Vol. 28 No. 2

Week Ending
9th January 2026

Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW
This bulletin contains an overview of key developments in the monetary and financial sectors of the economy
for the week ending 9 January 2026. It includes updates on domestic money and capital markets, national
payment systems, exchange rates and global commodity prices.
The local and foreign currency deposit rates declined across all tenors except for savings rates which increased
during the week under review. The local currency lending rates decreased for all clients save for maximum
corporate lending rates which increased. The foreign currency individual minimum and corporate maximum
lending rates decreased, while individual maximum and corporate minimum lending rates increased.
Both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX) exhibited positive
sentiments for the third consecutive week. The ZSE and VFEX added 23.78% and 5.56% to close at 347.98
points and 190.06 points, respectively.
The total value of transactions processed through the National Payment Systems platforms increased by 6.09%
from ZiG42.64 billion reported in the previous week to ZiG45.23 billion. The volume of transactions
processed decreased by 6.62% from 18.71 million to 17.48 million during the same period. The largest share
of transactional values was processed through the Real-Time Gross Settlement (RTGS) system, accounting
for 81.74%, while mobile money accounted for 84.15% of the transaction volumes.
On the interbank market, the Zimbabwe Gold Currency (ZiG) continued to strengthen against the US dollar,
appreciating by 0.77% to ZiG25.78 per US$1 during the week under analysis, from an average of ZiG25.98
per US$1 in the previous week.
International average commodity prices increased for most selected commodities during the week ending 9th
January 2026, except for Brent crude oil prices which decreased. Brent crude oil prices fell following the
U.S.’s deal to import US$2 billion of Venezuelan crude oil, signalling additional supply entering the U.S.
market and easing supply concerns.
Glod price increased on the back of escalating geopolitical tensions, including U.S. military strikes on
Venezuela and mounting global tensions, which fuelled gold's safe-haven demand. Platinum price also
strengthened in line with the broader rally in precious metal prices, underpinned by market expectations of
U.S. interest-rate cuts and persisting geopolitical uncertainty. Palladium prices rose due to ongoing momentum
in global automotive activity and regulatory drivers supporting internal combustion engines. Nickel prices
advanced, driven by strong Chinese demand and market expectations that Indonesia may tighten mining
quotas in 2026, potentially constraining global supply.

2. INTEREST RATES

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


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

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


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


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


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


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


Minimum

Maximum

US$ Lending rates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


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)
19-Dec 25

26-Dec 25

02-Jan 26

09-Jan 26

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)
19-Dec 25

26-Dec 25

02- Jan 26

09- Jan 26

Weekly Change (%)

Source: Victoria Falls Stock Exchange, 2025

Figure 1: ZSE and VFEX Indicators


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


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
05-Dec-25
12-Dec-25
19-Dec-25
26-Dec-25
02-Jan-26
09-Jan-26
ZiG Thousands
ZSE Market Turnover

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
05-Dec-25
12-Dec-25
19-Dec-25
26-Dec-25
02-Jan-26
09-Jan-26
ZiG Billion
ZSE Market Capitalisation
1.7
1.8
1.9

2.1
2.2
2.3
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
05-Dec-25
12-Dec-25
19-Dec-25
26-Dec-25
02-Jan-26
09-Jan-26
US$ Billion
VFEX Market Capitalisation

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
05-Dec-25
12-Dec-25
19-Dec-25
26-Dec-25
02-Jan-26
09-Jan-26
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

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
05-Dec-25
12-Dec-25
19-Dec-25
26-Dec-25
02-Jan-26
09-Jan-26
Index
VFEX All Share Index

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
05-Dec-25
12-Dec-25
19-Dec-25
26-Dec-25
02-Jan-26
09-Jan-26
US$ Thousand
VFEX Market Turnover

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

4. ENERGY PRICES

Energy Prices

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

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
05-Jan-26

06-Jan-26

07-Jan-26

08-Jan-26

09-Jan-26

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


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

VALUES

RTGS
32,482,795,523.70
36,974,743,564.24
13.83
Of which ZiG
12,526,881,651.02
11,801,999,891.40
(5.79)
Of which US$ transactions
(ZiG Equivalent)
19,955,913,872.68
25,172,743,672.84
26.14
POS
2,250,492,023.07
2,019,632,977.07
(10.26)
ATM
2,320,634,425.07
1,613,547,683.75
(30.47)
MOBILE BANKING
393,861,540.62
375,089,568.71
(4.77)
MOBILE MONEY
4,856,950,695.76
3,967,308,249.96
(18.32)
ZIPIT MOBILE
333,253,821.01
283,628,603.79
(14.89)
TOTAL
42,637,988,029.22
45,233,950,647.52
6.09

VOLUMES

RTGS
137,381
154,838
12.71
Of which ZiG
67,095
55,347
(17.51)
Of which US$
70,286
99,491
41.55
POS
1,888,041
1,694,741
(10.24)
ATM
254,676
235,270
(7.62)
MOBILE BANKING
448,219
399,771
(10.81)
MOBILE MONEY
15,674,261
14,705,445
(6.18)
ZIPIT MOBILE
311,564
285,683
(8.31)
TOTAL
18,714,142
17,475,748
(6.62)

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
05-Jan-26
06-Jan-26
07-Jan-26
08-Jan-26
09-Jan-26
1.00Oz


US$

ZiG

0.50Oz


US$

ZiG

0.25Oz


US$

ZiG

0.10Oz


US$

ZiG

Source: Reserve Bank of Zimbabwe, 2025


6. EXTERNAL SECTOR


Exchange Rate Developments (ZiG per Unit of Foreign Currency)


USD
ZAR
GBP
BWP
EURO
Weekly Average
(29 Dec 25 – 2 Jan 26)

25.9755

1.5625

35.0330

1.8531

30.5397
5-Jan 26

6-Jan 26

7-Jan 26

8-Jan 26

9-Jan 26

Weekly Average
(5 Jan 26– 9 Jan 26)

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
(29 Dec 25 – 2 Jan 26)

5 Jan 26

6 Jan 26

7 Jan 26

8 Jan 26

9 Jan 26

Weekly Average
(5 Jan 26– 9 Jan 26)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Average Weekly International Commodity Price Developments (03rd October 2025– 9th January 2026)


Source: BBC, KITCO and Bloomberg, 2025

RESERVE BANK OF ZIMBABWE
JANUARY 2026

3-Oct
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
US$/oz
Gold

3-Oct
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
US$/oz
Crude Oil

3-Oct
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
US$/oz
Platinum

3-Oct
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
US$/oz
Palladium

3-Oct
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
US$/oz
Nickel

3-Oct
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
US$/oz
Lithium