Vol. 28 No. 5

Week Ending
30th January 2026

Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW
This report provides a clear and concise account of the major developments in the monetary and financial
sectors of the economy during the week ending 30th January 2026. The focus is on movements in domestic
money and capital markets, national payment systems, exchange rates and global commodity prices.
The local currency deposit rates remained unchanged across all maturities. The foreign currency deposit rates
remained unchanged across most tenors save for savings rates, 1month and 6months maximum deposit rates
which increased. The local currency lending rates increased across all client segments, while the foreign
currency lending rates decreased.
The Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX) exhibited bearish
trends, losing 2.17% and 3.51%, respectively, to close at 356.04 points and 211.36 points, during the week
ending 30th January 2026.
The total value of transactions processed through the National Payment Systems platforms rose 15.09% from
ZiG43.66 billion reported in the previous week to ZiG37.07 billion. The volume of transactions processed
surged by 1.26% from 16.11 million to 16.31 million during the same period under review. The largest share
of transactional values was processed through the Real-Time Gross Settlement (RTGS) system, accounting
for 77.42%, while mobile money accounted for 82.78% of the transaction volumes.
On the interbank market, the Zimbabwe Gold marginally appreciated by 0.01%, from an average of ZiG25.61
per US$1 recorded in the previous week to ZiG25.60 per US$1, during the week ending 30th January 2026.
The international average prices for most selected commodities increased, except for platinum prices which
declined. Platinum prices dropped as investors sold off the precious metal to lock in gains, causing prices to
fall from record highs.
Gold prices increased on account of persistent geopolitical tensions and firm safe haven demand. Palladium
price uptick was supported by expectations of robust industrial demand particularly from the automotive
sector, against a background of tighter supply. Lithium prices increased on the back of supply-side tightness
following production slowdowns and reduced inventories in key markets. Nickel prices surged due to
expectations of firm industrial demand and investor interest.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
09-Jan-2026
16-Jan-2026
23-Jan-2026
30-Jan-2026
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, 2026


Average commercial bank deposit rates (Foreign Currency (US$) (%)
US$ Deposit rates
09-Jan-2026
16-Jan-2026
23-Jan-2026
30-Jan-2026
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, 2026

Commercial bank weighted lending rates (Local Currency (ZiG) (%)
ZiG Lending rates
09-Jan-2026
16-Jan-2026
23-Jan-2026
30-Jan-2026
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2026


Commercial bank weighted lending rates (Foreign Currency (US$) (%)
US$ Lending rates
09-Jan-2026
16-Jan-2026
23-Jan-2026
30-Jan-2026
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2026


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending
rates
09-Jan-2026
16-Jan-2026
23-Jan-2026
30-Jan-2026
ZiG Lending rates


Minimum

Maximum

US$ Lending rates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2026


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)
09-Jan-26

16-Jan-26

23-Jan-26

30-Jan 26

Weekly
Change (%)

Source: Zimbabwe Stock Exchange, 2026

VFEX Indicators
Date

All Share Index
Points
Grand Market Capitalisation
(US$ billion)
Market Turnover (US$
million)
Volume of Shares (million)
09- Jan-26

16-Jan-26

23-Jan-26

30-Jan-26

Weekly Change (%)

Source: Victoria Falls Stock Exchange, 2026

Figure 1: ZSE and VFEX Indicators


Source: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2026


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
19-Dec-25
26-Dec-25
02-Jan-26
09-Jan-26
16-Jan-26
23-Jan-26
30-Jan-26
ZiG Thousands
ZSE Market Turnover
1.8
1.9


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
19-Dec-25
26-Dec-25
02-Jan-26
09-Jan-26
16-Jan-26
23-Jan-26
30-Jan-26
US$ Billion
VFEX Market Capitalisation

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
19-Dec-25
26-Dec-25
02-Jan-26
09-Jan-26
16-Jan-26
23-Jan-26
30-Jan-26
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

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
19-Dec-25
26-Dec-25
02-Jan-26
09-Jan-26
16-Jan-26
23-Jan-26
30-Jan-26
Index
VFEX All Share Index

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
19-Dec-25
26-Dec-25
02-Jan-26
09-Jan-26
16-Jan-26
23-Jan-26
30-Jan-26
US$ Thousand
VFEX Market Turnover

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
19-Dec-25
26-Dec-25
02-Jan-26
09-Jan-26
16-Jan-26
23-Jan-26
30-Jan-26
ZiG Billion
ZSE Market Capitalisation

