Vol. 28 No. 3

Week Ending
16th January 2026

Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW
This weekly report provides a snapshot of major developments in the monetary and financial sectors of the
economy during the week ending 16th January 2026. It covers trends in domestic money and capital markets,
national payment systems, exchange rates and global commodity prices.
Domestic money market developments showed mixed trends during the week under review. Resultantly, both
the local and foreign currency deposit rates increased across all tenors except for savings rates which declined.
The local and foreign currency lending rates increased for all clients save for foreign currency individual
minimum lending rates which decreased.
Capital markets maintained positive momentum during the week ending 16th January 2026, with both the
Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX) recording gains.
Resultantly, both the ZSE and VFEX added 3.57% and 4.84% to close at 360.41 points and 199.26 points,
respectively.
National Payment Systems activity softened during the week under review, with the total value of transactions
declining by 13.43% from ZiG45.23 billion reported in the previous week to ZiG39.16 billion. The volume
of transactions processed also decreased by 9.86%, easing from 17.48 million to 15.75 million during the same
period under review. The largest share of transactional values was processed through the Real-Time Gross
Settlement (RTGS) system, accounting for 81.13%, while mobile money accounted for 86.55% of the
transaction volumes.
On the interbank market, the Zimbabwe Gold appreciated by 0.43% to ZiG25.67 per US$1, from an average
of ZiG25.78 per US$1 recorded in the previous week.
International average commodity prices for all selected commodities increased during the week ending 16th
January 2026. Gold prices gained amid escalating trade tensions between the United States and Europe.
Platinum prices benefited from investors demand for safe-haven assets amid heightened global tensions and
market volatility. Palladium prices were supported by sustained demand from the automotive sector,
particularly for catalytic converters in gasoline and hybrid vehicles.
Lithium prices surged following Chinese regulators’ announcement to phase out value-added tax (VAT)
export rebates on batteries and related products, prompting manufacturers and traders to accelerate purchases,
thereby boosting short-term demand. Nickel prices climbed due to tight supply in certain market segments,
especially intermediate products such as nickel matte, alongside strong performance across other base metals.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
26-Dec-2025
02-Jan-2026
09-Jan-2026
16-Jan-2026
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, 2026


Average commercial bank deposit rates (Foreign Currency (US$) (%)
US$ Deposit rates
26-Dec-2025
02-Jan-2026
09-Jan-2026
16-Jan-2026
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, 2026

Commercial bank weighted lending rates (Local Currency (ZiG) (%)
ZiG Lending rates
26-Dec-2025
02-Jan-2026
09-Jan-2026
16-Jan-2026
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2026


Commercial bank weighted lending rates (Foreign Currency (US$) (%)
US$ Lending rates
26-Dec-2025
02-Jan-2026
09-Jan-2026
16-Jan-2026
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2026


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending
rates
12-Dec-2025
02-Jan-2026
09-Jan-2026
16-Jan-2026
ZiG Lending rates


Minimum

Maximum

US$ Lending rates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2026


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)
26-Dec-25

02-Jan-26

09-Jan-26

16-Jan-26

Weekly
Change (%)

Source: Zimbabwe Stock Exchange, 2026

VFEX Indicators
Date

All Share Index
Points
Grand Market Capitalisation
(US$ billion)
Market Turnover (US$
million)
Volume of Shares (million)
26-Dec-25

02- Jan-26

09- Jan-26

16-Jan-26

Weekly Change (%)

Source: Victoria Falls Stock Exchange, 2026

Figure 1: ZSE and VFEX Indicators


Source: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2026


10-Oct-25
17-Oct-25
24-Oct-25
31-Oct-25
07-Nov-25
14-Nov-25
21-Nov-25
28-Nov-25
05-Dec-25
12-Dec-25
19-Dec-25
26-Dec-25
02-Jan-26
09-Jan-26
16-Jan-26
ZiG Thousands
ZSE Market Turnover

10-Oct-25
17-Oct-25
24-Oct-25
31-Oct-25
07-Nov-25
14-Nov-25
21-Nov-25
28-Nov-25
05-Dec-25
12-Dec-25
19-Dec-25
26-Dec-25
02-Jan-26
09-Jan-26
16-Jan-26
ZiG Billion
ZSE Market Capitalisation
1.8
1.9


10-Oct-25
17-Oct-25
24-Oct-25
31-Oct-25
07-Nov-25
14-Nov-25
21-Nov-25
28-Nov-25
05-Dec-25
12-Dec-25
19-Dec-25
26-Dec-25
02-Jan-26
09-Jan-26
16-Jan-26
US$ Billion
VFEX Market Capitalisation

10-Oct-25
17-Oct-25
24-Oct-25
31-Oct-25
07-Nov-25
14-Nov-25
21-Nov-25
28-Nov-25
05-Dec-25
12-Dec-25
19-Dec-25
26-Dec-25
02-Jan-26
09-Jan-26
16-Jan-26
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

