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April 2025

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TABLE OF CONTENTS


OVERVIEW
The month-on-month inflation rates for both
the ZiG and USD accelerated in April 2025,
largely driven by housing, water, electricity,
gas and selected food items.
Broad money (M3) stock increased by 3.81%
in April 2025 from March 2025.
On the capital markets, the Zimbabwe Stock
Exchange (ZSE) reflected bearish sentiments,
while the Victoria Falls Stock Exchange
(VFEX) traded positively in April 2025.

The aggregate value of transactions processed
through the National Payment Systems (NPS)
increased by 5% in April from March 2025,
while volumes decreased by 1% during the
same period.
In the international commodity markets,
average prices for platinum, palladium, copper,
nickel, Brent crude oil, and lithium declined,
while gold prices increased. Commodity prices
were largely weighed down by uncertainty
following the tariff wars initiated by the United
States (US).
The country’s merchandise exports increased
by 13.6% in April 2025 from the previous
month’s figure. Meanwhile, merchandise
imports registered a 4.5% decline from the
previous month. As a result, the country’s trade
deficit narrowed to US$118.7 million, down
from US$235.2 million recorded in the
previous month.
INTERNATIONAL COMMODITY
PRICE DEVELOPMENTS
The international average prices for platinum,
palladium, copper, nickel, Brent crude oil and
lithium declined, while gold prices increased
compared to the previous month. Commodity
prices were largely weighed down by
uncertainty following the tariff wars initiated
by the US. The developments in international
prices for selected commodities during the
month of April 2025 are shown in Table 1.

Table 1: International Commodity Prices
for May 2025 and April 2025
Commodity

Mar-25
Apr-25
Monthly
changes
(%)
Gold
US$/oz
2,983.42
3,206.9
7.49
Platinum
US$/oz
980.45
958.3
(2.26)
Palladium
US$/oz
957.58
941.29
(1.7)
Copper
US$/t
9,764.52
9,198.35
(5.8)
Nickel
US$/t
16,259.24
15,317.15
(5.79)
Brent Crude
oil
US$/bbl.
71.02
65.82
(7.32)
Lithium
US$/t
9,534.47
9,407.89
(1.33)
Source: Bloomberg, 2025

Gold
Gold prices rose by 7.49% to US$3,206.90 per
ounce in April 2025, from US$2,983.42 per
ounce in March 2025. The increase was largely
driven by strong safe-haven demand, amid
elevated policy uncertainty and rising trade
tensions. Continued central bank purchases,
reflecting ongoing reserves accumulation
strategies, further supported gold prices.

Platinum
Platinum prices declined by 2.26%, from an
average of US$980.45 per ounce recorded in
March 2025, to an average of US$958.30 per
ounce in the reporting month. Prices were
weighed down by a slowdown in automotive
production, particularly in Europe and parts of
Asia, coupled with ongoing uncertainty over
U.S. tariff policy.

Palladium
In April 2025, palladium prices declined
despite tightening supply and growing demand.
Prices
retreated
by
1.70%,
closing
at
US$941.29 per ounce, down from US$957.58
per ounce recorded in the previous month.
Palladium prices fell amid concerns about
automotive demand due to tariff exchanges and
the increasing market share of electric vehicles.

Figure 1 shows the trends of precious metal
prices for the period from April 2023 to April
2025.

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

Source: Bloomberg, 2025

Brent Crude Oil
Brent crude oil prices declined further by
7.32% to US$65.82 per barrel in April 2025
from US$71.02 per barrel in the previous
month. The decline was driven by escalating
U.S.-China trade tensions, which heightened
fears of a global recession and weakened
demand.
Additionally,
OPEC+
increased
production, adding further downward pressure
on
prices.
Figure

shows
the
price
developments for Brent crude oil from April
2023 to April 2025.

Figure
2:
Brent
Crude
Oil
Prices
(US$/Barrel) April 2023 – April 2025

Source: Bloomberg, 2025

Copper
Copper prices retreated by 5.80%, from
US$9,764.52 per tonne in March 2025 to
US$9,198.35 per tonne in April 2025, driven by
escalating U.S. tariffs and intensifying global
trade tensions. These factors raised concerns
about a potential economic slowdown and
weaker
demand
for
industrial
metal
commodities.

Nickel
Nickel
prices
decreased
by
5.79%
to
US$15,317.15
per
tonne,
down
from
US$16,259.24 per tonne in the previous month.
The decline was attributed to an oversupply of
refined nickel, driven by high output from
Indonesia. Figure 3 shows base metals price
developments from April 2023 to April 2025.


Apr-23
Jun-23
Aug-23
Oct-23
Dec-23
Feb-24
Apr-24
Jun-24
Aug-24
Oct-24
Dec-24
Feb-25
Apr-25
US$/ounce
US$/ounce
Gold
Palladium (RHS)

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

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

Source: Bloomberg 2025

Lithium
Lithium prices slumped by 1.33%, closing the
month of April 2025 at US$9,407.89 per tonne,
from US$9,534.47 recorded in March 2025.
The drop was mainly due to oversupply in the
market, driven by increased production in
China, benefiting from Chinese government
support in the form of subsidies to battery
manufacturers. Figure 4 illustrates lithium
price trends for the period April 2023 to April
2025.

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

Source: London Metal Exchange, 2025

Merchandise Trade Developments
Total merchandise trade rose by 3% to US$1.44
billion in April 2025, from US$1.40 billion in
the
previous
month.
The
growth
in
merchandise trade was attributed to increases in
exports during the month under review.
Compared to the same month in 2024,
merchandise trade rose by 17.1%.

