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MAY 2025

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TABLE OF CONTENTS


OVERVIEW
The month-on-month and annual inflation rates
for ZiG marginally increased in May 2025.
Month- on-month inflation increased to 0.9%
in May 2025, from 0.6% in April 2025.
Similarly, the annual ZiG inflation rate rose
from 85.7% in April 2025 to 92.1% in May
2025.
Broad money (M3) stock increased by 7.09%,
from ZiG87,003.17 million in April 2025 to
ZiG93,173.97 million in May 2025. The broad
money stock comprised of foreign currency
deposits, 81.39%; local currency deposits,
17.43%; and local currency in circulation,
0.07%.
On the capital market, the Zimbabwe Stock
Exchange (ZSE) traded positively while the
Victoria Falls Stock exchange was on a
negative trajectory.

The
aggregate
value
and
volumes
of
transactions processed through the National
Payment Systems (NPS) in the month of May
both increased by 11%. Similarly, NPS
transaction volumes also increased from 63.53
million in April 2025 to 70.39 million in May
2025.
In the international commodity markets,
average prices for gold, platinum, palladium,
copper and nickel firmed, while prices for
Brent
crude
oil
and
lithium
declined.
Commodity prices are still largely influenced
by ongoing geopolitical tensions.
Trade
developments
show
that
both
merchandise exports and imports increased in
the month of May 2025. Merchandise exports
increased by 9.6%, from US$663.8 million in
April 2025 to US$727.3 million in May 2025.
In the same vein, merchandise imports also
increased by 9.8%, from US$803.7 million in
April 2025 to US$882.1 million during the
month under review. Resultantly, the country’s
trade deficit widened to US$154.8 million in
May 2025, from US$139.8 million in April
2025.
INTERNATIONAL COMMODITY
PRICE DEVELOPMENTS
The international average prices for gold,
platinum, palladium, copper and nickel firmed,
while prices for brent crude oil and lithium
declined. Table 1 depicts the price movements
of selected commodities in May 2025.

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

Apr-25


May-25
Monthly
changes
(%)
Gold
US$/oz
3,206.9
3,285.70
2.46
Platinum
US$/oz
958.3
1,021.80
6.63
Palladium
US$/oz
941.29
975.80
3.67
Copper
US$/t
9,198.35
9,517.02
3.46
Nickel
US$/t
15,317.15
15,526.64
1.37
Brent Crude
oil
US$/bbl.
65.82
63.89
(2.93)
Lithium
US$/t
9,407.89
8,784.57
(6.63)
Source: Bloomberg, 2025

Gold
Gold prices increased by 2.46%, from a
monthly average of US$3,206.90 per ounce in
April 2025 to an average of US$3,285.70 per
ounce. The price rose amid increasing
geopolitical and geo-economic tensions, which
heightened gold’s appeal as a safe-haven
investment.

Platinum

Platinum prices surged by 6.63% to an average
of US$1,021.80 per ounce in May 2025, from
an average of US$958.30 recorded in April
2025.
Palladium
Palladium prices increased by 3.67%, to
US$975.80 per ounce during the month under
review, from US$941.29 per ounce recorded in
April 2025. The increase was largely driven by
the rebound of the U.S. automotive industry,
following the introduction of tax credits by the
U.S. Government aimed at offsetting the effects
of auto tariffs. This policy measure supported
continued demand for catalytic converters,
which primarily use palladium.

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

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

Source: Bloomberg, 2025


Brent Crude Oil
Brent crude oil prices maintained a downward
trend since February 2025, falling by 2.93%,
from US$65.82 per barrel in April 2025 to
US$63.89 per barrel in May 2025. Oil prices
declined following reports that OPEC+ was
considering a production increase of 411,000
barrels per day in July 2025, raising concerns
about a potential oversupply in the market.

The commodity price developments for the
period from May 2022 to May 2025 are shown
in Figure 2.

