Monday, 9 November 2026Lusaka, Zambia
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Money & Credit

Broad Money Growth

Year-on-year growth of M3. Money growing much faster than output tends to feed inflation.

3.9%Aug 2026−3.75 ppon the month−12.02 ppon the year
12-month average5.9
Record high51.0Oct 2020
Record low-11.8Oct 2016
Observations284since Jan 2003

Broad Money Growth, Jan 2003 to Aug 2026

-200204060200320062009201220152018202120243.9

Show the numbers
MonthBroad Money Growth (%)
Aug 20263.9
Jul 20267.7
Jun 20268.1
May 20260.3
Apr 20261.2
Mar 20264.5
Feb 20263.7
Jan 20266.3
Dec 20258.7
Nov 20258.8
Oct 20255.3
Sep 202511.9
Aug 202516.0
Jul 20256.1
Jun 202515.5
May 202520.4
Apr 202520.0
Mar 202522.5
Feb 202525.1
Jan 202518.4
Dec 202423.0
Nov 202427.5
Oct 202427.8
Sep 202426.2
Aug 202424.9
Jul 202437.4
Jun 202429.5
May 202419.9
Apr 202428.9
Mar 202415.8
Feb 202415.6
Jan 202427.4
Dec 202324.6
Nov 202325.5
Oct 202327.0
Sep 202325.9
Aug 202324.3
Jul 202318.3
Jun 202318.6
May 202328.4
Apr 202319.6
Mar 202330.0
Feb 202329.7
Jan 202320.7
Dec 202224.5
Nov 202213.7
Oct 202212.6
Sep 202215.8
Aug 202211.5
Jul 20224.8
Jun 2022-5.2
May 2022-2.5
Apr 2022-2.9
Mar 2022-0.2
Feb 20222.8
Jan 20225.0
Dec 20213.7
Nov 20219.4
Oct 20218.9
Sep 20218.8
Aug 202115.8
Jul 202129.7
Jun 202148.3
May 202142.2
Apr 202143.4
Mar 202139.6
Feb 202145.2
Jan 202148.5
Dec 202046.4
Nov 202047.3
Oct 202051.0
Sep 202046.5
Aug 202042.6
Jul 202037.9
Jun 202029.4
May 202029.0
Apr 202030.2
Mar 202031.6
Feb 202017.5
Jan 202010.9
Dec 201912.5
Nov 201911.8
Oct 201912.7
Sep 20196.0
Aug 201917.6
Jul 201915.6
Jun 201915.4
May 201916.1
Apr 201918.3
Mar 201917.6
Feb 201915.7
Jan 201920.2
Dec 201816.5
Nov 201817.2
Oct 201814.4
Sep 201824.7
Aug 201812.7
Jul 201817.5
Jun 201815.6
May 201818.2
Apr 201813.3
Mar 20189.9
Feb 201817.3
Jan 201819.7
Dec 201721.4
Nov 201711.3
Oct 201714.7
Sep 201713.5
Aug 20178.0
Jul 20177.0
Jun 20176.3
May 20173.3
Apr 20176.2
Mar 20174.2
Feb 2017-0.6
Jan 2017-2.5
Dec 2016-5.7
Nov 20160.7
Oct 2016-11.8
Sep 2016-5.0
Aug 20163.2
Jul 201623.8
Jun 201619.7
May 201621.9
Apr 201620.0
Mar 201619.9
Feb 201627.9
Jan 201627.0
Dec 201535.2
Nov 201537.0
Oct 201548.3
Sep 201538.5
Aug 201527.4
Jul 201515.2
Jun 201512.8
May 20157.3
Apr 20156.3
Mar 201512.1
Feb 201510.6
Jan 201513.3
Dec 201412.6
Nov 201414.7
Oct 201414.4
Sep 201416.1
Aug 201413.8
Jul 201413.4
Jun 201417.6
May 201431.1
Apr 201429.7
Mar 201429.5
Feb 201417.4
Jan 201425.4
Dec 201312.7
Nov 201318.7
Oct 201321.3
Sep 201327.4
Aug 201326.2
Jul 201326.4
Jun 201320.8
May 201318.9
Apr 201318.7
Mar 201315.9
Feb 201326.4
Jan 201318.0
Dec 201226.4
Nov 201215.5
Oct 201213.5
Sep 20127.2
Aug 20127.8
Jul 20129.9
Jun 201213.1
May 201218.9
Apr 201224.7
Mar 201228.0
Feb 201220.9
Jan 201212.8
Dec 201121.7
Nov 201122.2
Oct 201127.2
Sep 201122.2
Aug 201128.4
Jul 201125.5
Jun 201126.6
May 201125.9
Apr 201122.0
Mar 201124.3
Feb 201131.6
Jan 201144.3
Dec 201027.7
Nov 201027.1
Oct 201022.9
Sep 201028.2
Aug 201025.0
Jul 201022.3
Jun 201023.2
May 201019.1
Apr 201014.2
Mar 20107.7
Feb 20103.9
Jan 20100.8
Dec 20098.0
Nov 20098.5
Oct 20097.9
Sep 200921.2
Aug 200918.0
Jul 200918.5
Jun 200920.6
May 200916.6
Apr 200926.1
Mar 200926.5
Feb 200928.3
Jan 200922.2
Dec 200821.8
Nov 200830.5
Oct 200835.6
Sep 200817.3
Aug 200819.5
Jul 200824.5
Jun 200826.7
May 200829.2
Apr 200830.1
Mar 200832.3
Feb 200831.6
Jan 200834.6
Dec 200726.6
Nov 200726.2
Oct 200731.1
Sep 200724.1
Aug 200733.8
Jul 200736.7
Jun 200736.3
May 200739.3
Apr 200738.5
Mar 200734.1
Feb 200734.9
Jan 200734.9
Dec 200645.0
Nov 200637.4
Oct 200620.7
Sep 200627.0
Aug 200620.5
Jul 200610.9
Jun 20066.6
May 20065.4
Apr 20062.5
Mar 20065.7
Feb 20064.7
Jan 20064.3
Dec 20050.2
Nov 20053.1
Oct 20059.9
Sep 200512.3
Aug 20059.2
Jul 200512.1
Jun 200511.9
May 200515.2
Apr 200514.3
Mar 200518.4
Feb 200522.4
Jan 200524.7
Dec 200431.2
Nov 200432.6
Oct 200433.0
Sep 200432.7
Aug 200437.5
Jul 200439.5
Jun 200435.1
May 200431.0
Apr 200431.0
Mar 200426.1
Feb 200422.6
Jan 200422.6
Dec 200322.6
Nov 200316.5
Oct 200317.6
Sep 200325.7
Aug 200316.9
Jul 200322.7
Jun 200324.7
May 200326.4
Apr 200336.0
Mar 200336.0
Feb 200335.0
Jan 200331.4

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.

-75-50-250255020042007201020132016201920222025

IncreaseDecrease

Related analysis

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

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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 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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