Monetary Policy Statement (February 2026)

2. Single Digit Annual Inflation Achieved 12. Targeted Finance Facility (TFF) Retained The Reserve Bank has achieved single digit local currency ioe Cem em er lelliome et c teh mr a C8 Miele Mee) eee Seu ris me mca a eer milo support productive sectors of the economy. decades. PEP telecom es hG ica eC

3. Low and Stable aeedd bids 4 eh ded ll The exporter foreign currency retention threshold has been eS A Re ee ella) maintained at 70% across all sectors of the economy. 0.4% in 2025 and was recorded at around 0.0% in January saan MCE Coste Chet at Peery tsie seit iat POD ees aunts eee MU tae eC eee ra) ZiG25-27 per USS and parallel market premium contained Rr eee ere rahe Statutory Reserve Requirements have been maintained at 15% for savings and fixed deposits and 30% for demand and

5. Prudent Money Supply Management eee Ua a Be aT aoe uel Rhee Pare

16. Minimum Deposit Interest Rates Maintained ee aes e urns lula Meh Da mem mam Liquidity levels were consistently maintained within the interest rates for savings deposits at (5% for ZiG) and (2.5% for Optimal Liquidity Levels (OLL) throughout 2025 USS) and time deposits (7.5% for ZiG) and (4% for USS). Pee hae G cs Alc ial eA Cem tia ag Foreign currency receipts increased to US$16.2 billion in (ZiGDTDF} Introduced 2025 from US$13.3 billion in 2024, an increase of 21.8%. To complement NNCDs in managing ZiG liquidity and to move Mo ue an cee accel CUMS Oe Moco MA Perr arta kemuti hud st a ea CMLL Cum dy of foreign reserves to 1.5 months of import cover. sy] eda & o oa Mri tase ite tell el ea) RE eho iri se cubic ina iuled Bue eels Beto eal gem oc al es MibS Sees) |e e Rett cr ee ee ee to R ea cute ce TT) cover local currency reserve money of ZiGS3 es by, alee NM tae ale OT ene Or arco about 6 times and about 2 times the entire stock of ZIG ray a, : Crete PEE I eer en Dy cc.) 5 | | Seid Roe US eee eet ortega raga al tngionanyncre Sse 1 ta iad it ene oerreriegyets| || — performing loans o Tx ieblpn rita cid died | eT ney tte aii db ete Soul re a ee rads Siasconenr lid at De ee ee Bm mor lyr ote a — ;  <!-- page 4 --> Table of Contents INTRODUCTION AND: BACKGROUND jeissscusssesineccesseyaseckcesersaynsnsesinnncaspurenttevensetcasnsxennsparcerrsyenanscall MONETARY POLICY PERFORMANCE ASSESSMENE oo.o.o0..0. 0.0 .oocceccc cece cc ceetste eens eeeneeeesnee dD EXTERNAL SECTOR DEVELOPMENTS .....crsscsssssrpssscrsqrostenrsascesscosscosopepes secegasoesocossonnspenessnegqsseenbide MONETARY AND FINANCIAL CONDITIONS 0.00.00. Od MONETARY POLICY MEASURES AND OTHER REGULATORY MATTERS ......................70 ECONOMIC, INFLATION AND FINANCIAL SECTOR OUTLOOK ooo ene BB RBZCONSULTS: STAKEHOLDERS’ VIEWS ON MONETARY POLICY MANAGEMENT ..92 LIST OF REGISTERED MICROFINANCE INSTITUTIONS |... 0c.ccccceeesestenteseseserepreneerneenene LOL List of Figures Figure 1; Exchange Rate Development (August 2024 - February 2026) ...0.........06.ccccceceeeeecreeeees Figure 2: Bank Policy and Lending Rates (%) ..........cc6icciiccescseiecseescesseenssvesssosesensseccessseeecseroteseeensenect Figure 3: Market Positions (Jan - Dec 2025) ...0.00..0cc acc cteececece tees Figure 4: ZIG Reserve Money Developrrents, ....0...0........0cccsscceseneeeeeeseneeeeeeravecesenerseenreneceneaneesseeteee LL Figure 5; Local Currency Components of Broad Money, .................0.00c0ccccceccecesceseseerrerseeerreeees L2 Figure 6; Broad Money (M5) Developments «...............::c:0ccsccedicccescessereessessscseasecsenenssasenssussecanseseeen ba Figure 7: ZiG Currency Issued as a Share of Broad Money 0.00 02..0..22.00...000.0:cccceeceeeeeeeeeeertetreeneee LF Figure 8: Forcign Currency Reserves and ZiG Reserve Covet... teeter l 5 Figure 9; Foreign Currency Reserves and Import, Cover ...........0.-c6...00:cccsceseeneeeeeteterteerterreeeee LB Figure 10: ZiG month-on-month inflation (April 2024 - January 2026) ooo DT Figure Ll: ZiG annual inflation (April 2025 - January 2026)..........cccccsseeeeeenreeereeererreeereren LB Figure 12: RBZ Monetary Policy Impact FIOW, ...,.......:.,..:cc:0:cccsopsseceesnenseresseessnynnessecesnsnntseesessennenges 2d Figure 33: Global: Growtt (6) ssessisssiiiisisccescisssvesccscniesssncenscteccinsctasevsesssvbensnssontcdeleacteadapiancbetvvessiniesstabet Figure 14:Global Inflation Developments «....................00.6c0-c0:csecessscecsesensesagapsesecnetesesntensnsenerastennnne DD Figure 15; Developments in Selected Commodity Prices .............0..ccseceseeseeineseeneererasenenersenencennene Figure 16: Current Account Developments (USS million) ........0.0.0..0.ccc cesses teeereneeenersenetenn do Figure 17: Asset Mix as at 31 December 2025 :...00............c0.cc:ccccccssesesceessesessesesnsessnncosscesecestestaceeesneees DO Figure 18: Sectoral Distribution of Loans as at 31 December 2025 _ 2-2... -ceeeeceeeeeeeeeeeeeeee ee BD Figure 19: Trend in Non- Performing Loans ............0-.srssesssessseeriecreseseresearereiaeetenneversseeeseevereuaeene ili  <!-- page 5 --> Figure 20: Banking Sector Income Mix... ccccccecececceececceeeeedcesseecteseeeesesneetseeestenesesnesiceeeee OD Figure 21: Capital Levels for Operational DIMFIs as at 31 December 2025........000000000000000.....45 Figure 22: Cumulative Credit Registry Usage Status —0.... 0... ..cc ccccceeceseescesenseeecetsenneeetereeeneeeee SO Figure 23: Corresponding Loan Amount of Registered Security Interests: 31 December 2025 ..51 Figure 24; ‘Types of Collateral as at 31 December 2025 0.0.......0.0.ccccccscsccssessscesesceeessstareespepssapeneeneee do Figure 25:Movable Collateral Pledged by Gomer o....0..0.0...0.0.0.ccccscccscon see enssteeeneesesneeeneneerensetncanecens DD ARES Zio SENG APM DES EERE INIO IID 50. scceoncreaeccestencarocesenonrecssecesenen ery tiennrentivencteseenxeecrniesenmprerciisonse oe Figure 27: Digital Payments Transaction Values and Volumes from January —December 2025 .55 Figure 28: Interoperability transactional values and volumes from Jan 2025 to Dee 2025..........56 Figure 29; Number of Point-of-Sale Machines... seecerseeneerennneneeneoravenvansveresvanenerseeneed List of Tables Table 1: Governance, Performance, Effectiveness Matrix. .........00..005:60c6ccccccesceeceeeercreetecreereerveeeee LD Table 2; International Commodity Price Developments (Yearly Average) .....0...06...0c eee 28 Table 3: Total Foreign Currency Receipts for 2025 and 2024 (USS million) .......0.0.0.00..4......30 Table 4: Export Earnings Performance by Sector (US$ Millions) ....2........0..0.6.c0cccesseeeeteetsesene 0 Table 5:Foreign Payments by Category (US$) for 2025 and 2024 ooo... dL Table 6: Private Sector Offshore Loams (2024-25) ......0..0.0cccc.cccccccceseteceseveereseeceereeerserteemrentenener do Table 7; Banking Sector Architecture - December 2025 ..,..0.........ccccccssssereneneneereesneneersreetantanereenenene do Table 8: Financial Soundness Indicators (2024-25) ......5...,,c.ccccccscsesecssseesevesecesseertesecseenerseereeseneene dO Table 9:Reported Core Capital as at 31 December 2025 .......:....cccecccsscecsscssesteseontessesseeceereseenneaeenn DT Table 10: Microfinance Key Performance Indicators: 31 December 2025......0000000000000 0000 43 Table 11:Financial Inclusion Indicators ...............cccccsceesessereeeseneeesenvonecevenvereetsvaverernrsenspecsneneensnnneeth Pr Table 12: Payment Access Points and Devices as of December 2025 .........0..00.0ccccceeeeeeeeeteeeeee DO Table 13: Minimum Interest Rates for ZiG and US$ Savings and Time Deposits ..............0.....71 Table 14: Mobile Money and ZIPIT Transactional Limits (ZIG)... eee eeeee eee creer TO Table 15: Mobile Money and ZIPIT Transactional Limits (USS) ....... 78 List of Boxes Box 1: Local Currency Inflation Dymamics.....0.0..0..0.00c6ccisccetsecccseesccsstenssvesssosesenseeccesseeneeseroreseensec Oe Box 2: Transitioning to Inflation Targeting...................0.....0.c:cccsceccesese cee caseeaceseeseeeeeesseetecereeeeseeens OD Box 3: Term Deposit Facility (TDF) to Enhance Monetary Policy ..............:cccccccersereeeeeereeeee ee OO Box 4: Monetary Policy Cycles Lessons from Country Experiences ...........0.0...05..00cc ccecereeee OT Box 5: Monetary Policy Transmission Mechanism and the Roadmap to Mono-Currency..........69 iv  <!-- page 6 -->

1. This Monetary Policy Statement is issued in terms of Section 46 of the Reserve Bank of Zimbabwe Act [Chapter 22:15]. The policies outlined in this Statement are designed to deepen the use of the domestic currency in the economy and to consolidate price, currency and exchange rate stability, as part of the key steps in the transition to mono-currency.

2. Since the introduction of ZiG in 2024, the economy has registered significant milestones towards meeting the critical Conditions Precedent (CPs) for the effective transition to the exclusive use of the local currency for domestic transactions.

3. Notably, the economy has witnessed a progressive disinflation trend as evidenced by the significant decline in annual ZiG inflation from peak levels of 95.8% in July 2025, to low single-digit levels of 4.1% in January 2026. The decline in annual local currency inflation to single-digit levels, is a significantmilestone that has been achieved for the first time in over 30 years. Importantly, the low inflation rate is a critical condition precedent for safeguarding the stability of the domestic currency. Going forward, annual ZiG inflation is expected to remain within single-digit levels, benefitting from prident monetary policy measures and complementary fiscal policy. 4, The prevailing monetary and financial conditions have significantly boosted confidence in the ZiG currency as a unit of account, store of value and medium of exchange. Reflecting declining concerns related to the erosion of purchasing power, economic agents are now keeping ZiG deposits in bank accounts for longer periods. In this regard, the proportion of ZiG usage in the National Payment Systems (NPS) significantly increased to a peak of 43% in May 2025 and averaged between 35 - 40% for the greater part of 2025. 1  <!-- page 7 -->

5. The exchange rate has also remained largely stable, predictable and oscillating between ZiG25-27 per US$, since the once-off market-driven adjustment in September 2024. This stability has been anchored by prudent monetary policy management through effective money supply control and strong foreign currency reserves backing. thereby boosting market confidence.

6. The foreign exchange market has been supported by strong foreign currency inflows, which reached US$16,.2 billion in 2025, representing a 21.6% increase compared to 2024. The strong foreign currency inflows were mainly driven by exports of gold, tobacco and platinum group of metals (PGMs), on account of both firm international commodity prices and the increase in production, This resulted in trade surpluses recorded during the greater part of the second half of 2025.

7. Reflecting improved performance in the trade account and resilient diaspora remittances, the current account balance is estimated to have improved substantially, from a surplus of about US$500 million in 2024 to US$2.1 billion in

2025. A favourable current account balance is critical for the build-up of foreign exchange reserve buffers and anchoring exchange rate stability.

8. Against this background, foreign currency reserves grew from US$276 million in April 2024 to US$1.2 billion in December 2025, equivalent to 1.5 months of import cover. Further, the foreign currency reserve holdings provide about 6 times coverage for the ZiG component of reserve money and about double the entire stock of ZiG deposits in the banking system. The positive performance underscores the effectiveness of the current monetary policy stance and reinforces the role of the ZiG as a stable currency.

9. Zimbabwe and the International Monetary Fund (IMF) reached a Staff-Level agreement on economic policies and reforms to be monitored under a 10-month Staff Monitored Program (SMP). Notably, the current monetary policy framework informed the key monetary and financial elements of the SMP parameters and benchmarks aimed at consolidating price, currency and exchange rate stability. 2  <!-- page 8 -->

10. Going forward, the Reserve Bank will continue to align money supply growth with teal economic activity, while ensuring that liquidity conditions remain consistent with the inflation objective of preserving ZiG stability and ensuring sustainable economic growth. The monetary policy framework will remain anchored on transparency, market-based instruments and strict adherence to sustained build-up of foreign reserves buffer. The Reserve Bank will also enhance coordination with fiscal authorities to ensure that monetary and fiscal policies remain mutually reinforcing.

11. This Monetary Policy Statement is presented in two parts: i. Part 1 - Specific monetary policy measures informed by wider stakeholder consultations. ii. Part 2 - Leveraging the prevailing strong economic fundamentals and relative stability, largely focusing on the official introduction and launch of the upgraded BiG 5 ZiG Banknote Series. This is part of the broader strategy of “deepening domestic currency usage to consolidate price and exchange rate stability”.

12. The measures outlined in this Monetary Policy Statement benefited from extensive stakeholder consultations conducted from 9-19 February 2026, and feedback from the ZiG Perception and Confidence Survey Il administered from August to December 2025. These stakeholder consultative engagements and surveys are part of the Reserve Bank's monetary policy communication strategy. In this regard, this Statement contains a detailed Stakeholder Consultations Report, titled “RBZConsults” and the consolidated results of the ZiG Perception and Confidence Survey II, including the Banking Sector Survey and Frequently Asked Questions (FAQs) on ZiG and monetary policy matters.

13. The subsequent sections of the Monetary Policy Statement are presented as follows: e Section 2: Monetary Policy Performance Assessment e Section 3: External Sector Developments e Section 4: Financial Sector Developments 3  <!-- page 9 --> e Section 5: Monetary and Financial Conditions e Section 6: Monetary Policy Measures and Launch of the Upgraded ZiG Banknote Series e¢ Section 7: Economic, Inflation and Financial Sector Outlook e Section 8: Conclusion e Supplement 01: The Official Introduction and Launch of the Upgraded BiG 5 ZiG Banknote Series e Supplement 02: ZiG Perception and Confidence Survey II Results, including the Banking Sector Survey and Frequently Asked Questions (FAQs) 4  <!-- page 10 --> Background... 15, The recalibrated monetary policy framework introduced in April 2024 has been effective in addressing the price, currency and exchange rate instability that once characterised the economy.

16. The historical instability resulted in difficulties in implementing an efficient foreign exchange management framework, leading to a thriving parallel market. The widening parallel market premiums led to rampant speculative behaviours, high market indiscipline and unfair pricing practices. 17, Consequently, the domestic currency lost its store of value function, resulting in entrenched economy-wide dollarisation. Concurrently, the high pass-through effect from the exchange rate to prices resulted in elevated inflation, which undermined economic stability and eroded incomes and savings.

18. Against this background, the objectives of the recalibrated monetary policy framework of April 2024 were to establish: i. A solid and stable national currency. ii. A stable and sustainable exchange rate. iii. Robust policy credibility and restoration of market confidence. iv. Astable and sustainable macro economy as enshrined in Vision 2030 and the First National Development Strategy (NDS 1). Key Monetary Policy Imperatives

19. To restore price, currency and exchange rate stability and rebuild market confidence needed to promote the use of the local currency, the Reserve Bank has consistently implemented the following key monetary policy imperatives since April 2024: 5  <!-- page 11 --> i. Adoption of a market-determined exchange rate system. ti, Efficient and optimal money supply management. iii. Introduction of a new structured currency, iv. Anchoring local currency on reserves backed by gold and foreign currency balances. y. Other support measures and obligations in response to market demands. The Recalibrated Monetary Policy Framework

20. In line with the monetary policy imperatives, the Reserve Bank adopted a hybrid monetary policy framework, with reserve money as the operational target and the exchange rate as the intermediate target. This recalibrated monetary policy framework has served the country very well in effectively restoring price, currency and exchange rate stability.

21. The tailored monetary policy framework recognised the importance of stabilising the exchange rate in a multicurrency environment to achieve and sustain price, currency and exchange rate stability. The hybrid monetary policy approach entailed the sequential implementation of appropriate monetary policy measures. Adoption of a Market-determined Exchange Rate System

22. The Reserve Bank adopted the Willing-Buyer-Willing-Seller (WBWS) foreign exchange market system to improve transparency and price discovery in the interbank foreign exchange market, Under the WBWS, the Reserve Bank only intervenes in the interbank market to smoothen excess volatility and to ensure that the foreign exchange market clears.

23. To further support flexibility in the interbank market, the Reserve Bank provided clarification on the 5% trading margin and removed foreign exchange trading liniits. 6  <!-- page 12 -->

24. Importantly, Government liberalised the pricing of goods and services to market- driven pricing through the repeal of SI 81A of 2024, which imposed a maximum trading margin of 10%. 25, The adoption of a market determined exchange rate system supported by prudent money supply management and the accumulation of reserves resulted in stability in the WBWS interbank exchange rate which oscillated between ZiG25-27 per US dollar in 2025.

26. In addition, there have been significant movements towards convergence between the parallel market and the interbank market exchange rates, with premiums narrowing from over 100% in September 2024 to levels of around 20% during 2025. as shown in Figure 1. sure 1: Exchange Rate Development (August 2024 - February 2026 45 160% 40 [Athy 35 120% ~ 100% = 25 a 20 mE 215 60% : a as ¢ 10 Fs Be blog 20% 6 , i SESS SS SE OH RR SAAR AR VI SST AAS ea a eee FSRSS SERS FAIS RZZSITPAISF LIFTERS SISSL PEGE SORm Awe GPS" CRD sane Hw *R* Fn ggagscar gra 2R eee Premium ow Interbank Rate — Parallel Rate Source: Reserve Bank of Zimbabwe, 2026 Efficient and optimal money supply management

27. Under the hybrid monetary policy framework, the Reserve Bank strengthened money supply liquidity management to maintain price, currency and exchange rate stability. 7  <!-- page 13 -->

28. To achieve optimal growth of money supply, the Reserve Bank ensured that the growth of money supply remained closely tied to the envisaged economic growth and targeted inflation level. Interest Rate Policy

29. To curb speculative borrowing and control money supply, the Reserve Bank adopted a tight monetary policy aimed at supporting positive real mterest rates in the economy. In this regard, the Reserve Bank increased the policy rate from the initial 20% in April 2024 to 35% in September 2024 to curb emerging inflation and exchange rate pressures. This tight monetary policy stance has been maintained and helped contain inflation and anchor expectations as shown in Figure 2. igure 2: Bank Policy and Lending Rates (% 50 as 40 35 ma ewrwrnr3nrnr3nrnr37r wr 37nrnnr3nr wr nr wr nr wr nr rr rrr Kr | 30 2s 320 hem mm mamma ds 15 FP NP ae sh a A Ph oP eo et ot ee ne De ee ee ot st ~ = > ~~ es al =~ x ge a = we Ss > ss es s = Rae mee Policy Rate (%G) —eMin Ind Welgh Lending rate me Max Ind Weigh Lending rate afin Comp Weigh Lending rate me Minx Corp Weigh Lending. rate Source: Reserve Bank of Zimbabwe, 2026 Statutory Reserves

30. The review of the Bank Policy Rate was buttressed by the increase in statutory reserves for both the ZiG and US dollar deposits. In this regard, the statutory reserve requirements for foreign currency demand and call deposits were reviewed and standardised at 30%, while savings and time deposits remained at 15% in 8  <!-- page 14 --> September 2024 and were maintamed through 2025 to support the disinflation program.

31. Against this background, local currency statutory reserve balances increased by 22.85% from ZiG3.96 billion as of 30 June 2025 to ZiG4.86 billion as of 31 December 2025, The increase in statutory reserves largely reflected the growth in deposits. Liquidity Management

32. To support the tight monetary stance, the daily market positions were kept below optimal liquidity limits throughout 2025, As shown in Figure 3, the daily limits were below the ZiG500 million Optimal Liquidity Level (OLL) prior to 27 May 2025 and stayed within the revised threshold of ZiG600 million during the remainder of 2025.

33. Figure 3 shows the market closing positions from January 2025 to December 2025. igure 3: Market Positions (Jan - Dec 2025 700.00 600.00 400,00 | | 300,00 | 200.00 100.00 82243 2 5 2 # ¢$ @ &@ & 8 ——~Market Position (ZAG Millions) ~~~ OL (ZIG Millions) Source: Reserve Bank of Zimbabwe, 2026 9  <!-- page 15 -->

34. Accordingly, liquidity levels were consistently maintained within the OLL, and cumulative transactions since the start of the year 2025, with the market closing at ZiG298.73 million as of 31 December 2025.

35. To align liquidity to targeted money supply growth, the Reserve Bank enhanced the Non-Negotiable Certificates of Deposits (NNCDs) through tying them to a fixed term of 30 days and curtailed early redemption. The outstanding level of NNCDs as of 31 December 2025 amounted to ZiG3.53 billion.

36. The Liquidity Management and Cashflow Management Committees constituted by Treasury and the Reserve Bank were revived, and have played a critical role in ensuring congruence between Government payments and money supply targets. Targeted Finance Facility (TFF)

37. To ameliorate the impact of the tight monetary policy on the productive sectors of the economy, the Reserve Bank introduced the TFF in January 2025. The TFF disbursements amounted to ZiG476.12 million, representing a 79.35% take-up of the ZiG600 million facility as of the end of 2025. The facility has gone a long way in sustaining economic activity in an environment of tight monetary policy. The TFF outstanding balance stood at ZiG162.52 million as at 31 December 2025. Money Supply Developments Reserve Money

38. Reflecting optimal money contro] and liquidity management, reserve money was largely contained within the set target in 2024 and 2025, consistent with inflation and growth targets. Specifically, ZiG reserve money for December 2025 amounted to ZiG5.31 billion, an amount below the set target of ZiGS.35 billion as shown in Figure 4. 10  <!-- page 16 --> Figure 4: ZiG Reserve Money Developments 6,000 5,000 5 4,000 On 34 = 2 3,000 2 2,000 cs = GO lll al : , | RB SSSR ST TEP STE aes s SESSSPFFSSPZRPSPSSES2PTFSSEB fame 7/9 Geserye Money oom 2024 2G Reserve Money Teel = eee 2075 FG Reserve Manny Target Source: Reserve Bank of Zimbabwe, 2026 Broad Money 39, The tight control of reserve moncy resulted in a decline of the growth of the local currency component of broad money, which averaged 2.70% on a monthly basis in

2025. This growth compares favourably with an average of above 40% prior to the introduction of ZiG.

40. The slowdown in broad money growth is largely attributed to monetary policy measures implemented by the Reserve Bank throughout 2025. As such, the local currency component of M3 increased from ZiG14.48 billion recorded in December 2024 to ZiG20.17 billion in December 2025, translating to an annual growth of 39.30%, which was consistent with economic growth of above 6% and average annual inflation of 67.7%. Figure 5 shows developments in the local currency component of M3 from December 2024 to December 2025. 11  <!-- page 17 --> Figure 5: Local Currency Components of Broad Money 26 20 20 15 10 15 5 10 0 “2 0 40 PDP DP oP oP a OP PP PP PP PP PP RP BP Fh PF ash gg FF et Fe VF VP SP a? oF wh og? gees 71 Componantel M3 /LHS) a= Maorith on Month Growth in ZiG M3 (RHS) Source: Reserve Bank of Zimbabwe, 2026

41. Total broad money for both local and foreign currency components stood at ZiG108.09 billion in December 2025, an increase of 36.98%, from ZiG78.91 billion recorded in December 2024. The growth in the money supply was driven by expansions of 39.30% and 36.46% in local and foreign currency components, reaching ZiG20.17 billion and ZiG86.92 billion, respectively, as shown in Figure 6. Figure 6: Broad Money (M3) Developments 120 50 100 40 80 30 60 20 40 10 /i- i ) ~~ 20 B J . aS = eo 0 10 gee 2)G Componantof M3 (LHS) wees FX Component of M3 (LHS) ee lanth on Marth Growth in MS (ANS) a= Month an Month Growth in ZiG M3 (AHS) Source: Reserve Bank of Zimbabwe, 2026 12  <!-- page 18 -->

42. The proportion of the local currency component in broad money increased from 17.91% in January 2025 to 18.66% in December 2025. Going forward, the proportion of local currency deposits is envisaged to increase in line with sustained exchange rate and price stability as the country transitions to mono-currency. Introduction of a New Structured Currency

43. The ZiG currency, which is anchored by foreign currency reserves, has demonstrated sustained stability, which fostered significant progress in the currency’s acceptance and usage by the public. This is evidenced by the improvement in the use of the local currency in electronic transactions from around 20% in 2024 to averaging between 35-40% in 2025.

