Vol. 28 No. 12

Week Ending
20th March 2026

Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW
This report provides a snapshot of major developments in the monetary and financial sectors of the economy
during the week ending 20th March 2026. It covers trends in domestic money and capital markets, national
payment systems, exchange rates and global commodity prices.
The movement in local and foreign currency deposit rates exhibited mixed maturities. The local currency
deposit rates declined across most tenors, save for the minimum savings rate which declined, except for the
maximum which remained unchanged. Similarly, the foreign currency deposits rates also fell for most
maturities, whilst the savings rates stayed constant at both the minimum and maximum. On the lending side,
rates for individual clients rose in both local and foreign currency. Regarding corporate clients, minimum
lending rates increased in both currencies, whereas maximum rates declined.
Capital markets showed positive momentum during the week ending 20 March 2026. The Zimbabwe Stock
Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX) both recorded modest index gains of 0,63%
and 0,57% closing the week at 353,00 points and 239,32 points, respectively.
The total value of transactions processed through the National Payment Systems platforms increased by 8.14%
from ZiG40.70 billion reported in the previous week to ZiG44.02 billion. The volume of transactions
processed decreased by 18.72% from 21.01 million to 17.07 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 83.18%, while mobile money accounted for 88.30% of the transaction volumes
On the global front, international weekly average prices for major metals such as gold, platinum, palladium,
copper, nickel and lithium declined. This downward trend was largely driven by the appreciation of the US
dollar and rising Treasury yields which increased the holding cost of non-yielding, leading to a downward
pressure on prices across global markets.
In contrast, Brent crude oil prices maintained an upward trend, largely driven by supply-side constraints.
Disruptions in production and distribution across major oil-producing countries tightened global supply,
creating upward pressure on prices. As supply levels declined amid steady demand, market conditions
supported a continued increase in oil prices.

2.
INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
Deposit rates
27-Feb-2026
06-Mar-2026
13-Mar-2026
20-Mar-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
27-Feb-2026
06-Mar-2026
13-Mar-2026
20-Mar-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
27-Feb-2026
06-Mar-2026
13-Mar-2026
20-Mar-2026
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2026

Commercial bank weighted lending rates (Foreign Currency (US$) (%)
US$ Lending rates
27-Feb-2026
06-Mar-2026
13-Mar-2026
20-Mar-2026
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2026

Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending
rates
27-Feb-2026
06-Mar-2026
13-Mar-2026
20-Mar-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)
27-Feb 26

06-Mar 26

13-Mar 26

20-Mar 26

Weekly
Change

Source: Zimbabwe Stock Exchange, 2026

VFEX Indicators
Date

All Share Index
Points
Grand Market
Capitalisation
Market Turnover
(US$ million)
Volume of Shares
(million)
27-Feb 26

06- Mar 26

13-Mar 26

20-Mar 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

1,8


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
06-Feb-26
13-Feb-26
20-Feb-26
27-Feb-26
06-Mar-26
13-Mar-26
20-Mar-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
06-Feb-26
13-Feb-26
20-Feb-26
27-Feb-26
06-Mar-26
13-Mar-26
20-Mar-26
Index
VFEX All Share Index

17-Oct-25
31-Oct-25
14-Nov-25
28-Nov-25
12-Dec-25
26-Dec-25
09-Jan-26
23-Jan-26
06-Feb-26
20-Feb-26
06-Mar-26
20-Mar-26
ZiG Billion
ZSE 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
06-Feb-26
13-Feb-26
20-Feb-26
27-Feb-26
06-Mar-26
13-Mar-26
20-Mar-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
06-Feb-26
13-Feb-26
20-Feb-26
27-Feb-26
06-Mar-26
13-Mar-26
20-Mar-26
ZiG Thousands
ZSE Market Turnover
Notable trade deals: A combined total
of
60.54
million
Econet
Wireless
Zimbabwe Limited shares at an average
price ZiG903.63 cents/share.
Notable
trade
deals:
A
combined
53.03
million Econet Wireless Zimbabwe Limited
shares at
an average price
of ZiG908.67
cents/share and 2.51 million NMBZ Holdings
Limited shares at ZiG500.05 cents/share.

