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NOVEMBER 2025

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TABLE OF CONTENTS


OVERVIEW
The ZWG monthly inflation rate for November
2025 rose to 0.2%, from -0.4% recorded in
October 2025. The year-on-year ZWG inflation
rate eased to 19.0% in November 2025 from
32.7% in October 2025.
Broad money (M3) stock, which consists of
both local and foreign currency deposits, stood
at ZiG105,562.65 million in November 2025,
an increase of 0.10% (ZiG108.82 million),
from ZiG105,253.84 million recorded in
October 2025.
The Zimbabwe Stock Exchange (ZSE) and the
Victoria Falls Stock Exchange continued a
positive trajectory during the month under
review.
The total digital payment systems transaction
values for November 2025 decreased by 5%
from ZiG236.57 billion in October 2025 to
ZiG224.01 billion. Transactional volumes also
decreased by 2% from 77.82 million to 76.22
million recorded during the same period.
In the month of November 2025, international
monthly average prices for gold, copper and
lithium
increased,
whilst
for
platinum,
palladium, nickel and Brent crude oil declined.
In the month of November 2025, Zimbabwe’s
total merchandise trade decreased by 2.6% to
US$2.0 billion, from US$2.05 billion recorded
in October 2025. The decline was underpinned
by the significant reduction in imports during
the month under analysis. On an annual basis,
however, total merchandise trade increased by
7.8%, from US$1.86 billion recorded in
October 2024.
INTERNATIONAL COMMODITY
PRICE DEVELOPMENTS
In the month of November 2025, international
monthly average prices for gold, copper and
lithium increased, supported by shifting
monetary
policy
expectations,
persistent
supply-side
constraints
and
growing
consumption linked to electrification and
clean-energy technologies. Prices for platinum,
palladium, nickel and Brent crude oil, however,
declined reflecting improved geopolitical
conditions and easing supply risks across key
commodity markets.

Table 1 shows the developments in prices of
selected
commodities
for
the
month,
highlighting divergent dynamics in metals
versus energy markets.

Table 1: International Commodity Prices
for October 2025 and November 2025
Commodity

Oct-25


Nov-25
Monthly
changes
(%)
Gold
US$/oz
4,067.78
4,092.92
0.62
Platinum
US$/oz
1,617.09
1,572.75
-2.74
Palladium
US$/oz
1,427.78
1,413.53
-1.00
Copper
US$/t
10,746.78
10,822.53
0.70
Nickel
US$/t
15,288.35
14,869.30
-2.74
Brent Crude oil
US$/bl
63.97
63.28
-1.08
Lithium
US$/t
9,608.70
10,118.50
5.31
Source: Bloomberg, 2025

Gold
Gold prices rose by 0.62% to US$4,092.92 per
ounce in November 2025, from an average of
US$4,067.78 per ounce recorded in October
2025. Prices firmed as expectations grew for a
U.S. Federal Reserve rate cut in December
2025. Moreover, the ending of the U.S. Federal
government shutdown resulted in delayed or
unavailable
economic
data,
heightening
uncertainty over the Fed’s policy outlook and

boosting safe-haven demand for gold. At the
same time, sustained gold purchases by central
banks throughout 2025 continued to underpin
structural demand, helping to provide solid
prices for gold.

Platinum
In the month under review, platinum prices
averaged US$1,572.75 per ounce, a decrease of
2.74% from US$1,617.09 per ounce recorded
in the preceding month. The decline largely
reflected easing economic and geopolitical
tensions, which reduced safe-haven demand for
precious metals. As global financial markets
shifted toward a more risk-positive sentiment,
driven by improving macroeconomic indicators
and progress in diplomatic negotiations
between Russia and Ukraine, investors moved
capital from defensive assets such as platinum
into higher-yielding investments. This shift in
market positioning exerted downward pressure
on prices.
Palladium
Palladium prices declined by 1.0% to
US$1,413.53 per ounce in the month under
review, from US$1,427.78 per ounce recorded
in the previous month. Prices retreated due to
growing uncertainty surrounding the global
demand.
Factors
contributing
to
this
uncertainty include concerns about economic
slowdowns in key industries, particularly the
automotive sector, which is a major consumer
of palladium for catalytic converters.

Figure 1 depicts the price movement over the
period from November 2024 to November
2025.


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

Source: Bloomberg, 2025

Brent Crude Oil
In November 2025, Brent crude oil price
averaged US$63.28 per barrel, a decline of
1.08%, from US$63.97 per barrel recorded in
October 2025. 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.

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. The movements in Brent crude oil
prices for the period of November 2024 to
November 2025 are illustrated in Figure 2.


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
US$/ounce
US$/ounce
Gold
Palladium
Platinum (RHS)

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

Source: Bloomberg, 2025

Copper
In the month under review, copper prices
firmed by 0.70% to US$10,822.53 per tonne,
from US$10,746.78 per tonne recorded in the
prior month. Production constraints caused by
operational challenges in Indonesia, sluggish
output rebound in Chile, and ongoing protestrelated disruptions in Peru, highlighted deepseated supply limitations that are expected to
persist into 2026, pushing copper prices higher.
Additionally, increased electrification and
signs of easing US-China trade tensions further
supported the uptick in copper prices.

Nickel
Nickel
prices
dropped
by
2.74%
to
US$14,869.30 per tonne in November 2025,
from US$15,288.35 per tonne recorded in the
previous month. Nickel prices declined on
account of rising global supplies following
Indonesia's extensive refinery expansion. A
significant increase in London Metal Exchange
(LME) inventories, which soared by 90,000
tonnes in 2025, further dampened the prices.
The stainless‐steel sector, a major consumer of
nickel, continued to show anaemic shipment or
reduced demand trends, particularly in Europe
and the U.S. This reflected muted activity in
downstream
industries,
pushing
prices
downwards.

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

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

Source: Bloomberg 2025

Lithium
Lithium prices rose by 5.31% to US$10,118.50
per tonne during the month under review, from
US$9,608.70 per tonne recorded in October
2025. Prices increased as supply constraints
intensified in China, where some producers
reportedly
scaled
back
output
due
to
environmental inspections and higher input
costs. At the same time, demand 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

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

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
US$/tonne
US$/tonne
Copper
Nickel (RHS)

cycles. This combination of tightening supply
and firm demand provided upward momentum
to lithium prices.

The changes in lithium prices for the period
from November 2024 to November 2025 are
shown in Figure 4.

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

Source: London Metal Exchange, 2025

Merchandise Trade Developments

In the month of November 2025, Zimbabwe’s
total merchandise trade decreased by 2.6% to
US$2.0 billion, from US$2.05 billion recorded
in October 2025. The decline was underpinned
by the significant reduction in imports during
the month under analysis. On an annual basis,
however, total merchandise trade increased by
7.8%, from US$1.86 billion recorded in
October 2024.