44. The growth in electronic transactions was complemented by the issuance of ZiG banknotes and coins in denominations of ZiG1, ZiG2, ZiGS, ZiG10 and ZiG20. The stock of currency issued steadily increased from less than 0.5% of broad money in April 2024 to 2.5% of broad money as at December 2025 as shown in Figure 7. Figure 7: ZiG Currency Issued as a Share of Broad Money 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% LRAT RFLSFSSTR HSK RAE SE ¢ 3 a ¢ 2: 6 = c s a PSSST S SSR EPSPS SLSTS SEE Source: Reserve Bank of Zimbabwe, 2026 13  <!-- page 19 -->

45. Reflecting improved trust and confidence in the local currency, economic agents have started to maintain ZiG in their accounts for longer than | month suggesting the increasing use of ZiG for savings purposes in the economy. Anchoring Local Currency on Reserves

46. To ensure sustained stability and strong backing of the ZiG, the Reserve Bank implemented a robust foreign currency reserves accumulation strategy anchored on using in-kind mineral royalties and a dedicated portion of export liquidation proceeds.

47. The reserves accumulation efforts were buttressed by the increase in export proceeds liquidation threshold from 25% to 30% in February 2025. Of the 30% export liquidation, 12.5% was earmarked for Government’s external debt service, 12.5% was allocated to the Reserve Bank to liquify the interbank market, and the remaining 5% was devoted to reserve accumulation,

48. As a result of the aggressive reserves accumulation strategy, the Reserve Bank managed to build reserve buffers from US$276 million in April 2024 to US$1.2 billion by December 2025, which further entrenched and sustained the stability of the ZiG.

49. In this regard, foreign currency reserves covering ZiG reserve money increased from around 3 times at inception in April 2024 to 6 times by December 2025, thereby entrenching stable monetary conditions. In addition, the foreign currency reserves adequately covered the entire ZiG deposit base by almost 2 times as at 20 February 2026, as shown in Figure 8. 14  <!-- page 20 --> Figure 8: Foreign Currency Reserves and ZiG Reserve Cover 4D 35 30 S a ele = 20 ee 2 as BM 10 5 ) SEFTLRT RRR REL SERRE ERE mame 2/0 Reserve Money wm 716 Deposits (Mkt) ome Resse Covet Source: Reserve Bank of Zimbabwe, 2026 External Reserve Buffers

50. The increase in the country’s foreign currency reserves to about US$1.2 billion as of December 2025 represents 1.5 months of import cover, a substantial improvement from the 0.18 months of import cover recorded in the first quarter of 2024, prior to the onset of the recalibrated monetary policy framework.

51. Gold holdings. a key component of the foreign currency reserves, significantly improved from 1,5 tonnes in April 2024 to 4.03 tonnes by December 2025, representing an increase of over 250%. This has boosted reserve buffers and enhanced the country’s resilience to external shocks, while providing sufficient backing for the local currency, ZiG. Figure 9 shows developments in foreign currency reserves. 15  <!-- page 21 --> Figure 9: Foreign Currency Reserves and Import Cover 1400 L7 1200 ee) 1000 1.3 g 10 . 400 0.5 200 i 0.3 ° 2024Q) 202402 2024853 202494 202501 202502 202593 202504 o -200 0.1 meee Foreign Reserves mm Current Account Balance- US$ im Import Cover (Goods) rhs Source: Reserve Bank af Zimbabwe, 2026

52. The build-up of foreign currency reserves has supported strategic intervention in the interbank market and ensured that all bonafide foreign payment invoices are met.

53. The Reserve Bank intervened in the foreign currency interbank market to about US$1.5 billion between April 2024 and 20 February 2026. This has gone a long way in maintaining orderly market conditions and meeting legitimate foreign currency demand. Other Support Measures and Obligations Implemented Monetary Policy Communication 54, The Reserve Bank adopted effective and clear communication as part of the tools to strengthen the efficacy and transparency of monctary policy through insightful feedback from robust stakeholder engagements. The Reserve Bank broadened its consultative engagements to enrich the monetary policy debate and better-informed monetary policy formulation. 16  <!-- page 22 -->

53. To enhance communication, the Reserve Bank continued to produce regular Monetary Policy Committee (MPC) Communique, Quarterly Snapshots of key monetary and financial indicators. Weekly, Monthly and Quarterly Economic Bulletins, Explainers and other ad hoe Press Statements, Inflation Developments

56. Overall, the consistent implementation of the monetary policy imperatives adopted in April 2024 has led to the achievement of single digit local currency inflation of 4.1% in January 2026.

57. ZiG month-on-month inflation has been sustainably low except for levels of 37.2% recorded in October 2024. Importantly, month-on-month mflation averaged 0.4% from February to December 2025 and declined to 0% in January 2026 and is expected to remain stable in the medium-term. Monthly inflation developments are shown in Figure 10, Figure 10: ZiG month-on-month inflation (April 2024 - January 2026) 55% 45% 35% 25% 15% 5% 5% -15% Pre e PR 6 se eg ~ . fi a % £ se a oP 3 a oe ge ———ZiG Headline Inflation ---=Food Inflation -——~Non food Inflation Source: ZIMSTAT, 2026

58. The sustained low monthly inflation realised since February 2025 underpinned the deceleration of annual inflation from peak levels of 95.8% in July 2025 to 15% by December 2025, against an initial year-end target of 30%. Furthermore, annual ZiG 17  <!-- page 23 --> inflation decelerated to single-digit levels of 4.1% in January 2026 and is expected to remain stable. Figure 11 shows annual inflation trends. Figure 11: ZiG annual inflation (April 2025 - January 2026) 120% 7 aia, 92.5% 95.8% ¢ 100% ge4o, 921% 93.8% — 80% 60% 32.7% 40% 19.0% 15.0% 20%, 4.1% 0% Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dee-25 Jan-26 Source: ZIMSTAT, 2026

59. The low levels of annual and month-on-month inflation confirm that the policy thrust has effectively eased inflationary pressures and anchored inflation expectations. This trajectory culminated in the realisation of single-digit annual inflation for the first time in over three decades.

60. Reflecting general price stability in both US dollar and local currency, annual US$ inflation also declined significantly from 14.6% in January 2025 to 1.0% im January 2026, following the dissipation of the base effects from a once-off rental price induced increase in January 2025, Governance, Performance and Policy Nexus

61. The performance of monetary policy has been underpinned by the Reserve Bank's monetary policy governance and monitoring architecture. Following the launch of ZiG in April 2024, the Reserve Bank took deliberate and considered steps to strengthen and improve policy performance and overall effectiveness through the recalibration of its governance and monitoring framework. 18  <!-- page 24 -->

62. The Reserve Bank’s monetary policy governance is structured to ensure effective and efficient policy formulation, implementation and evaluation, Specifically, the system is anchored on ansparency and accountability. thereby entrenching trust, confidence and monetary policy credibility.

63. Table | highlights the main governance and monitoring structures, their role and impact on monetary policy outcomes. Table 1: Governance, Performance. Effectiveness Matrix Governance / Role in System Performance Impact Effectiveness Lmpact PCTS eC EL (Execution Quality) (Policy Outcomes) Tere Governor (Chair | Strategic policy | Faster decisions, Clearer policy signal of Board & leadership and improved cohesion, and stronger MPC) authority stronger enforcement! | ¢xpectations anchoring RBZ Board Oversight and Reduced diseretionary | Enhanced credibility institutional! discipline | slippage, continuity of | and stronger stance transmission Monetary Policy | Sets policy stance and | Coherent, instiutional | Anchors inflation and — Committee Bank Policy Rate decision-making exchange rate (MPC) expectations Liquidity Anticipates liquidity | Fewer liquidity Stabilises interbank Management conditions shocks, smooth and rates and improves Committee efficient money monetary policy roarkets transmission Open Market Executes market Interest-rate corridor | - Meeting targets on Operations operations enforcement and reserve money, gald Committee reserve money control | and foreign currency reserves accumulation. ~ Strengthens the interest-rate channel Governor's Early-warning signals | Shorter reaction lag, Prevents expectation Dashboard / and feedback control | timely corrections de-anchoring and Monitoring supports stability System Source: Reserve Bank of Zimbabwe, 2026 19  <!-- page 25 -->

64. The Reserve Bank monitors on a daily basis, through dashboards, all the key economic, monetary and financial indicators. The Governor’s Dashboard, which 1s a monitoring and evaluation tool, tracks trends and developments on indicators and provides an early warning mechanism to the Reserve Bank and MPC, allowing for real-time corrective action to be taken. 65, The policy impact flow can be illustrated as the relationship between the govermance structure, implementation machinery and the ultimate performance and effectiveness outcomes as shown in Figure 12. Figure 12: RBZ Monetary Policy Impact Flow Geet iy Te Tarot teal TT etree Pea re cetil ss thi FNS ae Strliwture TAT rag rete Heli Te : (hutcor Ouibboetic - Conralisod raster cseculhos -. Tt Bias ; Bs oem lie. y ; Sinisa Line Mbit eriem tiie ia: eo bre ta Te = sie | | Stitutronal sex Reduced policy Hoesher crecittity a wots mrit thet wAltaus RR 3 a = 3 5 we Cet ee eras teeth ae DEO S = avon ps4 prscaeh 2 leper esi iee Ute astia le 4 elon = on sehr yee . - ee oe Set hi ee , maT 7 , Source: Reserve Bank of Zimbabwe, 2026

66. The above policy impact flow diagram shows an institutional system thal effectively supports disciplined implementation, critical for improved monetary policy transmission and enhanced credibility, 20  <!-- page 26 --> Enhancing Monetary Policy Effectiveness

67. To sustain the gains realised to date and durably anchor inflation expectations, the Reserve Bank will continue to implement prudent monetary policy measures that strike an appropriate balance between inflation and economic growth,

68. In the medium term, this will entail maintaining zero credit to Government as agreed with Treasury. At the same time, the limiting of credit to Government is consistent with NDS 2 pronouncements on the reduction of the statutory limit from the current limit of 20% of the previous year’s fiscal revenue to 5% in line with regional benchmarks under the SADC Macroeconomic Convergence Criteria.

69. The Reserve Bank continues to promote the increased usage of ZiG in the economy through various measures such as outreach and awareness campaigns. The Reserve Bank will continuously engage Government to promulgate legislation to promote the payment of taxes in ZiG.

70. Overall, the assessment of the policies implemented since April 2024 has shown that the Reserve Bank has “walked the talk” of prudent monetary policy, which has demonstrated clear effectiveness, restored discipline, and measurable macroeconomic gains, particularly in inflation contre! and exchange rate stability.

71. The consistency, certainty and predictability on monetary affairs continue to improve confidence, trust and policy credibility in the Reserve Bank and the local currency, the ZiG. The Reserve Bank’s current prudent monetary policy stance values transparency and emphasises policy communication as a key component of the policy strategy to ensure a more effective policy transmission.

72. Stability in the financial sector has remained a cornerstone for effective monetary policy transmission. The banking system, supported by adequate liquidity, strong capitalisation, and solid earnings, has ensured that policy signals are transmitted smoothly to households and businesses in alignment with price, currency and 21  <!-- page 27 --> exchange rate stability goals of the Reserve Bank. This resilience has safeguarded the economy, allowing credit flows to remain robust and supporting broader growth momentum. This way, financial sector stability has acted as a shield against volatility, as well as a catalyst for inclusive and enduring development, ny Oe WS | Global Economic Developments 73, The global economy continues to demonstrate resilience to trade policy shifts and persistent uncertainty. The impact of trade shocks was less than anticipated, while easing trade tensions, fiscal stimulus and accommodative financial conditions provided impetus for global growth.

74. Moreover, private sector agility countered the negative repercussions of trade disruptions alongside stronger policy frameworks in emerging markets. Nevertheless, strains from the low growth-high debt context, climate shocks, excessive external imbalances and geo-political tensions continue to challenge the resilience of the global economy. 75, In this context, the IMF’s January 2026 World Economic Outlook (WEO) Update estimates global growth to hold steady at 3.3% in 2025 and 2026, as shown in Figure 13. 22  <!-- page 28 --> igure 13: Global Growth (% 8 6 4 2 0 2018 «= 2019 \2o2f = 2021 2022) 2029) 2024 «= 22S )§=— 20264 §=— 2027 2 4 Source: IMF World Economie Outlook Update, January 2026 (* Projections)

76. Going forward, global growth is forecasted to slow down to 3.2% in 2027, as the outlook remains clouded by risks from renewed trade and geo-political tensions. In addition, the escalation of protectionist measures may further depress investment, disrupt supply chains, and curb productivity growth.

77. Additionally, labour supply shocks precipitated by restrictive immigration policies could dampen growth in economies facing population aging. Meanwhile, the rise in financial sector risks owing to the rapid expansion of non-banks and digital currencies, as well as worsening fiscal imbalances and elevated debt vulnerabilities, poses risks to financial stability.

78. In advanced economies, growth is projected to firm-up from 1.7% in 2025 to 1.8% in 2026, characterized by divergent growth paths for the US and the Euro-Area. In the US, growth is projected to increase from 2.1% in 2025 to 2.4% in 2026 benefitting from the waning effects of trade tariffs, supportive fiscal policy and lower policy rates. While growth is expected to decelerate to 2.0% in 2027, the still strong performance will be spurred by tax incentives, increased investment under the One Big Beautiful Bill Act (OBBBA) and technology-driven investments. 23  <!-- page 29 --> These growth drivers are expected to offset risk from stricter immigration policies that reduced labour supply, as well as moderating consumption.

79. Inthe Euro-Area, growth is projected to slow from 1.4% in 2025 to 1.3% in 2026, on the back of elevated global uncertainties. Strong growth performance in 2025 is attributed to the Euro-Area’s remarkable resilience against trade policy shocks, benefitting from deeper market integration and trade diversion opportunities. Importantly, the US trade agreements with the EU and the UK helped moderate trade policy uncertainty, while higher real wages provided further impetus to consumption and growth. Going forward, growth in the Euro-area is projected to rebound to 1.4% in 2027, benefitting from increased public spending, notably, in Germany and strong growth performance in Ireland and Spain.

80. In Emerging Market and Developing Economies (EMDEs), growth is projected to moderate from 4.4% in 2025 to 4.2% in 2026, and 4.1% in 2027. The progressive growth decline in EMDEs largely reflects the challenging global economic outlook, as well as the unsustainable debt trajectory. This notwithstanding, EMDEs, demonstrated resilience to global shocks through strengthening monetary and fiscal policies, alongside appropriate macroprudential frameworks. Concurrently, fiscal policy management switched from pro-cyclical into counter-cyclical mode to leverage fiscal space to stabilize output and react to economic slack.

81. Growth in the Chinese economy is expected to moderate from 5.0% in 2025 to 4.5% in 2026 and 4.0% in 2027. Despite the progressive decline, growth in China remains stronger than anticipated due to fiscal expansion measures which supported robust domestic demand. Importantly, the redirection of exports to European and Asian markets, as well as the year-long trade truce with the US moderated the negative effects of trade shocks and global policy uncertainties.

82. At the same time, the frontloading of international trade in the wake of the trade policy uncertainty earlier in 2025 provided an offsetting effect on the higher tariffs. 24  <!-- page 30 --> The depreciation of the real elfective exchange rate in China also countered the negative effects of the US tariffs and enhanced export competitiveness. Looking ahead, China’s growth prospects remain subject to negative spillovers from property market adjustments that continue to pose debt and deflation risks.

83. In Sub-Saharan Africa (SSA), growth is projected to firm-up from 4.4% in 2025 to 4.6% in 2026, notwithstanding heightened global uncertainties, While growth in SSA demonstrated resilience, the recovery momentum was weighed down by several constraints, including cuts in foreign aid and associated financing gaps, rising borrowing costs that have amplified debt vulnerabilities, and significant changes in preferential access to US markets. Specifically, the expiration of the African Growth and Opportunities Act (AGOA) in September 2025 had pronounced negative effects, particularly on Lesotho and Madagascar.

84. Growth in South Affica is projected to remain broadly subdued at 1.3% m 2025, before firming up to 1.4% in 2026 and 1.5% in 2027. Growth performance in South Africa remains constrained by underlying structural challenges, strains on public finances, heightened external imbalances and vulnerabilities to climate and commodity price shocks. $5. Meanwhile, growth in Nigeria is projected to increase from 4.2% in 2025 to 4.4% in 2026, before declining to 4.1% in 2027. The growth rebound in 2026 largely reflects the positive impact of higher oil production, improved investor confidence and a supportive fiscal stance. More inaportantly, Nigeria has limited exposure to higher US tariffs.

86. Going forward, growth in SSA is projected to hold steady at 4.6% in 2027 supported by macroeconomic stabilization efforts in key economies. SSA growth prospects, however, remain challenged by potential headwinds from the uncertain external environment characterized by uneven prospects in commodity prices, elevated borrowing costs and the deterioration in the global trade and aid landscape. 25  <!-- page 31 --> Global Inflation Developments

87. Global inflation is projected to decline from 4.1% in 2025 to 3.8% in 2026 and 3.4% in 2027, as the global economy weathers the inflationary pressures emanating from the US tariffs. Delays in the implementation of the proposed new tariffs, however, enabled firms to postpone price increases and absorb rising costs, In the US, inflation is envisaged to remain above the 2% target with risks tilted on the upside, owing to the impact of tariffs and fiscal stimulus measures. Going forward, US inflation is projected to return to the 2% target in 2027, as risks from higher tariffs crystallise.

88. Euro-Area inflation is expected to decline to 2.1% in 2025 and decelerate further to 1.9% in 2026. As such, Europe is on course to achieve the inflation target of 2% as member countries prioritise the implementation of macroeconomic policies geared towards further entrenching price stability and sustain inflation within the EU targets.

89. Inflation in SSA, though elevated in double digit levels, is expected to decline from 13.1% in 2025 to 10.9% in 2026, amid lingering challenges from slower global economic growth. Furthermore, fiscal imbalances and increased spending pressures from debt repayments, as well as currency volatilities, will continue to pose risks to the inflation outlook. Figure 14 shows global inflation developments. 26  <!-- page 32 --> Figure 14:Global Inflation Developments 12 10 4 6 4 2 0 zors «2020s «2021-2022 «2023S 202K = 2025 «= GF §=—- 2027F eee=Global =Advanced Economias (EAs) ——Emarging and Doveloping Eoonomies Source: IMF World Economic Outlook, 2026 90, Generally, the current global disinflation trajectory remains on course, benefitting from stabilisation measures currently being implemented by major central banks. In the outlook period, inflation developments remain conditioned by the lingering global policy uncertainties that continue to weigh on growth amid mounting fiscal pressures. Commodity Price Developments

91. Intemational commodity prices declined for the fourth consecutive year in 2025 owing to weak global economic growth, global trade, policy uncertainties and global oil oversupply concerns. Prices for base metals, agricultural commodities and energy registered declines in 2025, while prices for precious metals such as gold and platinum recorded an impressive boom during the same year.

92. Oil and food prices are envisaged to remain subdued in 2026, with Zimbabwe standing to benefit from lower petroleum and food import bills considering the country's reliance on such imports. This trend is expected to sustain the current account surplus and lessen pressures on the local currency (ZiG). Table 2 shows international commodity price developments. 27  <!-- page 33 --> Table 2: International Commodity Price Developments (Yearly Average) Commodity Actual Actual Forecast Forecast 2023 2024 2025 2026 Energy Crude Oil, brent (USS/bbl) 82.6 80.7 68,0 60.0 Coal Australis (US$/imt) 172.8 136.1 107 100 Natural Gas, Europe (USS/mmbtu) 13,1 11,0 12.1 108 Food Soya bean oil (USS/mt) L149 | ,G22 1158 LL75 Maize (US$/mt) 253 19) 195 (83 Rice, Thailand (US$/mr) 554 588 406 401 Wheat (US$/mt} 340 269 249258 Agricultural commodities Cotton (US$/kg) 2.09 191 1.70 175 Tobacco (US$/mt) 5,016 5,899 6400 —s-_ 5,600 Base Metals and Minerals Nickel (USimt} 21,521 16,184 15,300 15,500 Copper (US$/mt) 8.490 9,142 9700 9800 Tron ore (USS/dmt) 120.6 109.4 98.0 94.0 Precious Metals Gold US$itoz 1,943 2,388 3,400 3.575 Platinum USS)toz 966 955 1.230 1.275 World Bank Commodity Market Outlook, October 2025 93, Gold prices demonstrated remarkable strength in 2025, surpassing US$4,000.00 per ounce, largely contributing to foreign reserve accumulation and export earnings. In addition, PGM prices rallied significantly, driven by deepening market deficits and strong auto catalyst demand, among others. In 2025, copper prices averaged US$9,968.89 per tonne, up by 9.04% from US$9,142.14 per tonne recorded in 2024, amid concems over potential supply disruptions in Indonesia.

