Vol. 27 No. 43

Week Ending
24th October 2025

Weekly Economic
Highlights
Vol. 27 No. 37
TABLE OF CONTENTS


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

1. OVERVIEW
This report summarises major developments in the monetary and financial sectors of the economy during the
week ending 24th October 2025. It includes updates on domestic money and capital markets, national payment
systems, exchange rates, and global commodity prices.
During the week under review, both local and foreign currency deposits rates remained unchanged across all
tenors. Local currency lending rates increased for all maturities, save for minimum individuals rates which
declined. Foreign currency lending rates decreased for all maturities, save for maximum individual rates which
increased. The minimum lending rates for corporate clients in foreign currency remained unchanged.
During the week ending 24th October 2025 both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls
Stock Exchange (VFEX) exhibited bullish sentiments. As such, the ZSE and VFEX All share indices added
2.67% and 2.5% to close at 205.93 points and 160.12 points, respectively.
The total value of transactions processed through the National Payment Systems platforms decreased by
2.46% to ZiG37.91 billion from ZiG38.86 billion in the previous week. This decrease is highly attributed to
Real-Time Gross Settlement (RTGS) system. The volume of transactions processed, however, increased by
11.84% from 15.17 million to 16.96 million during the same period.
The Zimbabwe Gold Currency (ZiG) appreciated by 0.34% to ZiG26.55 per US dollar during the week ending
24th October 2025, from an average of ZiG26.64 per 1US dollar recorded in the prior week.
International commodity prices for gold, platinum and palladium retreated during the week ending 24th
October 2025, while lithium prices remained unchanged from the previous week level. Prices for nickel and
Brent crude oil, however, increased during the same week.
Gold price fell on account of renewed optimism over a potential breakthrough in the US-China trade war,
which reduced safe-haven demand for the yellow metal. Platinum prices fell amid a strengthening U.S. dollar,
shifting expectations around monetary policy tightening and lessened safe-haven demand. For palladium, a
stronger US dollar and shifting expectations about Fed policy weighed on all dollar-denominated
commodities, including palladium, supporting the price decline. However, nickel prices increased due to
expectations of a more favourable monetary policy such as a possible Fed rate cut has prompted speculative
buying in base metals.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
03 Oct 2025
10 Oct 2025
17 Oct 2025
24 Oct 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
03 Oct 2025
10 Oct 2025
17 Oct 2025
24 Oct 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
03 Oct 2025
10 Oct 2025
17 Oct 2025
24 Oct 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial bank weighted lending rates (Foreign Currency (US$) (%)
US$ Lending rates
03 Oct 2025
10 Oct 2025
17 Oct 2025
24 Oct 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending
rates
03 Oct 2025
10 Oct 2025
17 Oct 2025
24 Oct 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)
03-Oct-25

10-Oct-25

17-Oct-25

24-Oct-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)
03-Oct-25

10-Oct-25

17-Oct-25

24-Oct-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


18-Jul-25
25-Jul-25
01-Aug-25
08-Aug-25
15-Aug-25
22-Aug-25
29-Aug-25
05-Sep-25
12-Sep-25
19-Sep-25
26-Sep-25
03-Oct-25
10-Oct-25
17-Oct-25
24-Oct-25
ZiG Thousands
ZSE Market Turnover

18-Jul-25
25-Jul-25
01-Aug-25
08-Aug-25
15-Aug-25
22-Aug-25
29-Aug-25
05-Sep-25
12-Sep-25
19-Sep-25
26-Sep-25
03-Oct-25
10-Oct-25
17-Oct-25
24-Oct-25
ZiG Billion
ZSE Market Capitalisation

18-Jul-25
25-Jul-25
01-Aug-25
08-Aug-25
15-Aug-25
22-Aug-25
29-Aug-25
05-Sep-25
12-Sep-25
19-Sep-25
26-Sep-25
03-Oct-25
10-Oct-25
17-Oct-25
24-Oct-25
Index
VFEX All Share Index

18-Jul-25
25-Jul-25
01-Aug-25
08-Aug-25
15-Aug-25
22-Aug-25
29-Aug-25
05-Sep-25
12-Sep-25
19-Sep-25
26-Sep-25
03-Oct-25
10-Oct-25
17-Oct-25
24-Oct-25
US$ Thousand
VFEX Market Turnover