Merchandise Exports
The country’s merchandise exports rose by
0.4%, from US$1.04 billion recorded in the
previous month to US$1.05 billion in the month
under review. This was supported by the
significant increase in exports of tobacco and
Platinum Group of Metals (PGMs). Tobacco
exports rose by 59.4% to US$258.8 million in
November 2025, from US$162.3 million in
October 2025. Similarly, PGMs exports
increased by 34.9%, from US$142.5 million
recorded in the prior month to US$192.2
million in the reporting month.

On a year-on-year basis, exports were 15.6%
higher in the month under review, compared to
US$905.2
million
recorded
in
the
corresponding month in 2024.

The
developments
in
the
country’s
merchandise exports for the period from
January 2024 to November 2025 are shown in
Figure 5.

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

Source: ZIMSTAT, 2025

Exports by Commodity
The
country’s
exports
were
heavily
concentrated in primary commodities, led by
gold which contributed 42.4%, followed by

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

1,042
1,046

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

tobacco at 24.7% and Platinum Group Metals
(PGMs) at 18.4%.

Table 2 illustrates the country’s exports
classified
by
Harmonized
Commodity
Description and Code System for the months of
October and November 2025

Table 2: Major Exports (US$ millions)

Oct
- 25
(US
$m)
Nov
- 25
(US
$m)
Oct -
Nov

Changes
(%)
Share
of Nov
Export
s (%)
Total

Of Which:


Gold
479.

443.

-7.6
42.4
Tobacco
(Including
cigarettes)
162.

258.

59.4
24.7
PGMs
142.

192.

34.9
18.4
Other mineral
substances

Ferrochromium

Chromium ores
and concentrates

Coal

Steel

Industrial
diamonds

Maize

Others

Source: ZIMSTAT & RBZ Calculations, 2025

Export Market

The bulk of the country’s exports were destined for
the United Arab Emirates (44.4%), South Africa
(21.8%), and China (21.2%), with the balance
exported to other destinations. Figure 6 shows the
country’s major export markets during the month
under review.

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

Source: ZIMSTAT & RBZ Calculations, 2025

Merchandise Imports

Merchandise imports declined by 5.6% to
US$955.8 million in November 2025, from
US$1.03 billion recorded in October 2025. On a
year on year basis, imports increased by 0.4% from
US$952.1 million recorded in the comparable
month in 2024. Figure 7 depicts monthly import
developments for 2024 and 2025.

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

Source: ZIMSTAT & RBZ Computations, 2025


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


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

Imports by Commodity

Industrial supplies continued to be the main
contributor to the country’s import bill, making up
39.5% of total imports, followed by fuel and
lubricants at 19.2%. Capital goods accounted for
17.1%, while food and beverages comprised 10.7%
of total imports.

The imports of major commodities by Broad
Economic Category (BEC) for the months of
October and November 2025 are shown in Table 3.

Table 3: Major Imports (US$ millions)

Oct -

(US$m)
Nov –

(US$m)
Oct -
Nov 25
Changes
(%)
Share of
Total
Imports
(%)
Nov-25
Total

Of Which:


Industrial supplies

Fuels and
lubricants

Capital goods

Food and
beverages

Transport
equipment and
parts

Consumer goods

Others

Source: ZIMSTAT & RBZ Calculations, 2025

Import Markets

In the month under review, most of the country’s
imports were sourced from South Africa (39.2%),
followed by China (15.8%), the Bahamas (7.2%),
Bahrain (6.8%), and Mozambique (5.0%). The
remaining imports came from various other markets
as illustrated in Figure 8

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

Source: ZIMSTAT & RBZ Calculations, 2025

Merchandise Trade Balance

The country recorded a trade surplus of US$90.5
million in November 2025, compared to a surplus
of US$28.7 million recorded in October 2025.
Compared to October 2024, the trade balance
improved from a deficit of US$46.9 million to a
surplus of US$90.5 million in the reporting month.
The significant improvement was a result of better
performance in exports relative to imports.

Figure 9 indicates the country’s trade balance for
the period from January 2025 to November 2025.
Figure 9: Merchandise Trade Balance (US$
millions)

Source: ZIMSTAT & RBZ Computations, 2025

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

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

MONETARY DEVELOPMENTS1

Broad money (M3) stock, which consists of
both local and foreign currency deposits, stood
at ZiG105,562.65 million in November 2025,
an increase of 0.10% (ZiG108.82 million),
from ZiG105,253.84 million recorded in
October 2025.
The increase in broad money largely reflected
a month-on-month rise of ZiG764.28 million
(4.16%), in the local currency component, from
ZiG18,388.55 million in October 2025 to
ZiG19,152.83 million. Over the same period,
the foreign currency component registered a
marginal decrease of ZiG655.47 million
(0.75%), from ZiG87,065.29 million recorded
in the previous month to ZiG86,409.82 million.
The M3 stock was largely dominated by foreign
currency deposits, comprising 81.86% of the
total money supply; followed by local currency
deposits, at 16.57%; negotiable certificates of
deposits, 1.45%; and local currency in
circulation, 0.12%.
Figure 10 shows the composition of the money
supply.


1 Monetary data was revised from September 2024
following the adoption of new reporting return submitted
by banks. The notable revision is on broad money stock
(M3)
which
was
revised
downwards
due
to
reclassification of Government foreign currency deposits
held by banks from deposits included in broad money.
2 Claims on Government was adjusted to include
exchange losses related to SDR draw-downs. The
Figure 10: Composition of Money Supply

Source: Reserve Bank of Zimbabwe, 2025

During the month under analysis, the banking
sector's net credit to the Government2
decreased by 0.16% to ZiG72,812.05 million.
Credit to the Government is largely in the form
of long-term treasury bills held by banks.
Credit to the private sector increased by 1.49%,
from ZiG68,700.81 million to ZiG69,726.38
million, largely on the back of an increase of
2.43% in foreign currency-denominated loans
to ZiG59,687.69 million.
Outstanding credit to the private sector was
mainly channelled to households, agriculture,
manufacturing
and
distribution,
which
collectively received about 26.36%, 16.48%,
14.06%, and 13.03% of the total credit,
adjustment, however, does not imply actual lending to
Government, but is merely an accounting treatment. The
adjustments from June 2025 also include exchange
losses related to external loans transferred to
Government, which were previously classified under
Unrealized Exchange Losses in Other Items Net (OIN).
NCDs; 1.45%
Local Currency Time
Deposits; 1.98%
FX Time Deposits;
11.34%
Local Currency
Transferable ; 14.59%
FX Transferable
Deposits; 70.52%
Currency in
Circulation;
0.12%

respectively. The mining sector received about
8.72% of the total outstanding credit.
Figure 11 shows the distribution of credit by
sector.

Figure 11: Distribution of Private Sector
Credit

Source: Reserve Bank of Zimbabwe, 2025

Credit to the private sector was largely utilized
for recurrent expenditure (37.04%), inventory
build-up
(21.59%),
and
fixed
capital
investments (19.00%).
STOCK MARKET DEVELOPMENTS
Zimbabwe Stock Exchange (ZSE)
During the month of November 2025, the
Zimbabwe Stock Exchange (ZSE) traded on a
positive trajectory. As such, the ZSE All Share,
Top 10 and Top 15 indices registered growths
of 9.96%, 11.51% and 9.62% to 234.97 points,
235.67 points and 237.56 points, respectively.

