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DECEMBER 2025

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TABLE OF CONTENTS


OVERVIEW
The ZiG monthly inflation rate for December
2025 slightly increased to 0.23% from 0.20%
recorded in November 2025. In contrast, the
year-on-year ZiG inflation rate decreased to
15.0% in December 2025 from 19.0% in
November 2025.
Broad money (M3) stock, which consists of
both local and foreign currency deposits, stood
at ZiG108,088.71 million in December 2025,
an increase of 2.39%, from ZiG105,562.65
million recorded in November 2025.
The Zimbabwe Stock Exchange (ZSE) and the
Victoria Falls Stock Exchange exhibited
bullish sentiments during the month under
review.
The total digital payment systems transaction
values for December 2025 increased by 23%
from ZiG224.01 billion in November 2025 to
ZiG275.38 billion. Similarly, transactional
volumes also increased by 11% from 76.22
million to 84.23 million recorded during the
same period.
International commodity prices for most
selected
commodities
strengthened
in
December 2025. Brent crude oil prices,
however, retreated.
The country’s merchandise exports totalled
US$ 1,141.7 billion against an import bill of
US$901.5 million, resulting in a trade surplus
of US$240.2 million.
INTERNATIONAL COMMODITY
PRICE DEVELOPMENTS
International commodity prices for most
selected commodities increased in December
2025. Prices rose as safe-haven and investment
demand firmed, underpinned by geopolitical
risks, supply constraints, regulatory-driven
industrial demand, and expectations of lower
U.S. interest rates. Brent crude oil prices,
however, declined as supply fears eased, amid
strong expectations of a US-led ceasefire
between Russia and Ukraine.

The
price
developments
for
selected
commodities in the month are shown in Table1.

Table 1: Average International Commodity
Prices for November 2025 and December

Commodity


Nov-25
Dec-25
Monthly
changes
(%)
Gold
US$/oz
4,092.92
4,308.96
5.28
Platinum
US$/oz
1,572.75
1,887.12
19.99
Palladium
US$/oz
1,413.53
1,590.24
12.50
Copper
US$/t
10,822.53
11,762.67 8.69
Nickel
US$/t
14,869.30
15,067.19 1.33
Brent
Crude
oil
US$/bl
63.28
61.66
-2.55
Lithium
US$/t
10,118.50
10,905.71 7.78
Source: Bloomberg, 2025

Gold
In the month of December 2025, gold prices
averaged US$4,308.96 per ounce, an increase
of 5.28% from US$4,092.92 per ounce
recorded in November 2025. The increase in
prices was fuelled by safe-haven demand for
the yellow metal, amid escalating geopolitical
tensions.

Platinum
During the month under review, average
platinum
prices
rose
by
19.99%
to
US$1,887.12 per ounce, from US$1,572.75 per
ounce recorded in the previous month. The
precious metal has increasingly served as a

cost-effective substitute for gold among
jewellery consumers, bolstering its price
resilience, amid rising gold prices. South
African platinum mines, which account for the
largest share of global platinum production,
continued to face operational challenges,
reducing global output and contributing to the
price increase.

Palladium
Average monthly palladium prices firmed by
12.50% to US$1,590.24 per ounce, from
US$1,413.53 per ounce recorded the previous
month. Prices increased as global regulatory
pressure to tighten emissions standards boosted
palladium use in new vehicles, thereby driving
demand as automakers installed more catalytic
converters.

The price movement over the period from
December 2024 to December 2025 is illustrated
in Figure 1.

Figure 1: Monthly Precious Metal Prices
(US$ per Ounce): December 2024 –
December 2025

Source: Bloomberg, 2025
Brent Crude Oil
Brent crude oil prices declined by 2.55%, from
US$63.28 per barrel in November 2025 to
US$61.66 per barrel, during the month under
review. This followed the resumption of
production in Iraq’s major oilfields which
eased supply disruption premiums. In addition,
the anticipated impact of the U.S.-led
diplomatic efforts for a
Russia-Ukraine
ceasefire boosted investor expectations of
future oil supply increases, exerting downward
pressure on prices.

Figure 2 depicts the Brent Crude Oil price
movements from December 2024 to December
2025.

