Vol. 28 No. 8

Week Ending
20th February 2026

Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW
This report provides an overview of key developments in the monetary and financial sectors of the economy
during the week ending 20th February 2026. It includes updates on domestic money and capital markets,
national payment systems, exchange rates, and global commodity prices
Domestic money market developments were mixed during the week under review. Both the local and foreign
currency deposit rates increased across most tenors, apart from saving rates, which remained unchanged.
Regarding lending, local and foreign currency lending rates declined across most clients’ segments, except for
minimum lending rates for local currency individual borrowers which recorded an increase.
Capital markets performance weakened during the week ending 20th February 2026, with both the Zimbabwe
Stock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX) losing traction. The ZSE and VFEX
declined by 1.14% and 4.13% to close at 360.19 points and 208.59 points, respectively.
Activity in the National Payment Systems reflected mixed trends over the same period. The total value of
transactions processed increased by 12.10% from ZiG34.84 billion reported in the previous week to ZiG39.05
billion while transaction volumes decreased by 3.54% from 16.87 million to 16.30 million. The largest share
of transactional values was processed through the Real-Time Gross Settlement (RTGS) system, accounting
for 82.54%, while mobile money accounted for 88.36% of the transaction volumes.
In the interbank foreign currency exchange market, the Zimbabwe Gold currency (ZiG) depreciated by 0.02%,
from an average of ZiG25.5688 per US$1 in the previous week to ZiG25.5746 per US$1, during the week
under review.
Global commodities recorded mixed price movements during the week ending 20th February 2026.
International weekly average prices for gold, platinum and nickel declined, while prices for palladium, Brent
crude oil and lithium increased.
Gold prices fell on account of the strengthened U.S. dollar, reducing demand for the yellow metal Platinum
prices declined as large stockpiles and steady recycling eased supply pressures, while low car production and
the shift toward electric vehicles reduced demand. Nickel prices decreased due to policy uncertainty, including
Indonesia’s quota adjustment, combined with lingering concerns over the potential 2026 global supply glut.
Palladium prices rose due to market uncertainty, strong industrial demand and supply concerns tied to
concentrated mining production. For lithium, the increase was largely driven by growing optimism around
demand for electric vehicles (EVs) and energy storage systems (ESS), which are major consumers of lithiumion batteries.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
30-Jan-2026
06-Feb-2026
13-Feb-2026
20-Feb-2026
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, 2026


Average commercial bank deposit rates (Foreign Currency (US$) (%)
US$ Deposit rates
30-Jan-2026
06-Feb-2026
13-Feb-2026
20-Feb-2026
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, 2026

Commercial bank weighted lending rates (Local Currency (ZiG) (%)
ZiG Lending rates
30-Jan-2026
06-Feb-2026
13-Feb-2026
20-Feb-2026
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2026


Commercial bank weighted lending rates (Foreign Currency (US$) (%)
US$ Lending rates
30-Jan-2026
06-Feb-2026
13-Feb-2026
20-Feb-2026
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2026


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending
rates
30-Jan-2026
06-Feb-2026
13-Feb-2026
20-Feb-2026
ZiG Lending rates


Minimum

Maximum

US$ Lending rates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2026


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)
30-Jan 26

06-Feb 26

13-Feb 26

20-Feb 26

Weekly
Change (%)

Source: Zimbabwe Stock Exchange, 2026

VFEX Indicators
Date

All Share Index
Points
Grand Market Capitalisation
(US$ billion)
Market Turnover (US$
million)
Volume of Shares (million)
30-Jan-26

06-Feb-26

13-Feb-26

20-Feb-26

Weekly Change (%)

Source: Victoria Falls Stock Exchange, 2026

Figure 1: ZSE and VFEX Indicators


Source: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2026


1.8
1.9


17-Oct-25
24-Oct-25
31-Oct-25
07-Nov-25
14-Nov-25
21-Nov-25
28-Nov-25
05-Dec-25
12-Dec-25
19-Dec-25
26-Dec-25
02-Jan-26
09-Jan-26
16-Jan-26
23-Jan-26
30-Jan-26
06-Feb-26
13-Feb-26
20-Feb-26
US$ Billion
VFEX Market Capitalisation

17-Oct-25
24-Oct-25
31-Oct-25
07-Nov-25
14-Nov-25
21-Nov-25
28-Nov-25
05-Dec-25
12-Dec-25
19-Dec-25
26-Dec-25
02-Jan-26
09-Jan-26
16-Jan-26
23-Jan-26
30-Jan-26
06-Feb-26
13-Feb-26
20-Feb-26
Index
VFEX All Share Index

17-Oct-25
24-Oct-25
31-Oct-25
07-Nov-25
14-Nov-25
21-Nov-25
28-Nov-25
05-Dec-25
12-Dec-25
19-Dec-25
26-Dec-25
02-Jan-26
09-Jan-26
16-Jan-26
23-Jan-26
30-Jan-26
06-Feb-26
13-Feb-26
20-Feb-26
US$ Thousand
VFEX Market Turnover

17-Oct-25
24-Oct-25
31-Oct-25
07-Nov-25
14-Nov-25
21-Nov-25
28-Nov-25
05-Dec-25
12-Dec-25
19-Dec-25
26-Dec-25
02-Jan-26
09-Jan-26
16-Jan-26
23-Jan-26
30-Jan-26
06-Feb-26
13-Feb-26
20-Feb-26
ZiG Billion
ZSE Market Capitalisation

17-Oct-25
24-Oct-25
31-Oct-25
07-Nov-25
14-Nov-25
21-Nov-25
28-Nov-25
05-Dec-25
12-Dec-25
19-Dec-25
26-Dec-25
02-Jan-26
09-Jan-26
16-Jan-26
23-Jan-26
30-Jan-26
06-Feb-26
13-Feb-26
20-Feb-26
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index


