Vol. 27 No. 28


Week Ending
11th July 2025
Weekly Economic
Highlights
TABLE OF CONTENTS


GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND
7.
8.

1. OVERVIEW
This report offers an overview of key developments in the domestic monetary and financial sectors of the
economy for the week ending 11 July 2025. It includes updates on the money and capital markets, national
payment systems, exchange rates, international commodity prices and tobacco marketing developments.
During the week ending 11th July 2025 local currency deposit rates increased for all tenors. The foreign
currency minimum deposits rates for 3 months, 6 months, 12 months, and over one-year declined, save for
savings rates which remained unchanged during the same week. However, maximum deposit rates for 1
month, 3 months, 12-month, and over one-year all increased
Meanwhile, local currency lending rates increased. Foreign currency minimum lending rates for corporate
clients declined while for individual clients remained the same. Maximum lending rates for both individual
and corporate clients increased.
During the same week, both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange
(VFEX) exhibited bearish sentiments. The ZSE and VFEX All Share indices lost 0.60% and 1.25% to close
at 195.90 points and 107.33 points, respectively.
The value of aggregate transactions processed through the National Payment Systems platforms decreased by
12.89%, to ZiG36.26 billion from ZiG 41.63 billion recorded in the previous week. This decline was mainly
due to a fall in both transaction values and volumes of key platforms including POS, RTGS, ATMs, mobile
banking, mobile money, and ZIPIT mobile.
During the week ending 11th July 2025, the Zimbabwe Gold (ZiG) marginally appreciated by 0.33% against
the US dollar on the interbank market, to ZiG26.87 per US$1, from ZiG26.96 per US$1 in the previous week
The average prices for most international commodities declined over the week, with the exception of
palladium, which recorded an increase. Palladium prices strengthened on account of persistent disruptions in
global supply, mainly from key producers (Russia and South Africa) which continue to face geopolitical
uncertainties and limited spare capacity.
Gold prices fell amid easing geopolitical risks, particularly following the ceasefire announced between Isreal
and Iran. Platinum prices also declined, largely driven by a stronger U.S. dollar. Lithium prices dropped amid
concerns of oversupply from major producers, particularly Chile, Mali, Argentina, and Australia, which
increased output, contributing to the market glut.
As of the 89th day of the 2025 tobacco selling season, a total of 341.84 million kilograms were sold, a 51.27%
increase from 225.98 million kilograms sold during the same period in 2024. Sales rose by 46.97% to US$1.14
billion during the period under review, from US$0.78 billion recorded during the same period in 2024. During
the reporting period, the average price of the golden leaf was US$3.34 per kg, compared to US$3.43 per kg
realised in the same period in 2024.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
20 June 2025
27 June 2025
04 July 2025
11 July 2025
Savings


Minimum

Maximum

1-month deposit


Minimum

Maximum

3-months deposit


Minimum

Maximum

6-months deposit


Minimum

Maximum

12-months deposit


Minimum

Maximum

Over 1 year


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Average commercial bank deposit rates (Foreign Currency (US$) (%)
US$ Deposit rates
20 June 2025
27 June 2025
04 July 2025
11 July 2025
Savings


Minimum

Maximum

1-month deposit


Minimum

Maximum

3-month deposit


Minimum

Maximum

6-month deposit


Minimum

Maximum

12-Month deposit


Minimum

Maximum

Over 1 year


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025

Commercial bank weighted lending rates (Local Currency (ZiG) (%)
ZiG Lending rates
20 June 2025
27 June 2025
04 July 2025
11 July 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial bank weighted lending rates (Foreign Currency (US$) (%)
US$ Lending rates
20 June 2025
27 June 2025
04 July 2025
11 July 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending rates
20 June 2025
27 June 2025
04 July 2025
11 July 2025
ZiG Lending rates


Minimum

Maximum

US$ Lending rates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


3. EQUITY MARKETS


ZSE Indicators


All
Share
Index
(points)
Top 10
Index
(points)
Top 15
Index
(points)
Medium Cap
(points)
Small Cap
(points)
Mining
Index
(points)
Grand
Market Cap
(ZiG
billion)
Market
Turnover
(ZiG
million)
Volume of
Shares
(million)
20-June-25

