Vol. 27 No. 30


Week Ending
25th July 2025
Weekly Economic
Highlights
TABLE OF CONTENTS


GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND
7.
8.

1. OVERVIEW
This report outlines key developments in the domestic monetary and financial sectors of the economy for the
week ending 25 July 2025. It includes updates on the money and capital markets, national payment systems,
exchange rates, international commodity prices and tobacco market developments.
During the week ending 25th July 2025, local currency savings and deposit rates declined across all tenors,
except for 3-month minimum rates, which increased, and 1-month minimum rates, which remained
unchanged. Similarly, foreign currency savings and deposit rates decreased across all tenors during the week
under review, except for 1-month minimum and maximum rates, which increased; 3-month minimum and
maximum rates, which increased and decreased respectively; and 6-month maximum rates, which remained
unchanged. Meanwhile, local currency lending rates rose for both individual and corporate clients. In contrast,
foreign currency lending rates generally declined, apart from individual maximum rates which registered an
increase during the reporting week.
The Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX) showed bullish
sentiments. Consequently, the All-Share indices gained by 1.31% and 5.08% to close at 200.70 points and
116.13 points, respectively. The ZSE market turnover volume and value of shares traded decreased by 64.78%
and 43.12% respectively, reversing the previous week trend of a surge in both metrics.
During the week ending 25th July 2025, the total value of transactions processed through the National Payment
Systems platforms declined by 6.99% to ZiG40.76 billion from ZiG43.83 billion recorded in the previous
week. The decrease can be primarily attributable to the decline in the transaction value of RTGS and mobile
money systems.
The average Zimbabwe Gold (ZiG) exchange rate appreciated by 0.08% against the US dollar on the interbank
market strengthening to ZiG26.79 per US$1 from ZiG26.81 per US$1 in the prior week.
The average prices for all the selected international commodities increased over the week. Nickel prices
increased due to the heightened market expectations of upcoming Indonesian policy changes that may limit
future supply. Gold prices increased on account of escalating trade tensions and geopolitical conflicts, boosting
demand for safe haven assets. Lithium prices rebounded as optimism grew over Chinese supply-side reforms
aimed at addressing industrial overcapacity. The increase in platinum prices was driven by a worsening
structural supply deficit, fuelled primarily by the sharp decline in production, particularly in South Africa, and
constrained recycling efforts. Similarly, palladium prices surged due to depreciation in the U.S. dollar.
As of the 99th day of the 2025 tobacco selling season, a total of 350.01 million kilograms were sold,
representing a 52.51% surge from 229.56 million kilograms sold during the same period in 2024. Sales value
rose by 47.84% to US$1.16 billion during the period under review, from US$0.79 billion recorded during the
same period in 2024. The average price of the golden leaf was US$3.33 per kg, compared to US$3.43 per kg
realised in the same period in 2024.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
04 July 2025
11 July 2025
18 July 2025
25 July 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
04 July 2025
11 July 2025
18 July 2025
25 July 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
04 July 2025
11 July 2025
18 July 2025
25 July 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial bank weighted lending rates (Foreign Currency (US$) (%)
US$ Lending rates
04 July 2025
11 July 2025
18 July 2025
25 July 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending rates
04 July 2025
11 July 2025
18 July 2025
25 July 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)
04-July-25

11-July-25

18-July-25

25-Luly-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)
04-July-25

11-July-25

18-July-25

25-July-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

25-Apr-25
02-May-25
09-May-25
16-May-25
23-May-25
30-May-25
06-Jun-25
13-Jun-25
20-Jun-25
27-Jun-25
04-Jul-25
11-Jul-25
18-Jul-25
25-Jul-25
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

25-Apr-25
02-May-25
09-May-25
16-May-25
23-May-25
30-May-25
06-Jun-25
13-Jun-25
20-Jun-25
27-Jun-25
04-Jul-25
11-Jul-25
18-Jul-25
25-Jul-25
Index
VFEX All Share Index

25-Apr-25
02-May-25
09-May-25
16-May-25
23-May-25
30-May-25
06-Jun-25
13-Jun-25
20-Jun-25
27-Jun-25
04-Jul-25
11-Jul-25
18-Jul-25
25-Jul-25
US$ Thousand
VFEX Market Turnover

