Vol. 27 No. 38

Week Ending
19th September 2025

Weekly Economic
Highlights
Vol. 27 No. 37
TABLE OF CONTENTS


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

1. OVERVIEW
This report provides a synopsis of the key developments in the monetary and financial sectors of the economy
for the week ending 19th September 2025. It includes updates on domestic money and capital markets, national
payment systems, exchange rates and international commodity prices.
During the week under review, the foreign and local currency deposit rates for all tenors remained unchanged.
The local currency lending rates increased for all clients. Foreign currency lending rates for both individual
and corporate clients increased save for the maximum individual lending rates which declined during the same
week.
On the capital market, the Zimbabwe Stock Exchange (ZSE) reflected bearish trends, with the All-Share Index
declining by 0.77% to close at 206.59. However, the Victoria Falls Stock Exchange (VFEX) showed bullish
momentum, as its All share Indices gained 11.39 points to settle at 134.52 during the week ending 19
September 2025.
The total value of transactions processed through the National Payment Systems platforms increased by 6.03%
from ZiG37.67 billion reported in the previous week to ZiG39.94 billion during the week under review. The
increase was due to an increase in value of transactions processed through the RTGS. The volume of
transactions processed, however, decreased by 3.91% from 15.79 million in the previous week to 14.23 million
during the week ending 19 September 2025.
On the interbank market, the average ZiG/US$ exchange rate appreciated by 0.26%, from ZiG26.72/US$1
recorded in the previous week to ZiG26.65/US$1 during the week under review.
The international average prices for gold, platinum, nickel, crude oil and lithium increased, save for palladium
which declined. The price of gold increased as demand remained strong amid global economic uncertainty
and the expected interest rate reductions by the U.S. Federal Reserve. The increase in platinum prices was
supported by an increase in demand from the automotive sector. Nickel prices rose amid geopolitical tensions
and logistical issues in key nickel-producing regions such as the Philippines and New Caledonia, which have
disrupted supply chains.
Crude oil prices rose as traders assessed the potential effects of new European Union measures designed to
limit Russia’s energy revenues alongside a series of Ukrainian attacks on energy infrastructure. Lithium prices
rose as demand increased amid the closure of one of the major lithium mines in China, which led to increased
investor interest in lithium stocks, strengthening the price.
In contrast, palladium prices fell due to the reduced demand from the automotive sector as some manufacturers
were substituting palladium with platinum in catalytic converters.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
29 August
05 Sept 2025
12 Sept 2025
19 Sept 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
29 August
05 Sept 2025
12 Sept 2025
19 Sept 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
29 August
05 Sept 2025
12 Sept 2025
19 Sept 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial bank weighted lending rates (Foreign Currency (US$) (%)
US$ Lending rates
29 August
05 Sept 2025
12 Sept 2025
19 Sept 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending
rates
29 August
05 Sept 2025
12 Sept 2025
19 Sept 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)
29-Aug-25

05-Sept-25

12-Sept-25

19-Sept-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)
29-Aug-25

05-Sept-25

12-Sept-25

19-Sept-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

27-Jun-25
04-Jul-25
11-Jul-25
18-Jul-25
25-Jul-25
01-Aug-25
08-Aug-25
15-Aug-25
22-Aug-25
29-Aug-25
05-Sep-25
12-Sep-25
19-Sep-25
ZiG Billion
ZSE Market Capitalisation

27-Jun-25
04-Jul-25
11-Jul-25
18-Jul-25
25-Jul-25
01-Aug-25
08-Aug-25
15-Aug-25
22-Aug-25
29-Aug-25
05-Sep-25
12-Sep-25
19-Sep-25
Index
VFEX All Share Index

27-Jun-25
04-Jul-25
11-Jul-25
18-Jul-25
25-Jul-25
01-Aug-25
08-Aug-25
15-Aug-25
22-Aug-25
29-Aug-25
05-Sep-25
12-Sep-25
19-Sep-25
US$ Thousand
VFEX Market Turnover

