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JULY 2025

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TABLE OF CONTENTS


OVERVIEW
The ZiG monthly inflation increased from
0.3% in June 2025, to 1.6% in July 2025
attributed to the increase in rentals following
the quarterly housing survey. The annual ZiG
inflation was recorded at 95.8% during the
same period.
Broad
money
(M3)
stock
stood
at
ZiG96,184.73 million, a decline of 1.18%
(ZiG1,151.80 million) from ZiG97,336.53
million recorded in June 2025.
During the month under review, the Zimbabwe
Stock Exchange (ZSE) sustained an upward
momentum, marking a second consecutive
month of positive performance. Similarly, the
Victoria Falls Stock Exchange (VFEX) traded
positively during the same month.

The total value of digital payment systems
transactions, increased by 3% from ZiG231.42
billion in the previous month to ZiG237.47
billion in July 2025. Transactional volumes
also increased by 4.36% from 67.02 million to
69.90 million recorded during the same month.
On the commodity arena, international monthly
average prices for platinum, palladium, copper,
and nickel firmed while, prices for gold, brent
crude oil and lithium retreated during the month
under analysis. Commodity prices were largely
influenced by easing geopolitical tensions in
the Middle East.
During the month under review, the country’s
merchandise exports totalled US$887.5 million
against an import bill of US$886.2 million.
Resultantly, the country recorded a trade deficit
of US$8.7 million.
INTERNATIONAL COMMODITY
PRICE DEVELOPMENTS
During the month of July 2025, international
average prices for platinum, palladium, copper,
and nickel firmed. On the other hand, prices for
gold, brent crude oil and lithium retreated
during the same month. The developments in
prices of selected commodities for July 2025
are presented in Table 1.
Table 1: International Commodity Prices
for June 2025 and July 2025
Commodity

June-25


July-25
Monthly
changes
(%)
Gold
US$/oz
3,349.70
3,342.45
-0.22
Platinum
US$/oz
1,242.84
1,390.28
11.86
Palladium
US$/oz
1,058.94
1,208.39
14.11
Copper
US$/t
9,721.26
9,782.46
0.63
Nickel
US$/t
15,176.71
15,233.00
0.37
Brent Crude
oil
US$/bbl
69.36
69.01
-0.50
Lithium
US$/t
8,262.86
8,085.22
-2.15
Source: Bloomberg, 2025

Gold
Gold prices declined amid easing geopolitical
tensions, following the ceasefire announced in
the Middle East region. The de-escalation
reduced the safe-haven demand for gold, which
typically rises during periods of geopolitical
uncertainty. As a result, gold prices decreased
by 0.22% from US$3,349.70 per ounce in the
previous month to US$3,342.45 per ounce,
during the month of July 2025.
Platinum
Platinum prices rose by 11.86%, from an
average of US$1,242.84 per ounce in the
previous month to US$1,390.28 per ounce,
during the reporting month. The increase was
driven by a worsening structural supply deficit,
fuelled by the sharp decline in production,
particularly in South Africa, and constrained

recycling efforts. In addition, the price increase
was also attributed to strong demand amidst
escalating trade tensions, following the
announcement of a 35% tariff on Canadian
imports by the US administration, effective
August 2025.
Palladium
Palladium prices increased by 14.11% to
US$1,208.39 per ounce, from the previous
month average of US$1,058.94 per ounce. The
surge was largely supported by shortages in the
supply chain, due to factory disruptions in topproducing nations like Russia and South
Africa, which tightened availability for
catalytic converter manufacturers as they face
geopolitical uncertainties and limited spare
capacity.

Figure 1 shows trends of precious metal prices
for the period from July 2022 to July 2025.

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

Source: Bloomberg, 2025


Brent Crude Oil
Brent crude oil prices declined by 0.50%, from
an average of US$69.36 per barrel in June 2025
to US$69.01 per barrel in July 2025. This was
driven by increasing concerns over weakening
demand, especially from major consumers like
China
and
Europe.
The
situation
was
occasioned by mixed United States (US)
economic data and uncertainties surrounding
trade and tariffs, which outweighed supply-side
factors.

Brent crude oil price developments for the
period July 2022 to July 2025 are shown in
Figure 2.

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


Source: Bloomberg, 2025

Copper
Copper prices were on a positive trajectory,
supported by persistent global inventory
drawdowns, particularly on the London Metal
Exchange and Shanghai Futures Exchange. The
drawdowns reflected tightening supply. As a


Jul-22
Oct-22
Jan-23
Apr-23
Jul-23
Oct-23
Jan-24
Apr-24
Jul-24
Oct-24
Jan-25
Apr-25
Jul-25
US$/ounce
US$/ounce
Gold
Palladium
Platinum (RHS)

Jul-22
Oct-22
Jan-23
Apr-23
Jul-23
Oct-23
Jan-24
Apr-24
Jul-24
Oct-24
Jan-25
Apr-25
Jul-25
US$/BARREL

result, this reinforced market sentiments and
structural tightness. Consequently, the prices of
copper increased by 0.63%, from US$9,721.26
per tonne recorded in the prior month to US$
9,782.46 per tonne during the month under
analysis

Nickel
Nickel prices rose by 0.37%, to US$15,233.00
per tonne during the month under review, from
US$15,176.71 per tonne recorded in the
preceding month. The increase was driven by
supply concerns after Indonesia, the world’s
top nickel producer, cut its multi-year mining
quotas to one-year permits. The unexpected
change created uncertainty about future output,
tightening the market and pushing the prices
higher.

The base metal price developments for the
period July 2022 to July 2025 are shown in
Figure 3.

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

Source: Bloomberg 2025


Lithium
Lithium prices continued their downward
trend, falling by 2.15% to US$8,085.22 per
tonne in July 2025, from US$8,262.86 per
tonne recorded in the prior month. The prices
were weighed down by concerns of oversupply
from major producers, particularly Chile, Mali,
Argentina, and Australia, which increased
output, contributing to the market glut.

