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Indicators · Macro stability

Foreign reserves

Central bank reserves of foreign currency and gold, measured in months of imports they could pay for.

Why it matters

The buffer against currency crises. Below three months, investors should expect delays in getting dollars out and possible controls.

Read with care

Some reserves may be pledged or illiquid.

Source

World Bank

months of imports. 45 African countries, 1990 to 2025.

Reserves: highest in Comoros, lowest in Zimbabwe

Foreign reserves, months of imports. Latest year available, mostly 2024. 16 of 16 countries have data.

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Source: World Bank· Get the data (Professional)·dotzedw Insights Centre

Ranked: reservesiWhy it mattersThe buffer against currency crises. Below three months, investors should expect delays in getting dollars out and possible controls.

Click a country to highlight it.

02468Comoros7.6 months (2023)South Africa6.2 monthsMadagascar5.5 months (2024)Lesotho5.5 months (2024)Tanzania5.4 months (2018)Angola5.3 monthsMauritius5.2 months (2024)Botswana4.7 months (2024)Namibia4.0 months (2024)Seychelles3.7 months (2024)Mozambique3.4 months (2024)Zambia3.3 months (2024)Malawi1.9 months (2020)Eswatini1.9 months (2024)DRC1.7 months (2023)Zimbabwe0.5 months (2024)median 4.3 months
dotzedw Insights Centre
How spread out SADC is
Median 4.3 monthsLowest: Zimbabwe 0.5 monthsHighest: Comoros 7.6 months

Over time

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Foreign reserves against income per person

Each bubble is a SADC country, sized by population. Dashed lines mark the SADC medians. Countries far from the pattern are worth a closer look.

0.0 months2.0 months4.0 months6.0 months8.0 months$1,000$3,000$10kGDP per person, US$ (log scale)ReservesDRCTanzaniaSouth AfricaAngolaMozambiqueMadagascarZambiaZimbabwe
Source: World Bank, World Bank·dotzedw Insights Centre

Table

The same figures as the map, for screen readers and copying.
RankCountryValueYearFive-year changeGradeDetails
1Comoros7.6 months2023up 14% since 2018B
2South Africa6.2 months2025down 13% since 2020A
3Madagascar5.5 months2024up 43% since 2019A
4Lesotho5.5 months2024up 39% since 2019A
5Tanzania5.4 months2018up 38% since 2013B
6Angola5.3 months2025down 34% since 2020A
7Mauritius5.2 months2024down 3% since 2019A
8Botswana4.7 months2024down 44% since 2019A
9Namibia4.0 months2024up 3% since 2019A
10Seychelles3.7 months2024up 13% since 2019A
11Mozambique3.4 months2024down 24% since 2019A
12Zambia3.3 months2024up 61% since 2019A
13Malawi1.9 months2020down 36% since 2015B
14Eswatini1.9 months2024down 10% since 2019A
15DRC1.7 months2023up 314% since 2018B
16Zimbabwe0.5 months2024up 65% since 2019A