Merchandise Exports
The country’s merchandise exports increased
by 13.6% to US$662.6 million, from the
previous month’s outturn of US$583.1 million.
The increase was largely underpinned by
growth in export earnings from gold, platinum
group of metals (PGMs) and diamond. On a
year-on-year basis, exports were 29.0% higher
compared to US$513.5 million recorded in
April 2024. Figure 5 shows developments in
the country’s merchandise exports for the
period January 2024 to April 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

Apr-23
Aug-23
Dec-23
Apr-24
Aug-24
Dec-24
Apr-25
US$/tonne
US$/tonne
Copper
Nickel (RHS)


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


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

leading at 45.9%, followed by PGMs (14.8%),
tobacco (12.3%), and industrial diamonds at
5.1%. Table 2 shows developments in the
country’s exports for the months of March and
April 2025, respectively.

Table 2: Major Exports (US$ millions)

Mar-25
(US$m)
Apr-25
(US$m)
MarApr

Changes
(%)
Share of
Exports
(%)
Total

Of Which:


Gold

PGMs

Tobacco
(Including
cigarettes)

Industrial
diamonds

Other mineral
substances

Ferro
chromium

Coal

Other ores and
concentrates

Chromium ores
and
concentrates

Crocodiles

Others

Source: ZIMSTAT & RBZ Calculations, 2025


Export Markets
In April 2025, the country’s exports were
primarily directed to the United Arab Emirates
(49.8%), South Africa (24.0%), and China
(15.9%). 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

Merchandise Imports
Merchandise imports fell by 4.5% to US$781.3
million in April 2025, from US$818.3 million
recorded in the previous month. On a year-onyear basis, imports increased by 8.6%. Figure 7
illustrates the developments in merchandise
imports for the period from January 2024 to
April 2025.

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

Imports by Commodity
In April 2025, the import basket was largely
comprised of industrial supplies (31.1%), fuels
and lubricants (22.3%), and capital goods

United Arab Emirates
South Africa
China
Mozambique
Zambia
Netherlands
Hong Kong
Germany
Kenya


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

Table 3: Major Imports (US$ millions)

Mar-25
(US$m)
Apr-25

(US$m)
MarApr 25
Changes
(%)
Share of
Total
Imports (%)
Apr-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

The country’s imports were mainly sourced
from South Africa (37.1%), China (14.5%),
Bahrain (10.4%), the Bahamas (7.4%), and
Mozambique (3.8%). The remainder of the
imports came from various other markets, as
shown in Figure 8.
Figure 8: Top Ten Merchandise Import
Sources (% Share)

Source: ZIMSTAT & RBZ Calculations, 2025

1 Monetary data was revised from September 2024
following the adoption of new standardized reporting
formats (SRFs) submitted by banks. The notable revision
is on broad money stock (M3), which was revised
Merchandise Trade Balance
During April 2025, the country’s trade deficit
narrowed to US$118.7 million, from US$235.2
million recorded in the previous month.
Relative to April 2024, the trade deficit
narrowed from US$206.1 million to US$118.7
million in the reporting month. Figure 9 shows
the country’s trade balance for the period from
January 2025 to April 2025.

Figure 9: Merchandise Trade Balance (US$
millions)

Source: ZIMSTAT & RBZ Computations, 2025
MONETARY DEVELOPMENTS1
Broad
money
(M3)
stock
stood
at
ZiG87,003.17 million in April 2025, an
increase of 3.81% from ZiG83,811.71 million
recorded in March 2025.

The month-on-month increase in M3 was
driven by growth of ZiG2,529.80 million
(3.67%) in the foreign component and
downwards due to removal of Government foreign
currency deposits held by banks from deposits included
in broad money. Other monetary aggregates also
changed following the re-classification exercise.

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

Jan-25
Feb-25
Mar-25
Apr-25
Exports
Imports
Trade Balance

ZiG661.66 million (4.45%) in the local
currency component, bringing the respective
totals
to
ZiG71,478.06
million
and
ZiG15,525.11 million.

The broad money stock consisted of 82.16%
foreign currency deposits, 17.72% 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 analysis, credit to the
private sector increased by 5.71%, from
ZiG55,269.44 million to ZiG58,425.38 million.
Net claims on the central Government,
however, declined by 7.22%.

Outstanding credit to the private sector was
mainly channelled to households, agriculture,
manufacturing, distribution and mining, which
received 27.99%, 17.09%, 13.56%,10.72% and
9.81% of the total credit, respectively.

Figure 11 below 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, 42.29%; inventory
build-up,
22.29%;
and
fixed
capital
investments, 12.71%.

STOCK MARKET DEVELOPMENTS
Zimbabwe Stock Exchange (ZSE)
During April 2025, the Zimbabwe Stock
Exchange (ZSE) reflected bearish market
sentiments. Consequently, the All Share, Top
10, Top 15, and Medium Cap indices declined
by 6.48%, 6.88%, 6.96%, and 5.27%, closing at
191.95, 185.79, 190.43, and 237.50 points,
respectively.

Similarly, the Resource Index registered a
significant decline of 20.22%, closing at 143.95
points.


NCDs,
1.28%
Local Currency
Time Deposits,
1.41%
FX Time
Deposits, 8.83%
Local Currency
Transferable ,
15.03%
FX Transferable
Deposits, 73.32%
Currency in
Circulation,
0.12%
Households
27.99%
Agriculture
17.09%
Mining
9.82%
Manufacturing
13.56%
Distribution
10.72%
Transport and
Communication
2.36%
Services
10.56%
Financial
Organisations and
Investments
5.35%
Construction
2.54%
Other
0.00%

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

Source: Zimbabwe Stock Exchange, 2025

During the month under review, the cumulative
volume and value of shares traded increased by
62.03% and 16.68% to close at 150.50 million
shares and ZiG268.27 million, respectively.