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


Source: Bloomberg, 2025

Copper
Copper prices rose to US$9,517.02 per tonne in
May 2025, representing a 3.46% increase from
US$9,198.35 per tonne in April 2025. The
rebound was supported by robust underlying
demand, mainly from China.

1,000
1,200


May-22
Aug-22
Nov-22
Feb-23
May-23
Aug-23
Nov-23
Feb-24
May-24
Aug-24
Nov-24
Feb-25
May-25
US$/ounce
US$/ounce
Gold
Palladium
Platinum (RHS)

May-22
Jul-22
Sept-22
Nov-22
Jan-23
Mar-23
May-23
Jul-23
Sept-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
Sept-24
Nov-24
Jan-25
Mar-25
May-25
US$/BARREL

Nickel
Nickel prices rose by 1.37% to US$15,526.64
per tonne during the month under review, from
US$15,317.15 per tonne recorded in the
previous month. The price uptick was buoyed
by Indonesia’s decision to reduce nickel mining
quotas by approximately 120 million tonnes, a
move expected to reduce global supply by
around 35% and alleviating fears over a
potential oversupply in the market.

Figure 3 shows base metals price developments
for the period from May 2022 to May 2025.

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

Source: Bloomberg 2025

Lithium
In May 2025, lithium prices decreased by
6.63% to US$8,784.57 per tonne from
US$9,407.89 per tonne in the month of April
2025. The downward trend reflected ongoing
market pressures, including rising supply and
weaker demand in key regions.

Figure 4 shows lithium price trends for the
period May 2023 to May 2025.

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

Source: London Metal Exchange, 2025

Merchandise Trade Developments
Total merchandise trade increased by 9.7%,
from 1.47 billion recorded in April 2025 to
US$1.61 billion in May 2025. The growth was
driven by higher exports recorded during the
month under review. On a year-on-year basis,
total merchandise trade increased by 20.9% to
US$1.33 billion in May 2025, compared to the
corresponding month in 2024.

Merchandise Exports
The merchandise exports surged to US$727.3
million in May 2025, representing a 9.6%
increase from US$663.8 million recorded in
April 2025. The increase was largely due to
higher export earnings of gold, and platinum
group metals (PGMs). On an annual basis,
exports were 24.7% higher, compared to
US$583.0 million registered in May 2024.

The developments in merchandise exports for
the period from January 2024 to May 2025 are
shown in Figure 5.

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


May-23
Jun-23
Jul-23
Aug-23
Sept-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
Sept-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
US$/tonne

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

Source: ZIMSTAT, 2025


Exports by Commodity
The country's export basket was largely
dominated by primary commodities, with gold
accounting for 51.0%, followed by Platinum
Group Metals (PGMs) at 21.9%, tobacco
(6.4%),
and
other
mineral
substances
accounting
for
4.1%.
Table

shows
developments in the country’s major exports by
commodity for the months of April and May
2025.


Table 2: Major Exports (US$ millions)


Apr-25
(US$m)
May-25
(US$m)
Apr-May

Changes
(%)
Share of
Exports (%)
Total

Of Which:


Gold

PGMs

Tobacco
(Including
cigarettes)

Other mineral
substances

Ferro chromium

Coal

Chromium ores
and concentrates

Cane Sugar

Industrial
diamonds

Other ores and
concentrates

Others

Source: ZIMSTAT & RBZ Calculations, 2025

Export Markets
In May 2025, the bulk of the country’s exports
were destined for the United Arab Emirates
(51.06%), South Africa (30.85%), and China
(5.80%), with the remaining exports distributed
across other various international markets.
Figure 6 depicts the country’s major export
markets during the month under review.


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

Source: ZIMSTAT & RBZ Calculations, 2025

Merchandise Imports
Merchandise imports increased by 9.8%, from
US$803.7 million recorded in April 2025, to
US$882.1 million in May 2025. On an annual
basis, merchandise imports surged by 17.8%,
from US$748.6 million recorded in May 2024.

Figure

shows
the
developments
in
merchandise imports for the period from
January 2024 to May 2025.