Figure
2:
Brent
Crude
Oil
Prices
(US$/Barrel) December 2024 – December

Source: Bloomberg, 2025

Copper
Copper
prices
firmed
by
8.69%
to
US$11,762.67 per tonne in December 2025,
from US$10,822.53 per tonne recorded in the
previous month. Low warehouse inventories
and withdrawals of physical copper stocks
created tight supply conditions that spurred


1,200
1,600
2,000
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Jul-25
Aug-25
Sep-25
Oct-25
Nov-25
Dec-25
US$/ounce
US$/ounce
Platinum
Palladium
Gold (RHS)

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

competition among buyers for the red metal.
Persistent supply constraints, coupled with the
growing demand for copper from Artificial
Intelligence data
centres
and
advanced
technologies, further supported the price
increase. Global investment in power grids,
data centres, electrification projects, and
construction also sustained the elevated
demand for copper.

Nickel
Nickel prices rose by 1.33% to US$15,067.19
per tonne, during the month under review, from
US$14,869.30 per tonne recorded in the prior
month. The uptick was driven by seasonal
production cycles in major nickel‐producing
regions, particularly the Philippines, which
temporarily reduced ore supply and tightened
market supply. Announcements and policy
signals from Indonesian authorities regarding
the 2026 nickel output cuts, to support prices,
heightened investor expectations of a tighter
market.

Figure 3 shows base metals price movements
for the period from December 2024 to
December 2025.

Figure 3: Base Metal Prices (US$/tonne):
December 2024 – December 2025

Source: Bloomberg 2025

Lithium
During the reporting period, lithium prices
strengthened by 7.78% to US$10,905.71 per
tonne, from US$10,118.50 per tonne recorded
in the previous month. Prices rose amid China’s
energy storage boom and tight supply, boosting
demand expectations for lithium. Moreover,
robust global electric vehicle production
growth, especially in China, Europe, and the
U.S., continued to drive demand, pushing
lithium prices higher.

Figure 4 depicts the changes in lithium prices
for the period from December 2024 to
December 2025.

Figure 4: Lithium Prices (US$/tonne)
December 2024 – December 2025

Source: London Metal Exchange, 2025

Merchandise Trade Developments
Zimbabwe’s total merchandise trade increased
by 2.1% to US$2.04 billion in December 2025,
from US$2.00 billion recorded in November
2025. This was driven by the significant
increase in exports during the month under
analysis. On a year-on-year basis, total
merchandise trade rose by 29.2% to US$1.58
billion in December 2024.


Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Jul-25
Aug-25
Sep-25
Oct-25
Nov-25
Dec-25
US$/tonne
US$/tonne
Copper
Nickel (RHS)

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

Merchandise Exports
During the month under review, the country’s
merchandise exports totalled US$1.14 billion,
up by 9.1% from US$1.05 billion recorded in
November 2025. Growth was underpinned by
increases in exports of gold, Platinum Group
Metals (PGMs), and other mineral products.
Gold exports rose by 21.7% to US$539.6
million in December 2025, from US$443.3
million in November 2025, and accounted for
about 47.3% of total exports. Similarly, PGM
exports rose to US$209.2 million from
US$192.2 million in the prior month.

On an annual basis, exports in December 2025
were 64.9% higher than the US$692.4 million
recorded in the corresponding month in 2024.

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

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

Source: ZIMSTAT, 2025

Exports by Commodity
The country’s export basket remained highly
concentrated in primary commodities, with
gold accounting for 47.3%, followed by
tobacco (19.0%) and Platinum Group Metals
(PGMs) at 18.3%. The country’s exports,
classified by the Harmonized Commodity
Description and Coding System, for November
and December 2025 are shown in Table 2.

Table 2: Major Exports (US$ millions)

Nov
- 25
(US$
m)
Dec -

(US$
m)
Nov - Dec

Changes
(%)
Share of
Dec
Exports
(%)
Total

Of Which:


Gold
443.

539.6
21.7
47.3
Tobacco (Including
cigarettes)
258.

216.6
-16.3
19.0
PGMs
192.

209.2
8.8
18.3
Other mineral
substances

Ferrochromium

Other ores and
concentrates

Coal

Chromium ores and
concentrates

Crocodiles

Steel

Others

Source: ZIMSTAT & RBZ Calculations, 2025

Export Market
Most of the country’s exports were directed to
the United Arab Emirates (49.9%), South
Africa (21.6%), and China (17.3%), with the
remainder going to other markets. The
country’s major export markets during the
month under review are depicted in Figure 6.

1,042
1,046
1,142

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

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

Source: ZIMSTAT & RBZ Calculations, 2025

Merchandise Imports
Merchandise imports declined by 5.6% to
US$901.5 million in December 2025, from
US$955.8 million recorded in November 2025.
On an annual basis, however, imports rose by
1.4%, from US$889.3 million recorded in
December
2024.
The
monthly
import
developments for 2024 and 2025 are shown in
Figure 7.

