QUARTERLY
ECONOMIC
REVIEW


DECEMBER 2025

CONTENTS


List of Figures


iii
List of Tables


1.
OVERVIEW
Global growth is estimated at 3.3 percent in 2025
and is forecast to remain at 3.3 percent in 2026,
before slowing to 3.2 percent in 2027. Growth will
be largely underpinned by rising investment
related
to
technology,
including
artificial
intelligence (AI), fiscal and monetary support and
broadly accommodative financial conditions.
Global inflation is expected to continue declining,
with headline inflation projected to decrease to 3.8
percent in 2026 and further to 3.4 percent in 2027.
On the domestic front, economic activities picked
up, particularly in mining, tourism, construction
and Information and Communication Technology
sectors, during the fourth quarter of 2025.
Inflation remained stable in 2025, supported by
tight monetary policy and stable exchange rates.
Monthly ZiG inflation slowed down by 1.65
percentage points from 1.72% in September 2025
to 0.07% in December 2025, attributed to declines
in non-food inflation. Similarly, annual ZiG
inflation decreased sharply by 67.70 percentage
points, from 82.74% in the third quarter of 2025
to 15.04% in the fourth quarter of 2025.
The end period willing-buyer willing-seller
(WBWS) interbank exchange rate appreciated by
2.49% to ZiG25.98 per US$1 in the fourth quarter
of 2025, from ZiG26.64 per US$1 recorded in the
third quarter of 2025.
The
country’s
exports
and
imports
rose
significantly by 23.8% and 12.6% to US$3.2
billion and US$2.9 billion, respectively in the
fourth quarter of 2025. Resultantly, the country’s
trade balance improved from a surplus of
US$60.1 million recorded in the previous quarter,
to a surplus of US$360 million. The notable
improvement in the country's trade balance was
primarily attributed to the robust performance of
exports, particularly, gold.


Broad money stock stood at ZiG108.09 billion in
December 2025, compared with ZiG99.53 billion
in September 2025. Foreign currency deposits
accounted for 81.34% of broad money, followed
by local currency deposits at 18.53%, while
currency in circulation accounted for the
remaining 0.13%.

On the capital markets, both the Zimbabwe Stock
Exchange (ZSE) and the Victoria Falls Stock
Exchange (VFEX) exhibited bullish sentiments
during the quarter under review, with the AllShare Index adding 31.92% and 17.43% to settle
at 277.86 points and 177.12 points respectively.

The value of electronic transactions processed
through
the
national
payment
systems
infrastructure during the fourth quarter increased
by 7.78% from ZiG682.93 billion in the third
quarter of 2025 to ZiG736.03 billion. Transaction
volumes also increased by 11.83% from 213.07
million to 238.27 million, during the same period
under review. This largely reflects increased
economic activity in the economy.

2.
INTERNATIONAL DEVELOPMENTS
In 2025, the global economy showed notable
resilience
to
heightened
geo-economic
fragmentation and trade tensions, fuelled by trade
policy shifts and policy uncertainty. Global
growth is estimated at 3.3 percent in 2025 and is
forecast to remain flat at 3.3 percent in 2026,
before slowing to 3.2 percent in 2027.

Table 1: Global and Regional Economic
Growth & Outlook (%)
Region/Country

Est.

Proj.
World Output
3.3
3.3
3.3
Advanced Economies
1.8
1.7
1.8
USA
2.8
2.1
2.4
Euro-Area
0.9
1.4
1.3
United Kingdom
1.1
1.4
1.3
Emerging Markets &
Developing Economies
4.3
4.4
4.2
Emerging and
Developing Asia
5.3
5.4
5.0
China
5.0
5.0
4.5
India
6.5
7.3
6.4
Emerging and
Developing Europe
3.5
2.0
2.3
Russia
4.3
0.6
0.8
Sub Saharan Africa
4.1
4.4
4.6
Nigeria
4.1
4.2
4.4
South Africa
0.5
1.3
1.4
Source: IMF WEO: January 2026 Update

Global Inflation
Global inflation is expected to continue easing,
with headline inflation projected to decline to 3.8
percent in 2026 and further to 3.4 percent in 2027.
As the pass-through effects from higher tariffs
gradually take hold, US core inflation is forecast
to return to the Federal Reserve’s 2% target in
2027. Inflation in Australia and Norway is also
expected to remain above target for a longer
period, reflecting more persistent price pressures.
In the United Kingdom, inflation, which rose last
year partly due to one-off increases in regulated
prices, is projected to fall back to target by the end
of 2026, supported by a softening labour market
that continues to restrain wage growth.

Risks
Risks to the outlook remain skewed to the
downside. Current growth expectations rely
heavily on rising AI investment, but if the
expected productivity gains do not occur, markets
could reprice and trigger financial corrections that
weaken demand and slow growth. Additional
risks include renewed geopolitical or domestic
tensions, which could disrupt financial markets,
supply chains, and commodity prices. High fiscal
deficits and elevated public debt may also push
long-term
interest
rates
higher, tightening
financial conditions and adding further strain to
the global economy.

Opportunities
On the upside, economic activity could receive an
additional boost from AI-related investment and
eventually evolve into more durable growth, if
faster
adoption
of
AI
delivers
sizeable
productivity gains and strengthens business
dynamism. A sustained easing of trade tensions
could also provide further support to economic
activity.

INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS
During the fourth quarter of 2025, international
commodity prices for gold, platinum, palladium,
copper and lithium firmed. Nickel and crude oil
prices, however, declined during the same quarter.
Prices for precious metal rose on account of
elevated geopolitical and trade tensions while
base metals were spurred by supply constraints in
key producing countries. High demand from the
electric vehicle manufacturing and energy storage
largely influenced lithium prices.

Table 2 shows the developments in selected
commodity prices during the quarter under
review.

Table 2: International Commodity Prices:
October – December 2025

2025 Q3
Average
Oct-

Nov-25
Dec-25

Q4
Averag
e
Changes
(Q3–
Q4) (%)
Gold
(US$/oz)


4,156.55
20.05
Platinum
(US$/oz)


1,692.32
21.71
Palladiu
m
(US$/oz)


1,477.18
25.11
Copper
(US$/ton
ne)


11,762.

11,110.6

12.69
Nickel
(US$/ton
ne)
15,160.3

15,28
8.35
14,869.3

15,067.

15,074.9

-0.56
Lithium
(US$/ton
ne)


10,905.

10,210.9

17.80
Crude Oil
(US$/bar
rel)

Source: World Bank and Bloomberg, 2026
Gold
In the fourth quarter of 2025, gold prices averaged
US$4,156.55 per ounce, an increase of 20.05%
from the US$3,462.34 per ounce recorded in the
previous quarter. The increase was supported by
a combination of heightened geopolitical and
economic uncertainty and a weaker US dollar. At
the same time, gold purchases by central banks
throughout 2025 continued to underpin demand
for the precious metal.

Platinum
Platinum prices increased by 21.71% to
US$1,692.32 per ounce during the fourth quarter
of 2025, from an average of US$1,390.49 per
ounce recorded in the third quarter of 2025. The
rally in prices was driven by a deepening market
deficit, supply constraints, and strong demand
from auto catalysts, especially for hybrids/fuel
cells. In addition, the prices were supported by a
weaker US dollar, resilient industrial demand
from China, and renewed investor interest, amid
persistent inflation and geopolitical uncertainty.

Palladium
Palladium prices recorded gains during the fourth
quarter of 2025, rising by 25.11% to an average of
US$1,477.18 per ounce, from US$1,180.75 per
ounce recorded in the previous quarter. A
depreciating US dollar and investor hedging
behaviour,
coupled
with
broader
market
uncertainty caused by the U.S. government
shutdown,
supported
palladium
prices
as
investors sought refuge in precious metals.
Growing fears over U.S.–China trade tensions,

combined with the metal’s primary use in
automotive catalytic converters, continued to
drive strong industrial demand, driving up its
price.

The changes in precious metal prices for the
period from December 2024 to December 2025
are shown in Figure 1.

Figure
1:
Precious
Minerals
Prices
(US$/ounce): December 2024 – December 2025

Source: Bloomberg, 2026

Copper
During the period under review, average copper
prices increased by 12.69% to US$11,110.66 per
tonne, from US$9,859.61 per tonne recorded in
the third quarter of 2025. Prices rose amid
concerns of potential supply disruptions in
Indonesia, the world’s leading producer of the
base metal, which heightened fears of a decline in
global supply. In addition, persistent global
inventory drawdowns, particularly on the London
Metal Exchange and Shanghai Futures Exchange
reflected tightening supply. The demand for
copper is also rising on account an AI-driven
technology expansion. The expansion of data
centres, cloud infrastructure, and high-speed
computing requires immense volumes of copper
for power cables, transformers, and cooling
systems.

Nickel
Nickel prices continued on the downward trend,
decreasing by 0.56% to US$15,074.95 per tonne,
from a quarterly average of US$15,160.32 per
tonner recorded in the third quarter. This was on
account of rising global supplies. The persistent
output growth, driven by Indonesia’s aggressive
expansion of smelting and refining capacity,
exerted downward pressure on prices as global
demand failed to keep pace with the swelling
inventories.

Figure 2 illustrates the developments in base
metal prices for the period from December 2024
to December 2025.

Figure 2: Base Metal Prices (US$/tonne):
December 2024 – December 2025

Source: Bloomberg, 2026


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
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
Copper
Nickel (RHS)

Lithium
In the fourth quarter of 2025, quarterly average
lithium
prices
increased
by
17.80%
to
US$10,210.97 per tonne from US$8,668.11 per
tonne recorded in the third quarter. Prices
increased as China announced policy measures
aimed at scaling up large-scale battery storage to
support solar/wind grid integration, boosting
demand for the precious metal. The demand for
the metal continued to strengthen, driven by
accelerating electric vehicle production and
expanding investment in energy storage systems,
particularly as manufacturers sought to secure raw
materials
ahead
of
expected
year-end
consumption cycles. In addition, growing electric
vehicle production globally, especially in China,
Europe and the U.S, continued to drive strong
underlying demand, driving lithium prices higher.

Figure 3 indicates the developments in lithium
prices for the period from December 2024 to
December 2025.