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

Source: ZIMSTAT & RBZ Computations, 2025


Imports by Commodity
The country’s imports mainly consisted of
industrial supplies (32.0%), capital goods
(20.5%), and fuels and lubricants (19.6%), in
May 2025.

Table 3: Major Imports (US$ millions)

Apr-25

(US$m)
May-

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

Of
Which:


Industrial
Supplies

Fuels and
Lubricants

Capital
goods

Food and
Beverages

Transport
Equipment
and parts

Consumer
Goods

Others

Source: ZIMSTAT & RBZ Calculations, 2025

The bulk of the country’s imports came from
South Africa (34.8%), followed by China
(19.0%), Bahrain (7.3%), the Bahamas (5.9%),
and Mozambique (4.4%). The remaining
imports were sourced from other various
markets as shown in Figure 8.


United Arab Emirates
South Africa
China
Mozambique
Hong Kong
Zambia
Netherlands
Botswana
Viet Nam
Italy


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

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

Source: ZIMSTAT & RBZ Calculations, 2025

Merchandise Trade Balance
The country’s trade deficit widened to
US$154.8 million in May 2025, from
US$139.8 million in April 2025. On a year-onyear basis, however, the deficit, narrowed from
US$165.6 million in May 2024 to US$154.8
million during the month under review. The
country’s trade balance for the period from
January 2025 to May 2025 is shown in Figure
9.


1 Monetary data was revised from September 2024
following the adoption of new standardized reporting
formats (SRFs) submitted by banks. The notable revision
is on broad money stock (M3), which was revised
Figure 9: Merchandise Trade Balance (US$
millions)

Source: ZIMSTAT & RBZ Computations, 2025
MONETARY DEVELOPMENTS1
Broad
money
(M3)
stock
stood
at
ZiG93,173.97 million in May 2025, an increase
of 7.09% from ZiG87,003.17 million recorded
in April 2025.
The increase in broad money largely reflected
a month-on-month increase of ZiG4,355.02
million (6.09%), in the foreign currency
component from ZiG71,478.06 million in April
2025 to ZIG75,833.08 million.
Over the same period, the local currency
component
registered
an
increase
of
ZiG1,815.77
million
(11.70%),
from
ZiG15,525.11 million to ZiG17,273.72 million.
The broad money stock comprised of foreign
currency deposits, 81.39%; local currency
deposits, 17.43%; and local currency in
circulation, 0.07%.
downwards due to removal of Government foreign
currency deposits held by banks from deposits included
in broad money. Other monetary aggregates also
changed following the re-classification exercise.

South...
China
Bahrain
Bahamas
Mozambi...
Zambia
India
United...
Mauritius
Singapore

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

Figure 10 shows the composition of the money
supply.

Figure 10: Composition of Money Supply
Source: Reserve Bank of Zimbabwe, 2025

During the month under review, credit to the
private sector increased by 5.82%, from
ZiG58,425.38 million in April 2025 to
ZiG61,823.68 million, while net claims on the
central Government2 declined by 2.17% to
ZiG46,958.23 million.

Outstanding credit to the private sector was
mainly channelled to households, agriculture,
manufacturing and distribution, which received
27.17%, 17.29%, 13.63%, and 11.43% of the
total credit, respectively. The mining sector
received 9.57% of the total outstanding credit.
Figure 11 shows the distribution of credit by
sector.


2 Claims in Government was adjusted for exchange
losses related to SDR drawdowns for the period April
Figure 11: Distribution of Private Sector
Credit

Source: Reserve Bank of Zimbabwe, 2025

Credit to the private sector was largely utilised
for recurrent expenditures, 41.54%; inventory
build-up,
23.17%;
and
fixed
capital
investments, 13.17%.

STOCK MARKET DEVELOPMENTS
Zimbabwe Stock Exchange (ZSE)
In the month of May 2025, the Zimbabwe Stock
Exchange (ZSE) recovered from the previous
month’s loss, with the ZSE All Share, Top 10,
Top 15, and Medium Cap indices adding
2.55%, 2.16%, 1.99% and 3.71% to 196.85
points, 189.81 points, 194.22 points and 246.15
points, respectively.