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

Source: ZIMSTAT & RBZ Computations, 2025

Imports by Commodity
Industrial supplies remained the largest
component of the country’s import bill,
accounting for 35.1% of total imports, followed
by fuel and lubricants at 22.2%. Capital goods
accounted for 18.4%, while food and beverages
made up 11.4% of total imports. Table 3 shows
the major import commodities by Broad
Economic Category (BEC) for the months of
November and December 2025.

Table 3: Major Imports (US$ millions)

Nov –

(US$m
)
Dec -

(US$m
)
Nov -
Dec 25
Change
s (%)
Share of
Total
Imports
(%)
Dec-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

Import Markets
In the month under review, most of the
country’s imports were sourced from South
Africa (38.8%), followed by China (15.5%),
Bahrain (13.5%), Mozambique (4.8%), and
Zambia (3.4%), with the remainder originating
from various other markets, as shown in Figure
8.


United Arab Emirates
South Africa
China
Indonesia
United States
Belgium
Germany
Armenia
Democratic Republic of...
Zambia

Figure 8: Top Ten Merchandise Imports
Destinations (% Share)

Source: ZIMSTAT & RBZ Calculations, 2025

Merchandise Trade Balance

The merchandise trade developments in
December 2025 resulted in a trade surplus of
US$240.2 million, up from US$91.1 million
recorded in November 2025. Compared with
December 2024, the trade balance realised in
the December

was
a
significant
improvement from the deficit of US$196.9
million. This notable improvement resulted
from stronger export performance relative to
imports, during the period under review. The
country’s monthly trade balance developments
in 2025 are shown in Figure 9.


1 Monetary data was revised from September 2024
following the adoption of new reporting return submitted
by banks. The notable revision is on broad money stock
Figure 9: Merchandise Trade Balance (US$
millions)

Source: ZIMSTAT & RBZ Computations, 2025
MONETARY DEVELOPMENTS1
Broad money (M3) stock, which consists of
both local and foreign currency deposits, stood
at ZiG108,088.71 million in December 2025,
an increase of 2.39% (ZiG2 526.05 million)
from ZiG105,562.65 million recorded in
November 2025.
Annual growth in M3 continued on a
downward trend, declining from 45% in
November 2025 to 37% in December. This was
reflected in significant declines in both the local
and foreign currency components of deposits.
The M3 stock was largely dominated by foreign
currency deposits, comprising 81.34% of the
total money supply; followed by local currency
deposits, at 18.16%; negotiable certificates of
deposits, 0.37%; and local currency in
circulation, 0.13%.
Figure 10 shows the composition of the money
supply.

Figure 10: Composition of Money Supply
(M3) which was revised downwards due to
reclassification of Government foreign currency deposits
held by banks from deposits included in broad money.

South...
China
Bahrain
Mozambi...
Zambia
Bahamas
Mauritius
United...
Hong Kong
India

Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Jul-25
Aug-25
Sep-25
Oct-25
Nov-25
Dec-25
Exports
Imports
Trade Balance

Source: Reserve Bank of Zimbabwe, 2025

During the month under analysis, the banking
sector's net credit to the Government2,
increased by 0.55% to ZiG73,211.34 million.
Credit to Government was largely in the form
of long-term treasury bills held by banks.
Credit to the private sector marginally
increased by 0.34%, from ZiG69,726.38
million to ZiG69,965.23 million, largely on the
back of an increase of 0.36% in local currencydenominated loans to ZiG9,600.12 million.
Outstanding credit to the private sector was
mainly channelled to households, agriculture,
manufacturing
and
distribution,
which
collectively received about 26.17%, 16.40%,
13.42%, and 13.15% of the total credit,
respectively. The mining sector received about
8.54% of the total outstanding credit.
Figure 11 shows the distribution of credit by
sector.


2 Claims in Government was adjusted to include
exchange losses related to SDR drawdowns. The
adjustment, however, does not imply actual lending to
Government, but is merely an accounting treatment. The
Figure 11: Distribution of Private Sector
Credit

Source: Reserve Bank of Zimbabwe, 2025

Credit to the private sector was largely utilized
for recurrent expenditure (36.74%), inventory
build-up
(22.15%),
and
fixed
capital
investments (18.05%).
STOCK MARKET DEVELOPMENTS
Zimbabwe Stock Exchange (ZSE)
During the month of December 2025, the
Zimbabwe Stock Exchange (ZSE) traded on a
positive trajectory. As such, the ZSE All Share,
Top 10 and Top 15 indices registered growths
of 18.25%, 19.57% and 20.30% to 277.86
points, 281.78 points and 285.78 points,
respectively.