The developments in lithium prices for the
period July 2023 to July 2025 are shown in
Figure 4.

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

Source: London Metal Exchange, 2025

Merchandise Trade Developments
In July 2025, total merchandise trade rose to
US$1.76 billion, a 9.8% increase from US$1.61
billion recorded in the previous month. The
increase was attributed to improvements in
both exports and imports during the month
under review. Compared to the corresponding
month in 2024, total merchandise trade
increased by 7.0 %.


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


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

Merchandise Exports
The country’s merchandise exports totalled
US$887.5 million in July 2025, a 21.3% growth
from the previous month outturn of US$723.5
million. The improvement was mainly due to
higher export earnings from gold, tobacco and
platinum group metals (PGMs).
Similarly, on a yearly basis, exports were
60.0% higher compared to US$548.3 million
recorded in July 2024. The rise was fuelled by
high international gold prices, amid global
geopolitical uncertainties.
Figure 5 shows the developments in the
country’s merchandise exports for the period
from January 2024 to July 2025.

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

Source: ZIMSTAT, 2025

Exports by Commodity
The country's export basket in July 2025 was
predominantly
composed
of
primary
commodities, with gold leading at 52.6% of
total exports, followed by tobacco (17.1%),
PGMs (9.7%), and ferro-chromium at 5.3%.
The developments in the country’s exports for
the months of June and July 2025 are shown in
Table 2.

Table 2: Major Exports (US$ millions)

June-25
(US$m)
July-25
(US$m)
June-July

Changes
(%)
Share of
Exports (%)
Total

Of Which:


Gold

PGMs

Tobacco
(Including
cigarettes)

Ferrochromium

Other mineral
substances

Chromium ores
and concentrates

Coal

Iron/steel bars and
rods

Other ores and
concentrates

Oranges

Others

Source: ZIMSTAT & RBZ Calculations, 2025

Export Markets
The country’s exports were destined for
the United Arab Emirates (51.6%), South
Africa (22.8%) China (8.4%) and various other
destinations. Figure 6 shows the country’s
major export markets during the month of July


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

Source: ZIMSTAT & RBZ Calculations, 2025

Merchandise Imports
Merchandise imports stood at US$886.2
million in July 2025, reflecting a 0.5% increase
from US$882.1 million recorded in the
previous
month.
Similarly,
year-on-year
imports recorded a growth of 7.0%, from
US$828.3 million in 2024.

The developments in merchandise imports for
the period from January 2024 to July 2025 are
shown in Figure 7.


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

Source: ZIMSTAT & RBZ Computations, 2025

Imports by Commodity
The major import drivers in July 2025 were
industrial
supplies
(32.0%),
fuels
and
lubricants (20.2%) and capital goods (20.1%).
The developments in the country’s imports by
Broad Economic Category for the months of
June and July 2025 are illustrated in Table 3.

Table 3: Major Imports (US$ millions)

Jun-25
(US$m)
Jul- 25
(US$m)
Jun- Jul

Changes
(%)
Share of
Total
Imports
(%)
Jul-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


United Arab...
South Africa
China
Mozambique
Belgium
Armenia
Zambia
Indonesia
Hong Kong
United States

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

The country’s imports were predominantly
sourced from South Africa (35.0%), followed
by China (16.2%), Bahrain (9.7%), the
Bahamas (5.8%), and Mozambique at 4.6%.
The remaining imports originated from various
other markets as indicated in Figure 8.

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

Source: ZIMSTAT & RBZ Calculations, 2025

Merchandise Trade Balance
The merchandise trade developments resulted
in a trade deficit of US$8.7 million in July
2025, an improvement from US$158.6 million
recorded in the previous month. On an annual
basis the trade balance for the month of July
2025, was a substantial improvement from a
deficit of US$280.0 million recorded in July
2024. The significant improvement was due to
a decline in imports, particularly maize.

Figure 9 shows the country’s trade balance for
the period January 2025 to July 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
Figure 9: Merchandise Trade Balance (US$
millions)

Source: ZIMSTAT & RBZ Computations, 2025

MONETARY DEVELOPMENTS1

Broad
money
(M3)
stock
stood
at
ZiG96,184.73 million, a decline of 1.18%
(ZiG1,151.80 million) from ZiG97,336.53
million recorded in June 2025.

The month-on-month contraction in broad
money was
attributed to
decreases of
ZiG923.15 million (1.15%) and ZiG228.65
million (1.33%) in foreign currency deposits
and
the
local
currency
component
to
ZiG79,212.67
million
and
ZiG16,972.06
million, respectively.

The broad money stock comprised of foreign
currency deposits, 82.35%; local currency
deposits (including negotiable certificates of
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
Zambia
Singapore
Mauritius
United...
Hong Kong

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

deposits), 19.11%; and local currency in
circulation, 0.13%.

Figure 10 shows the composition of the money
supply.

Figure 10: Composition of Money Supply

Source: Reserve Bank of Zimbabwe, 2025

Net claims on the Government2 increased by
3.24% to ZiG72,147.58 million. The growth in
net credit to the Government largely reflected a
drawdown
of
ZiG2,930.45
million
on
Government deposits held by banks.
During the month under review, credit to the
private sector increased by 1.09%, from
ZiG63,840.16 million to ZiG64,535.76 million.
The growth in credit to the private sector was
largely on the back of an increase of 6.86% in
local
currency
denominated
loans
to
ZiG9,149.11
million
from
ZiG8,561.41
million.

Outstanding credit to the private sector was
mainly channeled to households, agriculture,
manufacturing and distribution, which received

2 Claims in Government was adjusted for exchange
losses related to SDR drawdowns for the period April
2024 to January 2025. The adjustment does not indicate
a flow of new money. The June 2025 figure includes
a combined 70.75% of the total credit. The
mining sector received 9.78% of the total
outstanding credit.

