Vol. 27 No. 37

Week Ending
12th 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 snapshot of key developments in the monetary and financial sectors of the economy for
the week ending 12th September 2025. It includes updates on domestic money and capital markets, national
payment systems, exchange rates and international commodity prices.
Both foreign and local currency deposit rates remained unchanged during the week under review. Local
currency lending rates increased for all clients save for maximum lending rates for corporate clients which
declined. Minimum foreign currency lending rates for both individual and corporate clients increased.
Maximum lending rates for individual clients, however, remained unchanged, while those for corporate clients
decreased during the same week.
During the week under analysis, both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock
Exchange (VFEX) exhibited bearish sentiments. Accordingly, the ZSE and VFEX All share Indices lost 0.04%
and 5.42% to close at 208.19 points and 120.77points, respectively.
The total value of transactions processed through the National Payment Systems platform decreased by 0.15%
from ZiG37.73 billion reported in the previous week to ZiG37.67 billion, during the week under review. The
decline was due to the decline in values of transactions processed through POS, ATM, Mobile Banking and
ZIPIT. The volume of transactions processed decreased by 3.91% from 16.43 million in the previous week to
15.79 million during the week ending 12 September 2025.
The average ZiG/US$ exchange rate appreciated by 0.03% on the interbank market, from ZiG26.73/US$1
recorded in the previous week to ZiG26.72/US$1 during the week ending 12 September 2025.
During the week under review, international average prices for gold, palladium, and lithium increased, while
platinum, crude oil and nickel prices declined. The increase in gold prices was primarily influenced by
indications of a weakening U.S. labor market, which heightened expectations that the Federal Reserve might
lower interest rates. Palladium prices strengthened amid growing concerns about restricted supply from
Russia. Lithium prices increased following the suspension of the major lithium producer in China, which
heightened fears of supply shortages.
In contrast, platinum prices fell due to weakened demand for the metal, amid the ongoing transition to electric
vehicles (EVs) and hybrids. Nickel prices also dropped, mainly attributable to a surge in production from
Indonesia, which resulted in higher inventories and downward pressure on prices.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
22 August 2025
29 August
05 Sept 2025
12 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
22 August 2025
29 August
05 Sept 2025
12 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
22 August 2025
29 August
05 Sept 2025
12 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
22 August 2025
29 August
05 Sept 2025
12 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
22 August 2025
29 August
05 Sept 2025
12 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)
22-Aug-25

29-Aug-25

05-Sept-25

12-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)
22-Aug-25

29-Aug-25

05-Sept-25

12-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

20-Jun-25
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
ZiG Billion
ZSE Market Capitalisation

20-Jun-25
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
Index
VFEX All Share Index

20-Jun-25
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
US$ Thousand
VFEX Market Turnover

20-Jun-25
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
US$ Billion
VFEX Market Capitalisation


20-Jun-25
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
ZiG Thousands
ZSE Market Turnover

20-Jun-25
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
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

22-Aug 2025
29-Aug 2025
05-Sept 2025
12-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
8-Sept-25

9-Sept-25

10-Sept-25

11-Sept-25

12-Sept-25

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


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

VALUES

RTGS
26,824,544,036.56
28,914,860,402.55
7.79
Of which ZiG
8,239,031,988.87
9,222,648,011.95
11.94
Of which US$ transactions
(ZiG Equivalent)
18,585,512,047.69
19,692,212,390.60
5.95
POS
3,291,087,406.51
2,259,030,052.86
(31.36)
ATM
2,815,124,559.54
1,815,964,093.79
(35.49)
MOBILE BANKING
372,371,767.97
272,194,568.61
(26.90)
MOBILE MONEY
4,080,761,728.18
4,126,206,796.07
1.11
ZIPIT MOBILE
343,189,416.08
282,474,856.18
(17.69)
TOTAL
37,727,078,914.84
37,670,730,770.07
(0.15)

VOLUMES

RTGS
218,570
180,085
(17.61)
Of which ZiG
84,453
64,646
(23.45)
Of which US$
134,117
115,439
(13.93)
POS
2,360,640
1,759,279
(25.47)
ATM
340,211
207,815
(38.92)
MOBILE BANKING
426,706
285,172
(33.17)
MOBILE MONEY
12,759,841
13,102,314
2.68
ZIPIT MOBILE
325,917
254,424
(21.94)
TOTAL
16,431,885
15,789,089
(3.91)

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
8-Sept-25
9-Sept-25
10-Sept-25
11-Sept-25
12-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
(01 Sept – 05 Sept)
26.7289


8-Sept-25

9-Sept-25

10-Sept-25

11-Sept-25

12-Sept-25

Weekly Average
(08 Sept – 12 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
(01 Sept – 05 Sept)

8-Sep

9-Sep

10-Sep

11-Sep

12-Sep

Weekly Average
(08 Sept – 12 Sept)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (20th June 2025– 12th September 2025)


Source: BBC, KITCO and Bloomberg, 2025

RESERVE BANK OF ZIMBABWE
SEPTEMBER 2025

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


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

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

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

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

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