The proportion of foreign purchases to the
value of shares traded, however, declined to
0.80%, from 4.33% recorded in the previous
month.
Net foreign position also worsened from
negative ZiG2.42 million to negative ZiG13.79
million during the month under analysis.

Figure 13: ZSE Monthly Volume and Value
Traded

Source: Zimbabwe Stock Exchange, 2025
Owing to the bearish sentiments exhibited on
the ZSE during the period under review, the
market lost 1.38%, or ZiG4 505.09 million
worth of capitalization to close at ZiG58 411.66
million. This is comparable to ZiG62 916.75
million recorded in the previous month.

Victoria Falls Stock Exchange (VFEX)
The Victoria Falls Stock Exchange (VFEX)
traded positively in April 2025. As a result, the
VFEX All Share index gained 3.94% to close
at 114.67 points, compared to 110.32 points
recorded in March 2025.

On an annual basis, the VFEX All Share index
gained 13.96%, from 100.62 points recorded in
April 2025.

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

Source: Victoria Falls Stock Exchange, 2025

VFEX Market Capitalization
Reflecting the bullish sentiments on the
Victoria Falls Stock Exchange (VFEX), market
capitalization increased by 3.95%, rising to
US$1,337.88
million,
(US$1.34
billion)
compared to US$1,287.08 million (1.29
billion) recorded in the previous month.

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

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

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
Apr-25

NATIONAL PAYMENTS SYSTEM
The total digital payment systems transaction
values increased by 5% to ZiG200.73 billion in
April 2025, from ZiG191.25 billion in March
2025. Volumes decreased by 1% from 63.88
million to 63.53 million recorded during the
same period, as shown in Figure 15 below.

Figure 15: Payment Systems Monthly
Transactional Values and Volumes from
May 2024 - April 2025

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

The value of transactions processed through the
RTGS system in April 2025 increased by 4% to
ZiG116.95 billion from ZiG112.65 billion
reported in March 2025, whilst volumes
decreased by 5% from 0.92 million to 0.87
million during the same period.


Figure 16: RTGS System Trend for Values
and Volumes from May 2024 - April 2025

Source: Reserve Bank of Zimbabwe, 2025

Mobile and Internet-Based Transactions
Mobile
and
internet-based
transactions
increased by 7.77%, from ZiG64.48 billion in
March 2025 to ZiG69.49 billion in April 2025.

Cash Transactions
Cash-based transactions decreased by 0.9% to
ZiG14.25 billion in April 2025, from ZiG14.38
billion in March 2025.

Card-Based Transactions
Card-based transactions marginally increased
by 1.49%, from ZiG14.13 billion in March
2025 to ZiG14.34 billion recorded in April
2025.

INFLATION OUTTURN
Monthly Inflation
The ZiG monthly inflation rate accelerated
from -0.1% recorded in March 2025 to 0.6% in
April 2025. Figure 17 shows developments in
monthly ZiG inflation from June 2024 to April
2025.

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


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

Figure 17: ZiG Month-on-Month Inflation
(%)

Source: ZIMSTAT, 2025

Non-food inflation rose from 0.2% in March
2025 to 1.1% in April 2025 and contributed 0.7
percentage points to the monthly inflation rate.
Non-food inflation was largely driven by
housing, water, electricity, gas and other fuels,
particularly rentals in low, medium and highdensity areas, which slightly rose in April 2025.
Food inflation also slightly increased by 0.2
percentage points, from -0.5% in March 2025
to -0.2% in April 2025. The food component
contributed -0.1 percentage points to the April
2025 inflation rate.

The USD month-on-month inflation rate also
marginally increased from 0.1% in March 2025
to 0.2% in April 2025, on account of housing,
water, electricity, gas and other fuels. Food
inflation, however, slowed down to 0.0% in
April 2025 from 0.2% in March 2025, while
non-food inflation accelerated to 0.3% in April
2025 from 0.1% in March 2025.

The weighted monthly inflation rate increased
from 0.0% in March 2025 to 0.3% in April
2025, in line with the gain in both the ZiG and
USD inflation rates.

US$ Annual Inflation Developments
The year-on-year USD inflation rate, however,
eased from 15.0% in March 2025 to 14.4% in
April 2025.

Figure
18:
US$
Annual
Inflation
Developments (%)

Source: ZIMSTAT, 2025

ZiG Annual Inflation Developments
The initial year-on-year ZiG inflation came out
at 87.1%, which is closer to the projected level
of 86%. This reflects mainly the base effect,
which is expected to dissipate beginning
October 2025.

JUNE 2025
RESERVE BANK OF ZIMBABWE
-5

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

Central Bank(net)

Foreign Assets

Foreign Liabilities

Other Depository Corporations(net)

Foreign Assets

Foreign Liabilities

Net Domestic Assets (NDA)

Domestic Claims

Claims on Central Government(net)

Claims on Central Government

Central Bank

ODCs

Less Liabilities to Central Government

Central Bank

Of which foreign Currency

ODCs

Of which foreign currency

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Central Bank

ODCs

Of which Foreigm currency

Other Items(Net)

Shares and Other Equity

Liabilities to Other Financial Corporations

Restricted Deposits

Deposits and Securities Excluded from Base Money

Other Items(net)