Figure 11 shows the distribution of credit by
sector.

Figure 11: Distribution of Private Sector
Credit

Source: Reserve Bank of Zimbabwe, 2025

Credit to the private sector was largely utilized
for recurrent expenditures, 32.15%; inventory
build-up,
19.57%;
and
fixed
capital
investments, 18.03%.
STOCK MARKET DEVELOPMENTS
Zimbabwe Stock Exchange (ZSE)
During the month under review, the Zimbabwe
Stock Exchange (ZSE) continued on a positive
trajectory, underpinned by improved investor
confidence. Consequently, the ZSE All Share,
Top 10 and Top 15 indices added 4.30%, 2.96%
exchange losses related to external loans transferred to
Government, which were reclassified from Unrealized
Exchange Losses in Other Items Net (OIN).
NCDs,
1.59%
Local Currency
Time Deposits,
1.82%
FX Time
Deposits, 9.60%
Local Currency
Transferable ,
14.11%
FX Transferable
Deposits, 72.75%
Currency in
Circulation,
0.13%
Households
27.36%
Agriculture
17.03%
Mining
9.78%
Manufacturing
13.85%
Distribution
12.51%
Transport and
Communication
2.74%
Services
8.55%
Financial
Organisations and
Investments
4.93%
Construction
3.24%
Other
0.01%

and 4.40% to 205.71 points, 199.89 points and
206.32 points, respectively.

In line with the developments on the local
bourse, the ZSE market capitalisation rose by
5.46%, or ZiG3,331.28 million worth of
capitalisation to ZiG64,302.76 million albeit
the voluntary delisting of Truworths Limited
during the month compared to ZiG60,971.48
million recorded in the previous month. On a
year-on-year basis, the market capitalisation
increased by 6.61%, from ZiG60,570.91
million recorded in the comparable period last
year.

The resource index marginally declined to
144.85 points, representing a 0.38% decline
during the month under review. Annually, the
mining index fell by 42.86%, from 253.49
points recorded in the same month in 2024.

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

Source: Zimbabwe Stock Exchange, 2025

Owing to increased trading activity, the
cumulative value and volume of shares traded
rose by 43.89% and 9.16% to ZiG765.89
million shares and 429.35 million shares
respectively. This is in comparison to
ZiG532.26 million and 393.33 million shares in
turnover value and volume recorded in June
2025, respectively.

The proportion of foreign purchases to the
value of shares traded increased to 12.35%
from 0.13% in June 2025. Concurrently, the
cumulative net foreign position improved
markedly, narrowing from a deficit of
ZiG244.16 million to a deficit of ZiG50.98
million in July 2025.

Figure 13 shows the ZSE monthly volumes and
values traded from June 2024 to July 2025.
Figure 13: ZSE Monthly Volume and Value
Traded- July 2024 to July 2025

Source: Zimbabwe Stock Exchange, 2025

Victoria Falls Stock Exchange (VFEX)
The Victoria Falls Stock Exchange traded
positively due to heightened investor appetite.
As such, the VFEX All Share index added
15.16% to close at 123.46 points in July 2025,
compared to 107.21 points recorded in June
2025, as shown in Figure 14.

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

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

Figure 14: Victoria Falls Stock Exchange
(VFEX) All Share Index (ASI): July 2024July 2025

Source: Victoria Falls Stock Exchange, 2025

VFEX Market Capitalization
Following a surge in trading activity on the
VFEX
market
in
July
2025,
market
capitalisation gained 15.22%, or US$190.32
million worth of capitalisation to US$1,441.13
million in July 2025. This is in comparison to
US$1,250.81 million recorded in the previous
month. On an annual basis, the VFEX
capitalisation also
added 12.50%, from
US$1,281.05 million recorded in July 2024.

NATIONAL PAYMENTS SYSTEM
The total value of transactions processed
through the National Payment Systems (NPS)
increased by 3% from ZiG231.42 billion in
June 2025 to ZiG237.47 billion in July 2025.
Transactional volumes also increased by 4.36%
from 67.02 million to 69.90 million recorded
during the same period, as shown in Figure 15.


Figure 15: Payment Systems Monthly
Transactional Values and Volumes from
September 2024 – July 2025

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

The combined value of ZiG and US$
transactions processed through the RTGS
system in July 2025 increased marginally by
0.04% from ZiG138.13 billion recorded in June
2025 to ZiG138.19 billion in July 2025.
Similarly, transactional volumes increased by
7% from 0.92 million to 0.98 million during the
period under review.

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

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

Figure 16: RTGS System Trend for Values
and Volumes from August 2024 - July 2025


Source: Reserve Bank of Zimbabwe, 2025

Mobile and Internet-Based Transactions
Mobile
and
internet-based
transactions
decreased by 7.05%, from ZiG75.42 billion in
June 2025 to ZiG80.73 billion in July 2025.

Cash Transactions
Cash-based transactions increased by 1.72%
from ZiG14.80 billion in June 2025 to
ZiG15.06 billion in July 2025.

Card-Based Transactions
Card-based transactions rose by 3.79% from
ZiG17.87 billion in June 2025 to ZiG18.55
billion in July 2025.

INFLATION OUTTURN
Monthly Inflation Developments
ZIG Monthly Inflation
Monthly ZiG inflation increased by 1.3
percentage points, from 0.3% in June 2025 to
1.6 % in July 2025.

Figure 17 shows developments in monthly ZiG
inflation from November 2023 to July 2025.

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

Source: ZIMSTAT, 2025

Food inflation surged by 0.38 percentage
points, from -0.2% in June 2025 to 0.2% in July
2025, driven by increases in prices of
vegetables, fruits and meat food categories.
The
food
component
contributed
0.06
percentage points to the July 2025 inflation
rate.