94. Global lithium prices significantly declined by 21.54% in 2025 to US$9,416.84 per tonne, from US$12,002.84 per tonne in 2024, primarily due to a pronounced oversupply in the global market. Similarly, Nickel prices fell by 8.76% in 2025, largely driven by Indonesia’s continued production, which led to excessive global supply. Figure 15 shows developments in selected commodity prices. 28  <!-- page 34 --> Figure 15: Developments in Selected Commodity Prices Gold Prices US$/Oz PGMs Prices US$/Oz 4500 1,900 ae 4000 1-708 5.000 1.300 HiMo 3500 1300 7000 5000 1.100 9an oe 2300 206 3.000 2000 " <n 00 Wehilpiaeceteaanniceerce 15 SRPAAFASTA FSAI AAAAAA AAA SSS SFE2 TIS SE SZ5F9=2EH58 REZ2522 255 SE TSP E ESA TESES re rnin —— any Source: World Bank Commodity Prices, 2025 | Source: Johnson Matthey, 2025 Lithium Prices US$/tonne Base Metals Prices US$/tonne 20.000 14.000 30,000 14.0 12.000 25,000 16aKID «0.000 dane 44.n00 8.000 1.00 200 16,000 ALK 0200 — ae “ ESRRSARHRTAA Oa Ee ESS ESER ELISE FPF SK Se SF So SK ——=Copper Nickel (RHS) Source: London Metal Exchange, 2025 Source: World Bank Commodity Prices, 2025 Brent Crude Oi] Prices/Barrel rao 90 a eee” Somers. S. = wer ~ ~ ™ = “~. ¢ -— =~ ~ an ~.f tee tn ane 0 - 50 40 s ~ s - - / - * * - . - . - - i - i Source: World Bank Commodity Prices, 2025 Foreign Currency Receipts

95. Reflecting the commodity super-cycle for precious minerals, particularly gold, total foreign currency receipts for 2025 amounted to US$16.19 billion, representing a 21.6% increase from US$13.32 billion received in 2024, as shown in Table 3. 29  <!-- page 35 --> Table 3: Total Foreign Currency Receipts for 2025 and 2024 (US$ million a pay Ts es Ee = = Bit % Wnt i Chance Ses PhS tiie Contribution (USS millions) Contribution mec Loan Proceeds : Disspors anhtnacea 2,453.1 15.1% | 2,152.5 16.16% 14.0% pent 1.083.6 6.7% 1,182.5 8.88% (8.4%) emittances — come Racca | 913 si | oma 16,1941 | 100% | 13,3162 | 100,00% | 21.6% Source: Reserve Bank of Zimbabwe, 2026

96. Export earnings continue to anchor foreign currency receipts for the economy, accounting for 59.7% of the country’s total foreign currency receipts in 2025. Diaspora remittances (person-to-person transfers) have maintained the upward trend in 2025, accounting for 15.1% of total receipts.

97. Table 4 shows the export earnings performance by sector for 2025 and 2024, Table 4: Export Earnings Performance by Sector (US$ Millions) misty 2025 pa ee eee OIE TT co Amount StU EBS) aon) Mining 7,307.5 5,433.4 54.5% Gold 4,381.3 2.2514 94.6% Platinum 1,612.7 1,464.6 10.1% Lithium Ore 432.] 915.8 (32.8%) Diamonds 219.48 123.4 77, 9% Chrome ore & 371.7 402.4 (7.6%) Ferrochrome Coke 179.) 125.7 42.5% fron & Steel 62.25 0.5 - Granite 18.3 32:2 (42.5%) Coal 17.2 16.5 4.2% Vermiculite 2.16 SA] (37.6%) Nickel 0.02 53.0 (106.6%) Other minerals 10.9 429 (74.6%) Tobacco 1,533.0 1,599,1 (3.1%) 30  <!-- page 36 --> Sector 2025 2024 Yo Change Amount SWIC (US$) (US$) Tourism 264.8 202.7 30.6% Manufacturing 192.4 234.9 (18.1%) Transport 183.8 190.9 (3.7%) Agriculture 97.7 120.1 (18.7%) Horticulture 58.8 57.6 2.1% Other Services (Construction, ete) 24.9 25.5 (2.4%) Postal & Telecommunications 12.3 14.9 7, is Source: Reserve Bank of Zimbabwe, 2026

98. Mineral exports contributed 75.5% of the total export earnings. Gold export eamings registered significant growth of 94.6%, on account of favourable intemational prices and resultant increased domestic output. Increased geo-political uncertainty strengthened gold’s position as a safe haven asset, pushing prices upward and boosting export earnings.

99. On the domestic front, enhanced formalisation of artisanal and small-scale mining operations contributed to higher gold deliveries through official channels. Foreign Payments

100. Total foreign payments reported by Authorised Dealers (Banks) amounted to US$11.42 billion in 2025, representing an increase of 21.6% from US$9.34 billion recorded in 2024, as shown in Table 5. Table 5:Foreign Payments by Category (US$) for 2025 and 2024 Category 2025 2024 % a) ik POLED BOLT Variance Contribution Contribution (USS) es) 2025 nie Merchandise 6.102,115.527 | 5.033,817,132 21.2% 53.5% 53.6% Imports (excl. energy | Raw Materials & 2.215,978,968 | 1,625,712,834 36.3% 19.4% 17.3% | Intermedisie Goods |p | Capital Goods _ _2,087,632,362 | 1,758,640,205 | 18.7% | 18.3% | B.7% | Consumption & 1,798,504,196 | 1,649.464,092 9.0% 15.8% 17.6% | Manufactured _Goods | Energy (Fuel & | 2.000,291.284 | 1,752,284,989 17.5% 18.7% | Electricity) — : _ 3]  <!-- page 37 --> Category 2025 Pai Pe i vi iy Amount Amouut Variance Contribution Contribution (USS) LOSS?) PP 2024 Fuel 1.860.527.496 | 1,574.244.253 | 18.2% 16.3% 16.8% Electricity 139,763,789 | 178,040,736 | -21.5% 1.2% 1.9% Service Payments | 1,117,169,112 | 1,019,523,557 | 9.6% 9.8% 10.9% Technical, 458,732,166 | 423,524,952 8.3% 4.0% 4.5% Professional & consult i | | Software ~~ 195.625.869 | 167,799.98! | 166% | 1.7% 18% | Other (fourism, 462,.311.077 428,198,623 8.1% 4.1% 4.6% edu, freight ete (Profits, Dividends] Dividends 358,692,506 220,817,723 Interest Payments $1.320.917 26,203,571 Other (Salaries, 198.422. 585 162,822,167 21.9% 1.7% 1,7% Expatriates, Rental) | poe ge Da py Capital Remittances | 1,185,221,167 908,441,637 30.5% 10.4% 9.7" (outward) Repayments Disinvestments 155,462,543 106,820,348 455% | 14% | 11% | - Foreign 122,742,985 104,348,408 17.1% 11% 1.1% Invesunent senate erage eens a er | Other Payments _|__ 402,539,405 | 263,011,670 | 52.7% | 3.5% | 2.8¥ | Card Payments __375.547,046 | 228.513.9049 | 64.3% | 3.3% | 2.4% Refunds 26.991.759 35,097,720 -23.1% 0.2% 0.4% Source- Reserve Bank of Zimbabwe, 2026 Trade and Current Account Developments

101. The strong exports growth and resilient remittance flows resulted in an estimated current account surplus of US$2.1 billion m 2025. This represents a significant improvement from US$501,2 million recorded in 2024. The country recorded trade surpluses for the greater part of the second half of 2025, a significant improvement from persistent trade deficits recorded in yesteryears. Figure 16 shows quarterly developments in the current account from 2023 to 2025. 32  <!-- page 38 --> Figure 16: Current Account Developments (US$ million 1200 800 400 | | Fir ir i Fy F i -400 -800 202301 202302 202303 202304 202401 202402 202403 202404 202501 202502 202503 202504 tome Trade Bal ees Services Bal Sn Bal on Primary Income e=== Bal on secondary Income = Current Account Bal Source: RBZ and Zimstat Estimates, 2026 Access to Offshore Loans by the Private Sector

102. The private sector accessed offshore loans amounting to US$3.53 billion in 2025, representing an increase of 43% from US$2.46 billion in 2024, as shown in Table 6. Table 6: Private Sector Offshore Loans (2024-25 2025 2024 Sector Lm % PUI GLititmeibh ‘ s Amount (US$) é F Contribution Contribution $04,310,508 22.80% 443,278,149 18.00% uarrving Manufacturing | 550,177,322 138,740,184 $72,150 000 382 442,000 177.280,69 $0.96 859 174,803,540 81,893,840 Retail and , on 23,806,800 53,000,000 7.150.000 indviauals | 10,000 780,000 Source: Reserve Bank of Zimbabwe, 2026 33  <!-- page 39 -->

103. Agriculture remains the major beneficiary of offshore loans with a proportion of 37.1%, followed by mining (22.8%), and manufacturing (15.6%), among others. Offshore loan facilities expand financing options at competitive terms and interest rates, supporting employment creation and growth. 34  <!-- page 40 --> SECTION IV 104, The banking sector continued to exhibit resilience and maintained its support for economic development through provision of financing to various sectors of the econoniy. 105, The sector remains safe and sound, bolstered by the prevailing macroeconomic stability. On aggregate, the performance of the sector has remained robust, characterised by strong capital positions, satisfactory asset quality, liquidity and profitability. 106, This notwithstanding, there are a few outliers with elevated areas of supervisory concern, and the Reserve Bank is implementing appropriate and proportionate actions in terms of the Banking Act [Chapter 24:20] and the Microfinance Act [Chapter 24:30}. Banking Sector Architecture 107, Table 7 shows the banking sector architecture as at 31 December 2025. Table 7: Banking Sector Architecture - December 2025 SRM een Number Commercial Banks 14 _ Building Societies 2 Savings Bank (POSB) fi] Non-Bank Financial Institutions Under the Supervision of Reserve Bank |_Credit-only-MFIs LSet | DeposittakingMFIs Devélopment Financial Institutions (SMEDCO, IDBZ, IDCZ and AFC Land & 4 Development Bank) | Total Non - Bank Financial Institutions | 328 Source; Reserve Bank of Zimbabwe, 2026 35  <!-- page 41 -->

108. The number of building societies reduced from four (4) to two (2) following the voluntary surrender of operating licences by shareholders of ZB Building Society and FBC Building Society, The Reserve Bank cancelled the operating licenses of ZB Building Society and FBC Building Society effective 19 December 2025 and 30 December 2025, respectively, in terms of section 14 of the Building Societies Act [Chapter 24:02]. 109, The number of deposit-taking microfinance institutions declined from nine (9) to seven (7) as at 31 December 2025, following the cancellation of licenses of CashBox Financial Services and Lion Microfinance Limited in terms of section 12 of the Microfinance Act [Chapter 24:30], During the same period, a total of fifty-seven (57) credit-only microfinance institutions were registered, while two (2) credit-only microfinance licences were cancelled between January and December 2025. Financial Soundness Indicators

110. As at 31 December 2025, the condition and performance of the banking sector were satisfactory as reflected by the key financial soundness indicators depicted in Table 8. Table 8: Financial Soundness Indicators (2024-2 Koy Indicators Benchmark Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 pees SO Ee Bees | ee eee weieennsmeenctsnes seas [Se [oree | eas, iaee ee || | Pe [Core Capital (ZiGhillion) T= | 3342 33-22 | 33.08 | 3546 | 35-72 Toa Deporie iG bahon) [= «BOT RAS | WHAT | Wess | mae | Meee _idiy_| a9 _ | 26) |S) | |e Reumonasee ——SCSSC«*d Retin onEquty Si ——S—«* SMG | BM ee eee ee ee Loans to Deposits Ratio (e fines 0 58,60% | 56.01% | 56.46% | 61.19% ee | |e a a Source: Reserve Bank of Zimbabwe, 2026 36  <!-- page 42 --> Banking Sector Capitalization

111. The reported core capital as at 31 December 2025 is shown in Table 9. Table 9:Reported Core Capital as at 31 December 2025 ae Perrier Reported Core Ee rie tai eres eay rss. , Banking Institution Capital (ZiG) (US$1: ZIG25.9807) yen ian iT Bitte s CBZ Bank Limited 6.028,833.347,29 932.050,458.51] 30 million Stanbic Bank Zimbabwe 4,335, 158,973.90 166,860,745.63 a Limited 30 million 3,313,643,016.67 ZB Bank Limited 2,731,622.247,97 105,140,440,71 30 million NMB Bank Limited 1,906,620.227.41 73.386,022.22 Nedbank Zimbabwe Limited 1,389,329,209.00 53.475,434.03 1,305,788,848.05 BancABC Limited 1,119,389,494.54 1,018.776,088.40 1,010,865,434.16 38,908,321.72 TN CyberTech Bank Limited 973,834.947,54 37,483.014.22 formerly Steward Bank FBC Crown Bank Limited 969,513,883.38 37,316.695.99 139,032.652.98 Source: Reserve Bank of Zimbabwe, 2026

112. POSB, which is established in terms of the POSB Act [Chapter 24:10] does not have minimum capital requirements. The institution, however, benchmarks with tier IT banking institutions that have a capital requirement of ZiG equivalent of US$20 million, Banking Sector Asset Structure 113, Banking sector assets continued on a growth path as evidenced by a 29.5% increase from ZiG161,39 billion as at 31 December 2024 to ZiG208.93 billion as at 31 December 2025. As shown in Figure 17, the asset mix remained skewed towards loans & advances, which accounted for 33.48% of total banking sector assets as at 3] December 2025, compared to 32.85% in June 2025. ' Not authorized to take deposits 37  <!-- page 43 --> Figure 17: Asset Mix as at 31 December 2025 Repossessed Properties! Assets ; a Foreign Cisima (Including Bills of Exchange) aoe Assetin Transit 5° Balances with Domestic Banking Institutions ata Off-Balance Sheet Items m2 | Balances with Foreign Institutions ss ga BSD- BS Other Anscis NNR 9.06% Notes and Coin Seed Fits Assen 9.00% Securities & Investment ey 1) 476, bis hC ——— nO ‘aka: Agvaioen ee a 0% 3% 10% 13% 20% 2% 3% JIS% 40% Dec-2d » Dee-25 Source; Reserve Bank af Zimbabwe, 2026 Banking Sector Loans and Advances 114, Aggregate gross banking sector loans and advances amounted to ZiG75.59 billion as at 31 December 2025, compared to ZiG55.93 billion as at 31 December 2024. Foreign currency-denominated loans accounted for 89.63% of the banking sector aggregate loans.

115. The banking sector continues to support the productive sectors of the economy, with 74.82% of total loans directed towards these sectors as at 31 December 2025, as Shown in Figure 18. 38  <!-- page 44 --> Figure 18: Sectoral Distribution of Loans as at 31 December 2025 Loans, 0.17% [Toes Apinpiities, 0.00% } Soe ees a | Source: Reserve Bank of Zimbabwe, 2026 Asset Quality

116. The quality of the banking sector’s loan portfolio remained satisfactory. As at 31 December 2025, the average non-performing loan to total loans ratio (NPL) was 3.47%, compared to 3.37% reported as alt 31 December 2024. The NPL ratio remains within the intemationally acceptable benchmark of 5%. 117, The trend in the level of NPLs from 31 December 2021 to 31 December 2025 is as shown in Figure 19, 39  <!-- page 45 --> Figure 19:Trend in Non- Performing Loans ZIG 80.00 villian 4.00% ZS 70.00 hittion ZG 61.00 billion sam ] 3.4798 | 3.50% 26 50.00 pitilor > : ZIG 40.00 billion {2.90% 3.07% S00% ZiG 30.00 dilfion 2G 20.00 billion 1 r 2.50% Zié 10.00 dillon ZG 0.00 billion 200% Dee-24 Jun-25 Sep-25 Gec-25 Moss me Doubiul samme Substandard gam SpeciaiMention eee Pass —.NPL Ratio Source: Reserve Bank of Zimbabwe, 2026 Banking Sector Profitability

118. The banking sector remains profitable and recorded aggregate profit of ZiG8.77 billion (US$337.65 million) for the year ended 3] December 2025, compared to ZiG26.68 billion (US$1.03 billion) reported in the corresponding period in 2024. The quality of earnings has, however, improved as a result of stability in the local currency over the past year.

119. The income mix for the sector for December 2024 and December 2025 is depicted in the Figure 20. Figure 20: Banking Sector Income Mix 60% soe aise) 40% [34.6506] 30% um | " i & interest Income Interest income Interest income Other Noo- Been and Foreign Net Gains on on Investments on Balances. fromLosay Interestincome Commission Exchange § Revaluerions and Securities with Banking Advances und Trading Incume lastitutions Leases @Dec-24 & Deg-25 Source; Reserve Bank of Zimbabwe, 2026 40  <!-- page 46 -->

120. The banking sector continues to implement measures to enhance income generation from sustainable sources such as loans and advances. 121, The return on assets ratio was 6.17% as at 31 December 2025, compared to 24.72% as at 31 December 2024, respectively, reflecting the significant reduction in the gains from revaluation owing to the stability of the local! currency. Banking Sector Deposits and Liquidity

122. The banking sector continued to maintain satisfactory liquidity positions as evidenced by an average prudential liquidity ratio of 57.61% as at 31 December 2025, which was compliant with the regulatory minimum ratio of 30%.

123. Banking sector deposits continued to increase, reflecting growing public confidence in the sector. As at 31 December 2025, total banking sector deposits amounted to ZiG123.53 billion, representing a 38.7% increase from ZiG89.07 billion recorded as at 31 December 2024. Foreign currency-denominated deposits accounted for $3.22% of total deposits recorded as at 31 December 2025, BANKING SECTOR DEVELOPMENTS ZB Building Society Surrender of Operating Licence

124. The Registrar of Building Societies cancelled ZB Building Society’s licence in terms of section 14 of the Building Societies Act [Chapter 24:02), effective 19 December 2025.

125. The cancellation followed the institution’s voluntary surrender of its licence and request for its cancellation in terms of section 14 (3) of the Building Societies Act. ZB Financial Holdings Limited, the institution's shareholders, resolved to surrender the building society licence for cancellation and proceed with its voluntary liquidation. 41  <!-- page 47 -->

126. Accordingly, ZB Building Society in terms of the Building Societies Act, is no longer a building society. Restructuring of FBC Holdings Limited

127. The Minister of Finance, Economic Development and Investment Promotion approved the merger of FBC Bank Limited and FBC Building Society at the request of FBC Holdings Limited in terms of section 25(5) of the Banking Act [Chapter 24:20].

128. Following the approval, the Registrar of Building Societies cancelled FBC Building Society’s licence in terms of section 14(4) of the Building Societies Act [Chapter 24:02], with effect from 30 December 2025. Sustainable Finance

129. As at 31 December 2025, a total of 15 out of 17 banking institutions, two (2) development finance institutions and one (1) deposit-taking microfinance institution, are pursuing implementation of the sustainability standards under the Sustainability Standards & Certification Initiative (SSCD.

130. The Reserve Bank remains resolutely focused on advancing supervisory activities that foster the development of a sustainability-oriented financial sector. In 2026, this commitment will encompass sustained engagement with institutions on sustainable finance initiatives, deepening of green finance adoption, and active support for sector-wide sustainability efforts.

131. These efforts are designed to embed environmental, social and governance principles into the financial system and strengthen resilience agamst climate-related risks and align the country’s financial sector with international best practice and National Development Strategy I while safeguarding long-term financial stability. 42  <!-- page 48 --> Climate Risk Management in the Banking Sector

132. The Reserve Bank continues to review the banking sector’s integration of climate risk in institutions’ risk management frameworks in line with Guideline No. 01- 2023/BSD: Climate Risk Management.

133. An evaluation of banking institutions’ climate risk profiles revealed that most banking institutions have incorporated climate risk in their risk management cycle Le. risk identification, risk assessment, risk monitoring, and risk mitigation, The institutions are also putting in place appropriate governance systems and strategy development processes, which ensure accountability for climate-related risks across all layers of their risk management processes. PERFORMANCE OF THE MICROFINANCE SECTOR

134. The microfinance sector continues to play a strategic role in transforming livelihoods and advancing the national financial inclusion agenda by facilitating access to finance for low-income and underserved communities, including micro, small and medium enterprises.

135. The key performance indicators for the microfinance sector (deposit-taking and credit-only microfinance institutions) for the year ended December 2025 is summarised in Table 10. Table 10: Microfinance Key Performance Indicators: 31 December 2025 Indicator Dec 2024 Tee Dec 2025 ‘Net Profit (2G billion) om =| oan | 85 Total Deposits (ZiG billion) | 139 | oan | a Average Operational SeiSucieney(0$5) | iszsire | 16293 | 16385% 43  <!-- page 49 --> Breet areal Te Se ‘Number of Outstinding Louns | omsa | sasszx | 470.023 Nambér of Aetive Lean Clients | srsai7 422.358 Naumber of Female Borrowers eee Source: Reserve Bank of Zimbabwe, 2026 Microfinance Outreach

136. During the year 2025, the microfinance industry expanded the branch and agents* network to 4,078 branches and agents, up from 3,046 in the previous year. The increase in the branch network was driven by the growing number of microfinance institutions and the expansion of agent networks, as institutions sought to enhance outreach and access to financial services.

137. During the review period, female clients accessed loans amounting to ZiG2.27 billion, representing 31.57% of the total loan portfolio of ZiG7.19 billion. The proportion of female borrowers stood at 43.37% of the industry’s total borrowers of 422,358, reflecting an increase from 28.68% recorded as at 31 December 2024. Profitability

138. During the year under review, the microfinance industry recorded aggregate net profit of ZiG859 million compared to ZiG971.68 million recorded in December

2024. The decline in net profit was due to high operational costs as represented by a decline in the operational self-sufficiency ratio (OSS) from 182.81% as at 31 December 2024 to 163.85% as at 3] December 2025. Microfinance institutions are urged to adopt digital financial technology to development efficient delivery channels. 44  <!-- page 50 --> Capitalisation

139. As at 31 December 2025 the aggregate equity for the microfinance industry amounted to ZiG4.39 billion compared to ZiG2.74 billion recorded as at December

2024. The increase in aggregate equity was largely driven by microfinance institutions that injected additional capital in order to comply with the minimum capital requirements. 140, Five (5) out of the seven (7) operational deposit taking microfinance institutions were compliant with the minimum capital requirement of the local currency equivalent to US$5 million. The two (2) non-compliant DTMFIs, (EmpowerBank Limited and Zimbabwe Women's Microfinance Bank Limited) continue to record losses due to viability challenges. The Reserve Bank continues to engage these institutions to put in place turnaround strategies.

141. Figure 21 shows the capital levels of the Deposit-Taking Microfinance Institutions (DTMFIs) as at 31 December 2025. Figure 21: Capital Levels for Operational DTMFIs as at 31 December 2025* $18.00 $16.00 15.23 $14.00 12,46 $12,00 sin8i 0.36 9.86 $3.00 $6.00 5.14 eine 253 $2.00 all” 0.92 Rep = Innbucks ACE Success Mukury © Gethuckt Empowerhank ZWMB wee Dco-24 Mm Sep-25 eee Decz5 er Reguletary min Source: Reserve Bank of Zimbabwe, 2026 ? Minimum capital requirement is equivolent of US$5 million. The declared copital levels were converted using an exchange rale of USEI=ZiG25, 7985 ay at 3) December 2024, USS]: ZiG 26.6439 as at 30 September 2025 and USE! : ZIG25.9807 af at 31 Décember 2025 45  <!-- page 51 --> Deposits Mobilisation

142. As at 31 December 2025, the DTMFI subsector registered a 105.19% increase in total deposits from ZiG1.35 billion as at 31 December 2024 to ZiG2.77 billion, largely driven by increased deposit taking mobilisation efforts within the sector towards corporate clients.

143. The DIMFI subsector prudential liquidity ratio of 127.13% as at 31 December 2025, indicated an increase from 96.34% as at 31 December 2024, significantly above the prudential minimum threshold of 30%. The high prudential liquidity ratio was reflective of the subsector’s maintenance of a high level of liquid assets compared to the level of obligations. FINANCIAL INCLUSION

144. Zimbabwe achieved sustained, transformational progress in the financial inclusion space in 2025. The strengthening of economic participation of the target groups during the same period has demonstrated the effectiveness of targeted financial inclusion policies and co-ordinated national strategies and partnerships, ‘/eaving no one, and no place behind’.

145. The co-ordinated targeted policy interventions, adoption of innovative financial solutions by the banks, microfinance institutions, and other service providers, and the establishment of a robust credit infrastructure, including the collateral registry, provided the impetus to the financial inclusion journey in Zimbabwe.