The resource index also increased by 1.01% to
close at 145.40 points, during the period under
review.


2024 to January 2025. The adjustment does not indicate
a flow of new money.
NCDs,
1.11%
Local Currency
Time Deposits,
1.55%
FX Time
Deposits, 9.40%
Local Currency
Transferable ,
15.88%
FX Transferable
Deposits, 71.99%
Currency in
Circulation,
0.07%
Households
27.17%
Agriculture
17.29%
Mining
9.57%
Manufacturing
13.63%
Distribution
11.43%
Transport and
Communication
2.18%
Services
10.44%
Financial
Organisations and
Investments
5.24%
Construction
3.04%
Other
0.00%

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

Source: Zimbabwe Stock Exchange, 2025

During the month of May 2025, the cumulative
volume and value of shares traded increased by
79.39% and 123.92% to close at 269.99 million
shares and ZiG600.72 million, respectively.
This is in comparison to 150.50 million shares
traded and ZiG268.27 million recorded in the
previous month in April 2025.

The proportion of foreign purchases to the
value of shares traded increased to 43.24% in
May 2025, from 0.80% realised in the previous
month.

The cumulative net foreign position, however,
worsened from a negative position of ZiG13.79
million to a negative ZiG79.85 million, during
the month under review. Figure 13 shows the
ZSE monthly volumes and values traded from
the period May 2024 to May 2025


Figure 13: ZSE Monthly Volume and Value
Traded

Source: Zimbabwe Stock Exchange, 2025

Victoria Falls Stock Exchange (VFEX)
The Victoria Falls Stock Exchange All Share
index lost 6.48% to close at 107.24 points in
May 2025, compared to 114.67 points recorded
in April 2025, as shown in Figure 14 below.

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

Source: Victoria Falls Stock Exchange, 2025

VFEX Market Capitalization
Owing to dampened trading activity on the
VFEX, market capitalisation declined by
6.49%, from US$ 1,337.88 million in April
2025 to US$1,251.11 million in May 2025.

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

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

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

NATIONAL PAYMENTS SYSTEM
The total digital payment systems transaction
values for May 2025 increased by 11% to
ZiG223.44 billion, from ZiG200.73 billion in
April 2025. Transactional volumes also
increased by 11%, from 63.53 million in April
2025 to 70.39 million in May 2025, as shown
in Figure 15.

Figure 15: Payment Systems Monthly
Transactional Values and Volumes from
June 2024 – May 2025

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

The value of transactions processed through the
RTGS system increased by 10% to ZiG128.95
billion in May 2025, from ZiG116.95 billion
recorded in April 2025. Similarly, transactional
volumes also increased by 10%, from 0.87
million in April 2025 to 0.96 million during the
same month under review.


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

Source: Reserve Bank of Zimbabwe, 2025

Mobile and Internet-Based Transactions
Mobile
and
internet-based
transactions
increased by 10.67%, from ZiG69.49 billion in
April 2025 to ZiG76.86 billion in May 2025.

Cash Transactions
Cash-based transactions increased by 12.1% to
ZiG15.99 billion in May 2025, from ZiG14.25
billion in April 2025.

Card-Based Transactions
Card-based transactions surged to ZiG17.63
billion in May 2025, from ZiG14.34 billion in
April 2025.

INFLATION OUTTURN
Monthly Inflation Developments
ZWG Monthly Inflation
The ZWG monthly inflation rate marginally
increased by 0.3 percentage points, from 0.6%
recorded in April 2025 to 0.9% in May 2025.

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


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

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

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

Source: ZIMSTAT, 2025

Food inflation increased AAby 1.9 percentage
points, from -0.2% in April 2025 to 1.6% in
May 2025, driven by increases in meat, fish and
sea food categories. The food component
contributed 0.6 percentage points to the May
2025 inflation rate.

Non-food inflation however, slowed down
from 1.1% in April 2025 to 0.6% in May 2025
and contributed 0.4 percentage points to the
monthly inflation rate.