18-Jul-25
25-Jul-25
01-Aug-25
08-Aug-25
15-Aug-25
22-Aug-25
29-Aug-25
05-Sep-25
12-Sep-25
19-Sep-25
26-Sep-25
03-Oct-25
10-Oct-25
17-Oct-25
24-Oct-25
US$ Billion
VFEX Market Capitalisation

18-Jul-25
25-Jul-25
01-Aug-25
08-Aug-25
15-Aug-25
22-Aug-25
29-Aug-25
05-Sep-25
12-Sep-25
19-Sep-25
26-Sep-25
03-Oct-25
10-Oct-25
17-Oct-25
24-Oct-25
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

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

5. ENERGY PRICES

Energy Prices

03-Sept 2025
10-Oct 2025
17-Oct 2025
24-Oct 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
20-Oct-25

21-Oct-25

22-Oct-25

23-Oct-25

24-Oct-25

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


PAYMENT STREAM
WEEK ENDING
17 October 2025
WEEK ENDING
24 October 2025
WEEKLY
CHANGE (%)

VALUES

RTGS
32,083,469,073.86
29,291,915,118.28
(8.70)
Of which ZiG
10,345,014,339.10
7,692,601,213.40
(25.64)
Of which US$ transactions
(ZiG Equivalent)
21,738,454,734.76
21,599,313,904.88
(0.64)
POS
1,453,419,139.32
2,365,721,635.59
62.77
ATM
1,247,173,888.67
1,769,001,711.52
41.84
MOBILE BANKING
182,846,494.66
389,140,557.14
112.82
MOBILE MONEY
3,693,888,021.15
3,772,756,893.55
2.14
ZIPIT MOBILE
202,769,607.63
318,228,781.67
56.94
TOTAL
38,863,566,225.29
37,906,764,697.75
(2.46)

VOLUMES

RTGS
162,250
242,840
49.67
Of which ZiG
63,288
91,874
45.17
Of which US$
98,962
150,966
52.55
POS
1,431,685
2,112,797
47.57
ATM
140,517
248,827
77.08
MOBILE BANKING
207,822
440,380
111.90
MOBILE MONEY
13,025,562
13,620,097
4.56
ZIPIT MOBILE
200,750
299,617
49.25
TOTAL
15,168,586
16,964,558
11.84

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
20-Oct-25
21-Oct-25
22-Oct-25
23-Oct-25
24-Oct-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
(13 Oct – 17 Oct)

20-Oct

21-Oct

22-Oct

23-Oct

24-Oct

Weekly Average
(20 Oct – 24 Oct)

26.5489


1.5294

35.5048

1.8579

30.8621
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
(13 Oct – 17 Oct)

20-Oct

21-Oct

22-Oct

23-Oct

24-Oct

Weekly Average
(20 Oct – 24 Oct)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (18th July 2025– 24th October 2025)


Source: BBC, KITCO and Bloomberg, 2025

RESERVE BANK OF ZIMBABWE
OCTOBER 2025

18-Jul
25-Jul
1-Aug
8-Aug
15-Aug
22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
10-Oct
17-Oct
24-Oct
US$/oz
Palladium

18-Jul
25-Jul
1-Aug
8-Aug
15-Aug
22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
10-Oct
17-Oct
24-Oct
US$/tonne
Lithium

18-Jul
25-Jul
1-Aug
8-Aug
15-Aug
22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
10-Oct
17-Oct
24-Oct
US$/tonne
Nickel

18-Jul
25-Jul
1-Aug
8-Aug
15-Aug
22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
10-Oct
17-Oct
24-Oct
US$/barrel
Crude oil

18-Jul
25-Jul
01-Aug
08-Aug
15-Aug
22-Aug
29-Aug
05-Sep
12-Sep
19-Sep
26-Sep
03-Oct
10-Oct
17-Oct
24-Oct
US$/oz
Gold

18-Jul
25-Jul
1-Aug
8-Aug
15-Aug
22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
10-Oct
17-Oct
24-Oct
US$/tonne
Platinum