Broad Money-M3

Securities Other than Shares Included in Broad
Money

Broad Money-M2

Other Deposits (Time Deposits)

of which Foreign Currency Accounts

Narrow Money-M1

Transferable Deposits

Of which Foreign Currency Accounts

Currency Outside Depository Corporations

Memorandum Items
Reserve Money

FCAs as a Percentage of Deposits in M3

End Period Exchange Rate

Source: Reserve Bank of Zimbabwe, 2025
Notes:
(i) Depository corporations survey - formerly Monetary Survey.
(ii) Broad money redefined using IMF's Monetary and Financial Statistics Manual of 2000. Major changes include exclusion of Government deposits held by banks from broad money.
(iii) Transferable deposits made up of demand and savings deposits.
(iv) NCDs are also referred to as securities included in broad money.
(v) All classes of time deposits, short and long term are classified as time deposits, which are also termed other deposits.
(vi) Credit to the private sector now excludes claims on other financial corporations, as well as claims on state and local government (local authorities)
(vii) Depository corporations made up of the Central Bank and other depository corporations
(viii) Other depository corporations (ODCs) - Commercial banks, merchant banks, building societies and POSB.
(ix) In December 2017, the statistics were adjusted in restrospect by reclassifying Securities issued under Aftrades from claims on government to claims on central bank
(x) In December 2017, the statistics were adjusted in restrospect by reclassifying amounts accessed by banks under the Aftrades from liabilities to Other Depository corporations and Other Financial Corporations to liabilities to Central Bank
(xi) In December 2018, statistics were revised from November 2017 due to reclassification of lines of credit (foreign liabilities) that were initially classified as deposits included in broad money
(xii) All monetary and financial statistics are valued in ZWL$ since the introduction of the interbank foreign exchange market in February 2019
*Statistics are denominated in ZiG

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

Claims on Non Residents

Official Reserves Assets

Other Foreign Assets

Less Liabilities to Non Residents

Short Term Liabilities

Other Foreign Liabilities*

of which blocked funds

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

of which: Securities Other than Shares

of which USD Securities

Loans

Loans and Advances

Amounts Due from Gvt including SDR Drawdowns

of which USD Securities revaluations (Exchange rate movements)

Export Incentives

Less Liabilities to Central Government

Of which: Deposits

of which Foreign Currency

Local Currency Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on Other Depository Corporations

Of which: Loans

Other Liabilities to ODCs

Of which: Aftrades Balances

Securities

Other Items(Net)

Shares and Other Equity

Other Items(Net)

Liabilities to Other Resident Sectors

Deposits and Securities Excluded from Base Money

Monetary Base

Currency Issued

ZWL Coins

ZWL Notes

Zig Notes

ZiG Coins

Liabilities to ODCs

Reserve Deposits

Local Currency Reserve Deposits

Foreign Currency Reserve Deposits

Exess reserves

of which Excess reserves - ZiG

Excess reserves - FCA

Private Deposits

Of which Foreign Currency Accounts

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

Claims on Non Residents

Of Which: Foreign Currency

Deposits

Other

Less Liabilities to Non Residents

Of Which: Deposits

Loans

Other

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Securities

of which foreign currency denominated securities

Loans

of which foreign currency

Other
-

-

-

-

-

-

-

-

-

-

-

-

-

Less Liabilities to Central Government

Of which: Deposits

of which foreign currency deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

of which foreign currency denominated loans

Claims on the Central Bank

Currency

Reserves

Securities

Other Claims

Liabilities to the Central Bank

Other Items(Net)

Shares and Other Equity

Liabilities to other ressident sectors

Other Items(Net)

Deposits and Securities Included in Broad Money

Deposits Included in Broad Money
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

76,952,923.01

77,123,326.81

81,906,890.48

85,574,557.18

Transferable Deposits
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

70,228,432.67

69,326,092.81

74,633,455.07

76,668,539.82

of which FCAs
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

58,527,956.72

57,270,326.39

62,418,688.19

63,622,764.25

Other Deposits (Time Deposits)