USD Monthly Inflation
The USD month-on-month inflation rate
decelerated from 0.2% in April 2025 to -0.3%
in May 2025. This was on account of food
inflation particularly fruits, vegetables, bread
Resultantly,
weighted
monthly
inflation
decreased from 0.3% in April 2025 to 0% in
May 2025, in line with the decline in the USD
inflation.


Annual Inflation Developments
ZiG Annual Inflation Developments
The year-on-year ZiG inflation stood at 92.1%
in May 2025, up from 87.1% in April 2025.

US$ Annual Inflation Developments
The year-on-year USD inflation rate, declined
to 13.9% in May 2025 from 14.4% recorded in
April 2025.

Figure
18:
US$
Annual
Inflation
Developments (%)

Source: ZIMSTAT, 2025


JULY 2025
RESERVE BANK OF ZIMBABWE


May-24
Jun-24
Jul-24
Aug-24
Sept-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
M-O-M (%)
-6
-4
-2

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

May-24
Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-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:
*From April 2024, amounts include Unrealised Exchange Losses pertaining to IMF SDR Drawdowns which have been reclassified from Other Assets (OIN).
(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
TABLE 1: DEPOSITORY CORPORATIONS SURVEY (ZiG
'Million)

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

Claims on Non Residents

Official Reserves Assets

Other Foreign Assets

Less Liabilities to Non Residents

Short Term Liabilities

Other Foreign Liabilities*

of which blocked funds

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Of which: Securities Other than Shares

of which USD Securities

Loans

Loans and Advances**

Amounts Due from Gvt including SDR Drawdowns

of which USD Securities revaluations (Exchange rate
movements)

Export Incentives

Less Liabilities to Central Government

Of which: Deposits

of which Foreign Currency

Local Currency Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on Other Depository Corporations

Of which: Loans

Other Liabilities to ODCs

Of which: Aftrades Balances

Securities

Other Items(Net)

Shares and Other Equity

Other Items(Net)

Liabilities to Other Resident Sectors

Deposits and Securities Excluded from Base Money

Monetary Base

Currency Issued

ZWL Coins

ZWL Notes

ZiG 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
NB: * Other Foreign Liabilities include blocked funds amounting to USD2.2 billion assumed by the Central Bank on behalf of Government.
**From April 2024, amounts include Unrealised Exchange Losses pertaining to IMF SDR Drawdowns which have been reclassified from Other Assets (OIN).
TABLE 2: CENTRAL BANK SURVEY (ZiG'Million)

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

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
40,645.11

42,530.97

45,632.72

46,313.21

74,560.41

86,923.95

82,773.03

87,203.06

76,952.92

77,123.33

81,906.89

85,574.56

91,519.33

Transferable Deposits
37,368.65

38,710.52

41,742.43

42,434.91

68,694.00

79,031.45

75,045.62

79,013.92

70,228.43

69,326.09

74,633.46

76,668.54

81,316.50

of which FCAs
29,788.82

30,114.64

31,415.69

31,648.53

58,109.73

68,608.64

64,281.47

67,075.96

58,527.96

57,270.33

62,418.69

63,622.76

66,516.87

Other Deposits (Time Deposits)

of which FCAs

Money Market Instruments
4.37

3.99

19.18

26.61

23.83

42.73

-

-

1,110.84

1,043.01

1,258.29

1,113.65

1,031.34

Source:Reserve Bank of Zimbabwe,2025
1. Figures recorded before April 2024 are in ZWL$
2. Figures recorded from April 2024 to date are in ZWG
TABLE 3 : OTHER DEPOSITORY
CORPORATIONS SURVEY ( ZiG 'Million)

TOTAL
End of
Foreign
Bond
Notes
Balances
Balances with
Balances
Other Claims
Local
Notes &
&
with
Other Depository
with
on
Governemt
Other