27-Jun-25
04-Jul-25
11-Jul-25
18-Jul-25
25-Jul-25
01-Aug-25
08-Aug-25
15-Aug-25
22-Aug-25
29-Aug-25
05-Sep-25
12-Sep-25
19-Sep-25
US$ Billion
VFEX Market Capitalisation


27-Jun-25
04-Jul-25
11-Jul-25
18-Jul-25
25-Jul-25
01-Aug-25
08-Aug-25
15-Aug-25
22-Aug-25
29-Aug-25
05-Sep-25
12-Sep-25
19-Sep-25
ZiG Thousands
ZSE Market Turnover

27-Jun-25
04-Jul-25
11-Jul-25
18-Jul-25
25-Jul-25
01-Aug-25
08-Aug-25
15-Aug-25
22-Aug-25
29-Aug-25
05-Sep-25
12-Sep-25
19-Sep-25
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

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

5. ENERGY PRICES

Energy Prices

29-Aug 2025
05-Sept 2025
12-Sept 2025
19-Sept 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
15-Sept-25

16-Sept-25

17-Sept-25

18-Sept-25

19-Sept-25

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


PAYMENT STREAM
WEEK ENDING
12 September 2025
WEEK ENDING
19 September 2025
WEEKLY
CHANGE (%)

VALUES

RTGS
28,914,860,402.55
33,385,715,327.31
15.46
Of which ZiG
9,222,648,011.95
11,593,131,175.84
25.70
Of which US$ transactions
(ZiG Equivalent)
19,692,212,390.60
21,792,584,151.47
10.67
POS
2,259,030,052.86
1,423,249,836.61
(37.00)
ATM
1,815,964,093.79
1,158,740,964.29
(36.19)
MOBILE BANKING
272,194,568.61
188,401,885.37
(30.78)
MOBILE MONEY
4,126,206,796.07
3,642,518,397.12
(11.72)
ZIPIT MOBILE
282,474,856.18
144,439,304.78
(48.87)
TOTAL
37,670,730,770.07
39,943,065,715.49
6.03

VOLUMES

RTGS
180,085
168,039
(6.69)
Of which ZiG
64,646
65,067
0.65
Of which US$
115,439
102,972
(10.80)
POS
1,759,279
1,243,847
(29.30)
ATM
207,815
136,013
(34.55)
MOBILE BANKING
285,172
210,768
(26.09)
MOBILE MONEY
13,102,314
12,321,617
(5.96)
ZIPIT MOBILE
254,424
151,615
(40.41)
TOTAL
15,789,089
14,231,899
(9.86)

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
15-Sept-25
16-Sept-25
17-Sept-25
18-Sept-25
19-Sept-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
(08 Sept – 12 Sept)

15-Sept-25

16-Sept-25

17-Sept-25

18-Sept-25

19-Sept-25

Weekly Average
(15 Sept – 19 Sept)

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
(08 Sept – 12 Sept)

15-Sep

16-Sep

17-Sep

18-Sep

19-Sep

Weekly Average
(15 Sept – 19 Sept)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (27th June 2025– 19th September 2025)


Source: BBC, KITCO and Bloomberg, 2025

RESERVE BANK OF ZIMBABWE
SEPTEMBER 2025

27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
1-Aug
8-Aug
15-Aug
22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
US$/oz
Palladium

27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
1-Aug
8-Aug
15-Aug
22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
US$/tonne
Lithium

27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
1-Aug
8-Aug
15-Aug
22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
US$/tonne
Nickel

27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
1-Aug
8-Aug
15-Aug
22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
US$/barrel
Crude oil

27-Jun
04-Jul
11-Jul
18-Jul
25-Jul
01-Aug
08-Aug
15-Aug
22-Aug
29-Aug
05-Sep
12-Sep
19-Sep
US$/oz
Gold


27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
1-Aug
8-Aug
15-Aug
22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
US$/tonne
Platinum