QUARTERLY
ECONOMIC
REVIEW


JUNE 2025

CONTENTS


List of Figures


iii
List of Tables


1.
OVERVIEW
The global economy is expected to grow by 3.0%
in 2025 and 3.1% in 2026, reflecting lower than
expected US tariff rates, improved financial
conditions and fiscal expansions in some key
economies. Global inflation is expected to
stabilise in 2025 and 2026 as inflation
expectations remains anchored.

The domestic economy grew by 7.01% during the
second quarter of 2025, mainly driven by growth
in
mining
and
quarrying
(28.56%),
accommodation and food services (23.01%),
electricity supply (18.17%) and agriculture
(12.06%).

Inflation remained largely stable, reflecting tight
monetary conditions prevailing in the economy.
As such, monthly ZiG inflation averaged below
1% during the quarter ending 30 June 2025.
However, annual ZiG inflation ended the second
quarter of 2025 at 92.5%. The elevated annual
inflation largely reflects the base effect of a once
off spike in month-on-month inflation in
September 2024. The ZiG/US$ exchange rate
remained stable, during the period under review
with parallel market premiums contained below
20%.

During the second quarter of 2025, the country’s
merchandise exports were US$2.11 billion,
against an import bill of US$2.57 billion.
Resultantly, the country’s trade deficit widened to
US$460 million in the second quarter of 2025.

Broad money stock (M3) stood at ZiG97.34
billion in June 2025, an increase of 16.14% from
ZiG83.81 billion recorded in March 2025. The
growth in broad money emanated from increases
of ZiG11.19 billion (16.23%) and ZiG2.34 billion
(15.72%)
in
foreign
and
local
currency
components of broad money, respectively.

On the capital markets, the Zimbabwe Stock
Exchange (ZSE) exhibited bearish sentiments
during the quarter under review, with the Allshare index losing 3.91% to close at 197.23
points. Similarly, the Victoria Falls Stock
Exchange (VFEX) traded negatively, with the
All-Share Index losing 2.82% to close at 107.21
points, as at end of June 2025.

The value of electronic transactions processed
through the National Payment Systems (NPS)
increased by 23.09% from ZiG532.61 billion in
the preceding quarter to ZiG655.60 billion during
the second quarter of 2025. Similarly, NPS
transaction volumes also increased from 174.41
million to 200.90 million during the same period.

2.
INTERNATIONAL DEVELOPMENTS
Global economic growth was revised upwards to
3.0% in 2025 and 3.1% in 2026. The revision was
mainly driven by lower-than-expected US tariff
rates, improved financial conditions, and fiscal
expansions in key economies. Forecasts for the
United States, China, India, and several emerging
markets have been upgraded.

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

Est.

Proj.

Proj.
World Output
3.3
3.0
3.1
Advanced Economies
1.8
1.5
1.6
USA
2.8
1.9
2.0
Euro-Area
0.9
1.0
1.2
United Kingdom
1.1
1.2
1.4
Emerging Markets &
Developing Economies
4.3
4.1
4.0
Emerging and
Developing Asia
5.3
5.1
4.7
China
5.0
4.8
4.2
India
6.5
6.4
6.4
Emerging and
Developing Europe
3.5
1.8
2.2
Russia
4.3
0.9
1.0
Sub Saharan Africa
4.0
4.0
4.3
Nigeria
3.4
3.4
3.2
South Africa
0.5
1.0
1.3
Zimbabwe
2.0
6.0
5.0
Source: IMF WEO: July 2025 Update
Growth in advanced economies is expected to
reach 1.5% in 2025 and rise slightly to 1.6% in
2026. In the United States, economic expansion is
projected at 1.9% for 2025. This improvement is
attributed to lower-than-anticipated tariff rates
announced on the 2nd of April 2025 and more
accommodative financial conditions, although
partly
offset
by
a
sharper-than-expected
slowdown in private demand and reduced
immigration.

In the euro area, economic growth is projected to
rise to 1.0% in 2025 and further to 1.2% in 2026.
The 2025 forecast represents an upward revision
of 0.2 percentage points, primarily due to a strong
first-quarter GDP performance in Ireland.

Growth in emerging market and developing
economies is projected at 4.1% in 2025 and
slightly lower at 4.0% in 2026. The growth is
driven by stronger-than-anticipated economic
activity in the first half of 2025 and a notable
easing of U.S.–China tariffs.

Growth in emerging and developing Europe is
expected to remain subdued, slowing to 1.8% in
2025 and rising modestly to 2.2% in 2026. The
deceleration is primarily due to a significant drop
in Russia's growth, which is projected to decline
from 1.5% to 0.9% in 2025. This reduction is
largely driven by weakening private consumption
and investment, influenced by softening labour
market conditions and a deceleration in wage
growth.

In 2025, economic growth in Sub-Saharan Africa
is projected to remain steady at 4.0%, the same
rate as in 2024, before rising modestly to 4.3% in
2026. Nigeria’s growth outlook has been adjusted
upward by 0.4 percentage points for 2025 and 0.5
percentage points for 2026, largely driven by
higher oil prices.

Global Inflation
Global headline inflation is projected to decline to
4.2% in 2025 and further to 3.6% in 2026,
inflation expectations have held steady, reflecting
stabilized expectations for inflation decline amid
improved but still uncertain global economic
conditions.

Risks
Risks to the economic outlook remain skewed to
the downside. A resurgence in effective tariff
rates could dampen growth prospects, while
heightened uncertainty may increasingly suppress
economic activity, especially if deadlines for new
tariffs
pass
without
meaningful,
lasting
agreements. Rising geopolitical tensions also
pose a threat, potentially disrupting global supply
chains and driving up commodity prices. In
addition, widening fiscal deficits or a rise in
global risk aversion could lead to higher longterm
interest
rates
and
tighter
financial
conditions. Coupled with growing concerns over
global fragmentation, these factors could trigger
renewed volatility in financial markets.

Opportunities
On the upside, global growth could be boosted if
trade negotiations result in a stable framework and
reduced tariffs. To achieve this, policies must
foster
confidence,
predictability,
and
sustainability by easing tensions, maintaining
price and financial stability, rebuilding fiscal
buffers, and advancing essential structural
reforms.
INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS
During the second quarter of 2025, international
commodity prices for gold, platinum, palladium,
and copper surged. Prices for nickel, lithium and
crude oil, however, retreated during the same
period. Shifts in commodity prices were mainly
driven by changes in policies under the new U.S.
administration and rising geopolitical tensions.

Table 2 shows the evolution of selected
commodity prices during the quarter under
review.

Table 2: International Commodity Prices:
April – June 2025

2025 Q1
Average
Apr-25
May-25
Jun-25
2025 Q2
Average
Changes (Q1
– Q2) (%)
Gold
(US$/oz)

Platinum
(US$/oz)

Palladium(
US$/oz)

Copper
(US$/tonne)

Nickel
(US$/tonne)

Lithium
(US$/tonne)

Crude Oil
(US$/barrel

Source: World Bank and Bloomberg, 2025

Gold
During the second quarter of 2025, gold prices
remained resilient, increasing to an average of
US$3,280.76 per ounce, a 14.61% up from an
average of US$2,862.51 per ounce reported in the
first quarter of 2025. The rise was fuelled by
escalating geopolitical tensions in the Middle
East, which heightened demand for gold as a safehaven asset. In addition, the yellow metal’s prices
were supported by continued central bank
purchases,
partly
reflecting
their
reserves
management strategies.

Platinum
Platinum
prices
surged
by
10.97%,
to
US$1,074.31 per ounce in the second quarter of
2025, from an average of US$968.14 per ounce
recorded in the previous quarter. The increase in
prices was attributable to the World Platinum
Investment Council’s projection of 4% decline in
global platinum production due to decreasing
output from South African mines. The decrease in
production is expected to result in a substantial
supply shortfall of platinum in 2025, which could
support the increase in prices for the commodity.

Palladium
Palladium prices increased during the second
quarter of 2025, 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 are a key use of
palladium. As a result, palladium prices rose by
3.17%, from US$961.56 per ounce reported
during the first quarter of 2025, to US$992.01 per
ounce during the quarter under review.

Developments in precious metal prices for the
period June 2022 to June 2025 are shown in
Figure 1.

Figure
1:
Precious
Minerals
Prices
(US$/ounce): June 2022 – June 2025

Source: Bloomberg, 2025
Copper
During the reporting quarter, copper prices
increased by 0.56% to US$9,478.88 per tonne,
from US$9,426.43 per tonne recorded in the
previous quarter. Copper prices were supported
by strong underlying demand, which was driven
by substantial orders from the State Grid
Corporation of China. The orders boosted copper
purchases by wire and cable manufacturers.
Additionally, prices rose amid mixed market

1,000
1,200


Jun-22
Sept-22
Dec-22
Mar-23
Jun-23
Sept-23
Dec-23
Mar-24
Jun-24
Sept-24
Dec-24
Mar-25
Jun-25
Gold
Palladium
Platinum (RHS)

sentiments driven by conflicts from the Middle
East geopolitical uncertainty.

Nickel
Nickel prices continued their downward trend,
decreasing by 2.84% to US$15,340.17 per tonne
from a quarterly average of US$15,789.27 per
tonne in the previous quarter. The decline in
prices was due to excess supply, driven by high
output from Indonesia, the world’s largest
producer, which mined an estimated 2.2 million
metric tonnes of nickel in 2024 and accounted for
more than 50% of global output.

Figure 2 depicts developments in base metal
prices from June 2022 to June 2025.

Figure 2: Base Metal Prices (US$/tonne): June
2022 – June 2025

Source: Bloomberg, 2025


Lithium
Lithium prices exhibited bearish sentiments
during the second quarter of 2025, decreasing by
11.55% to an average of US$8,818.44, from an
average of US$9,969.82 per ounce recorded in the
preceding quarter. Lithium prices declined due to
oversupply, driven by expanded production in
response to Chinese government subsidies for
battery manufacturers.

Figure 3 shows developments in lithium prices
from June 2023 to June 2025.

Figure 3: Lithium Prices (US$/tonne): June
2023 – June 2025

Source: Bloomberg, 2025
Brent Crude Oil
During the quarter under review, brent crude oil
prices declined amid escalating U.S.-China trade
tensions, which heightened recession fears and
concerns over weakened demand. Furthermore,
the prices dropped following reports that OPEC+
was considering possible production increase in
July 2025, raising concerns about a potential
oversupply in the market. Accordingly, oil prices

Jun-22
Sept-22
Dec-22
Mar-23
Jun-23
Sept-23
Dec-23
Mar-24
Jun-24
Sept-24
Dec-24
Mar-25
Jun-25
Copper
Nickel (RHS)

Jun-23
Sept-23
Dec-23
Mar-24
Jun-24
Sept-24
Dec-24
Mar-25
Jun-25

slipped by 10.88% to US$66.36 per barrel, from
US$74.46 per barrel recorded during the previous
quarter.

Figure 4 shows developments in crude oil prices
for the period from June 2022 to June 2025.

Figure 4: Brent Crude Oil Prices (US$/barrel):
June 2022 – June 2025

Source: Bloomberg, 2025

EXCHANGE RATE DEVELOPMENTS
During the second quarter of 2025, the end period
exchange rate depreciated by 0.67% to US$1:
ZiG26.95, from US$1: ZiG26.77 recorded in the
first quarter of 2025.

The Zimbabwe Gold slightly depreciated on both
the interbank market and parallel market as the
Reserve Bank continued to accumulate foreign
currency reserves backing the ZiG, with reserves
reaching US$731 million as at end of June 2025.

The build-up of reserves is considered vital for the
long-term stability of the ZiG. The stability in ZiG
was also attributed to strong foreign currency
receipts, which increased forex availability and
helped to contain the parallel market premium in
the economy.

Figure 5 shows developments in exchange rates
from June 2024 to June 2025.

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

Source: Reserve Bank of Zimbabwe, 2025

MERCHANDISE TRADE DEVELOPMENTS
The country’s total merchandise trade increased
by 14.9%, to US$4.68 billion during the second
quarter of 2025, from US$4.08 billion recorded in
the first quarter of 2025. The rise in total
merchandise trade was mainly driven by a
substantial increase in both merchandise exports
and imports during the quarter under review.

