Vol. 27 No. 52

Week Ending
26th December 2025

Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW
This publication provides an analysis of key developments in the monetary and financial sectors of the
economy for the week ending 26 December 2025. The report comprises updates on domestic money and
capital markets, national payment systems, exchange rates and global commodity prices.
The deposit rates for both local and foreign currency remained unchanged across all tenors during the week
under review. The local currency lending rates increased for all clients, save for individual maximum rates
which declined from 49.50% to 49.23% between the week under review and the previous week. The foreign
currency minimum lending rates for both clients increased, while the maximum lending rates decreased.
Both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX) recovered from
the previous week’s losses during the week ending 26th December 2025. On this account, both markets added
3.36% and 6.12% to close at 257.47 points and 179.52 points, respectively.
The total value of transactions processed through the National Payment Systems platforms decreased by
26.56% from ZiG55.09 billion reported in the previous week to ZiG40.46 billion during the week under
review. The volume of transactions processed increased by 9.20% from 16.86 million to 18.41 million during
the same period under review. The largest share of transactional values was processed through the Real-Time
Gross Settlement (RTGS) system, accounting for 67.13%, while mobile money accounted for 81.45% of the
transaction volume.
On the interbank market, the Zimbabwe Gold Currency (ZiG) continued to strengthen against the U.S. dollar,
appreciating by 0.28% during the week under analysis, to ZiG26.04 per US$1, from an average of ZiG26.11
per US$1 in the previous week.
The average international prices of all selected commodities increased during the week ending 24 December
2025. Gold prices increased supported by a stronger safe-haven demand toward year-end. Platinum prices
gained due to a softer U.S. dollar and supply tightness, particularly from South Africa, where production
constraints have limited its availability. Palladium prices also increased due to robust industrial and
automotive demand, reflecting its continued use in catalytic converters and resilient vehicle production in
major markets.
Lithium prices increased on the back of stronger demand as global electric vehicle production continued to
expand, especially in China, Europe, and the United States. Nickel prices were buoyed by heightened investor
expectations of a tighter market, following policy signals from Indonesia and announcements related to
potential output cuts. Meanwhile, the rise in Brent crude oil prices was driven by an elevated risk premium
associated with geopolitical tensions and concerns over possible supply disruptions.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
05 Dec 2025
12 Dec 2025
19 Dec 2025
26 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
05 Dec 2025
12 Dec 2025
19 Dec 2025
26 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
05 Dec 2025
12 Dec 2025
19 Dec 2025
26 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
05 Dec 2025
12 Dec 2025
19 Dec 2025
26 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
26 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)
05-Dec 25

12-Dec 25

19-Dec 25

26-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)
05-Dec 25

12-Dec 25

19-Dec 25

26-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


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
26-Dec-25
ZiG Thousands
ZSE Market Turnover

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
26-Dec-25
ZiG Billion
ZSE Market Capitalisation


2.1
2.2
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
26-Dec-25
US$ Billion
VFEX Market Capitalisation

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
26-Dec-25
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

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
26-Dec-25
Index
VFEX All Share Index

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
26-Dec-25
US$ Thousand
VFEX Market Turnover

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

4. ENERGY PRICES

Energy Prices

05-Dec 2025
12-Dec 2025
19-Dec 2025
26-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
23-Dec-25

24-Dec-25

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


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

VALUES

RTGS
46,571,626,755.49
27,159,192,634.40
(41.68)
Of which ZiG
15,407,606,146.25
8,802,498,606.23
(42.87)
Of which US$ transactions
(ZiG Equivalent)
31,164,020,609.24

18,356,694,028.17

(41.10)
POS
1,869,505,007.85
3,979,127,361.86
112.84
ATM
1,833,615,198.97
3,578,062,071.79
95.14
MOBILE BANKING
340,915,761.78
183,911,022.94
(46.05)
MOBILE MONEY
4,195,611,848.81
5,152,723,566.44
22.81
ZIPIT MOBILE
275,173,449.94
402,956,941.91
46.44
TOTAL
55,086,448,022.85
40,455,973,599.34
(26.56)

VOLUMES

RTGS
320,480
157,934
(50.72)
Of which ZiG
104,393
62,736
(39.90)
Of which US$
216,087
95,198
(55.94)
POS
1,554,101
2,327,028
49.73
ATM
204,193
373,507
82.92
MOBILE BANKING
332,197
203,422
(38.76)
MOBILE MONEY
14,202,948
14,993,035
5.56
ZIPIT MOBILE
244,308
353,641
44.75
TOTAL
16,858,227
18,408,567
9.20

Mosi-oa-Tunya Gold Coin Prices
Gold Coin Price
23-Dec-25
24-Dec-25
1.00Oz


US$
4,642.73
4,671.87
ZiG
120,934.82
121,592.89
0.50Oz


US$
2,321.37
2,335.94
ZiG
60,467.41
60,796.45
0.25Oz


US$
1,160.68
1,167.97
ZiG
30,233.71
30,398.22
0.10Oz


US$
464.27
467.19
ZiG
12,093.48
12,159.29
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
(15 Dec – 19 Dec)

23-Dec

24-Dec

Weekly Average
(23 Dec – 24 Dec)

26.0374


1.5593

35.1579

1.8464

30.6877
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
(15 Dec – 19 Dec)

22-Dec

23-Dec

24-Dec

Weekly Average
(22 Dec – 24 Dec)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Average Weekly International Commodity Price Developments (19th September 2025– 26th December 2025)


Source: BBC, KITCO and Bloomberg, 2025

RESERVE BANK OF ZIMBABWE
JANUARY 2026

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
26-Dec
US$/oz
Gold

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
26-Dec
US$/oz
Crude Oil

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
26-Dec
US$/oz
Platinum

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
26-Dec
US$/oz
Palladium

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
26-Dec
US$/oz
Nickel

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
26-Dec
US$/oz
Lithium