Vol. 27 No. 27


Week Ending
4th July 2025
Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW
This report provides an account of key developments in the domestic monetary and financial sectors of the
economy for the week ending 4 July 2025. It encompasses updates on the money and capital markets, national
payment systems, exchange rates, international commodity prices and tobacco market developments.
The local and foreign currency deposit rates for all tenors remained unchanged, depicting a steady environment
in the past week. During the same period, all the local currency lending rates decreased. However, foreign
currency lending rates increased save for corporate minimum lending rates that remained unchanged.
Mortgage lending rates also remained unchanged during the week ending 4 July 2025.
The Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX) traded positively during
the week under analysis. As a result, both the ZSE and VFEX All-Share indices rose by 0.53% and 1.66 % to
close at 197.09 points and 108.69 points, respectively.
During the week ending 4 July 2025, the total value of transactions processed through the National Payment
Systems platforms decreased by 6.47%, week-on-week, to ZiG41.62 billion. The decrease was driven by dips
in transaction values of the Real Time Gross Settlement (RTGS) system.
The Zimbabwe Gold (ZiG) average exchange rate appreciated by 0.07%, from an average of ZiG26.96 per
US$1 recorded in the prior week to ZiG26.94per US$1, during the week ending 4th July 2025.
International average commodity prices for all the select commodities increased save for lithium. Gold prices
slightly increased driven by investor concerns over U.S. fiscal policy and trade uncertainty, making the yellow
metal a preferred hedge in a turbulent environment. Palladium prices increased, underpinned by shortages in
the supply chain, particularly from factory disruptions in top-producing nations like Russia and South Africa,
that tightened availability for catalytic converter manufacturers.
Similarly, platinum prices surged primarily due to a surge in Chinese imports and the increased demand for
jewellery. Nickel prices rose due to supply concerns after Indonesia, the world’s top nickel producer, cut its
multi-year mining quotas to one-year permits. Lithium prices also dropped, mainly due to the increase in
supply from China.
As of the 84th day of the 2025 tobacco marketing season, a total of 333.26 million kilograms had been sold, a
49.53% rise from 222.87 million kilograms sold during the same period yesteryear. The value of sales rose by
45.58%, from US$0.77 billion reported during the same period in 2024 to US$1.12 billion, during the period
under analysis. The average price for the golden leaf retreated to US$3.35 per kg, from US$3.44 per kg
recorded during the corresponding period in 2024.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
13 June 2025
20 June 2025
27 June 2025
04 July 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
13 June 2025
20 June 2025
27 June 2025
04 July 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
13 June 2025
20 June 2025
27 June 2025
04 July 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial bank weighted lending rates (Foreign Currency (US$) (%)
US$ Lending rates
13 June 2025
20 June 2025
27 June 2025
04 July 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending rates
13 June 2025
20 June 2025
27 June 2025
04 July 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)
13-June-25

20-June-25

27-June-25

04-July-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)
13-Jun-25

20-Jun-25

27-Jun-25

04-July-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


14-Mar-25
21-Mar-25
28-Mar-25
04-Apr-25
11-Apr-25
18-Apr-25
25-Apr-25
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
ZiG Thousands
ZSE Market Turnover
Notable trade deals: 97.69 million
Econet Wireless Zimbabwe Limited
shares,3.11 million OK Zimbabwe
Limited shares, 3.06 million shares
exchanged
hands
at
ZiG297.45
cents/share,ZiG35.90cents/share
and
ZiG12.53
cents/share,
respectively

14-Mar-25
21-Mar-25
28-Mar-25
04-Apr-25
11-Apr-25
18-Apr-25
25-Apr-25
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
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

14-Mar-25
21-Mar-25
28-Mar-25
04-Apr-25
11-Apr-25
18-Apr-25
25-Apr-25
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
ZiG Billion
ZSE Market Capitalisation

14-Mar-25
21-Mar-25
28-Mar-25
04-Apr-25
11-Apr-25
18-Apr-25
25-Apr-25
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
Index
VFEX All Share Index

