Vol. 27 No. 50

Week Ending
12th December 2025

Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW
This report presents an overview of key developments in the monetary and financial sectors for the week
ending 12 December 2025. The report includes updates on domestic money and capital markets, national
payment systems, exchange rates and global commodity prices.
During the week under review, both the local and foreign currency deposit rates remained constant across all
tenors. The foreign currency lending rates increased for all clients, while the local currency lending rates
declined across all maturities during the review period.
The capital market exhibited positive sentiments, with the Zimbabwe Stock Exchange (ZSE) and the Victoria
Falls Stock Exchange (VFEX), adding 1.61% and 1.08% to close at 249.59 points and 169.41 points,
respectively, during the week under review.
The total value of transactions processed through the National Payment Systems platforms increased by
22.84% from ZiG39.15 billion reported in the previous week to ZiG48.10 billion. The volume of transactions
processed decreased by 1.46% from 17.92 million to 17.66 million during the same period. The largest share
of transactional values was processed through the Real-Time Gross Settlement (RTGS) system, accounting
for 80.41%, while mobile money accounted for 83.69% of the transaction volume.
The Zimbabwe Gold Currency (ZiG) appreciated by 0.18% against the US dollar in the interbank market,
reaching ZiG26.12 per US$1 during the week, from an average of ZiG26.16 per US$1 in the previous week.
Average international commodity prices for gold, platinum and palladium increased during the week ending
12 December 2025, whilst nickel, Brent crude oil, and lithium prices decreased during the same week. Gold
prices benefitted from the U.S. Federal Reserve’s interest-rate cut and growing market expectations of further
monetary easing. Platinum and palladium prices rose amid a persistent supply deficit.
Lithium prices were adversely affected by excess supply in the market, despite long‐term demand growth from
EVs and storage. Nickel prices were weighed down by a structural surplus, which outpaced demand.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
21 Nov 2025
28 Nov 2025
05 Dec 2025
12 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
21 Nov 2025
28 Nov 2025
05 Dec 2025
12 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
21 Nov 2025
28 Nov 2025
05 Dec 2025
12 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
21 Nov 2025
28 Nov 2025
05 Dec 2025
12 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
21 Nov 2025
28 Nov 2025
05 Dec 2025
12 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)
21-Nov-25

28-Nov-25

05-Dec 25

12-Dec 25

Weekly
Change (%)

Source: Zimbabwe Stock Exchange, 2025

VFEX Indicators
Date

All Share Index
Points
Grand Market
Capitalisation
Market Turnover
(US$ million)
Volume of Shares
(million)
21-Nov-25

28-Nov-25

05-Dec 25

12-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


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
12-Dec-25
ZiG Thousands
ZSE Market Turnover

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
12-Dec-25
ZiG Billion
ZSE Market Capitalisation


2.1
2.2
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
12-Dec-25
US$ Billion
VFEX Market Capitalisation

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
12-Dec-25
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

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
12-Dec-25
Index
VFEX All Share Index

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
12-Dec-25
US$ Thousand
VFEX Market Turnover

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

4. ENERGY PRICES

Energy Prices

21-Nov 2025
28-Nov 2025
05-Dec 2025
12-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
08-Dec-25

09-Dec-25

10-Dec-25

11-Dec-25

12-Dec-25

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


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

VALUES

RTGS
27,556,500,116.86
38,672,714,755.70
40.34
Of which ZiG
8,587,302,077.64
13,246,633,719.48
54.26
Of which US$ transactions
(ZiG Equivalent)
18,969,198,039.22
25,426,081,036.22

34.04
POS
3,334,163,956.81
2,225,643,561.40
(33.25)
ATM
3,134,083,793.18
2,009,185,863.11
(35.89)
MOBILE BANKING
379,821,421.83
309,548,905.27
(18.50)
MOBILE MONEY
4,405,911,521.60
4,573,278,401.05
3.80
ZIPIT MOBILE
343,335,603.54
305,250,573.70
(11.09)
TOTAL
39,153,816,413.82
48,095,622,060.23
22.84

VOLUMES

RTGS
205,941
191,047
(7.23)
Of which ZiG
80,330
64,090
(20.22)
Of which US$
125,611
126,957
1.07
POS
2,207,273
1,854,710
(15.97)
ATM
337,061
220,372
(34.62)
MOBILE BANKING
426,124
312,808
(26.59)
MOBILE MONEY
14,399,970
14,775,800
2.61
ZIPIT MOBILE
340,764
301,023
(11.66)
TOTAL
17,917,133
17,655,760
(1.46)

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
08-Dec-25
09-Dec-25
10-Dec-25
11-Dec-25
12-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
(01 Dec – 05 Dec)

08-Dec

09-Dec

10-Dec

11-Dec

12-Dec

Weekly Average
(08 Dec – 12 Dec)

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
(01 Dec – 05 Dec)

08-Dec

09-Dec

10-Dec

11-Dec

12-Dec

Weekly Average
(08 Dec – 12 Dec)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Average Weekly International Commodity Price Developments (5th September 2025– 12th December 2025)


Source: BBC, KITCO and Bloomberg, 2025

RESERVE BANK OF ZIMBABWE
DECEMBER 2025

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
12-Dec
US$/oz
Gold

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
12-Dec
US$/oz
Crude Oil

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
12-Dec
US$/oz
Platinum

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
12-Dec
US$/oz
Palladium

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
12-Dec
US$/oz
Nickel

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
12-Dec
US$/oz
Lithium