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

Source: Bloomberg, 2026
Brent Crude Oil
Brent crude oil prices fell by 6.97% to US$62.97
per barrel from US$67.69 per barrel recorded in
the in the third quarter. The decrease in prices was
largely underpinned by growing optimism around
a peace deal between Ukraine and Russia, which
raised expectations that Western sanctions on
Russian crude oil might be eased, that could result
in an increase in supply of Russian oil to global
markets. This expected uptick in supply eased
concerns about oil shortages, lowering the risk
premium, and contributing to a decline in prices.
In addition, the Organization of the Petroleum
Exporting Countries (OPEC) released a report
indicating that global oil supply would match
demand in 2026, a shift from earlier forecasts of a
supply deficit, further supporting a price decrease.

Figure 4 shows the developments in Brent crude
oil prices for the period from December 2024 to
December 2025.

Figure 4: Brent Crude Oil Prices (US$/barrel):
December 2024 – December 2025

Source: Bloomberg, 2026

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

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

EXCHANGE RATE DEVELOPMENTS
The end period willing-buyer willing-seller
(WBWS) interbank exchange rate appreciated by
2.49% to ZiG25.98 per US$1 in the fourth quarter
of 2025, from ZiG26.64 per US$1 recorded in the
third quarter of 2025. The premium on the parallel
market eased as the Zimbabwe Gold (ZiG)
appreciated on the parallel market, during the
quarter under review.

The Zimbabwe Gold appreciated on both the
interbank market and parallel market driven by a
combination of record-high commodity prices,
particularly gold, sustained tight monetary policy,
and a significant build-up in national reserves.
Reserves backing the ZiG stood at US$1.2 billion
as at end of December 2025, as the Reserve Bank
remained resolute on its reserve accumulation
strategy.

Figure 5 illustrates the developments in exchange
rates since the introduction of the ZiG.

Figure 5: Official and Parallel Market
Exchange Rates April 2024 – December 2025

Source: Reserve Bank of Zimbabwe, 2026
MERCHANDISE TRADE DEVELOPMENTS
The country’s total merchandise trade increased
by 18.3% to US$6.1 billion, from US$5.2 billion
recorded in the previous quarter. The growth in
total merchandise trade was largely attributed to a
significant rise in both exports and imports, during
the quarter under review.

Figure

shows
total
merchandise
trade
developments during the third quarter of 2025 and
the fourth quarters of 2024 and 2025.

Figure 6: Quarterly Merchandise Total Trade
(US$ million)
Source: ZIMSTAT,2026

On year-on-year basis, total merchandise trade
increased by 22.6% to US$6.1 billion in the fourth
quarter of 2025, from the US$5.0 billion recorded
in the fourth quarter of 2024. This was primarily
due to increases in both merchandise exports and
imports.


30-Apr-24
30-Jun-24
31-Aug-24
31-Oct-24
31-Dec-24
28-Feb-25
30-Apr-25
30-Jun-25
31-Aug-25
31-Oct-25
31-Dec-25
PREMIUM (RHS)
OFFICIAL RATES
PARALLEL RATES (Transfer)
5,157.8
6,099.4


2025Q3
2025Q4
4,973.3
6,099.4


2024Q4
2025Q4

Merchandise Export Developments
The country’s exports rose significantly by 23.8%
to US$3.2 billion in the fourth quarter of 2025,
from US$2.6 billion recorded in the third quarter
of 2025. Compared to the same quarter of 2024 at
US$2.3 billion, export performance in the fourth
quarter of 2025 was 40.7% higher, as shown in
Figure 7.
Figure 7: Quarterly Merchandise Exports (US$
million)
Source: ZIMSTAT, 2026
The growth in the country’s exports followed
respective increases of 101.3%, 35.8% and 9.8%,
in tobacco, Platinum Group Metals (PGMs) and
gold exports, during the quarter under review.

Table 3 shows changes in the country’s exports
for the third quarter of 2025 and fourth quarters
2024 and 2025.


Table 3: Quarterly Merchandise Exports (US$
million)

2024Q

(USm)
2025Q

(USm)
2025Q

(USm)
2025Q
32025Q

Chang
es (%)
Share
of
Export
s (%)
Total

Of Which


Gold

Tobacco
(Including
cigarettes)

PGMs

Other mineral
substances

Ferrochromium

Other ores and
concentrates

Industrial
diamonds

Chromium ores
and concentrates

Coal

Steel and Iron
products

Others

Source: ZIMSTAT & RBZ Calculations, 2026


Major Merchandise Export Destinations
During the fourth quarter of 2025, the country’s
major export destinations were the United Arab
Emirates, South Africa, and China, which
accounted for 47.9%, 21.2%, and 17.0% of total
exports, respectively. Mozambique, Zambia, and
other countries, were also among the significant
export markets making up the remaining 8.3% of
total exports.

The country’s top export destinations for the
fourth quarter of 2025 are shown in Figure 8.


2024Q4
2025Q1
2025Q2
2025Q3
2025Q4

Figure
8:
Major
Merchandise
Export
Destination

Source: ZIMSTAT & RBZ Computation, 2026

Merchandise Import Developments
In the fourth quarter of 2025, the country’s import
bill stood at US$2.9 billion, a 12.6% increase
from the US$2.5 billion recorded in the third
quarter of 2025. On an annual basis, merchandise
imports for the fourth quarter of 2025 were 7.2%
higher, compared to US$2.7 billion recorded in
the same quarter in 2024. The merchandise import
developments for the fourth quarter of 2024, and
the third and fourth quarter of 2025 as shown in
Figure 9.

Figure 9: Quarterly Merchandise Imports
(US$ million)
Source: ZIMSTAT, 2026
In the quarter under review, industrial supplies
remained the largest component of the country’s
import bill, accounting for 36.9% of total imports,
followed by fuel and lubricants at 20.8%. Capital
goods represented 18.2%, while food and
beverages made up 11.3% of total imports as
reflected in Table 4.

Table 4: Quarterly Merchandise Imports (US$
million)

Q4
(US$
M)

Q3
(US$
M)
2025Q

(US$M
)
2025Q
32025Q

Chang
es (%)
Share
of
Import
s (%)
Total
2,600.

2,548.

2,869.7
12.6
100.0
o/w


Industrial
supplies

Fuels and
lubricants

Capital goods
(except transport
equipment)

Food and
beverages

Transport
equipment and
parts

Consumer goods

Others

Source: ZIMSTAT & RBZ Computations, 2026

Major Import Sources
The country’s imports for the fourth quarter of
2025 originated from South Africa (38.8%),
China (16%), Bahrain (8.6%), and various other
markets, as shown in Figure 10.


United Arab Emirates
South Africa
China
Belgium
Indonesia
United States
Mozambique
Zambia
Armenia
Viet Nam

2 0 2 4 Q4
2 0 2 5 Q1
2 0 2 5 Q2
2 0 2 5 Q3
2 0 2 5 Q4

Figure 10: Major Merchandise Import Source

Source: ZIMSTAT & RBZ Computations, 2026

Trade Balance
During the fourth quarter of 2025, the country’s
trade balance improved from a surplus of US$60.1
million recorded in the previous quarter, to a
surplus of US$360 million. Compared to the
corresponding quarter in 2024, the country’s trade
balance also improved from a deficit of US$381.8
million. The notable improvement in the country's
trade balance was primarily attributed to the
robust performance of exports, particularly, gold.

Figure 11 shows the country’s trade balances for
the fourth quarter of 2024 and the third and fourth
quarters of 2025.

Figure 11: Merchandise Trade Balance (US$
million)

Source: ZIMSTAT & RBZ Computations, 2026

3.
DOMESTIC ECONOMIC
DEVELOPMENTS
REAL SECTOR DEVELOPMENTS
During the fourth quarter of 2025, economic
activities picked up, particularly in mining,
tourism, construction and Information and
Communication Technology sectors.
Agriculture
The normal-to-above-rainfall that was received
from early December supported crop germination,
improving soil moisture, and enhancing grazing
conditions. Livestock production also improved
moderately, despite the outbreak of foot-andmouth disease witnessed in late 2025, which
negatively affected herd sizes.


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

2024Q4
2025Q3
2025Q4
Exports
Imports
Trade Balance

Rainfall Outturn
In line with Meteorological Services Department
(MSD) projections, the first half of the 2025/26
season was characterised by late-onset of rains
and dry spells in late October and early
November. Effective rainfall was received from
early
December
and
it
supported
crop
germination, improving soil moisture, and
enhancing grazing conditions.
MSD maintained forecasts of normal-to-abovenormal rainfall in southern and western regions,
and normal-to-below-normal rainfall in northern
areas.

Crops
Tobacco
As of December 2025, 162 265 hectares had been
planted under tobacco, an increase of 42% from
the 114 301 hectares planted in the same period in
2024. The increase is attributed to favourable
rainfall distribution and early crop establishment.
Table 5 shows a comparison of the area planted
under tobacco in 2024/25 and 2025/6 seasons.

Table 5: Area under tobacco in 2024 and 2025
Season
Irrigated
Dryland
Total

Source: Tobacco Industry and Marketing Board, 2026


Wheat
The 2025 winter wheat crop covered 122 566
hectares, driven by adequate water supplies,
stable energy availability, and timely input
distribution. Output reached 640 195 tonnes, with
improved yields averaging 5.2 t/ha, up from the
previous season.

Livestock
The
livestock
sector
registered
mixed
performance in 2025. Formal sector slaughters
increased for cattle and pigs but declined for
sheep and goats. Table 6 shows cumulative
slaughters of cattle; pigs; and sheep and goats
from registered abattoirs in 2024 and 2025.

Table 6: Cumulative Livestock Slaughters in
2024 and 2025
Cattle
Pigs
Sheep and
Goats

393 292
240 805
12 004

408 315
263 923
9 293
Variance
3.82%
9.60%
-22.58%
Source: Ministry of Lands, Agriculture, Fisheries, Water,
and Rural Development, 2026.

Cattle
Cattle slaughters in the formal sector slightly
increased by 2.69% to 102 155 head during the
fourth quarter of 2025, from 99 475 head in the
same period in 2024. This was, however, lower
than 106 957 head slaughtered in the third quarter
of 2025, due to movement restrictions arising

from foot-and-mouth disease, as shown in Table
7.
Table 7: Cattle Slaughters

Variance %
Q1
96 909
94 062
3.03
Q2
102 294
98 658
3.69
Q3
106 957
101 097
5.80
Q4
102 155
99 475
2.69
Total
408 315
393 292
3.82
Source: Ministry of Lands, Agriculture, Fisheries, Water,
and Rural Development, 2026
Pigs
Pig slaughters increased significantly to 73 362
head in the fourth quarter of 2025, representing an
increase of 19.71% from 61 283 head recorded in
the same period in 2024, as shown in Table 8.