Owing to the developments on the local bourse
during the period under analysis, the ZSE
gained 10.42%, or ZiG7,054.55 million worth
of capitalisation to ZiG74,763.01 million
compared to ZiG67,708.46 million as at the
previous
month.
On
an
annual
basis, however, the ZSE market capitalisation
lost 9.03%, from ZiG82,184.61 million as at
the same month in 2024.
The resource index closed at 109.09 points,
representing a 5.23% decline, compared to
115.11 points recorded in the previous month.
Annually, the mining index lost 53.65%, from
235.38 points recorded in November 2024.

Despite the positive trading activity on the
ZSE, the cumulative value and volume of
shares traded amounted to ZiG375.03 million
and 83.16 million shares, registering decreases
of 4.04% and 30.91%, respectively. This is
compared to ZiG390.82 million and 120.37
million shares in the cumulative value and
volume of shares recorded in the previous
month, respectively

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

Source: Zimbabwe Stock Exchange, 2025

The proportion of foreign purchases to the
value of shares traded worsened to 0.17%, from
2.96% recorded in October 2025. Similarly, the
Households
26.36%
Agriculture
16.48%
Mining
8.72%
Manufacturing
14.06%
Distribution
13.03%
Transport and
Communication
3.90%
Services
9.25%
Financial Organisations
and Investments
4.79%
Construction
3.40%
Other
0.01%

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

cumulative net foreign position, further
worsened from a negative position of
ZiG162.47 million to a negative position of
ZiG267.11 million.

Victoria Falls Stock Exchange (VFEX)
The Victoria Falls Stock Exchange traded
positively for the fifth consecutive month.
Resultantly, the VFEX All Share index added
9.24% to close at 174.68 points in October
2025, compared to 159.91 points as in previous
month, as shown in Figure 13 below.

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

Source: Victoria Falls Stock Exchange, 2025

VFEX Market Capitalization
In line with the developments on the VFEX
market
in
November
2025,
market
capitalisation added 9.37%, or US$178.60
million worth of capitalisation to US$2,085.31
million in November 2025. This is in
comparison to US$1,906.71 million as of the
previous
month.
Annually,
the
VFEX
capitalisation
gained
59.21%,
from
US$1,309.79 million in the comparable period
of 2024.
Figure 14: Victoria Falls Stock Exchange
(VFEX)
Market
Capitalisation
(USD
billions)

Source: Zimbabwe Stock Exchange, 2025
NATIONAL PAYMENTS SYSTEM
The total digital payment systems transaction
values for November 2025 decreased by 5%
from ZiG236.57 billion in October 2025 to
ZiG224.01 billion. Transactional volumes also
decreased by 2% from 77.82 million to 76.22
million recorded during the same period, as
shown in Figure 15.

Figure 15: Payment Systems Monthly
Transactional Values and Volumes from
January 2025 – November 2025

Source: Reserve Bank of Zimbabwe, 2025

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

0.5

1.5

2.5
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
US$ BILLIONS

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

Zimbabwe Electronic Transfer Settlement
System (ZETSS)

The combined value of ZiG and USD
transactions processed through the RTGS
system in November 2025 decreased by 3.94%
from ZiG134.73 billion recorded in October

to
ZiG129.42
billion.
Similarly,
transactional volumes also decreased by
17.03% from 1 million to 0.83 million during
the same period under review.

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

-
November 2025

Source: Reserve Bank of Zimbabwe, 2025

Mobile and Internet-Based Transactions
Mobile
and
internet-based
transactions
declined by 9.44% from ZiG84.25 billion in
October 2025 to ZiG76.30 billion in November
2025.

Cash Transactions
Cash-based transactions decreased by 5.7%
from ZiG14.50 billion in October 2025 to
ZiG13.68 billion in November 2025.

Card-Based Transactions
Card-based transactions increased by 4.0%
from ZiG17.60 billion in October 2025
ZiG18.29 billion in November 2025.

INFLATION OUTTURN
Monthly Inflation Developments
ZiG Monthly Inflation
Monthly ZWG inflation increased by 0.56
percentage points, from -0.36% in October
2025 to 0.20% in November 2025, partially
attributed to food inflation.

Figure 17 shows developments in monthly ZiG
inflation from May 2024 to November 2025.

Figure 17: ZiG Month-on-Month Inflation


Source: ZIMSTAT, 2025

The ZWG monthly food inflation which stood
at 0.65% in November 2025, driven by meat,
and fruits and vegetables. Non-food inflation


Jan-25
Mar-25
May-25
Jul-25
Sep-25
Nov-25
Volumes in Millions
Values in $ Billions
Values
Volume
-5

May-24
Jul-24
Sep-24
Nov-24
Jan-25
Mar-25
May-25
Jul-25
Sep-25
Nov-25
ZWG Monthly Inflation

also increased from -0.90% in October 2025 to
-0.03% in November 2025 and contributed -
0.02 percentage points to the monthly inflation
rate

US$ Monthly Inflation
The monthly USD inflation rate subsided by
0.1 percentage points from 0.3% in October to
0.2% in November 2025, driven by the 0.15%
decline in non-food inflation, which is partially
attributed
to
decreases
in
transport,
communication; and recreation and culture
categories.

However, food inflation slightly increased to
0.18% in November 2025, from 0.17% in
October 2025 attributed to fruit and meat,
among others

Annual Inflation Developments
ZiG Annual Inflation Developments
The year-on-year ZWG inflation rate fell from
32.7% in October 2025 to 19.0% in November
2025. Year-on-year inflation was driven by
non-food inflation, which contributed 14.42
percentage points to overall inflation. Housing,
water and energy; transport; and furniture and
equipment had the largest contributions to
overall inflation. Housing was under pressure
from increased rentals. ZWG annual food
inflation contributed 5.43 percentage points to
annual ZWG inflation, driven by meat,
vegetables, and bread and cereals.

US Annual Inflation Developments
Annual USD inflation rate rose to 13.1% in
November 2025 from 13.0% in October 2025.
USD year-on-year inflation was driven by nonfood inflation which accounted for 7.56
percentage points to the overall inflation.
Housing, water and energy contributed about
3.72 percentage points while categories such as
miscellaneous goods and services and alcoholic
beverages and tobacco also had some
significant contributions.

Figure
18:
US$
Annual
Inflation
Developments (%)


Source: ZIMSTAT, 2025


Weighted Annual Inflation
Weighted annual inflation at 14.5% in November
2025, largely followed the disinflationary trend
exhibited by both the ZWG and USD components.


