Vol. 27 No. 40

Week Ending
3rd 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 3rd October 2025. It includes updates on domestic money and capital markets, national payment
systems, exchange rates, and global commodity prices.
The local currency deposit rates remained the same across all tenors. Foreign currency savings deposit rates
remained unchanged, while maximum deposit rates for all other tenors increased during the same week.
Both the minimum and maximum local currency lending rates for individual clients increased. For corporate
clients, the minimum lending rates decreased, while the maximum lending rates remained unchanged. Foreign
currency lending rates decreased for all clients, except for the minimum lending rates for individual clients,
which increased.
Trading activity on the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX)
exhibited bearish sentiments, during the week under analysis. As a result, both indices declined by 1.71% and
0.90% to close at 205.16 points and 147.38 points, respectively
The total value of transactions processed through the National Payment Systems platforms grew by 11.14%
to ZiG41.52 billion from ZiG37.35 billion in the previous week. The volume of transactions processed also
increased by 1.48% from 16.14 million to 16.38 million during the same period. The largest share of
transactional value was processed through the Real-Time Gross Settlement (RTGS) system, accounting for
77.57% of the total value. Mobile money, however, accounted for 79.80% of the transaction volume.
The Zimbabwe Gold (ZiG) depreciated by 0.26% from an average of ZiG26.58 per US$ recorded during the
week ending 26th September 2025, to ZiG26.65 per US$ during the week under review.
During the week under review, international commodity prices for gold, platinum, palladium and nickel
surged, while prices for brent crude oil declined. Prices for lithium, however, remained unchanged during the
same week.
Gold prices surged, fuelled by heightened global uncertainty amid fears of global economic slowdown.
Platinum prices rose primarily driven by declining mine output from South Africa, the world’s leading
producer. Palladium prices gained from a weaker U.S. dollar and investor hedging amid market uncertainty.
Nickel prices increased following a benchmark price hike of 0.68% by the Indonesia Nickel Miners
Association. Brent crude oil prices, however, fell as OPEC+ announced a modest production increase, raising
concerns of oversupply.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
12 Sept 2025
19 Sept 2025
26 Sept 2025
03 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
12 Sept 2025
19 Sept 2025
26 Sept 2025
03 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
12 Sept 2025
19 Sept 2025
26 Sept 2025
03 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
12 Sept 2025
19 Sept 2025
26 Sept 2025
03 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
12 Sept 2025
19 Sept 2025
26 Sept 2025
03 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)
12-Sept-25

19-Sept-25

26-Sept-25

03-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)
12-Sept-25

19-Sept-25

26-Sept-25

03-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

27-Jun-25
04-Jul-25
11-Jul-25
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
ZiG Billion
ZSE Market Capitalisation

27-Jun-25
04-Jul-25
11-Jul-25
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
Index
VFEX All Share Index

27-Jun-25
04-Jul-25
11-Jul-25
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
US$ Thousand
VFEX Market Turnover

27-Jun-25
04-Jul-25
11-Jul-25
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
US$ Billion
VFEX Market Capitalisation


27-Jun-25
04-Jul-25
11-Jul-25
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
ZiG Thousands
ZSE Market Turnover

27-Jun-25
04-Jul-25
11-Jul-25
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
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

12-Sept 2025
19-Sept 2025
26-Sept 2025
03-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
29-Sept-25

30-Sept-25

01-Oct-25

02-Oct-25

03-Oct-25

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


PAYMENT STREAM
WEEK ENDING
26 September 2025
WEEK ENDING
03 October 2025
WEEKLY
CHANGE (%)

VALUES

RTGS
29,341,603,451.88
32,205,952,868.19
9.76
Of which ZiG
9,513,254,737.01
10,490,606,883.59
10.27
Of which US$ transactions
(ZiG Equivalent)
19,828,348,714.87

21,715,345,984.60
9.52
POS
2,296,074,361.62
2,361,148,415.02
2.83
ATM
1,508,070,766.05
2,393,310,473.27
58.74
MOBILE BANKING
379,810,303.91
375,608,396.31
(1.11)
MOBILE MONEY
3,515,219,742.47
3,882,870,324.90
10.46
ZIPIT MOBILE
313,989,228.19
297,471,046.67
(5.26)
TOTAL
37,354,767,854.12
41,516,361,524.35
11.14

VOLUMES

RTGS
309,726
244,976
(20.91)
Of which ZiG
124,288
96,381
(22.45)
Of which US$
185,438
148,595
(19.87)
POS
1,962,853
2,068,979
5.41
ATM
210,632
282,447
34.10
MOBILE BANKING
426,112
429,727
0.85
MOBILE MONEY
12,940,851
13,070,389
1.00
ZIPIT MOBILE
288,585
281,565
(2.43)
TOTAL
16,138,759
16,378,083
1.48

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
29-Sept-25
30-Sept-25
01-Oct-25
02-Oct-25
03-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
(22 Sept – 26 Sept)

29-Sep

30-Sep

1-Oct

2-Oct

3-Oct

Weekly Average
(29 Sept – 03 Oct)

26.6466


1.5428

35.8396

1.8757

31.2666
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
(22 Sept – 26 Sept)
3,770.58

1,504.87

1,235.06

15,287.60

9,612.00

29-Sep

30-Sep

01-Oct

02-Oct

03-Oct

Weekly Average
(29 Sept – 03 Oct)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (27th June 2025– 03rd October 2025)


Source: BBC, KITCO and Bloomberg, 2025

RESERVE BANK OF ZIMBABWE
OCTOBER 2025

27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
1-Aug
8-Aug
15-Aug
22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
US$/oz
Palladium

27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
1-Aug
8-Aug
15-Aug
22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
US$/tonne
Lithium

27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
1-Aug
8-Aug
15-Aug
22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
US$/tonne
Nickel

27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
1-Aug
8-Aug
15-Aug
22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
US$/barrel
Crude oil

27-Jun
04-Jul
11-Jul
18-Jul
25-Jul
01-Aug
08-Aug
15-Aug
22-Aug
29-Aug
05-Sep
12-Sep
19-Sep
26-Sep
03-Oct
US$/oz
Gold

27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
1-Aug
8-Aug
15-Aug
22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
US$/tonne
Platinum