Jun-22
Sept-22
Dec-22
Mar-23
Jun-23
Sept-23
Dec-23
Mar-24
Jun-24
Sept-24
Dec-24
Mar-25
Jun-25


30-Apr-24
31-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
30-Jun-25
PREMIUM (RHS)
OFFICIAL RATES
PARALLEL RATES (Transfer)

Figure

shows
total
merchandise
trade
developments during the fourth quarter of 2024 as
well as the first and second quarters of 2025,
respectively.

Figure 6: Quarterly Merchandise Total Trade
(US$m)
Source: ZIMSTAT,2025
On an annual basis, total merchandise trade rose
to US$4.68 billion in the current quarter, a 21.9%
increase from the US$3.84 billion recorded in the
second quarter of 2024. This growth was driven
by increases in both exports and imports during
the reporting period.
Merchandise Export Developments
For the second quarter of 2025, the country’s
exports amounted to US$2.11 billion, a 21.0%
increase from US$1.75 billion recorded in the
first quarter of 2025. Likewise, the performance
in the current quarter was 30.5% higher than the
US$1.62 billion recorded in the same quarter of
2024, as shown in Figure 7.

Figure 7: Quarterly Merchandise Exports
(US$m)
Source: ZIMSTAT, 2025
The uptick in the country’s export earnings during
the quarter under review was largely driven by
substantial increases in exports of gold, Platinum
Group Metals (PGMs), and other mineral
substances, which grew by 41.1%, 30.4%, and
27.5%, respectively. The boost in gold exports
was mainly due to higher production levels, as
reflected by increased gold deliveries to Fidelity
Gold Refinery (FGR) during the period under
review.
Table 3 shows developments in the country’s
exports for the first and second quarters of 2025.


2024Q2
2025Q1
2025Q2
1,620.5
1,747.4
2,114.6


2024Q2
2025Q1
2025Q2

Table 3: Quarterly Merchandise Exports
(US$m)
2025Q1
(USm)
2025Q2
(USm)
2025Q1
to
2025Q2
Changes
(%)
Total
1,747.4
2,114.6
21.0
Gold
755.2
1,065.9
41.1
PGMs
277.0
361.3
30.4
Tobacco (inc
cigarettes)
321.5
181.3
-43.6
Other mineral
substances
71.2
90.6
27.5
Ferrochrome
64.6
71.1
10.0
Coal
52.8
54.0
2.2
Industrial
Diamonds
29.8
53.6
80.9
Chromium ores
and concentrates
28.7
42.8
49.4
Other ores and
concentrates
38.7
34.9
-9.9
Iron/Steel
12.0
24.0
97.0
Others
95.9
135.1
40.9
Source: ZIMSTAT & RBZ Calculations, 2025

Major Merchandise Export Destinations
During the period under review, the country’s
exports were primarily directed to the United
Arab Emirates, South Africa, and China, which
accounted for 51.8%, 26.1%, and 10.0% of total
exports, respectively. Other significant export
markets included Mozambique, Zambia, and
several additional countries, which together made
up about 12.1% of total exports.
Figure 8 depicts the country’s top export
destinations for the second quarter of 2025.

Figure
8:
Major
Merchandise
Export
Destination

Source: ZIMSTAT & RBZ Computation, 2025

Merchandise Import Developments
The country’s import bill surged by 10.3%, to
US$2.57 billion during the second quarter of
2025, from US$2.33 billion recorded in the prior
quarter. On an annual basis, merchandise imports
for the period under review were 15.6% higher
than the US$2.22 billion recorded in the
comparable quarter in 2024.

Figure

shows
the
merchandise
import
developments for the second quarter of 2024, and
the first and second quarters of 2025.


United Arab Emirates
South Africa
China
Mozambique
Belgium
Zambia
Netherlands
India
Indonesia
Italy

Figure 9: Quarterly Merchandise Imports
(US$m)

Source: ZIMSTAT, 2025
In the second quarter of 2025, Zimbabwe’s
imports were mainly driven by industrial supplies,
which are crucial for manufacturing and
encompass raw materials, components, and
machinery required for production. Other major
import categories included fuel and lubricants, as
well as capital goods, as indicated in Table 4.


Table 4: Quarterly Merchandise Imports
(US$m)

2025Q1
(USM)
2025Q2
(USM)
25Q1/25Q2
Changes (%)
Total
2,328.4
2,567.7
10.3
Industrial
Supplies
853.7
803.5
-5.9
Fuels and
Lubricants
437.8
515.9
17.8
Capital Goods
418.1
496.0
18.6
Food and
Beverages
244.1
319.6
30.9
Transport
Equipment, Parts
and Accessories
220.3
247.4
12.3
Consumer
Goods
133.6
160.6
20.1
Other
20.8
24.7
18.7
Source: ZIMSTAT & RBZ Computations, 2025

Major Import Sources
The country’s imports for the second quarter of
2025 mainly originated from South Africa
(35.4%), China (16.3%), Bahrain (9.1%), and
various other markets, as shown in Figure 10.

Figure 10: Major Merchandise Import Source
Source: ZIMSTAT & RBZ Computations, 2025
2,220.6
2,677.5
2,289.5
2 0 2 4 Q2
2 0 2 5 Q1
2 0 2 5 Q2

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

Trade Balance
During the second quarter of 2025, the country’s
trade balance narrowed to a deficit of US$453.1
million, from US$581.0 million recorded in the
first quarter of 2025. Compared to the
corresponding quarter in 2024, the country’s trade
balance also improved from a deficit of US$600.1
million.

Figure 11 depicts the country’s trade balance for
the second quarter of 2024 as well as the first and
second quarters of 2025.

Figure 11: Merchandise Trade Balance
(US$m)
Source: ZIMSTAT & RBZ Computations, 2025


3.
DOMESTIC ECONOMIC
DEVELOPMENTS
REAL SECTOR DEVELOPMENTS
Quarterly Gross Domestic Product and
Economic Activity
Quarterly GDP growth at 2023 constant prices
increased from -1.71% recorded in Q1 2025 to
7.01% during the quarter under review. The
growth was mainly driven by Mining & Quarry
(14.9%), Manufacturing (14.6%), Agriculture
(12.2%), Wholesale and retail trade (11.0%) and
Finance and Insurance (10.3%). Figure 12 shows
the developments in Quarterly GDP growth.

Figure 12: Quarterly GDP Growth at 2023
Constant Prices (%)
Source: ZIMSTAT, 2025

Consistent with the trends in quarterly GDP the
Composite Indicator of Economic Activity
(CIEA) showed an uptick in economic during the
second quarter of 2025 compared to the first
quarter of 2025. The trends in the CIEA are
shown in Figure 13.


2024Q2
2025Q1
2025Q2
Exports
Imports
Trade Balance


Figure 13: CIEA
Source: RBZ & MOFEDIP, 2025

Agriculture
The agriculture sector is expected to register
significant growth in 2025, driven by favourable
rainfall which enhanced the performance of most
field crops, including tobacco, cereals, and
oilseeds. The good season is attributed to the
evenly distributed normal to above normal
rainfall received during the 2024/25 season. The
livestock sub-sector is also expected to improve
against a background of adequate availability of
water and grazing following the good rains and
better disease control.
Crops
According to the 2025 Second Round Crop,
Livestock and Fisheries Assessment Report
(CLAFA-2), improved rainfall has led to a
substantial increase in the output and productivity
of summer crops.

The total cereal output (including maize,
sorghum, and millets) for 2025 is projected to
reach 2.93 million tonnes, an increase from 0.74
million tonnes in 2024. This growth has led to a
surplus of 0.63 million tonnes over the national
cereal requirement, which is approximately 2.3
million tonnes.

Table 5 shows output estimates for selected
summer food crops in 2024 and 2025.

Table 5: Area under selected key crops (ha)
Crop
2024/25
2023/24
% Change
Maize
634 699
2 293 556
261.36
Sorghum
82 063
436 784
432.25
Pearl Millet
23 439
188 261
703.20
Finger Millet
4 070
9 605
136.00
Groundnut
4 971
84 565
1 601.17
Round Nut
19 029
24 922
30.97
Sweet Potato
10 941
215 604
1 870.61
Sugar Beans
15 042
18 067
20.11
African Peas
49 507
20 808
-57.97
Source: Ministry of Lands, Agriculture, Fisheries,
Water and Rural Development, 2025

Maize
Maize production in the 2024/25 cropping season
significantly increased to 2 293 556 tonnes from
634 699 tonnes, recorded in the previous season.
The significant increase in maize output is
attributed to good rainfall outturn, an increase in
the area planted, resulting in an increase in
average yields.

-0.5

0.5

1.5

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

Table 6 shows a summary of maize production
trends since 2022.

Table 6: Maize Production Trends
Season
Area (ha)
Output
(ton)
Yield(t/ha)

Source: Ministry of Lands, Agriculture, Fisheries, Water,
and Rural Development, 2025.

Productivity in the rain fed communal areas
remains low, as the sector accounted for
approximately 60 percent of the total area planted
to maize while contributing only 39 percent of the
national maize output in 2025.

Traditional Grains
The combined output of traditional grains,
sorghum and millets is estimated at 634 650
tonnes in 2025, up from 109 572 tonnes in the
previous season. This significant increase is
attributed to improved rainfall conditions and
expanded hectarage, largely driven by input
support provided to farmers under the Presidential
Inputs Scheme.

Livestock
According to the Second Round Crops, Livestock
and Fisheries Report for 2025, the grazing veld
has greatly improved with grazing availability
expected to extend to the next rain season in most
parts of the country, albeit with shortages
expected in a few marginalised districts. Most
districts also showed good livestock body
condition, especially in the south, east, and central
provinces.

Cattle
Despite the drought in the 2023/24 season, the
national beef cattle population is estimated to
have grown by 0.34% to 5 741 397 head in 2024,
up from 5 718 523 head in 2023. The increase in
herd size is partially attributed to measures put in
place by government and farmers to protect the
herd from the worst impact of the drought.
Cattle slaughters in the second quarter of 2025 are
estimated at 102 294 heads, up from 96 909 heads
in the preceding quarter and 98 658 heads in the
second quarter of 2024, as shown in Table 7.

Table 7: Quarterly Cattle Slaughters
Quarter
Slaughters
Q2:2024
98 658
Q1:2025
96 909
Q2:2025
102 294
Source: Ministry of Lands, Agriculture, Fisheries,
Water, and Rural Development, 2025

Pigs
During the second quarter of 2025 pig slaughters
at formal abattoirs increased marginally to 62 440
head, up from 61 420 head recorded in the same
period in 2024, pointing to some rebuilding by

farmers following the constraining condition in
2024.

A slight growth of 0.99% is also noted in the
cumulative performance of pig slaughter during
the first half of the year. Table 8 shows the trend
in commercial pig slaughters statistics in 2024 and
2025.

Table 8: Quarterly Pig Slaughters
Quarter
Slaughters
Q2:2024
61 450
Q1:2025
59 224
Q2:2025
62 440
Source: Ministry of Lands, Agriculture, Fisheries,
Water, and Rural Development, 2025

Milk Production
Fresh milk output in the second quarter of 2025 at
29.22 million litres, increased by 4.23% from the
28.03 million litres produced in the first quarter,
largely due to improved husbandry conditions
after cessation of rains that induce higher stress
levels
on
dairy
cows,
thereby
reducing
productivity. The 5.04% year on year increase in
dairy output in the second quarter of 2025
production is attributed to the fruition of years of
investment in herd size, genetics and cow
productivity by the industry players. Figure 14
shows the fresh milk production statistics in 2024
and 2025.


Figure 14: First Quarter Milk Output (million
litres) in 2024 and 2025
Source: Ministry of Lands, Agriculture, Fisheries,
Water, and Rural Development, 2025
In line with the progressive increase in quarterly
dairy production, fresh milk output at 57.25
million litres rose by 3.87% in the first half of
2025, up from 55.12 million litres produced
during the same period in 2024.

MINING
Gold
The second quarter 2025 gold deliveries to
Fidelity Printers and Refineries (FPR), which
excludes gold from PGMs amounted to 11,607.1
kilograms. This represents a 36.6% increase in
deliveries from 8,496.4 kilograms delivered in the
first quarter of 2025. Deliveries in the second
quarter of 2025 to FPR recorded a significant
increase of 50% when compared to deliveries of
7739.42 kilograms in the comparable quarter in
2024. The surge in gold deliveries to FGR was due
to increase in output from mines in response to the
rally in international gold prices.