Table 8: Quarterly Pig Slaughters

% Change
Q1
59 224
59 026
0.34
Q2
62 440
61 450
1.61
Q3
68 897
59 046
16.68
Q4
73 362
61 283
19.71
Total 263 923
240 805
9.60
Source: Ministry of Lands, Agriculture, Fisheries,
Water, and Rural Development, 2026.

Dairy
Total fresh milk output stood at 32.94 million
litres in the fourth quarter of 2025, an increase of
11.12% from 27.91 million litres in the same
period of 2024. The outturn also exceeded the
31.66 million litres recorded in the previous
quarter by 6.23%. Figure 12 shows milk output
from third quarter of 2022 to the fourth quarter of
2025.
Figure 12: Quarterly Fresh Milk Output
(Litres)

Source: Ministry of Lands, Agriculture, Water and Rural
Development, 2026.
The continued growth in output reflects sustained
investment in herd expansion, improved genetics,
and rising cow productivity.

MINING
Mining sector performance in the fourth quarter
of 2025 showed mixed sentiments despite
buoyant commodity prices. As a result, gold,
palladium, rhodium, nickel, copper and ruthenium
recorded robust growth while platinum, iridium,
diamonds, chrome, lithium and coal recorded
declines during the period under review as shown
in Table 9.

Q3:2022
Q4:2022
Q1:2023
Q2:2023
Q3:2023
Q4:2023
Q1:2024
Q2:2024
Q3:2024
Q4:2024
Q1:2025
Q2:2025
Q3:2025
Q4:2025
Millions

Table 9: Quarterly Mineral Output Statistics

Q4 24
Q3 25
Q4 25
Gold (kgs)
12 696.7
14 303.22
14 730.87
Platinum (kgs)
4 515.7
5 372.33
3 716.18
Palladium (kgs)
3 640.9
4 355.10
4 528.19
Iridium (kgs)
225.4
190.99
171.23
Lithium (MT)
338 038
675 280.57
549 059.789
Source: Ministry of Mines and Mining Development &
Chamber of Mines Zimbabwe, 2026

Gold
During the fourth quarter of 2025, gold output
stood at 14 730.87 kgs, 3% higher than 14 302.22
kgs produced in the third quarter of 2025. In
comparison to the same period in 2024, fourth
quarter of 2025 output increased by 16.02%.

Gold deliveries, excluding gold from PGMs to
Fidelity Printers and Refineries (FPR), amounted
to 13 330.97 kilograms increasing by 3.53% from
12 876.48 kilograms delivered in the third quarter
of 2025. Deliveries in the fourth quarter of 2025
to FPR rose by of 9.15% when compared to
deliveries of 12 213.99 kilograms in the
comparable quarter in 2024. The rise in gold
deliveries to FPR was attributed to the increase
mine production, prompted by strengthening
international gold prices. Table 10 shows
deliveries to FPR in 2025.

Table 10: Quarterly Gold Deliveries to FGR
for 2024 and 2025 (kg)

Q3 24
Q2 25
Q3 25
Primary
producers/kg
3,188.3
2,816.3
2,911.0
Small
Scale
producers/kg
7,233.3
8,790.8
9,967.5
Total
10,421.5
11,607.1
12,878.5
Source: Fidelity Printers Refinery, 2026
Small scale producers accounted for 70.23%
whilst primary producers accounted for 20.26%
during the quarter under review.
Platinum Group of Metals (PGMs)
During the fourth quarter of 2025, major platinum
group
of
metals
(PGMs)
showed
mixed
performance despite elevated commodity prices.
Platinum and iridium output fell by 30.83% and
10.35%, whilst palladium increased by 3.97% and
381.17% in fourth quarter of 2025. Similarly,
platinum and iridium output in fourth quarter of
2025 was 17.71% and 24.04% lower when
compared to similar output in the fourth quarter of
2024. However, palladium output was 24.37%
higher when compared to the similar output in the
fourth quarter of 2024.

Figure 13: Quarterly Trends in Platinum and
Palladium Output
Source: Ministry of Mines and Mining Development, 2026

Lithium
Lithium output in the fourth quarter of 2025
declined by 18.7% to 549 059.78 tonnes from
675 280.57 tonnes produced in the third quarter of
2025. However, this was 62.43% higher than 338
037.60 tonnes produced in similar quarter in 2024.
The fall in lithium output was attributed to
production halt for two months by some
companies such as Bikita mineral petalite, Bikita
minerals
spodumene, Bikita pollucite and
Gwanda lithium.
The decline in lithium output was mainly due to a
complete production halt lasting two months at
several operations, including Bikita Minerals’
petalite, spodumene and pollucite mines, as well
as Gwanda lithium. As a result, combined
production from the four mines contracted sharply
by 58.19%, falling from 234 122.27 metric tonnes
in the third quarter of 2025 to 97 877.80 metric
tonnes in the fourth quarter of 2025.
Figure 14: Lithium production 2024 and 2025
Source: Ministry of Mines and Mining Development, 2026

ELECTRICITY
Total electricity generation in the fourth quarter of
2025 was 2,948.05 GWh, a 3.6% decrease from
third quarter generation of 3,059.36 GWh.
Compared to the fourth quarter of 2024 electricity
generated was 27.38% higher.

Kariba Hydro Power Station generated 1,131.41
GWh in the fourth quarter of 2025, contributing
38.38% of total output. This was a 119% increase
from the fourth quarter 2024 output. The increase
was mainly due to higher water allocation which
increased from 16 to 27 billion m3.
Hwange Power Station (Units 1–6) produced
681.33 GWh, a 13.32% decline from the previous
quarter, while Units 7 and 8 produced 1,008.64
GWh, down 23.82% from the third quarter. The
drop in output at Hwange was largely caused by
plant outages, technical constraints, and planned
maintenance.

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Ounce
Platinum
Palladium

q1 24 q2 24 q3 24 q4 24 q1 25 q2 25 q3 25 q4 25
Tonnes
Millions

In total, Hwange (including Units 7 & 8)
generated 1,689.97 GWh, accounting for 57.33%
of national output in the fourth quarter of 2025.
Independent power producers (IPPs) contributed
126.67 GWh, showing a modest increase from Q3
2025.
Table 11 shows power output statistics from the
major power stations and independent power
producers in 2025.
Table 11:Quarterly Power Output

Q4:2024
Q3:2025
Q4:2025
Kariba
516.62
831.25
1 131.41
Hwange
693.99
786.01
681.33
Hesco
(Hwange 7&8)
1 986.85
1 324.03
1 008.64
IPPs
116.94
118.07
126.67
Total (GWh)
2 314.41
3 059.36
2 948.05
Source: ZPC, 2026
Power output by IPPs increased by 7.28%, from
118.07GWh in the third quarter of 2025 to
126.67GWh in the fourth quarter of 2025. The
generation also increased from 126.67GWh
produced in the same period in 2024, attributable
to the addition of the Great Zimbabwe hydropower plant. The power plant currently accounts
for approximately 8.14% to total output from
IPPs. Figure 15 shows the trend of quarterly
electricity production since the fourth quarter of
2024.
Figure 15: Quarterly Power Output
Source: ZPC, 2026

INFLATION DEVELOPMENTS
Inflation remained stable in the fourth quarter of
2025, supported by tight monetary policy, stable
exchange rate and overall macroeconomic
stability.
ZiG Quarter on Quarter Inflation
Monthly ZiG inflation slowed down by 1.65
percentage points from 1.72% in September 2025
to 0.07% in December 2025, attributed to
declines in non-food inflation.
Food inflation rose to 1.95% in the fourth quarter
from 0.32% in the third quarter of 2025. Food
inflation added 0.66 percentage points to the
overall inflation rate in December 2025. The
increase was largely driven by meat, vegetables
and fruits contributing 0.36%, 0.21% and 0.13%
respectively

Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Kariba
Hwange
Hesco (Hwange 7&8)
IPPs

Non-food inflation dropped to -0.89% with large
declines in housing, water and energy from
2.45% in September 2025 contributing -0.59% to
the overall inflation. Table 12 shows quarterly
inflation profile during 2025.
Table 12: Quarterly Inflation Profiles (%)

ZWG
USD
Weighted
Q1 2025
10.94
11.91
11.97
Q2 2025
1.86
-0.31
0.18
Q3 2025
1.72
0.23
0.56
Q4 2025
0.07
0.51
0.47
Source: Zimstat, 2025

USD Quarter on Quarter Inflation
The USD quarter-on-quarter inflation rate rose by
0.28 percentage points from the 0.23% recorded
in September 2025 to 0.51%, largely attributable
to increases in food inflation.
Quarter on Quarter food inflation increased from
-0.25% in September 2025, to 0.35%, on account
of a hike in prices in meat, fruit, and fish and sea
food items during the quarter. Meat category
accelerated by 4.3 percentage points to 3.0%,
contributing 0.36% to the overall inflation.
Non-food inflation also rose from 0.46% in the
third quarter of 2025 to 0.60% in fourth quarter of
2025. The uptick in non-food inflation was
largely attributed to increases in housing, water
and energy category which contributed 0.46% to
the
overall
inflation.
Education
and
miscellaneous goods and services also edged up
to 0.8% and 0.6% The chart below shows the
quarterly inflation developments since 2023.
Figure 16: Quarterly Inflation Profile (%)
Source: Zimstat, 2025

Year on Year Inflation
Annual ZiG Inflation
Annual ZiG inflation receded sharply by 67.70
percentage points, from 82.74% in the third
quarter of 2025 to 15.04% in the fourth quarter of
2025. Non-food inflation contributed 11.89%
while food inflation accounted for 4.17% to the
overall annual inflation. Table 13 shows the
yearly inflation profile during 2025.