JANUARY 2026
RESERVE BANK OF ZIMBABWE

-4
-2

Mar-24
May-24
Jul-24
Sep-24
Nov-24
Jan-25
Mar-25
May-25
Jul-25
Sep-25
Nov-25
Y-O-Y Inflation Rate (%)

TABLE 1: DEPOSITORY CORPORATIONS SURVEY ($ 'Million)
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
Net Foreign Assets

Central Bank(net)

Foreign Assets

Foreign Liabilities

Other Depository Corporations(net)

Foreign Assets

Foreign Liabilities

Net Domestic Assets (NDA)

Domestic Claims

Claims on Central Government(net)

Claims on Central Government

Central Bank*

ODCs

Less Liabilities to Central Government

Central Bank

Of which foreign Currency

ODCs

Of which foreign currency

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Central Bank

ODCs

Of which Foreigm currency

Other Items(Net)

Shares and Other Equity

Liabilities to Other Financial Corporations

Restricted Deposits

Deposits and Securities Excluded from Base Money

Other Items(net)

Broad Money-M3

Securities Other than Shares Included in Broad Money

Broad Money-M2

Other Deposits (Time Deposits)

of which Foreign Currency Accounts

Narrow Money-M1

Transferable Deposits

Of which Foreign Currency Accounts

Currency Outside Depository Corporations

Memorandum Items
Reserve Money

FCAs as a Percentage of Deposits in M3

End Period Exchange Rate

Source: Reserve Bank of Zimbabwe,2025
Notes:
(i) Depository corporations survey - formerly Monetary Survey.
(ii) Broad money redefined using IMF's Monetary and Financial Statistics Manual of 2000. Major changes include exclusion of Government deposits held by banks from broad money.
(iii) Transferable deposits made up of demand and savings deposits.
(iv) NCDs are also referred to as securities included in broad money.
(v) All classes of time deposits, short and long term are classified as time deposits, which are also termed other deposits.
(vi) Credit to the private sector now excludes claims on other financial corporations, as well as claims on state and local government (local authorities)
(vii) Depository corporations made up of the Central Bank and other depository corporations
(viii) Other depository corporations (ODCs) - Commercial banks, merchant banks, building societies and POSB.
(ix) In December 2017, the statistics were adjusted in restrospect by reclassifying Securities issued under Aftrades from claims on government to claims on central bank
(x) In December 2017, the statistics were adjusted in restrospect by reclassifying amounts accessed by banks under the Aftrades from liabilities to Other Depository corporations and Other Financial Corporations to liabilities to Central Bank
(xi) In December 2018, statistics were revised from November 2017 due to reclassification of lines of credit (foreign liabilities) that were initially classified as deposits included in broad money
(xii) All monetary and financial statistics are valued in ZWL$ since the introduction of the interbank foreign exchange market in February 2019
(xiii). Monetary data was revised from September 2024 following the adoption of new reporting return submitted by banks. The notable revision is on broad money stock (M3) which was revised downwards due to reclassification of Government foreign currency deposits held by banks from deposits included in broad money.
(xiv) From April 2024, amounts include Unrealised Exchange Losses pertaining to IMF SDR Drawdowns which have been reclassified from Other Assets (OIN).
(xv). The June 2025 figure includes exchange losses related to external loans transferred to the Government, which were reclassified from Unrealised Exchange Losses in Other Items Net (OIN). The adjustment does not indicate a flow of new money.
(xvi). Loans and Advances to Gvt were revised from April 2024 to incorporate exchange losses relating to IMF SDR Drawdowns
(xvii). Loans and Advances to Gvt were further adjusted in June 2025 to include exchange rate related revaluations on external loans transferred to Gvt.

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
Net Foreign Assets

Claims on Non Residents

Official Reserves Assets

Other Foreign Assets

Less Liabilities to Non Residents

Short Term Liabilities

Other Foreign Liabilities*

of which blocked funds

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Of which: Securities Other than Shares

of which USD Securities

of which Interest on Foreign Currency TBs

Loans and Advances

Of which Loans (inc interest capitalisation on Loans transfared to Gvt)

Revaluations on External Loans Transfared to Government

Amounts Due from Gvt including SDR Drawdowns

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 Coins

ZiG Notes

Liabilities to ODCs

Reserve Deposits

Local Currency Reserve Deposits

Foreign Currency Reserve Deposits

Exess reserves

of which Excess reserves - ZiG

Excess reserves - FCA

Private Deposits

Source: Reserve Bank of Zimbabwe,2025
Notes
i. Other Foreign Liabilities include blocked funds amounting to USD2.2 billion assumed by the Central Bank on behalf of Government.
ii. From April 2024, claims on Government amounts include Unrealised Exchange Losses pertaining to IMF SDR Drawdowns which have been reclassified from Other Assets (OIN).
iii. The June 2025 figure includes exchange losses related to external loans transferred to the Government, which were reclassified from Unrealised Exchange Losses in Other Items Net (OIN). The adjustment does not indicate a flow of new money.
iv. Loans and Advances to Gvt were revised from April 2024 to incorporate exchange losses relating to IMF SDR Drawdowns
vi. Loans and Advances to Gvt were further adjusted in June 2025 to include exchange rate related revaluations on external loans transferred to Gvt.
TABLE 2: CENTRAL BANK SURVEY ($'Million)

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
Net Foreign Assets

Claims on Non Residents

Of Which: Foreign Currency

Deposits

Other

Less Liabilities to Non Residents

Of Which: Deposits

Loans

Other

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Securities

of which foreign currency denominated securities

Loans

of which foreign currency

Other
-

-

-

-

-

-

-

-

-

-

-

-

-

Less Liabilities to Central Government

Of which: Deposits

of which foreign currency deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

of which foreign currency denominated loans

Claims on the Central Bank

Currency

Reserves

Securities

Other Claims

Liabilities to the Central Bank

Other Items(Net)

Shares and Other Equity

Liabilities to other ressident sectors

Other Items(Net)

Deposits and Securities Included in Broad Money

Deposits Included in Broad Money
71,557.89

77,653.70

76,952.92

77,123.33

81,906.89

85,574.56

91,519.33

95,396.24

94,314.20

96,697.98

97,310.75

103,323.38

103,564.22

Transferable Deposits
65,726.26

71,536.87

70,228.43

69,326.09

74,633.46

76,668.54

81,316.50

84,216.03

83,327.48

84,046.56

83,971.86

88,707.29

89,504.29

of which FCAs
54,884.34

59,157.87

58,527.96

57,270.33

62,418.69

63,622.76

66,516.87

70,151.60

69,751.55

70,659.66

70,517.62

74,233.88

74,105.68

Other Deposits (Time Deposits)