27.5

28.5

29.5
2024Q2
2025Q1
2025Q2

Table 9 shows deliveries to FGR in 2024 and
2025.

Table 9: Quarterly Gold Deliveries to FGR for
2024 and 2025 (kg)

Q2 24
Q1 25
Q2 25
Primary
producers/kg
3,224.26

2,725.6
2,816.3
Small
Scale
producers/kg
4,515.17

5,770.9
8,790.8
Total
7,739.42

8,496.4
11,607.1
Source: FGR, 2025
In terms of shares of deliveries, small scale
producers accounted for 76%, whilst primary
producers accounted for 24% during the quarter
under review.

ELECTRICITY
Total electricity generated by major power
stations and independent power producers (IPPs)
during the second quarter of 2025 amounted to
2 886.77 GWh, up by 18.16% from the 2 443.14
GWh produced in the preceding quarter. This was
also 12.58% higher than the 2 564.20 GWh
produced during the second quarter of 2024.
Hwange, inclusive of Units 7 and 8 contributed
68.46% of total production during the second
quarter of 2025, covering up for the low output
from IPPs. Kariba Hydro Power Station produced
786.40 GWh, which is higher than 587.29 GWh
produced in the preceding quarter. Kariba
contributed about 27.24% of total electricity
generation in the second quarter of 2025,
increasing from the 24.04% in the first quarter of
2024.
Table 10 shows power output statistics from the
major power stations and independent power
producers in the second quarter of 2024 as well as
the first and second quarters of 2025.

Table 10: Quarterly Power Output
Q2:

Q1:

Q2:

Kariba
515.15
587.29
786.40
Hwange
610.17
676.94
642.96
Hesco (Hwange
7&8)
1 330.93
1 027.68
1 333.22
IPPs
107.95
151.24
124.19
Total (GWh)
2 564.20
2 443.14
2 886.77
Source: ZERA and ZPC, 2025

Kariba Hydro Power Station
recorded a
significant increase in output, from 587.29 GWh
in the first quarter to 786.40 GWh in the second
quarter,
reflecting
improved
hydropower
generation capacity, due to improved water
availability. Hwange power station recorded a
decline, with generation falling from around
676.94 GWh in the first quarter to 642.96 GWh in
the
second
quarter,
suggesting
possible
operational constraints and maintenance activity.
HESCO (Hwange Units 7 & 8) had the strongest
performance, with output surging from 1,027.68
GWh in the first quarter of 2025 to 1,333.22 GWh
in the second quarter.
Power output by IPPs however fell by 17.88%
from 151.25GWh to 124.19GWh during the
quarter under review.

INFLATION DEVELOPMENTS
During the second quarter of 2025, inflation
remained largely stable, supported by well
anchored inflation expectations and steady
monetary and financial conditions.

ZiG Month on Month Inflation
Monthly
ZiG
inflation
increased
by
0.4
percentage points from -0.1% in March 2025 to
0.3% in June 2025, driven by both food and nonfood inflation.

Food inflation added 0.3 percentage points from -
0.5% in the first quarter of 2025, to -0.2% in the
second quarter of 2025. Food inflation contributed
0.6 percentage points to June 2025 inflation rate.

Non-food inflation also increased to 0.5% in June
2025 from 0.2% in March 2025, driven by
housing, water, electricity, gas and other fuels and
transport during quarter under review. Table 11
shows monthly inflation profile during the second
quarter of 2025.

Table 11: Monthly Inflation Profiles (%)

ZiG
US$
Weighted
April - 2025
0.6
0.2
0.3
May – 2025
0.9
-0.3
0.0
June- 2025
0.3
-0.2
-0.1
Source: ZIMSTAT, 2025


US$ Month on Month Inflation
The USD month-on-month inflation rate slowed
down by 0.3 percentage points from 0.1%
recorded in March 2025 to -0.2% in June 2025.
Month on month food inflation decreased from
0.2% in March 2025, to -0.7% in June 2025 on
account of vegetables and fruits during the
quarter
under
review.
Non-food
inflation
remained unchanged, averaging 0.0% during the
second quarter of 2025. Figure 15 shows the US$
monthly inflation profile.
Figure 15: Monthly US$ Inflation Profile (%)
Source: ZIMSTAT, 2025
Annual ZiG Inflation
Annual ZiG inflation stood at 92.5% during the
second quarter of 2025. Annual Inflation was
markedly high, largely reflecting the residual
impact of the exchange rate liberalization shock
experienced in September 2024 and the increase
in rentals during the second quarter of 2025.
-6
-4
-2

Jun-23
Aug-23
Oct-23
Dec-23
Feb-24
Apr-24
Jun-24
Aug-24
Oct-24
Dec-24
Feb-25
Apr-25
Jun-25
Food
Non food
All Items

Annual ZiG inflation, however, is anticipated to
gradually dissipate in the last quarter of 2025.
Annual US$ Inflation
Year on year US$ inflation slowed down by 1.0
percentage points from 15.01% in March 2025 to
14.03% in the second quarter of 2025. Overall
inflation was moderately high in the second
quarter of 2025, largely driven by developments
in non-food inflation.

Annual food inflation eased from 22.5% in March
2025, to 21.6% in June 2025. Food inflation
contributed 6.6 percentage points to the June 2025
inflation rate of 14.4%. Yearly non-food inflation
also retreated from 11.7% to 10.7% during the
same period.

Figure 16: Annual US$ Inflation Profile (%)

Source: ZIMSTAT, 2025

4.
MONETARY DEVELOPMENTS
Broad money stock (M3) stood at ZiG97.34
billion in June 2025, an increase of 16.14% from
ZiG83.81 billion recorded in March 2025. The
growth in broad money emanated from increases
of ZiG11.19 billion (16.23%) and ZiG2.34
billion (15.72%) in foreign and local currency
components of broad money, respectively.

Foreign currency deposits accounted for 82.33%
of broad money, followed by local currency
deposits at 17.55%, while currency in circulation
constituted the remaining 0.13%.

Figure 17 shows the components of broad money
for the period June 2024 to June 2025.

Figure 17: Broad Money Developments (ZiG
billion)

Source: Reserve Bank of Zimbabwe, 2025

Domestic Credit
Domestic credit increased by 24.11%, from
ZiG118.66 billion in March 2025 to ZiG138.73
billion in June 2025. The growth reflected
increases of 35.09% and 15.51% in net claims on
-6
-3

Dec-23
Feb-24
Apr-24
Jun-24
Aug-24
Oct-24
Dec-24
Feb-25
Apr-25
Jun-25
Food
Non food
All Items

Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Currency in Circulation
Foreign Currency Deposits
Local Currency Deposits

Government1 and credit to the private sector,
respectively. The growth in credit to Government
largely
reflected
the
Central
Bank’s
reclassification, without a flow of new funds, of
unrealised foreign exchange losses relating to
external loans assumed by the Treasury, from
other items net (OIN) to an amount receivable
from the Government.

Outstanding credit to the private sector was
mainly channeled to households, agriculture,
manufacturing and distribution, which received
26.87%, 16.50%, 13.10% and 12.49% of the total
credit, respectively. The mining sector, however,
received 9.42% of the total outstanding credit.
Private sector credit shares for the rest of the
economic sectors are shown in Figure 18.


1 Claims in Government were adjusted for exchange losses
related to SDR drawdowns for the period April 2024 to
January 2025. The adjustment does not indicate a flow of
new money.
Figure 18: Distribution of Private Sector
Credit

Source: Reserve Bank of Zimbabwe, 2025

Credit to the private sector was largely utilised for
recurrent expenditures, 40.27%; inventory buildup, 23.63%; and fixed capital investments,
13.84%.

Interest Rates
During the quarter ending June 2025, nominal
lending rates quoted by banks on local currencydenominated loans ranged between 20% and 58%.
Time deposit rates for 90-day, 360-day, and over
a year tenure ranged between 5% and 25%. The
savings rates were quoted between 3% and 9%
during the period under review.

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).

Households
26.87%
Agriculture
16.50%
Mining
9.42%
Manufacturing
13.10%
Distribution
12.49%
Transport and
Communication
2.70%
Services
10.19%
Financial Organisations
and Investiments
5.33%
Construction
3.40% Other...

Figure 19 shows the profile of the benchmark
interest rate and market rates.

Figure 19: Interest Rates Developments (%)
Source: Reserve Bank of Zimbabwe, 2025
Lending rates for foreign currency-denominated
loans advanced to individuals ranged between
7.00% and 27.00% per annum, as of the end of
June 2025. Foreign currency lending interest rates
for corporate clients ranged from a minimum of
5.00% to a maximum of 21.00%.

5.
STOCK MARKET DEVELOPMENTS

ZIMBABWE STOCK EXCHANGE (ZSE)
DEVELOPMENTS

During the second quarter of 2025, the Zimbabwe
Stock
Exchange
(ZSE)
exhibited
bearish
sentiments, resulting in major indices registering
losses. As such, the All Share, Top 10, and Top 15
indices declined by 3.91%, 2.70% and 3.44% to
close at 197.23 points, 194.14 points and 197.63
points, respectively.

Similarly, the resource index lost 19.41% to close
at 145.40 points during the period under review.

Figure 20 shows the developments of the ZSE All
Share, Top 10 and Mining indices for the period
30 December 2024 to 30 June 2025.

Figure 20: ZSE All Share, Top 10 and Mining
Indices


Source: Zimbabwe Stock Exchange, 2025
Market Turnover
The cumulative volume and value of shares traded
added 70.30% and 50.18% to 813.82 million and
ZiG1 401.25 million shares, respectively. This
compares to 477.87 million shares and ZiG933.04
million recorded in the first quarter of 2025,
respectively.

Apr-24
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
Jun-25
Policy rate
Max Weighted Lending Rates Individuals
Max Weighted Lending Rates Corporates
90 Day Deposit Rates
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
30-Jun-25

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

Figure 21: ZSE Market Turnover

Source: Zimbabwe Stock Exchange, 2025

Foreign investor participation, as measured by its
contribution to the value of shares traded,
improved to 18.74%, compared to 15.30%
recorded in the first quarter of 2025. Net foreign
position,
however,
worsened
to
negative
ZiG286.83 million, from negative ZiG13.97
million registered during the quarter ending
March 2025.

Market Capitalisation
As a result of subdued trading activity on the ZSE
during the quarter under review, the local bourse
lost 3.09%, or ZiG1 945.27 million worth of
capitalisation to close at ZiG60 971.48 million,
compared to ZiG62 916.75 million recorded in the
first quarter. On an annual basis, the ZSE
capitalisation increased by 57.51%, from ZiG38
710.43 million in the comparable period last year.
Figure 22 shows the evolution of market
capitalization for the period June 2024 to June
2025.

Figure 22: ZSE Market Capitalisation (ZiG
millions)

Source: Zimbabwe Stock Exchange, 2025
VICTORIA FALLS STOCK EXCHANGE
(VFEX) DEVELOPMENTS
The VFEX traded on a negative trajectory during
the second quarter of 2025. As a result, the VFEX
All Share index lost 2.82% to close at 107.21
points, from 110.32 points recorded in the quarter
ending March 2025.
On an annual basis, the VFEX All Share index
added 3.35%, from 103.73 points recorded in June
2024.


Jun-24
Aug-24
Oct-24
Dec-24
Feb-25
Apr-25
Jun-25
Volumes Traded (millions)
Values Traded (millions)

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

Figure 23: Victoria Falls Stock Exchange All
Share Index

Source: Victoria Falls Stock Exchange, 2025
VFEX Market Capitalization (US$ billions)
During the second quarter of 2025, VFEX market
capitalisation lost 2.82%, or US$36.28 million, to
US$1,250.80 million, compared to US$1,252.80
million recorded in the first quarter. On an annual
basis, VFEX market capitalisation declined
marginally by 0.16%, or US$1.99 million,
compared to US$1,252.80 million recorded in the
comparable period in 2024.


Figure 24 VFEX Market Capitalization in
billions of US$

Source: Victoria Falls Stock Exchange, 2025

6.
PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES

During the quarter under review, the value of
electronic transactions processed through the
National Payment Systems increased by 23.09%
from ZiG532.61 billion during the first quarter of
2025 to ZiG655.60 billion. The volume of
transactions also increased by 15.19% from
174.41 million during the first quarter of 2025 to
200.90 million, during the period under review.


