Vol. 27 No. 42

Week Ending
17th 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 provides an analysis of monetary and financial sector developments during the week ending 17th
October 2025. It includes updates on domestic money and capital markets, national payment systems,
exchange rates, and international commodity prices.
During the week under review, both local and foreign currency deposits rates remained unchanged for all
tenors. Local currency lending rates for both individual and corporate clients decreased, except for maximum
lending rates for individual clients, which increased. Foreign currency lending rates for individual clients
increased whilst those for corporate clients decreased, during the same week.
During the week ending 17th October 2025 both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls
Stock Exchange (VFEX) exhibited bullish sentiments. As such, the ZSE and VFEX All share indices added
1.38% and 0.01% to close at 200.58 points and 156.11 points, respectively.
The total value of transactions processed through the National Payment Systems platforms increased by 5.11%
to ZiG38.86 billion from ZiG36.97 billion in the previous week. This increase is highly attributed to RealTime Gross Settlement (RTGS) system. The volume of transactions processed, however, decreased by 11.15%
from 17.07 million to 15.17 million during the same period.
The Zimbabwe Gold (ZiG) appreciated by 0.17% from an average of ZiG26.68 per US$ recorded in the
previous week, to ZiG26.64 per US$ during the week under review.
During the week under analysis, international commodity prices for gold, platinum and palladium surged
while prices for nickel and brent crude oil retreated. Lithium prices, however, remained unchanged from
previous week levels.
Gold prices increased on account of the anticipation of U.S. Federal Reserve interest rate cuts which made
gold more attractive, boosting demand and driving prices higher. Platinum prices rose due to a resurgence in
industrial activities, particularly in sectors such as automotive manufacturing which has increased the demand
for the metal. The increase in palladium prices was driven by increased demand for the metal because of the
metal's primary use in automotive catalytic converters which continued to drive strong industrial demand.
Nickel prices fell due to the global nickel market remaining in surplus, primarily on account of increased
production in Indonesia, which now accounts for approximately 70% of global nickel supply. Brent crude oil
prices declined following the projection by the International Energy Agency (IEA) which projected a
significant global oil surplus averaging 3.2 million barrels per day through mid-2026, driven by increased
production from major producers and stockpiling by economies like China. These developments raised
concerns about a supply glut, exerting downward pressure on prices.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
26 Sept 2025
03 Oct 2025
10 Oct 2025
17 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
26 Sept 2025
03 Oct 2025
10 Oct 2025
17 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
26 Sept 2025
03 Oct 2025
10 Oct 2025
17 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
26 Sept 2025
03 Oct 2025
10 Oct 2025
17 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
26 Sept 2025
03 Oct 2025
10 Oct 2025
17 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)
26-Sept-25

03-Oct-25

10-Oct-25

17-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)
26-Sept-25

03-Oct-25

10-Oct-25

17-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

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-Sept-25
12-Sept-25
19-Sept-25
26-Sept-25
03-Oct-25
10-Oct-25
17-Oct-25
ZiG Billion
ZSE Market Capitalisation

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-Sept-25
12-Sept-25
19-Sept-25
26-Sept-25
03-Oct-25
10-Oct-25
17-Oct-25
Index
VFEX All Share Index

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-Sept-25
12-Sept-25
19-Sept-25
26-Sept-25
03-Oct-25
10-Oct-25
17-Oct-25
US$ Thousand
VFEX Market Turnover


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-Sept-25
12-Sept-25
19-Sept-25
26-Sept-25
03-Oct-25
10-Oct-25
17-Oct-25
US$ Billion
VFEX Market Capitalisation


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-Sept-25
12-Sept-25
19-Sept-25
26-Sept-25
03-Oct-25
10-Oct-25
17-Oct-25
ZiG Thousands
ZSE Market Turnover

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-Sept-25
12-Sept-25
19-Sept-25
26-Sept-25
03-Oct-25
10-Oct-25
17-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

26-Sept 2025
03-Oct 2025
10-Oct 2025
17-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
13-Oct-25

14-Oct-25

15-Oct-25

16-Oct-25

17-Oct-25

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


PAYMENT STREAM
WEEK ENDING
10 October 2025
WEEK ENDING
17 October 2025
WEEKLY
CHANGE (%)

VALUES

RTGS
27,462,417,269.86
32,083,469,073.86
16.83
Of which ZiG
9,834,113,108.79
10,345,014,339.10
5.20
Of which US$ transactions
(ZiG Equivalent)
17,628,304,161.07
21,738,454,734.76
23.32
POS
2,336,650,552.30
1,453,419,139.32
(37.80)
ATM
2,061,703,345.83
1,247,173,888.67
(39.51)
MOBILE BANKING
320,146,459.87
182,846,494.66
(42.89)
MOBILE MONEY
4,477,325,588.00
3,693,888,021.15
(17.50)
ZIPIT MOBILE
315,973,438.17
202,769,607.63
(35.83)
TOTAL
36,974,216,654.03
38,863,566,225.29
5.11

VOLUMES

RTGS
183,999
162,250
(11.82)
Of which ZiG
65,200
63,288
(2.93)
Of which US$
118,799
98,962
(16.70)
POS
2,074,863
1,431,685
(31.00)
ATM
247,121
140,517
(43.14)
MOBILE BANKING
349,604
207,822
(40.46)
MOBILE MONEY
13,921,333
13,025,562
(6.43)
ZIPIT MOBILE
294,843
200,750
(31.91)
TOTAL
17,071,763
15,168,586
(11.15)

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
13-Oct-25
14-Oct-25
15-Oct-25
16-Oct-25
17-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
(06 Oct – 10 Oct)

13-Oct

14-Oct

15-Oct

16-Oct

17-Oct

Weekly Average
(13 Oct – 17 Oct)

26.6401


1.5349

35.6619

1.8724

31.0097
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
(06 Oct – 10 Oct)

13-Oct

14-Oct

15-Oct

16-Oct

17-Oct

Weekly Average
(13 Oct – 17 Oct)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (11th July 2025– 17th October 2025)


Source: BBC, KITCO and Bloomberg, 2025

RESERVE BANK OF ZIMBABWE
OCTOBER 2025

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
10-Oct
17-Oct
US$/oz
Palladium

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
10-Oct
17-Oct
US$/tonne
Lithium

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
10-Oct
17-Oct
US$/tonne
Nickel

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
10-Oct
17-Oct
US$/barrel
Crude oil

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
10-Oct
17-Oct
US$/tonne
Platinum

11-Jul
18-Jul
25-Jul
1-Aug
8-Aug
15-Aug
22-Aug
29-Aug
5-Sept
12-Sept
19-Sept
26-Sept
3-Oct
10-Oct
17-Oct
US$/oz
Gold