of which FCAs

Money Market Instruments
771.68

995.70

1,110.84

1,043.01

1,258.29

1,113.65

1,031.34

1,500.40

1,525.56

1,714.71

1,562.95

1,671.42

1,533.06

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

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

Jan
2,891.2

53,378.3

116,654.8

13,232.3

69,668.2


Feb
2,577.7

62,064.5

122,479.8

17,480.5

76,802.2


Mar
2,111.5

76,544.2

142,962.5

19,239.6

87,884.5


Apr
2,624.9

74,716.9

160,466.5

28,352.1

123,190.3


May
3,155.9

142,118.9

236,166.0

35,928.9

207,812.8


Jun
2,801.2

138,347.1

266,691.8

45,952.0

241,920.1


Jul
2,427.6

159,024.6

315,832.5

39,388.2

230,432.5


Aug
2,640.6

263,637.4

411,439.9

69,203.5

311,107.0


Sep
3,030.7

289,230.8

504,071.1

75,446.7

417,007.1


Oct
3,022.6

300,240.3

525,870.3

104,483.2

389,979.7


Nov
3,251.4

286,365.2

575,885.7

111,716.1

342,790.1


Dec
3,361.7

295,435.1

652,284.4

119,932.8

351,906.8


Jan
4,923.3

379,841.7

704,168.6

151,980.1

389,342.8


Feb
1,880.1

436,062.8

743,888.5

81,067.5

518,081.0


Mar
2,031.6

425,326.5

817,631.1

112,374.3

531,935.4


Apr
1,844.7

462,081.4

972,122.7

161,740.7

620,095.0


May
1,107.2

1,048,116.4

2,049,066.1

309,234.1

1,554,969.0


Jun
1,984.5

2,249,201.6

4,424,350.0

471,360.3

3,050,984.1


Jul
1,489.0

1,584,403.3

4,137,377.2

380,493.0

3,132,849.9


Aug
2,292.1

1,505,916.2

4,651,358.8

448,025.8

3,179,274.3


Sep
2,465.6

2,015,621.6

5,263,338.5

560,033.8

3,210,332.7


Oct
2,425.4

2,312,575.1

5,910,277.9

751,077.6

2,663,186.5


Nov
2,705.3

2,558,589.3

6,324,144.1

730,377.0

2,788,783.6


Dec
3,398.4

2,868,505.6

5,973,706.9

918,524.5

2,631,445.7


Jan
2,947.9

5,196,670.6

9,096,074.6

1,414,527.9

3,957,664.6


Feb
3,143.6

7,309,077.0

12,595,037.9

2,395,225.7

5,340,576.7


Mar
2,831.0

9,785,505.6

16,734,744.0

3,185,636.7

7,548,560.1


Apr
7.5

4,794.8

11,004.0

2,108.7

5,798.1


May
15.0

4,337.6

12,420.7

2,281.4

6,437.2


Jun
9.2

4,753.1

12,746.0

2,349.5

6,493.3


Jul
7.5

5,739.9

11,453.3

1,987.0

6,135.6


Aug
6.4

6,444.9

13,516.2

2,310.5

4,922.1


Sep
7.9

10,895.9

22,399.7

3,870.6

8,728.6


Oct
56.7

13,662.1

30,414.7

5,068.5

8,024.4


Nov
72.6

11,233.7

29,835.6

4,498.6

6,365.0


Dec
82.6

10,274.6

32,110.0

5,538.7

8,540.2


Jan
69.3

12,746.4

30,180.7

3,532.9

6,021.2


Feb
75.0

11,639.8

28,998.1

3,283.1

8,161.6


Mar
101.3

9,242.7

30,230.5

3,610.1

12,141.7


Apr
107.4

9,519.9

33,479.3

3,591.2

12,582.7


May
161.4

8,665.8

34,327.1

3,618.3

17,046.8


Jun
212.5

9,521.0

35,799.3

6,230.7

15,373.4


Jul
213.8

9,541.1

35,802.0

6,242.3

15,357.8


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


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

End of
Total Deposits
of which FCA

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sept

*Oct

*Nov

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

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

Jan
2,359.27

49,206.02

108,119.97

10,419.90

66,808.45

30,774.31

38,636.84

-

186.80

801.50

20.33

163.02

3,628.73

199,495.34

2,997.94

53,627.76

47,405.91

69,989.80

684,641.9

Feb
1,971.78

57,553.54

112,522.99

14,300.66

70,750.63

28,703.53

44,705.21

-

-

976.55

20.34

158.06

5,367.16

215,520.37

3,055.50

55,099.61

53,459.12

70,832.47

734,997.5

Mar
1,541.49

70,856.33

130,423.48

15,503.46

82,662.70

43,284.13

44,874.23

-

-

1,380.20

19.40

253.42

6,240.94

258,715.05

3,092.69

65,660.61

58,874.69

76,938.87

860,321.7

Apr
1,939.64

70,204.43

144,168.02

23,452.88

117,033.42

26,628.79

57,772.47

-

-

722.54

37.54

252.44

6,858.06

305,476.79

4,348.46

53,372.28

62,788.55

71,414.75

946,471.1

May
2,397.94

131,996.38

211,837.59

31,586.61

190,366.81

61,757.62

64,373.91

-

154.99

1,559.14

41.28

289.00

16,193.81

398,048.90

4,712.74

134,993.54

94,851.60

111,543.84

1,456,705.7

Jun
2,263.18

127,839.16

234,109.43

40,937.28

219,607.39

63,631.76

83,690.44

-

653.97

2,159.12

61.20

226.29

13,888.60

478,163.38

8,954.46

169,511.81

110,528.09

168,440.54

1,724,666.1

Jul
1,578.47

147,217.74

284,912.89

34,334.13

202,815.28

41,246.78

86,971.63

-

394.34

1,852.14

100.65

349.68

22,516.21

556,692.12

9,737.92

144,090.18

129,869.55

192,524.32

1,857,204.0

Aug
1,630.70

247,190.46

377,078.80

64,650.96

273,181.97

29,186.59

95,346.12

-

330.12

3,556.96

113.50

287.14

26,564.57

681,253.30

11,493.92

167,029.36

238,442.98

194,745.11

2,412,082.6

Sep
1,791.71

270,594.59

465,301.31

68,020.95

370,323.69

18,184.96

134,414.53

-

267.40

4,916.56

115.11

306.33

21,773.50

806,774.24

12,680.89

146,133.14

215,417.68

219,933.24

2,756,949.8

Oct
1,704.79

281,204.64

480,106.49

94,573.08

343,440.15

22,895.35

136,939.74

-

204.69

2,201.55

116.48

341.96

22,935.50

852,069.39

15,525.65

165,306.91

232,188.99

245,924.22

2,897,679.6

Nov
1,644.95

259,109.18

533,438.97

101,870.32

299,715.01

17,089.04

180,534.44

-

141.97

2,292.28

119.53

303.55

22,178.73

960,814.77

15,450.39

170,944.78

196,338.19

250,551.19

3,012,537.3

Dec
1,778.71

263,863.65

603,136.26

110,935.77

299,087.30

7,965.37

266,725.41

-

79.26

3,887.78

114.42

282.61

30,272.25

1,066,654.12

16,130.63

159,126.16

189,560.01

344,235.10

3,363,834.8

Jan
2,391.61

340,953.56

654,740.29

143,455.70

335,380.17

(1,443.59)