146. As the National Financial Inclusion Strategy II (NFIS II) comes to an end in October 2026, the Reserve Bank, in consultation with other financial inclusion stakeholders is spearheading the development of the National Financial Inclusion Strategy TI (NFIS I), which will be launched in the fourth quarter of 2026. Preliminary assessment of the implementation of NFIS II (2022-2026) indicates that significant progress has been achieved on both the access and usage strands. 46  <!-- page 52 --> 147, Building on the progress to date, NFIS II will focus on the transformational impact of the various financial inclusion initiatives through translating access and usage into improved livelihoods, enterprise growth and economic resilience, while prioritizing consumer protection, financial health and capability, productive sector financing, and data-driven policy interventions. Financial Inclusion Indicators

148. Loans to the marginalised groups, particularly the women and youth generally exhibited an upward trend indicating that the financial inclusion initiatives were having a notable impact on the sustainable uptake and usage of financial services. Table 11 shows a snapshot of financial inclusion progress made during the period under review. Table 11:Financial Inclusion Indicators iterrecliny re Mar 25 Jun 25 Sep 25 eee ee billion total bank loans Number of Loans to Women 319.634 328,324 Value of Loans (o Women (ZiG 4.91 5.69 7.25 billion total bank loans Number of Loans to Youth 73.770 | BBA | 102.018 __| 94,819 billion) po Syed Si A Lj total bank loans a Accounts (Million rn SA Accounts (Million Source: Reserve Bank of Zimbabwe, 2026

149. The number of active bank accounts marginally increased from 7.53 million to 7.60 million, whilst low-cost accounts improved from 3.37 million to 3.62 million, over the same period, 47  <!-- page 53 --> AML/CFT/CPF? SUPERVISION

150. The Reserve Bank continues to promote the integrity of the banking sector through the application of risk-based supervision, to ensure that banking and microfinance institutions comply with their AML, CFT, CPF obligations.

151. The banking sector level of compliance with AML, CFT, CPF obligations remains high as supported by comprehensive AML, CFT, CPF policies and procedures, robust internal controls buttressed by a culture of compliance permeating from board level to operational level.

152. The controls include implementation of risk-based customer due diligence procedures at on boarding and on an on-going basis to ensure that they are not used as conduits for legitimizing illicit proceeds from criminals, adherence to record keeping requirements and reporting suspicious transactions and activities, among others.

153. As part of efforts to align their AML,CFT,CPF frameworks with the results of the 2024 Money Laundering National Risk Assessment, banking institutions and deposit taking microfinance institutions are undertaking a number of risk based activities and initiatives. These include updating Institutional Risk Assessments, reviewing policies and procedures, adjusting transaction monitoring scenarios and thresholds and training staff, among others. 154, Most banking institutions have put in place effective sanctions screening systems to deter sanctioned individuals and entities from using the products and services of banking institutions, as well as implementing automated transaction monitoring systems to facilitate effective suspicious transaction reporting. Anti-Money Laundering, Counter Terrorist Financing, Counter Proiiferation Financing 48  <!-- page 54 -->

155. Given the evolving money laundering, terrorist financing and proliferation financing threat landscape and emerging risks, as well as changes in regulatory and Financial Action Task Force (FATF) standards, banking and microfinance institutions are urged to remain vigilant and proactive in the implementation of measures that ensure the effectiveness of their AML, CFT, CPF programs on-going basis. Compliance and Enforcement

156. Durmg the year, the Reserve Bank noted improved compliance levels across banking institutions and deposit-taking microfinance institutions (DTMFI). Instances of non-compliance were, however, identified and these included delayed or non-submission of regulatory returns.

157. The Reserve Bank will continue to maintain a zero-tolerance stance toward non-compliance, and appropriate supervisory action was taken in all cases to reinforce a strong compliance culture across the sector. CREDIT INFRASTRUCTURE Credit Registry

158. The credit information ecosystem demonstrated sustained forward momentum, reflecting a clear commitment to its strategic objectives and long-term development. Through effective coordination among the Credit Registry and the three private credit bureaus, the coverage, depth, and reliability of borrower information continued to improve, supporting a more transparent and inclusive credit market. 159, This steady progression has reinforced confidence in lending decisions, contributed to stronger credit discipline, and enhanced the financial sector’s capacity to manage risk. Overall, the continued infrastructure development provides assurance of its 49  <!-- page 55 --> readiness to support future growth, innovation, and stability within the financial system.

160. As at 31 December 2025, all the credit reporting institutions, which include the Reserve Bank and three (3) private credit reference bureaux, maintained 24.82 million searchable records.

161. As at 31 December 2025, statistics from the Credit Registry reveal a 11.76% increase in cumulative inquiries, rising from 5,219,776 as at 31 December 2024, as shown in Figure 22. Figure 22: Cumulative Credit Registry Usage Status 7,000,000 = 4,000,000 a z 2.000.000 1,000,000 ‘ at = x 2 4 ved 2 ob # 2 € 2 & | Source: Reserve Rank of Zimbabwe, 2026

162. The Collateral Registry has recorded a cumulative 8,690 security interest notices in movable assets since commencement in November 2022, comprising 3,352 (37%) active security interest notices, and 5,704 (63%) expired registrations. 50  <!-- page 56 -->

163. As at 31 December 2025, there were 3,352 active registrations in the Collateral Registry with a total principal value of ZiG87.541 billion. Banking institutions were the major users of the Collateral Registry with 1,648 active registrations, followed by microfinance institutions with 1.421 entries. In terms of value of movable collateral, banking institutions recorded a total of ZiG33.998 billion while law firms registered a total value of ZiG52.748 billion on behalf of clients as shown in Figure 23. Figure 23: Corresponding Loan Amount of Registered Security Interests: 31 December 2025 L800 ZiG 60.00 billion 1600 . ZiG 50,00 billion 1400 1200 ZiG 40.00 billion 1000 ZiG 30.00 billion 800) 600 ZiG 20,00 billion “ 'as2 ZiG 10.00 billion 200 [26 28 alae as 8 ote, 20) 0 —— —— 2G 0.00 billion BANKING MICROFINANCE LAWFIRMS CONTRACT OTHER INSTITUTIONS INSTITUTIONS FINANCIERS REGISTRANTS = NUMBER OF ACTIVE SECURITY INTEREST NOTICES © PRINCIPAL AMOUNT (ZwG) Source: Reserve Bank of Zimbabwe, 2026

164. Lending institutions continue to expand the types of movable assets which qualify as collateral. During the year to 31 December 2025 collateral ranged from household goods, private vehicles, trucks, agricultural equipment to shares as further shown in Figure 24. 51  <!-- page 57 --> Figure 24: Types of Collateral* as at 31 December 2025 7000 5908 6000 “se 5000 3000 rr “1900 2000 goa 1000 [| i 52 18 56 a5 sp 2 283 237 199 Pa 4 > 9 ; 6 Bbeane oo M eH 6ataay ro CF Sat et Fe er rs OFF SO > a i ee SS at * Fol ed av 3 ee = oe oe od eS . > s < we od i se 3 < Source; Reserve Bank of Zimbabwe, 2026

165. Although men continue to pledge higher volumes overall, women are actively utilismg movable assets, particularly within the lower to mid-value categories, which reflects increasing financial inclusion and confidence in formal lending systems. Figure 25 shows the movable collateral pledged by gender. Figure 25:Movable Collateral Pledged by Gender 1600 1400) 1200 912 }Q00 126 | 800 Po wl ae 600 4) 400 _ 200 | F | Peeaaa Gshs oy es oS ¢ £ f of FP SS OS OP EF 6 bf ESF SF ae = Se = = s S # Pd r ¢ v & ff £ e Pat F a + rs eo s ~ $ & s 5 ey oe & Xu as = COLLATERAL PLEDGED BY MEN SCOLLATERAL PLEDGED BY WOMEN Source: Reserve Bank of Zimbabwe, 2026 * Other includes motorcycles, trailers and other movable assets that ere yet to be classified in the Collateral Registry system 52  <!-- page 58 -->

166. The data shows encouraging participation by women in the use of movable assets as collateral, demonstrating a growing engagement by women in accessing credit facilities. NATIONAL PAYMENT SYSTEMS DEVELOPMENTS

167. The Reserve Bank remained firmly committed to maintaining a secure, efficient, and inclusive national payment system, while continuing to prioritise the enhancement and modernisation of the National Payment Systems as a vital pillar of the country’s financial ecosystem.

168. Resultantly, the payment systems remained stable, safe, and resilient in 2025, with steady growth in transaction activity reflecting a sound and well-functioning financial environment aligned with the Reserve Bank's objectives. The average system uptime for both RTGS and retail systems averaged 98%, during the year 2025.

169. The Reserve Bank continues to strengthen the National Payment Systems as a critical enabler of financial stability and inclusive economic participation. In this regard, the Reserve Bank is advancing key regulatory, infrastructural, and policy initiatives within the national payments ecosystem as outlined below. Strengthening Financial Stability Through Cyber Resilience

170. In August 2025, the Reserye Bank reissued the Cybersecurity and Resilience Guideline. reaffirming minimum standards for cyber risk management across banks, payment service providers, and other national payment system participants.

171. The reissued framework seeks to enhance the operational resilience of the financial sector against cyber threats, system outages, data breaches, and fraud. 53  <!-- page 59 -->

172. The Reserve Bank, Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) and the International Telecommunication Union (ITU), are working on coming up with an enhanced Digital Financial Services security framework. ATM ZiG Cash Availability and Usage

173. Following the Reserve Bank’s directive, in line with enhancing ZiG distribution in the economy, banks reconfigured their Automated Teller Machines (ATMs) to issue ZiG cash, resulting in transactions valued at ZiG44.2 million processed in 2025, as shown in Figure 26. Figure 26: ZiG ATM Disbursements 10 9 So 8 a 4% = 6 = z 3 a 4 5 3 | ii i 8 Fe 5 o& oo 5 e a Pe S se ee rs x “ a s ns e i j Ff Pos rol Source: Reserve Bank of Zimbabwe, 2026 Digital Transactions

174. The Reserve Bank continued to promote the adoption and usage of digital financial services to reduce reliance on cash, broaden access to payment services, and. accelerate digital financial inclusion.

175. A total of 827.09 million transactions valued ZiG2.61 trillion were processed through the national payment system in 2025. Figure 27 provides an illustration of the trends in transaction values and volumes over the year 2025. 54  <!-- page 60 --> Figure 27: Digital Payments Transaction Values and Volumes from January — December 2025° 300.00 99.00 80,00 250.00 70.00 4 3 200.00 vr om a 50.00 = ‘€ 150.00 = o 40,00 “ = 100.00 30.00 2 20.00 $0.00 10,00 0.00 0.00 oo fF PF PF or PP oY SP r ed uf a ~ * Ra & a cs ¥ —— Transaction Values (ZiG) 9 Transaction Volumes (ZiGIRHS Source: Reserve Bank of Zimbabwe, 2026 Real Time Gross Settlement System (RTGS) 176, During 2025, the values of transactions processed through the RTGS System were ZiG520.34 billion and $836.98 billion for ZiG and US$, respectively. The corresponding volumes were 4.48 million and 6.48 million.

177. The ratio of ZiG transactions to the total transactions processed through the RTGS system in terms of value and volume, averaged 35-40% during 2025.

178. Regionally, the Zimbabwean banks processed 4,038 transactions valued at ZAR3.51 billion on the SADC-RTGS system. Interoperability Statistics

179. The Reserve Bank will continue to advance the integration of the digital financial system to facilitate seamless transaction flows across payment platforms, thereby > Digital Payments Include Transactions conducted on the RTGS, Card, Mobile Money. Mobile Apos and Online plorforms 55  <!-- page 61 --> reducing frictions, lowering transaction costs, and improving access to financial services.

180. The interoperability transactions values processed for retail digital transactions continued to trend upwards, reaching ZiG2.63 billion in July 2025 and closing the year at ZiG2,14 billion as shown in Figure 28. Figure 28: Interoperability transactional values and volumes from Jan 2025 to Dee 2025 3.0 3 25 3 2.0 2 = ween Bene Bee ae 3 oa = 1.0 | 0.5 1 0.0 0 vo eo Yo v yy ov vo” KE Ot “- “ . “yr ar A , as A’ a a? — Values LHS = Volumes RHS svwrwrmes Linear (Volumes RHS} Source: Reserve Bank of Zimbabwe, 2026 Access Devices and Points 181, All access channels recorded growth during 2025, with the exception of mobile point of sale (MPOS), reflecting increased digital transactional activity and improved efficiency in the payments systern. Table 12 shows the number of payment access points and access devices. Table 12: Payment Access Points and Devices as of December 2025 PAYMENTS SYSTEMS ACCESS POINTS faTMs | ago aes | aaa | as | soz soz 00m | ros | mace? | taasm | same | saa | tseoe | 17200 | oaim MPOS | 23.606 56  <!-- page 62 --> PAYMENT SYSTEMS ACCESS DEVICES awn [PDH [senor] seas [mis | seas [04 | gon cedicads | oo | o | om | om | om | om | 16im Propaid Cards | 165,200 | 165035 | 173,706 | 180290 | vaaas7 | 1e5.035 | oa _| Mobile Money | 10,114,7 | 10,203,35 7 SckaeD he 7 10,267,626 | 10,798,512 | 10,795,085 | 10.955.086 | Internet Banking vice | ams | sr | soot | suise | ste | mae | tte Source: Reserve Bank of Zimbabwe, 2026

182. The number of Point-of-Sale Machines (POS) operating in the country gradually increased from around 150,000 in February 2025 when the Reserve Bank announced the requirement for use of POS devices by businesses to around 160,200 by 31 December 2025. The developments on the number of POS machines are shown in Figure 29, Figure 29: Number of Point-of-Sale Machines 175,000 170,000 165,000 160.000 (55.000 ame — ; Ee ARS e ~ 145,000 oe | 140.000 PP PP VM OP OP DP OP DP Pe PO oD PO fF Oe er ae ww we F of ee s of Pat Source: Reserve Bank of Zimbabwe, 2026 Payment Systems Prudential Oversight Activities

183. Through a combination of onsite inspections and offsite surveillance, the Reserve Bank continued to undertake prudential oversight of payment systems in line with international best practice.

184. The supervisory activities ensured that payment system operators and participants complied with regulatory requirements, upheld operational resilience, managed 57  <!-- page 63 --> risks effectively, and maintained the safety, efficiency, and integrity of the payments ecosystem,

185. The Reserve Bank, working with the Zimbabwean banking community, ensured the successful migration of all participants on the RTGS, SADC RTGS and SWIFT Cross Border Payments and Remittances Plus (CBPR+) systems to IS020022 before the November 2025 deadline. Resultantly, customers can now transact in the new ISO20022 format without any challenges. 186, To ensure Cyber Security resilience, banks were required to undertake independent assessments against the SWIFT Customer Security program. In the same vein, Card, POS and ATMs compliance with Europay, Mastercard and Visa (EMV) global standards were enforced to manage cybersecurity incidents related to card fraud. In this regard, the Reserve Bank is pleased to advise that the market has achieved 100% EMV compliance for POS machines, ATMs and cards.

187. The Reserve Bank will continue to exercise robust supervisory oversight over payment service providers to ensure compliance with applicable laws and regulations, supported by onsite examinations, off-site surveillance, payment system monitoring, and strengthened consumer protection measures. Payment Systems Providers AML/CFT Supervision

188. The payment systems providers have remained compliant with AML/CFT regulatory and international standards. Payment service providers have continued to enhance internal controls, compliance programmes, and risk management frameworks in support of effective regulatory compliance.

189. The Reserve Bank urges all Payment Service Providers to ensure that their risk- based frameworks are aligned with the national risk assessment, in view of the pending AML/CFT mutual evaluation in 2026. In addition, they are expected to 58  <!-- page 64 --> continue strengthening compliance arrangements on an ongoing basis in line with evolving risks and supervisory expectations. Licensing and Assessment of New Initiatives

190. The Reserve Bank approved seventeen (17) product initiatives from both financial institutions and prospective payment system providers during 2025. 191, Asignificant proportion of the applications received and approved were for additive initiatives and system enhancements. Going forward, the Reserve Bank will continue to encourage financial innovation and closely monitor emerging products through robust oversight mechanisms to safeguard the safety and soundness of the payment systems. Market Conduct for Digital Financial Services

192. In 2025, the Reserve Bank strengthened its nationwide consumer and stakeholder engagement programmes in furtherance of its mandate to promote financial stability and inclusion. These initiatives were implemented across all provinces, in close collaboration with key education, regulatory, and consumer protection institutions, including the Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ), the Consumer Council of Zimbabwe, and other strategic partners.

193. The coordinated outreach programmes supported the Reserve Bank’s broader monetary and financial sector policy objectives by enhancing public awareness, strengthening consumer confidence, and promoting the safe and efficient use of digital financial services, thereby contributing to a resilient, stable, and inclusive financial system. 194, The Reserve Bank urges all market participants to deepen collaboration in the design and implementation of consumer education initiatives on digital financial 59  <!-- page 65 --> services (DFS), to strengthen financial literacy, mitigate consumer-related risks and ensure informed participation in the evolving digital financial ecosystem. Encouraging Affordable and Inclusive Payment Services

195. The Reserve Bank encourages all financial services providers to offer payment services at fair, transparent, and affordable prices to support inclusion, economic participation, and business growth. Payment system providers are, therefore, urged to review and rationalise transaction fees, particularly for low-value retail payments. Regional and International Developments 196, The Reserve Bank remained actively engaged with regional and international payment systems platforms under the Southern African Development Community (SADC) and the Common Market for Eastern and Southern Africa (COMESA), while also contributing to initiatives that advance the objectives of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), reaffirming its commitment to coordinated financial sector development and policy cooperation.

197. The Reserve Bank supported efforts to deepen cross-border payment system integration through the Pan-African Payment and Settlement System (PAPSS). It continued to advance financial inclusion priorities in line with the Alliance for Financial Inclusion (AFT) framework, 60  <!-- page 66 -->

198. This section discusses the monetary and financial conditions underpinning the current monetary policy stance and provides detailed explanations on key fundamentals, including: * Local Currency Inflation Dynamics. e Transitioning to Inflation Targeting. e Indirect Monetary Policy Instruments. e Monetary Policy Cycles. e Monetary Policy Transmission Mechanism and the Roadmap to Mono- Currency. 199, Understanding the monetary and financial conditions is key to supporting price stability as the primary objective of monetary policy. Local Currency Inflation Dynamics

200. Zimbabwe has achieved domestic currency single-digit inflation for the first time in over three decades. This milestone is attributed to the implementation of prudent monetary policy measures by the Reserve Bank since the introduction of ZiG in April 2024. This highlights a shift from the chronic inflationary phases the country has gone through since Independence in 1980. There is, therefore. need to continuously anchor inflation expectations to maintain a low and stable inflation environment,

201. Box | chronicles the country’s local currency inflation trends from 1980. 61  <!-- page 67 --> Box 1: Local Currency Inflation Dynamics Zimbabwe experienced high inflation since 1980, mostly in double-digit levels. A cursory analysis of the historical trends shows that annual inflation averaged 13% during the first decade of independence. Annual average single digit inflation was only recorded in 1980, 1985 and 1988, with the last recorded single digit annual inflation in January 1989. Since then, annual inflation has continued to be high above 10% impacting on purchasing power, savings and investment, and general economic activity. Between 1990 and 1999 annual inflation averaged 29% significantly higher than the previous decade reflecting the opening up of the economy under the Economic Structural Adjustment Programme (ESAP), This average, however, masks outliers in 1992 due to severe drought, 1998 reflecting fiscal pressures and 1999 due to removal! of Balance of Payment support by International Financial Institutions (IFIs). 1980-1989 1990-1999 2000-2005 35.0% 80% 700% 30.0% 70% 600% 25.0% om 500% 50% 20.0% i 400% 16.0% 30% 300% 10.0% 2004 200% 5.0% |} 10% 100% 0.0% o% 0% sa5esa58 ege5grags eeesgeege = WN u> m - rNnm ds = BS588385 ga9828388 222552825 In the 2000s the high inflation trend continued, marked by episodes of hyperinflation from 2006 to 2008. The hyperinflation period reflected » confluence of factors including diminished sources of external finance, intensification of sanctions and increased money supply growth. The country adopted a niulti-currency system in 2009, which led to deflation, low production, loss of gompetitiveness and an miflux of imported goods, Efforts to resuscitate the local currency faced transitions! challenges due to recurring droughts, hyperinflation hysteresis and fiscal slippages which resulted in undesired increases in money supply. The continued preference of the US dollar, as a store of value, undermined increased use of the local currency. 62  <!-- page 68 --> 8.00 2009-2018 990.00 2019-2023 800,00 6.00 700.00 4,00 600:00 2.00 500.00 400.00 0.00 300.00 2.00 200.00 4.00 {00.00 0.00 *6,00 QRQ2:9 82 gg Sg Big CPrresersererrs SSSSSESESESE SRRRRRRERRRREES Sggssggqgssgs SRRSERARAHTERS ES SSRFGARgQHBSGS While historical cycles of inflation presented challenges in the past, the introduction of the ZiG in April 2024, managed to foster greater certainty, credibility and predictability in monetary and financial affairs. In this regard, the Reserve Bank has been walking the talk of prudent monetary policy characterised by optimal money supply and liquidity management. The strategic accumulation of foreign reserves backing the local currency and an efficient foreign exchange market under the WBWS have successfully anchored price and exchange rate stability resulting in the country achieving single digit inflation of 4.1% in January 2026. ZiG Annual Inflation 120,0% 921% 92.5% 8% 93.8% 100.0% gs7y% - * Ay . 82.7% 80.0% 60.0% 40.0% 32.7% 19.0% — be ya, 20.0% 4.1%, 0.0% Apr-25 May-25 Jun-25 Jol-25 Aug-25 Sep-25 Oct-25 Novy-25 Dee-25 Jan-26 63  <!-- page 69 --> The experiences of inflation in Zimbabwe have shown that high inflation and deflation are inimical to economic growth, ba : 4 40 ail 1s . 16 - = « 1 8 6 Q 3 5 = 5) -10 2) 3 PPL SEP MELEE IE FFE LH SEP MK =——ODP Growth *o 0 Loy (in!) Sustaining a low and stable inflation, therefore will be critical to support financial market development, mobilisation of domestic savings and inclusive economic growth.

