Vol. 28 No. 1

Week Ending
2nd January 2026

Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW
This report provides an overview of key developments in the monetary and financial sectors of the economy
for the week ending 2 January 2026. It also presents updates on domestic money and capital markets, national
payment systems, exchange rates and global commodity prices.
The local and foreign currency deposit rates remained the same across all tenors save for 1month and 3 months
deposit rates which declined, and the foreign currency 6 months and over 1year maximum deposit rates which
increased. The local currency minimum lending rates for all clients increased, while the maximum rates
decreased. The foreign currency lending rates decreased for all clients, except for individual minimum lending
rates which increased during the week under review.
The Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX) exhibited positive
sentiments for the second consecutive week. The ZSE and VFEX added 9.19% and 0.30% to close at 281.12
points and 180.05 points, respectively.
The total value of transactions processed through the National Payment Systems platforms increased by 5.39%
from ZiG40.46 billion reported in the previous week to ZiG42.64 billion. The volume of transactions
processed increased by 1.66% from ZiG18.41 million to ZiG18.71 million during the same period. The largest
share of transactional values was processed through the Real-Time Gross Settlement (RTGS) system,
accounting for 76.18%, while mobile money accounted for 83.76% of the transaction volumes.
The Zimbabwe Gold Currency (ZiG) appreciated by 0.24% against the US dollar on the interbank market,
moving from an average of ZiG26.04 per US$1 in the previous week to ZiG25.98 per US$1, during the week
ending 2nd January 2026.
International average commodity prices for gold, platinum, palladium and crude oil declined, except for nickel
and lithium which increased during the week ending 2nd January 2026. Gold prices fell as investors took profits
after a series of record highs, while US- Ukraine peace talks further weighed on safe haven demand. Platinum
prices drop was attributed to low trading volumes over the festive holiday period, while palladium fell on the
back of a stronger dollar.
In contrast, the lithium price increase was underpinned by supply tightening concerns, including production
halts at key mines and regulatory measures aimed at curbing overcapacity in China’s lithium sector. Nickel
prices also increased, supported by reduced global supply and higher demand of nickel in electric vehicles
industry.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
12 Dec 2025
19 Dec 2025
26 Dec 2025
02 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
12 Dec 2025
19 Dec 2025
26 Dec 2025
02 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
12 Dec 2025
19 Dec 2025
26 Dec 2025
02 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
12 Dec 2025
19 Dec 2025
26 Dec 2025
02 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
28 Nov 2025
05 Dec 2025
12 Dec 2025
02 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)
12-Dec 25

19-Dec 25

26-Dec 25

02-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)
12-Dec 25

19-Dec 25

26-Dec 25

02- 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


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

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
05-Dec-25
12-Dec-25
19-Dec-25
26-Dec-25
02-Jan-26
ZiG Billion
ZSE Market Capitalisation


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

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

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

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

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

4. ENERGY PRICES

Energy Prices

12-Dec 2025
19-Dec 2025
26-Dec 2025
02-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
29-Dec-25

30-Dec-25

31-Dec-25

02-Jan-26

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


PAYMENT STREAM
WEEK ENDING
26 December 2025
WEEK ENDING
02 January 2026
WEEKLY
CHANGE (%)

VALUES

RTGS
27,159,192,634.40
32,482,795,523.70
19.60
Of which ZiG
8,802,498,606.23
12,526,881,651.02
42.31
Of which US$ transactions
(ZiG Equivalent)
18,356,694,028.17

19,955,913,872.68
8.71
POS
3,979,127,361.86
2,250,492,023.07
(43.44)
ATM
3,578,062,071.79
2,320,634,425.07
(35.14)
MOBILE BANKING
183,911,022.94
393,861,540.62
114.16
MOBILE MONEY
5,152,723,566.44
4,856,950,695.76
(5.74)
ZIPIT MOBILE
402,956,941.91
333,253,821.01
(17.30)
TOTAL
40,455,973,599.34
42,637,988,029.22
5.39

VOLUMES

RTGS
157,934
137,381
(13.01)
Of which ZiG
62,736
67,095
6.95
Of which US$
95,198
70,286
(26.17)
POS
2,327,028
1,888,041
(18.86)
ATM
373,507
254,676
(31.81)
MOBILE BANKING
203,422
448,219
120.34
MOBILE MONEY
14,993,035
15,674,261
4.54
ZIPIT MOBILE
353,641
311,564
(11.90)
TOTAL
18,408,567
18,714,142
1.66

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
29-Dec-25
30-Dec-25
31-Dec-25
02-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
(23 Dec 25 – 24 Dec 25)

26.0374


1.5593

35.1579

1.8464

30.6877
29-Dec 25

30-Dec 25

31-Dec 25

2-Jan 26

Weekly Average
(29 Dec 25 – 2 Jan 26)

25.9755

1.5625

35.0330

1.8531

30.5397

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
(23 Dec 25 – 24 Dec 25)

29-Dec 25

30-Dec 25

31-Dec 25

2-Jan 26

Weekly Average
(29 Dec 25 – 2 Jan 26)

4,370.04

2,121.25


1,616.50


16,527.00
13,112.50
Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Average Weekly International Commodity Price Developments (26th September 2025– 2nd January 2026)


Source: BBC, KITCO and Bloomberg, 2025

RESERVE BANK OF ZIMBABWE
JANUARY 2026

26-Sep
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
US$/oz
Gold

26-Sep
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
US$/oz
Crude Oil

26-Sep
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
US$/oz
Platinum

26-Sep
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
US$/oz
Palladium

26-Sep
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
US$/oz
Nickel

19-Sep
26-Sep
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
US$/oz
Lithium