of which FCAs

Money Market Instruments
2,795.45

4,372.61

3,991.57

19,182.77

26,605.39

23,833.50

42,725.53

-

-

1,110,841.91

1,043,012.21

1,258,288.66

1,113,653.48

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

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

Jan
2,891.2

53,378.3

116,654.8

13,232.3

69,668.2


Feb
2,577.7

62,064.5

122,479.8

17,480.5

76,802.2


Mar
2,111.5

76,544.2

142,962.5

19,239.6

87,884.5


Apr
2,624.9

74,716.9

160,466.5

28,352.1

123,190.3


May
3,155.9

142,118.9

236,166.0

35,928.9

207,812.8


Jun
2,801.2

138,347.1

266,691.8

45,952.0

241,920.1


Jul
2,427.6

159,024.6

315,832.5

39,388.2

230,432.5


Aug
2,640.6

263,637.4

411,439.9

69,203.5

311,107.0


Sep
3,030.7

289,230.8

504,071.1

75,446.7

417,007.1


Oct
3,022.6

300,240.3

525,870.3

104,483.2

389,979.7


Nov
3,251.4

286,365.2

575,885.7

111,716.1

342,790.1


Dec
3,361.7

295,435.1

652,284.4

119,932.8

351,906.8


Jan
4,923.3

379,841.7

704,168.6

151,980.1

389,342.8


Feb
1,880.1

436,062.8

743,888.5

81,067.5

518,081.0


Mar
2,031.6

425,326.5

817,631.1

112,374.3

531,935.4


Apr
1,844.7

462,081.4

972,122.7

161,740.7

620,095.0


May
1,107.2

1,048,116.4

2,049,066.1

309,234.1

1,554,969.0


Jun
1,984.5

2,249,201.6

4,424,350.0

471,360.3

3,050,984.1


Jul
1,489.0

1,584,403.3

4,137,377.2

380,493.0

3,132,849.9


Aug
2,292.1

1,505,916.2

4,651,358.8

448,025.8

3,179,274.3


Sep
2,465.6

2,015,621.6

5,263,338.5

560,033.8

3,210,332.7


Oct
2,425.4

2,312,575.1

5,910,277.9

751,077.6

2,663,186.5


Nov
2,705.3

2,558,589.3

6,324,144.1

730,377.0

2,788,783.6


Dec
3,398.4

2,868,505.6

5,973,706.9

918,524.5

2,631,445.7


Jan
2,947.9

5,196,670.6

9,096,074.6

1,414,527.9

3,957,664.6


Feb
3,143.6

7,309,077.0

12,595,037.9

2,395,225.7

5,340,576.7


Mar
2,831.0

9,785,505.6

16,734,744.0

3,185,636.7

7,548,560.1


Apr
7.5

4,794.8

11,004.0

2,108.7

5,798.1


May
15.0

4,337.6

12,420.7

2,281.4

6,437.2


Jun
9.2

4,753.1

12,746.0

2,349.5

6,493.3


Jul
7.5

5,739.9

11,453.3

1,987.0

6,135.6


Aug
6.4

6,444.9

13,516.2

2,310.5

4,922.1


Sep
7.9

10,895.9

22,399.7

3,870.6

8,728.6


Oct
56.7

13,662.1

30,414.7

5,068.5

8,024.4


Nov
72.6

11,233.7

29,835.6

4,498.6

6,365.0


Dec
82.6

10,274.6

32,110.0

5,538.7

8,540.2


Jan
69.3

12,746.4

30,180.7

3,532.9

6,021.2


Feb
75.0

11,639.8

28,998.1

3,283.1

8,161.6


Mar
101.3

9,242.7

30,230.5

3,610.1

12,141.7


Apr
107.4

9,519.9

33,479.3

3,591.2

12,582.7


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
Other Institutional Units
Foreign
Currency
Denominated
ZiG
Denominated

End of
Total Deposits
of which FCA
475,755.5

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

Source: Reserve Bank of Zimbabwe, 2025
*Statistics are denominated in ZiG
TOTAL
Time Deposits
Savings
Demand
Government
Other Finacial
Corporations
Capital and
Reserves
Contigent
Liabilities
Other
Liabilities
Other
Depository
Total Deposits from
the Public
Other Depository
Corporations
Debt Securities
Foreign
Liabilities
RBZ
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
Contigent
Non Financial
Notes &
&
with
Other Depository
with
on
Government1
Local Governemt Public Enterprises
Other2
Government
Government
Enterprises
Loans in ZiG
Loans in Foreign Currency
Total
Other claims
Assets
Other Assets
Assets
TOTAL
Coins
Coin
RBZ
Corporations
Foreign Banks
Non-residents
Securities
securities

Jan
2,359.27

49,206.02

108,119.97

10,419.90

66,808.45

30,774.31

38,636.84

-

186.80

801.50

20.33

163.02

3,628.73

199,495.34

2,997.94

53,627.76

47,405.91

69,989.80

684,641.9

Feb
1,971.78

57,553.54

112,522.99

14,300.66

70,750.63

28,703.53

44,705.21

-

-

976.55

20.34

158.06

5,367.16

215,520.37

3,055.50

55,099.61

53,459.12

70,832.47

734,997.5

Mar
1,541.49

70,856.33

130,423.48

15,503.46

82,662.70

43,284.13

44,874.23

-

-

1,380.20

19.40

253.42

6,240.94

258,715.05

3,092.69

65,660.61

58,874.69

76,938.87

860,321.7

Apr
1,939.64

70,204.43

144,168.02

23,452.88

117,033.42

26,628.79

57,772.47

-

-

722.54

37.54

252.44

6,858.06

305,476.79

4,348.46

53,372.28

62,788.55

71,414.75

946,471.1

May
2,397.94

131,996.38

211,837.59

31,586.61

190,366.81

61,757.62

64,373.91

-

154.99

1,559.14

41.28

289.00

16,193.81

398,048.90

4,712.74

134,993.54

94,851.60

111,543.84

1,456,705.7

Jun
2,263.18

127,839.16

234,109.43

40,937.28

219,607.39

63,631.76

83,690.44

-

653.97

2,159.12

61.20

226.29

13,888.60

478,163.38

8,954.46

169,511.81

110,528.09

168,440.54

1,724,666.1

Jul
1,578.47

147,217.74

284,912.89

34,334.13

202,815.28

41,246.78

86,971.63

-

394.34

1,852.14

100.65

349.68

22,516.21

556,692.12

9,737.92

144,090.18

129,869.55

192,524.32

1,857,204.0

Aug
1,630.70

247,190.46

377,078.80

64,650.96

273,181.97

29,186.59

95,346.12

-

330.12

3,556.96

113.50

287.14

26,564.57

681,253.30

11,493.92

167,029.36

238,442.98

194,745.11

2,412,082.6

Sep
1,791.71

270,594.59

465,301.31

68,020.95

370,323.69

18,184.96

134,414.53

-

267.40

4,916.56

115.11

306.33

21,773.50

806,774.24

12,680.89

146,133.14

215,417.68

219,933.24

2,756,949.8

Oct
1,704.79

281,204.64

480,106.49

94,573.08

343,440.15

22,895.35

136,939.74

-

204.69

2,201.55

116.48

341.96

22,935.50

852,069.39

15,525.65

165,306.91

232,188.99

245,924.22

2,897,679.6

Nov
1,644.95

259,109.18

533,438.97

101,870.32

299,715.01

17,089.04

180,534.44

-

141.97

2,292.28

119.53

303.55

22,178.73

960,814.77

15,450.39

170,944.78

196,338.19

250,551.19

3,012,537.3

Dec
1,778.71

263,863.65

603,136.26

110,935.77

299,087.30

7,965.37

266,725.41

-

79.26

3,887.78

114.42

282.61

30,272.25

1,066,654.12

16,130.63

159,126.16

189,560.01

344,235.10

3,363,834.8

Jan
2,391.61

340,953.56

654,740.29

143,455.70

335,380.17

(1,443.59)

