Vol. 27 No. 31


Week Ending
1st August 2025
Weekly Economic
Highlights
TABLE OF CONTENTS


GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND
7.
8.

1. OVERVIEW
This report provides a summary of major developments in the domestic monetary and financial sectors of the
economy for the week ending 1st August 2025. It includes updates on the money and capital markets, national
payment systems, exchange rates, international commodity prices and developments in the tobacco market.
The local currency deposit rates for all tenors increased save for one-month minimum deposit rate that
remained unchanged and three-month minimum deposit rate that decreased. The foreign currency deposit rates
increased except for 1-month maximum and 3-month deposit rates, which declined. The local currency lending
rates declined for all clients, save for individual maximum rates which increased. The lending rates in foreign
currency for corporate clients remained the same, while individual minimum rates increased and maximum
rates declined.
During the week ending 1st August 2025, both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls
Stock Exchange (VFEX) exhibited positive sentiments for the third consecutive week. As such, the ZSE and
VFEX All Share indices added 3.85% and 4.41% to close at 208.42 points and 121.25 points, respectively.
The ZSE cumulative volume of shares increased due to the issuance of 404 449 100 OK Zimbabwe shares to
the existing shareholders.
The total value and volume of transactions processed through the National Payment Systems platforms
declined by 14.27% and 5.68% to ZiG34.94 billion and 14.72 million, respectively. This was largely due to
the decline in the value and volume of transactions processed through RTGS, POS, and ZIPIT mobile
transactions.
The average Zimbabwe Gold (ZiG) exchange rate slightly depreciated by 0.01% against the US dollar in the
interbank market in the previous week to close at ZiG26.79 per US$ during the week under review.
The average prices for gold, platinum, palladium, and nickel retreated, while crude oil and lithium prices
firmed during the week under review. Gold prices declined, as strong US economic data reinforced
expectations that the US Federal Reserve would keep interest rates at their current levels for the time being,
reducing the appeal of safe-haven metals.
Platinum prices decreased due to an improvement in supplies from South Africa. Palladium retreated because
of subdued demand for the metal. Nickel prices slipped as Indonesia increased production leading to excess
supply of the metal. Lithium prices were supported by a reduction in supply from China.
As of the 104th day of the 2025 tobacco selling season, a total of 352.11 million kilograms had been sold, a
52.69% rise from 230.60 million kilograms sold during the same period in 2024. During the period under
review, sales surged by 47.97%, from US$0.79 billion recorded in the same period in 2024 to US$1.17 billion.
The average price of the golden leaf was US$3.32 per kg, about 3.21% down from US$3.43 per kg recorded
in the same period in 2024.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
11 July 2025
18 July 2025
25 July 2025
01 August 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
11 July 2025
18 July 2025
25 July 2025
01 August 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
11 July 2025
18 July 2025
25 July 2025
01 August 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial bank weighted lending rates (Foreign Currency (US$) (%)
US$ Lending rates
11 July 2025
18 July 2025
25 July 2025
01 August 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending
rates
11 July 2025
18 July 2025
25 July 2025
01 August 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)
11-July-25

18-July-25

25-Luly-25

01-Aug-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)
11-July-25

18-July-25

25-July-25

01-Aug-25

Weekly Change (%)

Source: Victoria Falls Stock Exchange, 2025

Figure 1: ZSE and VFEX Indicators


4Source: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2025

02-May-25
09-May-25
16-May-25
23-May-25
30-May-25
06-Jun-25
13-Jun-25
20-Jun-25
27-Jun-25
04-Jul-25
11-Jul-25
18-Jul-25
25-Jul-25
01-Aug-25
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

02-May-25
09-May-25
16-May-25
23-May-25
30-May-25
06-Jun-25
13-Jun-25
20-Jun-25
27-Jun-25
04-Jul-25
11-Jul-25
18-Jul-25
25-Jul-25
01-Aug-25
ZiG Billion
ZSE Market Capitalisation

02-May-25
09-May-25
16-May-25
23-May-25
30-May-25
06-Jun-25
13-Jun-25
20-Jun-25
27-Jun-25
04-Jul-25
11-Jul-25
18-Jul-25
25-Jul-25
01-Aug-25
Index
VFEX All Share Index

