Vol. 27 No. 44

Week Ending
31st October 2025

Weekly Economic
Highlights
Vol. 27 No. 37
TABLE OF CONTENTS


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

1. OVERVIEW
This report outlines key developments in the monetary and financial sectors of the economy for the week
ending 31st October 2025. It covers updates on domestic money and capital markets, national payment
systems, exchange rates, and international commodity prices.
During the week under review, the local currency deposit rates remained unchanged across all tenors, save for
maximum deposit rates for 1-month tenor which increased. Foreign currency deposit rates for savings
deposits, deposit rates for 12-months tenor and over 1-year tenor remained unchanged. On the other hand,
maximum foreign currency deposit rates for 1-month and 3-months tenor increased, while deposit rates for 3months tenor decreased.
Local currency lending rates increased for both individual and corporate clients, except for minimum corporate
clients lending rates which remained unchanged at previous week levels. Meanwhile, foreign currency lending
rates remained unchanged across all clients.
During the week ending 31st October 2025, the Zimbabwe Stock Exchange (ZSE) exhibited bullish sentiments
for the third consecutive week, increasing by 3.76% to close at 213.68 points, while the Victoria Falls Stock
Exchange (VFEX) traded negatively, losing 0.13% to close at 159.91 points
The total value of transactions processed through the National Payment Systems platforms increased by 0.69%
from ZiG37.91 billion in the previous week to ZiG38.17 billion. The volume of transactions processed,
however, decreased by 1.13% from 16.96 million to 16.77 million during the same period.
During the week ending 31st October 2025, the Zimbabwe Gold Currency (ZiG) appreciated by 0.32% to
ZiG26.46 per US$1, from an average of ZiG26.55 per US$1 in the prior week.
International commodity prices for gold, platinum and palladium declined during the week ending 31st October
2025. Prices for nickel, brent crude oil and lithium, however, firmed during the same week. Gold prices fell
amid expectations of easing trade tensions between the U.S. and China, coupled with a stronger dollar, reduced
safe haven demand for the metal. Platinum and palladium prices also fell following a modest strengthening in
the U.S. dollar which reduced the metal’s attractiveness as risk-hedging assets.
Lithium prices increased due to increased demand, following China’s announcement of policy measures aimed
at expanding large-scale battery storage to support solar/wind grid integration. The price increase for nickel
was supported by anticipation of a more accommodative monetary policy, with the possibility of a U.S.
Federal Reserve rate cut, which encouraged speculative demand for base metals like nickel.

2. INTEREST RATES

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


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


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


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


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

17-Oct-25

24-Oct-25

31-Oct-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)
10-Oct-25

17-Oct-25

24-Oct-25

31-Oct-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


25-Jul-25
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
ZiG Thousands
ZSE Market Turnover

25-Jul-25
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
ZiG Billion
ZSE Market Capitalisation

25-Jul-25
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
Index
VFEX All Share Index

25-Jul-25
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
US$ Thousand
VFEX Market Turnover


25-Jul-25
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
US$ Billion
VFEX Market Capitalisation

25-Jul-25
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
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

10-Oct 2025
17-Oct 2025
24-Oct 2025
31-Oct 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
27-Oct-25

28-Oct-25

29-Oct-25

30-Oct-25

31-Oct-25

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


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

VALUES

RTGS
29,291,915,118.28
29,382,435,040.20
0.31
Of which ZiG
7,692,601,213.40
9,930,790,151.30
29.10
Of which US$ transactions
(ZiG Equivalent)
21,599,313,904.88
19,451,644,888.90

(9.94)
POS
2,365,721,635.59
2,296,559,875.55
(2.92)
ATM
1,769,001,711.52
2,183,738,331.94
23.44
MOBILE BANKING
389,140,557.14
371,053,124.78
(4.65)
MOBILE MONEY
3,772,756,893.55
3,645,269,553.48
(3.38)
ZIPIT MOBILE
318,228,781.67
287,824,865.26
(9.55)
TOTAL
37,906,764,697.75
38,166,880,791.21
0.69

VOLUMES

RTGS
242,840
275,998
13.65
Of which ZiG
91,874
107,785
17.32
Of which US$
150,966
168,213
11.42
POS
2,112,797
1,987,948
(5.91)
ATM
248,827
262,247
5.39
MOBILE BANKING
440,380
412,198
(6.40)
MOBILE MONEY
13,620,097
13,550,051
(0.51)
ZIPIT MOBILE
299,617
284,508
(5.04)
TOTAL
16,964,558
16,772,950
(1.13)

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
27-Oct-25
28-Oct-25
29-Oct-25
30-Oct-25
31-Oct-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
(20 Oct – 24 Oct)

26.5489


1.5294

35.5048

1.8579

30.8621
27-Oct

28-Oct

29-Oct

30-Oct

31-Oct

Weekly Average
(27 Oct – 31 Oct)

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
(20 Oct – 24 Oct)

27-Oct

28-Oct

29-Oct

30-Oct

31-Oct

Weekly Average
(27 Oct – 31 Oct)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (25th July 2025– 31st October 2025)


Source: BBC, KITCO and Bloomberg, 2025

RESERVE BANK OF ZIMBABWE
OCTOBER 2025

25-Jul
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
US$/oz
Palladium

25-Jul
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
US$/tonne
Lithium

25-Jul
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
US$/tonne
Nickel

25-Jul
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
US$/barrel
Crude oil

25-Jul
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
US$/oz
Gold

25-Jul
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
US$/tonne
Platinum