301,026.07

-

105.97

4,873.87

228.45

251.24

44,113.17

1,307,512.98

17,767.70

227,545.42

204,830.78

374,080.77

3,957,814.2

Feb
1,470.56

366,544.71

691,937.49

71,097.36

452,795.43

21,074.53

306,913.92

-

50.02

1,524.98

318.96

197.44

44,691.50

1,481,851.05

18,037.18

226,932.96

224,983.29

411,002.80

4,321,424.2

Mar
1,771.98

344,570.46

755,463.34

103,284.07

478,333.21

41,928.66

330,669.68

-

-

3,884.11

432.22

149.78

48,725.38

1,679,284.89

28,439.56

554,840.85

254,605.57

438,790.17

5,065,173.9

Apr
1,631.24

388,822.83

903,029.49

144,252.31

555,886.92

32,206.95

361,846.09

-

-

8,716.45

559.82

99.28

54,058.39

1,722,384.40

28,899.91

214,270.92

321,765.39

476,263.19

5,214,693.6

May
1,010.26

907,818.70

1,932,225.57

281,052.93

1,351,116.97

84,147.32

570,367.60

-

-

8,974.78

4,599.15

80.34

112,188.06

3,844,133.80

65,696.39

607,438.10

669,908.72

758,154.17

11,198,912.9

Jun
1,762.11

1,979,000.71

4,218,755.04

444,538.09

2,584,596.63

350,042.51

865,465.55

-

-

221.09

10,133.46

8,052.34

260,946.26

8,487,837.63

92,224.26

1,390,786.24

1,304,228.92

2,222,499.38

24,221,090.2

Jul
1,305.13

1,428,604.02

3,898,282.53

359,151.15

2,646,743.26

337,541.82

1,133,463.14

-

-

153.30

7,368.09

68.07

208,253.70

6,917,007.30

129,308.58

829,382.28

1,155,945.57

2,438,538.20

21,491,116.1

Aug
1,664.09

1,370,651.81

4,309,693.74

391,792.23

2,693,989.06

208,098.88

1,084,784.90

-

-

138.30

7,469.95

75.80

205,341.47

6,863,348.14

127,816.16

701,626.16

1,081,800.09

2,446,465.02

21,494,755.8

Sep
1,503.56

1,763,364.33

4,914,305.55

517,813.92

2,760,807.78

247,094.60

1,204,684.14

-

-

9.75

9,935.82

92.05

219,878.94

8,245,053.80

151,685.43

776,997.57

1,312,147.78

2,668,520.81

24,793,895.8

Oct
1,977.18

2,059,471.85

5,625,069.70

562,790.91

2,202,475.21

175,235.94

1,172,130.22

-

-

0.03

10,816.83

98.06

237,525.73

8,864,363.09

153,534.70

958,746.42

1,351,846.54

2,767,099.33

26,143,181.7

Nov
2,295.18

2,278,921.91

5,913,094.15

568,556.41

2,451,981.00

180,229.25

1,337,040.40

-

-

0.03

10,921.42

59.77

238,702.30

9,040,518.08

158,702.11

1,046,256.98

1,702,370.26

2,868,031.98

27,797,681.2

Dec
2,947.49

2,536,437.97

5,489,443.24

657,432.63

2,268,702.96

155,742.88

2,420,663.39

-

-

0.03

12,324.59

73.45

248,699.79

9,507,281.46

255,007.08

1,184,706.91

1,748,495.98

3,349,062.31

29,837,022.2

Jan
2,536.36

4,749,173.95

8,535,153.83

940,210.80

3,564,879.01

285,807.60

3,972,600.87

-

-

0.03

17,912.41

198.80

374,088.29

14,957,169.30

312,516.30

1,949,662.45

2,737,500.88

4,289,981.53

46,689,392.4

Feb
2,519.25

6,564,463.71

11,709,703.62

1,772,649.65

4,708,270.62

153,450.01

5,911,393.45

-

-

0.03

26,073.06

232.00

488,602.76

22,234,523.09

378,975.16

2,608,075.14

3,125,793.33

5,812,047.28

65,496,772.2

Mar
2,435.72

8,601,285.46

15,501,059.95

2,213,233.27

6,701,169.42

775,336.87

8,098,495.31

-

-

0.03

47,609.35

143.35

729,484.92

34,077,197.02

597,886.20

2,860,196.61

4,317,386.46

8,974,860.63

93,497,780.6

Apr
5.89

4,141.51

9,980.68

1,414.28

5,461.70

287.09

5,206.08

-

-

0.00

31.18

88.00

440.49

20,170.86

246.21

2,510.15

5,472.97

4,360.99

59,818.1

May
10.60

3,583.02

11,575.45

1,506.01

6,092.37

382.87

5,420.56

-

-

0.00

29.63

1.37

433.36

21,315.87

348.50

2,114.73

6,339.55

4,613.87

63,767.8

Jun
8.01

4,111.49

11,498.97

1,627.32

5,775.34

298.05

6,080.69

-

-

7.23

24.70

1.49

446.45

22,801.09

345.72

2,541.32

6,558.03

5,419.46

67,545.3

Jul
5.05

4,943.82

10,426.18

1,342.47

5,743.94

351.44

6,988.99

-

0.00

5.21

25.13

0.16

432.35

24,895.03

348.09

2,342.85

6,539.59

6,244.23

70,634.5

Aug
5.26

5,703.86

12,540.81

1,453.04

4,411.38

205.93

6,149.38

-

-

2.43

126.05

0.19

378.05

25,591.15

542.15

2,767.89

7,004.36

6,832.60

73,714.5

Sep
6.82

9,465.31

20,161.22

2,742.22

7,903.81

340.45

10,295.58

-

-

0.00

244.94

0.33

600.93

43,094.11

979.13

4,853.44

11,326.85

9,785.35

121,800.5

Oct
39.65

12,315.40

27,597.64

3,670.13

7,120.62

129.14

11,256.45

-

-

0.00

239.01

0.08

679.62

49,545.16

1,042.81