Dec-23
Mar-24
Jun-24
Sep-24
Dec-24
Mar-25
Jun-25
Sep-25
Dec-25
Food
Non food
All Items

Table 13: Yearly Inflation Profiles (%)

ZWG
USD
Weighted
Q2 2025
92.52
14.03
26.80
Q3 2025
82.74
13.35
25.11
Q4 2025
15.04
12.39
13.33
Source: Zimstat 2025

Annual USD Inflation
Yearly USD inflation moderated by 0.97
percentage points from 13.35% in September
2025 to 12.39% in the fourth quarter of 2025.
Overall inflation was relatively low in the fourth
quarter
of
2025,
largely
attributed
to
developments in non-food inflation.
Annual food inflation decelerated from 19.11% in
the third quarter of 2025, to 15.50% in December
2025. Food inflation contributed 4.89 percentage
points to fourth quarter of 2025. Yearly non-food
inflation slightly increased from 10.78% to
10.95% in the fourth quarter of 2025. Figure 18
shows annual USD inflation developments from
March 2024.
Figure 17: Annual USD Inflation Profile (%)

Source, ZIMSTAT 2025
Annual non-food inflation slightly increased as a
result of uptick in alcoholic beverages and
tobacco; housing, water and energy; and
recreation and culture categories.

4.
MONETARY DEVELOPMENTS
Broad money stock (M3) increased by 8.61% in
the fourth quarter of 2025 compared to 2.25%
recorded in the third quarter. In levels, broad
money stock stood at ZiG108.09 billion in
December 2025, compared with ZiG99.53 billion
in September 2025. Broad money growth was
largely driven by a ZiG 2.59 billion increase in the
foreign component of broad money. Over the
same period, the local currency component
increased
significantly
by
18.58%
from
ZiG 17.01 billion to ZiG 20.17 billion.

Foreign currency deposits accounted for 81.34%
of broad money, followed by local currency
deposits at 18.53%, while currency in circulation
accounted for the remaining 0.13%. Figure 18
-6
-3

Mar-24
Jun-24
Sep-24
Dec-24
Mar-25
Jun-25
Sep-25
Dec-25
Food
Non food
All Items

shows the components of broad money and annual
growth rates.

Figure 18: Broad Money Developments (ZiG
billion)

Source: Reserve Bank of Zimbabwe, 2026

Domestic Credit
Domestic credit increased by 5.72%, from
ZiG141.47 billion in September 2025 to ZiG
149.56 billion in December. The growth in
domestic credit largely reflected an increase of
5.33% to the private sector, from ZiG66.42 billion
to ZiG69.97 billion. Net claims on Government
recorded a quarter-on-quarter increase of 6.14%
from ZiG68.98 billion to ZiG73.21 billion.

Outstanding credit to the private sector was
mainly channelled to households, agriculture,
manufacturing, and distribution, which received
26.17%, 16.40%, 13.42%, and 13.15% of the total
credit, respectively. The mining sector received
8.54% of the total outstanding credit.

Figure 19 shows the distribution of credit by
sector.

Figure 19: Distribution of Private Sector Credit

Source: Reserve Bank of Zimbabwe, 2026

Credit to the private sector was largely utilized for
recurrent expenditures (36.74%), inventory buildup (22.15%), and fixed capital investments
(18.05%).

Interest Rates
During the quarter ending December 2025,
nominal lending rates quoted by banks for localcurrency-denominated loans ranged from 25% to
58%. Time deposit rates for 90-day, 360-day, and
over-1-year tenors ranged from 5% to 25%.
Savings rates ranged from 2% to 9% during the
period under review.
Developments in the interest rates are shown in
Figure 20.

Apr-24
Jun-24
Aug-24
Oct-24
Dec-24
Feb-25
Apr-25
Jun-25
Aug-25
Oct-25
Dec-25
Billions
Local Currency Deposits
Foreign Currency Deposits
Currency in Circulation
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%

Figure 20: Interest Rates Developments (%)
Source: Reserve Bank of Zimbabwe, 2026

Lending rates for foreign currency-denominated
loans advanced to individuals ranged between
7.00% and 27.00% per annum, as of the end of
December 2025. Foreign currency lending
interest rates for corporate clients ranged from a
minimum of 5.00% to a maximum of 21.00%.

5.
STOCK MARKET DEVELOPMENTS

ZIMBABWE STOCK EXCHANGE (ZSE)
DEVELOPMENTS

During the quarter ending December 2025, the
Zimbabwe Stock Exchange (ZSE) recovered from
the previous quarter's losses. Resultantly, the All
Share, Top 10, Top 15, and Medium Cap indices
added 31.92%, 36.34%, 34.17% and 12.87% to
close at 277.86 points, 281.78 points, 285.78
points, and 278.15 points, respectively.

The resource index, however, declined by 4.77%
to close at 117.69 points compared to 123.58
points recorded in the third quarter. On an annual
basis, the resource index also lost 50.00% from
235.38 points recorded in the same quarter last
year.

Figure 21 shows the developments of the ZSE All
Share, Top 10 and Mining indices for the period
31 December 2024 to 31 December 2025

Figure 21: ZSE All Share, Top 10 and Mining
Indices

Source: Zimbabwe Stock Exchange, 2026

Market Turnover
During the fourth quarter of 2025, trading activity
on the local exchange market was subdued.
Consequently, the cumulative value and volume
of shares traded declined by 41.08% and 68.30%
to ZiG1.12 billion and 0.30 billion shares,

Policy Rate
Max Weighted Lending Rates Individuals
Max Weighted Lending Rates Corporates
90 Day Deposit Rates
31-Dec-24
31-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

ZSE ALL SHARE INDEX
Top 10 Index
Mining Index (Points)

respectively. This is compared to ZiG1.91 billion
and 0.95 billion shares recorded in the third
quarter of 2025, respectively.

Figure 22 shows the development of the ZSE
market turnover for the period December 2024 to
December 2025.

Figure 22: ZSE Market Turnover

Source: Zimbabwe Stock Exchange, 2026

Foreign investor participation, as measured by its
contribution to the value of shares traded, declined
to 1.49%, compared to 7.01% recorded in the third
quarter of 2025. Net foreign position, however,
improved from a negative ZiG404.27 million
registered during the quarter ending September
2025 to a negative ZiG103.79 million in
December 2025.

Market Capitalisation
Despite a subdued trading activity on the ZSE
during the quarter under review, the local bourse
added 32.86%, or ZiG21.58 billion worth of
capitalisation, to close at ZiG87.26 billion,
compared to ZiG65.68 billion recorded in the
previous quarter. On an annual basis, the ZSE
capitalisation gained 31.73%, from ZiG66.24
billion in the comparable period last year.

Figure 23 shows the evolution of market
capitalization for the period December 2024 to
December 2025.

Figure 23: ZSE Market Capitalisation (ZiG
millions)

Source: Zimbabwe Stock Exchange, 2026
VICTORIA FALLS STOCK EXCHANGE
(VFEX) DEVELOPMENTS

The VFEX followed a positive trajectory in the
last quarter of the year 2025. As a result, the
VFEX All Share index increased by 17.43% to
close at 177.12 points from 150.83 points
recorded in the previous quarter.


Volumes Traded (millions)
Values Traded (millions)
Volumes
Values

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

On an annual basis, the VFEX All Share index
also increased by 67.17%, from 105.95 points
recorded in December 2024.

Figure 24: Victoria Falls Stock Exchange All
Share Index

Source: Victoria Falls Stock Exchange, 2026
VFEX Market Capitalization (US$ billions)
In line with the developments on the VFEX in the
fourth quarter of 2025, the VFEX added 16.63%,
or US$299.10 million worth of capitalization to
close at US$2,097.16 million, compared to
US$1,798.06 million recorded in the third quarter
of
2025.
Annually,
the
VFEX
market
capitalization gained 63.89%, or US$817.54
million, compared to US$1,279.62 million
recorded in the comparable period in 2024.

Figure 25: VFEX Market Capitalization in
billions of US$

Source: Victoria Falls Stock Exchange, 2026

6.
PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES

The value of electronic transactions processed
through
the
national
payment
systems
infrastructure during the fourth quarter 2025
increased by 7.78% from ZiG682.93 billion in the
third quarter of 2025 to ZiG736.03 billion.
Transaction volumes also increased by 11.83%
from 213.07 million to 238.27 million, during the
same period under review. This largely reflects
increased economic activity in the economy.


31-Dec-24
31-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

31-Dec-24
31-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

Table
14:
Consolidated
Transactional
Activities for the Q3 & Q4 2025
PAYMENT
STREAM
Third
quarter
ending 30
September

Fourth
quarter
ending 31
December

Change
from last
quarter
Proportion

VALUES IN ZIG (BILLIONS)

RTGS

POS

ATMS

MOBILE

INTERNET

TOTAL


VOLUMES (MILLIONS)

RTGS

POS

ATMs

MOBILE

INTERNET

TOTAL

Source: Reserve Bank of Zimbabwe, 2026

Large Value Payments
During the fourth quarter of 2025, the value of
transactions processed through the RTGS system
increased by 12.78% from ZiG380.38 billion
recorded in the third quarter of 2025 to
ZiG429 billion.

Similarly, the volume of transactions processed
through the RTGS system increased by 2.20%
from 2.79 million to 2.85 million during the same
period under review.

Of the consolidated RTGS system figures, the
total value of USD transactions processed through
the platform grew by 14.71%, rising from
US$9.45 billion in the third quarter of 2025 to
US$10.84 billion in the fourth quarter. Similarly,
volume also increased by 4.79%, from 1.67
million to 1.75 million over the same period.

Figure 26: Values (ZiG) and Volumes of RTGS
Transactions from Q3 2024 to Q4 2025
Source: Reserve Bank of Zimbabwe, 2026

Retail Payments
The aggregate values for retail transactions
increased by 1.48% from ZiG302.55 billion
recorded in the third quarter of 2025 to ZiG307.03
billion in the fourth quarter.
Figure 27: Retail Transaction Values (ZiG)
from Q3 2024 to Q4 2025
Source: Reserve Bank of Zimbabwe, 2026

2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4
Values in Billions
Volumes in Millions
Values
Volumes

Q3

Q4

Q1

Q2

Q3

Q4
Mobile in Billions
Other Retail Vaues in Billions
POS
ATMS
INTERNET
MOBILE MONEY

The volume of aggregate retail transactions also
increased by 11.96% from 210.28 million to
235.42 million, during the same period.

Figure 28: Retail Transaction Volumes from
Q3 2024 to Q4 2025

Source: Reserve Bank of Zimbabwe, 2026

COLLATERAL
The value of collateral for Zimswitch, Central
Securities Depository (CSD) and Zimbabwe
Stock Exchange (ZSE) rose from ZiG974.72
million in the third quarter of 2025 to ZiG994.68
million in the fourth quarter, largely reflecting an
increase in the value of transactions processed
through the systems.