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
30-Jun-25

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
30-Jun-25

Table
12:
Consolidated
Transactional
Activities for the First Quarter 2025
PAYMENT
STREAM
FIRST
QUARTER
ENDING 31
MARCH

SECOND
QUARTER
ENDING 30
JUNE 2025
CHANGE
FROM
LAST
QUARTER
PROPORTION

VALUES IN ZIG (BILLIONS)

RTGS

POS

ATMS

MOBILE

INTERNET

TOTAL


VOLUMES (MILLIONS)

RTGS

POS

ATMs

MOBILE

INTERNET

TOTAL

Source: Reserve Bank of Zimbabwe, 2025
The aggregate value of USD transactions
processed through the RTGS system recorded a
15.68% growth from US$7.74 billion during the
first quarter of 2025 to US$8.95 billion, during the
second
quarter
2025.
Volumes
of
USD
transactions processed also increased by 10.20 %
from 1.46 million during the first quarter of 2025
to 1.61 million during the second quarter of 2025.

LARGE VALUE PAYMENTS
The value of transactions processed through the
RTGS system increased by 23.80% from
ZiG310.19 billion in the first quarter of 2025 to
ZiG384.02 billion during the period under review.


2 Real Time Gross Settlement System (RTGS) is the
Zimbabwe Electronic Transfer and Settlement System
(ZETSS)
Similarly, the volume of transactions processed
through the RTGS system increased by 7.03%
from 2.57million in the previous quarter to 2.75
million during the period under review.

Figure 25: Values (ZiG) and Volumes of
RTGS2 Transactions from Q2 2024 to Q1 2025
Source: Reserve Bank of Zimbabwe, 2025

RETAIL PAYMENTS
The aggregate values of retail transactions
increased by 22.10% from ZiG222.42 billion
recorded in March 2025 to ZiG271.58 billion in
June 2025.

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

Figure 26: Retail Transaction Values (ZiG)
from Q2 2024 to Q2 2025

Source: Reserve Bank of Zimbabwe, 2025
The volume of aggregate retail transactions also
increased by 15.31% from 171.84 million in
March 2025 to 198.15 million in June 2025.


Figure 27: Retail Transaction Volumes from
Q2 2024 to Q2 2025

Source: Reserve Bank of Zimbabwe, 2025

COLLATERAL
The value of collateral for Zimswitch, Central
Securities Depository (CSD) and Zimbabwe
Stock Exchange (ZSE) rose from ZiG571.63
million in the quarter ended 31 March 2025 to
ZiG761.90 million in the quarter ended 30 June
2025, largely reflecting an increase in the value of
transactions processed through the systems.
Figure 28 shows the total collateral from second
quarter of 2024 to second quarter of 2025.

Q2

Q3

Q4

Q1

Q2
Mobile in Billions
Other Retail Vaues in
Billions
ATMS
INTERNET
MOBILE MONEY

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

Figure 28: Collateral (ZiG)

Source: Reserve Bank of Zimbabwe, 2025

ACCESS POINTS AND DEVICES
The POS population, which stood at 129,081 at
the end of the first quarter of 2025, increased to
153,454 as at the end of the second quarter of
2025, whilst active mobile financial services
subscribers remained stable at 10.04 million.


Table 13: Payment Systems Access Points and
Devices for the First Quarter of 2025
PAYMENT SYSTEMS ACCESS POINTS

Q2 2024
Q4 2024
Q1 2025
Q2 2025
Mobile
Banking
Merchants

ATMs

POS

PAYMENTS SYSTEMS ACCESS DEVICES
Debit
Cards

Credit
Cards
19,540
20,054
19,925

Prepaid
Cards

Mobile
Banking
Subscribers

Internet
Banking
Subscribers

Source: Reserve Bank of Zimbabwe, 2025

7.
FISCAL DEVELOPMENTS
Cumulative revenues for the second quarter of

were
ZiG54.53
billion
whilst
the
corresponding expenditures for the same period
amounted to ZiG53.42 billion. This resulted in a
fiscal surplus of ZiG1.11 billion.

2024Q2 2024Q3 2024Q4 2025Q1 2025Q2
MILLIONS
ZSE
Zimswitch
CDC

Table 14: Summary of First Quarter 2025
Fiscal Position (ZiG billions)

Q1
Q2
Revenue
46.72
54.53
Tax revenue
44.79
52.31
Non-Tax Revenue
1.93
2.21
Expenditure
44.58
53.42
Current expenditure
34.42
40.00
o/w
employment
costs
17.15
16.03
Capital Expenditure
10.16
13.42
Overall Balance
2.14
1.11
Source: Ministry of Finance, Economic Development, and
Investment Promotion, 2025

Government Revenue
In the second quarter of the year, a total of
ZiG52.31 billion were collected in tax revenues.
This represented 95.94% of the total Government
revenue. Non-tax revenues collected amounted to
ZiG2.22 billion, contributing 4.06% to total
Government revenue collections during the
quarter ending 30 June 2025.
In comparison, during the same period in 2024,
tax revenue contributed 91.22% and non-tax
revenue contributed 8.78% to total government
revenue. This indicates a decrease in the
contribution of non-tax revenue to the fiscus.
Figure 29 shows the breakdown of the total
Government revenue for the second quarter of
2025.

Figure 29: Government Revenue Structure:
Second quarter 2025
Source: Ministry of Finance, Economic Development
and Investment Promotion, 2025

Government Expenditure
Total Government expenditures of ZiG53.42
billion were recorded during the quarter under
review. Of these current expenditures were
ZiG40.00 billion
and capital expenditures
totalled ZiG13.42 billion. Table 15 shows a
summary of Government expenditure in the first
and second quarter of 2025.


Income and
Profits
32%
(VAT)
24%
Customs
Duties
7%
Excise duty
12%
Tax on gross
revenue
6%
Taxes on
financial and
capital
transactions
7%
Other
Indirect Taxes
0%
Taxes on
specific
services
8%
Non Tax
4%

Table 15: Summarised Government Spending
(ZiG Billions)

Q1 2024
Q2 2025
Total Expenditure
44.58
53.42
Current Expenditure
34.42
40.00
Of which Employment
Costs
14.79
16.03
Capital Expenditure
10.16
13.42
Source: Ministry of Finance, Economic Development,
and Investment Promotion. 2025
Capital
expenditure
amounted
to
ZiG11.12 billion, accounting for 24.62% of total
spending during the quarter under review. Capital
expenditure was largely driven by significant
increases in building and structures, machinery
and equipment and capital grants.
Figure 30: Government Expenditure, First
Quarter 2025

Source: Ministry of Finance, Economic Development and Investment
Promotion, 2025
Overall Budget Balance
The fiscal developments in the second quarter of
2025 resulted in a budget surplus of ZiG1.11
billion.
Figure

shows
the
quarterly
developments in overall budget balance in 2025.
Figure 31: Budget balance (ZWG billion)

Source: Ministry of Finance, Economic Development and Investment
Promotion, 2025


RESERVE BANK OF ZIMBABWE
SEPTEMBER 2025

Operations and
Maintenance
39.0%
Transfers to
Provincial
Councils and
Local
Authorities
0.3%
Employment
Costs
32.8%
Interest on debt
3.4%
Capital
Expenditure
24.6%


Q1 2025
Q2 2025
Revenue
Expenditure
Overall Balance

STATISTICAL TABLES
1. Depository Corporation Survey 29
2. Central Bank Survey 30
3. Other Depository Corporation Survey 31

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

4.2.Reserve Bank: liabilities 33


5. Other Depository Corporation
5.1.Other Depository Asset 34
5.2.Other Depository Liabilities 35

6. Commercial Banks
6.1.Commercial Banks: Assets

6.2.Commercial Banks: Liabilities

7. Building Societies


7.1.Building Societies: Assets

7.2.Building Societies: Liabilities 39


8. Sectoral Analysis of Commercial Banks
8.1.Sectoral Analysis of Commercial Banks’ Loans and Advances 40
8.2.Sectoral Analysis of Commercial Bank’s Deposits

9. National Payment Systems


9.1.Values of Transactions

9.2.Volumes of Transactions

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

10.2. Deposit Rates 43


11. Stock Exchange Indices

12. Inflation


12.1. Monthly Inflation

12.2. Quarterly Inflation

12.3. Annual Inflation

13. Balance of Payments
13.1. Cross Border Payments

13.2. Cross Border Receipts

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

Central Bank(net)
-34,675,535.57 -34,509,441.34 -34,520,053.81 -62,586,924.75 -66,010,331.85 -57,686,803.02 -56,911,905.66 -58,197,285.15 -60,030,706.89 -55,922,579.95 -54,500,643.35 -52,202,844.60
Foreign Assets

Foreign Liabilities

Other Depository Corporations(net)

Foreign Assets

Foreign Liabilities

Net Domestic Assets (NDA)

Domestic Claims

Claims on Central Government(net)

Claims on Central Government

Central Bank

ODCs

Less Liabilities to Central Government

Of which foreign Currency

Central Bank

ODCs

Of which foreign currency

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Central Bank

ODCs

Of which foreign currency

Other Items(Net)
-14,195,770.07 -12,413,216.39 -13,163,026.08 -21,401,456.92 -21,171,005.02 -25,932,027.78 -25,823,546.35 -23,978,573.71 -21,141,393.04 -18,870,481.85 -20,147,383.42 -20,322,249.71
Shares and Other Equity

Liabilities to Other Financial Corporations

Restricted Deposits

Deposits and Securities Excluded from Base Money

Other Items(net)

Broad Money-M3

Securities Other than Shares Included in Broad Money

Broad Money-M2

Other Deposits

of which Foreign Currency Accounts

Narrow Money-M1

Transferable Deposits

Of which Foreign Currency Accounts

Currency Outside Depository Corporations

Memorandum Items
Reserve Money

FCAs as a Percentage of Deposits in M3

End Period Exchange Rate

Source: Reserve Bank of Zimbabwe, 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 $ since the introduction of the interbank foreign exchange market in February 2019
(xii) All monetary and financial statistics are valued in ZWL$ since the introduction of the interbank foreign exchange market in February 2019
*Statistics are denominated in ZiG
TABLE 1: DEPOSITORY CORPORATIONS SURVEY (ZWG '000)

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

Export Incentives

Less Liabilities to Central Government

Of which: Deposits

of which Foreign Currency

Local Currency Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on Other Depository Corporations

Of which: Loans

Other Liabilities to ODCs

Of which: Aftrades Balances

Securities

Other Items(Net)

Shares and Other Equity

Other Items(Net)

Liabilities to Other Resident Sectors

Deposits and Securities Excluded from Base Money

Monetary Base

Currency Issued

ZWL Coins

ZWL Notes

Zig Notes

ZiG Coins

Liabilities to ODCs

Reserve Deposits

Local Currency Reserve Deposits

Foreign Currency Reserve Deposits

Excess reserves

of which Excess reserves - ZiG

Excess reserves - FCA

Source: Reserve Bank of Zimbabwe 2025
*Statistics are denominated in ZiG
TABLE 2: CENTRAL BANK SURVEY (ZWG'000)

*Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-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
12,803,600.95
11,975,407.19
12,612,980.12
Loans

of which foreign currency
474,002.53
460,638.29
505,053.44
Other

Less Liabilities to Central Government

Of which: Deposits

of which foreign currency deposits
9,392,249.02
10,536,886.30
12,630,292.73
Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

of which foreign currency denominated loans

Claims on the Central Bank

Currency

Reserves

Securities

Other Claims

Liabilities to the Central Bank

Other Items(Net)

Shares and Other Equity

Liabilities to other ressident sectors

Other Items(Net)

Deposits and Securities Included in Broad Money

Deposits Included in Broad Money

Transferable Deposits

of which FCAs

Other Deposits

of which FCAs

Money Market Instruments

Source: Reserve Bankof Zimbabwe, 2025
*Statistics are denominated in ZiG
TABLE 3: OTHER DEPOSITORY CORPORATIONS SURVEY (ZWG'00

ZWG Thousands
End of
Gold
Other
Total
Treasury Bills
Central
Banks
Other
Govt.
Other
Other Assets
TOTAL
Government
Stock

