Vol. 28 No. 4

Week Ending
23rd 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 23rd 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. Local currency
deposit rates remained unchanged across all tenors. On the other hand, foreign currency deposits rates
remained unchanged across most tenors except for maximum deposit rates for 6 months tenor which decreased
and the maximum deposit rates for over 1 year tenor which increased.
The local currency lending rates decreased for all clients save for individual minimum lending rates which
increased. Foreign currency lending rates for all clients decreased save for maximum corporate clients lending
rates which remained unchanged.
Capital markets maintained an upward trend during the week ending 23rd January 2026, with both the
Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX) posting gains. As a result,
the ZSE and VFEX share indices added 0.98% and 9.93% to close at 363.94 points and 219.05 points,
respectively.
Activity in the National Payment Systems strengthened during the week under review, with the total value of
transactions increasing by 11.49% from ZiG39.16 billion reported in the previous week to ZiG43.66 billion.
The volume of transactions processed also increased by 2.27% from 15.75 million to 16.11 million during the
same period. The largest share of transactional values was processed through the Real-Time Gross Settlement
(RTGS) system, accounting for 80.39%, while mobile money accounted for 85.49% of the transaction
volumes.
The Zimbabwe Gold (ZiG) appreciated by 0.23% to ZiG25.61 per US$1 in the week ending 23rd January
2026, from an average of ZiG25.67 per US$1 recorded in the previous week.
International average prices for all the selected commodities rose during the week ending 23rd January 2026.
Gold prices surged to a new record high, extending the historic rally as investors sought refuge in the safehaven asset amid rising geopolitical uncertainties. Likewise, platinum prices benefited from safe-haven
demand, amid broader market uncertainty and risk aversion, pushing prices to new highs. The uptick in
palladium prices was fuelled by geopolitical and trade tensions, structural supply tightness, and stronger
investment interest.
Lithium prices continued an upward trajectory due to declining inventories in key markets, particularly, China,
tightening available supply. Nickel prices also strengthened, supported by speculation that Indonesia, the
world’s largest producer, may cut nickel ore output in 2026. Policy signals and announcements suggesting
tighter production quotas fuelled expectations of future supply shortages, boosting market prices.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
02-Jan-2026
09-Jan-2026
16-Jan-2026
23-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
02-Jan-2026
09-Jan-2026
16-Jan-2026
23-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
02-Jan-2026
09-Jan-2026
16-Jan-2026
23-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
02-Jan-2026
09-Jan-2026
16-Jan-2026
23-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
02-Jan-2026
09-Jan-2026
16-Jan-2026
23-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)
02-Jan-26

09-Jan-26

16-Jan-26

23-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)
02- Jan-26

09- Jan-26

16-Jan-26

23-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


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
23-Jan-26
ZiG Thousands
ZSE Market Turnover
1.8
1.9


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
23-Jan-26
US$ Billion
VFEX Market Capitalisation

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
23-Jan-26
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

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
23-Jan-26
Index
VFEX All Share Index

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
23-Jan-26
US$ Thousand
VFEX Market Turnover

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
23-Jan-26
ZiG Billion
ZSE Market Capitalisation

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

4. ENERGY PRICES

Energy Prices

02-Jan-2026
09-Jan-2026
16-Jan-2026
23-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
19-Jan-26

20-Jan-26

21-Jan-26

22-Jan-26

23-Jan-26

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


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

VALUES

RTGS
31,770,358,979.74
35,097,414,784.59
10.47
Of which ZiG
9,978,487,623.32
7,922,472,701.00
(20.60)
Of which US$ transactions
(ZiG Equivalent)
21,791,871,356.42

27,174,942,083.59

24.70
POS
1,708,025,272.03
1,731,290,356.17
1.36
ATM
1,374,121,055.86
2,681,948,599.05
95.18
MOBILE BANKING
228,794,076.38
166,589,167.71
(27.19)
MOBILE MONEY
3,871,735,555.77
3,710,301,079.32
(4.17)
ZIPIT MOBILE
207,716,171.13
272,010,599.93
30.95
TOTAL
39,160,751,110.90
43,659,554,586.77
11.49

VOLUMES

RTGS
149,408
193,390
29.44
Of which ZiG
51,655
68,430
32.48
Of which US$
97,753
124,960
27.83
POS
1,339,912
1,461,007
9.04
ATM
170,573
176,633
3.55
MOBILE BANKING
250,866
257,826
2.77
MOBILE MONEY
13,634,580
13,773,203
1.02
ZIPIT MOBILE
207,888
248,383
19.48
TOTAL
15,753,227
16,110,442
2.27

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
19-Jan-2026
20-Jan-2026
21-Jan-2026
22-Jan-2026
23-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
(12 Jan – 16 Jan)

25.6650

1.5643

34.4759

1.8350

29.8866

19-Jan-26

20-Jan-26

21-Jan-26

22-Jan-26

23-Jan-26

Weekly Average
(19 Jan – 23 Jan)

25.6053


1.5694

34.4196

1.8326

29.9398
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
(12 Jan – 16 Jan)

19-Jan-26

20-Jan-26

21-Jan-26

22-Jan-26

23-Jan-26

Weekly Average
(19 Jan – 23 Jan)
4,881.58


Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2026

Figure 3: Average Weekly International Commodity Price Developments (17th October 2025– 23rd January 2026)


Source: BBC, KITCO and Bloomberg, 2026

RESERVE BANK OF ZIMBABWE
FEBRUARY 2026

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
23-Jan
US$/oz
Gold

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
23-Jan
US$/oz
Crude Oil

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
23-Jan
US$/oz
Platinum

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
23-Jan
US$/oz
Palladium

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
23-Jan
US$/oz
Nickel

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
23-Jan
US$/oz
Lithium