Figure 29: Collateral (ZiG)

Source: Reserve Bank of Zimbabwe, 2026

ACCESS POINTS AND DEVICES
The POS population, which stood at 156,669 at
the end of the third quarter of 2025, increased to
160,212 as at quarter ending 31 December 2025.
Similarly, active mobile financial services
subscribers increased from the 2025 third quarter
level of 10.37 million by 6.70% to 10.96 million
in the fourth quarter.
Table 15: Payment Systems Access Points and
Devices for the Fourth Quarter of 2025

Q4 2024
Q3 2025
Q4 2025
ACCESS POINTS
Mobile
Banking
Merchants
55,692
56,532
56,814
ATMs

ACCESS DEVICES
POS
135,496
156,669
160,212
Debit Cards
5,862,696
5,864,975
6,162,440
Credit Cards
20,054

Prepaid Cards
142,398
173,706
183,035
Mobile
Banking
Subscribers
10,004,588
10,369,828
10,955,086
Internet
Banking
Subscribers
549,802
579,983
600,082
Source: Reserve Bank of Zimbabwe, 2026

2024Q3
2024Q4
2025Q1
2025 Q2
2025 Q3
2025 Q4
Mobile Volumes in Millions
Other Retai Volumes in Millions
POS
ATMs
INTERNET
MOBILE MONEY

1,000
Quarter
Ending 30
September

Quarter
Ending 31
December

Quarter
Ending 31
March 2025
Quarter
Ending 30
June 2025
Quarter
Ending 30
September

Quarter
Ending 31
December

MILLIONS
ZSE
Zimswitch
CDC

7.
FISCAL DEVELOPMENTS

During the fourth quarter of 2025, revenue
collections amounted to ZWG 64.47 billion whilst
Government expenditures during the same period
amounted to ZWG 64.18 billion. Overall, these
developments resulted in a fiscal surplus of ZWG
0.29 billion.
Table 16 shows a summary of fiscal performance
in third and fourth quarter of 2025.
Table 16:Summary of 3rd and 4th Quarter
2025 Fiscal Position (ZWG billions)

Q3
Q4
Revenue
56.37
64.47
Tax revenue
53.54
61.65
Non-Tax Revenue
2.83
2.81
Expenditure
54.04
64.18
Current expenditure
41.53
50.67
o/w employment costs
25.08
31.91
Capital Expenditure
12.51
13.51
Overall, Balance
2.33
0.28
Source: Ministry of Finance, Economic Development, and
Investment Promotion, 2026
Tax Revenue Structure
Total revenue for the fourth quarter of 2025 at
ZWG64.47 billion mainly consisted of tax
revenue which amounted to ZWG 61.65 billion,
accounting for 95.64 percent of total revenue.
Non-tax revenue contributed the remaining
4.36%, as shown in Figure 30.
Figure 30: Government Revenue Structure
Source: Ministry of Finance and Economic Development,

Government Expenditure
Total government spending in the fourth quarter
of 2025 reached ZWG 64.18 billion, split between
recurrent expenditure, with a share of 78.95% and
capital
expenditure,
21.05%.
Table

summarises Government expenditure in the third
and fourth quarter of 2025.
Table 17: Summarised Government Spending
(ZWG billion)

Q3 2025
Q4 2025
Total Expenditure
54.04
64.18
Recurrent
Expenditure
41.53
50.67
Employment Costs
25.08
31.91
Operations
and
Maintenance
15.20
17.64
Interest On debt
1.03
1.08
Transfers
to
Provincial and Local
Authorities
0.22
0.04
Capital Expenditure
12.51
13.51
Source: Ministry of Finance, Economic Development and
Investment Promotion 2026.
Tax on
Income and
Profits;
34.64%
Customs
duties;
7.35%
Excise
duties;
10.46%
Taxes on
Specific
Services;
7.53%
Value Added
Tax (VAT);
23.74%
Tax on gross
Revenue;
5.61%
Taxes on
financial and
capital
transactions ;
6.09%
Other
Indirect
taxes ;
0.22%
Non-tax
Revenue;
4.36%

Overall Budget Balance
The quarter closed with a positive budget balance
of ZWG 0.29 billion, reflecting continued fiscal
discipline. Figure 31 shows the quarterly
developments in the overall budget balance in
2025.
Figure 31:Budget balance (ZWG Billion)

Source: Ministry of Finance, Economic Development and
Investment Promotion, 2026
RESERVE BANK OF ZIMBABWE
MARCH 2026

Q1 2025
Q2 2025
Q3 2025
Q4 2025
ZWG (Billion)
Revenue
Expenditure
Overall Balance

STATISTICAL TABLES
1. Depository Corporation Survey 26
2. Central Bank Survey 27
3. Other Depository Corporation Survey 28

4. Liabilities and Assets of the Central Bank
4.1.Reserve Bank: Assets

4.2.Reserve Bank: liabilities 30


5. Other Depository Corporation
5.1.Other Depository Asset 31
5.2.Other Depository Liabilities 32

6. Commercial Banks
6.1.Commercial Banks: Assets

6.2.Commercial Banks: Liabilities

7. Building Societies


7.1.Building Societies: Assets

7.2.Building Societies: Liabilities 36


8. Sectoral Analysis of Commercial Banks
8.1.Sectoral Analysis of Commercial Banks’ Loans and Advances 37
8.2.Sectoral Analysis of Commercial Bank’s Deposits

9. National Payment Systems


9.1.Values of Transactions

9.2.Volumes of Transactions

10. Interest Rates, Security Yields and Prices
10.1. Lending Rates

10.2. Deposit Rates 40


11. Stock Exchange Indices

12. Inflation


12.1. Monthly Inflation

12.2. Quarterly Inflation

12.3. Annual Inflation

13. Balance of Payments
13.1. Cross Border Payments

13.2. Cross Border Receipts

*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

Central Bank(net)

Foreign Assets

Foreign Liabilities

Other Depository Corporations(net)

Foreign Assets

Foreign Liabilities

Net Domestic Assets (NDA)

Domestic Claims

Claims on Central Government(net)

Claims on Central Government

Central Bank

ODCs

Less Liabilities to Central Government

Of which foreign Currency

Central Bank

ODCs

Of which foreign currency

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Central Bank

ODCs

Of which foreign currency

Other Items(Net)

Shares and Other Equity

Liabilities to Other Financial Corporations

Restricted Deposits

Deposits and Securities Excluded from Base Money

Other Items(net)

Broad Money-M3

Securities Other than Shares Included in Broad Money

Broad Money-M2

Other Deposits

of which Foreign Currency Accounts

Narrow Money-M1

Transferable Deposits

Of which Foreign Currency Accounts

Currency Outside Depository Corporations

Memorandum Items
Reserve Money

FCAs as a Percentage of Deposits in M3

End Period Exchange Rate

Source: Reserve Bank of Zimbabwe, 2026
Notes:
(i) Depository corporations survey - formerly Monetary Survey.
(ii) Broad money redefined using IMF's Monetary and Financial Statistics Manual of 2000. Major changes include exclusion of Government deposits held by banks from broad money.
(iii) Transferable deposits made up of demand and savings deposits.
(iv) NCDs are also referred to as securities included in broad money.
(v) All classes of time deposits, short and long term are classified as time deposits, which are also termed other deposits.
(vi) Credit to the private sector now excludes claims on other financial corporations, as well as claims on state and local government (local authorities)
(vii) Depository corporations made up of the Central Bank and other depository corporations
(viii) Other depository corporations (ODCs) - Commercial banks, merchant banks, building societies and POSB.
(ix) In December 2017, the statistics were adjusted in restrospect by reclassifying Securities issued under Aftrades from claims on government to claims on central bank
(x) In December 2017, the statistics were adjusted in restrospect by reclassifying amounts accessed by banks under the Aftrades from liabilities to Other Depository corporations and Other Financial Corporations to liabilities to Central Bank
(xi) In December 2018, statistics were revised from November 2017 due to reclassification of lines of credit (foreign liabilities) that were initially classified as deposits included in broad money
(xii) All monetary and financial statistics are valued in $ since the introduction of the interbank foreign exchange market in February 2019
(xii) All monetary and financial statistics are valued in ZWL$ since the introduction of the interbank foreign exchange market in February 2019
*Statistics are denominated in ZiG
TABLE 1: DEPOSITORY CORPORATIONS SURVEY (ZWG '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
Net Foreign Assets
-56,911,905.66 -58,197,285.15 -60,030,706.89 -55,922,579.95 -54,500,643.35 -52,202,844.60 -49,684,948.00 -42,774,352.70 -40,706,847.68 -34,704,284.04 -32,323,299.57 -28,816,684.09 -24,439,665.27
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 move

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

Excess reserves

of which Excess reserves - ZiG

Excess reserves - FCA

Source: Reserve Bank of Zimbabwe 2026
*Statistics are denominated in ZiG
TABLE 2: CENTRAL BANK SURVEY (ZWG'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
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

Transferable Deposits

of which FCAs

Other Deposits

of which FCAs

Money Market Instruments

Source: Reserve Bankof Zimbabwe, 2026
*Statistics are denominated in ZiG
TABLE 3: OTHER DEPOSITORY CORPORATIONS SURVEY (ZWG'000)

ZW$ Thousands
End of
Gold
Other
Total
Treasury Bills
Central
Banks
Other
General
Other
Other Assets
TOTAL
Government
Reserve

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, 2026
NOTES:
* Loans and Advances to Gvt were revised from April 2024 to incorporate exchange losses relating to IMF SDR Drawdowns
** Loans and Advances to Gvt were further adjusted in June 2025 to include exchange rate related revaluations on external loans transferred to Gvt.
2024 April ZiG Introduction
TABLE 4.1: RESERVE BANK - ASSETS
Foreign Assets
Loans and advances
Investments

TABLE 4.2 RESERVE BANK: LIABILITIES
Capital
and
Foreign
General
End of
ZiG Notes in
Circulation
ZiG Coins in Circulation
ZiG Notes and
Bankers Deposits
Other Deposits
Govt. Deposits
Total Deposits
Liabilities
Reserve
Other Liabilities
TOTAL
coins* issued

