Vol. 27 No. 34

Week Ending
22nd August 2025

Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW
This report provides an overview of monetary and financial developments for the week ending 22nd August
2025, focusing on domestic money and capital markets, national payment systems, exchange rates and
international commodity prices.
Local currency savings and deposit rates increased for all tenors during the week ending 22 August 2025,
except for maximum rates on savings, which declined. Foreign currency savings and deposit rates also
increased for all tenors. During the same week, individual lending rates in local currency increased, while
maximum corporate rates declined. Foreign currency lending rates increased for all clients, save for maximum
individual rates which declined, and minimum corporate rates which remained unchanged.
The Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX) experienced bullish
sentiments. Resultantly, the ZSE and VFEX All share Indices added 2.15% and 0.11% to close at 205.16
points and 122.90 points, respectively.
The total value of transactions processed through the National Payment Systems platforms decreased by
10.25%, from ZiG33.46 billion reported in the previous week to ZiG30.03 billion. This was attributable to the
decline in values of transactions processed through RTGS, POS, ATM Mobile banking, Mobile money and
ZIPIT mobile systems. In tandem, the volume of transactions processed decreased by 7.68%, from 14.99
million in the previous week to 13.83 million during the week under review.
On the interbank market, the average ZiG/US$ exchange rate appreciated by 0.05%, from ZiG26.77/US$1 in
the prior week to ZiG26.76/US$1, during the week ending 22nd of August 2025.
The week under analysis saw the average prices for gold, platinum and palladium decline, while prices for
nickel and lithium firmed. Gold and platinum prices fell amid a strengthening US dollar. The decline in
palladium prices was influenced by the weakening industrial demand, especially from the automotive sector,
coupled with the potential easing of supply constraints.
The surge in the price of lithium was on account of supply disruptions in China, the top producer of the energy
transition metal. Nickel prices rose owing to stabilisation or minor reductions in the London Metal Exchange
(LME) warehouse inventories.
As of the 117th day of the 2025 tobacco selling season, total sales stood at 354.52 million kilograms, up from
231.65 million kilograms sold during the same period in 2024. Sales revenue rose by 48.39% to US$1.18
billion during the period under analysis, from US$0.79 billion recorded for the corresponding period in 2024.
The average price of the golden leaf stood at US$3.32 per kg in the reporting period, down from US$3.43 per
kg recorded in the same period in 2024.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
01 August 2025
08 August 2025
15 August 2025
22 August 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
01 August 2025
08 August 2025
15 August 2025
22 August 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
01 August 2025
08 August 2025
15 August 2025
22 August 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial bank weighted lending rates (Foreign Currency (US$) (%)
US$ Lending rates
01 August 2025
08 August 2025
15 August 2025
22 August 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending
rates
01 August 2025
08 August 2025
15 August 2025
22 August 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)
01-Aug-25

08-Aug-25

15-Aug-25

22-Aug-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)
01-Aug-25

08-Aug-25

15-Aug-25

22-Aug-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

23-May-25
30-May-25
06-Jun-25
13-Jun-25
20-Jun-25
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
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

23-May-25
30-May-25
06-Jun-25
13-Jun-25
20-Jun-25
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
ZiG Billion
ZSE Market Capitalisation

23-May-25
30-May-25
06-Jun-25
13-Jun-25
20-Jun-25
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
Index
VFEX All Share Index

23-May-25
30-May-25
06-Jun-25
13-Jun-25
20-Jun-25
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
US$ Thousand
VFEX Market Turnover

23-May-25
30-May-25
06-Jun-25
13-Jun-25
20-Jun-25
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
US$ Billion
VFEX Market Capitalisation


23-Jun-25
30-Jun-25
07-Jul-25
14-Jul-25
21-Jul-25
28-Jul-25
04-Aug-25
11-Aug-25
18-Aug-25
ZiG Thousands
ZSE Market Turnover

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

5. ENERGY PRICES

Energy Prices

01 Aug 2025
08-Aug 2025
15-Aug 2025
22-Aug 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
18-Aug-25

19-Aug-25

20-Aug-25

21-Aug-25

22-Aug-25

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


PAYMENT STREAM
WEEK ENDING
15 Aug 2025
WEEK ENDING
22 August 2025
WEEKLY
CHANGE (%)

VALUES

RTGS
25,981,996,779.80
23,709,639,049.56
(8.75)
Of which ZiG
8,266,525,822.69
6,607,334,531.76
(20.07)
Of which US$ transactions
(ZiG Equivalent)
17,715,470,957.11

17,102,304,517.80

(3.46)
POS
1,886,769,692.86
1,648,908,901.44
(12.61)
ATM
1,426,010,324.96
1,238,041,639.10
(13.18)
MOBILE BANKING
294,161,456.02
235,204,263.00
(20.02)
MOBILE MONEY
3,664,032,223.31
3,002,452,015.64
(18.06)
ZIPIT MOBILE
209,262,520.13
198,359,004.52
(5.21)
TOTAL
33,462,232,997.09
30,032,604,873.25
(10.25)

VOLUMES

RTGS
107,585
171,657
59.55
Of which ZiG
36,265
62,258
71.68
Of which US$
71,320
109,399
53.39
POS
1,618,504
1,436,909
(11.22)
ATM
170,905
162,202
(5.09)
MOBILE BANKING
356,835
277,805
(22.15)
MOBILE MONEY
12,518,248
11,591,825
(7.40)
ZIPIT MOBILE
213,280
193,719
(9.17)
TOTAL
14,985,357
13,834,117
(7.68)

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
18-Aug-25
19-Aug-25
20-Aug-25
21-Aug-25
22-Aug-25
1.00Oz


US$

ZiG

0.50Oz


US$

ZiG
46,874.97
46,818.11

46,842.36
46,995.13
46,883.30
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 Aug – 15 Aug)

26.7734

1.5208

36.2352

1.8829

31.2539
18-Aug

19-Aug

20-Aug

21-Aug

22-Aug

Weekly Average
(18 Aug – 22 Aug)

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
(11 Aug – 15 Aug)

18-Aug

19-Aug

20-Aug

21-Aug

22-Aug

Weekly Average
(18 Aug – 22 Aug)
3,338.70


Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (13th June 2025– 22nd August 2025)


Source: BBC, KITCO and Bloomberg, 2025


13-Jun
20-Jun
27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
1-Aug
8-Aug
15-Aug
22-Aug
US$/oz
Palladium


13-Jun
20-Jun
27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
1-Aug
8-Aug
15-Aug
22-Aug
US$/tonne
Platinum

13-Jun
20-Jun
27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
1-Aug
8-Aug
15-Aug
22-Aug
US$/tonne
Lithium

13-Jun
20-Jun
27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
1-Aug
8-Aug
15-Aug
22-Aug
US$/tonne
Nickel

13-Jun
20-Jun
27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
1-Aug
8-Aug
15-Aug
22-Aug
US$/barrel
Crude oil

13-Jun
20-Jun
27-Jun
04-Jul
11-Jul
18-Jul
25-Jul
01-Aug
08-Aug
15-Aug
22-Aug
US$/oz
Gold

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales: Day 117 (22nd August 2025)

Variance (%)
Cumulative Quantity Sold (Kgs)
354,520,303
231,654,087
53.04
Average Price (US$/kg)
3.32
3.43
(3.21)
Cumulative value (US$)
1,177,538,793
793,547,959
48.39
Source: Tobacco Industry and Marketing Board (TIMB), 2025


RESERVE BANK OF ZIMBABWE
AUGUST 2025