Vol. 27 No. 51

Week Ending
19th December 2025

Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW

This bulletin highlights key developments in the monetary and financial sectors for the week ending 19
December 2025. It covers developments on domestic money and capital markets, national payment systems,
exchange rates and global commodity prices.
Local currency deposit interest rates remained unchanged across all tenors. The foreign currency deposit
interest rates also remained constant, except for maximum deposits rates for 1-month and 12-month maturities
which moved up. The local currency lending rates declined except for individual client maximum lending
rates which increased. The foreign currency minimum interest rates for both individual and corporate clients
declined, while maximum lending rates increased.
Trading activity on both exchange markets was subdued during the week ending 19th December 2025, ahead
of the festive holidays. Consequently, both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock
Exchange (VFEX) traded negatively, losing 0.20% and 0.14%, respectively, to close the week under review
at 249.10 points and 169.17 points.
The total value of transactions processed through the National Payment Systems platforms increased by
14.54% from ZiG48.10 billion reported in the previous week to ZiG55.09 billion. The volume of transactions
processed decreased by 4.52% from 17.66 million to 16.86 million during the same week. The largest share
of transactional values was processed through the Real-Time Gross Settlement (RTGS) system, accounting
for 84.54%, while mobile money accounted for 84.25% of the transaction volume.
The Zimbabwe Gold Currency (ZiG) appreciated by 0.02% against the US dollar on the interbank market to
ZiG26.11 per US$1 from an average of ZiG26.12 per US$1 recorded in the previous week.
Weekly average international commodity prices for gold, platinum, palladium and lithium firmed, while prices
for nickel and brent crude oil retreated during the week ending 19th December 2025. Nickel prices declined on
account of reduced demand resulting from slowing Chinese industrial activity. Brent crude oil prices decline
is attributable to the anticipated impact of US led diplomatic efforts for a ceasefire between Russia and Ukraine
boosting investor expectations of future oil supply increases.
The increase in gold prices was underpinned by the safe-haven demand appeal status for the yellow metal that
is expected to remain strong amid geopolitical tensions, most recently between the US and Venezuela.
Platinum prices rose on account of persistent supply deficits and increased demand from Chinese investors.
Palladium prices rose supported by a general surge in the prices of PGMs which has been driven by
macroeconomic sentiments. Lithium prices rose underpinned by China’s energy storage boom, which
increased demand expectations.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
28 Nov 2025
05 Dec 2025
12 Dec 2025
19 Dec 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
28 Nov 2025
05 Dec 2025
12 Dec 2025
19 Dec 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
28 Nov 2025
05 Dec 2025
12 Dec 2025
19 Dec 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial bank weighted lending rates (Foreign Currency (US$) (%)
US$ Lending rates
28 Nov 2025
05 Dec 2025
12 Dec 2025
19 Dec 2025
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
19 Dec 2025
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)
28-Nov-25

05-Dec 25

12-Dec 25

19-Dec 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)
28-Nov-25

05-Dec 25

12-Dec 25

19-Dec 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


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
28-Nov-25
05-Dec-25
12-Dec-25
19-Dec-25
ZiG Thousands
ZSE Market Turnover

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
28-Nov-25
05-Dec-25
12-Dec-25
19-Dec-25
ZiG Billion
ZSE Market Capitalisation


2.1
2.2
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
28-Nov-25
05-Dec-25
12-Dec-25
19-Dec-25
US$ Billion
VFEX Market Capitalisation

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
28-Nov-25
05-Dec-25
12-Dec-25
19-Dec-25
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

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
28-Nov-25
05-Dec-25
12-Dec-25
19-Dec-25
Index
VFEX All Share Index

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
28-Nov-25
05-Dec-25
12-Dec-25
19-Dec-25
US$ Thousand
VFEX Market Turnover

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

4. ENERGY PRICES

Energy Prices

28-Nov 2025
05-Dec 2025
12-Dec 2025
19-Dec 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

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
15-Dec-25

16-Dec-25

17-Dec-25

18-Dec-25

19-Dec-25

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


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

VALUES

RTGS
38,672,714,755.70
46,571,626,755.49
20.43
Of which ZiG
13,246,633,719.48
15,407,606,146.25
16.31
Of which US$ transactions
(ZiG Equivalent)
25,426,081,036.22

31,164,020,609.24

22.57
POS
2,225,643,561.40
1,869,505,007.85
(16.00)
ATM
2,009,185,863.11
1,833,615,198.97
(8.74)
MOBILE BANKING
309,548,905.27
340,930,044.74
10.14
MOBILE MONEY
4,573,278,401.05
4,195,611,848.81
(8.26)
ZIPIT MOBILE
305,250,573.70
275,173,449.94
(9.85)
TOTAL
48,095,622,060.23
55,086,462,305.81
14.54

VOLUMES

RTGS
191,047
320,480
67.75
Of which ZiG
64,090
104,393
62.89
Of which US$
126,957
216,087
70.20
POS
1,854,710
1,554,101
(16.21)
ATM
220,372
204,193
(7.34)
MOBILE BANKING
312,808
332,226
6.21
MOBILE MONEY
14,775,800
14,202,948
(3.88)
ZIPIT MOBILE
301,023
244,308
(18.84)
TOTAL
17,655,760
16,858,256
(4.52)

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

15-Dec

16-Dec

17-Dec

18-Dec

19-Dec

Weekly Average
(15 Dec – 19 Dec)

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
(08 Dec – 12 Dec)

15-Dec

16-Dec

17-Dec

18-Dec

19-Dec

Weekly Average
(15 Dec – 19 Dec)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Average Weekly International Commodity Price Developments (12th September 2025– 19th December 2025)


Source: BBC, KITCO and Bloomberg, 2025

RESERVE BANK OF ZIMBABWE
DECEMBER 2025

12-Sep
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
US$/oz
Gold

12-Sep
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
US$/oz
Crude Oil

12-Sep
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
US$/oz
Platinum

12-Sep
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
US$/oz
Palladium

12-Sep
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
US$/oz
Nickel

12-Sep
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
US$/oz
Lithium