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, 2026
*Bond coins first issued in December 2014
* Bond Notes issued on 28 November 2016
** ZiG Introduction
ZiG Thousands
Deposits

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

Jan
1,483.3

42,733.9

77,994.4

13,109.2

40,071.8


Feb
1,735.4

41,180.7

76,140.3

17,748.1

39,141.4


Mar
1,457.1

40,953.3

83,032.1

6,945.5

42,516.8


Apr
1,699.7

40,964.4

85,330.2

6,844.8

49,733.4


May
1,906.1

30,579.1

94,330.9

7,907.2

63,644.8


Jun
1,702.8

30,255.6

75,795.2

25,605.9

72,780.6


Jul
2,139.9

30,509.1

104,983.5

17,817.9

82,032.9


Aug
2,551.1

33,323.4

93,806.9

11,919.2

72,753.9


Sep
2,853.7

38,500.1

100,996.0

8,626.8

68,707.9


Oct
2,611.1

50,074.7

108,009.2

9,575.8

89,822.4


Nov
2,721.5

53,424.3

107,781.7

15,560.6

74,072.3


Dec
2,838.3

50,031.0

118,451.3

13,654.0

91,352.6


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


*Aug
226.2

14,822.2

36,977.1

5,875.5

10,221.8


*Sep
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


*Nov
326.3

14,165.5

37,874.5

6,578.1

12,199.9


*Dec
369.8

15,140.9

39,886.1

4,131.9

11,461.7


Source:Reserve Bank of Zimbabwe, 2026
Notes
1.Government securities includes treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households and other financial corporations.
*Statistics are denominated in ZiG
TABLE 5.1: OTHER DEPOSITORY CORPORATIONS -ASSETS
ZWG millions
Other Institutional Units
Denominated
g
Currency
Debt Securities
Loans and Advances
Public
Enterprises

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


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec

Source:Reserve Bank of Zimbabwe,2026
*Statistics are denominated in ZiG
TABLE 5.2 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES
ZWG millions
Deposits
Amounts Owing to
Debt Securities
Government

TOTAL
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
ns in Foreign Curren
Total
Other claims
Assets
Other Assets
Assets
Coins
Coin
RBZ
Corporations
Foreign Banks
Non-residents
Securities
securities

Jan
1,237.43

39,565.64

71,463.64

12,288.89

39,092.85

10,921.99

8,281.80

-

-

1.18

16.67

18.01

1,264.28

71,090.96

718.83

25,036.22

12,333.21

32,123.11

325,454.7

Feb
1,320.27

38,100.03

69,341.48

16,867.76

38,108.83

6,341.39

12,518.15

-

-

1.26

24.15

22.69

1,493.66

77,324.34

774.89

28,339.17

15,953.14

33,612.14

340,143.4

Mar
1,244.16

38,369.53

76,479.44

5,317.61

41,401.24

8,733.65

15,889.61

-

19.21

34.56

15.17

21.67

1,309.75

80,607.03

878.97

32,908.13

19,302.34

30,861.86

353,393.9

Apr
1,430.83

38,008.89

79,592.64

5,639.40

48,564.03

7,679.05

18,267.01

-

19.23

62.89

19.86

12.71

1,336.70

91,062.16

956.75

34,537.88

21,214.88

32,383.77

380,788.7

May
1,648.09

28,677.21

87,611.51

6,479.66

59,745.10

11,582.44

18,846.75

-

152.75

93.37

21.77

16.58

1,263.75

94,790.46

990.41

35,592.28

21,398.95

31,307.45

400,218.5

Jun
1,419.27

28,452.53

69,413.26

24,215.35

70,835.98

17,601.31

17,152.75

-

19.46

92.91

17.91

77.79

1,511.86

106,954.15

1,247.08

26,856.45

26,444.57

33,288.94

425,601.6

Jul
1,794.72

29,100.73

97,429.50

15,901.02

79,937.02

25,314.30

21,665.10

-

290.76

47.39

17.32

67.80

1,351.13

117,348.16

1,301.18

26,869.18

29,079.64

33,587.68

481,102.6

Aug
2,137.72

31,734.84

85,441.98

9,099.10

70,391.64

25,194.95

31,434.20

-

339.72

51.28

22.49

63.94

1,583.28

132,522.63

1,337.19

32,281.12

30,022.43

37,697.05

491,355.6

Sep
2,417.81

36,259.54

93,032.71

6,164.78

66,640.78

25,023.38

31,460.81

-

366.88

57.60

21.07

62.45

1,531.08

134,780.92

1,342.62

31,980.97

30,439.34

34,630.85

496,213.6

Oct
1,993.06

47,379.62

99,470.02

7,339.71

86,302.62

26,924.18

37,639.16

-

188.07

121.59

21.20

75.41

1,683.89

149,477.36

1,523.34

49,580.96

40,853.06

36,664.31

587,237.6

Nov
2,168.80

49,327.15

100,125.90

12,723.73

71,667.33

29,748.47

41,015.56

-

187.03

999.12

21.24

74.76

1,882.53

168,661.25

1,484.24

52,327.68

40,073.22

43,878.52

616,366.5

Dec
2,315.32

46,412.99

109,803.84

10,942.92

87,347.07

33,690.93

38,610.29

-

185.99

4,146.13

21.09

167.53

2,798.61

184,836.87

3,368.75

60,916.98

41,811.67

59,011.63

686,388.6

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

684,641.89

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

734,997.53

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

860,321.67

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

946,471.05

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

1,456,705.70

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

1,724,666.09

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

1,857,204.02

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

2,412,082.57

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

2,756,949.83

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

2,897,679.60

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

3,012,537.30

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

3,363,834.80

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

3,957,814.16

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

4,321,424.21

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

5,065,173.94

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

5,214,693.59

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

11,198,912.85

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

24,221,090.21

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

21,491,116.14

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

21,494,755.81

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

24,793,895.84

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

26,143,181.72

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

27,797,681.23

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

29,837,022.16

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

46,689,392.37

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

65,496,772.18

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

93,497,780.56

*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

59,818.08

*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

63,767.76

*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

67,545.34

*Jul
5.05

4,943.82

10,426.18

1,342.47

5,743.94

351.44

6,988.99

-

-

5.21

25.13

0.16

432.35

24,895.03

348.09

2,342.85

6,539.59

6,244.23

70,634.52

*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

73,714.52

*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

121,800.51

*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

142,587.19

*Nov
58.26

10,111.62

27,498.54

3,102.17

5,626.08

117.33

9,757.48

-

-

0.00

287.55

2,326.36

572.57

45,782.99

1,064.73

6,685.94

11,362.33

10,783.91

135,137.84

*Dec
64.89

8,774.50

29,312.78

3,217.87

7,673.17

287.57

10,942.77

-

-

8.29

54.88

0.57

549.66

46,926.14

1,073.63

6,555.30

13,399.70

11,326.46

140,168.19

*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

139,662.84

*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

138,827.80

*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

144,527.35

*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

152,731.26

*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

159,185.09

*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

166,386.36

*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

166,519.07

*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

171,433.55

*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

172,933.84

*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

174,077.37

*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

178,568.90

*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

179,741.53

Source:Reserve Bank of Zimbabwe,2026
Statistics are denominated in ZiG
Other Institutional Units
TABLE 6.1: COMMERCIAL BANKS -ASSETS
ZWG millions
Debt Securities
Loans and Advances

ZWG millions
End of
Demand
Savings
Time Deposits Total Deposits Other Depository Government
Total
Of wich FCA
Debt SecuritiesForeign 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


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


Source: Reserve Bank of Zimbabwe, 2026
*Statistics are denominated in ZiG
TABLE 6.2 : COMMERCIAL BANKS - LIABILITIES
Deposits
Amounts Owing to

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

Jan
188.7

2943.3
5,986.5

793.8
843.5

-

1,783.8

10.2
-

211.3

1,091.3

0.0

9,329.1

2980.3
7,685.1

33,846.9

Feb
345.7

2762.9
6,004.8

811.1
984.2

-

2,731.0

9.2
-

236.8

2,089.3

-

8,950.2

2949.2
7,790.6

35,665.0

Mar
168.3

2278.9
6,313.1

1594.4
1,028.2

-

1,341.7

8.4
-

415.1

1,242.4

-

10,867.7

3027.5
7,841.0

36,126.8

Apr
206.9

2702.1
5,302.6

1156.7
1,085.4

-

871.7

7.7
-

508.9

1,581.5

-

14,233.6

3431.1
7,237.9

38,326.2

May
210.3

1687.6
5,962.2

1250.9
3,847.1

-

116.9

7.0
-

517.7

1,568.8

-

17,154.9

2927.9
7,532.9

42,784.2

Jun
249.6

1649.7
6,202.6

1163.8
1,866.7

-

204.6

6.5
-

588.0

1,851.9

-

18,795.4

2580.9
7,701.1

42,860.7

Jul
283.7

1212.2
7,193.4

1892.7
1,875.4

-

1,143.4

6.0
-

447.3

1,963.2

-

18,280.3

3923.5
7,695.6

45,916.5

Aug
352.8

1408.8
7,869.3

2537.6
2,316.2

-

3,535.6

5.4
-

399.5

2,101.3

-

19,422.2

3837.6
7,666.6

51,453.0

Sep
349.8

1926.6
7,608.5

2430.2
1,941.4

-

4,314.6

5.1
-

205.2

2,231.7

-

20,461.1

4013.2
9,460.7

54,948.1

Oct
411.5

2396.2
8,221.0

2162.4
3,421.5

-

5,627.7

4.3
-

271.1

2,539.5

-

22,881.3

5432.3
9,501.3

62,870.1

Nov
339.8

3578.4
7,561.6

2568.8
2,299.5

-

5,882.7

3.7
-

566.4

2,788.5

-

27,326.1

4400.3
9,614.3

66,930.0

Dec
351.1

3217.3
8,557.8

2619.2
3,620.2

-

2,353.6

3.0
-

1,189.0

2,786.9

-

33,115.3

5610.8
11,334.1

74,758.3

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
19993.4
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
166902.0
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
280441.0
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
399313.5
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
528820.5
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
0.0
1,019.2