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

Source: Reserve Bank of Zimbabwe, 2024
*Statistics are denominated in ZiG
TABLE 4.1: RESERVE BANK - ASSETS
Foreign Assets
Loans and advances
Investments

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


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

Source: Reserve Bank of Zimbabwe, 2025
*Bond coins first issued in December 2014
* Bond Notes issued on 28 November 2016
*Statistics are denominated in ZiG
ZWG Thousands
Deposits

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

Jan
1,483.3

42,733.9

77,994.4

13,109.2

40,071.8


Feb
1,735.4

41,180.7

76,140.3

17,748.1

39,141.4


Mar
1,457.1

40,953.3

83,032.1

6,945.5

42,516.8


Apr
1,699.7

40,964.4

85,330.2

6,844.8

49,733.4


May
1,906.1

30,579.1

94,330.9

7,907.2

63,644.8


Jun
1,702.8

30,255.6

75,795.2

25,605.9

72,780.6


Jul
2,139.9

30,509.1

104,983.5

17,817.9

82,032.9


Aug
2,551.1

33,323.4

93,806.9

11,919.2

72,753.9


Sep
2,853.7

38,500.1

100,996.0

8,626.8

68,707.9


Oct
2,611.1

50,074.7

108,009.2

9,575.8

89,822.4


Nov
2,721.5

53,424.3

107,781.7

15,560.6

74,072.3


Dec
2,838.3

50,031.0

118,451.3

13,654.0

91,352.6


Jan
2,891.2

53,378.3

116,654.8

13,232.3

69,668.2


Feb
2,577.7

62,064.5

122,479.8

17,480.5

76,802.2


Mar
2,111.5

76,544.2

142,962.5

19,239.6

87,884.5


Apr
2,624.9

74,716.9

160,466.5

28,352.1

123,190.3


May
3,155.9

142,118.9

236,166.0

35,928.9

207,812.8


Jun
2,801.2

138,347.1

266,691.8

45,952.0

241,920.1


Jul
2,427.6

159,024.6

315,832.5

39,388.2

230,432.5


Aug
2,640.6

263,637.4

411,439.9

69,203.5

311,107.0


Sep
3,030.7

289,230.8

504,071.1

75,446.7

417,007.1


Oct
3,022.6

300,240.3

525,870.3

104,483.2

389,979.7


Nov
3,251.4

286,365.2

575,885.7

111,716.1

342,790.1


Dec
3,361.7

295,435.1

652,284.4

119,932.8

351,906.8


Jan
4,923.3

379,841.7

704,168.6

151,980.1

389,342.8


Feb
1,880.1

436,062.8

743,888.5

81,067.5

518,081.0


Mar
2,031.6

425,326.5

817,631.1

112,374.3

531,935.4


Apr
1,844.7

462,081.4

972,122.7

161,740.7

620,095.0


May
1,107.2

1,048,116.4

2,049,066.1

309,234.1

1,554,969.0


Jun
1,984.5

2,249,201.6

4,424,350.0

471,360.3

3,050,984.1


Jul
1,489.0

1,584,403.3

4,137,377.2

380,493.0

3,132,849.9


Aug
2,292.1

1,505,916.2

4,651,358.8

448,025.8

3,179,274.3


Sep
2,465.6

2,015,621.6

5,263,338.5

560,033.8

3,210,332.7


Oct
2,425.4

2,312,575.1

5,910,277.9

751,077.6

2,663,186.5


Nov
2,705.3

2,558,589.3

6,324,144.1

730,377.0

2,788,783.6


Dec
3,398.4

2,868,505.6

5,973,706.9

918,524.5

2,631,445.7


Jan
2,947.9

5,196,670.6

9,096,074.6

1,414,527.9

3,957,664.6


Feb
3,143.6

7,309,077.0

12,595,037.9

2,395,225.7

5,340,576.7


Mar
2,831.0

9,785,505.6

16,734,744.0

3,185,636.7

7,548,560.1


*Apr
7.5

4,794.8

11,004.0

2,108.7

5,798.1


*May
15.0

4,337.6

12,420.7

2,281.4

6,437.2


*Jun
9.2

4,753.1

12,746.0

2,349.5

6,493.3


*Jul
7.5

5,739.9

11,453.3

1,987.0

6,135.6


*Aug
6.4

6,444.9

13,516.2

2,310.5

4,922.1


*Sep
7.9

10,895.9

22,399.7

3,870.6

8,728.6


*Oct
56.7

13,662.1

30,414.7

5,068.5

8,024.4


*Nov
72.6

11,233.7

29,835.6

4,498.6

6,365.0


*Dec
82.6

10,274.6

32,110.0

5,538.7

8,540.2


*Jan
69.3

12,746.4

30,180.7

3,532.9

6,021.2


*Feb
75.0

11,639.8

28,998.1

3,283.1

8,161.6


*Mar
101.3

9,242.7

30,230.5

3,610.1

12,141.7


*Apr
107.4

9,519.9

33,479.3

3,591.2

12,582.7


*May
161.4

8,665.8

34,327.1

3,618.3

17,046.8


*Jun
212.5

9,521.0

35,799.3

6,230.7

15,373.4


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 and other financial corporations.
*Statistics are denominated in ZiG
TABLE 5.1: OTHER DEPOSITORY CORPORATIONS -ASSETS
ZWG millions
Other Institutional Units
Denominated
g
Currency
Debt Securities
Loans and Advances
Public
Enterprises

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

Source:Reserve Bank of Zimbabwe,2025
*Statistics are denominated in ZiG
TABLE 5.2 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES
ZWG millions
Deposits
Amounts Owing to
Debt Securities
Government

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

Jan
1,237.43

39,565.64

71,463.64

12,288.89

39,092.85

10,921.99

8,281.80

-

-

1.18

16.67

18.01

1,264.28

71,090.96

718.83

25,036.22

12,333.21

32,123.11

325,454.7

Feb
1,320.27

38,100.03

69,341.48

16,867.76

38,108.83

6,341.39

12,518.15

-

-

1.26

24.15

22.69

1,493.66

77,324.34

774.89

28,339.17

15,953.14

33,612.14

340,143.4

Mar
1,244.16

38,369.53

76,479.44

5,317.61

41,401.24

8,733.65

15,889.61

-

19.21

34.56

15.17

21.67

1,309.75

80,607.03

878.97

32,908.13

19,302.34

30,861.86

353,393.9

Apr
1,430.83

38,008.89

79,592.64

5,639.40

48,564.03

7,679.05

18,267.01

-

19.23

62.89

19.86

12.71

1,336.70

91,062.16

956.75

34,537.88

21,214.88

32,383.77

380,788.7

May
1,648.09

28,677.21

87,611.51

6,479.66

59,745.10

11,582.44

18,846.75

-

152.75

93.37

21.77

16.58

1,263.75

94,790.46

990.41

35,592.28

21,398.95

31,307.45

400,218.5

Jun
1,419.27

28,452.53

69,413.26

24,215.35

70,835.98

17,601.31

17,152.75

-

19.46

92.91

17.91

77.79

1,511.86

106,954.15

1,247.08

26,856.45

26,444.57

33,288.94

425,601.6

Jul
1,794.72

29,100.73

97,429.50

15,901.02

79,937.02

25,314.30

21,665.10

-

290.76

47.39

17.32

67.80

1,351.13

117,348.16

1,301.18

26,869.18

29,079.64

33,587.68

481,102.6

Aug
2,137.72

31,734.84

85,441.98

9,099.10

70,391.64

25,194.95

31,434.20

-

339.72

51.28

22.49

63.94

1,583.28

132,522.63

1,337.19

32,281.12

30,022.43

37,697.05

491,355.6

Sep
2,417.81

36,259.54

93,032.71

6,164.78

66,640.78

25,023.38

31,460.81

-

366.88

57.60

21.07

62.45

1,531.08

134,780.92

1,342.62

31,980.97

30,439.34

34,630.85

496,213.6

Oct
1,993.06

47,379.62

99,470.02

7,339.71

86,302.62

26,924.18

37,639.16

-

188.07

121.59

21.20

75.41

1,683.89

149,477.36

1,523.34

49,580.96

40,853.06

36,664.31

587,237.6

Nov
2,168.80

49,327.15

100,125.90

12,723.73

71,667.33

29,748.47

41,015.56

-

187.03

999.12

21.24

74.76

1,882.53

168,661.25

1,484.24

52,327.68

40,073.22

43,878.52

616,366.5

Dec
2,315.32

46,412.99

109,803.84

10,942.92

87,347.07

33,690.93

38,610.29

-

185.99

4,146.13

21.09

167.53

2,798.61

184,836.87

3,368.75

60,916.98

41,811.67

59,011.63

686,388.6

Jan
2,359.27

49,206.02

108,119.97

10,419.90

66,808.45

30,774.31

38,636.84

-

186.80

801.50

20.33

163.02

3,628.73

199,495.34

2,997.94

53,627.76

47,405.91

69,989.80

684,641.89

Feb
1,971.78

57,553.54

112,522.99

14,300.66

70,750.63

28,703.53

44,705.21

-

-

976.55

20.34

158.06

5,367.16

215,520.37

3,055.50

55,099.61

53,459.12

70,832.47

734,997.53

Mar
1,541.49

70,856.33

130,423.48

15,503.46

82,662.70

43,284.13

44,874.23

-

-

1,380.20

19.40

253.42

6,240.94

258,715.05

3,092.69

65,660.61

58,874.69

76,938.87

860,321.67

Apr
1,939.64

70,204.43

144,168.02

23,452.88

117,033.42

26,628.79

57,772.47

-

-

722.54

37.54

252.44

6,858.06

305,476.79

4,348.46

53,372.28

62,788.55

71,414.75

946,471.05

May
2,397.94

131,996.38

211,837.59

31,586.61

190,366.81

61,757.62

64,373.91

-

154.99

1,559.14

41.28

289.00

16,193.81

398,048.90

4,712.74

134,993.54

94,851.60

111,543.84

1,456,705.70

Jun
2,263.18

127,839.16

234,109.43

40,937.28

219,607.39

63,631.76

83,690.44

-

653.97

2,159.12

61.20

226.29

13,888.60

478,163.38

8,954.46

169,511.81

110,528.09

168,440.54

1,724,666.09

Jul
1,578.47

147,217.74

284,912.89

34,334.13

202,815.28

41,246.78

86,971.63

-

394.34

1,852.14

100.65

349.68

22,516.21

556,692.12

9,737.92

144,090.18

129,869.55

192,524.32

1,857,204.02

Aug
1,630.70

247,190.46

377,078.80

64,650.96

273,181.97

29,186.59

95,346.12

-

330.12

3,556.96

113.50

287.14

26,564.57

681,253.30

11,493.92

167,029.36

238,442.98

194,745.11

2,412,082.57

Sep
1,791.71

270,594.59

465,301.31

68,020.95

370,323.69

18,184.96

134,414.53

-

267.40

4,916.56

115.11

306.33

21,773.50

806,774.24

12,680.89

146,133.14

215,417.68

219,933.24

2,756,949.83

Oct
1,704.79

281,204.64

480,106.49

94,573.08

343,440.15

22,895.35

136,939.74

-
204.69

2,201.55

116.48

341.96

22,935.50

852,069.39

15,525.65

165,306.91

232,188.99

245,924.22

2,897,679.60

Nov
1,644.95

259,109.18

533,438.97

101,870.32

299,715.01

17,089.04

180,534.44

-
141.97

2,292.28

119.53

303.55

22,178.73

960,814.77

15,450.39

170,944.78

196,338.19

250,551.19

3,012,537.30

Dec
1,778.71

263,863.65

603,136.26

110,935.77

299,087.30

7,965.37

266,725.41

-
79.26

3,887.78

114.42

282.61

30,272.25

1,066,654.12

16,130.63

159,126.16

189,560.01

344,235.10

3,363,834.80

Jan
2,391.61

340,953.56

654,740.29

143,455.70

335,380.17

(1,443.59)