Owing to the developments on the local bourse
during the period under analysis, the ZSE
gained 16.71%, or ZiG12,494.32 million worth
of capitalisation to ZiG87 257.33 million
compared to ZiG74,763.01 million recorded in
the previous month. Similarly, on an annual
basis, the ZSE market capitalisation gained
adjustments from June 2025 also include exchange
losses related to external loans transferred to
Government, which were previously classified under
Unrealized Exchange Losses in Other Items Net (OIN).
NCDs,
0.37%
Local Currency Time
Deposits, 2.16%
FX Time Deposits,
12.43%
Local Currency
Transferable ,
16.00%
FX Transferable
Deposits, 68.91%
Currency in
Circulation,
0.13%
Households
26.17%
Agriculture
16.40%
Mining
8.54%
Manufacturing
13.42%
Distribution
13.15%
Transport and
Communication
4.17%
Services
9.86%
Financial Organisations
and Investments
4.77%
Construction
3.51%
Other
0.01%

31.73%, from ZiG66,241.20 million recorded
in the same period in 2024.
The resource index closed at 117.69 points,
representing a 7.88% increase compared to
109.09 points recorded in the previous month.
Annually, the mining index lost 50.00%, from
235.38 points recorded in December 2024.

During the month under review, the cumulative
volume of shares traded added 18.68%,
amounting to 15.53 million, compared to 83.16
million recorded in the previous month.
Cumulative turnover value, however, lost
4.49% to ZiG358.17 million, compared to
ZiG375.03 million recorded in the previous
month.

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

Source: Zimbabwe Stock Exchange, 2025

The proportion of foreign purchases to the
value of shares traded improved to 1.27%, from
0.17% recorded in November 2025. Similarly,
the cumulative net foreign position improved
from a negative position of ZiG267.11 million
to a negative position of ZiG103.79 million.

Victoria Falls Stock Exchange (VFEX)
The Victoria Falls Stock Exchange exhibited
bullish sentiments for the sixth consecutive
month. Resultantly, the VFEX All Share index
added 1.40% to close at 177.12 points in
December 2025, compared to 174.68 points
recorded in previous month, as shown in Figure
13.

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

Source: Victoria Falls Stock Exchange, 2025

VFEX Market Capitalization
In line with the developments on the VFEX
market in December 2025, the market added
0.57%, or US$11.85
million worth of
capitalisation to US$2,097.16 million. This is
in
comparison to
US$2,085.31
million
recorded in the previous month. Annually, the
VFEX capitalisation gained 63.89%, from
US$1,279.62
million
recorded
in
the
comparable period last year.

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

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

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

Source: Zimbabwe Stock Exchange, 2025
NATIONAL PAYMENTS SYSTEM
The total digital payment systems transaction
values for December 2025 increased by 23%
from ZiG224.01 billion in November 2025 to
ZiG275.38 billion. Transactional volumes also
increased by 11% from 76.22 million to 84.23
million recorded during the same period., as
shown in Figure 15.

Figure 15: Payment Systems Monthly
Transactional Values and Volumes from
January 2025 – December 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 December 2025 increased by 27.38%
from ZiG129.42 billion recorded in November

to
ZiG164.86
billion.
Similarly,
transactional volumes also increased by
23.88% from 0.83 million to 1.03 million
during the period under review.

Figure 16: RTGS System Trend for Values
and Volumes from January 2025 - December

Source: Reserve Bank of Zimbabwe, 2025

Mobile and Internet-Based Transactions
Mobile
and
internet-based
transactions
increased by 17.64% from ZiG76.38 billion in
November 2025 to ZiG89.85 billion in
December 2025.

Cash Transactions
Cash-based transactions increased by 17.07%
from ZiG15.07 billion in November 2025 to
ZiG17.65 billion in December 2025.

0.5

1.5

2.5
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Jul-25
Aug-25
Sep-25
Oct-25
Nov-25
Dec-25
US$ BILLIONS

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


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

Card-Based Transactions
Card-based transactions increased by 13.02%
from ZiG18.29 billion in November 2025 to
ZiG20.68 billion in December 2025.
INFLATION OUTTURN
Monthly Inflation Developments
ZiG Monthly Inflation
Monthly ZiG inflation slightly increased by
0.03 percentage points, from 0.20% in
November 2025 to 0.23% in December 2025.

The ZiG monthly food inflation which stood at
0.57% in December 2025, was driven by an
increase in prices of meat, and fruits and
vegetables. Non-food inflation also rose from -
0.03% in November 2025 to 0.04% in
December

and
contributed
0.03
percentage points to the monthly inflation rate.