17-Oct-25
24-Oct-25
31-Oct-25
07-Nov-25
14-Nov-25
21-Nov-25
28-Nov-25
05-Dec-25
12-Dec-25
19-Dec-25
26-Dec-25
02-Jan-26
09-Jan-26
16-Jan-26
23-Jan-26
30-Jan-26
06-Feb-26
13-Feb-26
20-Feb-26
ZiG Thousands
ZSE Market Turnover
Notable trade deals: A combined total
of
60.54
million
Econet
Wireless
Zimbabwe Limited shares at an average
price ZiG903.63 cents/share.
Notable
trade
deals:
A
combined
53.03
million Econet Wireless Zimbabwe Limited
shares at
an average
price of ZiG908.67
cents/share and 2.51 million NMBZ Holdings
Limited shares at ZiG500.05 cents/share.

3. CLEARING AND SETTLEMENT ACTIVITY
Source: Reserve Bank of Zimbabwe, 2026

4. ENERGY PRICES

Energy Prices

30-Jan-2026
06-Feb-2026
13-Feb-2026
20-Feb-2026
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
(US$/barrel)

Source: Zimbabwe Energy Regulatory Authority and BBC 2026

5. 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
16-Feb-26

17-Feb-26

18-Feb-26

19-Feb-26

20-Feb-26

Source: London Bullion Market Association and Reserve Bank of Zimbabwe, 2026


PAYMENT STREAM
WEEK ENDING
13 February 2026
WEEK ENDING
20 February 2026
WEEKLY
CHANGE (%)

VALUES

RTGS
26,181,572,531.75
32,236,184,487.45
23.13
Of which ZiG
7,778,726,455.91
11,805,509,212.40
51.77
Of which US$ transactions
(ZiG Equivalent)
18,402,846,075.84

20,430,675,275.05

11.02
POS
1,834,757,424.68
1,291,817,512.69
(29.59)
ATM
1,837,374,703.65
1,024,740,319.33
(44.23)
MOBILE BANKING
253,651,732.86
180,699,762.00
(28.76)
MOBILE MONEY
4,452,360,090.72
4,139,438,198.77
(7.03)
ZIPIT MOBILE
278,199,008.26
181,418,156.87
(34.79)
TOTAL
34,837,915,491.92
39,054,298,437.11
12.10

VOLUMES

RTGS
166,610
166,758
0.09
Of which ZiG
59,335
53,958
(9.06)
Of which US$
107,275
112,800
5.15
POS
1,435,082
1,176,187
(18.04)
ATM
199,301
131,903
(33.82)
MOBILE BANKING
240,012
217,507
(9.38)
MOBILE MONEY
14,567,092
14,375,620
(1.31)
ZIPIT MOBILE
258,699
201,675
(22.04)
TOTAL
16,866,796
16,269,650
(3.54)

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
16-Feb-2026
17-Feb-2026
18-Feb-2026
19-Feb-2026
20-Feb-2026
1.00Oz


US$

ZiG

0.50Oz


US$

ZiG

0.25Oz


US$

ZiG

0.10Oz


US$

ZiG

Source: Reserve Bank of Zimbabwe, 2026


6. EXTERNAL SECTOR

Exchange Rate Developments (ZiG per Unit of Foreign Currency)


USD
ZAR
GBP
BWP
EURO
Weekly Average
(09 Feb – 13 Feb)

16-Feb-26

17-Feb-26

18-Feb-26

19-Feb-26

20-Feb-26

Weekly Average
(16 Feb – 20 Feb)

25.5746

1.5933

34.6411

1.8816

30.2235

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

Source: Reserve Bank of Zimbabwe, 2026


International Commodity Prices

Gold
Platinum
Palladium
Nickel
Lithium

US$/oz
US$/ounce
US$/ounce
US$/tonne
US$/tonne
Weekly Average
(09 Feb – 13 Feb)

16-Feb-26

17-Feb-26

18-Feb-26

19-Feb-26

20-Feb-26

Weekly Average
(16 Feb – 20 Feb)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2026

Figure 3: Average Weekly International Commodity Price Developments (31st October 2025– 20th February 2026)


Source: BBC, KITCO and Bloomberg, 2026

RESERVE BANK OF ZIMBABWE
FEBRUARY 2026

31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
5-Dec
12-Dec
19-Dec
26-Dec
2-Jan
9-Jan
16-Jan
23-Jan
30-Jan
6-Feb
13-Feb
20-Feb
US$/oz
Gold

31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
5-Dec
12-Dec
19-Dec
26-Dec
2-Jan
9-Jan
16-Jan
23-Jan
30-Jan
6-Feb
13-Feb
20-Feb
US$/oz
Crude Oil

31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
5-Dec
12-Dec
19-Dec
26-Dec
2-Jan
9-Jan
16-Jan
23-Jan
30-Jan
6-Feb
13-Feb
20-Feb
US$/oz
Platinum

31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
5-Dec
12-Dec
19-Dec
26-Dec
2-Jan
9-Jan
16-Jan
23-Jan
30-Jan
6-Feb
13-Feb
20-Feb
US$/oz
Palladium

31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
5-Dec
12-Dec
19-Dec
26-Dec
2-Jan
9-Jan
16-Jan
23-Jan
30-Jan
6-Feb
13-Feb
20-Feb
US$/oz
Nickel

31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
5-Dec
12-Dec
19-Dec
26-Dec
2-Jan
9-Jan
16-Jan
23-Jan
30-Jan
6-Feb
13-Feb
20-Feb
US$/oz
Lithium