301,026.07

-

105.97

4,873.87

228.45

251.24

44,113.17

1,307,512.98

17,767.70

227,545.42

204,830.78

374,080.77

3,957,814.16

Feb
1,470.56

366,544.71

691,937.49

71,097.36

452,795.43

21,074.53

306,913.92

-

50.02

1,524.98

318.96

197.44

44,691.50

1,481,851.05

18,037.18

226,932.96

224,983.29

411,002.80

4,321,424.21

Mar
1,771.98

344,570.46

755,463.34

103,284.07

478,333.21

41,928.66

330,669.68

-

-

3,884.11

432.22

149.78

48,725.38

1,679,284.89

28,439.56

554,840.85

254,605.57

438,790.17

5,065,173.94

Apr
1,631.24

388,822.83

903,029.49

144,252.31

555,886.92

32,206.95

361,846.09

-

-

8,716.45

559.82

99.28

54,058.39

1,722,384.40

28,899.91

214,270.92

321,765.39

476,263.19

5,214,693.59

May
1,010.26

907,818.70

1,932,225.57

281,052.93

1,351,116.97

84,147.32

570,367.60

-

-

8,974.78

4,599.15

80.34

112,188.06

3,844,133.80

65,696.39

607,438.10

669,908.72

758,154.17

11,198,912.85

Jun
1,762.11

1,979,000.71

4,218,755.04

444,538.09

2,584,596.63

350,042.51

865,465.55

-

-

221.09

10,133.46

8,052.34

260,946.26

8,487,837.63

92,224.26

1,390,786.24

1,304,228.92

2,222,499.38

24,221,090.21

Jul
1,305.13

1,428,604.02

3,898,282.53

359,151.15

2,646,743.26

337,541.82

1,133,463.14

-

-

153.30

7,368.09

68.07

208,253.70

6,917,007.30

129,308.58

829,382.28

1,155,945.57

2,438,538.20

21,491,116.14

Aug
1,664.09

1,370,651.81

4,309,693.74

391,792.23

2,693,989.06

208,098.88

1,084,784.90

-

-

138.30

7,469.95

75.80

205,341.47

6,863,348.14

127,816.16

701,626.16

1,081,800.09

2,446,465.02

21,494,755.81

Sep
1,503.56

1,763,364.33

4,914,305.55

517,813.92

2,760,807.78

247,094.60

1,204,684.14

-

-

9.75

9,935.82

92.05

219,878.94

8,245,053.80

151,685.43

776,997.57

1,312,147.78

2,668,520.81

24,793,895.84

Oct
1,977.18

2,059,471.85

5,625,069.70

562,790.91

2,202,475.21

175,235.94

1,172,130.22

-

-

0.03

10,816.83

98.06

237,525.73

8,864,363.09

153,534.70

958,746.42

1,351,846.54

2,767,099.33

26,143,181.72

Nov
2,295.18

2,278,921.91

5,913,094.15

568,556.41

2,451,981.00

180,229.25

1,337,040.40

-

-

0.03

10,921.42

59.77

238,702.30

9,040,518.08

158,702.11

1,046,256.98

1,702,370.26

2,868,031.98

27,797,681.23

Dec
2,947.49

2,536,437.97

5,489,443.24

657,432.63

2,268,702.96

155,742.88

2,420,663.39

-

-

0.03

12,324.59

73.45

248,699.79

9,507,281.46

255,007.08

1,184,706.91

1,748,495.98

3,349,062.31

29,837,022.16

Jan
2,536.36

4,749,173.95

8,535,153.83

940,210.80

3,564,879.01

285,807.60

3,972,600.87

-

-

0.03

17,912.41

198.80

374,088.29

14,957,169.30

312,516.30

1,949,662.45

2,737,500.88

4,289,981.53

46,689,392.37

Feb
2,519.25

6,564,463.71

11,709,703.62

1,772,649.65

4,708,270.62

153,450.01

5,911,393.45

-

-

0.03

26,073.06

232.00

488,602.76

22,234,523.09

378,975.16

2,608,075.14

3,125,793.33

5,812,047.28

65,496,772.18

Mar
2,435.72

8,601,285.46

15,501,059.95

2,213,233.27

6,701,169.42

775,336.87

8,098,495.31

-

-

0.03

47,609.35

143.35

729,484.92

34,077,197.02

597,886.20

2,860,196.61

4,317,386.46

8,974,860.63

93,497,780.56

*Apr
5.89

4,141.51

9,980.68

1,414.28

5,461.70

287.09

5,206.08

-

-

0.00

31.18

88.00

440.49

20,170.86

246.21

2,510.15

5,472.97

4,360.99

59,818.08

*May
10.60

3,583.02

11,575.45

1,506.01

6,092.37

382.87

5,420.56

-

-

0.00

29.63

1.37

433.36

21,315.87

348.50

2,114.73

6,339.55

4,613.87

63,767.76

*Jun
8.01

4,111.49

11,498.97

1,627.32

5,775.34

298.05

6,080.69

-

-

7.23

24.70

1.49

446.45

22,801.09

345.72

2,541.32

6,558.03

5,419.46

67,545.34

*Jul
5.05

4,943.82

10,426.18

1,342.47

5,743.94

351.44

6,988.99

-

-

5.21

25.13

0.16

432.35

24,895.03

348.09

2,342.85

6,539.59

6,244.23

70,634.52

*Aug
5.26

5,703.86

12,540.81

1,453.04

4,411.38

205.93

6,149.38

-

-

2.43

126.05

0.19

378.05

25,591.15

542.15

2,767.89

7,004.36

6,832.60

73,714.52

*Sep
6.82

9,465.31

20,161.22

2,742.22

7,903.81

340.45

10,295.58

-

-

0.00

244.94

0.33

600.93

43,094.11

979.13

4,853.44

11,326.85

9,785.35

121,800.51

*Oct
39.65

12,315.40

27,597.64

3,670.13

7,120.62

129.14

11,256.45

-

-

0.00

239.01

0.08

679.62

49,545.16

1,042.81

6,380.10

11,454.83

11,116.57

142,587.19

*Nov
58.26

10,111.62

27,498.54

3,102.17

5,626.08

117.33

9,757.48

-

-

0.00

287.55

2,326.36

572.57

45,782.99

1,064.73

6,685.94

11,362.33

10,783.91

135,137.84

*Dec
64.89

8,774.50

29,312.78

3,217.87

7,673.17

287.57

10,942.77

-

-

8.29

54.88

0.57

549.66

46,926.14

1,073.63

6,555.30

13,399.70

11,326.46

140,168.19

*Jan
55.47

11,470.10

27,587.58

2,805.14

5,383.93

896.67

12,362.23

-

-

807.94

342.87

-

201.82

6,018.68

38,456.08

44,474.76

4,490.04

6,786.76

7,296.77

14,700.77

139,662.84

*Feb
60.09

10,394.10

26,074.71

2,500.83

7,466.49

879.05

11,985.91

-

-

1,227.40

525.19

-

210.91

5,135.14

39,602.20

44,737.33

4,572.78

7,060.84

6,529.15

14,603.01

138,827.80

*Mar
79.63

7,880.54

27,417.58

2,717.51

11,623.76

820.11

12,300.30

-

-

1,342.02

509.01

-

196.72

4,699.08

40,942.54

45,641.63

4,354.50

7,859.25

6,540.97

15,243.80

144,527.35

*Apr
87.99

8,108.02

30,664.80

2,649.20

12,068.34

413.80

12,241.98

-

-

1,095.15

478.00

-

177.77

4,854.99

44,593.50

49,448.49

4,042.90

6,452.91

9,497.37

15,304.56

152,731.26

*May
133.33

7,539.98

31,081.99

2,649.42

16,140.56

419.60

12,259.88

-

-

953.79

469.51

-

151.74

5,278.01

46,383.60

51,661.61

3,991.35

7,163.66

9,319.35

15,249.33

159,185.09

*Jun
181.74

8,374.10

32,527.57

5,410.98

14,549.70

119.42

13,604.07

-

-

992.17

508.81

-

141.15

5,228.09

47,537.52

52,765.60

6,477.32

7,532.53

8,140.55

15,060.65

166,386.36

Source:Reserve Bank of Zimbabwe,2025
Statistics are denominated in ZiG
Other Institutional Units
TABLE 6.1: COMMERCIAL BANKS -ASSETS
ZWG millions
Debt Securities
Loans and Advances

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun


Source: Reserve Bank of Zimbabwe, 2025
*Statistics are denominated in ZiG
TABLE 6.2 : COMMERCIAL BANKS - LIABILITIES
Deposits
Amounts Owing to

