Vol. 27 No. 33

Week Ending
15th 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 analysis of monetary and financial developments for the week ending 15th August
2025. The report also includes updates on domestic money and capital markets, national payment systems,
exchange rates and international commodity prices.
During the week ending 15 August 2025, interest rates on both local and foreign currency deposits rates
remained stable across all maturities. The local and foreign currency lending rates for individual and corporate
clients, also showed no movement, suggesting that credit conditions remained unchanged.
On the equities front, both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange
(VFEX) were characterized by bearish sentiments. The ZSE all-share index declined by 1.22% to close at
200.84 points, while the VFEX all share index dropped by 0.09% to close at 122.76 points.
The aggregate value of transactions processed through the National Payment Systems platforms stood at
ZiG33.46 billion, down by 5.56% from ZiG35.43 billion worth of transactions processed in the previous week.
This was a result of the decrease in transaction values processed through the POS, ATM, mobile money,
mobile banking and ZIPIT mobile payment platforms. During the same period, the volume of transactions
processed also declined by 2.47% to settle at 14.99 million.
During the week under analysis, the average exchange rate of the Zimbabwe Gold (ZiG) remained stable
against the US dollar on the interbank market. The tight monetary policy stance of the central bank continues
to foster exchange rate stability.
On the international commodity markets, average prices for platinum and lithium increased, while those for
gold, palladium and nickel declined. The continued rise in platinum prices was driven by strong industrial
demand, particularly from the automotive sector as well as its growing use in hydrogen technologies and
chemical processing. Lithium prices rose following the suspension of operations in China’s Jianxiawo lithium
Mine due to an expired permit, tightening global supply and exerting upward pressure on prices.
Gold prices slid as geopolitical tensions between Russia and Ukraine eased. Similarly, palladium prices
softened as speculation increased on the possible relaxation of sanctions on Russian palladium exports, as
tensions eased between the two countries. The relaxation of sanctions on Russian exports has the potential to
increase global supply, thus exerting downward pressure on prices. Nickel prices fell due to persistent
oversupply, largely attributed to Indonesia’s continued high production levels, which have outpaced global
demand and weighed on market prices.
Total tobacco sales stood at 353.76 million kilograms as of the 112th day of the 2025 selling season, a
substantial 53.03% increase compared to 231.16 million kilograms sold during the same period in 2024. Sales
revenue also significantly increased by 48.29%, from US$0.79 billion in 2024 to US$1.175 billion in 2025.
The average price of the golden leaf decreased to US$3.32 per kg during the period under review, 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
25 July 2025
01 August 2025
08 August 2025
15 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
25 July 2025
01 August 2025
08 August 2025
15 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
25 July 2025
01 August 2025
08 August 2025
15 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
25 July 2025
01 August 2025
08 August 2025
15 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
25 July 2025
01 August 2025
08 August 2025
15 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)
25-Luly-25

01-Aug-25

08-Aug-25

15-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)
25-July-25

01-Aug-25

08-Aug-25

15-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

16-May-25
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
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

16-May-25
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
ZiG Billion
ZSE Market Capitalisation

16-May-25
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
Index
VFEX All Share Index

16-May-25
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
US$ Thousand
VFEX Market Turnover

16-May-25
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
US$ Billion
VFEX Market Capitalisation


16-May-25
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
ZiG Thousands
ZSE Market Turnover

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

5. ENERGY PRICES

Energy Prices

25 July 2025
01 Aug 2025
08 Aug 2025
15 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
13-Aug-25

14-Aug-25

15-Aug-25

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


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

VALUES

RTGS
25,591,466,143.23
25,981,996,779.80
1.53
Of which ZiG
8,404,453,241.20
8,266,525,822.69
(1.64)
Of which US$ transactions
(ZiG Equivalent)
17,187,012,902.03
17,715,470,957.11

3.07
POS
2,865,148,921.84
1,886,769,692.86
(34.15)
ATM
2,363,062,130.81
1,426,010,324.96
(39.65)
MOBILE BANKING
312,875,274.97
294,161,456.02
(5.98)
MOBILE MONEY
4,021,177,219.14
3,664,032,223.31
(8.88)
ZIPIT MOBILE
276,732,635.78
209,262,520.13
(24.38)
TOTAL
35,430,462,325.77
33,462,232,997.09
(5.56)

VOLUMES

RTGS
192,283
107,585
(44.05)
Of which ZiG
80,799
36,265
(55.12)
Of which US$
111,484
71,320
(36.03)
POS
2,008,685
1,618,504
(19.42)
ATM
267,317
170,905
(36.07)
MOBILE BANKING
377,015
356,835
(5.35)
MOBILE MONEY
12,255,242
12,518,248
2.15
ZIPIT MOBILE
265,064
213,280
(19.54)
TOTAL
15,365,606
14,985,357
(2.47)

Mosi-oa-Tunya Gold Coin Prices
Gold Coin Price
13-Aug-25
14-Aug-25
15-Aug-25
1.00Oz


US$
3,510.47
3,532.62
3,511.04
ZiG
93,961.81
94,579.54
94,028.18
0.50Oz


US$
1,755.23
1,766.31
1,755.52
ZiG
46,980.90
47,289.77
47,014.09
0.25Oz


US$
877.62
883.16
877.76
ZiG
23,490.45
23,644.89
23,507.04
0.10Oz


US$
351.05
353.26
351.10
ZiG
9,396.18
9,457.95
9,402.82
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
(04 Aug – 08 Aug)

13-Aug

14-Aug

15-Aug

Weekly Average
(13 Aug – 15 Aug)

26.7734


1.5208


36.2352


1.8829


31.2539

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
(04 Aug – 08 Aug)

11-Aug

12-Aug

13-Aug

14-Aug

15-Aug

Weekly Average
(11 Aug – 15 Aug)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (30th May 2025– 15th August 2025)


Source: BBC, KITCO and Bloomberg, 2025


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


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

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

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

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

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

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales: Day 112 (15th August 2025)

Variance (%)
Cumulative Quantity Sold (Kgs)
353,755,217
231,161,328
53.03
Average Price (US$/kg)
3.32
3.43
- 3.21
Cumulative value (US$)
1,175,209,968
792,486,198
48.29
Source: Tobacco Industry and Marketing Board (TIMB), 2025


RESERVE BANK OF ZIMBABWE
AUGUST 2025