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
06-Feb-26
13-Feb-26
20-Feb-26
27-Feb-26
06-Mar-26
13-Mar-26
20-Mar-26
US$ Thousand
VFEX Market Turnover
Notable trade deals: Padenga Holdings
Limited,
where
6.03
million
shares
exchanged hands at US$0.72 per share

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

4. ENERGY PRICES

Energy Prices

27-Feb-2026
06-Mar-2026
13-Mar-2026
20-Mar-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
(US$/barrel)

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
16-Mar-26

17-Mar-26

18-Mar-26

19-Mar-26

20-Mar-26

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


PAYMENT STREAM
WEEK ENDING
13 March 2026
WEEK ENDING
20 March 2026
WEEKLY
CHANGE (%)

VALUES

RTGS
29,749,384,611.93
36,609,719,328.55
23.06
Of which ZiG
9,838,779,791.50
12,982,285,734.62
31.95
Of which US$ transactions
(ZiG Equivalent)
19,910,604,820.43
23,627,433,593.93
18.67
POS
2,152,627,465.19
1,370,891,552.93
(36.32)
ATM
1,900,926,554.53
1,172,408,796.43
(38.32)
MOBILE BANKING
306,645,697.01
193,151,539.00
(37.01)
MOBILE MONEY
6,288,005,326.93
4,472,447,047.79
(28.87)
ZIPIT MOBILE
303,807,410.44
196,597,609.95
(35.29)
TOTAL
40,701,397,066.04
44,015,215,874.65
8.14

VOLUMES

RTGS
178,027
185,138
3.99
Of which ZiG
68,627
69,417
1.15
Of which US$
109,400
115,721
5.78
POS
1,697,884
1,227,680
(27.69)
ATM
219,340
147,551
(32.73)
MOBILE BANKING
311,408
227,695
(26.88)
MOBILE MONEY
18,326,321
15,076,952
(17.73)
ZIPIT MOBILE
273,955
209,130
(23.66)
TOTAL
21,006,935
17,074,146
(18.72)

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
16-Mar-2026
17-Mar-2026
18-Mar-2026
19-Mar-2026
20-Mar-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
(09 Mar – 13 Mar)

16-Mar-26

17-Mar-26

18-Mar-26

19-Mar-26

20-Mar-26

Weekly Average
(16 Mar – 20 Mar)

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
(09 Mar – 13 Mar)


16-Mar-26

17-Mar-26

18-Mar-26

19-Mar-26

20-Mar-26

Weekly Average
(16 Mar –20 Mar)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2026

Figure 3: Average Weekly International Commodity Price Developments (31st October 2025– 20th March 2026)


Source: BBC, KITCO and Bloomberg, 2026

RESERVE BANK OF ZIMBABWE
MARCH 2026

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
6-Feb
13-Feb
20-Feb
27-Feb
6-Mar
13-Mar
20-Mar
US$/oz
Gold

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
6-Feb
13-Feb
20-Feb
27-Feb
6-Mar
13-Mar
20-Mar
US$/oz
Crude Oil

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
6-Feb
13-Feb
20-Feb
27-Feb
6-Mar
13-Mar
20-Mar
US$/oz
Platinum

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
6-Feb
13-Feb
20-Feb
27-Feb
6-Mar
13-Mar
20-Mar
US$/oz
Palladium

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
6-Feb
13-Feb
20-Feb
27-Feb
6-Mar
13-Mar
20-Mar
US$/oz
Nickel

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
6-Feb
13-Feb
20-Feb
27-Feb
6-Mar
13-Mar
20-Mar
US$/oz
Lithium