301,026.07

-

105.97

4,873.87

228.45

251.24

44,113.17

1,307,512.98

17,767.70

227,545.42

204,830.78

374,080.77

3,957,814.2

Feb
1,470.56

366,544.71

691,937.49

71,097.36

452,795.43

21,074.53

306,913.92

-

50.02

1,524.98

318.96

197.44

44,691.50

1,481,851.05

18,037.18

226,932.96

224,983.29

411,002.80

4,321,424.2

Mar
1,771.98

344,570.46

755,463.34

103,284.07

478,333.21

41,928.66

330,669.68

-

-

3,884.11

432.22

149.78

48,725.38

1,679,284.89

28,439.56

554,840.85

254,605.57

438,790.17

5,065,173.9

Apr
1,631.24

388,822.83

903,029.49

144,252.31

555,886.92

32,206.95

361,846.09

-

-

8,716.45

559.82

99.28

54,058.39

1,722,384.40

28,899.91

214,270.92

321,765.39

476,263.19

5,214,693.6

May
1,010.26

907,818.70

1,932,225.57

281,052.93

1,351,116.97

84,147.32

570,367.60

-

-

8,974.78

4,599.15

80.34

112,188.06

3,844,133.80

65,696.39

607,438.10

669,908.72

758,154.17

11,198,912.9

Jun
1,762.11

1,979,000.71

4,218,755.04

444,538.09

2,584,596.63

350,042.51

865,465.55

-

-

221.09

10,133.46

8,052.34

260,946.26

8,487,837.63

92,224.26

1,390,786.24

1,304,228.92

2,222,499.38

24,221,090.2

Jul
1,305.13

1,428,604.02

3,898,282.53

359,151.15

2,646,743.26

337,541.82

1,133,463.14

-

-

153.30

7,368.09

68.07

208,253.70

6,917,007.30

129,308.58

829,382.28

1,155,945.57

2,438,538.20

21,491,116.1

Aug
1,664.09

1,370,651.81

4,309,693.74

391,792.23

2,693,989.06

208,098.88

1,084,784.90

-

-

138.30

7,469.95

75.80

205,341.47

6,863,348.14

127,816.16

701,626.16

1,081,800.09

2,446,465.02

21,494,755.8

Sep
1,503.56

1,763,364.33

4,914,305.55

517,813.92

2,760,807.78

247,094.60

1,204,684.14

-

-

9.75

9,935.82

92.05

219,878.94

8,245,053.80

151,685.43

776,997.57

1,312,147.78

2,668,520.81

24,793,895.8

Oct
1,977.18

2,059,471.85

5,625,069.70

562,790.91

2,202,475.21

175,235.94

1,172,130.22

-

-

0.03

10,816.83

98.06

237,525.73

8,864,363.09

153,534.70

958,746.42

1,351,846.54

2,767,099.33

26,143,181.7

Nov
2,295.18

2,278,921.91

5,913,094.15

568,556.41

2,451,981.00

180,229.25

1,337,040.40

-

-

0.03

10,921.42

59.77

238,702.30

9,040,518.08

158,702.11

1,046,256.98

1,702,370.26

2,868,031.98

27,797,681.2

Dec
2,947.49

2,536,437.97

5,489,443.24

657,432.63

2,268,702.96

155,742.88

2,420,663.39

-

-

0.03

12,324.59

73.45

248,699.79

9,507,281.46

255,007.08

1,184,706.91

1,748,495.98

3,349,062.31

29,837,022.2

Jan
2,536.36

4,749,173.95

8,535,153.83

940,210.80

3,564,879.01

285,807.60

3,972,600.87

-

-

0.03

17,912.41

198.80

374,088.29

14,957,169.30

312,516.30

1,949,662.45

2,737,500.88

4,289,981.53

46,689,392.4

Feb
2,519.25

6,564,463.71

11,709,703.62

1,772,649.65

4,708,270.62

153,450.01

5,911,393.45

-

-

0.03

26,073.06

232.00

488,602.76

22,234,523.09

378,975.16

2,608,075.14

3,125,793.33

5,812,047.28

65,496,772.2

Mar
2,435.72

8,601,285.46

15,501,059.95

2,213,233.27

6,701,169.42

775,336.87

8,098,495.31

-

-

0.03

47,609.35

143.35

729,484.92

34,077,197.02

597,886.20

2,860,196.61

4,317,386.46

8,974,860.63

93,497,780.6

Apr
5.89

4,141.51

9,980.68

1,414.28

5,461.70

287.09

5,206.08

-

-

0.00

31.18

88.00

440.49

20,170.86

246.21

2,510.15

5,472.97

4,360.99

59,818.1

May
10.60

3,583.02

11,575.45

1,506.01

6,092.37

382.87

5,420.56

-

-

0.00

29.63

1.37

433.36

21,315.87

348.50

2,114.73

6,339.55

4,613.87

63,767.8

Jun
8.01

4,111.49

11,498.97

1,627.32

5,775.34

298.05

6,080.69

-

-

7.23

24.70

1.49

446.45

22,801.09

345.72

2,541.32

6,558.03

5,419.46

67,545.3

Jul
5.05

4,943.82

10,426.18

1,342.47

5,743.94

351.44

6,988.99

-

0.00

5.21

25.13

0.16

432.35

24,895.03

348.09

2,342.85

6,539.59

6,244.23

70,634.5

Aug
5.26

5,703.86

12,540.81

1,453.04

4,411.38

205.93

6,149.38

-

-

2.43

126.05

0.19

378.05

25,591.15

542.15

2,767.89

7,004.36

6,832.60

73,714.5

Sep
6.82

9,465.31

20,161.22

2,742.22

7,903.81

340.45

10,295.58

-

-

0.00

244.94

0.33

600.93

43,094.11

979.13

4,853.44

11,326.85

9,785.35

121,800.5

Oct
39.65

12,315.40

27,597.64

3,670.13

7,120.62

129.14

11,256.45

-

-

0.00

239.01

0.08

679.62

49,545.16

1,042.81

6,380.10

11,454.83

11,116.57

142,587.2

Nov
58.26

10,111.62

27,498.54

3,102.17

5,626.08

117.33

9,757.48

-

0.00

0.00

287.55

2,326.36

572.57

45,782.99

1,064.73

6,685.94

11,362.33

10,783.91

135,137.8

Dec
64.89

8,774.50

29,312.78

3,217.87

7,673.17

287.57

10,942.77

-

0.00

8.29

54.88

0.57

549.66

46,926.14

1,073.63

6,555.30

13,399.70

11,326.46

140,168.2

Jan
55.47

11,470.10

27,587.58

2,805.14

5,383.93

896.67

12,362.23

-

-

807.94

342.87

-

201.82

6,018.68

38,456.08

44,474.76

4,490.04

6,786.76

7,296.77

14,700.77

139,662.8

Feb
60.09

10,394.10

26,074.71

2,500.83

7,466.49

879.05

11,985.91

-

-

1,227.40

525.19

-

210.91

5,135.14

39,602.20

44,737.33

4,572.78

7,060.84

6,529.15

14,603.01

138,827.8

Mar
79.63

7,880.54

27,417.58

2,717.51

11,623.76

820.11

12,300.30

-

-

1,342.02

509.01

-

196.72

4,699.08

40,942.54

45,641.63

4,354.50

7,859.25

6,540.97

