Monday, 9 November 2026Lusaka, Zambia
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Money & Credit

Currency in Circulation

Notes and coins issued by the Bank of Zambia, including banks’ vault cash, kwacha billions.

K24.9bnSep 2026−3.5%on the month+8.8%on the year
12-month average23.9
Record high25.8Aug 2026
Record low3.6Apr 2013
Observations165since Jan 2013

Currency in Circulation, Jan 2013 to Sep 2026

0102030201320152017201920212023202524.9

Show the numbers
MonthCurrency in Circulation (ZMW bn)
Sep 202624.9
Aug 202625.8
Jul 202625.5
Jun 202624.4
May 202623.4
Apr 202621.8
Mar 202622.4
Feb 202622.5
Jan 202625.3
Dec 202523.9
Nov 202524.0
Oct 202522.6
Sep 202522.9
Aug 202522.8
Jul 202522.1
Jun 202522.2
May 202521.3
Apr 202519.3
Mar 202518.6
Feb 202517.6
Jan 202519.0
Dec 202420.3
Nov 202420.0
Oct 202419.6
Sep 202419.3
Aug 202419.3
Jul 202419.5
Jun 202419.4
May 202418.4
Apr 202416.2
Mar 202416.1
Feb 202415.4
Jan 202416.0
Dec 202316.6
Nov 202316.3
Oct 202317.2
Sep 202317.8
Aug 202317.6
Jul 202317.1
Jun 202316.9
May 202315.1
Apr 202314.3
Mar 202313.1
Feb 202313.5
Jan 202313.6
Dec 202214.7
Nov 202214.3
Oct 202214.7
Sep 202214.7
Aug 202214.8
Jul 202214.3
Jun 202214.7
May 202213.6
Apr 202212.8
Mar 202212.5
Feb 202212.3
Jan 202213.9
Dec 202113.6
Nov 202113.4
Oct 202114.2
Sep 202114.9
Aug 202115.7
Jul 202115.1
Jun 202114.5
May 202114.1
Apr 202111.9
Mar 202111.9
Feb 202111.8
Jan 202111.9
Dec 202012.4
Nov 202011.2
Oct 202011.7
Sep 202011.5
Aug 202011.6
Jul 202010.9
Jun 202010.5
May 20209.6
Apr 20208.9
Mar 20208.3
Feb 20207.7
Jan 20208.0
Dec 20198.6
Nov 20198.3
Oct 20198.3
Sep 20198.4
Aug 20198.7
Jul 20198.6
Jun 20198.4
May 20197.8
Apr 20197.4
Mar 20197.1
Feb 20197.0
Jan 20197.3
Dec 20188.3
Nov 20187.7
Oct 20188.0
Sep 20187.6
Aug 20187.7
Jul 20187.7
Jun 20187.8
May 20187.3
Apr 20186.8
Mar 20186.7
Feb 20186.4
Jan 20186.7
Dec 20177.4
Nov 20176.8
Oct 20176.9
Sep 20176.7
Aug 20176.6
Jul 20176.5
Jun 20176.7
May 20176.1
Apr 20175.9
Mar 20175.7
Feb 20175.7
Jan 20175.8
Dec 20166.6
Nov 20165.9
Oct 20165.9
Sep 20166.0
Aug 20166.4
Jul 20166.6
Jun 20166.3
May 20165.7
Apr 20165.6
Mar 20165.7
Feb 20165.3
Jan 20165.7
Dec 20156.4
Nov 20156.2
Oct 20156.5
Sep 20155.9
Aug 20155.8
Jul 20155.7
Jun 20155.3
May 20155.1
Apr 20155.2
Mar 20155.1
Feb 20155.1
Jan 20155.5
Dec 20145.7
Nov 20144.9
Oct 20145.1
Sep 20145.0
Aug 20145.1
Jul 20145.1
Jun 20144.8
May 20144.7
Apr 20144.6
Mar 20144.4
Feb 20144.1
Jan 20144.2
Dec 20134.6
Nov 20134.4
Oct 20134.4
Sep 20134.1
Aug 20134.2
Jul 20134.1
Jun 20134.0
May 20133.7
Apr 20133.6
Mar 20133.7
Feb 20133.7
Jan 20134.0

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.

-2002040602014201620182020202220242026

IncreaseDecrease

Related analysis

View all

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

More in Money & Credit

View all
Narrow Money (M1)K96.4bn+5.8%m/m+34.5%y/yAug 2026Broad Money (M2)K208.6bn+1.0%m/m+6.8%y/yAug 2026Broad Money (M3)K225.5bn+1.7%m/m+3.9%y/yAug 2026Broad Money Growth3.9%−3.75 ppm/m−12.02 ppy/yAug 2026Reserve MoneyK82.1bn−8.9%m/m+20.9%y/ySep 2026Credit to the Private SectorK106.0bn+2.5%m/m+9.7%y/yAug 2026Bank Loans (Kwacha)K108.6bn+5.2%m/m+17.0%y/yAug 2026Bank Loans (Dollar)$2,401.3m+4.7%m/m+45.9%y/yAug 2026Bank Loans to AgricultureK13.5bn+29.1%m/m+35.9%y/yAug 2026Bank Loans to MiningK6.4bn+14.8%m/m+5.8%y/yAug 2026Bank Loans to ManufacturingK23.2bn+1.9%m/m−2.9%y/yAug 2026Bank Loans to EnergyK13.7bn+9.9%m/m+40.5%y/yAug 2026Bank Loans to TradeK8.2bn−3.9%m/m−18.5%y/yAug 2026

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