Vol. 27 No. 46

Week Ending
14th November 2025

Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW
This report summarises major developments in the monetary and financial sectors of the economy during the
week ending 14th November 2025. It includes updates on domestic money and capital markets, national
payment systems, exchange rates and global commodity prices.
During the week under review, local currency deposit rates remained unchanged across all tenors, except for
savings rates which decreased. The foreign currency deposits rates also remained unchanged, except for
savings rates, which increased, and minimum deposits on 1- month tenure, which declined.
Meanwhile, local currency minimum lending rates decreased for both individual and corporate clients whilst
the local currency maximum lending rates increased for corporate clients. The foreign currency lending rates
remained unchanged for corporate clients during the period under review. For individual clients, the minimum
lending rates increased whilst the maximum rates declined.
During the week ending 14th November 2025, the Zimbabwe Stock Exchange (ZSE) recovered from the
previous week’s loss, adding 1.77% to close at 215.39 points. The Victoria Falls Stock Exchange (VFEX),
however, traded negatively, losing 3.74% to close at 157.06 points in the same period.
The total value of transactions processed through the National Payment Systems platforms decreased by
15.29%, from ZiG35.94 billion in the previous week to ZiG30.45 billion. The volume of transactions
processed also decreased by 7.09%, from 17.18 million to 15.96 million during the same period.
The Zimbabwe Gold Currency (ZiG) appreciated by 0.06% to ZiG26.37 per US$1 during the week under
analysis, from an average of ZiG26.38 per US$1 in the prior week.
Average international commodity prices for gold, platinum, palladium and lithium increased during the week
ending 14th November 2025. Average weekly prices for nickel and Brent crude oil, however, declined during
the same period. Average gold weekly prices strengthened as the US Federal Government shutdown increased
uncertainty around the policy response of the Federal Reserve, thereby strengthening the demand for gold.
Platinum prices benefited from jewellery fabricators shifting from gold, as well as from strong demand in
China. Lithium prices increased amid tightening supply conditions in China. The palladium prices were driven
by limited output from key producers, notably Russia and South Africa.
During the week under review, nickel prices declined due to oversupply of the commodity particularly from
Indonesia, coupled with weak demand from the stainless steel and electric vehicle (EV) battery sectors,
particularly in Europe and the U.S.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
24 Oct 2025
31 Oct 2025
07 Nov 2025
14 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
24 Oct 2025
31 Oct 2025
07 Nov 2025
14 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
24 Oct 2025
31 Oct 2025
07 Nov 2025
14 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
24 Oct 2025
31 Oct 2025
07 Nov 2025
14 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
24 Oct 2025
31 Oct 2025
07 Nov 2025
14 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)
24-Oct-25

31-Oct-25

07-Nov-25

14-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)
24-Oct-25

31-Oct-25

07-Nov-25

14-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


08-Aug-25
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
ZiG Thousands
ZSE Market Turnover

08-Aug-25
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
ZiG Billion
ZSE Market Capitalisation


08-Aug-25
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
US$ Billion
VFEX Market Capitalisation

08-Aug-25
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
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

08-Aug-25
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
Index
VFEX All Share Index

08-Aug-25
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
US$ Thousand
VFEX Market Turnover

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

5. ENERGY PRICES

Energy Prices

24-Oct 2025
31-Oct 2025
07-Nov 2025
14-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
10-Nov-25

11-Nov-25

12-Nov-25

13-Nov-25

14-Nov-25

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


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

VALUES

RTGS
26,087,949,425.88
22,996,771,366.32
(11.85)
Of which ZiG
8,726,473,073.44
13,219,719,993.79
51.49
Of which US$ transactions
(ZiG Equivalent)
17,361,476,352.44
9,777,051,372.53
(43.69)
POS
2,486,247,879.83
1,580,944,782.35
(36.41)
ATM
2,271,570,049.70
1,174,309,238.69
(48.30)
MOBILE BANKING
268,668,195.23
372,370,582.58
38.60
MOBILE MONEY
4,462,350,125.72
4,089,494,947.02
(8.36)
ZIPIT MOBILE
365,422,520.79
232,313,322.99
(36.43)
TOTAL
35,942,208,197.14
30,446,204,239.95
(15.29)

VOLUMES

RTGS
175,659
120,181
(31.58)
Of which ZiG
64,850
45,015
(30.59)
Of which US$
110,809
75,166
(32.17)
POS
2,154,968
1,347,563
(37.47)
ATM
269,100
134,065
(50.18)
MOBILE BANKING
307,251
426,701
38.88
MOBILE MONEY
13,908,612
13,686,886
(1.59)
ZIPIT MOBILE
367,043
249,578
(32.00)
TOTAL
17,182,633
15,964,974
(7.09)

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
10-Nov-25
11-Nov-25
12-Nov-25
13-Nov-25
14-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
(3 Nov – 7 Nov)

26.3813

1.5168

34.5478

1.8628

30.3836
10-Nov

11-Nov

12-Nov

13-Nov

14-Nov

Weekly Average
(7 Nov – 14 Nov)

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
(3 Nov – 7 Nov)

10-Nov

11-Nov

12-Nov

13-Nov

14-Nov

Weekly Average
(7 Nov – 14 Nov)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Average Weekly International Commodity Price Developments (08th August 2025– 14th November 2025)


Source: BBC, KITCO and Bloomberg, 2025

RESERVE BANK OF ZIMBABWE
NOVEMBER 2025

8-Aug
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
US$/oz
Gold

8-Aug
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
US$/oz
Crude Oil

8-Aug
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
US$/oz
Platinum

8-Aug
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
US$/oz
Palladium

8-Aug
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
US$/oz
Nickel

8-Aug
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
US$/oz
Lithium