6,380.10

11,454.83

11,116.57

142,587.2

Nov
58.26

10,111.62

27,498.54

3,102.17

5,626.08

117.33

9,757.48

-

0.00

0.00

287.55

2,326.36

572.57

45,782.99

1,064.73

6,685.94

11,362.33

10,783.91

135,137.8

Dec
64.89

8,774.50

29,312.78

3,217.87

7,673.17

287.57

10,942.77

-

0.00

8.29

54.88

0.57

549.66

46,926.14

1,073.63

6,555.30

13,399.70

11,326.46

140,168.2

Jan
55.47

11,470.10

27,587.58

2,805.14

5,383.93

896.67

12,362.23

-

-

807.94

342.87

-

201.82

6,018.68

38,456.08

44,474.76

4,490.04

6,786.76

7,296.77

14,700.77

139,662.8

Feb
60.09

10,394.10

26,074.71

2,500.83

7,466.49

879.05

11,985.91

-

-

1,227.40

525.19

-

210.91

5,135.14

39,602.20

44,737.33

4,572.78

7,060.84

6,529.15

14,603.01

138,827.8

Mar
79.63

7,880.54

27,417.58

2,717.51

11,623.76

820.11

12,300.30

-

-

1,342.02

509.01

-

196.72

4,699.08

40,942.54

45,641.63

4,354.50

7,859.25

6,540.97

15,243.80

144,527.3

Apr
87.99

8,108.02

30,664.80

2,649.20

12,068.34

413.80

12,241.98

-

-

1,095.15

478.00

-

177.77

4,854.99

44,593.50

49,448.49

4,042.90

6,452.91

9,497.37

15,304.56

152,731.3

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

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

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

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

Jan
324.6

3504.3
8,506.5

2680.3
2,631.0

-

1,110.8

2.4
-

1,487.3

2,967.6

-

35,913.5

6693.8
14,008.7

79,830.9

Feb
411.5

4021.5
9,763.6

3069.7
5,678.0

-

4,048.9

1.6
-

1,465.4

3,241.1

-

39,977.5

4511.5
13,964.4

90,154.6

Mar
354.3

4413.6
11,882.6

3691.3
4,932.3

-

5,235.0

0.9
-

1,590.0

3,888.3

-

42,741.3

9086.6
15,421.2

103,237.4

Apr
546.4

3054.1
15,585.8

4857.7
5,768.6

-

5,714.4

0.2
-

1,861.4

4,143.7

-

48,582.4

9654.2
16,999.2

116,768.1

May
639.5

8326.7
23,817.6

4251.9
16,001.6

-

6,150.9

0.0
-

1,486.3

8,474.8

-

74,864.0

14793.9
17,091.2

175,898.5

Jun
418.5

8464.3
32,497.6

3807.5
21,184.8

-

2,639.3

0.0
-

1,340.0

10,851.1

-

85,145.9

18155.8
35,128.1

219,633.0

Jul
700.4

9914.6
30,660.3

4983.4
24,902.9

-

4,077.6

0.0
-

1,411.5

13,722.1

-

98,066.0

9998.6
45,127.9

243,565.1

Aug
863.8

14422.1
33,703.2

4483.0
34,971.8

-

4,379.8

0.0
-

2,106.6

16,515.4

-

115,491.9

8745.3
45,694.0

281,377.1

Sep
1,086.8

14998.2
37,911.3

7470.1
45,094.8

-

8,440.8

0.0
-

1,302.8

17,996.8

-

129,242.7

11630.7
60,830.4

336,005.2

Oct
1,158.3

14768.7
44,296.5

10013.7
44,664.1

-

14,109.9

0.0
-

1,142.4

16,817.7

-

123,793.8

30036.4
47,678.2

348,479.7

Nov
1,449.3

22456.9
41,398.0

9771.8
41,317.6

-

17,572.6

0.0
-

2,085.3

16,785.8

-

136,029.9

30694.0
46,275.8

365,836.9

Dec
1,470.7

23012.7
48,533.8

8913.7
50,229.0

-

21,411.1

0.0
19,993.4

2,176.2

17,693.7

-

119,322.3

39279.1
69,102.5

421,138.1

Jan
2,402.7

32405.1
47,062.6

8410.8
50,364.6

-

17,976.2

0.0
23,668.5

2,406.3

18,311.0

-

132,757.4

41367.4
69,570.1

446,702.8

Feb
234.9

59685.4
50,103.0

9568.6
62,701.4

889.9

24,809.7

0.0
26,667.1

4,451.9

21,629.1

-

146,798.4

50093.6
70,987.9

528,620.9

Mar
214.6

72311.9
57,399.6

9196.8
51,300.9

-

28,841.5

0.0
24,689.0

5,503.9

19,118.6

-

170,376.6

54524.7
84,489.1

577,967.3

Apr
184.1

61341.6
63,129.5

16343.2
61,444.0

-

28,727.0

0.0
28,119.0

5,989.2

27,619.9

-

205,412.2

81442.9
86,571.2

666,323.9

May
78.1

125685.1
100,808.7

22707.0
195,646.6

-

81,344.3

0.0
69,908.9

6,246.8

53,180.7

-

440,462.4

103176.1
116,103.7

1,315,348.2

Jun
176.6

227001.8
172,666.5

25998.2
452,772.6

40,326.7

115,193.3

0.0
196,310.3

4,209.5

121,677.5

-

870,075.1

230604.4
544,587.8

3,001,600.3

Jul
162.7

132017.2
220,995.0

20797.2
459,668.2

32,010.8

105,308.6

0.0
154,472.7

13,777.8

153,638.5

-

697,177.8

209734.6
612,937.8

2,812,698.9

Aug
611.0

105296.6
309,821.7

55744.7
475,838.3

37,447.1

102,495.2

0.0
153,578.2

6,767.5

135,193.3

-

758,439.2

223114.4
564,622.1

2,928,969.2

Sep
949.3

193065.6
339,269.2

41680.1
437,996.0

58,554.5

110,351.3

0.0
161,346.6

4,522.1

153,113.7

-

880,148.8

290026.7
565,616.4

3,236,640.3

Oct
403.8

204713.4
254,684.1

187632.1
440,150.3