Non-food inflation, significantly increased
from 0.5% in June 2025, to 2.3% in July 2025
and contributed 1.5 percentage points to the
monthly inflation rate.

US$ Monthly Inflation
Monthly US$ inflation increased from -0.2% in
June 2025, to 0.3% in July 2025. The uptick in
US$ inflation was as a result of an increase in
housing, water, electricity, gas and other fuels
category, particularly rentals.

Weighted Monthly Inflation
Weighted monthly inflation rose to 0.6% in
July 2025, from -0.1% in June 2025, in line

Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
Sept-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Jul-25
M-O-M (%)


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

with the significant increase in both US$ and
ZiG components.

Annual Inflation Developments
ZiG Annual Inflation Developments
The year-on-year ZiG inflation rate rose from
92.5% in June 2025 to 95.8% in July 2025.

USD Annual Inflation Developments
Annual USD inflation rate increased to 14.40%
in July 2025 from 14.03%, in June 2025
partially attributable to the significant increase
in rentals subcategory.

Figure
18:
US$
Annual
Inflation
Developments (%)

Source: ZIMSTAT, 2025


JULY 2025
RESERVE BANK OF ZIMBABWE


-6
-4
-2

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

Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Jul-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)
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Jul-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
45,632,719.17

46,313,212.53

65,955,004.65

74,431,400.02

71,557,885.59

77,653,699.15

76,952,923.01

77,123,326.81

81,906,890.48

85,574,557.18

91,519,327.84

95,396,238.70

94,314,196.34

Transferable Deposits
41,742,426.77

42,434,906.62

61,611,721.37

67,635,335.00

65,726,264.95

71,536,873.82

70,228,432.67

69,326,092.81

74,633,455.07

76,668,539.82

81,316,502.35

84,216,034.31

83,327,483.31

of which FCAs
31,415,685.01

31,648,530.18

49,660,323.14

56,662,042.07

54,884,341.25

59,157,868.07

58,527,956.72

57,270,326.39

62,418,688.19

63,622,764.25

66,516,873.21

70,151,596.80

69,751,551.92

Other Deposits (Time Deposits)

of which FCAs

Money Market Instruments
19,182.77

26,605.39

891,228.11

1,049,252.60

771,678.79

995,701.33

1,110,841.91

1,043,012.21

1,258,288.66

1,113,653.48

1,031,340.62

1,500,399.00

1,525,555.09

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

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

Jan
2,891.2

53,378.3

116,654.8

13,232.3

69,668.2


Feb
2,577.7

62,064.5

122,479.8

17,480.5

76,802.2


Mar
2,111.5

76,544.2

142,962.5

19,239.6

87,884.5


Apr
2,624.9

74,716.9

160,466.5

28,352.1

123,190.3


May
3,155.9

142,118.9

236,166.0

35,928.9

207,812.8


Jun
2,801.2

138,347.1

266,691.8

45,952.0

241,920.1


Jul
2,427.6

159,024.6

315,832.5

39,388.2

230,432.5


Aug
2,640.6

263,637.4

411,439.9

69,203.5

311,107.0


Sep
3,030.7

289,230.8

504,071.1

75,446.7

417,007.1


Oct
3,022.6

300,240.3

525,870.3

104,483.2

389,979.7


Nov
3,251.4

286,365.2

575,885.7

111,716.1

342,790.1


Dec
3,361.7

295,435.1

652,284.4

119,932.8

351,906.8


Jan
4,923.3

379,841.7

704,168.6

151,980.1

389,342.8


Feb
1,880.1

436,062.8

743,888.5

81,067.5

518,081.0


Mar
2,031.6

425,326.5

817,631.1

112,374.3

531,935.4


Apr
1,844.7

462,081.4

972,122.7

161,740.7

620,095.0


May
1,107.2

1,048,116.4

2,049,066.1

309,234.1

1,554,969.0


Jun
1,984.5

2,249,201.6

4,424,350.0

471,360.3

3,050,984.1


Jul
1,489.0

1,584,403.3

4,137,377.2

380,493.0

3,132,849.9


Aug
2,292.1

1,505,916.2

4,651,358.8

448,025.8

3,179,274.3


Sep
2,465.6

2,015,621.6

5,263,338.5

560,033.8

3,210,332.7


Oct
2,425.4

2,312,575.1

5,910,277.9

751,077.6

2,663,186.5


Nov
2,705.3

2,558,589.3

6,324,144.1

730,377.0

2,788,783.6


Dec
3,398.4

2,868,505.6

5,973,706.9

918,524.5

2,631,445.7


Jan
2,947.9

5,196,670.6

9,096,074.6

1,414,527.9

3,957,664.6


Feb
3,143.6

7,309,077.0

12,595,037.9

2,395,225.7

5,340,576.7


Mar
2,831.0

9,785,505.6

16,734,744.0

3,185,636.7

7,548,560.1


Apr
7.5

4,794.8

11,004.0

2,108.7

5,798.1


May
15.0

4,337.6

12,420.7

2,281.4

6,437.2


Jun
9.2

4,753.1

12,746.0

2,349.5

6,493.3


Jul
7.5

5,739.9

11,453.3

1,987.0

6,135.6


Aug
6.4

6,444.9

13,516.2

2,310.5

4,922.1


Sep
7.9

10,895.9

22,399.7

3,870.6

8,728.6


Oct
56.7

13,662.1

30,414.7

5,068.5

8,024.4


Nov
72.6

11,233.7

29,835.6

4,498.6

6,365.0


Dec
82.6

10,274.6

32,110.0

5,538.7

8,540.2


Jan
69.3

12,746.4

30,180.7

3,532.9

6,021.2


Feb
75.0

11,639.8

28,998.1

3,283.1

8,161.6


Mar
101.3

9,242.7

30,230.5

3,610.1

12,141.7


Apr
107.4

9,519.9

33,479.3

3,591.2

12,582.7


May
161.4

8,665.8

34,327.1

3,618.3

17,046.8


Jun
212.5

9,521.0

35,799.3

6,230.7

15,373.4


Jul
213.8

9,541.1

35,802.0

6,242.3

15,357.8


Source:Reserve Bank of Zimbabwe, 2025
Notes
1.Government securities includes treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households, other financial corporations.
*Statistics are denominated in ZiG
Public
Enterprises
Debt Securities
Loans and Advances
Government1
Securities
Other Institutional Units
Foreign
Currency
Denominated
ZiG
Denominated
TABLE 4.2 : OTHER DEPOSITORY CORPORATIONS - ASSETS
Millions