1,294.7

-

356.6

317.5

5,353.2

5,670.7

199.4

-

3,001.4

3,282.1

20,407.7

*Feb
13.9

980.7
2,545.5

628.6
695.1

-

753.2

0.0
0.0
997.8

1,428.4

-

335.1

535.1

5,302.8

5,837.9

199.4

-

1,754.4

3,294.2

19,464.2

*Mar
20.4

1031.3
2,349.0

786.9
517.9

-

844.9

0.0
0.0
1,066.7

1,604.4

-

284.5

358.4

5,601.2

5,959.7

121.0

-

1,684.9

3,466.0

19,737.7

*Apr
17.8

1038.4
2,522.2

766.4
514.4

-

900.0

0.0
0.0
1,084.2

1,815.7

-

284.5

322.9

5,519.7

5,842.6

111.4

-

1,736.6

3,476.9

20,111.3

*May
26.4

855.4
2,940.4

801.9
906.2

-

1,009.6

0.0
0.0
1,098.4

1,814.5

-

204.3

695.6

5,865.6

6,561.2

139.8

-

2,062.4

3,495.2

21,915.6

*Jun
29.0

803.0
2,966.8

631.1
823.7

-

1,262.5

0.0
0.0
1,046.3

1,892.2

-

197.5

635.7

6,405.1

7,040.8

232.2

-

1,786.7

3,716.9

22,428.7

*Jul
29.0

803.0
2,966.8

631.1
823.7

-

1,262.5

0.0
0.0
1,046.3

1,892.2

-

197.5

635.7

6,405.1

7,040.8

232.2

-

1,786.7

3,716.9

22,428.7

*Aug
32.3

1148.2
3,101.3

1361.4
1,468.4

-

892.1

0.0
0.0
1,235.6

1,836.0

-

113.8

639.9

6,476.6

7,116.6

593.1

-

2,036.4

3,683.5

24,618.5

*Sep
34.4

1218.5
3,281.0

813.1
1,259.5

-

830.3

0.0
0.0
1,226.4

2,125.7

-

107.4

842.6

6,263.1

7,105.7

451.2

-

2,125.9

3,664.0

24,242.9

*Oct
43.3

1267.3
3,558.0

979.8
1,167.2

-

825.7

0.0
0.0
1,303.7

2,339.1

-

192.1

741.0

5,924.4

6,665.4

439.4

-

2,552.1

3,279.3

24,612.4

*Nov
52.6

1073.9
3,497.0

941.9
1,383.6

-

934.1

0.0
0.0
1,285.1

2,404.5

-

196.6

747.1

5,896.2

6,643.3

445.0

-

2,697.9

3,293.4

24,849.0

*Dec
56.6

1353.3
3,358.3

770.7
1,357.1

-

813.7

0.0
0.0
1,218.2

2,301.7

-

240.1

688.4

5,536.9

6,225.3

499.2

-

2,126.3

2,525.0

22,845.2

Source:Reserve Bank of Zimbabwe,2026
Notes
1.Government securities include treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households and other financial corporations,
* Statistics are denominated in ZiG
Other Institutional Units
TABLE 7.1: 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


*Jan


*Feb


*Mar


*Apr


*May


*Jun


*Jul


*Aug


*Sep


*Oct


*Nov


*Dec


Source:Reserve Bank of Zimbabwe, 2026
* Statistics are denominated in ZiG
Amounts Owing to
TABLE 7.2: BUILDING SOCIETIES -LIABILITIES
ZWG millions

TABLE 8.1: SECTORAL ANALYSIS OF COMMERCIAL BANKS LOANS AND ADVANCES
ZWG ('000)

AGRICULTURE
CO NSTRUCTIO N
CO MMUNICATIO N
DISTRIBUTIO N
FINANCIAL &
FINANCIAL
MANUFACTURING
MINING
SERVICES
TRANSPO RT
INDIVIDUALS
CO NGLO MERATES
TO TAL
END O F


INVESTMENTS
O RGANISATIO NS

Jan

Feb

Mar

Apr

May

June

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,2026
*Statistics are denominated in ZiG

END OF
AGRICULTURE
CONSTRUCTION
COMMUNICATIONS
DISTRIBUTION
FINANCIAL&INV
ESTMENT
FINANCIAL ORG
MANUFACTURING
MINING
SERVICES
TRANSPORT
INDIVIDUALS
CONGLOMERATES
TOTAL

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


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec

Source:Reserve Bank of Zimbabwe, 2026
*Statistics are denominated in ZiG
TABLE 8.2: SECTORAL ANALYSIS OF COMMERCIAL BANKS DEPOSITS
ZWG('000)

End of
ZETSS
POS
ATM
MOBILE
INTERNET
End of
ZETSS
POS
ATM
MOBILE
INTERNET

Jan
255,551.32
21,042.23 2,300.31 35,349.13
66,624.38
Jan
720.03 9,849.33 228.95 94,691.39 872.24
Feb
226,335.83
22,882.64 2,288.90 36,434.44
63,598.24
Feb
805.99 12,309.28 527.83 90,078.04 754.86
Mar
320,422.14
28,569.92 3,316.59 44,523.99
86,463.87
Mar
1,112.80 15,178.81 751.04 105,271.97 1,003.73
Apr
288,958.76
30,071.50 2,807.02 44,131.56
90,580.45
Apr
951.67 15,184.98 605.53 97,253.26 1,040.08
May
361,427.10
36,765.06 3,193.67 49,745.80
89,471.34
May
1,029.79 16,511.28 664.43 103,708.73 994.81
Jun
388,757.52
38,540.10 3,200.04 51,437.41
115,145.66
Jun
1,076.92 14,797.88 581.86 99,349.63 982.07
Jul
379,659.93
45,808.07 2,489.07 57,565.84
145,026.95
Jul
1,028.17 15,217.56 550.97 102,587.60 980.77
Aug
397,539.02
52,853.87 4,086.04 60,908.40
159,206.60
Aug
1,045.02 14,624.45 475.41 105,269.73 955.77
Sep
477,933.57
52,262.68 4,179.52 64,139.24
181,194.82
Sep
1,193.13 15,397.64 492.21 104,141.94 2,092.60
Oct
481,180.88
53,165.93 3,839.95 65,329.02
197,972.49
Oct
1,114.18 18,207.42 434.49 107,294.58 2,342.61
Nov
621,896.69
56,025.31 4,877.03 63,017.52
252,407.92
Nov
1,144.91 17,435.88 477.03 98,386.51 2,322.92
Dec
747,035.61
67,903.92 4,705.45 76,511.57
264,749.24
Dec
1,220.28 20,029.57 519.50 106,428.62 2,580.64

Jan
802,677.72
55,961.62 5,074.74 53,456.29
218,545.32
Jan
957.90 15,480.23 439.87 83,661.76 1,902.89
Feb
672,722.97
59,581.58 5,607.02 66,811.97
238,910.83
Feb
981.01 15,190.39 433.68 78,916.08 1,895.33
Mar
961,452.00
75,050.75 7,882.23 82,886.94
342,168.72
Mar
1,242.33 16,967.63 519.12 87,501.09 2,128.58
Apr
976,617.19
89,192.57 8,391.54 89,671.98
293,204.61
Apr
1,073.00 15,906.24 457.99 82,673.39 1,937.64
May

May
1,213.50 16,069.94 477.80 78,385.20 2,001.20
Jun

Jun
1,190.30 15,304.67 474.16 75,631.66 1,705.09
Jul

Jul
1,115.80 16,063.84 517.03 88,030.56 1,866.70
Aug

Aug
1,028.04 13,686.77 489.08 76,957.81 1,623.75
Sep

Sep
1,084.61 13,818.44 455.52 71,362.13 2,225.19
Oct

Oct
969.30 12,986.80 510.90 67,641.70 1,825.40
Nov

Nov
1,001.40 12,324.10 499.90 59,151.50 2,430.20
Dec

Dec
1,013.60 14,316.90 616.70 60,584.50 2,469.80

Jan

Jan
918.88 11,733.99 444.00 48,617.07 1,692.96
Feb

Feb
886.75 10,301.47 479.91 43,326.51 1,895.81
Mar

Mar
1,092.60 13,216.99 593.97 50,037.43 1,927.14
Apr

Apr
907.55 14,375.14 526.73 47,171.67 1,982.93
May

May
1,119.24 12,808.69 576.68 49,143.18 2,233.62
Jun

Jun
1,050.21 10,190.63 606.04 45,488.80 1,212.97
Jul

Jul
942.67 8,226.82 1,777.10 42,648.82 993.68
Aug

Aug
888.00 8,434.65 653.58 42,648.82 977.54
Sep

Sep
964.06 9,658.95 703.55 45,148.73 1,061.36
Oct

Oct
949.14 9,449.30 618.97 50,640.61 904.41
Nov

Nov
924.50 9,525.69 623.29 52,332.44 1,048.50
Dec

Dec
924.47 11,845.97 776.49 56,450.97 1,026.21

Jan

Jan
914.90 10,017.90 708.10 52,445.00 882.80
Feb

Feb
889.70 7,868.70 737.50 51,545.90 904.20
Mar

Mar
941.14 7,569.28 728.43 58,151.43 921.38
*Apr
41,317.54 2,063.05 2,797.06 4,754.91 15,996.48
*Apr
791.83 5,729.47 744.79 30,450.44 938.01
*May
53,741.28 3,335.65 3,355.39 7,058.05 22,545.40
*May
1,046.65 7,950.08 899.38 42,290.80 1,690.28
*Jun
51,046.38 3,281.73 3,230.95 6,470.44 22,040.12
*Jun
927.30 7,224.24 849.61 41,224.15 1,155.79
*Jul
63,526.12 3,956.03 3,646.28 7,361.68 27,328.40
*Jul
1,059.13 8,228.22 920.88 44,159.41 1,318.93
*Aug
54,975.89 3,973.70 3,937.26 7,555.92 25,760.62
*Aug
974.38 8,669.34 965.97 47,536.92 1,233.10
*Sep
6,504.55 4,685.21 5,331.36 1,194.06 38,798.22
*Sep
1,009.71 8,369.30 860.54 49,927.24 1,408.88
*Oct
109,554.74
6,900.07 6,836.32 16,082.35
50,983.09
*Oct
1,015.68 8,101.53 866.85 52,795.20 1,447.54
*Nov
107,345.13
7,074.56 6,940.40 15,645.29
47,876.36
*Nov
868.41 7,253.15 864.37 50,820.53 1,359.22
*Dec
123,594.82
7,954.46 8,665.18 17,068.54
50,613.24
*Dec
931.58 8,017.72 1,071.61 50,767.85 1,541.29

