Monday, 9 November 2026Lusaka, Zambia
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Government Debt

Government Bonds Outstanding

Government bonds in issue at month end, kwacha billions.

K206.6bnSep 2026−3.7%on the month+7.0%on the year
12-month average205.7
Record high214.5Aug 2026
Record low3.0Oct 2007
Observations222since Oct 2007

Government Bonds Outstanding, Oct 2007 to Sep 2026

0501001502002502008201120142017202020232026206.6

Show the numbers
MonthGovernment Bonds Outstanding (ZMW bn)
Sep 2026206.6
Aug 2026214.5
Jul 2026209.5
Jun 2026210.0
May 2026212.3
Apr 2026212.7
Mar 2026208.7
Feb 2026208.7
Jan 2026199.4
Dec 2025196.6
Nov 2025195.6
Oct 2025194.3
Sep 2025193.0
Aug 2025182.6
Jul 2025183.3
Jun 2025184.7
May 2025182.3
Apr 2025184.1
Mar 2025184.3
Feb 2025184.7
Jan 2025183.4
Dec 2024184.2
Nov 2024182.6
Oct 2024180.5
Sep 2024178.9
Aug 2024180.2
Jan 2024178.1
Dec 2023178.4
Nov 2023175.1
Oct 2023172.2
Sep 2023172.2
Aug 2023168.9
Jul 2023166.2
Jun 2023160.4
May 2023176.9
Apr 2023159.8
Mar 2023159.2
Feb 2023160.9
Jan 2023163.5
Dec 2022160.6
Nov 2022158.5
Oct 2022158.9
Sep 2022157.7
Aug 2022157.3
Jul 2022156.4
Jun 2022156.2
May 2022156.0
Apr 2022153.2
Mar 2022153.2
Feb 2022152.5
Jan 2022150.0
Dec 2021148.5
Nov 2021147.8
Oct 2021145.7
Sep 2021145.7
Aug 2021143.3
Jul 2021137.7
Jun 2021131.9
May 2021115.3
Apr 2021103.8
Mar 202197.3
Feb 202195.3
Jan 202189.2
Dec 202087.6
Nov 202085.3
Oct 202080.9
Sep 202074.5
Aug 202073.4
Jul 202070.6
Jun 202060.1
May 202053.7
Apr 202054.7
Mar 202053.9
Feb 202053.6
Jan 202052.2
Dec 201945.2
Nov 201945.3
Oct 201945.6
Sep 201940.5
Aug 201940.6
Jul 201939.8
Jun 201939.0
May 201938.8
Apr 201938.9
Mar 201938.9
Feb 201937.7
Jan 201938.7
Dec 201838.7
Nov 201837.8
Oct 201837.0
Sep 201835.8
Aug 201834.2
Jul 201833.3
Jun 201831.5
May 201831.7
Apr 201831.7
Mar 201829.5
Feb 201827.4
Jan 201827.6
Dec 201727.0
Nov 201724.1
Oct 201724.0
Sep 201723.1
Aug 201722.3
Jul 201722.3
Jun 201721.1
May 201721.4
Apr 201721.4
Mar 201720.1
Feb 201718.5
Jan 201718.4
Dec 201618.7
Nov 201616.6
Oct 201613.5
Sep 201613.5
Aug 201612.1
Jul 201612.3
Jun 201612.3
May 201612.4
Apr 201611.4
Mar 201611.5
Feb 201611.5
Jan 201611.4
Dec 201511.4
Nov 201511.5
Oct 201511.4
Sep 201511.5
Aug 201511.3
Jul 201511.3
Jun 201511.3
May 201511.5
Apr 201510.6
Mar 201510.6
Feb 201510.8
Jan 201510.1
Dec 201410.3
Nov 201410.4
Oct 20149.1
Sep 20149.2
Aug 20148.9
Jul 20149.0
Jun 20149.0
May 20149.0
Apr 20148.5
Mar 20148.5
Feb 20148.7
Jan 20147.7
Dec 20137.8
Nov 20137.9
Oct 20137.5
Sep 20137.6
Aug 20137.2
Jul 20137.3
Jun 20137.4
May 20137.5
Apr 20136.7
Mar 20136.8
Feb 20136.9
Jan 20136.3
Dec 20123.7
Nov 20123.8
Oct 20123.8
Sep 20123.8
Aug 20123.9
Jul 20124.1
Jun 20124.2
May 20125.7
Apr 20125.1
Mar 20125.1
Feb 20125.1
Jan 20125.2
Dec 20115.1
Nov 20115.2
Oct 20115.0
Sep 20115.0
Aug 20114.6
Jul 20114.5
Jun 20114.5
May 20114.6
Apr 20114.3
Mar 20114.4
Feb 20114.3
Jan 20114.4
Dec 20104.3
Nov 20104.2
Oct 20104.3
Sep 20104.4
Aug 20104.2
Jul 20104.1
Jun 20104.2
May 20104.2
Apr 20104.2
Mar 20104.2
Feb 20104.1
Jan 20104.0
Dec 20093.9
Nov 20093.8
Oct 20093.8
Sep 20093.7
Aug 20093.7
Jul 20093.6
Jun 20093.6
May 20093.5
Apr 20093.5
Mar 20093.5
Feb 20093.6
Jan 20093.6
Dec 20083.6
Nov 20083.6
Oct 20083.6
Sep 20083.7
Aug 20083.7
Jul 20083.7
Jun 20083.6
May 20083.6
Apr 20083.4
Mar 20083.4
Feb 20083.3
Jan 20083.1
Dec 20073.1
Nov 20073.0
Oct 20073.0

Source: Bank of Zambia. Monthly. Gaps in the line are months with no published figure.

Change on a year earlier

Each bar is this month against the same month twelve months before — the comparison that strips out the seasonal pattern.

-50050100150200920112013201520172019202120232025

IncreaseDecrease

Related analysis

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Nothing published on this indicator yet. KSJ analysis appears here as it is written.

More in Government Debt

View all
Treasury Bills OutstandingK54.3bn−0.4%m/m+6.9%y/ySep 2026Treasury Bill SalesK5.5bn−16.2%m/m−16.2%y/ySep 2026Average Treasury Bill Yield10.78%−0.86 ppm/m−3.10 ppy/ySep 2026Average Government Bond Yield13.60%−1.61 ppm/m−4.37 ppy/ySep 2026

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