End of
Total Deposits
of which FCA
475,755.5

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

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

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

Local Governemt
Public Enterprises
Other

Government
Government
Enterprises
Loans in ZiG
Loans in Foreign Currency
Total
Other claims
Assets
Other Assets
Assets
TOTAL
Coins
Coin
RBZ
Corporations
Foreign Banks
Non-residents
Securities
securities

Jan
2,359.27

49,206.02

108,119.97

10,419.90

66,808.45

30,774.31

38,636.84

-

186.80

801.50

20.33

163.02

3,628.73

199,495.34

2,997.94

53,627.76

47,405.91

69,989.80

684,641.9

Feb
1,971.78

57,553.54

112,522.99

14,300.66

70,750.63

28,703.53

44,705.21

-

-

976.55

20.34

158.06

5,367.16

215,520.37

3,055.50

55,099.61

53,459.12

70,832.47

734,997.5

Mar
1,541.49

70,856.33

130,423.48

15,503.46

82,662.70

43,284.13

44,874.23

-

-

1,380.20

19.40

253.42

6,240.94

258,715.05

3,092.69

65,660.61

58,874.69

76,938.87

860,321.7

Apr
1,939.64

70,204.43

144,168.02

23,452.88

117,033.42

26,628.79

57,772.47

-

-

722.54

37.54

252.44

6,858.06

305,476.79

4,348.46

53,372.28

62,788.55

71,414.75

946,471.1

May
2,397.94

131,996.38

211,837.59

31,586.61

190,366.81

61,757.62

64,373.91

-

154.99

1,559.14

41.28

289.00

16,193.81

398,048.90

4,712.74

134,993.54

94,851.60

111,543.84

1,456,705.7

Jun
2,263.18

127,839.16

234,109.43

40,937.28

219,607.39

63,631.76

83,690.44

-

653.97

2,159.12

61.20

226.29

13,888.60

478,163.38

8,954.46

169,511.81

110,528.09

168,440.54

1,724,666.1

Jul
1,578.47

147,217.74

284,912.89

34,334.13

202,815.28

41,246.78

86,971.63

-

394.34

1,852.14

100.65

349.68

22,516.21

556,692.12

9,737.92

144,090.18

129,869.55

192,524.32

1,857,204.0

Aug
1,630.70

247,190.46

377,078.80

64,650.96

273,181.97

29,186.59

95,346.12

-

330.12

3,556.96

113.50

287.14

26,564.57

681,253.30

11,493.92

167,029.36

238,442.98

194,745.11

2,412,082.6

Sep
1,791.71

270,594.59

465,301.31

68,020.95

370,323.69

18,184.96

134,414.53

-

267.40

4,916.56

115.11

306.33

21,773.50

806,774.24

12,680.89

146,133.14

215,417.68

219,933.24

2,756,949.8

Oct
1,704.79

281,204.64

480,106.49

94,573.08

343,440.15

22,895.35

136,939.74

-

204.69

2,201.55

116.48

341.96

22,935.50

852,069.39

15,525.65

165,306.91

232,188.99

245,924.22

2,897,679.6

Nov
1,644.95

259,109.18

533,438.97

101,870.32

299,715.01

17,089.04

180,534.44

-

141.97

2,292.28

119.53

303.55

22,178.73

960,814.77

15,450.39

170,944.78

196,338.19

250,551.19

3,012,537.3

Dec
1,778.71

263,863.65

603,136.26

110,935.77

299,087.30

7,965.37

266,725.41

-

79.26

3,887.78

114.42

282.61

30,272.25

1,066,654.12

16,130.63

159,126.16

189,560.01

344,235.10

3,363,834.8

Jan
2,391.61

340,953.56

654,740.29

143,455.70

335,380.17

(1,443.59)

