Vol. 27 No. 47

Week Ending
21st November 2025

Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW
This report provides key developments in the monetary and financial sectors of the economy during the week
ending 21 November 2025. It covers updates on domestic money and capital markets, national payment
systems, exchange rates and global commodity prices.
During the week ending 21 November 2025, both the local and foreign currency deposit rates remained
unchanged across all tenors. Meanwhile, local currency lending rates for all clients increased during the same
week. Foreign currency lending rates for both individual and corporate clients, however decreased during the
week under review.
The Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX) exhibited bullish
sentiments, adding 2.39% and 5.90% to close at 220.53 points and 166.32 points, respectively during the week
under review.
The total value of transactions processed through the National Payment Systems platforms increased by
37.87% from ZiG30.45 billion reported in the previous week to ZiG41.98 billion. However, the volume of
transactions processed decreased by 1.93% from 15.96 million to 15.66 million during the same period. The
largest share of transactional values was processed through the Real-Time Gross Settlement (RTGS) system,
accounting for 81.00%, while mobile money accounted for 83.52% of the transaction volume.
On the interbank market, the Zimbabwe Gold Currency (ZiG) continued to strengthen against the U.S. dollar,
appreciating by 0.13%, from an average of ZiG26.37 per US$1 in the previous week to ZiG26.33 per US$1
during the week under analysis.
During the week ending 21st November 2025, average prices for gold, platinum, palladium, nickel, and crude
oil softened. Lithium prices, however, increased during the week under analysis. Lithium prices surged as
supply constraints intensified in China, coupled with demand growth for electric vehicles and energy storage
systems.
During the week under review, gold prices declined due to US dollar appreciation and uncertainty over the
Federal Reserve's next policy move. Similarly, palladium prices fell due to growing uncertainty surrounding
the global demand following economic slowdowns in the automotive sector. Nickel prices continued on a
negative trajectory, decreasing by 2.92% on account of rising global supplies following Indonesia’s extensive
refinery expansion. Brent crude oil prices retreated amid fears of an oversupply in crude oil and fuel
inventories.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
31 Oct 2025
07 Nov 2025
14 Nov 2025
21 Nov 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
31 Oct 2025
07 Nov 2025
14 Nov 2025
21 Nov 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
31 Oct 2025
07 Nov 2025
14 Nov 2025
21 Nov 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial bank weighted lending rates (Foreign Currency (US$) (%)
US$ Lending rates
31 Oct 2025
07 Nov 2025
14 Nov 2025
21 Nov 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending
rates
31 Oct 2025
07 Nov 2025
14 Nov 2025
21 Nov 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)
31-Oct-25

07-Nov-25

14-Nov-25

21-Nov-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)
31-Oct-25

07-Nov-25

14-Nov-25

21-Nov-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


15-Aug-25
22-Aug-25
29-Aug-25
05-Sep-25
12-Sep-25
19-Sep-25
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
ZiG Thousands
ZSE Market Turnover

15-Aug-25
22-Aug-25
29-Aug-25
05-Sep-25
12-Sep-25
19-Sep-25
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
ZiG Billion
ZSE Market Capitalisation


15-Aug-25
22-Aug-25
29-Aug-25
05-Sep-25
12-Sep-25
19-Sep-25
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
US$ Billion
VFEX Market Capitalisation

15-Aug-25
22-Aug-25
29-Aug-25
05-Sep-25
12-Sep-25
19-Sep-25
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
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

15-Aug-25
22-Aug-25
29-Aug-25
05-Sep-25
12-Sep-25
19-Sep-25
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
Index
VFEX All Share Index

15-Aug-25
22-Aug-25
29-Aug-25
05-Sep-25
12-Sep-25
19-Sep-25
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
US$ Thousand
VFEX Market Turnover

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

5. ENERGY PRICES

Energy Prices

31-Oct 2025
07-Nov 2025
14-Nov 2025
21-Nov 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
17-Nov-25

18-Nov-25

19-Nov-25

20-Nov-25

21-Nov-25

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


PAYMENT STREAM
WEEK ENDING
14 November 2025
WEEK ENDING
21 November 2025
WEEKLY
CHANGE (%)

VALUES

RTGS
22,996,771,366.32
34,001,561,122.58
47.85
Of which ZiG
13,219,719,993.79
11,182,780,076.42
(15.41)
Of which US$ transactions
(ZiG Equivalent)
9,777,051,372.53
22,818,781,046.16
133.39
POS
1,580,944,782.35
1,901,814,111.49
20.30
ATM
1,174,309,238.69
1,726,594,930.25
47.03
MOBILE BANKING
372,370,582.58
348,718,303.00
(6.35)
MOBILE MONEY
4,089,494,947.02
3,755,551,599.75
(8.17)
ZIPIT MOBILE
232,313,322.99
241,925,151.02
4.14
TOTAL
30,446,204,239.95
41,976,165,218.08
37.87

VOLUMES

RTGS
120,181
164,777
37.11
Of which ZiG
45,015
55,624
23.57
Of which US$
75,166
109,153
45.22
POS
1,347,563
1,600,869
18.80
ATM
134,065
192,787
43.80
MOBILE BANKING
426,701
335,311
(21.42)
MOBILE MONEY
13,686,886
13,076,911
(4.46)
ZIPIT MOBILE
249,578
286,802
14.91
TOTAL
15,964,974
15,657,457
(1.93)

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
17-Nov-25
18-Nov-25
19-Nov-25
20-Nov-25
21-Nov-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
(10 Nov – 14 Nov)

26.3663

1.5374

34.6652

1.8623

30.5523
17-Nov

18-Nov

19-Nov

20-Nov

21-Nov

Weekly Average
(17 Nov – 21 Nov)
26.3315

1.5314
34.5471

1.8607

30.4599

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
(10 Nov – 14 Nov)

17-Nov

18-Nov

19-Nov

20-Nov

21-Nov

Weekly Average
(17 Nov – 21 Nov)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Average Weekly International Commodity Price Developments (15th August 2025– 21st November 2025)


Source: BBC, KITCO and Bloomberg, 2025

RESERVE BANK OF ZIMBABWE
NOVEMBER 2025

15-Aug
22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
10-Oct
17-Oct
24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
US$/oz
Gold

15-Aug
22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
10-Oct
17-Oct
24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
US$/oz
Crude Oil

15-Aug
22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
10-Oct
17-Oct
24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
US$/oz
Platinum

15-Aug
22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
10-Oct
17-Oct
24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
US$/oz
Palladium

15-Aug
22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
10-Oct
17-Oct
24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
US$/oz
Nickel

15-Aug
22-Aug
29-Aug
5-Sep
12-Sep
19-Sep
26-Sep
3-Oct
10-Oct
17-Oct
24-Oct
31-Oct
7-Nov
14-Nov
21-Nov
US$/oz
Lithium