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


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

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

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

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

Local Governemt Public Enterprises
Other

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

Jan
2,359.27

49,206.02

108,119.97

10,419.90

66,808.45

30,774.31

38,636.84

-

186.80

801.50

20.33

163.02

3,628.73

199,495.34

2,997.94

53,627.76

47,405.91

69,989.80

684,641.9

Feb
1,971.78

57,553.54

112,522.99

14,300.66

70,750.63

28,703.53

44,705.21

-

-

976.55

20.34

158.06

5,367.16

215,520.37

3,055.50

55,099.61

53,459.12

70,832.47

734,997.5

Mar
1,541.49

70,856.33

130,423.48

15,503.46

82,662.70

43,284.13

44,874.23

-

-

1,380.20

19.40

253.42

6,240.94

258,715.05

3,092.69

65,660.61

58,874.69

76,938.87

860,321.7

Apr
1,939.64

70,204.43

144,168.02

23,452.88

117,033.42

26,628.79

57,772.47

-

-

722.54

37.54

252.44

6,858.06

305,476.79

4,348.46

53,372.28

62,788.55

71,414.75

946,471.1

May
2,397.94

131,996.38

211,837.59

31,586.61

190,366.81

61,757.62

64,373.91

-

154.99

1,559.14

41.28

289.00

16,193.81

398,048.90

4,712.74

134,993.54

94,851.60

111,543.84

1,456,705.7

Jun
2,263.18

127,839.16

234,109.43

40,937.28

219,607.39

63,631.76

83,690.44

-

653.97

2,159.12

61.20

226.29

13,888.60

478,163.38

8,954.46

169,511.81

110,528.09

168,440.54

1,724,666.1

Jul
1,578.47

147,217.74

284,912.89

34,334.13

202,815.28

41,246.78

86,971.63

-

394.34

1,852.14

100.65

349.68

22,516.21

556,692.12

9,737.92

144,090.18

129,869.55

192,524.32

1,857,204.0

Aug
1,630.70

247,190.46

377,078.80

64,650.96

273,181.97

29,186.59

95,346.12

-

330.12

3,556.96

113.50

287.14

26,564.57

681,253.30

11,493.92

167,029.36

238,442.98

194,745.11

2,412,082.6

Sep
1,791.71

270,594.59

465,301.31

68,020.95

370,323.69

18,184.96

134,414.53

-

267.40

4,916.56

115.11

306.33

21,773.50

806,774.24

12,680.89

146,133.14

215,417.68

219,933.24

2,756,949.8

Oct
1,704.79

281,204.64

480,106.49

94,573.08

343,440.15

22,895.35

136,939.74

-

204.69

2,201.55

116.48

341.96

22,935.50

852,069.39

15,525.65

165,306.91

232,188.99

245,924.22

2,897,679.6

Nov
1,644.95

259,109.18

533,438.97

101,870.32

299,715.01

17,089.04

180,534.44

-

141.97

2,292.28

119.53

303.55

22,178.73

960,814.77

15,450.39

170,944.78

196,338.19

250,551.19

3,012,537.3

Dec
1,778.71

263,863.65

603,136.26

110,935.77

299,087.30

7,965.37

266,725.41

-

79.26

3,887.78

114.42

282.61

30,272.25

1,066,654.12

16,130.63

159,126.16

189,560.01

344,235.10

3,363,834.8

Jan
2,391.61

340,953.56

654,740.29

143,455.70

335,380.17

(1,443.59)