301,026.07

-

105.97

4,873.87

228.45

251.24

44,113.17

1,307,512.98

17,767.70

227,545.42

204,830.78

374,080.77

3,957,814.2

Feb
1,470.56

366,544.71

691,937.49

71,097.36

452,795.43

21,074.53

306,913.92

-

50.02

1,524.98

318.96

197.44

44,691.50

1,481,851.05

18,037.18

226,932.96

224,983.29

411,002.80

4,321,424.2

Mar
1,771.98

344,570.46

755,463.34

103,284.07

478,333.21

41,928.66

330,669.68

-

-

3,884.11

432.22

149.78

48,725.38

1,679,284.89

28,439.56

554,840.85

254,605.57

438,790.17

5,065,173.9

Apr
1,631.24

388,822.83

903,029.49

144,252.31

555,886.92

32,206.95

361,846.09

-

-

8,716.45

559.82

99.28

54,058.39

1,722,384.40

28,899.91

214,270.92

321,765.39

476,263.19

5,214,693.6

May
1,010.26

907,818.70

1,932,225.57

281,052.93

1,351,116.97

84,147.32

570,367.60

-

-

8,974.78

4,599.15

80.34

112,188.06

3,844,133.80

65,696.39

607,438.10

669,908.72

758,154.17

11,198,912.9

Jun
1,762.11

1,979,000.71

4,218,755.04

444,538.09

2,584,596.63

350,042.51

865,465.55

-

-

221.09

10,133.46

8,052.34

260,946.26

8,487,837.63

92,224.26

1,390,786.24

1,304,228.92

2,222,499.38

24,221,090.2

Jul
1,305.13

1,428,604.02

3,898,282.53

359,151.15

2,646,743.26

337,541.82

1,133,463.14

-

-

153.30

7,368.09

68.07

208,253.70

6,917,007.30

129,308.58

829,382.28

1,155,945.57

2,438,538.20

21,491,116.1

Aug
1,664.09

1,370,651.81

4,309,693.74

391,792.23

2,693,989.06

208,098.88

1,084,784.90

-

-

138.30

7,469.95

75.80

205,341.47

6,863,348.14

127,816.16

701,626.16

1,081,800.09

2,446,465.02

21,494,755.8

Sep
1,503.56

1,763,364.33

4,914,305.55

517,813.92

2,760,807.78

247,094.60

1,204,684.14

-

-

9.75

9,935.82

92.05

219,878.94

8,245,053.80

151,685.43

776,997.57

1,312,147.78

2,668,520.81

24,793,895.8

Oct
1,977.18

2,059,471.85

5,625,069.70

562,790.91

2,202,475.21

175,235.94

1,172,130.22

-

-

0.03

10,816.83

98.06

237,525.73

8,864,363.09

153,534.70

958,746.42

1,351,846.54

2,767,099.33

26,143,181.7

Nov
2,295.18

2,278,921.91

5,913,094.15

568,556.41

2,451,981.00

180,229.25

1,337,040.40

-

-

0.03

10,921.42

59.77

238,702.30

9,040,518.08

158,702.11

1,046,256.98

1,702,370.26

2,868,031.98

27,797,681.2

Dec
2,947.49

2,536,437.97

5,489,443.24

657,432.63

2,268,702.96

155,742.88

2,420,663.39

-

-

0.03

12,324.59

73.45

248,699.79

9,507,281.46

255,007.08

1,184,706.91

1,748,495.98

3,349,062.31

29,837,022.2

Jan
2,536.36

4,749,173.95

8,535,153.83

940,210.80

3,564,879.01

285,807.60

3,972,600.87

-

-

0.03

17,912.41

198.80

374,088.29

14,957,169.30

312,516.30

1,949,662.45

2,737,500.88

4,289,981.53

46,689,392.4

Feb
2,519.25

6,564,463.71

11,709,703.62

1,772,649.65

4,708,270.62

153,450.01

5,911,393.45

-

-

0.03

26,073.06

232.00

488,602.76

22,234,523.09

378,975.16

2,608,075.14

3,125,793.33

5,812,047.28

65,496,772.2

Mar
2,435.72

8,601,285.46

15,501,059.95

2,213,233.27

6,701,169.42

775,336.87

8,098,495.31

-

-

0.03

47,609.35

143.35

729,484.92

34,077,197.02

597,886.20

2,860,196.61

4,317,386.46

8,974,860.63

93,497,780.6

Apr
5.89

4,141.51

9,980.68

1,414.28

5,461.70

287.09

5,206.08

-

-

0.00

31.18

88.00

440.49

20,170.86

246.21

2,510.15

5,472.97

4,360.99

59,818.1

May
10.60

3,583.02

11,575.45

1,506.01

6,092.37

382.87

5,420.56

-

-

0.00

29.63

1.37

433.36

21,315.87

348.50

2,114.73

6,339.55

4,613.87

63,767.8

Jun
8.01

4,111.49

11,498.97

1,627.32

5,775.34

298.05

6,080.69

-

-

7.23

24.70

1.49

446.45

22,801.09

345.72

2,541.32

6,558.03

5,419.46

67,545.3

Jul
5.05

4,943.82

10,426.18

1,342.47

5,743.94

351.44

6,988.99

-

0.00

5.21

25.13

0.16

432.35

24,895.03

348.09

2,342.85

6,539.59

6,244.23

70,634.5

Aug
5.26

5,703.86

12,540.81

1,453.04

4,411.38

205.93

6,149.38

-

-

2.43

126.05

0.19

378.05

25,591.15

542.15

2,767.89

7,004.36

6,832.60

73,714.5

Sep
6.82

9,465.31

20,161.22

2,742.22

7,903.81

340.45

10,295.58

-

-

0.00

244.94

0.33

600.93

43,094.11

979.13

4,853.44

11,326.85

9,785.35

121,800.5

Oct
39.65

12,315.40

27,597.64

3,670.13

7,120.62

129.14

11,256.45

-

-

0.00

239.01

0.08

679.62

49,545.16

1,042.81

6,380.10

11,454.83

11,116.57

142,587.2

Nov
58.26

10,111.62

27,498.54

3,102.17

5,626.08

117.33

9,757.48

-

0.00

0.00

287.55

2,326.36

572.57

45,782.99

1,064.73

6,685.94

11,362.33

10,783.91

135,137.8

Dec
64.89

8,774.50

29,312.78

3,217.87

7,673.17

287.57

10,942.77

-

0.00

8.29

54.88

0.57

549.66

46,926.14

1,073.63

6,555.30

13,399.70

11,326.46

140,168.2

Jan
55.47

11,470.10

27,587.58

2,805.14

5,383.93

896.67

12,362.23

-

-

807.94

342.87