27-June-25

04-July-25

11-July-25

Weekly
Change (%)

Source: Zimbabwe Stock Exchange, 2025

VFEX Indicators
Date

All Share Index
Points
Grand Market Capitalisation
(US$ billion)
Market Turnover (US$
million)
Volume of Shares (million)
20-Jun-25

27-Jun-25

04-July-25

11-July-25

Weekly Change (%)

Source: Victoria Falls Stock Exchange, 2025

Figure 1: ZSE and VFEX Indicators


Source: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2025


21-Mar-25
28-Mar-25
04-Apr-25
11-Apr-25
18-Apr-25
25-Apr-25
02-May-25
09-May-25
16-May-25
23-May-25
30-May-25
06-Jun-25
13-Jun-25
20-Jun-25
27-Jun-25
04-Jul-25
11-Jul-25
ZiG Thousands
ZSE Market Turnover
Notable
trade
deals:
97.69
million
Econet
Wireless
Zimbabwe Limited shares,3.11
million OK Zimbabwe Limited
shares,
3.06
million
shares
exchanged hands at ZiG297.45
cents/share,ZiG35.90cents/shar
e and ZiG12.53 cents/share,
respectively

21-Mar-25
28-Mar-25
04-Apr-25
11-Apr-25
18-Apr-25
25-Apr-25
02-May-25
09-May-25
16-May-25
23-May-25
30-May-25
06-Jun-25
13-Jun-25
20-Jun-25
27-Jun-25
04-Jul-25
11-Jul-25
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

21-Mar-25
28-Mar-25
04-Apr-25
11-Apr-25
18-Apr-25
25-Apr-25
02-May-25
09-May-25
16-May-25
23-May-25
30-May-25
06-Jun-25
13-Jun-25
20-Jun-25
27-Jun-25
04-Jul-25
11-Jul-25
Index
VFEX All Share Index

21-Mar-25
28-Mar-25
04-Apr-25
11-Apr-25
18-Apr-25
25-Apr-25
02-May-25
09-May-25
16-May-25
23-May-25
30-May-25
06-Jun-25
13-Jun-25
20-Jun-25
27-Jun-25
04-Jul-25
11-Jul-25
US$ Thousand
VFEX Market Turnover

14-Mar-25
21-Mar-25
28-Mar-25
04-Apr-25
11-Apr-25
18-Apr-25
25-Apr-25
02-May-25
09-May-25
16-May-25
23-May-25
30-May-25
06-Jun-25
13-Jun-25
20-Jun-25
27-Jun-25
04-Jul-25
11-Jul-25
US$ Billion
VFEX Market Capitalisation

21-Mar-25
28-Mar-25
04-Apr-25
11-Apr-25
18-Apr-25
25-Apr-25
02-May-25
09-May-25
16-May-25
23-May-25
30-May-25
06-Jun-25
13-Jun-25
20-Jun-25
27-Jun-25
04-Jul-25
11-Jul-25
ZiG Billion
ZSE Market Capitalisation

4. CLEARING AND SETTLEMENT ACTIVITY
Source: Reserve Bank of Zimbabwe, 2025

5. ENERGY PRICES

Energy Prices

20 June 2025
27 June 2025
04-July 2025
11 July 2025
Domestic Energy Prices
US$
US$
US$
US$
Diesel 50/ litre

Petrol Blend E5/ litre

LP Gas / kg


International Energy
Prices (Weekly average)
US$/barrel
US$/barrel
US$/barrel
US$/barrel
Crude Oil Prices

Source: Zimbabwe Energy Regulatory Authority and BBC 2025

6. GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS
(GBDT)

Gold PM Fix and Gold Backed Digital Token Prices
Date
Gold PM Fix
GBDT ZiG Price per Mg
GBDT US$ Price per Mg
US$/oz
Buy
Sell
Buy
Sell
07-July-25

08-July-25

09-July-25

10-July-25

11-July-25

Source: London Bullion Market Association and Reserve Bank of Zimbabwe, 2025


PAYMENT STREAM
WEEK ENDING
04 July 2025
WEEK ENDING
11 July 2025
WEEKLY
CHANGE (%)