202. The Reserve Bank is pursuing a hybrid monetary policy framework where reserve money is the operational target. However, under a low inflation regime, the relationship between the money aggregates and inflation weakens. Sustaining single-digit inflation may require a fine-tuning of the monetary policy framework in future. Country experiences have shown that inflation targeting is more effective in controlling inflation when inflation is low and stable. Transition to Inflation Targeting

203. To entrench low and stable inflation in the medium-term, the Reserve Bank will transition to an Inflation Targeting monetary policy framework in line with the SADC monetary policy harmonisation programme. The conditions to transition to inflation targeting are explained in Box 2. 64  <!-- page 70 --> Box 2: Transitioning to Inflation Targeting Since the introduction of the ZiG currency, the Reserve Bank has been operating under a hybrid monetary policy framework, with reserve money as the operational target and the exchange rate os the intermediate target and nominal anchor This has been critical in supporting price and currency stability. The framework is, however, hinged on the assumption of a stable money demand function. Country experiences have revealed that this relationship breaks down when inflation is sustainably below 10% where inflation becomes mainly driven by inflation expectations. This has prompted some countries to shift to inflation targeting (IT) which is more suitable in anchoring inflation expectations. Against this background and consistent with the Reserve Bank’s Strategy Plan (2026-2030), the strategic thrust over the next five years is to transition towards an inflation targeting regime in line with the NDS2 and SADC CCBG Monetary Policy Harmonization Roadmap. Countries that have adopted inflation targeting follow a gradual approach by initially introducing a flexible monetary targeting framework where prominence is given to interest rates to anchor money supply growth to support price and exchenge rate stability. This will allow strengthening of the interest rate channel and enable migration to an inflation targeting lite or flexible inflation targeting. Flexible inflation targeting involves adopting an inflation target range. This flexibility is critical to ensure a track- record of meeting the target, that way building trust, confidence and credibility which are necessary pre- requisites for anchoring inflation expectations. The inflation targeting framework entails adoption of a specific numerical target or range for inflation as the policy objective using the bank policy rate as an instrument, with short-term interest rate as the operational target and inflation forecasts serving as the intermediate target and nominal anchor. Under inflation targeting, communication snd transparency become vital monetary policy tools to anchor inflation expectations, The successful adoption of an inflation targeting framework involves but is not limited to: i: Setting and communicating specific inflation target or range. ti. Strengthening operational and instrument independence. ii. Limiting fiscal dominance. iv, Flexible exchange rate regime, v. Enhanoing institutional and governance arrangements, including collaboration between central bank and Treasury. vi. Sufficient financial market depth. vii, Enhancing modelling und forecasting capacity. vill. Clear and effective monetary policy communication. Experiences from Latin America show that countries can transition to TT before they have fully de-dollarised. Under these circumstances it will be crucial to ensure that the exchange rate remains stable and reduce exchange rate pass-through, supported by a floating exchange rate with intervention limited to smoothen excess volatility which may result in a de-anchoring of inflation expectations. In this regard, ensuring robus! accumulation of foreign currency reserves to between 3 to 6 months of import cover will be critical for enabling intervention in the foreign exchange market to foster exchange rate stability. In preparation for transitionmg to an inflation targeting frameworl, the Reserve Bank has been modernising its monetary policy framework through enhancing its capacity in forward-looking inflation modelling and forecasting tools. Specifically, the Reserve Bank has embarked on the development of a Forecasting and Policy Analysis System (FPAS) which is based on quarterly projection coré model (QPM). The robustness of the forecasts from QPM for monetary policy will improve as more consistent data devoid of structural breaks on ZiG inflation becomes available. In addition, the Reserve Bank has since: embraced communication as a necessary monetary policy tool and will continus to deepen efforts to improve monetary policy communication for effective anchoring of inflation expectations. Inflation targeting will be supported by the adoption of indirect monetary policy instruments. The Reserve Bank will also prioritise the development of domestic financial! markets,  <!-- page 71 --> Indirect Monetary Policy Instruments 204, Reflecting the Reserve Bank’s planned transition to an inflation-targeling monetary policy framework, strengthening the interest channel through financial market deepening will be critical. In this regard, the Reserve Bank will prioritise the introduction of indirect instruments of monetary policy. Box 3 highlights the role of term deposit facilities. Box 3: Term Deposit Facility (TDF) to Enhance Monetary Policy The implementation of monetary policy has two core elements, which involve the signalling of the policy stance by the central bank, typically through its policy rate and market operations which implement the monetary policy stance. Central banks have various instruments available to achieve their operational targets under different monetary policy frameworks. These instruments include the policy rate, open marlcet operations, statutory reserve requirements and standing facilities, Standing facilities comprise both lending and deposit facilities available at the central bank. The overnight fending which almost all central banks have, is available as a back-up system or the fender of last resort function. Deposit facilities provide an avenue for accommodating excess liquidity in the banking system. The msin features of the Term Deposit Pacility which will be tradable in the inter-bank market, include the tenor, remuneration (interest rate) and qualifies as collateral for socessing finance facilities at the central bank. The Reserve Bank has been using Non-negotiable Certificates of Deposits (NNCDs) at zero interest, with fixed tenure and restrictions on ¢arly redemptions. However, the use of this direct instrument in liquidity management restricted financial intermediation as it locked-up liquidity without the flexibility to make the funds available as and when required. Going forward, reflecting the financial deepening priority under NDS2, the Reserve Bank will cousider introducing additional standing facilities such as a local currency denominated term deposit facility to strengthen monetary policy transmission through the interest rate channel. A term-deposit facility provides the floor for the interest rate corridor and strengthens the role of the policy rate in signalling the monetary policy direction. In addition, the rates on term deposits can provide a reference for market rates beyond the overnight rate thus helping to shape the yield curve. A local currency denominated term deposit facility will be critical to enhance monetary policy operations as it provides an instrument lo manage structural excess liquidity in the economy. Precisely, the effectiveness of monetary policy will be determined by the ability of the central bank to steer short-term interest rates and anchor inflation expectations. 66  <!-- page 72 --> Monetary Policy Cycles

205. Central banks are expected to ensure that inflation expectations are well anchored to guarantee sustained low and stable inflation. In this regard, central banks tend to react aggressively to rising inflationary pressures by tightening monetary policy, but when inflationary pressures are dissipating, the reaction tends to be more cautious and follows a wait-and-see approach.

206. In this regard, the adoption of a wait-and-see approach allows a central bank to assess whether the reduction in inflation is transitory or permanent. When the reduction in inflation is viewed as permanent, central banks embark on a gradual monetary policy loosening.

207. Box 4 highlights recent experiences on monetary policy tightening and loosening cycles for select countries. Box 4: Monetary Policy Cycles Lessons from Country Experiences Experiences of global and regional central banks shows that the monetary policy easing oycles should follow # cautious approach to guard against potential policy reversals, which can harm policy credibility. Following the COVID-19 pandemic related stimulus packages, inflation picked in both global and regional economies. There was however a variation in central bank response, reflecting the assessment of whether the rising inflation was permanent or transitory. Some central banks reacted quickly and managed to rein in inflation at lower cost to economic agents. Central banks who took a wait and see approach while inflation was rising later reacted at a huge cost as they had to raise interest rates by huge margins. : This notwithstanding, central banks continued to raise rates even after peak inflation with view to quicken the disinflation path and anchor inflation expectations around their target rates. Figure 1A shows the relationship between policy rates and inflation for selected central banks, highlighting the importance of a disciplined and data-driven approach to monetary policy decisions. Figure 1A: Inflation and Policy Rates in Selected Central Banks zs ECB ven BoE 10.0 10.0 . fae . 0.0 AAAHAAAANS STARA | 00 2° 227 2372572572 w= inflation fate Policy Rate a—=iiflation tate Policy Rate  <!-- page 73 --> SARB FED 10 in.0 8,0 8,0 60 6.0 40 40 2.0 10 0.0 0.9 AHAPHARRSARR ANA FAAVAGIAAAAS RSA AAA a ee | fos | “Sx o = + & + GYR eawytcavprea S2$325258235225 SRUESTEESTMASELELTS ome |(ifiation Rate mee Policy Rate oom |ifiation ate ——« Policy Mate As depicted in Figure 1A, the response of the policy rate to disinflation is not immediate and one-for-one, In most cases, policy rates have been kept constant (plateaued) even after inflation has fallen for a period of 6-12 months. Most central banks take a gradual, well-calibrated, data-driven approach to achieve a smooth decline in policy rates, in line with the envisaged inflation target. The Table 1A shows that central banks kept the policy rate constant for more than a year after inflation crossed the policy rate level. Table 1A: Policy Rates- Comparative Action period Central Bank Pam Lice Period when Policy Ties Date of First inflation fine Lm eect Months wien Cut eS RU DBL AY Pee Policy rate wat rate Oe e nit FED December 22 Angust 23 - Plus 12 months September 24 August 24 SARB December 23 May 23 - August Septernber 24 24 Bok October 23 July 23 - June 24 | Plus 12 months July 24 ECB January 23 - May 16 months June 24 24 Maintaining the policy rate during the disinflation process supports the attainment of durable, low and stable inflation by anchoring expectations, strengthening monetary policy transmission, and preserving positive réal interest rates. A gradual, data-dependent approach to policy normalisation supported by clear and transparent communication helps guard against inflation risks, policy reversals and credibility loss. Against this backdrop, the Reserve Bank will continuously monitor and assess incoming data on inflation developments and other economic variables to mform the policy stance without compromising the gains made on price, currency and exchange rate stability. 68  <!-- page 74 --> Monetary Policy Transmission Mechanism and the Roadmap to Mono- Currency

208. The relationship between money and inflation is explained by the Fisher equation of exchange. This equation is important to central banks in analysing the degree to which they can influence inflation through calibrating an appropriate level of money supply. This relationship can also be of critical importance when transitioning to a mono-currency as explained in Box 5. Box 5: Monetary Policy Transmission Mechanism and the Roadmap te Mono- Currency Understanding Monetary Dynamics in Transitioning Towards a Mono-Currency According to the Ouantity Theory of Money (QTM), Fisher's Equation of Exchange, the price level in the economy is proportional to the level of money supply for a given level of economic activity. In a multi-currency regime, the money supply is composed of both local currency and foreign currency, which have different velocities of circulation depending on inflation As at end of December 2025, local currency money supply constituted 18% of total money supply, with the balance being foreign currency. The Reserve Bank is committed to gradually increase the quantum of local currency money supply as the country transitions to a mono-currency. The shift will have implications for price and growth depending on the velocity of circulation. As such, the Reserve Bank will ensure well-calibrated monetary dynamics to ensure stable velocity and prices during the transition phase. The significant decline in inflation to low and single-digit levels has also resulted in the deceleration and stability of the velocity of circulation of local currency, The low velocity reflects, improved public trust and confidence in the local currency. This was confirmed by the result of the ZiG Perception and Confidence Survey I which showed that econonnc agents are now keeping ZiG in their accounts for a longer period of time. The sustained low velocity in the local currency will result in increased demand of local currency for transactional and store of value purposes. This phenomenon will enable the Reserve Bank to gradually increase the supply of local currency, including cash at rate commensurate to replace the US dollar in domestic economy. Importantly, as the economy moves towards mono-currency (the full and exclusive use of ZiG), the Reserve Bank will delicately balance and manage the decline in foreign currency money supply and the increase in supply of local currency to ensure continued price, currency and exchange rate stability in the economy. To. ensure continued stability, the local currency money supply will be largely endogenous with the Reserve Bank actively responding to both expected and actual decline in foreign currency money supply to maintain the smooth flow of credit to the productive sectors of the economy and sustain the positive growth trajectory. 69  <!-- page 75 --> 209, The tight monetary policy stance pursued by the Reserve Bank from September 2024 through the year 2025, was critical in engendering greater exchange rate stability and sustainably reducing inflation. In this regard, in 2026, the Reserve Bank will continue to ensure prudent monetary policy management to sustain single digit inflation, realised so far. This is aimed at entrenching and durably anchoring inflation expectations in the short to medium term.

210. A low and stable inflation enyironment is necessary to promote investment and support sustained and inclusive growth as espoused in NDS 2 and serve as a critical success factor for the country to meet the Conditions Precedent (CPs) for the transition to mono-currency,.

211. To sustain single digit inflation, the Reserve Bank will continue to “walk the talk” of prudent monetary policy anchored on optimal money supply and liquidity management, positive real interest rates, an efficient market-determined foreign exchange rate and strategic accumulation of foreign currency reserves.

212. Guided by the need to sustain the current exchange rate and inflation stability gains into the future, the monetary policy measures for the next six months are as follows: (a) Interest Rates i. Bank Policy Rate

213. The tight monetary policy stance adopted by the Reserve Bank since September 2024 has engendered a progressive disinflation trajectory and delivered a single- digit inflation starting m January 2026, As such, the achievement of single-digit ZiG annual inflation provides scope for the eventual review of the Bank Policy Rate. It is, however, critical that the Reserve Bank remains cautious to avoid the premature easing of monetary policy and risk reversing the gains on the inflation 70  <!-- page 76 --> front. Any renewed inflation pressures have the potential to induce policy reversals, including necessitating an even more aggressive tightening, with higher economic and social costs. In order to strike a balance between price stability and economic growth, the Reserve Bank will follow a gradual and cautious, stepwise policy adjustment path.

214. Importantly, the adjustment path will be data-dependent as opposed to date- dependent. The cautious approach recognises that the economy is in the early stages of a low and delicate inflation environment, achieved after prolonged periods of high inflation and currency instability, stretching over three decades.

215. In this context, the Reserve Bank has maintained the Bank Policy Rate at 35%. The Monetary Policy Committee (MPC) will review the Bank Policy Rate conditional on inflation developments and the performance of other monetary, financial and macro-economic indicators, i Minimum Deposit Interest Rates and Promotion of a Savings Culture

216. The current deposit interest rate structure has improved the deposit and savings base in the economy. Such momentum is essential for growing long-term national savings, critical to support domestic capital mobilisation for the envisaged growth under NDS 2.

217. Against this backdrop, the Reserve Bank has maintained the current minimum interest rates for sayings and time deposits in both ZiG and US$ as follows: Table 13: Minimum Interest Rates for ZiG and US$ Savings and Time Deposits ZiG Deposits 5% 7.5% USS Deposits 2.5% 4% Source; Reserve Bank of Zimhabwe, 2025 71  <!-- page 77 --> (b) Statutory Reserves

218. The Reserve Bank continues to utilise statutory reserves as a monetary policy tool for controlling money supply through liquidity oversight, thereby ensuring effective monetary policy transmission.

219. The Reserve Bank has maintained statutory reserve ratios at 15% for savings and fixed deposits and 30% for demand deposits for both local and foreign currency.

220. The differentiated statutory reserve ratios are designed to incentivise banks to promote savings and time deposits which attract a lower reserve ratio of 15%. Banks are, therefore, encouraged to take advantage of the differentiated statutory reserve ratios to promote savings deposits and mobilise affordable long-term investible funds to support the economy’s productive sectors.

221. Against the background of a low and stable inflationary environment in the country and reflecting the priorities under NDS 2 to foster Macroeconomic Stability and Financial Sector Deepening, banking institutions are expected to actively promote a savings culture by offering innovative products and mechanisms to encourage customers with large balances to invest them in interest-bearing time deposits and specialised savings products.

222. Accordingly, banks are expected to decisively promote savings and term deposits, which will be a win-win for both banks and depositors. In this regard, as low inflation becomes more entrenched, banking institutions have committed to offering positive real-interest rates on savings accounts for both US$ and ZiG. (c) Non-Negotiable Certificates of Deposit (NNCDs)

223. Over the past year, the enhanced NNCDs proved to be an effective monetary policy instrument for effective liquidity management following their recalibration. 72  <!-- page 78 --> 224, By ensuring that liquidity conditions remained optimal through the regular mopping up of excess liquidity in the market, this instrument has become a cornerstone of the Reserve Bank's stabilisation efforts. 225, In this regard, the Reserve Bank will continue to utilise NNCDs in their enhanced form in its open market operations to maintain monetary stability and ensure that the level of money supply remains optimal. (d) ZiG Denominated Term Deposit Facility (ZiGDTDF)

226. As part of improving its monetary policy operations, the Reserve Bank is introducing an indirect monetary policy instrument in the form of a remunerated ZiG Denominated Term Deposit Facility (ZiGDTDF), in line with NDS 2. This will complement the use of NNCDs in managing ZiG liquidity.

227. The ZiGDTDF will enable the Reserve Bank to effectively mop up excess liquidity while preserving the value of ZiG deposits for banks. The ZiGDTDF will be opened to banks on a voluntary basis, and banks can deposit their excess liquidity for a return and acquire certificates of deposits, which will be tradable in the inter-bank market and can be used as collateral to access finance facilities from the central bank.

228. The introduction of the ZiGDTDF will allow the establishment of an interest rate corridor framework. The Bank Policy Rate will continue to serve as a benchmark interbank rate, while the interest rate on the ZiGDTDF will serve as a floor (or Lower Bound) in the interest rate corridor and the Overnight accommodation rate will set the ceiling (or Upper Bound) level of interest rates in the economy. 73  <!-- page 79 -->

229. The ZiGDTDF will essentially be a fixed term instrument, whose maturity will initially range from a minimum of 90 days to effectively assist in mopping up excess structural liquidity.

230. The detailed operational modalities of the ZiGDTDF will be communicated in due course. 231, The Reserve Bank reiterates that the US dollar denominated deposit facility (USDDDF) introduced in February 2025, remains available to ensure preservation of value for exporters with no immediate use of the ZiG equivalent from export liquidation proceeds. (ec) Exporters’ Foreign Currency Retention Threshold

232. Proceeds from export liquidations continue to play an essential role in liquifying the WBWS interbank market, as well as facilitating the continued strategic accumulation of foreign exchange reserves to back ZiG.

233. To ensure continued stability in the foreign exchange market, the retention threshold for exporters is maintained at 70% across all sectors of the economy, with the exception of small-scale gold producers, whose retention shall be 90%, with immediate effect. (f) The Targeted Finance Facility (TF F) 234, The Reserve Bank introduced the Targeted Finance Facility (IFF) in January 2025, aimed at ensuring a continued flow of credit to the productive sectors of the economy.

235. In this regard, the Reserve Bank is extending the facility under the same terms and conditions and will avail an additional ZiG600 million under the TFF in 2026, making a total of ZiG1.2 billion available to productive sectors. 74  <!-- page 80 --> (2) Enhancing Foreign Exchange Market Functioning and Flexibility

236. To improve the efficiency of the interbank foreign exchange market under WBWS, and as part of the broader efforts under NDS 2, the Reserve Bank is developing a new foreign exchange trading platform for authorised dealers, In this regard, the Reserve Bank is working on a strategy to set-up a transition path to a more competitive, transparent, credible, efficient and flexible foreign exchange market.

237. The new foreign exchange trading platform is expected to help promote the greater interplay of market forces and price discovery in the foreign exchange market and will be introduced to the market in due course. (h) Publication of Daily Reference Exchange Rates

238. The Reserve Bank will continue to publish the daily reference exchange rate, calculated as a weighted average of all WBWS interbank forcign exchange transactions to increase exchange rate responsiveness to market forces. The mechanism for calculation of published reference exchange rates will reflect the total foreign exchange volume of trade “per-day”*, following international best practice, and will cover trades concluded up to the cut-off time for trading. (i) Review of Mobile Money and ZUPIT Transactional Limits

239. To promote financial inclusion, support efficient payment systems, and enhance the use of domestic currency, the Bank has reviewed the retail payment stream limits for ZiG upwards as shown in Table 14. 6 The “per-day” transactions will represent FX trading of the previous day after cut-off time (1200hrs) and current day's trading from opening (0800hrs) to cut-off time of that day (1200hrs), 75  <!-- page 81 --> Table 14: Mobile Money and ZIPIT Transactional Limits (ZiG Transaction Type Current Limits New Limits Per as Per Month say tanlie Transaction Transaction Person to Person (P2P) 8,000.00 16,000.00 13.000.00 em ele 00 Person to Business (P2B) 8,000.00 16,000.00 MOORE mI meLS Ome ZIPIT 8,000.00 16,000.00 ASU ELY SURE ERE

240. The upward adjustment is intended to further promote the wider usage of ZiG, strengthen Zimbabwe's digital payments ecosystem, and enhance the competitiveness and convenience of ZiG denominated transactions across the economy.

241. The upward revision of limits is also designed to support increased transactional efficiency, deepen financial inclusion, and facilitate seamless retail payments in a growing digital economy.

242. The mobile money and ZIPIT transactional limits for US dollar have been maintained as shown in Table 15. Table 15: Mobile Money and ZIPIT Transactional Limits (US$) Per Transaction Per Month Person to Person (P2P) 500,00 1,000.00 Person to Business (P2B) 1,000.00 3,000.00 ZIPIT 1,000.00 3,000.00

243. To complement this policy measure, payment service providers, particularly mobile money operators and other KYC-lite transactional platforms, are required to reassess and strengthen their AML/CFT compliance frameworks. This includes aligning customer due-diligence, monitoring, and reporting mechanisms with the 76  <!-- page 82 --> elevated money-laundering and terrorist-financing risks associated with higher transaction thresholds. 244, The Reserve Bank will continue to monitor market developments to ensure that the revised limits promote safe, efficient, and resilient retail payments while safeguarding the integrity of the national payment systems. (j) Reduction of RTGS System Transaction Costs

245. In line with Government's thrust and commitment to promote the ease and cost of doing business under NDS 2, the Reserve Bank has taken the first step to reduce costs associated with the use of its systems. 246, In this regard, the Reserve Bank has, with immediate effect, reduced Real- Time Gross Settlement (RTGS) System charges as follows: i. Reduction from US$0.90 to US$0.80, payable in ZiG equivalent for Window 1 and 2; and ii. Reduction from US$1.20 to US$1.10, payable in ZiG equivalent for Window 3. (k) Bank Charges 247, The Reserve Bank applauds banks for exempting the banking public from monthly service fees for accounts with a balance of US$100 and below or the ZiG equivalent and for waiving charges on transactions of US$S5 and below or the ZiG equivalent. These requirements remain in force and banking institutions, and deposit-taking microfinance institutions are required to comply.

248. The Reserve Bank has, however, continued to receive complaints from the banking public regarding the high cost of doing banking business. Such high transactional 77  <!-- page 83 --> charges discourage economic agents from using formal banking channels, leading to financial disintermediation and a low pool of domestic savings necessary to support the productive sectors of the economy.

249. This notwithstanding, a further reduction in bank charges will support an improved ease of doing business environment in the country, as well as the use of formal banking channels and broader financial inclusion.

250. In this regard, all banking institutions and deposit-taking microfinance institutions (DITMFIs) are directed to implement the following adjustments by 31 March 2026: i. Reduce cash withdrawal charges for both banking halls and Automated Teller Machines (ATMs) to a maximum of 2% of the withdrawn amount for US$ and ZiG cash withdrawals. ii. Reduce the Point of Sale (POS) charges to a maximum of 1.5% of the transaction amount for both local and international cards, capped at US$20 or the ZiG equivalent. No minimum charge shall be levied on any POS transaction and institutions are expressly prohibited from imposing a minimum fee. iii. Remove account balance inquiry charges on all banking and mobile banking platforms for both ZiG and US$. iv. Remove fees on cash deposits for both ZiG and US$, v. Fees for issuance of new, and replacement of, bank cards shall not exceed cost recovery levels.

251. The Reserve Bank encourages banks to deepen financial intermediation, expand their depositor base and put in place incentives or structures that further minimize bank charges to depositors, such as fee waivers for depositors who maintain a bank- specific minimum balance, consistent with international best practice. 78  <!-- page 84 --> (I) Enhanced Due Diligence (EDD) and Know Your Customer (KYC) for Mobile Network Operators

252. There have been increased incidences of fraud by individuals taking advantage of weak due diligence and KYC practices by Mobile Network Operators (MNOs), In particular, it has been observed that there have been fraudulent registrations and use of multiple SIM cards under different identities, including those of deceased persons, for use of mobile money wallets.

253. These lapses heighten the risk of money laundering and cybercrime, thereby undermining consumer protection and trust,

254. The Reserve Bank is urging mobile money providers to enhance their due diligence and KYC systems to enhance detection and curb criminal abuse of mobile money wallets.

255. Specifically, to support the role of mobile money in the digitisation agenda without compromising financial stability, MNOs are required to adhere to the following measures: i. Align with fee exemptions by banks for transactions of US$5 and below or ZiG equivalent. ii. Screen all wallets for ghost users in collaboration with the Civil Registry Department by 30 June 2026. MNOs should provide evidence to the Reserve Bank of the completion of the exercise by 30 June 2026. iii. Ensure that all nano /oans’ are underwritten by a registered bank, that is authorised to conduct banking business in Zimbabwe. ’ Nano loans represent very small digital loans extended by mobile money providers to their clients with minimal paperwork and no collateral requirements. designed to provide quick access to cash for individuals without access to formal banking credit, 79  <!-- page 85 --> (m) Conditions Precedent for the Exclusive Use of ZiG

256. The transition to the exclusive use of ZiG for settling all domestic transactions, will be a gradual process anchored on macro-economic stability as enunciated in NDS

2. As such, the transition is not date-based but is dependent on the achievement of the Conditions Precedent outlined as follows: i. Durable macro-economic stability characterised by low and stable inflation at single-digit levels, ii. Adequate foreign currency reserves of at least 3-6 months of imports cover, in the medium to long-term, iii. An efficient foreign exchange management system that eliminates foreign exchange market segmentation and promotes ease of access to foreign currency by importers and for other bonafide requirements, iv. Stable exchange rate dynamics, with minimum over- or undervaluation of the ZiG, v. Increased demand for ZiG through recalibration of the percentage of Government taxes and broadening payment of public sector goods and services in local currency, vi. Financial sector stability, vil. Efficient and secure National Payments System, to promote ease of payment in ZiG locally, vill, Fiscal and monetary policy cohesion, with low and sustainable National Budget deficits.