-

201.82

6,018.68

38,456.08

44,474.76

4,490.04

6,786.76

7,296.77

14,700.77

139,662.8

Feb
60.09

10,394.10

26,074.71

2,500.83

7,466.49

879.05

11,985.91

-

-

1,227.40

525.19

-

210.91

5,135.14

39,602.20

44,737.33

4,572.78

7,060.84

6,529.15

14,603.01

138,827.8

Mar
79.63

7,880.54

27,417.58

2,717.51

11,623.76

820.11

12,300.30

-

-

1,342.02

509.01

-

196.72

4,699.08

40,942.54

45,641.63

4,354.50

7,859.25

6,540.97

15,243.80

144,527.3

Apr
87.99

8,108.02

30,664.80

2,649.20

12,068.34

413.80

12,241.98

-

-

1,095.15

478.00

-

177.77

4,854.99

44,593.50

49,448.49

4,042.90

6,452.91

9,497.37

15,304.56

152,731.3

May
133.33

7,539.98

31,081.99

2,649.42

16,140.56

419.60

12,259.88

-

-

953.79

469.51

-

151.74

5,278.01

46,383.60

51,661.61

3,991.35

7,163.66

9,319.35

15,249.33

159,185.1

Jun
181.74

8,374.10

32,527.57

5,410.98

14,549.70

119.42

13,604.07

-

-

992.17

508.81

-

141.15

5,228.09

47,537.52

52,765.60

6,477.32

7,532.53

8,140.55

15,060.65

166,386.4

Jul
183.05

8,394.26

32,530.27

5,422.55

14,534.13

119.42

13,602.14

-

-

992.17

508.81

-

141.15

5,228.09

47,619.44

52,847.52

6,442.57

7,493.64

8,217.25

15,090.15

166,519.1

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

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

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

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

Jan
324.6

3504.3
8,506.5

2680.3
2,631.0

-

1,110.8

2.4
-

1,487.3

2,967.6

-

35,913.5

6693.8
14,008.7

79,830.9

Feb
411.5

4021.5
9,763.6

3069.7
5,678.0

-

4,048.9

1.6
-

1,465.4

3,241.1

-

39,977.5

4511.5
13,964.4

90,154.6

Mar
354.3

4413.6
11,882.6

3691.3
4,932.3

-

5,235.0

0.9
-

1,590.0

3,888.3

-

42,741.3

9086.6
15,421.2

103,237.4

Apr
546.4

3054.1
15,585.8

4857.7
5,768.6

-

5,714.4

0.2
-

1,861.4

4,143.7

-

48,582.4

9654.2
16,999.2

116,768.1

May
639.5

8326.7
23,817.6

4251.9
16,001.6

-

6,150.9

0.0
-

1,486.3

8,474.8

-

74,864.0

14793.9
17,091.2

175,898.5

Jun
418.5

8464.3
32,497.6

3807.5
21,184.8

-

2,639.3

0.0
-

1,340.0

10,851.1

-

85,145.9

18155.8
35,128.1

219,633.0

Jul
700.4

9914.6
30,660.3

4983.4
24,902.9

-

4,077.6

0.0
-

1,411.5

13,722.1

-

98,066.0

9998.6
45,127.9

243,565.1

Aug
863.8

14422.1
33,703.2

4483.0
34,971.8

-

4,379.8

0.0
-

2,106.6

16,515.4

-

115,491.9

8745.3
45,694.0

281,377.1

Sep
1,086.8

14998.2
37,911.3

7470.1
45,094.8

-

8,440.8

0.0
-

1,302.8

17,996.8

-

129,242.7

11630.7
60,830.4

336,005.2

Oct
1,158.3

14768.7
44,296.5

10013.7
44,664.1

-

14,109.9

0.0
-

1,142.4

16,817.7

-

123,793.8

30036.4
47,678.2

348,479.7

Nov
1,449.3

22456.9
41,398.0

9771.8
41,317.6

-

17,572.6

0.0
-

2,085.3

16,785.8

-

136,029.9

30694.0
46,275.8

365,836.9

Dec
1,470.7

23012.7
48,533.8

8913.7
50,229.0

-

21,411.1

0.0
19,993.4

2,176.2

17,693.7

-

119,322.3

39279.1
69,102.5

421,138.1

Jan
2,402.7

32405.1
47,062.6

8410.8
50,364.6

-

17,976.2

0.0
23,668.5

2,406.3

18,311.0

-

132,757.4

41367.4
69,570.1

446,702.8

Feb
234.9

59685.4
50,103.0

9568.6
62,701.4

889.9

24,809.7

0.0
26,667.1

4,451.9

21,629.1

-

146,798.4

50093.6
70,987.9

528,620.9

Mar
214.6

72311.9
57,399.6

9196.8
51,300.9

-

28,841.5

0.0
24,689.0

5,503.9

19,118.6

-

170,376.6

54524.7
84,489.1

577,967.3

Apr
184.1

61341.6
63,129.5

16343.2
61,444.0

-

28,727.0

0.0
28,119.0

5,989.2

27,619.9

-

205,412.2

81442.9
86,571.2

666,323.9

May
78.1

125685.1
100,808.7

22707.0
195,646.6

-

81,344.3

0.0
69,908.9

6,246.8

53,180.7

-

440,462.4

103176.1
116,103.7

1,315,348.2

Jun
176.6

227001.8
172,666.5

25998.2
452,772.6

40,326.7

115,193.3

0.0
196,310.3

4,209.5

121,677.5

-

870,075.1

230604.4
544,587.8

3,001,600.3

Jul
162.7

132017.2
220,995.0

20797.2
459,668.2

32,010.8

105,308.6

0.0
154,472.7

13,777.8

153,638.5

-

697,177.8

209734.6
612,937.8

2,812,698.9

Aug
611.0

105296.6
309,821.7

55744.7
475,838.3

37,447.1

102,495.2

0.0
153,578.2

6,767.5

135,193.3

-

758,439.2

223114.4
564,622.1

2,928,969.2

Sep
949.3

193065.6
339,269.2

41680.1
437,996.0

58,554.5

110,351.3

0.0
161,346.6

4,522.1

153,113.7

-

880,148.8

290026.7
565,616.4

3,236,640.3

Oct
403.8

204713.4
254,684.1

187632.1
440,150.3

65,022.1

97,046.1

0.0
176,111.9

13,771.8

173,523.5

-

829,479.5

345029.3
586,015.6

3,373,583.5

Nov
370.5

222344.7
387,213.2

160896.0
326,510.1

50,688.3

159,225.4

0.0
173,990.9

28,127.2

187,363.3

-

926,663.7

395549.5
595,811.6

3,614,754.5

Dec
403.7

251968.8
457,034.9

261067.9
345,348.0

56,551.7

185,131.1

0.0
166,902.0

27,875.9

222,503.1

0.7

973,788.6

507890.9
658,045.7

