Monday, 9 November 2026Lusaka, Zambia
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Money & Credit

Reserve Money

Currency in circulation plus the banks’ reserves and deposits at the Bank of Zambia, kwacha billions.

K82.1bnSep 2026−8.9%on the month+20.9%on the year
12-month average80.6
Record high90.1Aug 2026
Record low6.5Feb 2013
Observations165since Jan 2013

Reserve Money, Jan 2013 to Sep 2026

020406080100201320152017201920212023202582.1

Show the numbers
MonthReserve Money (ZMW bn)
Sep 202682.1
Aug 202690.1
Jul 202689.3
Jun 202685.1
May 202683.8
Apr 202680.7
Mar 202679.4
Feb 202681.7
Jan 202674.8
Dec 202576.8
Nov 202574.4
Oct 202569.7
Sep 202567.9
Aug 202571.2
Jul 202567.2
Jun 202564.1
May 202563.7
Apr 202559.5
Mar 202559.1
Feb 202557.6
Jan 202560.9
Dec 202466.0
Nov 202459.7
Oct 202463.5
Sep 202459.7
Aug 202458.5
Jul 202459.4
Jun 202458.9
May 202459.1
Apr 202456.8
Mar 202457.7
Feb 202455.4
Jan 202443.9
Dec 202350.5
Nov 202342.6
Oct 202338.6
Sep 202343.5
Aug 202340.8
Jul 202337.3
Jun 202339.2
May 202344.5
Apr 202333.6
Mar 202333.2
Feb 202332.8
Jan 202328.3
Dec 202232.0
Nov 202229.7
Oct 202231.5
Sep 202229.4
Aug 202230.1
Jul 202228.6
Jun 202228.4
May 202226.8
Apr 202229.2
Mar 202226.4
Feb 202227.1
Jan 202231.2
Dec 202130.7
Nov 202129.6
Oct 202129.2
Sep 202134.5
Aug 202137.6
Jul 202134.1
Jun 202128.2
May 202128.3
Apr 202127.6
Mar 202126.8
Feb 202125.8
Jan 202124.4
Dec 202024.6
Nov 202022.6
Oct 202024.0
Sep 202025.0
Aug 202023.5
Jul 202022.7
Jun 202021.7
May 202019.3
Apr 202017.2
Mar 202016.2
Feb 202016.6
Jan 202015.8
Dec 201916.5
Nov 201913.9
Oct 201913.1
Sep 201914.4
Aug 201913.5
Jul 201912.5
Jun 201913.0
May 201911.8
Apr 201911.7
Mar 201913.1
Feb 201912.0
Jan 201911.7
Dec 201813.5
Nov 201812.7
Oct 201811.8
Sep 201813.4
Aug 201812.7
Jul 201812.4
Jun 201813.0
May 201812.1
Apr 201811.0
Mar 201810.7
Feb 201811.3
Jan 201813.1
Dec 201713.5
Nov 201714.1
Oct 201712.6
Sep 201712.9
Aug 201713.6
Jul 201715.0
Jun 201714.0
May 201715.6
Apr 201714.4
Mar 201714.7
Feb 201716.2
Jan 201717.3
Dec 201618.7
Nov 201617.3
Oct 201616.5
Sep 201616.3
Aug 201616.1
Jul 201616.0
Jun 201615.8
May 201615.2
Apr 201615.8
Mar 201615.6
Feb 201614.9
Jan 201614.7
Dec 201514.3
Nov 201513.4
Oct 201514.3
Sep 201513.5
Aug 201513.2
Jul 201512.7
Jun 201512.4
May 201513.0
Apr 201512.6
Mar 201511.1
Feb 201511.8
Jan 201512.6
Dec 201413.0
Nov 201411.4
Oct 201411.0
Sep 201411.8
Aug 201411.8
Jul 201410.7
Jun 201410.3
May 201410.1
Apr 201410.6
Mar 20149.3
Feb 20147.2
Jan 20149.6
Dec 20138.4
Nov 20137.6
Oct 20138.0
Sep 20137.8
Aug 20138.1
Jul 20137.6
Jun 20137.4
May 20136.9
Apr 20137.0
Mar 20137.1
Feb 20136.5
Jan 20138.2

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.

-50-2502550751002014201620182020202220242026

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

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 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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