10-Oct-25
17-Oct-25
24-Oct-25
31-Oct-25
07-Nov-25
14-Nov-25
21-Nov-25
28-Nov-25
05-Dec-25
12-Dec-25
19-Dec-25
26-Dec-25
02-Jan-26
09-Jan-26
16-Jan-26
Index
VFEX All Share Index

10-Oct-25
17-Oct-25
24-Oct-25
31-Oct-25
07-Nov-25
14-Nov-25
21-Nov-25
28-Nov-25
05-Dec-25
12-Dec-25
19-Dec-25
26-Dec-25
02-Jan-26
09-Jan-26
16-Jan-26
US$ Thousand
VFEX Market Turnover

3. CLEARING AND SETTLEMENT ACTIVITY
Source: Reserve Bank of Zimbabwe, 2026

4. ENERGY PRICES

Energy Prices

26-Dec-2025
02-Jan-2026
09-Jan-2026
16-Jan-2026
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 2026

5. 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
12-Jan-26

13-Jan-26

14-Jan-26

15-Jan-26

16-Jan-26

Source: London Bullion Market Association and Reserve Bank of Zimbabwe, 2026


PAYMENT STREAM
WEEK ENDING
09 January 2026
WEEK ENDING
16 January 2026
WEEKLY
CHANGE (%)

VALUES

RTGS
36,974,743,564.24
31,770,358,979.74
(14.08)
Of which ZiG
11,801,999,891.40
9,978,487,623.32
(15.45)
Of which US$ transactions
(ZiG Equivalent)
25,172,743,672.84
21,791,871,356.42

(13.43)
POS
2,019,632,977.07
1,708,025,272.03
(15.43)
ATM
1,613,547,683.75
1,374,121,055.86
(14.84)
MOBILE BANKING
375,089,568.71
228,794,076.38
(39.00)
MOBILE MONEY
3,967,308,249.96
3,871,735,555.77
(2.41)
ZIPIT MOBILE
283,628,603.79
207,716,171.13
(26.76)
TOTAL
45,233,950,647.52
39,160,751,110.90
(13.43)

VOLUMES

RTGS
154,838
149,408
(3.51)
Of which ZiG
55,347
51,655
(6.67)
Of which US$
99,491
97,753
(1.75)
POS
1,694,741
1,339,912
(20.94)
ATM
235,270
170,573
(27.50)
MOBILE BANKING
399,771
250,866
(37.25)
MOBILE MONEY
14,705,445
13,634,580
(7.28)
ZIPIT MOBILE
285,683
207,888
(27.23)
TOTAL
17,475,748
15,753,227
(9.86)

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
12-Jan-2026
13-Jan-2026
14-Jan-2026
15-Jan-2026
16-Jan-2026
1.00Oz


US$

ZiG

0.50Oz


US$

ZiG

0.25Oz


US$

ZiG

0.10Oz


US$

ZiG

Source: Reserve Bank of Zimbabwe, 2026


6. EXTERNAL SECTOR


Exchange Rate Developments (ZiG per Unit of Foreign Currency)


USD
ZAR
GBP
BWP
EURO
Weekly Average
(5 Jan – 9 Jan)

12-Jan-26

13-Jan-26

14-Jan-26

15-Jan-26

16-Jan-26

Weekly Average
(12 Jan – 16 Jan)

25.6650

1.5643

34.4759

1.8350

29.8866

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

Source: Reserve Bank of Zimbabwe, 2026


International Commodity Prices

Gold
Platinum
Palladium
Nickel
Lithium

US$/oz
US$/ounce
US$/ounce
US$/tonne
US$/tonne
Weekly Average
(5 Jan – 9 Jan)

12-Jan-26

13-Jan-26

14-Jan-26

15-Jan-26

16-Jan-26

Weekly Average
(12 Jan – 16 Jan)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2026

Figure 3: Average Weekly International Commodity Price Developments (10th October 2025– 16th January 2026)


Source: BBC, KITCO and Bloomberg, 2026

RESERVE BANK OF ZIMBABWE
JANUARY 2026

10-Oct
17-Oct
24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
5-Dec
12-Dec
19-Dec
26-Dec
2-Jan
9-Jan
16-Jan
US$/oz
Gold

10-Oct
17-Oct
24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
5-Dec
12-Dec
19-Dec
26-Dec
2-Jan
9-Jan
16-Jan
US$/oz
Crude Oil

10-Oct
17-Oct
24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
5-Dec
12-Dec
19-Dec
26-Dec
2-Jan
9-Jan
16-Jan
US$/oz
Platinum

10-Oct
17-Oct
24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
5-Dec
12-Dec
19-Dec
26-Dec
2-Jan
9-Jan
16-Jan
US$/oz
Palladium

10-Oct
17-Oct
24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
5-Dec
12-Dec
19-Dec
26-Dec
2-Jan
9-Jan
16-Jan
US$/oz
Nickel

10-Oct
17-Oct
24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
28-Nov
5-Dec
12-Dec
19-Dec
26-Dec
2-Jan
9-Jan
16-Jan
US$/oz
Lithium