Monday, 9 November 2026Lusaka, Zambia
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Money & Credit

Narrow Money (M1)

Currency held by the public plus kwacha demand deposits, kwacha billions.

K96.4bnAug 2026+5.8%on the month+34.5%on the year
12-month average81.2
Record high96.4Aug 2026
Record low1.2Feb 2003
Observations284since Jan 2003

Narrow Money (M1), Jan 2003 to Aug 2026

02550751001252003200620092012201520182021202496.4

Show the numbers
MonthNarrow Money (M1) (ZMW bn)
Aug 202696.4
Jul 202691.2
Jun 202684.4
May 202682.7
Apr 202681.6
Mar 202679.8
Feb 202677.9
Jan 202679.6
Dec 202580.8
Nov 202574.4
Oct 202573.1
Sep 202572.2
Aug 202571.7
Jul 202570.2
Jun 202569.8
May 202567.6
Apr 202566.8
Mar 202565.5
Feb 202565.7
Jan 202566.8
Dec 202468.2
Nov 202465.9
Oct 202464.5
Sep 202463.6
Aug 202461.6
Jul 202459.4
Jun 202456.0
May 202457.7
Apr 202455.4
Mar 202454.9
Feb 202455.8
Jan 202455.4
Dec 202360.1
Nov 202356.1
Oct 202356.6
Sep 202357.7
Aug 202357.6
Jul 202353.2
Jun 202353.1
May 202356.4
Apr 202348.4
Mar 202346.1
Feb 202347.4
Jan 202347.0
Dec 202251.0
Nov 202247.6
Oct 202246.3
Sep 202247.5
Aug 202245.9
Jul 202244.4
Jun 202244.0
May 202243.2
Apr 202242.0
Mar 202239.8
Feb 202240.3
Jan 202241.5
Dec 202139.8
Nov 202139.8
Oct 202139.6
Sep 202140.8
Aug 202144.6
Jul 202141.5
Jun 202137.8
May 202136.8
Apr 202136.6
Mar 202134.8
Feb 202133.4
Jan 202132.6
Dec 202033.4
Nov 202032.6
Oct 202032.4
Sep 202030.0
Aug 202029.8
Jul 202027.9
Jun 202026.1
May 202024.3
Apr 202023.2
Mar 202022.0
Feb 202021.5
Jan 202021.8
Dec 201922.8
Nov 201921.3
Oct 201921.6
Sep 201920.9
Aug 201921.5
Jul 201921.7
Jun 201921.1
May 201921.3
Apr 201920.2
Mar 201919.8
Feb 201919.7
Jan 201920.1
Dec 201821.7
Nov 201820.8
Oct 201820.2
Sep 201821.3
Aug 201820.6
Jul 201820.0
Jun 201818.8
May 201818.5
Apr 201817.1
Mar 201816.7
Feb 201817.0
Jan 201818.6
Dec 201719.1
Nov 201718.3
Oct 201717.6
Sep 201716.8
Aug 201716.6
Jul 201716.3
Jun 201715.7
May 201715.5
Apr 201715.0
Mar 201715.0
Feb 201715.3
Jan 201714.4
Dec 201615.7
Nov 201615.6
Oct 201614.6
Sep 201614.2
Aug 201614.8
Jul 201614.8
Jun 201613.4
May 201613.3
Apr 201613.3
Mar 201612.8
Feb 201612.9
Jan 201612.9
Dec 201514.1
Nov 201514.3
Oct 201515.0
Sep 201513.9
Aug 201514.3
Jul 201513.4
Jun 201512.8
May 201513.5
Apr 201512.6
Mar 201512.5
Feb 201513.2
Jan 201513.6
Dec 201413.5
Nov 201412.8
Oct 201412.8
Sep 201413.0
Aug 201412.7
Jul 201412.0
Jun 201412.3
May 201412.6
Apr 201413.7
Mar 201413.7
Feb 201413.5
Jan 201413.3
Dec 201313.1
Nov 201312.6
Oct 201312.5
Sep 201312.2
Aug 201311.2
Jul 201311.4
Jun 201311.5
May 201311.0
Apr 201310.8
Mar 201311.1
Feb 201311.3
Jan 201311.1
Dec 201211.3
Nov 201210.9
Oct 201210.7
Sep 201210.2
Aug 201210.4
Jul 20129.3
Jun 20128.7
May 20127.7
Apr 20127.4
Mar 20128.0
Feb 20128.0
Jan 20128.1
Dec 20118.3
Nov 20118.1
Oct 20118.5
Sep 20118.3
Aug 20118.1
Jul 20117.6
Jun 20117.6
May 20117.1
Apr 20116.5
Mar 20116.4
Feb 20116.5
Jan 20117.6
Dec 20107.1
Nov 20106.8
Oct 20106.3
Sep 20106.5
Aug 20106.8
Jul 20106.7
Jun 20107.4
May 20106.0
Apr 20105.4
Mar 20105.4
Feb 20105.2
Jan 20105.0
Dec 20095.0
Nov 20094.9
Oct 20094.9
Sep 20095.0
Aug 20095.0
Jul 20094.9
Jun 20094.6
May 20094.6
Apr 20094.4
Mar 20094.5
Feb 20094.8
Jan 20094.6
Dec 20085.1
Nov 20084.9
Oct 20085.0
Sep 20084.7
Aug 20084.5
Jul 20084.5
Jun 20084.4
May 20084.4
Apr 20083.8
Mar 20083.8
Feb 20083.7
Jan 20083.9
Dec 20074.2
Nov 20073.7
Oct 20073.5
Sep 20073.5
Aug 20073.5
Jul 20073.4
Jun 20073.2
May 20073.1
Apr 20073.0
Mar 20073.0
Feb 20073.0
Jan 20073.1
Dec 20063.5
Nov 20063.1
Oct 20063.0
Sep 20063.1
Aug 20062.9
Jul 20062.6
Jun 20062.4
May 20062.3
Apr 20062.3
Mar 20062.2
Feb 20062.3
Jan 20062.4
Dec 20052.3
Nov 20052.2
Oct 20052.2
Sep 20052.3
Aug 20052.3
Jul 20052.3
Jun 20052.2
May 20052.1
Apr 20052.1
Mar 20052.0
Feb 20052.0
Jan 20052.0
Dec 20042.0
Nov 20042.0
Oct 20042.0
Sep 20042.0
Aug 20042.1
Jul 20042.1
Jun 20042.0
May 20041.9
Apr 20041.9
Mar 20041.7
Feb 20041.7
Jan 20041.7
Dec 20031.7
Nov 20031.5
Oct 20031.5
Sep 20031.4
Aug 20031.5
Jul 20031.4
Jun 20031.4
May 20031.4
Apr 20031.3
Mar 20031.2
Feb 20031.2
Jan 20031.2

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.

-2002040608020042007201020132016201920222025

IncreaseDecrease

Related analysis

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

More in Money & Credit

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Broad 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 2026Currency in CirculationK24.9bn−3.5%m/m+8.8%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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