02-May-25
09-May-25
16-May-25
23-May-25
30-May-25
06-Jun-25
13-Jun-25
20-Jun-25
27-Jun-25
04-Jul-25
11-Jul-25
18-Jul-25
25-Jul-25
01-Aug-25
US$ Thousand
VFEX Market Turnover

02-May-25
09-May-25
16-May-25
23-May-25
30-May-25
06-Jun-25
13-Jun-25
20-Jun-25
27-Jun-25
04-Jul-25
11-Jul-25
18-Jul-25
25-Jul-25
01-Aug-25
US$ Billion
VFEX Market Capitalisation


02-May-25
09-May-25
16-May-25
23-May-25
30-May-25
06-Jun-25
13-Jun-25
20-Jun-25
27-Jun-25
04-Jul-25
11-Jul-25
18-Jul-25
25-Jul-25
01-Aug-25
ZiG Thousands
ZSE Market Turnover

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

5. ENERGY PRICES

Energy Prices

11 July 2025
18 July 2025
25 July 2025
01-Aug 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
28-July-25

29-July-25

30-July-25

31-July-25

01-Aug-25

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


PAYMENT STREAM
WEEK ENDING
25 July 2025
WEEK ENDING
01 August 2025
WEEKLY
CHANGE (%)

VALUES

RTGS
31,203,440,471.16
26,233,750,542.37
(15.93)
Of which ZiG
11,858,028,176.67
8,088,757,945.62
(31.79)
Of which US$ transactions
(ZiG Equivalent)
19,345,412,294.49
18,144,992,596.75
(6.21)
POS
3,705,070,382.59
2,666,125,587.32
(28.04)
ATM
1,901,117,974.05
2,245,211,180.36
18.10
MOBILE BANKING
372,910,547.21
365,054,008.94
(2.11)
MOBILE MONEY
3,141,737,752.56
3,185,784,474.55
1.40
ZIPIT MOBILE
436,961,946.71
247,926,313.63
(43.26)
TOTAL
40,761,239,074.28
34,943,852,107.15
(14.27)

VOLUMES

RTGS
265,445
256,345
(3.43)
Of which ZiG
112,538
105,610
(6.16)
Of which US$
152,907
150,735
(1.42)
POS
2,773,946
1,958,244
(29.41)
ATM
260,502
268,025
2.89
MOBILE BANKING
418,312
434,790
3.94
MOBILE MONEY
11,521,787
11,568,133
0.40
ZIPIT MOBILE
364,319
232,933
(36.06)
TOTAL
15,604,311
14,718,470
(5.68)

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
28-July-25
29-July-25
30-July-25
31-July-25
01-Aug-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
(21 July - 25 July)

28-July

29-July

30-July

31-July

01-Aug

Weekly Average
(28 July – 01 Aug)

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
(21 July –25 July)

28-July

29-July

30-July

31-July

01-Aug

Weekly Average
(28 July – 01 Aug)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (16th May 2025– 1st August 2025)


Source: BBC, KITCO and Bloomberg, 2025


16-May
23-May
30-May
6-Jun
13-Jun
20-Jun
27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
1-Aug
US$/oz
Palladium

16-May
23-May
30-May
06-Jun
13-Jun
20-Jun
27-Jun
04-Jul
11-Jul
18-Jul
25-Jul
01-Aug
US$/oz
Gold

16-May
23-May
30-May
6-Jun
13-Jun
20-Jun
27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
1-Aug
US$/barrel
Crude oil


16-May
23-May
30-May
6-Jun
13-Jun
20-Jun
27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
1-Aug
US$/tonne
Platinum

16-May
23-May
30-May
6-Jun
13-Jun
20-Jun
27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
1-Aug
US$/tonne
Lithium

16-May
23-May
30-May
6-Jun
13-Jun
20-Jun
27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
1-Aug
US$/tonne
Nickel

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales: Day 104 (1st August 2025)

Variance (%)
Cumulative Quantity Sold (Kgs)
352,110,087
230,602,144
52.69
Average Price (US$/kg)
3.32
3.43
(3.21)
Cumulative value (US$)
1,170,455,607
791,018,822
47.97
Source: Tobacco Industry and Marketing Board (TIMB), 2025


RESERVE BANK OF ZIMBABWE
AUGUST 2025