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

Jan
188.7

2943.3
5,986.5

793.8
843.5

-

1,783.8

10.2
-

211.3

1,091.3

0.0

9,329.1

2980.3
7,685.1

33,846.9

Feb
345.7

2762.9
6,004.8

811.1
984.2

-

2,731.0

9.2
-

236.8

2,089.3

-

8,950.2

2949.2
7,790.6

35,665.0

Mar
168.3

2278.9
6,313.1

1594.4
1,028.2

-

1,341.7

8.4
-

415.1

1,242.4

-

10,867.7

3027.5
7,841.0

36,126.8

Apr
206.9

2702.1
5,302.6

1156.7
1,085.4

-

871.7

7.7
-

508.9

1,581.5

-

14,233.6

3431.1
7,237.9

38,326.2

May
210.3

1687.6
5,962.2

1250.9
3,847.1

-

116.9

7.0
-

517.7

1,568.8

-

17,154.9

2927.9
7,532.9

42,784.2

Jun
249.6

1649.7
6,202.6

1163.8
1,866.7

-

204.6

6.5
-

588.0

1,851.9

-

18,795.4

2580.9
7,701.1

42,860.7

Jul
283.7

1212.2
7,193.4

1892.7
1,875.4

-

1,143.4

6.0
-

447.3

1,963.2

-

18,280.3

3923.5
7,695.6

45,916.5

Aug
352.8

1408.8
7,869.3

2537.6
2,316.2

-

3,535.6

5.4
-

399.5

2,101.3

-

19,422.2

3837.6
7,666.6

51,453.0

Sep
349.8

1926.6
7,608.5

2430.2
1,941.4

-

4,314.6

5.1
-

205.2

2,231.7

-

20,461.1

4013.2
9,460.7

54,948.1

Oct
411.5

2396.2
8,221.0

2162.4
3,421.5

-

5,627.7

4.3
-

271.1

2,539.5

-

22,881.3

5432.3
9,501.3

62,870.1

Nov
339.8

3578.4
7,561.6

2568.8
2,299.5

-

5,882.7

3.7
-

566.4

2,788.5

-

27,326.1

4400.3
9,614.3

66,930.0

Dec
351.1

3217.3
8,557.8

2619.2
3,620.2

-

2,353.6

3.0
-

1,189.0

2,786.9

-

33,115.3

5610.8
11,334.1

74,758.3

Jan
324.6

3504.3
8,506.5

2680.3
2,631.0

-

1,110.8

2.4
-

1,487.3

2,967.6

-

35,913.5

6693.8
14,008.7

79,830.9

Feb
411.5

4021.5
9,763.6

3069.7
5,678.0

-

4,048.9

1.6
-

1,465.4

3,241.1

-

39,977.5

4511.5
13,964.4

90,154.6

Mar
354.3

4413.6
11,882.6

3691.3
4,932.3

-

5,235.0

0.9
-

1,590.0

3,888.3

-

42,741.3

9086.6
15,421.2

103,237.4

Apr
546.4

3054.1
15,585.8

4857.7
5,768.6

-

5,714.4

0.2
-

1,861.4

4,143.7

-

48,582.4

9654.2
16,999.2

116,768.1

May
639.5

8326.7
23,817.6

4251.9
16,001.6

-

6,150.9

0.0
-

1,486.3

8,474.8

-

74,864.0

14793.9
17,091.2

175,898.5

Jun
418.5

8464.3
32,497.6

3807.5
21,184.8

-

2,639.3

0.0
-

1,340.0

10,851.1

-

85,145.9

18155.8
35,128.1

219,633.0

Jul
700.4

9914.6
30,660.3

4983.4
24,902.9

-

4,077.6

0.0
-

1,411.5

13,722.1

-

98,066.0

9998.6
45,127.9

243,565.1

Aug
863.8

14422.1
33,703.2

4483.0
34,971.8

-

4,379.8

0.0
-

2,106.6

16,515.4

-

115,491.9

8745.3
45,694.0

281,377.1

Sep
1,086.8

14998.2
37,911.3

7470.1
45,094.8

-

8,440.8

0.0
-

1,302.8

17,996.8

-

129,242.7

11630.7
60,830.4

336,005.2

Oct
1,158.3

14768.7
44,296.5

10013.7
44,664.1

-

14,109.9

0.0
-

1,142.4

16,817.7

-

123,793.8

30036.4
47,678.2

348,479.7

Nov
1,449.3

22456.9
41,398.0

9771.8
41,317.6

-

17,572.6

0.0
-

2,085.3

16,785.8

-

136,029.9

30694.0
46,275.8

365,836.9

Dec
1,470.7

23012.7
48,533.8

8913.7
50,229.0

-

21,411.1

0.0
19993.4
2,176.2

17,693.7

-

119,322.3

39279.1
69,102.5

421,138.1

Jan
2,402.7

32405.1
47,062.6

8410.8
50,364.6

-

17,976.2

0.0
23,668.5

2,406.3

18,311.0

-

132,757.4

41367.4
69,570.1

446,702.8

Feb
234.9

59685.4
50,103.0

9568.6
62,701.4

889.9

24,809.7

0.0
26,667.1

4,451.9

21,629.1

-

146,798.4

50093.6
70,987.9

528,620.9

Mar
214.6

72311.9
57,399.6

9196.8
51,300.9

-

28,841.5

0.0
24,689.0

5,503.9

19,118.6

-

170,376.6

54524.7
84,489.1

577,967.3

Apr
184.1

61341.6
63,129.5

16343.2
61,444.0

-

28,727.0

0.0
28,119.0

5,989.2

27,619.9

-

205,412.2

81442.9
86,571.2

666,323.9

May
78.1

125685.1
100,808.7

22707.0
195,646.6

-

81,344.3

0.0
69,908.9

6,246.8

53,180.7

-

440,462.4

103176.1
116,103.7

1,315,348.2

Jun
176.6

227001.8
172,666.5

25998.2
452,772.6

40,326.7

115,193.3

0.0
196,310.3

4,209.5

121,677.5

-

870,075.1

230604.4
544,587.8

3,001,600.3

Jul
162.7

132017.2
220,995.0

20797.2
459,668.2

32,010.8

105,308.6

0.0
154,472.7

13,777.8

153,638.5

-

697,177.8

209734.6
612,937.8

2,812,698.9

Aug
611.0

105296.6
309,821.7

55744.7
475,838.3

37,447.1

102,495.2

0.0
153,578.2

6,767.5

135,193.3

-

758,439.2

223114.4
564,622.1

2,928,969.2

Sep
949.3

193065.6
339,269.2

41680.1
437,996.0

58,554.5

110,351.3

0.0
161,346.6

4,522.1

153,113.7

-

880,148.8

290026.7
565,616.4

3,236,640.3

Oct
403.8

204713.4
254,684.1

187632.1
440,150.3

65,022.1

97,046.1

0.0
176,111.9

13,771.8

173,523.5

-

829,479.5

345029.3
586,015.6

3,373,583.5

Nov
370.5

222344.7
387,213.2

160896.0
326,510.1

50,688.3

159,225.4

0.0
173,990.9

28,127.2

187,363.3

-

926,663.7

395549.5
595,811.6

3,614,754.5

Dec
403.7

251968.8
457,034.9

261067.9
345,348.0

56,551.7

185,131.1

0.0
166902.0
27,875.9

222,503.1

0.7

973,788.6

507890.9
658,045.7

4,114,512.9

Jan
367.9

368046.7
524,020.9

471915.0
363,325.6

40,412.9

280,803.2

0.0
280441.0
45,935.9

339,610.7

-

1,563,405.5

649087.4
742,734.0

5,670,106.8

Feb
578.8

637645.2
797,581.2

618074.6
613,309.7

24,680.4

425,783.2

0.0
399313.5
67,900.2

519,513.4

-

2,188,186.8

904519.6
937,957.6

8,135,044.1

Mar
356.6

1026840.5
1,171,941.4

888362.3
829,470.4

-

440,943.8

0.0
528820.5
103,276.3

787,872.2

-

3,761,909.8

1403556.4
1,697,667.5

12,641,017.5

*Apr
1.0

564.4
864.1

693.0
326.5

67.2

337.2

0.0
313.5
-

593.2

212.7

2,856.8

420.1
824.2

8,074.0

*May
4.0

639.2
783.2

772.6
296.2

109.6

407.6

0.0
303.7
-

309.2

19.8

2,946.5

712.1
903.7

8,207.5

*Jun
1.1

520.3
1,122.4

718.7
678.1

110.9

188.6

0.0
282.9
-

424.7

20.4

2,998.6

858.8
1,229.8

9,155.3

*Jul
2.4

681.0
918.2

640.3
336.2

99.8

676.7

0.0
276.2
5.0

333.9

20.5

3,022.2

1332.3
1,250.3

9,595.1

*Aug
1.1

642.2
853.3

852.1
428.1

-

764.6

0.0
246.2
5.1

373.1

20.6

3,042.5

1811.8
1,318.9

10,359.6

*Sep
1.0

1230.9
1,985.1

1121.2
705.4

-

555.5

0.0
431.0
34.5

1,130.0

37.0

4,878.1

2054.8
2,298.6

16,463.3

*Oct
13.1

1166.2
2,512.0

1391.6
769.7

-

745.1

0.0
502.2
5.3

1,380.9

42.7

5,751.9

2214.8
2,435.0

18,930.4

*Nov
14.0

918.9
2,141.3

1383.8
649.7

-

602.6

0.0
367.6
5.4

1,293.8

39.5

4,997.5

2566.9
2,458.3

17,439.1

*Dec
17.1

1089.4
2,633.9

2306.6
754.5

-

675.7

0.0
361.0
-

1,424.9

35.4

5,500.8

2343.9
2,593.3

19,736.5

*Jan
13.1

939.4
2,348.5

616.8
637.3

-

1,028.5

0.0
0.0
1,019.2

1,294.7

-

356.6

317.5

5,353.2

5,670.7

199.4

-

3,001.4

3,282.1

20,407.7

*Feb
13.9

980.7
2,545.5

628.6
695.1

-

753.2

0.0
0.0
997.8

1,428.4

-

335.1

535.1

5,302.8

5,837.9

199.4

-

1,754.4

3,294.2

19,464.2

*Mar
20.4

1031.3
2,349.0

786.9
517.9

-

844.9

0.0
0.0
1,066.7

1,604.4

-

284.5

358.4

5,601.2

5,959.7

121.0

-

1,684.9

3,466.0

19,737.7

*Apr
17.8

1038.4
2,522.2

766.4
514.4

-

900.0

0.0
0.0
1,084.2

1,815.7

-

284.5

322.9

5,519.7

5,842.6

111.4

-

1,736.6

3,476.9

20,111.3

*May
26.4

855.4
2,940.4

801.9
906.2

-

1,009.6

0.0
0.0
1,098.4

1,814.5

-

204.3

695.6

5,865.6

6,561.2

139.8

-

2,062.4

3,495.2

21,915.6

*Jun
29.0

803.0
2,966.8

631.1
823.7

-

1,262.5

0.0
0.0
1,046.3

1,892.2

-

197.5

635.7

6,405.1

7,040.8

232.2

-

1,786.7

3,716.9

22,428.7

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 and other financial corporations,
* Statistics are denominated in ZiG
Other Institutional Units
TABLE 7.1: BUILDING SOCIETIES -ASSETS
ZWG millions
Debt Securities
Loans and Advances

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan


*Feb


*Mar


*Apr


*May


*Jun


Source:Reserve Bank of Zimbabwe, 2025
* Statistics are denominated in ZiG
Amounts Owing to
TABLE 7.2: BUILDING SOCIETIES -LIABILITIES
ZWG millions

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

AGRICULTURE
CONSTRUCTION
COMMUNICATION
DISTRIBUTION
FINANCIAL &
FINANCIAL
MANUFACTURING
MINING
SERVICES
TRANSPORT
INDIVIDUALS
CONGLOMERATES
TOTAL
END OF


INVESTMENTS
ORGANISATIONS

Jan

Feb

Mar

Apr

May

June

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

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

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

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sept

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

Source:Reserve Bank of Zimbabwe, 2025
*Statistics are denominated in ZiG
TABLE 8.2: SECTORAL ANALYSIS OF COMMERCIAL BANKS DEPOSITS
ZWG('000)

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

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

Jan
802,677.72 55,961.62 5,074.74 53,456.29 218,545.32
Jan
957.90 15,480.23 439.87 83,661.76 1,902.89
Feb
672,722.97 59,581.58 5,607.02 66,811.97 238,910.83
Feb
981.01 15,190.39 433.68 78,916.08 1,895.33
Mar
961,452.00 75,050.75 7,882.23 82,886.94 342,168.72
Mar
1,242.33 16,967.63 519.12 87,501.09 2,128.58
Apr
976,617.19 89,192.57 8,391.54 89,671.98 293,204.61
Apr
1,073.00 15,906.24 457.99 82,673.39 1,937.64
May
1,205,990.00 110,807.30 13,712.78 106,881.76 469,185.15
May
1,213.50 16,069.94 477.80 78,385.20 2,001.20
Jun
1,601,225.31 134,550.97 18,810.59 123,721.28 618,347.53
Jun
1,190.30 15,304.67 474.16 75,631.66 1,705.09
Jul
1,754,111.97 170,480.64 20,413.15 172,562.48 713,401.10
Jul
1,115.80 16,063.84 517.03 88,030.56 1,866.70
Aug
2,334,295.00 152,343.37 31,418.59 178,188.87 826,377.12
Aug
1,028.04 13,686.77 489.08 76,957.81 1,623.75
Sep
2,793,056.56 177,701.71 35,144.35 202,368.06 872,807.43
Sep
1,084.61 13,818.44 455.52 71,362.13 2,225.19
Oct
2,728,731.30 186,478.90 50,202.30 209,758.00 622,412.80
Oct
969.30 12,986.80 510.90 67,641.70 1,825.40
Nov
3,370,779.90 202,876.20 61,086.70 213,295.30 734,610.60
Nov
1,001.40 12,324.10 499.90 59,151.50 2,430.20
Dec
3,310,814.90 246,783.60 76,872.00 249,516.40 1,106,346.50
Dec
1,013.60 14,316.90 616.70 60,584.50 2,469.80

Jan
3,289,379.32 240,010.34 68,386.68 238,455.31 1,107,756.41
Jan
918.88 11,733.99 444.00 48,617.07 1,692.96
Feb
3,050,933.28 219,437.84 73,672.28 245,282.55 1,202,998.52
Feb
886.75 10,301.47 479.91 43,326.51 1,895.81
Mar
5,068,223.68 308,609.08 85,343.38 328,822.35 1,517,972.57
Mar
1,092.60 13,216.99 593.97 50,037.43 1,927.14
Apr
5,294,044.55 341,571.29 79,754.60 355,007.31 1,517,972.57
Apr
907.55 14,375.14 526.73 47,171.67 1,982.93
May
6,275,310.72 518,333.86 173,170.74 532,078.61 3,274,968.53
May
1,119.24 12,808.69 576.68 49,143.18 2,233.62
Jun
17,059,664.04 882,362.57 615,190.92 1,210,486.16 6,640,627.10
Jun
1,050.21 10,190.63 606.04 45,488.80 1,212.97
Jul
17,859,586.39 1,033,836.89 541,445.55 1,620,242.78 6,077,538.29
Jul
942.67 8,226.82 1,777.10 42,648.82 993.68
Aug
17,955,865.49 1,017,990.47 649,827.89 1,440,537.41 6,244,772.44
Aug
888.00 8,434.65 653.58 42,648.82 977.54
Sep
18,690,087.00 1,221,725.29 773,363.92 1,672,654.21 7,746,084.35
Sep
964.06 9,658.95 703.55 45,148.73 1,061.36
Oct
19,808,639.10 1,264,577.16 826,681.17 5,116,902.86 8,661,662.90
Oct
949.14 9,449.30 618.97 50,640.61 904.41
Nov
23,685,304.81 1,429,269.50 901,515.57 1,999,069.40 9,557,300.70
Nov
924.50 9,525.69 623.29 52,332.44 1,048.50
Dec
26,396,219.43 1,805,050.47 1,092,682.60 2,604,059.19 10,150,615.33
Dec
924.47 11,845.97 776.49 56,450.97 1,026.21