3. CLEARING AND SETTLEMENT ACTIVITY
Source: Reserve Bank of Zimbabwe, 2026

4. ENERGY PRICES

Energy Prices

09-Jan-2026
16-Jan-2026
23-Jan-2026
30-Jan-2026
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 2026

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
26-Jan-26

27-Jan-26

28-Jan-26

29-Jan-26

30-Jan-26

Source: London Bullion Market Association and Reserve Bank of Zimbabwe, 2026


PAYMENT STREAM
WEEK ENDING
23 January 2026
WEEK ENDING
30 January 2026
WEEKLY
CHANGE (%)

VALUES

RTGS
35,097,414,784.59
28,699,230,486.86
(18.23)
Of which ZiG
7,922,472,701.00
8,464,849,197.85
6.85
Of which US$ transactions
(ZiG Equivalent)
27,174,942,083.59

20,234,381,289.01

(25.54)
POS
1,731,290,356.17
2,065,310,663.25
19.29
ATM
2,681,948,599.05
1,930,732,914.28
(28.01)
MOBILE BANKING
166,589,167.71
367,787,999.21
120.78
MOBILE MONEY
3,710,301,079.32
3,707,334,368.09
(0.08)
ZIPIT MOBILE
272,010,599.93
300,102,977.26
10.33
TOTAL
43,659,554,586.77
37,070,499,408.95
(15.09)

VOLUMES

RTGS
193,390
226,183
16.96
Of which ZiG
68,430
75,706
10.63
Of which US$
124,960
150,477
20.42
POS
1,461,007
1,648,038
12.80
ATM
176,633
239,343
35.50
MOBILE BANKING
257,826
397,761
54.27
MOBILE MONEY
13,773,203
13,503,568
(1.96)
ZIPIT MOBILE
248,383
298,109
20.02
TOTAL
16,110,442
16,313,002
1.26

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
26-Jan-2026
27-Jan-2026
28-Jan-2026
29-Jan-2026
30-Jan-2026
1.00Oz


US$

ZiG

0.50Oz


US$

ZiG

0.25Oz


US$

ZiG

0.10Oz


US$

ZiG

Source: Reserve Bank of Zimbabwe, 2026


6. EXTERNAL SECTOR


Exchange Rate Developments (ZiG per Unit of Foreign Currency)


USD
ZAR
GBP
BWP
EURO
Weekly Average
(19 Jan – 23 Jan)

25.6053


1.5694

34.4196

1.8326

29.9398
26-Jan-26

27-Jan-26

28-Jan-26

29-Jan-26

30-Jan-26

Weekly Average
(26 Jan – 30 Jan)

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

Source: Reserve Bank of Zimbabwe, 2026


International Commodity Prices

Gold
Platinum
Palladium
Nickel
Lithium

US$/oz
US$/ounce
US$/ounce
US$/tonne
US$/tonne
Weekly Average
(19 Jan – 23 Jan)
4,881.58


26-Jan-26

27-Jan-26

28-Jan-26

29-Jan-26

30-Jan-26

Weekly Average
(26 Jan – 30 Jan)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2026

Figure 3: Average Weekly International Commodity Price Developments (24th October 2025– 30th January 2026)


Source: BBC, KITCO and Bloomberg, 2026

RESERVE BANK OF ZIMBABWE
FEBRUARY 2026

24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
5-Dec
12-Dec
19-Dec
26-Dec
2-Jan
9-Jan
16-Jan
23-Jan
30-Jan
US$/oz
Gold

24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
5-Dec
12-Dec
19-Dec
26-Dec
2-Jan
9-Jan
16-Jan
23-Jan
30-Jan
US$/oz
Crude Oil

24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
5-Dec
12-Dec
19-Dec
26-Dec
2-Jan
9-Jan
16-Jan
23-Jan
30-Jan
US$/oz
Platinum

24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
5-Dec
12-Dec
19-Dec
26-Dec
2-Jan
9-Jan
16-Jan
23-Jan
30-Jan
US$/oz
Palladium

24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
5-Dec
12-Dec
19-Dec
26-Dec
2-Jan
9-Jan
16-Jan
23-Jan
30-Jan
US$/oz
Nickel

24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
5-Dec
12-Dec
19-Dec
26-Dec
2-Jan
9-Jan
16-Jan
23-Jan
30-Jan
US$/oz
Lithium