301,026.07

-

105.97

4,873.87

228.45

251.24

44,113.17

1,307,512.98

17,767.70

227,545.42

204,830.78

374,080.77

3,957,814.2

Feb
1,470.56

366,544.71

691,937.49

71,097.36

452,795.43

21,074.53

306,913.92

-

50.02

1,524.98

318.96

197.44

44,691.50

1,481,851.05

18,037.18

226,932.96

224,983.29

411,002.80

4,321,424.2

Mar
1,771.98

344,570.46

755,463.34

103,284.07

478,333.21

41,928.66

330,669.68

-

-

3,884.11

432.22

149.78

48,725.38

1,679,284.89

28,439.56

554,840.85

254,605.57

438,790.17

5,065,173.9

Apr
1,631.24

388,822.83

903,029.49

144,252.31

555,886.92

32,206.95

361,846.09

-

-

8,716.45

559.82

99.28

54,058.39

1,722,384.40

28,899.91

214,270.92

321,765.39

476,263.19

5,214,693.6

May
1,010.26

907,818.70

1,932,225.57

281,052.93

1,351,116.97

84,147.32

570,367.60

-

-

8,974.78

4,599.15

80.34

112,188.06

3,844,133.80

65,696.39

607,438.10

669,908.72

758,154.17

11,198,912.9

Jun
1,762.11

1,979,000.71

4,218,755.04

444,538.09

2,584,596.63

350,042.51

865,465.55

-

-

221.09

10,133.46

8,052.34

260,946.26

8,487,837.63

92,224.26

1,390,786.24

1,304,228.92

2,222,499.38

24,221,090.2

Jul
1,305.13

1,428,604.02

3,898,282.53

359,151.15

2,646,743.26

337,541.82

1,133,463.14

-

-

153.30

7,368.09

68.07

208,253.70

6,917,007.30

129,308.58

829,382.28

1,155,945.57

2,438,538.20

21,491,116.1

Aug
1,664.09

1,370,651.81

4,309,693.74

391,792.23

2,693,989.06

208,098.88

1,084,784.90

-

-

138.30

7,469.95

75.80

205,341.47

6,863,348.14

127,816.16

701,626.16

1,081,800.09

2,446,465.02

21,494,755.8

Sep
1,503.56

1,763,364.33

4,914,305.55

517,813.92

2,760,807.78

247,094.60

1,204,684.14

-

-

9.75

9,935.82

92.05

219,878.94

8,245,053.80

151,685.43

776,997.57

1,312,147.78

2,668,520.81

24,793,895.8

Oct
1,977.18

2,059,471.85

5,625,069.70

562,790.91

2,202,475.21

175,235.94

1,172,130.22

-

-

0.03

10,816.83

98.06

237,525.73

8,864,363.09

153,534.70

958,746.42

1,351,846.54

2,767,099.33

26,143,181.7

Nov
2,295.18

2,278,921.91

5,913,094.15

568,556.41

2,451,981.00

180,229.25

1,337,040.40

-

-

0.03

10,921.42

59.77

238,702.30

9,040,518.08

158,702.11

1,046,256.98

1,702,370.26

2,868,031.98

27,797,681.2

Dec
2,947.49

2,536,437.97

5,489,443.24

657,432.63

2,268,702.96

155,742.88

2,420,663.39

-

-

0.03

12,324.59

73.45

248,699.79

9,507,281.46

255,007.08

1,184,706.91

1,748,495.98

3,349,062.31

29,837,022.2

Jan
2,536.36

4,749,173.95

8,535,153.83

940,210.80

3,564,879.01

285,807.60

3,972,600.87

-

-

0.03

17,912.41

198.80

374,088.29

14,957,169.30

312,516.30

1,949,662.45

2,737,500.88

4,289,981.53

46,689,392.4

Feb
2,519.25

6,564,463.71

11,709,703.62

1,772,649.65

4,708,270.62

153,450.01

5,911,393.45

-

-

0.03

26,073.06

232.00

488,602.76

22,234,523.09

378,975.16

2,608,075.14

3,125,793.33

5,812,047.28

65,496,772.2

Mar
2,435.72

8,601,285.46

15,501,059.95

2,213,233.27

6,701,169.42

775,336.87

8,098,495.31

-

-

0.03

47,609.35

143.35

729,484.92

34,077,197.02

597,886.20

2,860,196.61

4,317,386.46

8,974,860.63

93,497,780.6

Apr
5.89

4,141.51

9,980.68

1,414.28

5,461.70

287.09

5,206.08

-

-

0.00

31.18

88.00

440.49

20,170.86

246.21

2,510.15

5,472.97

4,360.99

59,818.1

May
10.60

3,583.02

11,575.45

1,506.01

6,092.37

382.87

5,420.56

-

-

0.00

29.63

1.37

433.36

21,315.87

348.50

2,114.73

6,339.55

4,613.87

63,767.8

Jun
8.01

4,111.49

11,498.97

1,627.32

5,775.34

298.05

6,080.69

-

-

7.23

24.70

1.49

446.45

22,801.09

345.72

2,541.32

6,558.03

5,419.46

67,545.3

Jul
5.05