15,243.80

144,527.3

Apr
87.99

8,108.02

30,664.80

2,649.20

12,068.34

413.80

12,241.98

-

-

1,095.15

478.00

-

177.77

4,854.99

44,593.50

49,448.49

4,042.90

6,452.91

9,497.37

15,304.56

152,731.3

May
133.33

7,539.98

31,081.99

2,649.42

16,140.56

419.60

12,259.88

-

-

953.79

469.51

-

151.74

5,278.01

46,383.60

51,661.61

3,991.35

7,163.66

9,319.35

15,249.33

159,185.1

Jun
181.74

8,374.10

32,527.57

5,410.98

14,549.70

119.42

13,604.07

-

-

992.17

508.81

-

141.15

5,228.09

47,537.52

52,765.60

6,477.32

7,532.53

8,140.55

15,060.65

166,386.4

Jul
183.05

8,394.26

32,530.27

5,422.55

14,534.13

119.42

13,602.14

-

-

992.17

508.81

-

141.15

5,228.09

47,619.44

52,847.52

6,442.57

7,493.64

8,217.25

15,090.15

166,519.1

Aug
193.19

13,295.37

33,500.18

4,346.93

8,753.41

609.59

14,232.02

-

-

583.16

540.44

21.46

129.27

6,419.77

47,719.81

54,139.58

7,481.64

8,543.31

9,652.13

15,411.88

171,433.6

Sep
201.68

13,950.40

32,362.47

3,553.93

11,188.77

921.94

13,421.60

-

-

757.44

561.95

18.84

110.22

6,020.45

49,450.81

55,471.26

5,730.80

8,537.36

10,340.98

15,804.22

172,933.8

Oct
204.51

12,507.21

32,947.48

4,526.89

11,385.81

910.64

14,013.13

-

-

655.59

539.19

23.48

267.06

6,236.10

51,566.50

57,802.60

4,997.85

7,774.84

9,423.21

16,097.87

174,077.4

Nov
263.56

12,673.29

33,851.53

5,484.35

10,816.26

828.03

14,055.20

-

-

649.51

515.30

23.74

327.36

5,880.27

53,183.11

59,063.39

5,737.74

9,054.80

9,275.53

15,949.32

178,568.9

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

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

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

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

Jan
324.6

3504.3
8,506.5

2680.3
2,631.0

-

1,110.8

2.4
-

1,487.3

2,967.6

-

35,913.5

6693.8
14,008.7

79,830.9

Feb
411.5

4021.5
9,763.6

3069.7
5,678.0

-

4,048.9

1.6
-

1,465.4

3,241.1

-

39,977.5

4511.5
13,964.4

90,154.6

Mar
354.3

4413.6
11,882.6

3691.3
4,932.3

-

5,235.0

0.9
-

1,590.0

3,888.3

-

42,741.3

9086.6
15,421.2

103,237.4

Apr
546.4

3054.1
15,585.8

4857.7
5,768.6

-

5,714.4

0.2
-

1,861.4

4,143.7

-

48,582.4

9654.2
16,999.2

116,768.1

May
639.5

8326.7
23,817.6

4251.9
16,001.6

-

6,150.9

0.0
-

1,486.3

8,474.8

-

74,864.0

14793.9
17,091.2

175,898.5

Jun
418.5

8464.3
32,497.6

3807.5
21,184.8

-

2,639.3

0.0
-

1,340.0

10,851.1

-

85,145.9

18155.8
35,128.1

219,633.0

Jul
700.4

9914.6
30,660.3

4983.4
24,902.9

-

4,077.6

0.0
-

1,411.5

13,722.1

-

98,066.0

9998.6
45,127.9

243,565.1

Aug
863.8

14422.1
33,703.2

4483.0
34,971.8

-

4,379.8

0.0
-

2,106.6

16,515.4

-

115,491.9

8745.3
45,694.0

281,377.1

Sep
1,086.8

14998.2
37,911.3

7470.1
45,094.8

-

8,440.8

0.0
-

1,302.8

17,996.8

-

129,242.7

11630.7
60,830.4

336,005.2

Oct
1,158.3

14768.7
44,296.5

10013.7
44,664.1

-

14,109.9

0.0
-

1,142.4

16,817.7

-

123,793.8

30036.4
47,678.2

348,479.7

Nov
1,449.3

22456.9
41,398.0

9771.8
41,317.6

-

17,572.6

0.0
-

2,085.3

16,785.8

-

136,029.9

30694.0
46,275.8

365,836.9

Dec
1,470.7

23012.7
48,533.8

8913.7
50,229.0

-

21,411.1

0.0
19,993.4

2,176.2

17,693.7

-

119,322.3

39279.1
69,102.5

421,138.1

Jan
2,402.7

32405.1
47,062.6

8410.8
50,364.6

-

17,976.2

0.0
23,668.5

2,406.3

18,311.0

-

132,757.4

41367.4
69,570.1

446,702.8

Feb
234.9

59685.4
50,103.0

9568.6
62,701.4

889.9

24,809.7

0.0
26,667.1

4,451.9

21,629.1

-

146,798.4

50093.6
70,987.9

528,620.9

Mar
214.6

72311.9
57,399.6

9196.8
51,300.9

-

28,841.5

0.0
24,689.0

5,503.9

19,118.6

-

170,376.6

54524.7
84,489.1

577,967.3

Apr
184.1

61341.6
63,129.5

16343.2
61,444.0

-

28,727.0

0.0
28,119.0

5,989.2

27,619.9

-

205,412.2

81442.9
86,571.2

666,323.9

May
78.1

125685.1
100,808.7

22707.0
195,646.6

-

81,344.3

0.0
69,908.9

6,246.8

53,180.7

-

440,462.4

103176.1
116,103.7

1,315,348.2

Jun
176.6

227001.8
172,666.5

25998.2
452,772.6

40,326.7

115,193.3

0.0
196,310.3

4,209.5

121,677.5

-

870,075.1

230604.4
544,587.8

3,001,600.3

Jul
162.7

132017.2
220,995.0

20797.2
459,668.2

32,010.8

105,308.6

0.0
154,472.7

13,777.8

153,638.5

-

697,177.8

209734.6
612,937.8

2,812,698.9

Aug
611.0

105296.6
309,821.7

55744.7
475,838.3

37,447.1

102,495.2

0.0
153,578.2

6,767.5

135,193.3

-

758,439.2

223114.4
564,622.1

2,928,969.2

Sep
949.3

193065.6
339,269.2

41680.1
437,996.0

58,554.5

110,351.3

0.0
161,346.6

4,522.1

153,113.7

-

880,148.8

290026.7
565,616.4

3,236,640.3

Oct
403.8

204713.4
254,684.1

187632.1
440,150.3

65,022.1

97,046.1

0.0
176,111.9

13,771.8

173,523.5

-

829,479.5

345029.3
586,015.6

3,373,583.5

Nov
370.5

222344.7
387,213.2

160896.0
326,510.1

50,688.3

159,225.4

0.0
173,990.9

28,127.2

187,363.3

-

926,663.7

395549.5
595,811.6

3,614,754.5

Dec
403.7

251968.8
457,034.9

261067.9
345,348.0

56,551.7

185,131.1

0.0
166,902.0

27,875.9

222,503.1

0.7

973,788.6

507890.9
658,045.7

4,114,512.9

Jan
367.9

368046.7
524,020.9

471915.0
363,325.6

40,412.9

280,803.2

0.0
280,441.0

45,935.9

339,610.7

-

1,563,405.5