Figure 17 shows developments in monthly ZiG
inflation from June 2024 to December 2025.

Figure 17: ZiG Month-on-Month Inflation


Source: ZIMSTAT, 2025

US$ Monthly Inflation
The monthly US$ inflation rate moderated by
0.2 percentage points from 0.2% in November
to 0.0% in December 2025, driven by the
0.01% decline in food inflation, which is
partially attributed to decreases in prices of
bread and cereals; milk, cheese, eggs; and
fruits.

Non-food inflation also fell to 0.02% in
December 2025, from 0.15% in November
2025.

Annual Inflation Developments
ZiG Annual Inflation Developments
The year-on-year ZiG inflation rate decreased
from 19.0% in November 2025 to 15.0% in
December 2025. Year-on year inflation was
driven by food inflation, which contributed
11.89 percentage points to overall inflation.
Housing, water and energy; transport; and
furniture and equipment had the largest
contributions to the overall inflation. ZiG
annual
food
inflation
contributed
4.17
percentage points to annual ZiG inflation,
driven by an increase in prices meat; fruits and
vegetables.

US$ Annual Inflation Developments
Annual US$ inflation rate decelerated to 12.4%
in December 2025 from 13.1% in November
2025. US$ year-on-year inflation was driven by
non-food inflation which accounted for 7.50
percentage points to the overall inflation.
Housing, water and energy contributed about
3.72 percentage points, while categories such
as miscellaneous goods and services and
alcoholic beverages and tobacco also had some
significant contributions.
-10

Jun-24
Aug-24
Oct-24
Dec-24
Feb-25
Apr-25
Jun-25
Aug-25
Oct-25
Dec-25
ZiG Monthly Inflation

Figure
18:
US$
Annual
Inflation
Developments (%)

Source: ZIMSTAT, 2025

Weighted Annual Inflation
Weighted annual inflation at 13.3% in
December
2025,
largely
followed
the
disinflationary trend exhibited by both the ZiG
and US$ components.
FEBRUARY 2026
RESERVE BANK OF ZIMBABWE


-5

Y-O-Y Inflation Rate (%)

Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Jul-25
Aug-25
Sep-25
Oct-25
Nov-25
Dec-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
71,557.89

77,653.70

76,952.92

77,123.33

81,906.89

85,574.56

91,519.33

95,396.24

94,314.20

96,697.98

97,310.75

103,323.38

103,564.22

106,881.82

Transferable Deposits
65,726.26

71,536.87

70,228.43

69,326.09

74,633.46

76,668.54

81,316.50

84,216.03

83,327.48

84,046.56

83,971.86

88,707.29

89,504.29

91,112.50

of which FCAs
54,884.34

59,157.87

58,527.96

57,270.33

62,418.69

63,622.76

66,516.87

70,151.60

69,751.55

70,659.66

70,517.62

74,233.88

74,105.68

73,823.32

Other Deposits (Time Deposits)

of which FCAs

Money Market Instruments
771.68

995.70

1,110.84

1,043.01

1,258.29

1,113.65

1,031.34

1,500.40

1,525.56

1,714.71

1,562.95

1,671.42

1,533.06

403.79

Source:Reserve Bank of Zimbabwe,2025
Notes
i. Monetary data was revised from September 2024 following the adoption of new reporting return submitted by banks.
ii. The notable revision is on broad money stock (M3) which was revised downwards due to reclassification of Government foreign currency deposits held by banks from deposits included in broad money.
TABLE 3 : OTHER DEPOSITORY CORPORATIONS SURVEY ( $ 'Million)