257. Under mono-currency, domestic products and services will be exclusively paid for and settled in local currency, while foreign currency will be reserved for external payments.

258. The Reserve Bank assures the public that financial assets and contracts denominated in foreign currency will be safeguarded and preserved, Accordingly, the adoption of mono-currency will not eliminate foreign currency accounts, 80  <!-- page 86 --> foreign currency-denominated pension fund holdings, or US dollar-based equities, including those on the Victoria Falls Stock Exchange (VFEX) and Treasury Bills.

259. Forcign currency loans and advances made to domestic individuals and non- exporting corporates shall remain denominated in foreign currency. (n) Regulatory Policy on Foreign Exchange Net Open Position (NOP) Limits

260. Further to the detailed outline of qualifying criteria for foreign exchange structural assets previously communicated to banks, the Reserve Bank hereby directs that, with immediate effect, and in line with international best practice, banking institutions shall observe a quantitative limit on the structural amounts each institution may hold to hedge their capital ratios.

261. The Reserve Bank has set the limit for PX structural positions as a percentage of Total Net Capital Base. This approach, consistent with the Banking Regulations, SI 205 of 2000, directly ties FX exposures to an institution’s capital strength. The approach ensures that risk-taking remains proportionate to each bank’s capacity to absorb potential shocks, thereby safeguarding systemic stability. Accordingly, the limit for FX structural position has been set at 40% of Total Net Capital Base. (o) Sustainable Finance and Climate Related Risks

262. In preparation for the mandatory disclosure requirements on sustainability and climate-related risks and opportunities, governance and risk management systems in line with the requirements of International Financial Reporting Standards $1 and $2, the Reserve Bank will conducta survey to assess the preparedness to implement the standards.

263. The Reserve Bank continues to review the banking sector’s integration of climate risk in their risk management frameworks in line with Guideline No,01-2023/BSD: Climate Risk Management. 81  <!-- page 87 -->

264. Going forward, banking institutions are required to adequately integrate climate risks in their Internal Capital Adequacy Assessment Processes and stress testing frameworks.

265. Banking institutions should also design appropriate key performance indicators pertaining to climate risk management, while the internal audit and compliance functions should ensure climate risks are specifically monitored in their programs. (p) Recovery Planning

266. Recovery planning remains a critical tool for ensuring that banking institutions can respond quickly and effectively to periods of severe financial stress, To enhance recovery planning, banking institutions are required to conduct periodic simulation testing “drv runs” to assess governance effectiveness, operational readiness, and communication protocols under stress,

267. The simulation testing should be conducted at least every two (2) years, with the first such submission of the results to the Reserve Bank expected by 31 March 2027. (q) Cyber Security Governance and Incident Reporting

268. In line with the requirements of the Cybersecurity and Resilience Guideline, all regulated institutions are required to ensure timeous incident reporting. Timely disclosure is a vital pillar of the regulatory framework, enabling enhanced monitoring of the evolving threat landscape and assessment of risks at a macroprudential level. (r) Artificial Intelligence (AT)

269. While AI offers transformative benefits, its integration may exacerbate existing risks across the financial sector. AI heightens traditional risks such as credit, operational, and conduct risk. Specifically, it intensifies model risk, where a lack of explainability makes it challenging to assess the appropriateness of Al-driven decisions, as well as data-related risks involving security, privacy, and algorithmic bias. From a macroprudential perspective, Al may amplify financial stability nsks 82  <!-- page 88 --> through increased market interconnectedness or procyclicality, necessitating a proactive regulatory approach to safeguard the broader economy.

270. In this regard, the Reserve Bank is finalizing its Artificial Intelligence (AT) Guidelines in alignment with the National AI Strategy to ensure that the adoption of these technologies is supported by robust governance and human-in-the-loop oversight, These guidelines will provide a clear framework for allocating roles across the Al life cycle to minimize harmful outcomes in core business functions.

271. To ensure the framework is both comprehensive and practical, the Reserve Bank will conduct inclusive consultations with all regulated institutions before the official issuance of the guidelines by 30 June 2026. (s) AML/CFT/CPF Supervision

272. Banking and deposit-taking microfinance institutions are required to submit to the Reserve Bank updates on the activities and initiatives undertaken to incorporate the results of the 2024 National Risk Assessment Report, including evidence thereof, on a quarterly basis, 14 days after the end of each quarter, The first submission is expected no later than 14 April 2026.

273. In addition, following the dissemination of the results of the risk assessments listed hereunder, banking and deposit-taking microfinance institutions are required to adopt and implement the results by updating their AML/CFT/CPF frameworks and other activities. a) 2023 National Terrorist Financing Risk Assessment (NTFRA) Summary of Findings; b) 2024 Zimbabwe Non-Profit Organisation (NPO) Risk Assessment; c) 2024 Tax Crimes National Risk Assessment; d) 2024 Legal Persons and Legal Arrangements National Risk Assessment; and e) 2024 Virtual Assets and Virtual Assets Service Providers Risk Assessment. 83  <!-- page 89 -->

274. The Risk Assessmnent Reports are available on the Financial Intelligence Unit’s (FIU) Website for ease of reference (https://www.fiu.co.zw).

275. To facilitate monitoring of the implementation process, banking institutions and deposit-taking microfinance institutions are required to submit, board-approved Action Plans, on the activities and initiatives to be undertaken to incorporate the results of the risk assessments listed above, including evidence thereof, to the Reserve Bank, no later than 14 April 2026. 276, AML/CFT/CPF violations will continue to attract heavy penalties from the Reserve Bank. (t) Promoting Interoperability and Efficient Retail Payments

277. Consistent with the objectives of promoting interoperability and efficient retail payments, the Reserve Bank will issue the Quick Response (QR) Code Payments Guidelines to provide a harmonised regulatory framework for the deployment, operation and governance of QR-based payment solutions in Zimbabwe in line with the Europay, Mastercard, Visa Company (EMVCo) QR Code standards.

278. The Guidelines are intended to promote interoperability among banks, mobile money operators, and other payment service providers to avoid fragmentation and closed-loop systems. This will enhance convenience and efficiency for consumers and merchants by enabling seamless acceptance and usage of QR Code payments across platforms.

279. The QR Code payments support the transition from cash-based transactions to secure digital payments, thereby improving transaction traceability, transparency, and financial inclusion. 84  <!-- page 90 --> (u) Gearing Ratio for Greenfield Foreign Lavestments

280. The Reserve Bank has noted the increased use of debt finance by foreign investors which has resulted in high gearing ratios with likely implications on repayment profiles and exerting pressure on the country’s foreign currency reserves.

281. In this regard, to ensure that external financing supports sustainable development of the economy without over reliance on debt creating flows, the gearing ratio for all greenfield foreign investments remains capped at 2:1 and the Reserve Bank will enhance enforcement and compliance with this requirement, (v) Offshore Settlement of Domestic Transactions

282. The Reserve Bank has noted an increase in requests for offshore settlement of domestic transactions by locally incorporated companies. The Reserve Bank reiterates that domestic financial transactions between locally incorporated companies must be settled locally. As such, consideration for operation of offshore accounts shall be limited to external debt servicing only. (w) Financing of Green Leaf Tobacco and Seed Cotton

283. Historically, financing arrangements for green leaf tobacco and seed cotton were regulated by the Exchange Control (Tobacco Finance) Order, published in Statutory Instrument 61 of 2004 and the Exchange Control (Cotton Finance) Order, published in Statutory Instrument 150 of 2008. These instruments ring-fenced the funding model by prescribing offshore line of credit as the primary source of finance for green leaf tobacco and seed cotton purchases. Utilisation of domestically sourced funds was subject to prior Reserve Bank approval, thereby introducing an administrative layer to funding operations.

284. In the context of evolving market dynamics, improved domestic liquidity conditions, and the broader thrust to deepen financial intermediation, the framework has been recalibrated through the promulgation of the Exchange Control 85  <!-- page 91 --> (Tobacco Finance) (Amendment) Order, 2026 (No, 2), published in Statutory Instrument 24 of 2026 and the Exchange Control (Cotton Finance) (Amendment) Order, 2026 (No. 1), published in Statutory Instrument 23 of 2026.

285. With effect from the 2026 marketing season, tobacco and cotton merchants shall be permitted to deploy locally sourced funds for the purchase of green leaf tobacco and seed cotton without prior Reserve Bank approval. Irrespective of the funding model, the tobacco and cotton farmers will be paid 70% of the total value of the crop in foreign currency and 30% in local currency.

286. To preserve transparency and ensure effective macroprudential oversight, tobacco and cotton merchants shall, through their Authorised Dealers, register the quantum of locally sourced funds earmarked for green leaf tobacco and seed cotton purchases. This reporting mechanism shall be used for oversight of the orderly marketing of tobacco and seed cotton. (x) Transport and Tourism Sector

287. The Reserve Bank advises that transport and tourism sector operators are required to declare all their foreign currency carnings and repatriate their export proceeds on-shore. Maintaining unauthorised offshore accounts is an offence under the existing Exchange Control regulations.

288. In particular, the locally registered cross border transport operators are required to declare to ZIMRA freight foreign currency earnings on Forms CD3 and acquit the same within 90 days of crossing the border. The Reserve Bank will enforce this requirement, and corrective action will be taken against any form of non- compliance. 86  <!-- page 92 --> (y) Staff Monitored Programme and Proposed Structural Benchmarks

289. Zimbabwe and the International Monetary Fund (IMF) have reached a Staff-Level agreement on economic policies and reforms to be monitored under a 10-month Staff Monitored Program (SMP).

290. The structural benchmarks, informed by the Reserve Bank’s current monetary policy framework are as follows: i. dmprove foreign exchange market efficiency — under this policy lever, Reserve Bank is expected to consolidate the progress on improving the efficiency of the foreign exchange market, which will go a long way in reducing the parallel market premium and will ensure that there is adequate foreign exchange supply to the WBWS and that the market clears. This will be supported by the regular publication of reference exchange rate series, which are calculated as a weighted average of transaction prices. ii. Promote ZiG demand — the Reserve Bank will institute additional measures to strengthen demand for ZiG, including continued improvements to monetary policy operations complemented by further refinements to the foreign exchange market and intervention policy. (z) Introduction and Launch of Upgraded ZiG Banknotes

291. In line with the initial pronouncement made in the February 2025 Monetary Policy Statement and subsequent updates in other national policy documents, including NDS 2, the Reserve Bank, through Supplement | of this Monetary Policy Statement, introduces the upgraded ZiG banknote series. The official launch of the upgraded BiG 5 ZiG Banknote series will be detailed and celebrated in my next presentation. 87  <!-- page 93 -->

292. Preliminary indicators suggest that in 2026, economic conditions in Zimbabwe will be favourable with a projected growth of at least 5% for 2026, driven by continued strong commodity prices, particularly for gold and PGMs underpimning growth in mining and mineral exports. Notwithstanding the mid-season dry spell experienced in some regions. agriculture is expected to positively contribute to growth. In addition, the envisaged strong growth performance will be supported by a low and stable inflationary environment, which has also set solid foundations for growth.

293. ZiG annual inflation is projected to remain low and stable, within single-digit levels for the year 2026, with month-on-month inflation projected to remain below 1%. In addition, the exchange rate is expected to remain stable with the premium narrowing to levels below 20% in 2026.

294. The current account balance is expected to maintain a surplus position of more than US$2.5 billion in 2026, supported by increased foreign currency inflows emanating from improvements in merchandise exports and remittances.

295. The financial sector is expected to continue demonstrating resilience, underpinned by robust supervisory and regulatory frameworks that safeguard prudential soundness. In addition, strategic realignments by financial institutions, ranging from capital optimisation to digital transformation, are positioning the sector to absorb shocks more effectively and to adapt to evolving market dynamics. Looking ahead, financial institutions are expected to intensify efforts to build resilience against an expanding spectrum of emerging risks.

296. The Reserve Bank will continue to pursue the current prudent monetary policy stance supported by deliberate efforts to promote the demand for the local currency. As the country transitions to mono-currency, the proportion of local currency 88  <!-- page 94 --> transactions in the economy will gradually increase complemented by the deepening of the foreign exchange market. This will, therefore, support price discovery and facilitate efficient market access.

297. The measures enunciated in this Monetary Policy Statement are critical in consolidating the price, currency and exchange rate stability gains achieved thus far. This stability, alongside improved foreign currency inflows, forms the findamental pillars critical In supporting inclusive growth and improving livelihoods. In this regard, safeguarding these gains through continued monetary and fiseal policy complementarity will be vital to further entrench macroeconomic stability.

298. The introduction of refreshed and upgraded BiG 5 ZiG Banknote Series, a symbol of national identity, is expected to enhance trust, confidence and credibility in the local currency, as well as transactional convenience, thereby deepening domestic currency usage to consolidate price and exchange rate stability.

299. Going forward, the Reserve Bank will continue to pursue ils consultative approach to monetary policy formulation to benefit from valuable stakeholder feedback. Importantly, the Staff Monitored Program (SMP) recently agreed with the IMF will help support Zimbabwe's efforts to stabilise the economy. enhance growth prospecis, and re-engaging with the international community on the debt restructuring process ard arrears clearance program. The successful implementation of the SMP will provide the much-needed third-party endorsement critical to improve the country’s risk profile.

300. The Reserve Bank will, therefore, continue to walk the talk and stay the course through prudent monetary policy management designed to ensure confidence and trust in ZiG, critical for the successful transition to mono-currency. The current 89  <!-- page 95 --> stability and sustained single-digit inflation will go a long way in supporting the envisaged growth of 5% in 2026.

301. The collaboration of the Reserve Bank, Government, and the private sector remains essential in deepening financial markets, promoting the use of local currency and supporting reform that builds confidence in the economy. By staying united in purpose and diligent in implementation, the country can realise an inclusive Zimbabwe as espoused in the NDS 2 (2026-2030) and Vision 2030 of a Prosperous and Empowered Upper Middle-Income society. I THANK YOU DR. JOHN MUSHAYAVANHU GOVERNOR 90  <!-- page 96 --> Annex 1 RBZConsults: Stakeholders’ Views on Monetary Policy Management ABAZ = © & aan i rr Lm se SEZCC (ee) Zimbabwe Council of Churches 7 mene at anal rs ANCC 6©@ [iicmez a ante ancemanenenee ae €) CEO vi * Eles T G. ¢ SF ze — -— SCZ",  <!-- page 97 --> 1, The Reserve Bank held Stakeholder Consultative meetings from 9-19 February 2026 to solicit feedback on the performance of monetary policy, implications on economic agents and recommendations for the 2026 Monetary Policy Statement. The consultations were held in the spirit of ensuring that the Monetary policy is aligned and responsive to stakeholder needs which is critical in anchoring inflation expectations and entrenching price, currency and exchange rate stability.

2. The stakeholder engagements reflect the Reserve Bank’s listening and consultative approach to Monetary Policy formulation aimed at ensuring policy consistency and predictability, thereby building trust, confidence and credibility in the Central Bank.

3. Stakeholder consultations are critical to support the effectiveness of monetary policy formulation. While not every submission has been directly included in this Monetary Policy Statement, each contribution has been crucial in shaping policy debate and therefore helped in refining the measures contained in this Statement.

4. The MPS consultative meetings were attended by key stakeholders, cutting across the various sectors of the economy, including: i, Bankers Association of Zimbabwe (BAZ). ii, Capital Markets Association Council (CMC). iii. CEO Africa Roundtable. iv. Chamber of Mines of Zimbabwe. v. Confederation of Zimbabwe Industries (CZI). vi. Confederation of Zimbabwe Retailers (CZR). vii. Consumer Council of Zimbabwe (CCZ). vili. Estate Agents Council (EAC). ix. Mobile Network Operators (MNOs), 92  <!-- page 98 --> x. Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ). xi. Retailers Association of Zimbabwe (RAZ). xii, Tourism Business Council (TBC). xiii. Transporters Operators Association of Zimbabwe (TOAZ). xiv. Zimbabwe Association of Microfinance Institutions (ZAMFT). xy. Zimbabwe Council of Churches (ZCC). xvi. Zimbabwe Farmers Union (ZFU),. xvi. Zimbabwe Institute of Strategic Thinking (ZIST). xviii, Zimbabwe National Chamber of Commerce (ZNCC).

5. The formulation of the Monetary Policy also benefited from a consultative engagement with former Governors and Deputy Governors of the Reserve Bank who commended the current stability and recommended staying the course of the prudent monetary policy to sustain a low inflation environment.

6. Generally, the stakeholders applauded the Reserve Bank for a consistent, predictable monetary policy that has ushered in a low and stable single-digit inflation environment. Emphasis was on the need to sustain the prevailing macroeconomic stability to foster increased use of the ZiG and support gradual market-led transition to mono-currency,

7. To consolidate and sustain price, currency and exchange rate stability, stakeholders highlighted the following critical issues requiring further attention of authorities, outlined in Tables 1 and 2. 93  <!-- page 99 --> Table 1: Summary of Stakeholder Issues, Comments and Feedback 1 Interest rates Stakeholders called for the downward While the Reserve Bank acknowledges that review of the Bank Policy Rate currently inflation reached single digil in January 2026, it pegged at 35% in line with the decline in was important to ensure that inflation expectations annual inflation to 4.1% recorded in are well-anchored. January 2026. Itis also prudent that the Reserve Bank does not While stakeholders acknowledged the react to a single reading of low inflation but rather need to muintain positive real interest assess incoming data on inflation developments te rates in the economy. at current levels the ensure that the stability is durable. Overall, the magnitude may be teo high and affectthe Reserve Bank will adopt a cautions and gradual cost of capital with negative implications approach to policy nurmalisation, which will be on credit and growth, data-dependent and not date-dependent. Country experiences show that central banks are generally cautious in loosening their monetary policy stunce after inflation has stubilised and adopt a wail and see approach. Th general central banks maintain the policy rate for periods af 6 ta 12 months after inflation ts contained well below the policy rate. Accordingly, the Reserve Bank has decided to maintain the bank policy rate at 35% for the time being. 2 | High bank Stakeholders bemoaned the continued The Reserve Bank concurred with the views of charges high bank charges which they highlighted siskeholders and highlighted that as part of the as one major factor discouraging the use | Ease of Doing Business agenda in collabormlion of formal banking channels and broader with BAZ, bank charges are being reviewed. financial inclusion, thereby leading to a predominantly cash economy. In this regard, this Monetary Policy Statement contains new fees‘and charges framework as well In addition, the high fees are also as measures to support {he mobilisation of affecting the mobilisation of domestic domestic savings. savings critical to support efforts under NDS 2. The Reserve Bank also clarified that the IMTT is distinct from ordinary bank fees and charges which is under the purview of the Ministry of Finance, Economic Development and Investment Promotion.

3. Statutory The current statutory reserve The current statutory reserve levels have helped in reserves requicemenis were viewed by managing liquidity in the economy and supporting stakeholders os high and restricting credit exchange mite stability and the disinflation creation in both dormestic and foreign programme. ourrency, The Reserve Bank cionfied that statutory reserves Stakeholders called for the reduction of are differentiated for call and demand deposits at statutory reserve requirements for both 30% versus time and savings deposits at 15% ZiG and US dollar. RCTOSS CUlTencies to encoursge banks. to attract long-term deposits critical to support « savings culture and underwrite long-term investment in the economy. The Reserve Bank also emphasised that it has put in place an inflation neutral funding mechanism under the Targeted Finance Facility (TFF) though the facility has not been fully utilised. 94  <!-- page 100 --> Tn addition, credit in US dollars has to be managed closely to avoid the creation of virtual dollars in the banking se¢tor through excessive money creation. 4 | Transition to Stakeholders agreed on the need to stick | The Reserve Bank clarified that the transition to Mono-Currency | toa gradual market-led approach through | mono currency is not defined by a date but rather ensuring that all the Conditions Precedent the achievement of the Conditions Prevedent as wre satisfied. Stakeholders called for outlined in the NDS 2: Historical experiences have consistent communication on the | shown that legislating 3 /orced transition to mono- roadmap to improve planning certainty, | curteney is not sustainable. They also needed clarity on the 2030 Furthermore, the Reserve Bank clarified that sunset clause for the transition to mono- foreign currency deposits and loans will continue currency as it is affecting the tenure of | after the mono-currency, with loans serviced from loans denominated in US dollars and finds obtained from the imterbank foreign generally leacling to capitul fight, given exchange market, the uncertainty over the treatment of foreign currency accounts, Economic agents will be abie to maintain their foreign currency accounts. However, all domestic Stakeholders noted that there has also tramsactions will be conducted in local currency. been a slowdown in real estate business duc te uncertainties over the 2030 trenstlion clause. S$ Liquidity Banking institutions raised concerns on The Reserve Bank advised that the optimal Management the optimal liquidity threshold on the liquidity levels (OLL}) are determined by the and Indirect RBZ RIGS platform which has resulted transaction activities on the RTGS platform and the Monetary Policy in automatio sweeping of balances into overall reserve money target. The OLL is regularly Tnstruments NNCDs and called for « shift from same reviewed by the Reserve Bank in line with daily day mopping ton 24hr idle funds mopping transaction developments in the RTGS System. approach. The Reserve Bank advised banks to trade among They also requested for review of the themselves to avoid haying funds locked into NNCDs limits and redemption framework NNCDs. and aise forthe Reserve Bank to introduce short (erm interest-bearing Open Market In addition, banks were encouraged to also offer ‘Operations (OMQ) instruments, attractive interest sates for term deposits to attract savings and time deposits in order to have adequate liquidity, The Reserve Bank will however. initiate transition to indirect manctary policy instruments starting with the introduction of 3 remunersted deposit facility, 6 Savings Stakeholders highlighted the need to The Reserve Bank highlighted that bankers would Mobilisation mobilise ZiG savings by introducing need to support the TB auctions by the Central instruments that protect depositors’ value. Bank and shun private placements. The Stukeholdets highlighted the need for In addition, the Reserve Bank encouraged banks to TB instruments that will allow a be innovative in coming up with attractive transparent yield curve and debt market instriments that preserve the value of savings. development. The Reserve Bank advised that there is still need Regarding gold trading: and for clarification on the liberalisation of gold modemisation, stakeholders called for possession and trading. However, banks can be gold backed savings’ accounts and innovative and tokenise the current gold coins exchange traded receipts. through fractionalisatian to ¢nable the wider uptake of gold coins as a value preservation instrument. 7 Confidence The convertibility of the local currency to The Reserve Bank reiterated that foreign currency Building foreign currency and vice versa will for international transactions is readily available in 95  <!-- page 101 --> strengihen confidence in the Ipcal the mierbank market — which guarantees the euirency. convertibility of the local currency, Particularly, stakeholders highlighted that Stakeholders were advised to report pyblic and small scale players lacgely demand private entities refusing to accept ZiG or payment in US dollars und ulso require undertuking discriminutory pricing agains! the foreign currency for savings purposes, local currency to the Financial Intelligence Unit. which contimes to feed into the: parallel market. In this rogard, the Reserve Bank clarified that convertibility of local currency to foreign currency Stakeholders also highlighted that will be reserved to meet Bonafide foreign invoices: economic agents require foreign currency to meet domestic obligations and In addition, the Reserve Bank advised that payments such as iyages and fuel, economic agents with insufficient ZiG can convert their foreign currency through the Willing-Buyer Willing-Selier foreign exchange market. 8 | Export Some stakeholders called for the The Reserve Bank acknowledged the views of Retention reduction in the surrender requirements stakeholders and advised that there would be no particularly for enclave sectors such as | preferential treatment of sectors as this may result tourism and cotton farmers. in arbitrage. eae Aaagealn copious In sddition, the Reserve Bank clarified that as they represent a service export and | CNtries in mono-currency surrender 100% of payments are received in advance of their export proceeds and access thew foreign Service provision. currency requiremenis through the foreign exchange market, In addition, stakeholders also highlighted that delays in the payment of the ZiG As the country moves to mono-currency the portion to exporters affects business surrender requirements will be gradually adjusted viability and is also adversely affecting in tandem with the increased use of local currency, some companies in honouring their statutory obligations in ZiG including tax. The Reserve Bank also clarified on the delays in the settlement of the ZiG portion of surrenders by highlighting that of the 30% surrender requirement, 12.5% is for Government to meet its extemal liabilities, whilst the Reserve Bank receives the remainder (17,5%) to fiquify the foreign exchange market and build foreign currency reserves, The portion to the Reserve Bank is paid promptly while Government has been paying its share and in some instances having bilateral arrangements with exporters to extinguish the outstanding ZiG | _ amounts. 9 Fiscal Matters Tourism Stakeholders also raised concem This was clarified a3 being outside the mandate of over the implementation and the Reserve Bank and stakeholders may still raise operationalisation of the Digital Services any emerging challenges with Treasury. Withholding ‘Tax which ctroncously included goods within their scope of business. While stakeholders welcome the reduction in IMTT for ZiG they highlighted that it remains prohibitive and that the chgital taxation policy should be 96  <!-- page 102 --> aligned with the broader objective of promoting. fortnalisation, digital payments and financial deepening, 10 | Ease of Doing Stakeholders recognised the efforts of The Reserve Bank advised that the issee with Business Government to enhance the HaseofDoing ADLA licensing was not a challenge. however, in Business in the country through the | line with the cage of doing business thrust it would review of various sectoral licensing be beneficial for the industry to haves harmonised frameworks, licensing framework. In this regard, Stakeholders called on the Reserve Bank to review licensing requirements for the provision of financial services by retail outlets and harmonisation of the Authorised Dealer with Limited Authority (ADLA) licences | with other frameworks. | 11 Foreign Stakeholders raised concems regarding The Reserve Bank requested for additional details Currency airline ticket issuance and hotel booking to allow for investigations and proposals on how to Accounting practices where some service providers close the loop-holes. are (icketing and reveiying paymerit outside the country thereby prejudicing the country of foreign currency.

