Vol. 27 No. 49

Week Ending
5th December 2025

Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW
This report summarises major developments in the monetary and financial sectors of the economy for the
week ending 5 December 2025. It includes updates on domestic money and capital markets, national payment
systems, exchange rates and global commodity prices.
Local currency deposit rates remained constant across all tenors, except for 1-month maximum rate which
increased. Foreign currency deposit rates remained the same across other maturities except for 1month and 6
months maximum rates which declined while 3months minimum rates increased. The local currency lending
rates increased for all clients save for corporate clients’ maximum rates which declined. The foreign currency
minimum lending rates for both clients increased while maximum rates declined.
The ZSE recorded its fourth consecutive weekly gain, increasing by 4.54% to close at 245.63 points in the
week ending 5 December 2025. Meanwhile, the Victoria Falls Stock Exchange (VFEX) traded negatively,
losing 4.05% to close at 167.60 points during the same period.
The total value of transactions processed through the National Payment Systems platforms decreased by
10.36% from ZiG43.68 billion reported in the previous week to ZiG39.15 billion. The volume of transactions
processed, however, increased by 6.73% from 16.79 million to 17.92 million during the same period. The
largest share of transactional values was processed through the Real-Time Gross Settlement (RTGS) system,
accounting for 70.38%, while mobile money accounted for 80.37% of the transaction volume.
On the interbank market, the Zimbabwe Gold Currency (ZiG) appreciated by 0.25% to ZiG26.16 per US$1,
from an average of ZiG26.23 per US$1 recorded in the previous week.
During the week ending 5th December 2025, average international commodity prices for gold, platinum,
palladium, nickel, and Brent crude oil strengthened, while lithium prices declined.
Gold prices increased amid expectations of potential U.S. Federal Reserve interest rates cut. Platinum prices
surged due to increase in demand for the metal. Palladium price increase benefitted from sustained demand in
catalytic converters for gasoline engines. Nickel prices rose due to seasonal production disruptions,
particularly in the Philippines, which temporarily constrained ore supply and tightened the market.
Brent crude prices benefitted from heightened supply disruption concerns and added a risk premium on
account of the ongoing Russia-Ukraine tensions, marked by energy infrastructure attacks and stalled peace
talks. The drop in lithium prices was due to the increase in transaction fees of the main futures exchange for
lithium carbonate in China.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
14 Nov 2025
21 Nov 2025
28 Nov 2025
05 Dec 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
14 Nov 2025
21 Nov 2025
28 Nov 2025
05 Dec 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
14 Nov 2025
21 Nov 2025
28 Nov 2025
05 Dec 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial bank weighted lending rates (Foreign Currency (US$) (%)
US$ Lending rates
14 Nov 2025
21 Nov 2025
28 Nov 2025
05 Dec 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending
rates
14 Nov 2025
21 Nov 2025
28 Nov 2025
05 Dec 2025
ZiG Lending rates


Minimum

Maximum

US$ Lending rates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


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)
14-Nov-25

21-Nov-25

28-Nov-25

05-Dec 25
245.63
249.35

250.42

252.60

100.11
117.69

79.32
87.37
11.80
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)
14-Nov-25

21-Nov-25

28-Nov-25

05-Dec 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


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
14-Nov-25
21-Nov-25
28-Nov-25
05-Dec-25
ZiG Thousands
ZSE Market Turnover

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
14-Nov-25
21-Nov-25
28-Nov-25
05-Dec-25
ZiG Billion
ZSE Market Capitalisation


2.1
2.2
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
14-Nov-25
21-Nov-25
28-Nov-25
05-Dec-25
US$ Billion
VFEX Market Capitalisation

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
14-Nov-25
21-Nov-25
28-Nov-25
05-Dec-25
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

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
14-Nov-25
21-Nov-25
28-Nov-25
05-Dec-25
Index
VFEX All Share Index

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
14-Nov-25
21-Nov-25
28-Nov-25
05-Dec-25
US$ Thousand
VFEX Market Turnover

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

4. ENERGY PRICES

Energy Prices

14-Nov 2025
21-Nov 2025
28-Nov 2025
05-Dec 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

5. 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
01-Dec-25

02-Dec-25

03-Dec-25

04-Dec-25

05-Dec-25

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


PAYMENT STREAM
WEEK ENDING
28 November 2025
WEEK ENDING
05 December 2025
WEEKLY
CHANGE (%)

VALUES

RTGS
34,053,811,234.58
27,556,500,116.86
(19.08)
Of which ZiG
11,802,485,831.92
8,587,302,077.64
(27.24)
Of which US$ transactions
(ZiG Equivalent)
22,251,325,402.66
18,969,198,039.22

POS
2,742,052,387.33
3,334,163,956.81
21.59
ATM
2,578,317,131.67
3,134,083,793.18
21.56
MOBILE BANKING
188,434,451.34
379,821,421.83
101.57
MOBILE MONEY
3,796,119,031.81
4,405,911,521.60
16.06
ZIPIT MOBILE
321,320,565.07
343,335,603.54
6.85
TOTAL
43,680,054,801.80
39,153,816,413.82
(10.36)

VOLUMES

RTGS
329,878
205,941
(37.57)
Of which ZiG
134,811
80,330
(40.41)
Of which US$
195,067
125,611
(35.61)
POS
2,017,155
2,207,273
9.43
ATM
260,525
337,061
29.38
MOBILE BANKING
210,834
426,124
102.11
MOBILE MONEY
13,655,147
14,399,970
5.45
ZIPIT MOBILE
313,116
340,764
8.83
TOTAL
16,786,655
17,917,133
6.73

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
01-Dec-25
02-Dec-25
03-Dec-25
04-Dec-25
05-Dec-25
1.00Oz


US$

ZiG

0.50Oz


US$

ZiG

0.25Oz


US$

ZiG

0.10Oz


US$

ZiG

Source: Reserve Bank of Zimbabwe, 2025

6. EXTERNAL SECTOR


Exchange Rate Developments (ZiG per Unit of Foreign Currency)


USD
ZAR
GBP
BWP
EURO
Weekly Average
(24 Nov – 28 Nov)

01-Dec

02-Dec

03-Dec

04-Dec

05-Dec

Weekly Average
(01 Dec – 05 Dec)

26.1635


1.5318

34.7216

1.8534

30.4349
Appr (-)/Depr (+) (%) of the
ZiG

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
(24 Nov – 28 Nov)

01-Dec

02-Dec

03-Dec

04-Dec

05-Dec

Weekly Average
(01 Dec – 05 Dec)

4,211.42


1,652.20

1,452.60
14,887.60
10,384.00
Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Average Weekly International Commodity Price Developments (29th August 2025– 05th December 2025)


Source: BBC, KITCO and Bloomberg, 2025

RESERVE BANK OF ZIMBABWE
DECEMBER 2025

29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
10-Oct
17-Oct
24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
5-Dec
US$/oz
Gold

29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
10-Oct
17-Oct
24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
5-Dec
US$/oz
Crude Oil

29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
10-Oct
17-Oct
24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
5-Dec
US$/oz
Platinum

29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
10-Oct
17-Oct
24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
5-Dec
US$/oz
Palladium

29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
10-Oct
17-Oct
24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
5-Dec
US$/oz
Nickel

29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
10-Oct
17-Oct
24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
5-Dec
US$/oz
Lithium