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


an
2,947.9

5,196,670.6

9,096,074.6

1,414,527.9

3,957,664.6


eb
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


un
9.2

4,753.1

12,746.0

2,349.5

6,493.3


ul
7.5

5,739.9

11,453.3

1,987.0

6,135.6


ug
6.4

6,444.9

13,516.2

2,310.5

4,922.1


ep
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


ov
72.6

11,233.7

29,835.6

4,498.6

6,365.0


ec
82.6

10,274.6

32,110.0

5,538.7

8,540.2


an
69.3

12,746.4

30,180.7

3,532.9

6,021.2


eb
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


un
212.5

9,521.0

35,799.3

6,230.7

15,373.4


ul
213.8

9,541.1

35,802.0

6,242.3

15,357.8


ug
226.2

14,822.2

36,977.1

5,875.5

10,221.8


ep
239.9

15,521.3

36,090.8

4,591.7

12,448.2


Oct
251.3

14,189.7

36,754.9

5,802.9

12,553.0


ov
326.3

14,165.5

37,874.5

6,578.1

12,199.9


ec
369.8

15,140.9

39,886.1

4,131.9

11,461.7


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

End of
Total Deposits
of which FCA

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sept

*Oct

*Nov

*Dec

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

May
133.33

7,539.98

31,081.99

2,649.42

16,140.56

419.60

12,259.88

-

-

953.79

469.51

-

151.74

5,278.01

46,383.60

51,661.61

3,991.35

7,163.66

9,319.35

15,249.33

159,185.1

Jun
181.74

8,374.10

32,527.57

5,410.98

14,549.70

119.42

13,604.07

-

-

992.17

508.81

-

141.15

5,228.09

47,537.52

52,765.60

6,477.32

7,532.53

8,140.55

15,060.65

166,386.4

Jul
183.05

8,394.26

32,530.27

5,422.55

14,534.13

119.42

13,602.14

-

-

992.17

508.81

-

141.15

5,228.09

47,619.44

52,847.52

6,442.57

7,493.64

8,217.25

15,090.15

166,519.1

Aug
193.19

13,295.37

33,500.18

4,346.93

8,753.41

609.59

14,232.02

-

-

583.16

540.44

21.46

129.27

6,419.77

47,719.81

54,139.58

7,481.64

8,543.31

9,652.13

15,411.88

171,433.6

Sep
201.68

13,950.40

32,362.47

3,553.93

11,188.77

921.94

13,421.60

-

-

757.44

561.95

18.84

110.22

6,020.45

49,450.81

55,471.26

5,730.80

8,537.36

10,340.98

15,804.22

172,933.8

Oct
204.51

12,507.21

32,947.48

4,526.89

11,385.81

910.64

14,013.13

-

-

655.59

539.19

23.48

267.06

6,236.10

51,566.50

57,802.60

4,997.85

7,774.84

9,423.21

16,097.87

174,077.4

Nov
263.56

12,673.29

33,851.53

5,484.35

10,816.26

828.03

14,055.20

-

-

649.51

515.30

23.74

327.36

5,880.27

53,183.11

59,063.39

5,737.74

9,054.80

9,275.53

15,949.32

178,568.9

Dec
309.46

13,291.25

36,167.66

3,188.93

10,104.59

820.00

15,607.97

-

-

1,469.05

453.93

20.77

412.11

5,956.99

53,287.33

59,244.32

4,666.34

8,262.05

8,562.83

17,160.25

179,741.5

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

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

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

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

Jan
324.6

3504.3
8,506.5

2680.3
2,631.0

-

1,110.8

2.4
-

1,487.3

2,967.6

-

35,913.5

6693.8
14,008.7

79,830.9

Feb
411.5

4021.5
9,763.6

3069.7
5,678.0

-

4,048.9

1.6
-

1,465.4

3,241.1

-

39,977.5

4511.5
13,964.4

90,154.6

Mar
354.3

4413.6
11,882.6

3691.3
4,932.3

-

5,235.0

0.9
-

1,590.0

3,888.3

-

42,741.3

9086.6
15,421.2

103,237.4

Apr
546.4

3054.1
15,585.8

4857.7
5,768.6

-

5,714.4

0.2
-

1,861.4

4,143.7

-

48,582.4

9654.2
16,999.2

116,768.1

May
639.5

8326.7
23,817.6

4251.9
16,001.6

-

6,150.9

0.0
-

1,486.3

8,474.8

-

74,864.0

14793.9
17,091.2

175,898.5

Jun
418.5

8464.3
32,497.6

3807.5
21,184.8

-

2,639.3

0.0
-

1,340.0

10,851.1

-

85,145.9

18155.8
35,128.1

219,633.0