*Jan
105,337.90
7,252.43 6,858.89 14,579.45
44,760.80
*Jan
839.48 7,381.34 911.06 46,337.89 1,363.63
*Feb
92,208.69 5,961.25 6,364.85 14,208.89
43,833.14
*Feb
815.47 6,229.85 838.08 44,460.79 1,346.33
*Mar
112,646.31
6,785.32 7,339.83 17,156.03
47,320.62
*Mar
917.44 6,777.01 953.30 53,987.01 1,250.12
*Apr
116,945.55
7,294.42 7,046.24 19,678.17
49,770.38
*Apr
872.01 6,052.92 888.61 54,493.53 1,222.60
*May
128,946.52
9,194.32 8,439.36 23,187.78
53,674.69
*May
959.34 7,666.96 1,027.71 59,206.48 1,531.92
*Jun
138,127.34
8,383.99 9,486.38 21,162.13
54,257.06
*Jun
921.97 7,179.33 1,119.44 56,595.06 1,165.42
*Jul
138,187.64
9,025.17 9,523.28 21,930.13
58,804.42
*Jul
983.35 8,005.68 1,110.49 58,630.77 1,172.68
*Aug
109,473.85
7,154.94 8,818.38 21,485.61
58,556.40
*Aug
818.40 6,941.92 1,038.57 61,492.91 1,127.39
*Sep
132,722.32
7,080.74 9,387.71 23,110.24
67,610.33
*Sep
987.32 6,559.96 1,057.75 62,386.12 1,200.52
*Oct
134,725.70
7,722.33 9,876.46 24,887.40
59,362.37
*Oct
997.55 7,197.82 1,133.62 67,263.18 1,231.13
*Nov
129,416.83
7,942.72 10,352.21 24,452.53
51,850.32
*Nov
827.64 6,598.31 1,093.51 66,386.78 1,311.25
*Dec
164,856.36
8,708.90 11,967.81 27,927.44
61,921.56
*Dec
1,025.31 7,520.51 1,300.27 72,925.53 1,457.43
Source:Reserve Bank of Zimbabwe, 2026
*Statistics are denominated in ZiG
TABLE 9.1 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Values of Transactions (ZWG in millions)
TABLE 9.2 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL AC
Volumes of Transactions (in thousands)

End of
Nominal Lending
Rates2
Individuals
Corporate
Savings
3 Months2

Jan
100.00-240.00
90.05
116.03
Jan
40.00
80.00-110.00
Feb
65.00-230.00
60.12
80.88
Feb
30.00
50.00-110.00
Mar
65.00-230.00
74.35
81.46
Mar
30.00
50.00-110.00
Apr
70.00-230.00
74.48
86.96
Apr
30.00
50.00-110.00
May
70.00-230.00
77.86
83.61
May
30.00
50.00-110.00
Jun
70.00-155.00
76.33
92.64
Jun
30.00
50.00-110.00
Jul
64.00-155.00
77.82
94.80
Jul
30.00
50.00-110.00
Aug
64.00-155.00
77.63
93.18
Aug
30.00
50.00-110.00
Sep
64.00-160.00
76.49
92.69
Sep
30.00
50.00-110.00
Oct
64.00-160.00
71.72
92.43
Oct
30.00
50.00-110.00
Nov
64.00-160.00
70.15
93.15
Nov
30.00
50.00-110.00
Dec
64.00-155.00
69.02
93.77
Dec
30.00
50.00-110.00

Jan
70.00-230.00
70.18
95.24
Jan
33.75
50.00-110.00
Feb
70.00-230.00
76.05
93.76
Feb
33.75
50.00-110.00
Mar
70.00-230.00
73.43
91.40
Mar
33.75
50.00-110.00
*Apr
20.00-60.00
25.91
24.29
*Apr
5.22
5.00-10.00
*May
10.00-60.00
25.17
24.52
*May
3.75
5.00-10.00
*Jun
10.00-40.00
24.89
24.46
*Jun
3.75
5.00-10.00
*Jul
20.00-40.00
24.69
24.44
*Jul
3.75
5.00-10.00
*Aug
20.00-40.00
24.42
24.15
*Aug
3.75
5.00-10.00
*Sep
20.00-40.00
24.27
23.92
*Sep
3.75
5.00-10.00
*Oct
25.00-58.00
38.49
36.80
*Oct
3.75
5.00-10.00
*Nov
25.00-58.00
39.25
34.29
*Nov
3.75
5.00-10.00
*Dec
25.00-58.00
41.03
39.91
*Dec
3.54
5.00-10.00

*Jan
25.00-58.00
41.82
40.13
*Jan
3.54
5.00-25.00
*Feb
25.00-58.00
43.00
40.45
*Feb
3.81
5.00-25.00
*Mar
20.00-58.00
42.33
40.42
*Mar
3.81
5.00-25.00
*Apr
20.00-58.00
42.16
40.43
*Apr
3.81
5.00-25.00
*May
20.00-58.00
43.66
40.27
*May
3.81
5.00-25.00
*Jun
20.00-58.00
42.34
40.51
*Jun
3.81
2.50-25.00
*Jul
20.00-58.00
42.50
40.46
*Jul
3.67
5.00-25.00
*Aug
25.00-58.00
43.33
40.39
*Aug
3.75
5.00-27.50
*Sep
25.00-58.00
43.45
40.45
*Sep
3.75
5.00-27.50
*Oct
25.00-58.00
43.54
40.46
*Oct
3.75
5.00-27.50
*Nov
25.00-58.00
43.62
40.49
*Nov
3.75
5.00-27.50
*Dec
25.00-58.00
43.50
40.40
*Dec
3.75
5.00-27.50
Source:Reserve Bank of Zimbabwe, 2026
Notes
*Statistics are denominated in ZiG
3. Lending rates exclude rates on staff loans.
TABLE 10.2 : BANKS DEPOSIT RATES (percent per annum)1
1. The range of rates qouted by banks during the period.
2. Three (3) months deposit rates revised to exclude rates on inactive
or dormant accounts.
TABLE 10.1: LENDING RATES (percent per annum)1
1. Table revised, to separate weighted lending rates for individuals and
corporate bodies.
2. Nominal Lending Rates depict the range of rates quoted by banks.
Weighted Average Lending Rates3
Commercial Banks
Commercial Banks
End of

End of
All Share
Mining
Market Turnover ZWG
million
Volume of Shares
Market Capitalisation

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:Zimbabwe Stock Exchange, 2026
ZWG
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS
Indices
*All Share index was introduced in January,

**As at 30 September 2020, *Statistics are denominated in ZiG

FOOD
INFLATION
ALL
ALCOHOLIC
BEVERAGES
CLOTHING
HOUSING,
WATER,
FURNITURE
HEALTH
TRANSPORT
COMMUNICATION
RECREATION &
EDUCATION
RESTAURANTS
&
MISC.
TOTAL
NON
FOOD &
ITEMS
& TOBACCO
FOOTWEAR
ELECTRICTY,
GAS
AND
CULTURE
HOTELS
GOODS &
FOOD
NON
ALCOHOLIC
BEVERAGES
& OTHER
EQUIPMENT
SERVICES
FUELS
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
NON-FOOD INFLATION
TABLE 12.1 : MONTHLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
( April 2024 = 100)

End of
Sep-24 Oct-24 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
Merchandise Imports (excl. energy)
461.0

503.2

430.2

420.1

470.0

363.2

437.3

466.1

483.9

504.7

575.3

471.0

553.9

658.9

550.8

566.8

- Consumption Goods
166.3

173.5

160.7

156.8

143.9

108.0

119.5

138.1

128.4

146.1

160.1

126.3

172.2

188.5

184.6

182.9

- Capital Goods
144.1

178.5

143.3

132.7

142.2

109.8

143.8

158.1

177.1

172.5

205.2

184.8

200.1

246.9

173.6

173.5

- Intermediate Goods
166.3

151.2

126.2

130.6

184.0

145.4

174.1

169.9

178.4

186.1

210.0

159.9

181.7

223.6

192.6

210.4

Energy (Fuel & Electricity)
143.7

173.9

148.4

140.1

185.4

132.8

146.7

169.4

146.0

149.1

176.9

164.3

190.4

180.6

177.0

181.8

Service Payments
915.1

100.9

86.1

87.3

81.8

85.1

73.2

75.7

74.6

85.6

92.5

112.9

106.1

102.8

91.1

135.9

- Technical, Professional & consult
379.9

32.7

29.5

42.4

36.7

33.7

26.6

26.5

25.2

34.2

29.7

36.3

39.4

44.6

51.5

74.4

- Software
110.8

20.8

21.8

17.3

15.3

15.8

13.1

12.1

12.7

15.7

15.2

24.0

21.8

17.4

10.3

22.2

- Other (tourism, edu, freight etc)
424.5

47.4

34.8

27.6

29.8

35.6

33.5

37.1

36.6

35.8

47.6

52.6

45.0

40.8

29.3

39.2

Income Payments (Profits, Dividends)
417.1

20.4

20.8

58.5

50.5

32.6

39.5

65.6

31.1

66.1

54.6

30.9

77.1

31.3

47.6

81.5

Capital Remittances (outward)
763.5

59.8

80.8

102.8

87.9

53.9

58.6

73.9

82.6

96.8

77.6

88.0

90.4

142.3

145.2

188.1

- External Loan Repayments
64.0

46.3

45.5

76.9

63.4

38.4

41.8

61.4

63.8

76.2

60.2

61.0

71.6

124.5

109.1

135.7

- Disinvestments
38.5

5.9

14.4

17.6

10.9

11.8

10.3

7.3

9.2

13.7

12.2

10.9

12.5

9.5

22.3

24.8

- Cross Border Investment
84.8

7.6

20.9

8.3

13.6

3.8

6.5

5.2

9.6

6.9

5.1

16.1

6.3

8.3

13.8

27.6

Other Payments
21.7

21.3

22.7

22.7

26.0

32.1

31.6

24.4

26.8

31.3

42.2

40.1

40.2

31.9

38.3

37.8

TOTAL
836.0

879.5

788.9

831.5

901.6

699.6

786.9

875.1

844.9

933.5

1,019.1

907.2

1,058.2

1,147.9

1,050.0

1,191.8

Source:Reserve Bank of Zimbabwe, 2026
Table 13.1: Monthly Cross Border Payments (US$ Millions)