4,114,512.9

Jan
367.9

368046.7
524,020.9

471915.0
363,325.6

40,412.9

280,803.2

0.0
280,441.0

45,935.9

339,610.7

-

1,563,405.5

649087.4
742,734.0

5,670,106.8

Feb
578.8

637645.2
797,581.2

618074.6
613,309.7

24,680.4

425,783.2

0.0
399,313.5

67,900.2

519,513.4

-

2,188,186.8

904519.6
937,957.6

8,135,044.1

Mar
356.6

1026840.5
1,171,941.4

888362.3
829,470.4

-

440,943.8

0.0
528,820.5

103,276.3

787,872.2

-

3,761,909.8

1403556.4
1,697,667.5

12,641,017.5

Apr
1.0

564.4
864.1

693.0
326.5

67.2

337.2

0.0
313.5

-

593.2

212.7

2,856.8

420.1
824.2

8,074.0

May
4.0

639.2
783.2

772.6
296.2

109.6

407.6

0.0
303.7

-

309.2

19.8

2,946.5

712.1
903.7

8,207.5

Jun
1.1

520.3
1,122.4

718.7
678.1

110.9

188.6

0.0
282.9

-

424.7

20.4

2,998.6

858.8
1,229.8

9,155.3

Jul
2.4

681.0
918.2

640.3
336.2

99.8

676.7

0.0
276.2

5.0

333.9

20.5

3,022.2

1332.3
1,250.3

9,595.1

Aug
1.1

642.2
853.3

852.1
428.1

-

764.6

0.0
246.2

5.1

373.1

20.6

3,042.5

1811.8
1,318.9

10,359.6

Sep
1.0

1230.9
1,985.1

1121.2
705.4

-

555.5

0.0
431.0

34.5

1,130.0

37.0

4,878.1

2054.8
2,298.6

16,463.3

Oct
13.1

1166.2
2,512.0

1391.6
769.7

-

745.1

0.0
502.2

5.3

1,380.9

42.7

5,751.9

2214.8
2,435.0

18,930.4

Nov
14.0

918.9
2,141.3

1383.8
649.7

-

602.6

0.0
367.6

5.4

1,293.8

39.5

4,997.5

2566.9
2,458.3

17,439.1

Dec
17.1

1089.4
2,633.9

2306.6
754.5

-

675.7

0.0
361.0

-

1,424.9

35.4

5,500.8

2343.9
2,593.3

19,736.5

Jan
13.1

939.4
2,348.5

616.8
637.3

-

1,028.5

0.0
-

1,019.2

1,294.7

-

356.6

317.5

5,353.2

5,670.7

199.4

-

3001.4
3,282.1

20,407.7

Feb
13.9

980.7
2,545.5

628.6
695.1

-

753.2

0.0
-

997.8

1,428.4

-

335.1

535.1

5,302.8

5,837.9

199.4

-

1754.4
3,294.2

19,464.2

Mar
20.4

1031.3
2,349.0

786.9
517.9

-

844.9

0.0
-

1,066.7

1,604.4

-

284.5

358.4

5,601.2

5,959.7

121.0

-

1684.9
3,466.0

19,737.7

Apr
17.8

1038.4
2,522.2

766.4
514.4

-

900.0

0.0
-

1,084.2

1,815.7

-

284.5

322.9

5,519.7

5,842.6

111.4

-

1736.6
3,476.9

20,111.3

May
26.4

855.4
2,940.4

801.9
906.2

-

1,009.6

0.0
-

1,098.4

1,814.5

-

204.3

695.6

5,865.6

6,561.2

139.8

-

2062.4
3,495.2

21,915.6

Jun
29.0

803.0
2,966.8

631.1
823.7

-

1,262.5

0.0
-

1,046.3

1,892.2

-

197.5

635.7

6,405.1

7,040.8

232.2

-

1786.7
3,716.9

22,428.7

Jul
29.0

803.0
2,966.8

631.1
823.7

-

1,262.5

0.0
-

1,046.3

1,892.2

-

197.5

635.7

6,405.1

7,040.8

232.2

-

1786.7
3,716.9

22,428.7

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

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan


Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan


Feb


Mar


Apr


May


Jun


Jul


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

END OF

Jan

Feb

Mar

Apr

May

June

July

Aug

Sept

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

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

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

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

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

Minimum
Maximum
Minimum
Maximum

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

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

WEIGHTS


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

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

FOOD
INFLATION
WEIGHTS


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr


*Apr

*May

*Jun

*Jul

Source: Zimstat, 2025
*Statistics are in ZiG
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
RECREATION
& CULTURE

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

Source: Reserve Bank of Zimbabwe, 2025
TABLE 10 : SELECTED INTERNATIONAL EXCHANGE RATES
*The Reserve Bank introduced a new currency ZiG on 5 April
& recalibrated exchange rates to ZiG
END O F
USA DO LLAR
SO UTH ARFICAN
RAND
BO TSWANA PULA
JAPANESE YEN
EURO
PO UND
STERLING

Market Capitalisation
All Share Index*
ZWG millions

Jan

Feb

Mar

Apr

May

June

July

Aug

Sept

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

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
*All Share index was introduced in January, 2018
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS
Mining Index
Market Turnover
ZWG
Volume of Shares
END OF

END OF
ZETSS
POS
ATM
MOBILE
INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

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

END OF
ZETSS
POS
ATM
MOBILE
INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

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

END OF
EXPORTS
IMPORTS
TOTAL TRADE
TRADE BALANCE

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

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