12. Central Bank Stakeholders called on the Reserve Bank The Reserve Bank acknowledged the views of Communication to enhance its communication and stakeholders and reaffirmed its commitment to dissemination of statistics including those communication as a tool of modern monetary related «to the accumulation and | policy. composition of foreign reserves backing the loca! currency. As part of this commitment, the Reserve Bank advised that it has expanded its compendium of As such, Stekcholders proposed that the cconomic publications to include the Governor's Reserve Bank issue an additional Quarterly Snapshot on recent financial and publication on the foreign currency monetary developments, The Reserve Bank reserves developments: advised Stakeholders that the Quarterly snapshot includes data on foreign currency reserves. 13 Sentiments Stakeholders noted that negative The Reserve Bank noted and advised that i will sentiments can shape public expectations continue to strengthen stakeholder engagement to on monetary policy with destabilising manage negative sentiments and ensure the effects despite strong underlying anchoring of inflation expectations. fundamentals. 97  <!-- page 103 --> Table 2: Summary of Stakeholders Comments 1 Frice and exchange Stakeholders applauded staying the The Reserve Bank welcomed the feedback from rate stability course of a prudent monctury policy stakeholders on the monetary policy echicvements which hos resulted in greater and emphasised the need forthe country to stay the exchange rate stability and the course of prudent monetary policy to ensure lasting inflation for the first time in more than three decades. The Reserve Bank also underscored the need to Maintain macroeconomic stability during the 10° Stakeholders noted that the month SMP programmeas it will be critical for the macroeconomic stability is success of the country’s debt resolution and arrears Supporting improved long-term clearance programme. planning and has changed the nature of conversations with investors. 2 Conditions Stekeholders recognised and The Reserve Bank concurred with the views of Precedent to Mono «commended the conditions-beused Stakeholders-and reiterated that the transition to currency approach adopted by the Reserve mono-currency will not be date-dependent. The Bank underpinning the transition to Reserve Bank committed to fulfilling all the mono currency, Conditions Precedent before transitioning to exclusive use ofthe local currency in the egonomy. They also indicated that the spproach shows that Government has listened to stakoholder concoms Ut _ on currency reforms. | . 3 Increased use and Stakeholders recognised the The Reserve Bank welcomed the views of the confidence in ZiG —_— increased use and acceptance of the Stakeholders and for supporting the wider use and local currency reflecting improved acceptance of ZiG. confidence and trust in the Reserve Bank's policy. In this regard. the Reserve Bank assured stakeholders that it will continue to walk the talk to deepen the use of the local currency in the 4 Monctary Policy Stakeholders commended the The Reserve Bank welcomed the feedback of and Fiscal Policy increased policy alignment and Stakeholders and commited to ensure (hat policy Coordination coortlination belween the Reserve alignment sand coordination is continuously Bank and Treasury which has enhanced to entrench macroeconomic stability and resulted in liquidity:synchronisation promote financial sector deepening. and elimination of deficit financing by the central bank. Importantly both Reserve Bank and Treasury have commitied io not engage in central bank deficit Precisely, stakeholders commended financing and avoid the re-emergence of Quasi- the return to back-te-basics focusing fiscal activities. on the mandate of price stability and the climinshon of Quasi-fiscal activites. 98  <!-- page 104 --> , f <a rr . " , Subject Matter Stakeholder Comment REZ Feedback > Ee SA Sol 5 Vices oe Sree FS sts Oe eae 8 ae ORE i ea i samme re rt mF ; Monetary Palicey | Stabkeholdere — connnended he The Re erye i. ate. ranked ‘Stakchole — sel Lee wae’ Ps eee rm » ‘ =” ees. “ so > Ts at — —— — ee ee Ae ee nd ee alee el a oe ene ae ae Sa — Se EET ae TR Ty een ema ne Dare ea age WD pisces es tah! ben ted apes a) eared dice oe EN al eee | a fe ae leplcleaeieeny ce Sate o uc! KResSéery SSK S&S. TES. Gooroacn tn Bdvised lat Wie Keserve Hank will Geepen eiio4ris eat L eee ae ee Ot Ne TL Pie PE eet eae) Bee ea Nene ne Ns ee a st fxets ee one Th 8 ates eh Be ate a - OR ee Oe re ode Fra she eet beh inated (oe a Tea oe oe Ba agar Healing Ww The fpubiie -; 7 On monetary COMmUIHIC! “ry ~~? 2 as SN ee SSUES VV ea a om Si Fs = eas Fa, th ae fe manrmiransd nantly Ps aft the 7 ee - J couraged continiiation of the - in 7 - gg Pe is eee beg CGHSErVative SPPpreacy. | Whit Preciseiy, CLOIts are Currently underway [0 erasure _— “ee i iS ay y ty ‘i ‘= mall ka’ leveraging the existing that monetary policy reaches all comers of the I) a gl nig ee etyeg eran) As . , odd htt communicahon channels. country 80 thal ne one and no piece 3S léll behind, EERE AA SREP ERE ASLD SR IORE LEDS o'. ey). ne AVES RITTER CALEEE PUCK FSPREUE. BD ARE CPR EEELD, Ta a ney ns? PEC eS "hey salen underscored thy neec | for LER | id : CU We NRE it caret Cue he tn cts nied Sy etl they ebb ar toe wk Al eens Se te CPR ia aa { we ERIS, Te AER TAG SE SR IES ef ea eon gk ak an aN poet ae A “Keserve ban 1h Won a ar Nae heen OO. ee, eee ee otek att Ta a oe tis al 8 ET ea pee eS adrhional measure to foster central ad spre nercrenyy ameter act) a teh Reheat: tinplate ae sie a Pee eee Dew pavers hcnn Iie sank policy credibility, aa aes ie oe eae ens ae TESST |e HN - - ce ae fe IDS ey, Pa PRTeeee | Pa Mae” NOOR Tove we Ee = 52 roms Speen at der lace: - 4 nat on ava ee miblic = rere een aerial engagement on NDS 2? including the em eh Aenea , =o nethiat.. ities nif Biarene~nuaars ~OTitical pillar Of Macroecanoeriic ee ot ‘ + 5 mie! pul fab , gamed Fr HE. secre Pig LEE VCE.  <!-- page 105 --> ohtior SV <A oy ANNEX 2 LIST OF REGISTERED MICROFINANCE INSTITUTIONS (February 2026)  <!-- page 106 -->

