Vol. 27 No. 29


Week Ending
18th 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 overview on key developments in the domestic monetary and financial sectors of the
economy for the week ending 18 July 2025. It entails updates on the money and capital markets, national
payment systems, exchange rates, international commodity prices and tobacco market developments.
During the week ending 18th July 2025 deposit rates for both the local and foreign currency minimum and
maximum rates remained unchanged save for local currency 3-month maximum deposit rate, which decreased.
Meanwhile, local currency lending rates for individual clients increased whilst those for corporate clients
decreased. Foreign currency minimum lending rates for both individual and corporate clients increased save
for individual client maximum rates which decreased and corporate minimum rates remained the same.
The Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX) exhibited bullish
sentiments. Resultantly, the ZSE and VFEX All Share indices gained 1.13% and 2.97% to close at 198.11
points and 110.52 points, respectively. The ZSE market turnover volume and value of shares traded increased
by 1 246.28% and 458.92% respectively, primarily attributable to 167 million shares at Ecocash Holdings
Zimbabwe Limited that exchanged hands at ZiG12.50 cents/share.
During the same week, the value of the aggregate transactions processed through the National Payment
Systems platforms increased by 20.85% to ZiG43.83 billion from ZiG36.26 billion recorded in the previous
week. This increase was mainly attributable to a rise in the transaction value and volume of RTGS systems.
The Zimbabwe Gold (ZiG) appreciated by 0.22% against the US dollar on the interbank market, during the
week ending 18th July 2025, from ZiG26.87 per US$1 in the previous week, to ZiG26.81 per US$1.
The average prices for most international commodities increased over the week, save for lithium and nickel
which recorded a decrease. Lithium prices declined due to persistent excess supply relative to demand. Nickel
prices fell on account of persistent global oversupply, primarily driven by rapid capacity expansion in
Indonesia coupled with weak demand growth, especially from the electric-vehicle battery sector.
Gold prices rose after the US Federal Reserve hinted a possible interest rate cut, making the non-yielding asset
like gold, more attractive as a safe haven and inflation hedge for investors. Platinum prices recorded an
increase due to strong demand amidst escalating trade tensions following the US announcement of a 35%
tariff on Canadian imports, effective August 1, 2025. Palladium prices also increased due to a strong demand
for the metal.
As of the 94th day of the 2025 tobacco selling season, a total of 347.27 million kilograms were sold, marking
a 51.19% increase from 228.18 million kilograms sold during the same period in 2024. Sales rose by 47.64%
to US$1.16 billion during the period under review, from US$0.78 billion recorded during the same period in
2024. The average price of the golden leaf was US$3.33 per kg, compared to US$3.43 per kg realised in the
same period in 2024.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
27 June 2025
04 July 2025
11 July 2025
18 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
27 June 2025
04 July 2025
11 July 2025
18 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
27 June 2025
04 July 2025
11 July 2025
18 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
27 June 2025
04 July 2025
11 July 2025
18 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
27 June 2025
04 July 2025
11 July 2025
18 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)
27-June-25

04-July-25

11-July-25

18-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)
27-Jun-25

04-July-25

11-July-25

18-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

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
11-Jul-25
18-Jul-25
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

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
11-Jul-25
18-Jul-25
Index
VFEX All Share Index

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
11-Jul-25
18-Jul-25
US$ Thousand
VFEX Market Turnover

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
11-Jul-25
18-Jul-25
US$ Billion
VFEX Market Capitalisation

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
11-Jul-25
18-Jul-25
ZiG Billion
ZSE Market Capitalisation


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
11-Jul-25
18-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/s
hare
and
ZiG12.53
cents/share, respectively

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

5. ENERGY PRICES

Energy Prices

27 June 2025
04-July 2025
11 July 2025
18 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
14-July-25

15-July-25

16-July-25

17-July-25

18-July-25

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


PAYMENT STREAM
WEEK ENDING
11 July 2025
WEEK ENDING
18 July 2025
WEEKLY
CHANGE (%)

VALUES

RTGS
26,220,502,738.99
36,209,498,880.33
38.10
Of which ZiG
9,883,962,407.15
13,834,254,957.26
39.97
Of which US$ transactions
(ZiG Equivalent)
16,336,540,331.84
22,375,243.923.07
36.96
POS
2,945,438,192.10
2,360,720,143.13
(19.85)
ATM
2,242,270,403.49
1,521,377,285.92
(32.15)
MOBILE BANKING
308,586,012.46
178,935,028.00
(42.01)
MOBILE MONEY
4,203,165,814.25
3,300,716,125.37
(21.47)
ZIPIT MOBILE
344,781,491.16
254,590,405.70
(26.16)
TOTAL
36,264,744,652.45
43,825,837,868.46
20.85

VOLUMES

RTGS
161,372
169,775
5.21
Of which ZiG
64,768
68,750
6.15
Of which US$
96,604
101,025
4.58
POS
2,013,566
1,438,715
(28.55)
ATM
256,006
144,760
(43.45)
MOBILE BANKING
381,665
220,840
(42.14)
MOBILE MONEY
12,063,366
11,207,505
(7.09)
ZIPIT MOBILE
315,446
184,701
(41.45)
TOTAL
15,191,421
13,366,296
(12.01)

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
14-July-25
15-July-25
16-July-25
17-July-25
18-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
(7 July - 11 July)

14-July

15-July

16-July

17-July

18-July

Weekly Average
(14 July – 18 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
(7 July –11 July)

14-July

15-July

16-July

17-July

18-July

Weekly Average
(14 July – 18 July)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (2nd May 2025– 18th July 2025)


Source: BBC, KITCO and Bloomberg, 2025


2-May
9-May
16-May
23-May
30-May
6-Jun
13-Jun
20-Jun
27-Jun
4-Jul
11-Jul
18-Jul
Palladium

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

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

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


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

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

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales: Day 94 (18th July 2025)

Variance (%)
Cumulative Quantity Sold (Kgs)
347,274,672
228,184,172
52.19
Average Price (US$/kg)
3.33
3.43
(2.92)
Cumulative value (US$)
1,156,236,399
783,149,875
47.64
Source: Tobacco Industry and Marketing Board (TIMB), 2025


RESERVE BANK OF ZIMBABWE
JULY 2025