Vol. 27 No. 39

Week Ending
26th September 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 provides an overview of key developments in the monetary and financial sectors during the week
ending 26th September 2025. It covers updates on domestic money and capital markets, national payment
systems, exchange rates, and global commodity prices.
Minimum deposit rates for local currency remained unchanged across all tenors during the review period,
while maximum deposit rates rose for all tenors except savings deposits, which remained the same. Foreign
currency minimum deposit rates also remained unchanged, whilst the maximum deposit rates for savings, 3month, and 12-month tenors increased. Foreign currency maximum deposit rate for 1-month rate decreased,
whilst for the 6-month and over 1-year tenors remained unchanged during the same period.
The local currency lending rates declined for all clients except for the individual minimum lending rates,
which rose. Foreign currency lending rates increased across all tenors, except for corporate minimum lending
rates, which remained unchanged.
During the week ending 26th September, the Zimbabwe Stock Exchange (ZSE) recovered from the previous
week’s loss while the Victoria Falls Stock Exchange (VFEX) continued to trade on a positive trajectory. As
such, the ZSE and VFEX All Share indices gained 1.03% and 10.56% to close at 208.72 points and 148.72
points, respectively. The surge in the VFEX turnover volume and value of shares was largely on account of
Innscor Africa Limited which traded a combined 2 million shares at US$0.73/share, during the period under
review.
The total value of transactions processed through the National Payment Systems platforms decreased by
6.48% from ZiG39.94 billion in the previous week to ZiG37.35 billion during the week under review. The
volume of transactions processed, however, increased by 13.40% from 14.23 million to 16.14 million during
the same period.
The Zimbabwe Gold Currency (ZiG) appreciated by 0.27% to ZiG26.58 per US dollar, from an average of
ZiG26.65 per US dollar recorded in the previous week.
During the week ending 26 September 2025, global prices for gold, platinum, palladium, crude oil, and
lithium, rose, while nickel prices fell. The gold price increase was driven by the safe-haven demand, amid
heightened global economic uncertainty and growing expectations of further U.S. interest rate cuts. Platinum
prices were boosted by tight supply and growing demand from the jewellery, automotive, and investment.
Palladium prices benefitted from high industrial and automotive demand, particularly in Asia and Europe,
driven by stricter emissions standards. Lithium prices increased due to heightened demand. Brent crude oil
prices continued to trend upward amid disruptions to Russian exports. Nickel prices fell due to a persistent
global surplus, mainly from expanded production in Indonesia.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
05 Sept 2025
12 Sept 2025
19 Sept 2025
26 Sept 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
05 Sept 2025
12 Sept 2025
19 Sept 2025
26 Sept 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
05 Sept 2025
12 Sept 2025
19 Sept 2025
26 Sept 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial bank weighted lending rates (Foreign Currency (US$) (%)
US$ Lending rates
05 Sept 2025
12 Sept 2025
19 Sept 2025
26 Sept 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending
rates
05 Sept 2025
12 Sept 2025
19 Sept 2025
26 Sept 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)
05-Sept-25

12-Sept-25

19-Sept-25

26-Sept-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)
05-Sept-25

12-Sept-25

19-Sept-25

26-Sept-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
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
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
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
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
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
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

05-Sept 2025
12-Sept 2025
19-Sept 2025
26-Sept 2025
Domestic Energy Prices
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
22-Sept-25

23-Sept-25

24-Sept-25

25-Sept-25

26-Sept-25

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


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

VALUES

RTGS
33,385,715,327.31
29,341,603,451.88
(12.11)
Of which ZiG
11,593,131,175.84
9,513,254,737.01
(17.94)
Of which US$ transactions
(ZiG Equivalent)
21,792,584,151.47
19,828,348,714.87

(9.01)
POS
1,423,249,836.61
2,296,074,361.62
61.33
ATM
1,158,740,964.29
1,508,070,766.05
30.15
MOBILE BANKING
188,401,885.37
379,810,303.91
101.60
MOBILE MONEY
3,642,518,397.12
3,515,219,742.47
(3.49)
ZIPIT MOBILE
144,439,304.78
313,989,228.19
117.38
TOTAL
39,943,065,715.49
37,354,767,854.12
(6.48)

VOLUMES

RTGS
168,039
309,726
84.32
Of which ZiG
65,067
124,288
91.02
Of which US$
102,972
185,438
80.09
POS
1,243,847
1,962,853
57.81
ATM
136,013
210,632
54.86
MOBILE BANKING
210,768
426,112
102.17
MOBILE MONEY
12,321,617
12,940,851
5.03
ZIPIT MOBILE
151,615
288,585
90.34
TOTAL
14,231,899
16,138,759
13.40

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
22-Sept-25
23-Sept-25
24-Sept-25
25-Sept-25
26-Sept-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
(15 Sept – 19 Sept)

22-Sept-25

23-Sept-25

24-Sept-25

25-Sept-25

26-Sept-25

Weekly Average
(22 Sept – 26 Sept)

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
(15 Sept – 19 Sept)

22-Sep

23-Sep

24-Sep

25-Sep

26-Sep

Weekly Average
(22 Sept – 26 Sept)
3,770.58

1,504.87

1,235.06

15,287.60

9,612.00

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (27th June 2025– 26th September 2025)


Source: BBC, KITCO and Bloomberg, 2025

RESERVE BANK OF ZIMBABWE
SEPTEMBER 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
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
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
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
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
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
US$/tonne
Platinum