ANNEX 2 1. The Reserve Bank in terms of the Microfinance Act [Chapter 24:29] section 13 publishes the list of Registered microfinance institutions as presented in Table | and Table 2. Table 1: List of Registered Deposit Taking Microfinance Institutions - February 2026 tin NAME HEAD OFFICE ADDRESS 1 African Century Limited African Century Gardens, 153 Josiah Chinamano Avenue, Between 6th and 7th Street 2 Success Microfinance Bank Ltd 14 Steppes Road, Colne V alley, ji Chisipite. Harare 3 GetBucks Microfinance Bank Ltd | Ist Floor; Unity Court, Cnr First Street & Kwame Nkrumah Avenue, Harare 4 Zimbabwe Women's Microfinance | 4th Floor, Trust Towers Bank Limited 56 Samora Machel Avenue 5 EmpowerBank Limited 60 West Road Avondale 6 InnBucks Microbank Limited 2 Northridge Close, Northridge Park, (formerly Ndoro Microfinance Borrowdale, Harare Bank) 7 Mukuru Financial Services Tendeseka Office Park, Zimbabwe Limited Block 2, Second Floor Samora Machel Avenue Harare Table 2: List of Registered Credit Only Microfinance Institutions - February 2026 wt HEAD OFFICE HEAD OFFICE a PeWAy eo ADDRESS NAME ADDRESS ABC Easy Loans t/a | Shop No. 7, 12 | Amkay Capital 139 Borrowdale BancEasy Loans ZIMRE Centre, (Private) Limited Gunhill (Private) Ltd Leopold Takawira Harare Street, Harare 2 ABC Moneylenderrs | Hatfield House, 13 | Anephen Shop Number 72 Seke Road, Microfinance Highgien Shopping Graniteside, (Private) Limited | Centre Harare Harare Abrana Financial 40 Samora 14 | Anthill Capital Suite 516-S17,5th Services | Machel Avenue. (Pvt) Limited floor.Africa House, 101  <!-- page 107 --> = ee House. Harare Bulawayo 4 Acumen 5th Floor, 15 | Applechain oftice at number 3152 Microfinance Southwing, Globe Microfinance Makwasha, (Private) Limited House, Jason (Private) Limited | Zvishavane, Moyo Ave, Harare 5 Afrocash Micro 68 Stable Close, Appointed Wailers Building, (Private) Limited Borrowdale, Restoration No.16 Harare Street, Harare Finance (Private) | Harare Limited AgileCred 17 | Ardeur Fiancial | Zimposi Building, hee 4, Wee Services (Private) | Tongogara araié Limited See Ave, 7 ALfil Capital No. 3/4 Ireland Arnold Kapitol 5 Hebert Chitepo = ZVISHAVANE Mutare, Zimbabwe Allegiant Finance 30 Samora 19 | Ashleen 3rd Floor, West Wing, (Private) Limited Machel Avenue, Investments Construction House, Office No. 409, (Private) Limited | 108-110 Leopold South Wing ,4th Takawire Street, Floor, Nicoz Harare Diamond, Harare Altair Finance 3rd Floor, 20 | Baardy Micro Office 400, 4th Floor, (Private) Limited Karigamombe Capital (Pvt) Ltd Construction House, Centre, 53 108-110 Leopold Samora Machel Takawira Street, Avenue, Harare HARARE Altitude Finance Shop 9; 21 | Bard Santner No, 3 Renfrew Road, (Private) Limited Samuriwo Finance (Pvt) Ltd | Eastlea, Harare Building; Stand 995, Main Street, Machipisa, Highfield, Harare 11 | AMBC International | Office No.2 22 | Batanaitosave and | 42 Harvey Brown. Industry (Private) Ground Floor Investments Milton Park. Harare Limited NSSA House, Corner Julius Nyerere and Sam ‘ | Nujoma, Harare _ uw M 102  <!-- page 108 --> th HEAD OFFICE HEAD OFFICE NAME ADDRESS NAME ADDRESS 23 | Bayce Microfinance 276 Hebert Chitepo 34 | Cashit Finance 31 Glenara (Private) Limited Harare (Private) Limited Avenue Eastlea Harare 24 | Benefacto Investments | Office 308 Gelfand 35 | Cashmax 66 Jason Moyo (Pvt) Limited House, Cnr Speke & Microfinance Bothwell House, First Street. Harare Private) Limited | HARARE 25. +| BESTFIN FINANCE 156 Mahamba Business Cavmont Office Number (PRIVATE) LIMITED | Centre, Inyathi Finance(Private) | 2, Stanley Limited Properties. 16 Leyland Road, New Ardbennie Harare [eee "| tere | [omen [see Limited Suburbs Bulawayo (Private) Limited | Emerald Hill Harare 27 =| Bisquick Finance (Pyt) | 25 Tweed Road, Chikwama Finance | 5th Floor MIPF Ltd Eastlea, Marare (Pvt) Ltd House, 5 Central Avenue, Harare 28 | BLUE STREAMS Office 13, Upper Chisquare 122 Samora FINANCE (PRIVATE) | Ground Floor, Joina Financial Services | Machel Avenue LIMITED City Belvedere Harare 29 Boldfunds Financial 74 Selous Avenue. Chronos Financial | Office 12, Solutions (Private) Harare Services Jayagurn Mall, Limited 275 Herbert Chitepo Ave, Harare Bridgevest Capital Ist Floor, Takura 41 | Citiceash Financial | 5th Floor, $11 (Pyt) Lid House, Kwame Services (Pyt) Lid | York House, Nkrumah, Harare Corner 8th Avenne/Herbert Chitepo Street, Bulawayo 31 ‘| Butler Finance Office Number 4 42 | Clickeasy Finance | 3 Hampden (Private) Limited Hwange Stock Feeds (Private) Limited | Street, Centre, Hwange Belvedere, Harare 32 | Capernaum Finance 8th Floor, Eastwing 43 | Clientsure Room 12, 2nd Zimbabwe (Pvt) Ltd Construction Financial Services | Floor, MIPF House.Harare (formerly Tinrue | Building. 7th Finance (Pvt) Street. Gweru Limited 33 Cashconnect Finance Mass Media House, 19 | 44 | Club Plus (Private) | Cnr 9th (Pvt) Ltd Selous Avenue, Harare Limited Avenne/Herbert Chitepo, 3rd Floor, Edgars Head Office, Bulawayo 103  <!-- page 109 --> ny HEAD OFFICE HEAD OFFICE ay te ADDRESS NAME ADDRESS Contipay Finanee (Private) | Shop 1A, Beverly Crossroad | Bodle Road Limited formerly Hammer & | Court, Cnr N. Financial Services | Easilea Tongues Moneyienders Mandela/4th (Private) Limited | Harare Street, Harare Convex Capital (Pvt) Ltd Ist Floor; Pearl 57 | Crown Wealth Eastwing M Floor, House, West Investments Club Chambers, Wing, 61 Samora Corner 3rd & Machel Ave, Nelson Mandela Harare Avenue; Harare ww es er Limited Chegutu Ltd Avenue. Eastlea 48 | Corex Capital (Pvt) Ltd No. 2291 59 | Darnster Finance | Office 109 Masiye Arlington Way, (Pvt) Lid Suites, Prince Hatfield, Harare Court, 9th Avenue! Fort Street, f Bulawayo 49 | Coverlink Finance (Pvt) Ltd | Number 10 Daswa 9 Fundai House, 70 Cumberland Investments Simon Muzenda Road, Eastiea, Street. Harare Harare 50 Cozy Corner Investments 70 Queen Street, | 61 | Daventry 11 Daventry Road, (Privaic) Limited Chegutu Microhub (Private) | Eastlea, Harare Limited Private) Limited Chipinge Services (Pvt) Ltd | Marondera 52 | Credfin (Pvt) Ltd 12 Silwood 63 | Dendere 15 Downie Close, Chisipite, Microfinance Avenue, Belgravia, Harare (Private) Limited | HARARE 53 Crediconnect (Pyt) Ltd 4 Arden Road, Denvallene Zimpost Building, Newlands, Harare Financial Services | Tongogara (Pvt) Ltd Street/Hughes Ave, Masvingo 54 Credit Plus Loans (Pvt) Ltd | Stand No411/2, | 65 | Destiny Driven Zimbabwe Office No. 3 Finance (Private) Teachers New Market Limited Association, 767 Centre, R. Chenerai Hunzyi Mugabe St, Street , Bindura Masyingo 55 | Creditlink Financial Services | Number 1 Divida Capital Suite 29, (Pvt) Ltd William Gale (Private) Limited | Mezzanine Floor, Marlborough Chiedza House, HARARE Kwame Nkurumah Avenne: Harare 104  <!-- page 110 --> Te HEAD OFFICE HEAD OFFICE NAME ADDRESS NAME ADDRESS 67 | Dianox Finance 12TH Floor, 78 | Equality Opportunity (Private) Limited Southwing, Causeway Microfinance (Pvt) | House, 19 Harare Building, Harare: Ltd Street, Harare Donhodzo Finance 187 Baines Avenue 79 | Equifirst 341 Borrowdale (Private) Limited Harare Investment (Pvt) Brooke Ltd HARARE Dotpark Enterprises | NO. 33 Tongogara Ergoflex Office M Floor, (Private) Limited Sirect, Rusape Investments Security Trust (Private) Limited | House, Corner Second Street! Kwame Nkrumah Avenue, Harare 70 Doves Financial Olwen Crocker House, Eshandini 69 Jason Moyo Services (Pvt) Ltd 157 Harare Street. P.O. Financial Services | Avenue, Third Box 504, Harare (Formely known | Floor Hungwe as -PremierCredit | House, Zimbabwe P/L Harare 71 EARLBAT Room 12, Piermont Eziza Holdings 4th Floor, 3 INVESTMENTS Flat (Pvt) Ltd Anchor House (PRIVATE) {41 Josiah Chmamano Jason Moyo LIMITED Avenue Avenue Harare Harare 72 | Edenswiftcash (Pvt) | 50 Palmer Road, Femmes De Dieu | 99 Bishap’s Lid Miltron Park,Harere Mount Close, Greendale. Harare 73. ‘| Educate (Private) Shop 7, Ascot 84 | Festive Wealth 10 Hampshire Limited Shopping Centre, Investments Road, Eastlea, Minerton Drive, Harare Bulawayo 74 =| Eduloan (Pvt) Ltd 16 Palmer Road, 85 | Fidelity Life 4th Floor, Fidelity Milton Park, Harare Financial Services | House, 66 Julius (Pvt) Ltd Nycrere, Harare 75 Eland Finance 48 Chipindura Park Finfuture (Private) | The Club House, (Private) Limited BINDURA Limited Suite 3 Stand nymiber 3051, Bluffill 76 | Emporium Capital 184 Mutare Road, 87 | Finver Finance 2 nd Floor, The (Private) Limited Masasa, Harare Private Limited Red Eastgate Mall (formerly known as Tsapo Financial Ventures (Private) Limited 77 Encore Greenlend Block 08 Kawaza 88 | First Mutual Insurance Centre. Capital (Private) Street, Rugare, Harare Microfinance 30 Samora Machel Limited Avenue, Harare 105  <!-- page 111 --> Ste HEAD OFFICT HEAD OFFICE NAME ADDRESS NAME ADDRESS Flexipay Credit Office No, 2a. 3rd GERSHOM (Private) Limited Floor, Rarujis FINANCIAL 1 Meredith Complex SERVICES Drive, Fastles Cur. Robert Mugabe (PRIVATE) H = , & 11th Avenue, LIMITED Bulawayo, 90 | Flyspeck Investments | 12th floor, Southwing, | 101 | Goal Getters Unit No: 2, East (Pvt) Limited Causeway Building (Private) Limited | Wing Third Avenue & 1st Floor, Central Avenue, 6491A Clyde Harare Road Eastlea, Marare FMC Finance 22 Fereday Drive, Goho Financial E (Private) Limited Eastlea, Harare - ee 92 =| Fortnius Financial 51 Samora Machel 103 | Goldbourne Services (Pvt) Ltd Avenue Finance (Pvt) Ltd | Office No. 8, 7th Floor, Sunrise Building, Throgmorton House Masvingo a Harare 93 | Funamel Investments | 33 Hebert Chitepo 104 | Golden E-Connect | 4th Floor, Road, Masvingo, Investments Runhare House, (Private) Limited 107 Kwame Nkrumah Ave, Harare 94 | Fundhouse Finances | PD35, Ist Floor, Main 105 | Golden Knot 104 Samora (Pyt) Ltd Post Office, CAIF Microfmance ( Avenue, Harare Building, R. formerly Golden Mugabe/7th Street , Knot Financial Gweru Services (Private) Limited 95 | Fundvibe Finance 5th Floor, St Babra 106 | Golden Plate Kopje Post House, Car N. Investments (Pvt) | Office, Ivan Mandela/L, Takawira, Ltd Maguire Way, Harare | Harare Fungioliv Investments | 146 Nelson Mandela 107 | Goldenbag 59A Piers Road, ——— ia ea Harare 97 | Gavaz 6 Livingstone Avenue | 108 | Gourmet Capital office at 17 Finance(Private) Jubilee Centre Second Finance (Private) | Mbuya Nehanda Limited Floor West Wing Limited Dombwe Harare Musengezi Gealcs Private First Floor, Union GPC Financial 168 Samora Limited Buildings. 64 Robert Services Machel Avenue Mugabe. Harare West, Belvedere Generational Impact | 149 Northway Drive, | 110 | Grange Capital 2 Salhouse Finance (Pvt) Limited | Waterfalls, Harare | (Private) Limited | Avenue The Grange Harare 106  <!-- page 112 --> te HEAD OFFICE HEAD OFFICE Newt ADDRESS Awd to ADDRESS 111 | Green Masters 19 J. Tongogara 123 | HyperCapital 48 Van Praagh Investments (Pvt) | Avenue/ Blakiston Investments avenuc, Milton Lid Street, Harare (Private) Limited | Park, Harare Groveston 30A Trinity road 124 | Ibex Finance 6th Floor Eastgate lid Investments (Pvt) | Greendale Harare al (Private) Limited Lrd 113 | Hammatic Finance | Suite 910, 9th Floor 125 | Icon Wealth Suite 504, Stand (Private) Limited | Barbra House, Corner Ventures (Private) | 844.4 Robinson L, Takawira and Limited Howse, Nelson Mandela, Corner Angwa Harare Street/ Kwame Nkrumah Avenue Hurare 114 | Havilah Stream 260 Commercial 126 | Imanzi Global 74 Rhodesville Finance (Pvt) Street, Chinhoyi Finance (Private) Road Limited Limited Greendale, Harare 11S | Hilithru No. 6 Rekayi 127 | Impact Financial Shop 17 Enterprises (Pvt) Tangwena Avenue, Services (Pvt) Ltd | ,Highglen Lid Masvingo Shopping Centre, Harare 116 | Hilnest Financial | 14182 Gunhill Avenue, P| Inclusive Financial | 139 Jason Moyo, Services Gunhill, Harare Services (Pvt) Ltd | Bulawayo 117 | Hilsol Financial 14 Kingfisher Close, 129 | Indigo Century Towers, Services (Private) | Greystone Park, Microfiriance 45 Samora Limited Borrowdale, Harare, (Private) Limited | Machel Avenue, Harare Hirtam Finance 30 George Way, 130 | Intercrest Capital | 4th Floor, Kopje (Private) Limited | Hogerty Hill (Pvt) Ltd Plaza Building. Harare Car Rotien Row/ Nelson Mandela, Harare Homelink Finance | 72-74 Samora 131 | Izzat Financial 76 Main Street (Pyt) Ltd Mache! Ave, Services Private Gwen Hardwicke House, Limited Harare 120 | Hopceredit 53, 19th Crescent 132 | Jakana Africa 275 Herbert Investments ( Warren Park 1, Harare Microfinance (Pvt) | Chitepo Street, Private) Limited Lid Harare 121 | Hupfurni Capital §3 Hinderhead Road 133 | JHMInvestments | Suite 2, 8th Floor Private Limited Chisipite (Private) Limited | South Wing, Pax Harare (Pvt) Ltd House, 89 Kwame Nkrumah Ave, Harare 122 | Hybrid Capital 41 Irvine Close, 134 | Joseph Roberts 15 Tweed Road (Private) Limited | Marlborough, Harare Capital (Private) Eastlea, Harare Limited 107  <!-- page 113 --> te HEAD HEAD OFFICE OFFICE NAME ADDRESS NAME ADDRESS 135 | Junior Marima 63 Hofmeyer Strect, Lemontree 31A (Pvt) Ltd Masvingo Technology(Private) | Groombridge Limited Road, Mt. Picasant, Harare, Zimbabwe 136 | KamlTsh Suite 25, 2nd Floor, New | 150 | Lender's Bag Block 5, 2nd Investments (Pvt) | Affica House, 40 Kwame Floor, Lid Nkrumah Ave, Harare Eastwing Celestial Park Borrowdale Road Tlarare 137 | KCI Management | 94 McChery Avenue, 151 | Lenderspark l4th Floor, Consultants (Pvt) | Eastlea, Harare Financial Services Social Ltd Private Limited Security Centre Corner Sarn Nujoma/Julius Nyerere Way Harare 138 | Kleinfin (Private) | 22 George Silundika {$2 | Lighting Fintech Office 48 Limited Avenue, Suite 2()2, (Private) Limited Kenneth Silundika House. Harare Kaunda Avenue, Suite 111, Harare 139 | Kreamon 320 Samora Machel 153 | Lincoln Capital First Floar, Investments (Pvt) | Avenue, Eastiea, Harare. (Private) Limited Pearl House. Ltd Samora Machel Avenue. Harure 140 | Kuntem Traders 11 Oakney Road. 154 | Livai-M Financial | Wingate (Private) Limited | Eastlea. Harare Services Road, Highlands, Harare 141 | Kwikbucks MC Office Number 501, 5th =| 155 | LNDR Zimbabwe 60 Coronation Finance (Private) Floor, Karigamombe (Private) Limited Avenue, Limited Centre, Samora Machael, Greendale, Harare (Private) Limited | Square East, Newlands, Limited Seke Harare Chitungwiza 143 | LA Financial 157 | Lupfin Financial Lupane State Services Services (Private) University 19 The Chase, Emerald Limited Faculty of Hill, Harare Agriculture P.O Box 170 Lupane 144 | Lakeem Finance & Robert Mugabe Road, Lyno Finance (Pvt) lst Floor, ___| (Private) Limited _| Harare Lid Construction 108  <!-- page 114 --> NP HEAD HEAD OFFICE OFFICE a) ADDRESS NAME ADDRESS House, 108- | 110 Leopold Takawira Street. Harare 145 | LAS Fimancial Unit 3, Stand 157 159 | Marula Capital 3 Njiri Road, Services (Private) | Citroen Road Msasa (Private) Investments | Msasa Park, Limited Harare Harare 146 | Lathbone Maxbark 136 Enterprises 19 Breach Road, Investments Robertson Borrowdale, Harare Street, Masvingo 147 Mazen Capital 9th Floor, P (formerly Fincent Pearl] House . Fora heentele Finance} (Pvt) Ltd | 61 Samora egsure Hitare Machel Investments , Avenue Private) Limited Harare 148 | Lekka No. 15 Herbert Chitepo | 162 | Mazvimbakupa 650A, Wayne Microfinance (Pyt) | Avenue, Belvedere, Financial Services Road Ltd Harare (Pvt) Ltd \Greencrofi, Harare OR HEAD OFFICE HEAD OFFICE NAME ADDRESS NAME ADDRESS 163 | Merit Financial Shop No.8, Ground | 174 | Million Dollar Suite No. 33 & 34 Services (Pvt) Lid | Floor, ZB House; Financial Services | Ist Floor Cor First S’Speke GT Bain Centre Ave, Harare Building, King George Harare 164 | Michael 150 B Samora 175 | Mirtenwall Shop No. 8, Belmont Mudhausheni Michael Avenue Investments Chambers, Masvingo Caroline Harare (Private) Limited Investments Private) Limited 165 | Micro- Suisse 54 Longford Read, | 176 | Missapi Finance 38 Pine Street, (Private) Limited | Queensdale. Harare (Private) Limited | Marondera being moved to | Pumulani Complex, Sudan Street, Gwanda. 166 | MicroCapita! 1 Princes Avenue, | !?? Mitach Financial | Shop 9, Sunrise Mall, Finance (Private) Newlands Havere Solutions (Private) | 68 Hughes Street, | Limited ° Limited Masvingo, Zimbabwe 167 | Microdawn Office 305, 3rd 178 | Mitchart Financial | Office 4, Agribank Financial Services | Floor, St Barbara Services (Pvt) Complex, (Pvt) Lid House, Harare Limited Mupandawana, Gutu. Masvingo 109  <!-- page 115 --> ise HEAD OFFICE HEAD OFFICE NAME ADDRESS NAME ADDRESS 168 | MICROGRAM 179 | MoB Capital (Pvt) | 601 Pidelity Life FINANCIAL No: 401, 4th Floor, Ltd Centre, Cur Fife SERVICES Norah Courl, 3rd Street’ L1th Avenue, (PRIVATE) Street, Harare Bulawayo LIMITED 169 | Microhub 203 Josiah Moen Home Loans | [2th Floor Causeway Financial Services | Chinamano (Pvt) Ltd Building , third street (Pvt) Ltd Avenue, Harare and Central Ave Harare 170. | Microloan 13th Floor, CABS Monarch Financial | Suite 2, Kathrine Foundation (Pvt) Centre, 74 Jason Services (Private) | House, Cnr. Nelson Ltd Moyo Avenue, Limited Mandela & Fourth Harare Street, Harare Harare 171 | Microplan Ath Floor, FBC 182 | Money Direct No 9 Belfast Road, Financial Services | House, 113 Financial Services | Emarald Hill, Harare (Pvi) Ltd (formerly | Leopold Takawira (Pvt) Ltd Muirkirk): St, Harare 172 | Microventure 104 Nigel Phillips | 183 | Money Mart 86 Selous Avenue, Africa (Pyt) Ltd Avenue, Easilea, Finance (Pyt) Ltd | Local Government Harare House. Harare 173 | Millennial Capital | Number 2251, 184 | Mountfin Finance | 46a Central Avenue, (Private) Limited | Chimbira Street, (Pvt) Ltd Corner Sth Avenue. Ruwea. Harare tin HEAD OFFICE IOAVIR OVS e NAME ADDRESS NAME ADDRESS 185 | MSF Microfinance Suite 306, 3rd 196 | Northholt Office 2, Social Company of Zimbabwe Floor, Africa Capital (Private) | Security Centre (Pvt) Lid House, Cur Fife Limited Corner Julius Street / 10th (previously Nyerere/Sam Avenue, Bulawayo Akili Capital Nujoma Avenue Private Limited) | HARARE | Mula Microfinance 12 Stewart Road, 197 | Nova Superb Office Number | Borrowdale. Finance Eastwing, 2nd Harare Floor, Engineering House. 88 Rezende Street, Harare 187 | Mundloku Finance (Pvt) Ltd | 97 Hellet Street, 198 | Oakfin Finance | First Floor, North | Masvingo (Pyt) Ltd Wing, Throgmorton House, Cnr J. Nycrere Way! S. Machel Ave, Sp pe co _ co Harare 188 | Mygreentund Financial 105 Harare Drive 199 | Old Murua! 100 The Chase, Services Private Limited Marlborough Finance Emarald Hill, Harare, Zimbabwe Harare 110  <!-- page 116 --> te HEAD OFFICE HEAD OFFICE NAME ADDRESS NAME ADDRESS 189 | Nakhalat Finance (Private) | number 56 200 | Omama 6 Meglew Road, | Limited | Edmund Road, Microfinance Mt Pleasant | Belvedere, Hurare. Lu Harare Nash Micro Capital (Pvt) 40 Samora Machel | 201 | Onchain 182 Lower Ltd Avenue. St Finance Rangemore, Andrews House. (Private) Umguza, Harare Limited Bulawayo 191 | Nelhurst Trading (Pvt) Ltd | 1 Gloucester Close, | 202 | One Four Nine | 26 Bath Road, | Eastlea, Harare Financial Belgravia, Harare Services ! 192 | New Horizon Financial 21 Northampton 203 | Payhouse 9 Drummond Services (Pvt) Ltd Road, Eastlea. Finance Chaplin Road, Harare (Private) Milton Park, m a || Limited Harare | 193 | Newlands Financial Services | 203 Josiah 204 | PETEFIN Suite 14, 2nd (Pvt) Ltd Chinamano (PRIVATE) Floor, Pockets Avenue, Harare LIMITED Building J. Moyo! Angwa Street Harare 194 | Nissi Global Limited Suite 3 &4 205 | Pillhurb Bucks | 5 Lawson Avenue, Peppermint Place, (Private) Milton Park , Cnr 11th Avenue Limited Harare, Zimbabwe & George Silundike , | Bulawavo ! 195 | Njere Microfinance (Private) | 4th Floor, 206 | Pime Bridge Ground Floor, Old Limited Construction Finance Mutual Centre; House, Leopold (formerly Cue. G, Silundika Takawire, Harare known as First | & 3rd Street: Money Harare Financial Services te HEAD HEAD OFFICE OFFICE NAME ADDRESS NAME ADDRESS bre | Be Park, Ruwa Investments (Private) | Drive, Hillside, | Limited Harare 208 | Plan for sixty microfinance | 40 Somerset 219 | QATC Capital 44 - 30 Hughes Private Limited Road, Eastlea, (Private) Limited Street, Harare Masvingo Main Post Office, Room F9 & FLO, Masvingo 209 | Platinum Microfinance 7 Dungarvan 220 | Quadfin Financial Offices (formerlyFrontpage Fmance) | Close, Services (Pvt) Lid 422 - 4th Floor, (Pvt) Limited Borrowdale, Insurance Harare Centre, 30 BEE  <!-- page 117 --> te HEAD HEAD esa (eo OFFICE NAME ADDRESS NAME ADDRESS a Avenue, Harare 210 | Plosive (Private) Limited Number 3268, 221 | Quest Financial Ist Floor Social Nyamhunga Services (Pvt) Ltd Security Centre, Township, Sam Kanba, Nujoma/Julius Nyerere Way, Harare 211 | Plus Cash Microfinance Flat No, 2 222 | Quick Access 7th Floor, (Pyt) Ltd Richwell Finsure Tiouse, Gardens, 9 Cor Kwame Richwell Nkrumah & Avenue, Sam Nujoma, Meyrick Park, Harare Harare 212 | Portify Investments (Pvt) Suite 13, Zimnat | 223 | Quickcred Finance | Office 311 Lid Building, 10th (Pvt) Limited Anlaby Avenue/Jason Building 35 Moyo = Sireet, Nelson Mandela Bulawayo Avenue,Harare | 213 | Premier Credit Lite (Private) | Office No.6,% | 224 | Quid Finance (Pvt) 24A Tynwald Limited Ireland Road, Ltd Shanganayi, Zvishavane Tynawald North, Harare 214 | Premier Service 2nd Floor, 225 | Quozite Enterprises | Street 119, Microfinance PSMAS House; (Private) Limited Second Street 47 George Showground, Silundike Harare _ a Avenue. Harare 7 215 | Proactive Finance & | 14 Argyle Road, | 226 | QUPA Microfinnce | ZB Chambers. Supplies (Private) Limited Avondale, Limited 2nd Floor, Harare Stand 506 A, Corner George Situndika and First Street. Hatare 216 Office 14, 227 | Rainbow Finance Sth Floor, Mezzanine (Pvt) Ltd Beverly Court, : = z Floor, Cnr 4th / oaoees Lipa Services’ | Chiedza House Nelson Mandela Corer Kwame Street. Harare & First Street Harare 217 | Prudential Incorporated (Pvt) | 16 Orkney 228 | Rallycom Financial | 146 Herbert Lid Road, Eastlea. Services Chitepo Street Harare Masvingo 112  <!-- page 118 --> ise HEAD OFFICE HEAD OFFICE NAME ADDRESS NAME ADDRESS 229 240 | Sean Preston 6th Floor, CABS 87 Kwame Financial Services | Centre, Cnr. Raysun Capital Nkhrumah Ave, (Private) Limited | Jason Moyo Ave Harare & 2nd Street, Harare Realty Microfinance (Pvt) 3rd Floor, 241 | Sedgemerge 12 Hellet Street. Lid Insurance Investments Masvingo Centre, Corner Samora Machel & Parklane, Harare 231 | Red Sphere Finance (Pvt) 81 Robert 242 | Shakvest Number 17432 Limited Mugabe Ave; Enterprises Chiremba Road Cnr First Street; (Private) Limited Hillside, Harare Harare Zimbabwe 232 | Rippie Capital (Private) 8 Caithness 243 | Shamwari 38 Harvey Limited Road, Yakanaka Capital | Brown Ave, Eastiea, Harare. (Private) Limited | Milton Park, — Haare 233 | Rise Capital (Pvt) Ltd Third Floor, 244 | Share Wealth 119 Nkwame First Mutual (Private) Limited | Nkrumah Building Ave,Master Gweru House, Suite} Harare 234 | ROT Finmark Finance Office Number | 245 | Sheltersol Finance | |38 Williams (Private) Limited 5, James Court, (Pyt) Ltd Way, Msasa. Herbert Chitepo Harare & Oh Avenue, Bulawayo 235 | Roots Microfinance (Private) | Shop No. 4, 246 | Sheryani 333 Samora Limited Corner R.G Investments Machel, Eastlea, Mugabe & R- Harare Tangwena, New Market Cenire, Masvingo 236 | Royal Credit fund (Private) | No.1056 247 | Shons Finance 2nd Floor, UCPF Limited Handworthy Services Private Building, 162 drive, Myurwi Linuted Harare Street, HARARE 237 | Royal Magi Investments 41/42 Cor 248 | Simplecash 443 Goodhope, (Pvt) Limited Aerodrome & Finance Malborough, 2nd Street, Harare Gesiner Building, Mutare 238 | Rulethu Microfinance 3A Turnham 249 | Sirosang 40 Moorgate (Private) Limited | Close Newlands | Investments (Pvt) | Road, Mount | HARARE | Ltd Pleasant, Harare 239 | Sanzhong Finance (Private) | 6 Wellington 250 | Skwama 6 Rainham Road, Limited Drive Microfinance (Pvt) | Willowvale, Ltd Harare 113  <!-- page 119 --> te ste By ei SSeS HEAD OFFICE NAME ADDRESS NAME ADDRESS Belvedere, Hurare nt HEAD OFFICE HEAD OFFICE NAME ADDRESS NAME ADDRESS 231 | Smart Money (Private) | Number | Symdunes Nyanga Street, Limited Goshawk Avenue, Financial Services | Suite 6, Kennedy Vamona, Harare, (Pvt) Ltd Court, Rusape l Zimbabwe 252 | Snalvel Universal L17 Chinhovi Taht Investments % Montague Enterprises Street. Harare (Private) Limited | Court, Comer Fifth Street & Josiah Chinamano Harare, jl . | ee Zimbabwe 253 | Soledd Financial Suite 5, Baddow Talk and Pay Services (Pvt) Ltd Court, 45 Microfinance Livingstone (formerly 363 Harare Drive, Avenue , Harare Lendspree Pomona, Harare Financial Services 254 | Solid Capital Shiloh Building, 91 | 265 | Tamai 40 Mount Investments Zimbabwe | Livingstone Microfimance Pleasant Drive, (Private) Limited Avenue (Private) Limited | Mount Pleasant Corer 8th Street, Harare Harare 255 | Solten Financial 92 Drew Road, 266. | Tandi imali First Floor Block Services (Private) Chisipite, Harare Microfinance D Smatsatsi Limited (Private) Limited .Business Park Borrowdale, i Harare 256 | Sport-Talk Investments | No.113, Ist Floor, | 267 | Taroth Investments | 2nd Floor, (Pvt) Ltd Unifreight House, (Pvt) Limited Dolphin House, L. Takawira 123 Leopold Avenue/Fite Sireei Takawira, Harare , Bulawayo 257 | Stone Microfinance 1! Angus 268 | Tato Capital (Pvt) | 55 Kelvin Road, (Pvt) Ltd Road,Eastlea, Ltd North Harare Gramiteside Harare 258 | Stratfin Services (Pvt) 1! Treger House, 269 | Tazinac (Pvt) Lid | Cor R Mugabe / Lid 2nd Floor, Jason. Inez Terrace, Asia Mayo Street/12 House, Ist Floar, Avenue, Bulawayo Suite 4, Harare 259 | Success Assured Surte 804, Sth 270 | TEFCO (Pvt) Ltd =| 30001 Dagenham OV amcot ses mag Nels Ae Vee House; | 15 Neilson 114  <!-- page 120 --> Mandela Avenue. Willowvale, ce 260 | Sumsha (Private) Stand Number 271 | Tendeka Business | Office 29 Limited 32405, Mabvazuva Fmance (Pvt) Ltd | Mezzanine Flooe, Estate, Ruwa Chiedza House, Conr Ist and Kwame Nkrumah Avenue, Harare 261 | SWIFT CHOICE 124 Llyton Road, | 272 | Tengwi Financial | 5511 Southview FINANCE (PRIVATE) | Workington, Services (Pvt) Ltd | park LIMITED Harare Harare Ue HEAD HEAD OFFICE OFFICE PW YES ADDRESS ED ADDRESS 273 | Terryfin Micro Credit | Shop Number 7 284 | Two strings No. 1, Robert (Pvt) Ltd Karigamombe Centre, Financial Mugabe Way, Harare. Services (Pvt) Valley Graders, Lid Bmdura 274 | Theocash Capital 39 R.G Mugabe Way. | 285 | Tzur Finance 3 Glen Road, (formerly Levitheo Masvingo (Private) Limited | Glen Lorne, Tnvestments Harare 275 | Thrive Microfinance | Shop 26, High Glen 286 | Umtanashi 2nd Floor, Block (Pvt) Ltd Shopping Centre; High Finance Pvt Ltd | 3, Glen; Harare Celestial Park Borrowdale Road Harare 276 | Tora Capital (Private) | 53 Central Avenue 287 | Untu Capital No.3 Drury Limited, Harare (Pvt) Ltd Lane, Strathaven, Harare 277 | Tottengram 5 Thurso Close, 288 | Valley Finance 109 Chinhoy1 Investments (Pyt) Ltd | Eastiea, Harare (Pvt) Ltd Street, Ist Floor Vassan Building, Harare 278 | Trebox Finance (Pvt) | 715 York Mouse, 8th Village Capital Shop 64 Ltd Avenue, Bulawayo Finance (Private) | Longchen Plaza, Limited Belvedere. Harare 279 | Trend Mikro Office 12, Old Mutual | 290 | Virl Rural & 35 Quorn Holdings Finance Building, 37 Robert Social Financial | Avenue (Private) Limited Mugabe Way, Services (Pvt) Mt Pleasant Masvingo Ltd Harare 280 | Tretma Investments Office no.4, M&A 291 | Virtfin (Private) | Shop 6, Parklane (Pvt) Ltd Building J.N. Nkomo Limited Building, 79 Street/12th Avenue, Julius Nyerere Bulawayo Street, Harare (Private) Limited Eastgate Shopping (Pvt) Ltd Plaza, Centre 115  <!-- page 121 --> te ators 8 by HEAD OFFICE OFFICE eo ADDRESS NAME ADDRESS Car. R.Mugabe Way / Belvedere. Sam Nunjoma Street Harare Harare 282 | Twenty-Four Hour Office |, 7th Floor 293. | Vision Plus 9th Floor, Future Investments Kopje Plaza Building Wealth (Private) | Michael House (Private) Limited Harare Limited 62 Nelson Mandela Ave; Harare 283 | Twilight Financial 38 Roseland Railway Visualia 3561 Mahusekwa Services (Private) Avenue, Room 16, Microfinance Growth Point, Limited Mutare (Private) Limited | Chihota tin HEAD OFFICE HEAD OFFICE NAME CUP R Lenn NAME ADDRESS 295 | Vong Capital (Pvi) | Chiyedza House; 68 306 | Yarurai Needani 100 Airport Read, Ltd Kwame Nkrumah Micro Finance Hatfield, Harare Avenue; Office 3; M (Private) Floor; Harare 296 | Wajima Finance Stand No 381 307 | Yanaya Financial | 15 George (Private) Limited StortFord Parade, Services (Private) | Silundika Avenue, Building Shop No 3, Limited ZB Chamber 3rd Mabelreign, Harare: Floor, Harare [pace | st |e Private Limited Solutions (Private) | Chitepo, Harare Limited 298 | Wanamari (Private) | 31 Macgowin Road, 309 | Yes Financial Ist Floor, Saunder Limited Milton Park,Harare Group (Pvt) House Limited Comer Jason Moyo Avenue & First Street Harare 299 | Wildfin Financial First Mutual Buildmg, | 310 | Yonder-Rifi 49 Services (Pvt) Ltd Corner Samora and Enterprises (Pvt.) | Mashonganyike First Street, Harare Lid Road, Kadoma 300 | WILLBEY 7th Floor, Angwa City, | 311 | Youth Economic Stanley House, SOLUTIONS Cor, J Nyerere Way & Capital (Pvt) Ltd Corner |st Street (PRIVATE) K Nkrumah Ave, & Jason Moyo, LIMITED Harare Harare 301 | Wintron Financial 302, 3rd Floor, LADF =| 312 | Yvyol Number 527 ot ee ee Jason Moyo, Bulawayo Private) Limited | Road, Chiredzi 302 | Wisrod Investments | Sutte 106, First Floor, | 313 | Zambuko Trust No. 6 Aberdeen (Pyt) Ltd 30 Samora Machel Road, Belgravia, Avenue, Nicoz Harare Diamond Building, | Harare i 116  <!-- page 122 --> Te HEAD OFFICE HEAD OFFICE NAME ADDRESS NAME ADDRESS 303 | Xtenda Finance 2 Downie Avenue, 314 | Zibuko Capital 47 Kwame (Pvt) Ltd Belgravia, Harate | (Pvt) Ltd Nkurunaah Avenue, Harare 304 | Yala (Private) 9] Livingstone 315 | Zimbabwe 74 Rhodeville Limited Avenue, Harare Microfinance Fund | Avenue. (Private) Limited Greendale. Harare 305 | Yambukai Finance | Sth Floor, Chiyedza 316 | Zimnat Financial | Zimnat House, (Pvt) Ltd House, Cnr First Services (Pvt) Lid | Cnr 3rd/Nelson Street/Kwame Mandela Street, Nkrumah Ave, Harare Harare 117  <!-- page 123 --> KO ont aS RY A A bid rm CI pe fa \ m REGISTERED OFFICES rts B Sista iter Relics Reserve Bank of Zimbabwe ee ee de 80 Samora Machel Avenue ERE slere BE ec bli 3 oy PL eee ie MA ea od Box 399 Bulawayo, Zimbabwe Tek +263 242 703000 /+263 867 700 0477 Tet: +263 (0292) - 72141-5, +263 8677002046 Email: communications@rbz.cozw Email: communications@rbz.cozw @ @ReserveBankZim @ @ReserveBankZim ried www. rbz.cozw