649087.4
742,734.0

5,670,106.8

Feb
578.8

637645.2
797,581.2

618074.6
613,309.7

24,680.4

425,783.2

0.0
399,313.5

67,900.2

519,513.4

-

2,188,186.8

904519.6
937,957.6

8,135,044.1

Mar
356.6

1026840.5
1,171,941.4

888362.3
829,470.4

-

440,943.8

0.0
528,820.5

103,276.3

787,872.2

-

3,761,909.8

1403556.4
1,697,667.5

12,641,017.5

Apr
1.0

564.4
864.1

693.0
326.5

67.2

337.2

0.0
313.5

-

593.2

212.7

2,856.8

420.1
824.2

8,074.0

May
4.0

639.2
783.2

772.6
296.2

109.6

407.6

0.0
303.7

-

309.2

19.8

2,946.5

712.1
903.7

8,207.5

Jun
1.1

520.3
1,122.4

718.7
678.1

110.9

188.6

0.0
282.9

-

424.7

20.4

2,998.6

858.8
1,229.8

9,155.3

Jul
2.4

681.0
918.2

640.3
336.2

99.8

676.7

0.0
276.2

5.0

333.9

20.5

3,022.2

1332.3
1,250.3

9,595.1

Aug
1.1

642.2
853.3

852.1
428.1

-

764.6

0.0
246.2

5.1

373.1

20.6

3,042.5

1811.8
1,318.9

10,359.6

Sep
1.0

1230.9
1,985.1

1121.2
705.4

-

555.5

0.0
431.0

34.5

1,130.0

37.0

4,878.1

2054.8
2,298.6

16,463.3

Oct
13.1

1166.2
2,512.0

1391.6
769.7

-

745.1

0.0
502.2

5.3

1,380.9

42.7

5,751.9

2214.8
2,435.0

18,930.4

Nov
14.0

918.9
2,141.3

1383.8
649.7

-

602.6

0.0
367.6

5.4

1,293.8

39.5

4,997.5

2566.9
2,458.3

17,439.1

Dec
17.1

1089.4
2,633.9

2306.6
754.5

-

675.7

0.0
361.0

-

1,424.9

35.4

5,500.8

2343.9
2,593.3

19,736.5

Jan
13.1

939.4
2,348.5

616.8
637.3

-

1,028.5

0.0
-

1,019.2

1,294.7

-

356.6

317.5

5,353.2

5,670.7

199.4

-

3001.4
3,282.1

20,407.7

Feb
13.9

980.7
2,545.5

628.6
695.1

-

753.2

0.0
-

997.8

1,428.4

-

335.1

535.1

5,302.8

5,837.9

199.4

-

1754.4
3,294.2

19,464.2

Mar
20.4

1031.3
2,349.0

786.9
517.9

-

844.9

0.0
-

1,066.7

1,604.4

-

284.5

358.4

5,601.2

5,959.7

121.0

-

1684.9
3,466.0

19,737.7

Apr
17.8

1038.4
2,522.2

766.4
514.4

-

900.0

0.0
-

1,084.2

1,815.7

-

284.5

322.9

5,519.7

5,842.6

111.4

-

1736.6
3,476.9

20,111.3

May
26.4

855.4
2,940.4

801.9
906.2

-

1,009.6

0.0
-

1,098.4

1,814.5

-

204.3

695.6

5,865.6

6,561.2

139.8

-

2062.4
3,495.2

21,915.6

Jun
29.0

803.0
2,966.8

631.1
823.7

-

1,262.5

0.0
-

1,046.3

1,892.2

-

197.5

635.7

6,405.1

7,040.8

232.2

-

1786.7
3,716.9

22,428.7

Jul
29.0

803.0
2,966.8

631.1
823.7

-

1,262.5

0.0
-

1,046.3

1,892.2

-

197.5

635.7

6,405.1

7,040.8

232.2

-

1786.7
3,716.9

22,428.7

Aug
32.3

1148.2
3,101.3

1361.4
1,468.4

-

892.1

0.0
-

1,235.6

1,836.0

-

113.8

639.9

6,476.6

7,116.6

593.1

-

2036.4
3,683.5

24,618.5

Sep
34.4

1218.5
3,281.0

813.1
1,259.5

-

830.3

0.0
-

1,226.4

2,125.7

-

107.4

842.6

6,263.1

7,105.7

451.2

-

2125.9
3,664.0

24,242.9

Oct
43.3

1267.3
3,558.0

979.8
1,167.2

-

825.7

0.0
-

1,303.7

2,339.1

-

192.1

741.0

5,924.4

6,665.4

439.4

-

2552.1
3,279.3

24,612.4

Nov
52.6

1073.9
3,497.0

941.9
1,383.6

-

934.1

0.0
-

1,285.1

2,404.5

-

196.6

747.1

5,896.2

6,643.3

445.0

-

2697.9
3,293.4

24,849.0

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

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan


Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan


Feb


Mar


Apr


May


Jun


Jul


Aug


Sep


Oct


Nov


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

END OF

Jan

Feb

Mar

Apr

May

June

July

Aug

Sept

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

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

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

Source: Reserve Bank of Zimbabwe, 2025
*Statistics are denominated in ZiG
TABLE 7.2: SECTORAL ANALYSIS OF COMMERCIAL BANKS DEPOSITS
ZWG ('000)

Minimum
Maximum
Minimum
Maximum

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

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

Minimum
Maximum
Minimum
Maximum

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

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

WEIGHTS


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

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

FOOD
INFLATION
WEIGHTS


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr


*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

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

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

Source: Reserve Bank of Zimbabwe, 2025
TABLE 10 : SELECTED INTERNATIONAL EXCHANGE RATES
*The Reserve Bank introduced a new currency ZiG on 5 April
& recalibrated exchange rates to ZiG
END OF
USA DOLLAR
SOUTH ARFICAN
RAND
BOTSWANA PULA
JAPANESE YEN
EURO
POUND
STERLING

Market Capitalisation
All Share Index*
ZWG millions

Jan

Feb

Mar

Apr

May

June

July

Aug

Sept

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

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

END OF
ZETSS
POS
ATM
MOBILE
INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

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

END OF
ZETSS
POS
ATM
MOBILE
INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

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

END OF
EXPORTS
IMPORTS
TOTAL TRADE
TRADE BALANCE

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

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