Debra Matabvu
Herald Reporter
ZIMBABWE’S export receipts reached US$10,3 billion in the first nine months of the year, a historic high that signals strengthening foreign currency inflows and provides the economy with a solid foundation for stability and growth, the Reserve Bank of Zimbabwe has announced.
The milestone — driven by strong performances in gold, platinum and other mineral exports — highlighted the continued recovery and resilience of Zimbabwe’s economy, with the RBZ projecting overall economic growth to exceed 6 percent in 2025, surpassing earlier forecasts.
According to the central bank’s latest macro-economic update, the country’s export earnings have strengthened foreign currency reserves, which rose from US$731 million in June to US$900 million by the end of September 2025.
At this level, Zimbabwe’s reserves now provide one month’s import cover and fully back the ZiG currency, while reflecting the RBZ’s success in maintaining monetary stability.
In 2024, foreign currency inflows surged to a record high of US$13.3 billion, representing a 21 percent year-over-year (YoY) growth from US$11 billion recorded in 2023.
“The strong performance in gold and platinum prices has boosted the country’s foreign currency receipts, which reached US$10.3 billion as at the end of September 2025,” said the central bank in its update.
“The performance in foreign currency receipts is underpinned by a narrowing trade balance, which is projected to be a surplus of US$100 million in 2025, as well as a sustained current account surplus amounting to a projected US$454,1 million in 2025 third quarter.
“The strong foreign currency inflows have bolstered the Reserve Bank’s foreign reserves accumulation, resulting in a significant build-up in foreign currency reserves from US$731 million as at June 2025 to US$900 million as at the end of the third quarter of 2025.
“Precisely, foreign reserves are equivalent to about one month import cover at current levels of the country’s import bill, which averaged US$800-850 million per month up to September 2025.”
The one-month import cover means Zimbabwe has enough reserves to finance all of its imports for a month without relying much on fresh foreign currency inflows.
While still below the international benchmark of three to six months, it marks steady progress towards the RBZ’s broader de-dollarisation strategy and lays the groundwork for a transition to a mono-currency regime within the next five years.
Experts say the 2025 performance signals renewed momentum in the country’s external sector and demonstrates the effectiveness of ongoing macroeconomic stabilisation efforts.
The development is significant for Zimbabwe’s broader economic outlook.
Higher export receipts and sustained reserve accumulation strengthen the stability of the ZiG, Zimbabwe’s structured currency introduced last year.
The RBZ noted that foreign reserves currently cover four times the reserve money in circulation, ensuring full backing of ZiG deposits and promoting public trust in the currency.
“The economic growth momentum is expected to persist in the near and medium term, underpinned by the conducive macroeconomic environment, resulting from the ongoing macroeconomic stability.
“Consequently, the economy is expected to go beyond the initial growth target of 6 percent in 2025.
“The monthly ZiG inflation is projected to remain low and stable, while annual inflation will continue to decline as Monetary Policy remains appropriately tight to balance stability and economic growth.
“The RBZ will continue to build up its forex reserves buffer to support ZiG stability, going forward.”
The central bank also reported that broad money (M3) growth has sharply decelerated — falling from an average of 10 percent between May and December 2024 to just 2 percent between January and September 2025 — reflecting the impact of a tight monetary policy stance.
Going forward, the RBZ expects the economy’s growth momentum to persist, supported by a stable macro-economic environment, low inflation and disciplined monetary management.
Monthly ZiG inflation is projected to remain stable, while annual inflation is expected to fall below 20 percent by December 2025, in line with the bank’s policy targets.
However, the RBZ cautioned that the last quarter of the year typically brings increased foreign exchange pressures due to the agricultural season and lower inflows, which may slow the pace of reserve accumulation.
“Given that the last quarter of the year is traditionally characterised by high forex pressures due to the onset of the agricultural season and low forex receipts, the rates of accumulation in forex reserves will slow down.
“The Reserve Bank remains committed to prudent monetary policy characterised by data-driven policy insights and well calibrated monetary and financial parameters.”
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