Jan
28,285,124.94 1,907,120.03 1,843,871.04 4,295,911.58 22,017,137.88
Jan
914.90 10,017.90 708.10 52,445.00 882.80
Feb
38,298,901.05 2,856,866.96 2,676,718.17 5,734,025.51 29,563,851.53
Feb
889.70 7,868.70 737.50 51,545.90 904.20
Mar
60,432,584.71 3,937,099.72 4,464,712.77 8,691,084.21 37,343,406.06
Mar
941.14 7,569.28 728.43 58,151.43 921.38
*Apr
41,317.54 2,063.05 2,797.06 4,754.91 15,996.48
*Apr
791.83 5,729.47 744.79 30,450.44 938.01
*May
53,741.28 3,335.65 3,355.39 7,058.05 22,545.40
*May
1,046.65 7,950.08 899.38 42,290.80 1,690.28
*Jun
51,046.38 3,281.73 3,230.95 6,470.44 22,040.12
*Jun
927.30 7,224.24 849.61 41,224.15 1,155.79
*Jul
63,526.12 3,956.03 3,646.28 7,361.68 27,328.40
*Jul
1,059.13 8,228.22 920.88 44,159.41 1,318.93
*Aug
54,975.89 3,973.70 3,937.26 7,555.92 25,760.62
*Aug
974.38 8,669.34 965.97 47,536.92 1,233.10
*Sep
6,504.55 4,685.21 5,331.36 1,194.06 38,798.22
*Sep
1,009.71 8,369.30 860.54 49,927.24 1,408.88
*Oct
109,554.74 6,900.07 6,836.32 16,082.35 50,983.09
*Oct
1,015.68 8,101.53 866.85 52,795.20 1,447.54
*Nov
107,345.13 7,074.56 6,940.40 15,645.29 47,876.36
*Nov
868.41 7,253.15 864.37 50,820.53 1,359.22
*Dec
123,594.82 7,954.46 8,665.18 17,068.54 50,613.24
*Dec
931.58 8,017.72 1,071.61 50,767.85 1,541.29

*Jan
105,337.90 7,252.43 6,858.89 14,579.45 44,760.80
*Jan
839.48 7,381.34 911.06 46,337.89 1,363.63
*Feb
92,208.69 5,961.25 6,364.85 14,208.89 43,833.14
*Feb
815.47 6,229.85 838.08 44,460.79 1,346.33
*Mar
112,646.31 6,785.32 7,339.83 17,156.03 47,320.62
*Mar
917.44 6,777.01 953.30 53,987.01 1,250.12
*Apr
116,945.55 7,294.42 7,046.24 19,678.17 49,770.38
*Apr
872.01 6,052.92 888.61 54,493.53 1,222.60
*May
128,946.52 9,194.32 8,439.36 23,187.78 53,674.69
*May
959.34 7,666.96 1,027.71 59,206.48 1,531.92
*Jun
138,127.34 8,383.99 9,486.38 21,162.13 54,257.06
*Jun
921.97 7,179.33 1,119.44 56,595.06 1,165.42
Source:Reserve Bank of Zimbabwe, 2025
*Statistics are denominated in ZiG
TABLE 9.1 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Values of Transactions (ZWG in millions)
TABLE 9.2 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Volumes of Transactions (in thousands)

End of
Nominal Lending
Rates2
Individuals
Corporate
Savings
3 Months2

Jan
6.00-65.00
32.65
24.77
Jan
0.22-12.00
2.00-21.50
Feb
6.00-85.00
36.67
21.36
Feb
0.22-12.00
2.00-21.50
Mar
6.00-85.00
35.83
22.61
Mar
0.22-12.00
2.00-21.50
Apr
6.00-85.00
35.22
22.59
Apr
0.22-12.00
2.00-21.50
May
6.00-85.00
34.84
21.76
May
0.22-12.00
2.00-21.50
Jun
6.00-85.00
36.25
22.46
Jun
0.25-12.00
2.00-26.00
Jul
6.00-85.00
36.56
21.66
Jul
0.50-12.00
2.00-26.00
Aug
6.00-85.00
41.06
39.65
Aug
0.50-12.00
2.00-26.00
Sep
6.00-85.00
40.61
39.50
Sep
0.50-12.00
2.00-26.00
Oct
6.00-85.00
41.86
45.81
Oct
0.50-12.00
2.00-26.00
Nov
6.00-8500
39.13
38.10
Nov
0.50-12.00
2.00-26.00
Dec
6.00-8500
39.34
37.94
Dec
0.50-12.00
2.00-26.00

Jan
15.00-8500
39.32
39.62
Jan
0.50-12.00
2.00-26.00
Feb
15.00-8500
40.55
64.02
Feb
0.50-12.00
2.00-26.00
Mar
15.00-8500
40.74
43.88
Mar
0.50-12.00
2.00-26.00
Apr
15.00-8500
38.15
45.56
Apr
0.50-12.50
2.00-30.00
May
15.00-8500
38.01
47.25
May
0.50-12.50
2.00-32.00
Jun
15.00-8500
38.45
48.25
Jun
0.50-12.50
2.00-32.00
Jul
80.00-240.00
82.75
165.45
Jul
40.00
80.00-92.00
Aug
80.00-230.00
88.46
155.96
Aug
40.00
80.00-92.00
Sep
100.00-230.00
98.07
158.46
Sep
40.00
80.00-92.00
Oct
100.00-290.00
99.37
115.26
Oct
40.00
80.00-92.00
Nov
100.00-290.00
99.03
110.97
Nov
40.00
80.00-92.00
Dec
100.00-290.00
99.02
110.83
Dec
40.00
80.00-95.00

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

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

*Jan
25.00-58.00
41.82
40.13
*Jan
3.54
5.00-25.00
*Feb
25.00-58.00
43.00
40.45
*Feb
3.81
5.00-25.00
*Mar
20.00-58.00
42.33
40.42
*Mar
3.81
5.00-25.00
*Apr
20.00-58.00
42.16
40.43
*Apr
3.81
5.00-25.00
*May
20.00-58.00
43.66
40.27
*May
3.81
5.00-25.00
*Jun
20.00-58.00
42.34
40.51
*Jun
3.81
2.50-15.00
Source:Reserve Bank of Zimbabwe, 2025
Notes
*Statistics are denominated in ZiG
3. Lending rates exclude rates on staff loans.
TABLE 10.2 : BANKS DEPOSIT RATES (percent per annum)1
1. The range of rates qouted by banks during the period.
2. Three (3) months deposit rates revised to exclude rates on
inactive or dormant accounts.
TABLE 10.1: LENDING RATES (percent per annum)1
1. Table revised, to separate weighted lending rates for individuals and
corporate bodies.
2. Nominal Lending Rates depict the range of rates quoted by banks.
Weighted Average Lending Rates3
Commercial Banks
Commercial Banks
End of

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar


*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

Source:Zimbabwe Stock Exchange, 2025
*Statistics are denominated in ZiG
**As at 30 September 2020
ZWG
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS
Indices
*All Share index was

FOOD
INFLATION
ALL
ALCOHOLIC
BEVERAGES
CLOTHING
HOUSING,
WATER,
FURNITURE
HEALTH
TRANSPORT
COMMUNICATION
RECREATION &
EDUCATION
RESTAURANTS
&
MISC.
TOTAL
NON
FOOD &
ITEMS
& TOBACCO
FOOTWEAR
ELECTRICTY,
GAS
AND
CULTURE
HOTELS
GOODS &
FOOD
NON
ALCOHOLIC
BEVERAGES
& OTHER
EQUIPMENT
SERVICES
FUELS
WEIGHTS


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

Source:Zimstat, 2025
*Statistics are in ZiG
NON-FOOD INFLATION
TABLE 12.1 : MONTHLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
( April 2024 = 100)

FOOD
INFLATION
ALL
ALCOHOLIC
BEVERAGES
CLOTHING
HOUSING, WATER,
FURNITURE
HEALTH
TRANSPORT
COMMUNICATION
RECREATION &
EDUCATION
RESTAURANT
S &
MISC.
TOTAL NON
FOOD &
ITEMS
& TOBACCO
FOOTWEAR
ELECTRICTY, GAS
AND
CULTURE
HOTELS
GOODS &
FOOD
NON
ALCOHOLIC
BEVERAGES
& OTHER
EQUIPMENT
SERVICES
FUELS
WEIGHTS


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


*Jan

*Feb

*Mar

*Apr

*May

*Jun

Source: ZIMSTAT, 2025
* Statistics are for ZiG Inflation
TABLE 12.2 : QUARTERLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
(April 2024 = 100)
NON-FOOD INFLATION

FOOD
INFLATION
ALCO HO LIC
CLO T HING
HO US ING ,
W AT E R,
FURNIT URE
MIS C.
FO O D &
B E VE RAG E S
&
E LE CT RICT Y,
G AS
AND
RE CRE AT IO N &
RE S T AURANT S
&
G O O DS &
T O T AL NO N
NO N
ALCO HO LIC
ALL
& T O B ACCO
FO O T W E AR
& O T HE R
E Q UIP ME NT
CULT URE
HO T E LS
S E RVICE S
FO O D
B E VE RAG E S
IT E MS
FUE LS
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

Source: ZIMSTAT, 2025
*Annual Zig Inflation
TABLE 12.3 : YEARLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
(February 2019 = 100)
CO MMUNICAT IO N
T RANS P O RT
HE ALT H
E DUCAT IO N
NON-FOOD INFLATION

End of
Jun-24
Jul-24 Aug-24 Sept-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
Apr-25 May-25
Jun-25
Merchandise Imports (excl. energy)
373.4

492.8

408.6

461.0

503.2

430.2

420.1

470.0

363.2

437.3

466.1

483.9

504.7

- Consumption Goods
143.2

154.3

118.1

166.3

173.5

160.7

156.8

143.9

108.0

119.5

138.1

128.4

146.1

- Capital Goods
123.4

174.3

139.7

144.1

178.5

143.3

132.7

142.2

109.8

143.8

158.1

177.1

172.5

- Intermediate Goods
106.8

154.3

118.1

166.3

151.2

126.2

130.6

184.0

145.4

174.1

169.9

178.4

186.1

Energy (Fuel & Electricity)
127.1

159.2

149.1

143.7

173.9

148.4

140.1

185.4

132.8

146.7

169.4

146.0

149.1

Service Payments
79.6

845.1

102.1

915.1

100.9

86.1

87.3

81.8

85.1

73.2

75.7

74.6

85.6

- Technical, Professional & consult
25.2

378.2

512.8

379.9

32.7

29.5

42.4

36.7

33.7

26.6

26.5

25.2

34.2

- Software
12.7

145.6

134.5

110.8

20.8

21.8

17.3

15.3

15.8

13.1

12.1

12.7

15.7

- Other (tourism, edu, freight etc)
41.7

321.3

373.4

424.5

47.4

34.8

27.6

29.8

35.6

33.5

37.1

36.6

35.8

Income Payments (Profits, Dividends)
23.7

38.1

858.6

417.1

20.4

20.8

58.5

50.5

32.6

39.5

65.6

31.1

66.1

Capital Remittances (outward)
48.8

111.1

735.7

763.5

59.8

80.8

102.8

87.9

53.9

58.6

73.9

82.6

96.8

- External Loan Repayments
41.8

95.1

60.3

64.0

46.3

45.5

76.9

63.4

38.4

41.8

61.4

63.8

76.2

- Disinvestments
2.6

80.4

10.8

38.5

5.9

14.4

17.6

10.9

11.8

10.3

7.3

9.2

13.7

- Cross Border Investment
4.4

79.6

24.9

84.8

7.6

20.9

8.3

13.6

3.8

6.5

5.2

9.6

6.9

Other Payments
22.3

28.9

20.3

21.7

21.3

22.7

22.7

26.0

32.1

31.6

24.4

26.8

31.3

TOTAL
675.0

914.7

839.5

836.0

879.5

788.9

831.5

901.6

699.6

786.9

875.1

844.9

933.5

Table 13.1: Monthly Cross Border Payments (US$ Millions)

Agriculture
Horticulture
Manufacturing
Mining
Tobacco
Tourism
Transport &
Other Services
Total
End of
Telecom

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

Source:Reserve Bank of Zimbabwe, 2025
Table 13.2: Monthly Cross Border Receipts (US$Millions)