Vol. 27 No. 35

Week Ending
29th August 2025

Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW
This report outlines key trends in monetary and financial indicators for the week ending 29th August 2025. It
covers developments in domestic money and capital markets, national payment systems, exchange rates,
international commodity prices and the tobacco market.
During the week under review, local currency deposit rates decreased for all tenors. Conversely, foreign
currency deposit rates registered decreases across all maturities. The lending rates for both individual and
corporate clients in local currency, however, increased, while foreign currency lending rates increased across
all client categories during the same week.
The Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX) sustained their upward
momentum, marking a second consecutive week of positive performance. As such, the ZSE and VFEX All
share indices added 1.74% and 3.15% to close at 208.72 points and 126.77 points, respectively.
The total value of transactions processed through the National Payment Systems platforms increased by
35.13%, from ZiG30.03 billion reported in the previous week to ZiG40.58 billion, during the week under
analysis. This was largely attributable to the increase in values of transactions processed through RTGS, POS,
ATM, Mobile money and ZPIT mobile. The volume of transactions processed also increased by 10.69%, from
13.83 million in the prior week to 15.31 million during the week under review.
The interbank market saw the average ZIG/USD exchange rate appreciate by 0.02% from ZiG26.76 per dollar
recorded in the previous week to ZiG26.75 per dollar, during the week ending 29th August 2025,
International average prices for gold, platinum, nickel and lithium firmed during the week ending 29th August
2025. Prices for palladium, however, retreated during the same week, despite the supply constraints on the
global market.
Gold prices increased mainly due to heightened expectations that the U.S. Federal Reserve would implement
interest rate cuts in its upcoming September 2025 meeting. Platinum prices rose amid the ongoing supply
constraints in major platinum-producing regions. Supply disruptions in China, particularly the suspension of
operations at CATL's Jianxiawo mine led to a surge in lithium prices. Similarly, nickel prices increased due
to concerns about potential supply disruptions from Indonesia, the world's largest nickel producer
Total tobacco sales rose by 53.12% to 354.80 million kilograms as of the 122nd day of the 2025 tobacco selling
season, from 231.71 million kilograms sold during the same period in 2024. Concomitantly, sales revenues
increased by 48.43% to US$1.18 billion during the period under analysis, from US$0.79 billion realised during
the same period in 2024. The average price, however, decreased to US$3.32 per kg, from US$3.43 per kg
recorded in the comparable period in 2024.

2. INTEREST RATES

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


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


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


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


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

15-Aug-25

22-Aug-25

29-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)
08-Aug-25

15-Aug-25

22-Aug-25

29-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

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
29-Aug-25
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

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
29-Aug-25
ZiG Billion
ZSE Market Capitalisation

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
29-Aug-25
Index
VFEX All Share Index

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
29-Aug-25
US$ Thousand
VFEX Market Turnover

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
29-Aug-25
US$ Billion
VFEX Market Capitalisation


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
29-Aug-25
ZiG Thousands
ZSE Market Turnover

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

5. ENERGY PRICES

Energy Prices

08-Aug 2025
15-Aug 2025
22-Aug 2025
29-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
25-Aug-25

26-Aug-25

27-Aug-25

28-Aug-25

29-Aug-25

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


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

VALUES

RTGS
23,709,639,049.56
32,645,901,636.64
37.69
Of which ZiG
6,607,334,531.76
10,401,322,547.83
57.42
Of which US$ transactions
(ZiG Equivalent)
17,102,304,517.80

22,244,579,089.81

30.07
POS
1,648,908,901.44
2,416,568,906.80
46.56
ATM
1,238,041,639.10
1,985,760,973.98
60.40
MOBILE BANKING
235,204,263.00
223,174,240.00
(5.11)
MOBILE MONEY
3,002,452,015.64
3,063,534,858.80
2.03
ZIPIT MOBILE
198,359,004.52
248,786,310.95
25.42
TOTAL
30,032,604,873.25
40,583,726,927.17
35.13

VOLUMES

RTGS
171,657
316,408
84.33
Of which ZiG
62,258
135,108
117.01
Of which US$
109,399
181,300
65.72
POS
1,436,909
1,828,657
27.26
ATM
162,202
249,263
53.67
MOBILE BANKING
277,805
318,481
14.64
MOBILE MONEY
11,591,825
12,354,491
6.58
ZIPIT MOBILE
193,719
245,452
26.71
TOTAL
13,834,117
15,312,752
10.69

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
25-Aug-25
26-Aug-25
27-Aug-25
28-Aug-25
29-Aug-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
(18 Aug – 22 Aug)

25-Aug

26-Aug

27-Aug

28-Aug

29-Aug

Weekly Average
(25 Aug – 29 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
(18 Aug – 22 Aug)
3,338.70


25-Aug

26-Aug

27-Aug

28-Aug

29-Aug

Weekly Average
(25Aug – 29 Aug)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (6th June 2025– 29th August 2025)


Source: BBC, KITCO and Bloomberg, 2025


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


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

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

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

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

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

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales: Day 122 (29th August 2025)

Variance (%)
Cumulative Quantity Sold (Kgs)
354,802,138
231,709,675
53.12
Average Price (US$/kg)
3.32
3.43
(3.21)
Cumulative value (US$)
1,178,183,226
793,774,288
48.43
Source: Tobacco Industry and Marketing Board (TIMB), 2025


RESERVE BANK OF ZIMBABWE
AUGUST 2025