25-Apr-25
02-May-25
09-May-25
16-May-25
23-May-25
30-May-25
06-Jun-25
13-Jun-25
20-Jun-25
27-Jun-25
04-Jul-25
11-Jul-25
18-Jul-25
25-Jul-25
US$ Billion
VFEX Market Capitalisation

25-Apr-25
02-May-25
09-May-25
16-May-25
23-May-25
30-May-25
06-Jun-25
13-Jun-25
20-Jun-25
27-Jun-25
04-Jul-25
11-Jul-25
18-Jul-25
25-Jul-25
ZiG Billion
ZSE Market Capitalisation


25-Apr-25
02-May-25
09-May-25
16-May-25
23-May-25
30-May-25
06-Jun-25
13-Jun-25
20-Jun-25
27-Jun-25
04-Jul-25
11-Jul-25
18-Jul-25
25-Jul-25
ZiG Thousands
ZSE Market Turnover

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

5. ENERGY PRICES

Energy Prices

04-July 2025
11 July 2025
18 July 2025
25 July 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
21-July-25

22-July-25

23-July-25

24-July-25

25-July-25

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


PAYMENT STREAM
WEEK ENDING
18 July 2025
WEEK ENDING
25 July 2025
WEEKLY
CHANGE (%)

VALUES

RTGS
36,209,498,880.33
31,203,440,471.16
(13.83)
Of which ZiG
13,834,254,957.26
11,858,028,176.67
14.29
Of which US$ transactions
(ZiG Equivalent)
22,375,243.923.07
19,345,412,294.49
(13.54)
POS
2,360,720,143.13
3,705,070,382.59
56.9)
ATM
1,521,377,285.92
1,901,117,974.05
24.96
MOBILE BANKING
178,935,028.00
372,910,547.21
108.41
MOBILE MONEY
3,300,716,125.37
3,141,737,752.56
(4.82)
ZIPIT MOBILE
254,590,405.70
436,961,946.71
71.63
TOTAL
43,825,837,868.46
40,761,239,074.28
(6.99)

VOLUMES

RTGS
169,775
265,445
56.35
Of which ZiG
68,750
112,538
63.69
Of which US$
101,025
152,907
51.36
POS
1,438,715
2,773,946
92.81
ATM
144,760
260,502
79.95
MOBILE BANKING
220,840
418,312
89.42
MOBILE MONEY
11,207,505
11,521,787
2.80
ZIPIT MOBILE
184,701
364,319
97.25
TOTAL
13,366,296
15,604,311
16.74

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
21-July-25
22-July-25
23-July-25
24-July-25
25-July-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
(14 July - 18 July)

21-July

22-July

23-July

24-July

25-July

Weekly Average
(21 July – 25 July)

Appr (-)/Depr (+) (%) of the
ZWG

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
(14 July –18 July)

21-July

22-July

23-July

24-July

25-July

Weekly Average
(21 July – 25 July)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (9th May 2025– 25th July 2025)


Source: BBC, KITCO and Bloomberg, 2025


9-May
16-May
23-May
30-May
6-Jun
13-Jun
20-Jun
27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
Palladium

09-May
16-May
23-May
30-May
06-Jun
13-Jun
20-Jun
27-Jun
04-Jul
11-Jul
18-Jul
25-Jul
US$/oz
Gold

9-May
16-May
23-May
30-May
6-Jun
13-Jun
20-Jun
27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
US$/barrel
Crude oil


9-May
16-May
23-May
30-May
6-Jun
13-Jun
20-Jun
27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
US$/tonne
Platinum

9-May
16-May
23-May
30-May
6-Jun
13-Jun
20-Jun
27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
US$/tonne
Lithium

9-May
16-May
23-May
30-May
6-Jun
13-Jun
20-Jun
27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
US$/tonne
Nickel

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales: Day 99 (25th July 2025)

Variance (%)
Cumulative Quantity Sold (Kgs)
350,094,186
229,555,981
52.51
Average Price (US$/kg)
3.33
3.43
(2.92)
Cumulative value (US$)
1,164,545,554
787,701,917
47.84
Source: Tobacco Industry and Marketing Board (TIMB), 2025


RESERVE BANK OF ZIMBABWE
JULY 2025