VALUES

RTGS
29,021,421,673.04
26,220,502,738.99
(9.65)
Of which ZiG
9,182,928,180.57
9,883,962,407.15
7.63
Of which US$ transactions
(ZiG Equivalent)
19,838,493,492.47
16,336,540,331.84
(17.65)
POS
3,776,217,338.52
2,945,438,192.10
(22.00)
ATM
3,088,366,649.28
2,242,270,403.49
(27.40)
MOBILE BANKING
348,912,975.16
308,586,012.46
(11.56)
MOBILE MONEY
4,975,575,781.14
4,203,165,814.25
(15.52)
ZIPIT MOBILE
418,276,477.21
344,781,491.16
(17.57)
TOTAL
41,628,770,894.36
36,264,744,652.45
(12.89)

VOLUMES

RTGS
233.719
161,372
(30.95)
Of which ZiG
99,098
64,768
(34.64)
Of which US$
134.621
96,604
(28.24)
POS
2,672,899
2,013,566
(24.67)
ATM
371,308
256,006
(31.05)
MOBILE BANKING
403,692
381,665
(5.46)
MOBILE MONEY
12,877,522
12,063,366
(6.32)
ZIPIT MOBILE
372,903
315,446
(15.41)
TOTAL
16,932,043
15,191,421
(10.28)

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
7-July-25
8-July-25
9-July-25
10-July-25
11-July-25
1.00Oz


US$

ZiG

0.50Oz


US$

ZiG

0.25Oz


US$

ZiG

0.10Oz


US$

ZiG

Source: Reserve Bank of Zimbabwe, 2025


7. EXTERNAL SECTOR


Exchange Rate Developments (ZiG per Unit of foreign currency)


USD
ZAR
GBP
BWP
EURO
Weekly Average
(30 Jun - 4 July)

7-July

8-July

9-July

10-July

11-July

Weekly Average
(7 July – 11 July)

Appr (-)/Depr (+) (%) of the
ZWG

Source: Reserve Bank of Zimbabwe, 2025


International Commodity Prices

Gold
Platinum
Palladium
Nickel
Lithium

US$/oz
US$/ounce
US$/ounce
US$/tonne
US$/tonne
Weekly Average
(30 June –4 July)

7-July

8-July

9-July

10-July

11-July

Weekly Average
(7 July – 11 July)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (25th April 2025– 11th July 2025)


Source: BBC, KITCO and Bloomberg, 2025


25-Apr
2-May
9-May
16-May
23-May
30-May
6-Jun
13-Jun
20-Jun
27-Jun
4-Jul
11-Jul
US$/oz
Palladium

25-Apr
2-May
9-May
16-May
23-May
30-May
6-Jun
13-Jun
20-Jun
27-Jun
4-Jul
11-Jul
US$/tonne
Nickel

25-Apr
02-May
09-May
16-May
23-May
30-May
06-Jun
13-Jun
20-Jun
27-Jun
04-Jul
11-Jul
US$/oz
Gold

25-Apr
2-May
9-May
16-May
23-May
30-May
6-Jun
13-Jun
20-Jun
27-Jun
4-Jul
11-Jul
US$/barrel
Crude oil


25-Apr
2-May
9-May
16-May
23-May
30-May
6-Jun
13-Jun
20-Jun
27-Jun
4-Jul
11-Jul
US$/tonne
Platinum

25-Apr
2-May
9-May
16-May
23-May
30-May
6-Jun
13-Jun
20-Jun
27-Jun
4-Jul
11-Jul
US$/tonne
Lithium

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales: Day 89 (11th July 2025)

Variance (%)
Cumulative Quantity Sold (Kgs)
341,844,697
225,982,046
51.27
Average Price (US$/kg)
3.34
3.43
(2.62)
Cumulative value (US$)
1,140,707,478
766,144,144
48.89
Source: Tobacco Industry and Marketing Board (TIMB), 2025


RESERVE BANK OF ZIMBABWE
JULY 2025