65,022.1

97,046.1

0.0
176,111.9

13,771.8

173,523.5

-

829,479.5

345029.3
586,015.6

3,373,583.5

Nov
370.5

222344.7
387,213.2

160896.0
326,510.1

50,688.3

159,225.4

0.0
173,990.9

28,127.2

187,363.3

-

926,663.7

395549.5
595,811.6

3,614,754.5

Dec
403.7

251968.8
457,034.9

261067.9
345,348.0

56,551.7

185,131.1

0.0
166,902.0

27,875.9

222,503.1

0.7

973,788.6

507890.9
658,045.7

4,114,512.9

Jan
367.9

368046.7
524,020.9

471915.0
363,325.6

40,412.9

280,803.2

0.0
280,441.0

45,935.9

339,610.7

-

1,563,405.5

649087.4
742,734.0

5,670,106.8

Feb
578.8

637645.2
797,581.2

618074.6
613,309.7

24,680.4

425,783.2

0.0
399,313.5

67,900.2

519,513.4

-

2,188,186.8

904519.6
937,957.6

8,135,044.1

Mar
356.6

1026840.5
1,171,941.4

888362.3
829,470.4

-

440,943.8

0.0
528,820.5

103,276.3

787,872.2

-

3,761,909.8

1403556.4
1,697,667.5

12,641,017.5

Apr
1.0

564.4
864.1

693.0
326.5

67.2

337.2

0.0
313.5

-

593.2

212.7

2,856.8

420.1
824.2

8,074.0

May
4.0

639.2
783.2

772.6
296.2

109.6

407.6

0.0
303.7

-

309.2

19.8

2,946.5

712.1
903.7

8,207.5

Jun
1.1

520.3
1,122.4

718.7
678.1

110.9

188.6

0.0
282.9

-

424.7

20.4

2,998.6

858.8
1,229.8

9,155.3

Jul
2.4

681.0
918.2

640.3
336.2

99.8

676.7

0.0
276.2

5.0

333.9

20.5

3,022.2

1332.3
1,250.3

9,595.1

Aug
1.1

642.2
853.3

852.1
428.1

-

764.6

0.0
246.2

5.1

373.1

20.6

3,042.5

1811.8
1,318.9

10,359.6

Sep
1.0

1230.9
1,985.1

1121.2
705.4

-

555.5

0.0
431.0

34.5

1,130.0

37.0

4,878.1

2054.8
2,298.6

16,463.3

Oct
13.1

1166.2
2,512.0

1391.6
769.7

-

745.1

0.0
502.2

5.3

1,380.9

42.7

5,751.9

2214.8
2,435.0

18,930.4

Nov
14.0

918.9
2,141.3

1383.8
649.7

-

602.6

0.0
367.6

5.4

1,293.8

39.5

4,997.5

2566.9
2,458.3

17,439.1

Dec
17.1

1089.4
2,633.9

2306.6
754.5

-

675.7

0.0
361.0

-

1,424.9

35.4

5,500.8

2343.9
2,593.3

19,736.5

Jan
13.1

939.4
2,348.5

616.8
637.3

-

1,028.5

0.0
-

1,019.2

1,294.7

-

356.6

317.5

5,353.2

5,670.7

199.4

-

3001.4
3,282.1

20,407.7

Feb
13.9

980.7
2,545.5

628.6
695.1

-

753.2

0.0
-

997.8

1,428.4

-

335.1

535.1

5,302.8

5,837.9

199.4

-

1754.4
3,294.2

19,464.2

Mar
20.4

1031.3
2,349.0

786.9
517.9

-

844.9

0.0
-

1,066.7

1,604.4

-

284.5

358.4

5,601.2

5,959.7

121.0

-

1684.9
3,466.0

19,737.7

Apr
17.8

1038.4
2,522.2

766.4
514.4

-

900.0

0.0
-

1,084.2

1,815.7

-

284.5

322.9

5,519.7

5,842.6

111.4

-

1736.6
3,476.9

20,111.3

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

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan


Feb


Mar


Apr


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

END OF

Jan

Feb

Mar

Apr

May

June

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

July

Aug

Sept

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

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

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

*Apr

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

*Apr

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

*Apr

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

*Apr

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


*Apr

Source: Zimstat, 2024
*Statistics are in ZiG
RECREATIO
N &
CULTURE
RESTAURANTS
& HOTELS
MISC.
GOODS &
SERVICES
TOTAL NON
FOOD
FOOD & NON
ALCOHOLIC
CEVERAGES
ALL ITEMS
TABLE 9.2 : YEARLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
NON-FOOD INFLATION
HEALTH TRANSPORT COMMUNICATION
EDUCATION
ALCOHOLIC
BEVERAGES
& TOBACCO
CLOTHING
&
FOOTWEAR
HOUSING,
WATER,
ELECTRICTY
, GAS &
OTHER
FUELS
FURNITURE
AND
EQUIPMENT

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: 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

*Apr

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

END OF
ZETSS
POS
ATM
MOBILE
INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

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

END OF
ZETSS
POS
ATM
MOBILE
INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

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

END OF
EXPORTS
IMPORTS
TOTAL TRADE TRADE BALANCE

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


*Jan

*Feb

*Mar

*Apr

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