Vol. 27 No. 48

Week Ending
28th November 2025

Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW
This report highlights key developments in the monetary and financial sectors of the economy for the week
ending 28 November 2025. It includes updates on domestic money and capital markets, national payment
systems, exchange rates and global commodity prices.
Deposit rates for both local and foreign currency remained unchanged across all maturities during the week
ending 28 November 2025. The lending rates for both local and foreign currency increased for all clients save
for foreign currency individual minimum rates which marginally declined.
During the week ending 28th November 2025, both the Zimbabwe Stock Exchange (ZSE) and the Victoria
Falls Stock Exchange (VFEX) continued a bullish trajectory, adding 6.55% and 5.03% to close at 234.97
points and 174.68 points, respectively.
The total value of transactions processed through the National Payment Systems platforms increased by 4.07%
from ZiG41.97 billion reported in the previous week to ZiG43.68 billion. The volume of transactions
processed increased by 7.21% from 15.68 million to 16.79 million during the period under review. The largest
share of transactional values was processed through the Real-Time Gross Settlement (RTGS) system,
accounting for 77.96%, while mobile money accounted for 81.35% of the transaction volume.
The Zimbabwe Gold Currency (ZiG) appreciated by 0.38% against the US dollar on the interbank market,
moving from an average of ZiG26.33 per US$1 in the previous week to ZiG26.23 per US$1, during the week
ending 28th November 2025.
Average international commodity prices for gold, platinum, palladium, nickel, and lithium increased during
the week ending 28th November 2025, while average prices for Brent crude oil declined. The increase in gold
prices was partly driven by a surge in central banks’ demand for the precious metal. The uptick in platinum
prices was a result of rising demand from industrial applications, particularly catalytic converters, alongside
potential growth in hydrogen technologies, clean-energy and other niche industrial uses.
Palladium price increased due to heightened speculative demand for the metal. Lithium price increase was
attributed to the rise in investor confidence, which led to higher demand for the metal. The surge in nickel
prices was due to a supply cut in Indonesia, the world’s largest nickel producer, which recently cut mining
quotas and implemented tighter ore-supply controls. Brent crude oil price decline was driven by the expected
increase in supply, easing concerns about oil shortages.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
07 Nov 2025
14 Nov 2025
21 Nov 2025
28 Nov 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
07 Nov 2025
14 Nov 2025
21 Nov 2025
28 Nov 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
07 Nov 2025
14 Nov 2025
21 Nov 2025
28 Nov 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial bank weighted lending rates (Foreign Currency (US$) (%)
US$ Lending rates
07 Nov 2025
14 Nov 2025
21 Nov 2025
28 Nov 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending
rates
07 Nov 2025
14 Nov 2025
21 Nov 2025
28 Nov 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)
07-Nov-25

14-Nov-25

21-Nov-25

28-Nov-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)
07-Nov-25

14-Nov-25

21-Nov-25

28-Nov-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


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
07-Nov-25
14-Nov-25
21-Nov-25
28-Nov-25
ZiG Thousands
ZSE Market Turnover

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
07-Nov-25
14-Nov-25
21-Nov-25
28-Nov-25
ZiG Billion
ZSE Market Capitalisation


2.1
2.2
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
07-Nov-25
14-Nov-25
21-Nov-25
28-Nov-25
US$ Billion
VFEX Market Capitalisation

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
07-Nov-25
14-Nov-25
21-Nov-25
28-Nov-25
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

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
07-Nov-25
14-Nov-25
21-Nov-25
28-Nov-25
Index
VFEX All Share Index

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
07-Nov-25
14-Nov-25
21-Nov-25
28-Nov-25
US$ Thousand
VFEX Market Turnover

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

5. ENERGY PRICES

Energy Prices

07-Nov 2025
14-Nov 2025
21-Nov 2025
28-Nov 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
24-Nov-25

25-Nov-25

26-Nov-25

27-Nov-25

28-Nov-25

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


PAYMENT STREAM
WEEK ENDING
21 November 2025
WEEK ENDING
28 November 2025
WEEKLY
CHANGE (%)

VALUES

RTGS
34,001,561,122.58
34,053,811,234.58
0.15
Of which ZiG
11,182,780,076.42
11,802,485,831.92
5.54
Of which US$ transactions
(ZiG Equivalent)
22,818,781,046.16
22,251,325,402.66
(2.49)
POS
1,901,814,111.49
2,742,052,387.33
44.18
ATM
1,726,594,930.25
2,578,317,131.67
49.33
MOBILE BANKING
348,718,303.00
188,434,451.34
(45.96)
MOBILE MONEY
3,751,179,311.74
3,796,119,031.81
1.20
ZIPIT MOBILE
241,925,151.02
321,320,565.07
32.82
TOTAL
41,971,792,930.07
43,680,054,801.80
4.07

VOLUMES

RTGS
164,777
329,878
100.20
Of which ZiG
55,624
134,811
142.36
Of which US$
109,153
195,067
78.71
POS
1,600,869
2,017,155
26.00
ATM
192,787
260,525
35.14
MOBILE BANKING
335,311
210,834
(37.12)
MOBILE MONEY
13,076,911
13,655,147
4.42
ZIPIT MOBILE
286,802
313,116
9.17
TOTAL
15,657,457
16,786,655
7.21

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
24-Nov-25
25-Nov-25
26-Nov-25
27-Nov-25
28-Nov-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
(17 Nov – 21 Nov)
26.3315

1.5314
34.5471

1.8607

30.4599

24-Nov

25-Nov

26-Nov

27-Nov

28-Nov

Weekly Average
(24 Nov – 28 Nov)

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

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
(17 Nov – 21 Nov)

24-Nov

25-Nov

26-Nov

27-Nov

28-Nov

Weekly Average
(24 Nov – 28 Nov)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Average Weekly International Commodity Price Developments (22nd August 2025– 28th November 2025)


Source: BBC, KITCO and Bloomberg, 2025

RESERVE BANK OF ZIMBABWE
DECEMBER 2025

22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
10-Oct
17-Oct
24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
US$/oz
Gold

22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
10-Oct
17-Oct
24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
US$/oz
Crude Oil

22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
10-Oct
17-Oct
24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
US$/oz
Platinum

22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
10-Oct
17-Oct
24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
US$/oz
Palladium

22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
10-Oct
17-Oct
24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
US$/oz
Nickel

22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
10-Oct
17-Oct
24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
US$/oz
Lithium