe, 2025

Mobile and Internet Based Transactions
Mobile
and
internet-based
transactions
increased by 11.10%, from ZiG58.04 billion in
February 2025, to ZiG64.48 billion in March
2025.

Cash Transactions
Cash based transactions increased by 3.52% to
ZiG14.38 billion in March 2025, from
ZiG13.89 billion in February 2025.

Card Based Transactions
Card based transactions increased by 14.60%,
from ZiG12.33 billion in February 2025 to
ZiG14.13 billion recorded in March 2025.

INFLATION OUTTURN
Monthly Inflation
Month on month ZiG inflation decelerated
from 0.5% recorded in February 2025 to -0.1%
in March 2025.

Figure 18 shows developments in monthly ZiG
inflation from June 2024 to March 2025.

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

Source: ZIMSTAT, 2025

The US$ month-on-month inflation rate also
retreated from 0.2% in February 2025 to 0.1%
in March 2025, partially attributed to subdued
aggregate demand.

Th decrease in both the ZiG and US$ inflation
during the month under review, largely
reflected the effectiveness of the current tight
monetary policy stance in fostering a stable
macroeconomic environment.

Resultantly, the weighted month on month
inflation rate decreased from 0.3% in February
2025 to 0.0% in March 2025.

US$ Annual Inflation Developments
Annual US$ inflation rate marginally eased
from 15.1% in February 2025 to 15.0% in
March 2025.


Apr-24
May-24
Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Volumes in Millions
Values in $ Billions
Values
Volume
-5

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

Figure
19:
US$
Annual
Inflation
Developments (%)

Source: ZIMSTAT, 2025


MAY 2025
RESERVE BANK OF ZIMBABWE
-6
-4
-2

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
Mar-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

TABLE 1: DEPOSITORY CORPORATIONS SURVEY (ZWG '000)
Mar-24
*Apr-24
*May-24
*Jun-24
*Jul-24
*Aug-24
*Sep-24
*Oct-24
*Nov-24
*Dec-24
*Jan-25
*Feb-25
*Mar-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:
(i) Depository corporations survey - formerly Monetary Survey.
(ii) Broad money redefined using IMF's Monetary and Financial Statistics Manual of 2000. Major changes include exclusion of Government deposits held by banks from broad money.
(iii) Transferable deposits made up of demand and savings deposits.
(iv) NCDs are also referred to as securities included in broad money.
(v) All classes of time deposits, short and long term are classified as time deposits, which are also termed other deposits.
(vi) Credit to the private sector now excludes claims on other financial corporations, as well as claims on state and local government (local authorities)
(vii) Depository corporations made up of the Central Bank and other depository corporations
(viii) Other depository corporations (ODCs) - Commercial banks, merchant banks, building societies and POSB.
(ix) In December 2017, the statistics were adjusted in restrospect by reclassifying Securities issued under Aftrades from claims on government to claims on central bank
(x) In December 2017, the statistics were adjusted in restrospect by reclassifying amounts accessed by banks under the Aftrades from liabilities to Other Depository corporations and Other Financial Corporations to liabilities to Central Bank
(xi) In December 2018, statistics were revised from November 2017 due to reclassification of lines of credit (foreign liabilities) that were initially classified as deposits included in broad money
(xii) All monetary and financial statistics are valued in ZWL$ since the introduction of the interbank foreign exchange market in February 2019
*Statistics are denominated in ZiG

Mar-24
*Apr-24
*May-24
*Jun-24
*Jul-24
*Aug-24
*Sep-24
*Oct-24
*Nov-24
*Dec-24
*Jan-25
*Feb-25
*Mar-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 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)
Mar-24
*Apr-24
*May-24
*Jun-24
*Jul-24
*Aug-24
*Sep-24
*Oct-24
*Nov-24
*Dec-24
*Jan-25
*Feb-25
*Mar-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
59,114,397,682.94

38,621,441.08

40,645,105.30

42,530,970.04

45,632,719.17

46,313,212.53

74,560,409.93

86,923,945.26

82,773,025.11

87,203,064.28

86,744,347.32

85,441,441.90

90,881,368.97

Transferable Deposits
54,658,584,424.60

35,915,961.93

37,368,646.98

38,710,519.24

41,742,426.77

42,434,906.62

68,693,995.54

79,031,446.06

75,045,621.35

79,013,920.71

77,884,509.57

76,370,328.06

82,370,981.47

of which FCAs
47,588,241,673.51

29,421,560.87

29,788,818.17

30,114,642.50

31,415,685.01

31,648,530.18

58,109,730.00

68,608,644.80

64,281,472.90

67,075,955.67

66,339,658.20

64,290,589.64

68,788,012.75

Other Deposits (Time Deposits)

of which FCAs

Money Market Instruments
6,990,856.69

2,795.45

4,372.61

3,991.57

19,182.77

26,605.39

23,833.50

42,725.53

-

-

-

-

-

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

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


Mar
98.3

9,274.8

33,387.0

3,734.6

12,264.7


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
TABLE 4.1: OTHER DEPOSITORY CORPORATIONS -ASSETS
ZWG millions
Debt Securities
Loans and Advances
Government1
Securities

End of

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

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

End of
Foreign
Bond
Notes
Balances
Balances with
Balances
Other Claims
Local
Public
Other
Contigent
Non Financial
Notes &
&
with
Other Depository
with
on
Government1
Local Governemt
Public Enterprises
Other2
Government
Government
Enterprises
Institutional Units3
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
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

Mar
79.63

7,925.12

30,608.58

2,161.71

11,619.28

786.30

10,693.31

-

-

0.00

65.05

59.30

740.61

49,559.08

1,085.54

7,656.70

8,750.57

13,326.61

145,117.4

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

ZWG 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

Mar

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

Foreign
End of
Notes
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
Other
Other Assets
Assets
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

Mar
17.4

1018.9
2,314.6

1592.7
529.8

-

1,073.9

0.0
284.5

-

2,195.8

78.2

5,596.1

2357.9
2,677.9

19,737.7

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 6.1: BUILDING SOCIETIES -ASSETS
ZWG 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

Mar

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

END OF
AGRICULTURE
CONSTRUCTION
COMMUNICATIONS
DISTRIBUTION
FINANCIAL &
FINANCIAL
MANUFACTURING
MINING
SERVICES
TRANSPORT
INDIVIDUALS
CONGLOMERATES
TOTAL
INVESTMENTS
ORGANISATIONS
1,000.00

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

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

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

Source: Reserve Bank of Zimbabwe, 2025
*Lending rates are for ZiG loans
TABLE 8.1: COMMECIAL 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

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 : COMMECIAL 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

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

Source: Zimstat, 2025
*Statistics are in ZiG
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
FURNITURE AND
EQUIPMENT
HEALTH
TRANSPORT
COMMUNICATION

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

*Mar

Source: Reserve Bank of Zimbabwe, 2025
TABLE 10 : SELECTED INTERNATIONAL EXCHANGE RATES
*The Reserve Bank introduced a new currency ZiG on 5
& 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

*Mar

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
CHEQUE
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

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
CHEQUE
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

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

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