4,943.82

10,426.18

1,342.47

5,743.94

351.44

6,988.99

-

0.00

5.21

25.13

0.16

432.35

24,895.03

348.09

2,342.85

6,539.59

6,244.23

70,634.5

Aug
5.26

5,703.86

12,540.81

1,453.04

4,411.38

205.93

6,149.38

-

-

2.43

126.05

0.19

378.05

25,591.15

542.15

2,767.89

7,004.36

6,832.60

73,714.5

Sep
6.82

9,465.31

20,161.22

2,742.22

7,903.81

340.45

10,295.58

-

-

0.00

244.94

0.33

600.93

43,094.11

979.13

4,853.44

11,326.85

9,785.35

121,800.5

Oct
39.65

12,315.40

27,597.64

3,670.13

7,120.62

129.14

11,256.45

-

-

0.00

239.01

0.08

679.62

49,545.16

1,042.81

6,380.10

11,454.83

11,116.57

142,587.2

Nov
58.26

10,111.62

27,498.54

3,102.17

5,626.08

117.33

9,757.48

-

0.00

0.00

287.55

2,326.36

572.57

45,782.99

1,064.73

6,685.94

11,362.33

10,783.91

135,137.8

Dec
64.89

8,774.50

29,312.78

3,217.87

7,673.17

287.57

10,942.77

-

0.00

8.29

54.88

0.57

549.66

46,926.14

1,073.63

6,555.30

13,399.70

11,326.46

140,168.2

Jan
55.47

11,470.10

27,587.58

2,805.14

5,383.93

896.67

12,362.23

-

-

807.94

342.87

-

201.82

6,018.68

38,456.08

44,474.76

4,490.04

6,786.76

7,296.77

14,700.77

139,662.8

Feb
60.09

10,394.10

26,074.71

2,500.83

7,466.49

879.05

11,985.91

-

-

1,227.40

525.19

-

210.91

5,135.14

39,602.20

44,737.33

4,572.78

7,060.84

6,529.15

14,603.01

138,827.8

Mar
79.63

7,880.54

27,417.58

2,717.51

11,623.76

820.11

12,300.30

-

-

1,342.02

509.01

-

196.72

4,699.08

40,942.54

45,641.63

4,354.50

7,859.25

6,540.97

15,243.80

144,527.3

Apr
87.99

8,108.02

30,664.80

2,649.20

12,068.34

413.80

12,241.98

-

-

1,095.15

478.00

-

177.77

4,854.99

44,593.50

49,448.49

4,042.90

6,452.91

9,497.37

15,304.56

152,731.3

May
133.33

7,539.98

31,081.99

2,649.42

16,140.56

419.60

12,259.88

-

-

953.79

469.51

-

151.74

5,278.01

46,383.60

51,661.61

3,991.35

7,163.66

9,319.35

15,249.33

159,185.1

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

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

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

Foreign
Other
Contigent
End of
Notes
Claims
Assets
Bond
&
Balances
Balances with
Balances
Other Claims
Non Financial
TOTAL
Notes &
Coin
with
Other Depository
with
on
Government

Local Governemt Public Enterprises
Other

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

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

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan


Feb


Mar


Apr


May


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

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

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

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

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

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

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

FOOD
INFLATION
WEIGHTS


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr


*Apr

*May

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

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

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

Market Capitalisation
All Share Index*
ZWG millions

Jan

Feb

Mar

Apr

May

June

July

Aug

Sept

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

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

END OF
ZETSS
POS
ATM
MOBILE
INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

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

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

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