Jul
700.4

9914.6
30,660.3

4983.4
24,902.9

-

4,077.6

0.0
-

1,411.5

13,722.1

-

98,066.0

9998.6
45,127.9

243,565.1

Aug
863.8

14422.1
33,703.2

4483.0
34,971.8

-

4,379.8

0.0
-

2,106.6

16,515.4

-

115,491.9

8745.3
45,694.0

281,377.1

Sep
1,086.8

14998.2
37,911.3

7470.1
45,094.8

-

8,440.8

0.0
-

1,302.8

17,996.8

-

129,242.7

11630.7
60,830.4

336,005.2

Oct
1,158.3

14768.7
44,296.5

10013.7
44,664.1

-

14,109.9

0.0
-

1,142.4

16,817.7

-

123,793.8

30036.4
47,678.2

348,479.7

Nov
1,449.3

22456.9
41,398.0

9771.8
41,317.6

-

17,572.6

0.0
-

2,085.3

16,785.8

-

136,029.9

30694.0
46,275.8

365,836.9

Dec
1,470.7

23012.7
48,533.8

8913.7
50,229.0

-

21,411.1

0.0
19,993.4

2,176.2

17,693.7

-

119,322.3

39279.1
69,102.5

421,138.1

Jan
2,402.7

32405.1
47,062.6

8410.8
50,364.6

-

17,976.2

0.0
23,668.5

2,406.3

18,311.0

-

132,757.4

41367.4
69,570.1

446,702.8

Feb
234.9

59685.4
50,103.0

9568.6
62,701.4

889.9

24,809.7

0.0
26,667.1

4,451.9

21,629.1

-

146,798.4

50093.6
70,987.9

528,620.9

Mar
214.6

72311.9
57,399.6

9196.8
51,300.9

-

28,841.5

0.0
24,689.0

5,503.9

19,118.6

-

170,376.6

54524.7
84,489.1

577,967.3

Apr
184.1

61341.6
63,129.5

16343.2
61,444.0

-

28,727.0

0.0
28,119.0

5,989.2

27,619.9

-

205,412.2

81442.9
86,571.2

666,323.9

May
78.1

125685.1
100,808.7

22707.0
195,646.6

-

81,344.3

0.0
69,908.9

6,246.8

53,180.7

-

440,462.4

103176.1
116,103.7

1,315,348.2

Jun
176.6

227001.8
172,666.5

25998.2
452,772.6

40,326.7

115,193.3

0.0
196,310.3

4,209.5

121,677.5

-

870,075.1

230604.4
544,587.8

3,001,600.3

Jul
162.7

132017.2
220,995.0

20797.2
459,668.2

32,010.8

105,308.6

0.0
154,472.7

13,777.8

153,638.5

-

697,177.8

209734.6
612,937.8

2,812,698.9

Aug
611.0

105296.6
309,821.7

55744.7
475,838.3

37,447.1

102,495.2

0.0
153,578.2

6,767.5

135,193.3

-

758,439.2

223114.4
564,622.1

2,928,969.2

Sep
949.3

193065.6
339,269.2

41680.1
437,996.0

58,554.5

110,351.3

0.0
161,346.6

4,522.1

153,113.7

-

880,148.8

290026.7
565,616.4

3,236,640.3

Oct
403.8

204713.4
254,684.1

187632.1
440,150.3

65,022.1

97,046.1

0.0
176,111.9

13,771.8

173,523.5

-

829,479.5

345029.3
586,015.6

3,373,583.5

Nov
370.5

222344.7
387,213.2

160896.0
326,510.1

50,688.3

159,225.4

0.0
173,990.9

28,127.2

187,363.3

-

926,663.7

395549.5
595,811.6

3,614,754.5

Dec
403.7

251968.8
457,034.9

261067.9
345,348.0

56,551.7

185,131.1

0.0
166,902.0

27,875.9

222,503.1

0.7

973,788.6

507890.9
658,045.7

4,114,512.9

Jan
367.9

368046.7
524,020.9

471915.0
363,325.6

40,412.9

280,803.2

0.0
280,441.0

45,935.9

339,610.7

-

1,563,405.5

649087.4
742,734.0

5,670,106.8

Feb
578.8

637645.2
797,581.2

618074.6
613,309.7

24,680.4

425,783.2

0.0
399,313.5

67,900.2

519,513.4

-

2,188,186.8

904519.6
937,957.6

8,135,044.1

Mar
356.6

1026840.5
1,171,941.4

888362.3
829,470.4

-

440,943.8

0.0
528,820.5

103,276.3

787,872.2

-

3,761,909.8

1403556.4
1,697,667.5

12,641,017.5

Apr
1.0

564.4
864.1

693.0
326.5

67.2

337.2

0.0
313.5

-

593.2

212.7

2,856.8

420.1
824.2

8,074.0

May
4.0

639.2
783.2

772.6
296.2

109.6

407.6

0.0
303.7

-

309.2

19.8

2,946.5

712.1
903.7

8,207.5

Jun
1.1

520.3
1,122.4

718.7
678.1

110.9

188.6

0.0
282.9

-

424.7

20.4

2,998.6

858.8
1,229.8

9,155.3

Jul
2.4

681.0
918.2

640.3
336.2

99.8

676.7

0.0
276.2

5.0

333.9

20.5

3,022.2

1332.3
1,250.3

9,595.1

Aug
1.1

642.2
853.3

852.1
428.1

-

764.6

0.0
246.2

5.1

373.1

20.6

3,042.5

1811.8
1,318.9

10,359.6

Sep
1.0

1230.9
1,985.1

1121.2
705.4

-

555.5

0.0
431.0

34.5

1,130.0

37.0

4,878.1

