Vol. 27 No. 45

Week Ending
7th November 2025

Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW
This report provides an analysis of the monetary and financial sector developments during the week ending
7th November 2025. It includes updates on domestic money and capital markets, national payment systems,
exchange rates, and international commodity prices.
During the week under review, local currency deposit rates remained unchanged across all tenors, save for
savings rates which increased. The foreign currency deposits rates also remained the same except for 1-month
minimum deposit rates that increased and savings rates which decreased. Meanwhile, local currency lending
rates decreased across all maturities save for individual clients maximum leading rates which increased. The
foreign currency lending rates decreased for both individual and corporate clients, save for the corporate
minimum lending rates that increased.
During the week ending 7th November 2025, the Zimbabwe Stock Exchange (ZSE) traded negatively,
decreasing by 0.95% to close at 211.65 points. However, the foreign currency using Victoria Falls Stock
Exchange (VFEX) traded positively, recovering from the previous week by adding 2.04% to close at 163.17
points in the same period.
The total value of transactions processed through the National Payment Systems platforms decreased by
5.83% from ZiG38.17 billion in the previous week to ZiG35.94 billion. The volume of transactions processed,
however, increased by 2.44% from 16.77 million to 17.18 million during the same period.
The Zimbabwe Gold Currency (ZiG) appreciated by 0.31% to ZiG26.38 per US$1 during the week under
analysis, from an average of ZiG26.46 per US$1 in the prior week.
International commodity prices for platinum, palladium, copper, nickel and Brent crude oil declined during
the week ending 7th November 2025. Prices for gold and lithium however, firmed during the same week. Gold
prices strengthened amid increased probability of a U.S. rate cut in December 2025, following weak labour
market data and the U.S. government shutdown. The increase in lithium prices was on account of the growing
demand for electric vehicles and energy storage systems.
Platinum prices fell as economic and geopolitical tensions eased. Palladium prices dropped as investors
became more confident, leading to improved market sentiment and a reduced need for safe-haven assets.
Nickel prices fell as the global market faced an oversupply, characterized by rising inventories and supply
exceeding demand. Brent crude oil prices fell after U.S. crude inventories rose by about 5.2 million barrels
during the week, far surpassing forecasts and signalling an oversupplied market.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
17 Oct 2025
24 Oct 2025
31 Oct 2025
07 Nov 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
17 Oct 2025
24 Oct 2025
31 Oct 2025
07 Nov 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
17 Oct 2025
24 Oct 2025
31 Oct 2025
07 Nov 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial bank weighted lending rates (Foreign Currency (US$) (%)
US$ Lending rates
17 Oct 2025
24 Oct 2025
31 Oct 2025
07 Nov 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending
rates
17 Oct 2025
24 Oct 2025
31 Oct 2025
07 Nov 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)
17-Oct-25

24-Oct-25

31-Oct-25

07-Nov-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)
17-Oct-25

24-Oct-25

31-Oct-25

07-Nov-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


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
03-Oct-25
10-Oct-25
17-Oct-25
24-Oct-25
31-Oct-25
07-Nov-25
ZiG Thousands
ZSE Market Turnover

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
03-Oct-25
10-Oct-25
17-Oct-25
24-Oct-25
31-Oct-25
07-Nov-25
ZiG Billion
ZSE Market Capitalisation

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
03-Oct-25
10-Oct-25
17-Oct-25
24-Oct-25
31-Oct-25
07-Nov-25
Index
VFEX All Share Index

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
03-Oct-25
10-Oct-25
17-Oct-25
24-Oct-25
31-Oct-25
07-Nov-25
US$ Thousand
VFEX Market Turnover


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
03-Oct-25
10-Oct-25
17-Oct-25
24-Oct-25
31-Oct-25
07-Nov-25
US$ Billion
VFEX Market Capitalisation

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
03-Oct-25
10-Oct-25
17-Oct-25
24-Oct-25
31-Oct-25
07-Nov-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

17-Oct 2025
24-Oct 2025
31-Oct 2025
07-Nov 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
03-Nov-25

04-Nov-25

05-Nov-25

06-Nov-25

07-Nov-25

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


PAYMENT STREAM
WEEK ENDING
31 October 2025
WEEK ENDING
O7 November 2025
WEEKLY
CHANGE (%)

VALUES

RTGS
29,382,435,040.20
26,087,949,425.88
(11.21)
Of which ZiG
9,930,790,151.30
8,726,473,073.44
(12.13)
Of which US$ transactions
(ZiG Equivalent)
19,451,644,888.90
17,361,476,352.44
(10.75)
POS
2,296,559,875.55
2,486,247,879.83
8.26
ATM
2,183,738,331.94
2,271,570,049.70
4.02
MOBILE BANKING
371,053,124.78
268,668,195.23
(27.59)
MOBILE MONEY
3,645,269,553.48
4,462,350,125.72
22.41
ZIPIT MOBILE
287,824,865.26
365,422,520.79
26.96
TOTAL
38,166,880,791.21
35,942,208,197.14
(5.83)

VOLUMES

RTGS
275,998
175,659
(36.35)
Of which ZiG
107,785
64,850
(39.83)
Of which US$
168,213
110,809
(34.13)
POS
1,987,948
2,154,968
8.40
ATM
262,247
269,100
2.61
MOBILE BANKING
412,198
307,251
(25.46)
MOBILE MONEY
13,550,051
13,908,612
2.65
ZIPIT MOBILE
284,508
367,043
29.01
TOTAL
16,772,950
17,182,633
2.44

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
03-Nov-25
04-Nov-25
05-Nov-25
06-Nov-25
07-Nov-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
(27 Oct – 31 Oct)

26.4637

1.5360

35.0805

1.8649

30.7566
3-Nov

4-Nov

5-Nov

6-Nov

7-Nov

Weekly Average
(3 Nov – 7 Nov)

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
(27 Oct – 31 Oct)

3-Nov

4-Nov

5-Nov

6-Nov

7-Nov

Weekly Average
(3 Nov – 7 Nov)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (01st August 2025– 07th November 2025)


Source: BBC, KITCO and Bloomberg, 2025

RESERVE BANK OF ZIMBABWE
NOVEMBER 2025

1-Aug
8-Aug
15-Aug
22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
10-Oct
17-Oct
24-Oct
31-Oct
7-Nov
US$/oz
Palladium

1-Aug
8-Aug
15-Aug
22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
10-Oct
17-Oct
24-Oct
31-Oct
7-Nov
US$/tonne
Lithium

1-Aug
8-Aug
15-Aug
22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
10-Oct
17-Oct
24-Oct
31-Oct
7-Nov
US$/tonne
Nickel

1-Aug
8-Aug
15-Aug
22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
10-Oct
17-Oct
24-Oct
31-Oct
7-Nov
US$/barrel
Crude oil

01-Aug
08-Aug
15-Aug
22-Aug
29-Aug
05-Sep
12-Sep
19-Sep
26-Sep
03-Oct
10-Oct
17-Oct
24-Oct
31-Oct
07-Nov
US$/oz
Gold

1-Aug
8-Aug
15-Aug
22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
10-Oct
17-Oct
24-Oct
31-Oct
7-Nov
US$/tonne
Platinum