14-Mar-25
21-Mar-25
28-Mar-25
04-Apr-25
11-Apr-25
18-Apr-25
25-Apr-25
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
US$ Thousand
VFEX Market Turnover

14-Mar-25
21-Mar-25
28-Mar-25
04-Apr-25
11-Apr-25
18-Apr-25
25-Apr-25
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
US$ Billion
VFEX Market Capitalisation

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

5. ENERGY PRICES

Energy Prices

13 June 2025
20 June 2025
27 June 2025
04-July 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
30-Jun-25

01-Jun-25

02-Jun-25

03-Jun-25

04-July-25

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


PAYMENT STREAM
WEEK ENDING
27 June 2025
WEEK ENDING
04 July 2025
WEEKLY
CHANGE (%)

VALUES

RTGS
36,291,562,659.45
29,021,421,673.04
(20.03)
Of which ZiG
11,563,310,982.30
9,182,928,180.57
(20.59)
Of which US$ transactions
(ZiG Equivalent)
24,728,251,677.15
19,838,493,492.47
(19.77)
POS
2,486,015,262.36
3,776,217,338.52
51.90
ATM
2,120,471,350.12
3,088,366,649.28
45.65
MOBILE BANKING
142,860,327.90
348,912,975.16
144.23
MOBILE MONEY
3,197,577,761.94
4,975,575,781.14
55.60
ZIPIT MOBILE
270,382,244.85
418,276,477.21
54.70
TOTAL
44,508,869,606.61
41,628,770,894.36
(6.47)

VOLUMES

RTGS
314,474
233.719
(25.68)
Of which ZiG
137,439
99,098
(27.90)
Of which US$
177,035
134.621
(23.96)
POS
2,027,289
2,672,899
31.85
ATM
278,359
371,308
33.39
MOBILE BANKING
268,535
403,692
50.33
MOBILE MONEY
11,705,862
12,877,522
10.01
ZIPIT MOBILE
274,793
372,903
35.70
TOTAL
14,869,312
16,932,043
13.87

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
30-June-25
1-July-25
2-July-25
3-July-25
4-July-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
(23 - 27 June)

30-June

1-July

2-July

3-July

4-July

Weekly Average
(30 June – 4 July)

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
(23 – 27 June)

30-June

1-July

2-July

3-July

4-July

Weekly Average
(30 June – 4 July)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (18th April 2025– 4th July 2025)


Source: BBC, KITCO and Bloomberg, 2025


18-Apr
25-Apr
2-May
9-May
16-May
23-May
30-May
6-Jun
13-Jun
20-Jun
27-Jun
4-Jul
Nickel

18-Apr
25-Apr
02-May
09-May
16-May
23-May
30-May
06-Jun
13-Jun
20-Jun
27-Jun
04-Jul
US$/oz
Gold

18-Apr
25-Apr
2-May
9-May
16-May
23-May
30-May
6-Jun
13-Jun
20-Jun
27-Jun
4-Jul
US$/barrel
Crude oil


18-Apr
25-Apr
2-May
9-May
16-May
23-May
30-May
6-Jun
13-Jun
20-Jun
27-Jun
4-Jul
US$/tonne
Platinum

18-Apr
25-Apr
2-May
9-May
16-May
23-May
30-May
6-Jun
13-Jun
20-Jun
27-Jun
4-Jul
US$/tonne
Lithium


18-Apr
25-Apr
2-May
9-May
16-May
23-May
30-May
6-Jun
13-Jun
20-Jun
27-Jun
4-Jul
US$/tonne
Palladium

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales: Day 84 (4th July 2025)

Variance (%)
Cumulative Quantity Sold (Kgs)
333,255,560
222,874,401
49.53
Average Price (US$/kg)
3.35
3.44
(2.62)
Cumulative value (US$)
1,115,383,952
766,188,834
45.58
Source: Tobacco Industry and Marketing Board (TIMB), 2025


RESERVE BANK OF ZIMBABWE
4 JULY 2025