2054.8
2,298.6

16,463.3

Oct
13.1

1166.2
2,512.0

1391.6
769.7

-

745.1

0.0
502.2

5.3

1,380.9

42.7

5,751.9

2214.8
2,435.0

18,930.4

Nov
14.0

918.9
2,141.3

1383.8
649.7

-

602.6

0.0
367.6

5.4

1,293.8

39.5

4,997.5

2566.9
2,458.3

17,439.1

Dec
17.1

1089.4
2,633.9

2306.6
754.5

-

675.7

0.0
361.0

-

1,424.9

35.4

5,500.8

2343.9
2,593.3

19,736.5

Jan
13.1

939.4
2,348.5

616.8
637.3

-

1,028.5

0.0
-

1,019.2

1,294.7

-

356.6

317.5

5,353.2

5,670.7

199.4

-

3001.4
3,282.1

20,407.7

Feb
13.9

980.7
2,545.5

628.6
695.1

-

753.2

0.0
-

997.8

1,428.4

-

335.1

535.1

5,302.8

5,837.9

199.4

-

1754.4
3,294.2

19,464.2

Mar
20.4

1031.3
2,349.0

786.9
517.9

-

844.9

0.0
-

1,066.7

1,604.4

-

284.5

358.4

5,601.2

5,959.7

121.0

-

1684.9
3,466.0

19,737.7

Apr
17.8

1038.4
2,522.2

766.4
514.4

-

900.0

0.0
-

1,084.2

1,815.7

-

284.5

322.9

5,519.7

5,842.6

111.4

-

1736.6
3,476.9

20,111.3

May
26.4

855.4
2,940.4

801.9
906.2

-

1,009.6

0.0
-

1,098.4

1,814.5

-

204.3

695.6

5,865.6

6,561.2

139.8

-

2062.4
3,495.2

21,915.6

Jun
29.0

803.0
2,966.8

631.1
823.7

-

1,262.5

0.0
-

1,046.3

1,892.2

-

197.5

635.7

6,405.1

7,040.8

232.2

-

1786.7
3,716.9

22,428.7

Jul
29.0

803.0
2,966.8

631.1
823.7

-

1,262.5

0.0
-

1,046.3

1,892.2

-

197.5

635.7

6,405.1

7,040.8

232.2

-

1786.7
3,716.9

22,428.7

Aug
32.3

1148.2
3,101.3

1361.4
1,468.4

-

892.1

0.0
-

1,235.6

1,836.0

-

113.8

639.9

6,476.6

7,116.6

593.1

-

2036.4
3,683.5

24,618.5

Sep
34.4

1218.5
3,281.0

813.1
1,259.5

-

830.3

0.0
-

1,226.4

2,125.7

-

107.4

842.6

6,263.1

7,105.7

451.2

-

2125.9
3,664.0

24,242.9

Oct
43.3

1267.3
3,558.0

979.8
1,167.2

-

825.7

0.0
-

1,303.7

2,339.1

-

192.1

741.0

5,924.4

6,665.4

439.4

-

2552.1
3,279.3

24,612.4

Nov
52.6

1073.9
3,497.0

941.9
1,383.6

-

934.1

0.0
-

1,285.1

2,404.5

-

196.6

747.1

5,896.2

6,643.3

445.0

-

2697.9
3,293.4

24,849.0

Dec
56.6

1353.3
3,358.3

770.7
1,357.1

-

813.7

0.0
-

1,218.2

2,301.7

-

240.1

688.4

5,536.9

6,225.3

499.2

-

2126.3
2,525.0

22,845.2

Source:Reserve Bank of Zimbabwe, 2025
Notes
i.Government securities include treasuary bills and bonds
ii.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
ii.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


May


Jun


Jul


Aug


Sep


Oct


Nov


Dec


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

END OF

Jan

Feb

Mar

Apr

May

June

July

Aug

Sept

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec

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

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec

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

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

WEIGHTS


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec

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

FOOD
INFLATION
WEIGHTS


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr


*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec

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

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec

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

END OF
ZETSS
POS
ATM
MOBILE
INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec

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

END OF
ZETSS
POS
ATM
MOBILE
INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec

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

END OF
EXPORTS
IMPORTS
TOTAL TRADE TRADE BALANCE

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec

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