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Vol. 27 No. 7


Week Ending
14th February 2025
Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW


This report provides a synopsis of the monetary and financial developments for the week ending 14th February
2025. It encompasses updates on domestic money and capital markets, national payment systems, international
commodity prices and exchange rates.
During the week under review, local currency savings deposit rates decreased, compared to the previous week
levels. Deposit rates of 1 month and 3 months tenors increased. Similarly, local currency minimum deposit
rates of 6 months, 12 months and over 1 year tenors increased, while the maximums remained unchanged.
During the same week, foreign currency deposit rates increased, except for minimum deposit rates for savings
and 1 month tenor, which remained the same compared to the previous week.
Local currency lending rates for both individual and corporate clients increased, during the week ending 14th
February 2025, reflecting the current tight monetary policy stance pursued by the Reserve Bank. Foreign
currency lending rates for both individual and corporate clients also increased, except for maximum lending
rates for corporate clients, which declined.

The Zimbabwe Stock Exchange (ZSE) exhibited bearish trends, resulting in ZSE All Share Index losing 1.31%
to close at 189.38 points, during the week under review. In contrast, the Victoria Falls Stock Exchange
(VFEX) exhibited a bullish trend, resulting in the VFEX All Share Index gaining 0.78%, to close at 102.52
points.

The aggregate transactions processed through the National Payment System (NPS) platforms increased by
7.59% to ZiG30.77 billion in value terms, from ZiG28.60 billion recorded in the previous week. The surge in
NPS transactions was driven by increases in values processed through the RTGS payment platform.

The Zimbabwe Gold (ZiG) currency marginally depreciated by 0.10% on the interbank market, from an
average of ZiG26.39 per US$1 in the previous week to ZiG26.42 per US$1, during the week under review.

During the week ending 14th February 2025, weekly average international prices for gold, platinum and crude
oil increased, whilst prices for palladium and nickel retreated. Weekly average prices for lithium remained
unchanged during the same week. Gold prices increased by 2.13%, on account of the United States (US)
administration’s tariffs threats and the Federal Reserve’s monetary policy outlook, which continue to increase
the safe haven status of the metal. Platinum prices rose, underpinned by investors’ fear of disruptions of supply
for the metal.
In response to U.S. administration’s decision to renew trade war on China and threats of tariffs on other
countries, prices for crude oil surged. Palladium prices decreased due to subdued demand for the metal. As
fears of nickel output restrictions by Indonesia proved to be insufficient to offset the prevailing sentiment of
an oversupplied market, prices for the metal decreased.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG)) (%)
ZiG Deposit rates
24 January 2025
31 January 2025
07 February 2025
14 February 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 January 2024
31 January 2025
07 February 2025
14 February 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 January 2024
31 January 2025
07 February 2025
14 February 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 January 2024
31 January 2025
07 February 2025
14 February 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 January 2025
31 January 2025
07 January 2025
14 February 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-Jan-25

31-Jan-25

07-Feb-25

14-Feb-25

Weekly
Change (%)


(1.45)
(58.94)
(74.25)
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-Jan-25

31-Jan-25

07-Feb-25

14-Feb-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-Nov-24
22-Nov-24
29-Nov-24
06-Dec-24
13-Dec-24
20-Dec-24
27-Dec-24
03-Jan-25
10-Jan-25
17-Jan-25
24-Jan-25
31-Jan-25
07-Feb-25
14-Feb-25
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

15-Nov-24
22-Nov-24
29-Nov-24
06-Dec-24
13-Dec-24
20-Dec-24
27-Dec-24
03-Jan-25
10-Jan-25
17-Jan-25
24-Jan-25
31-Jan-25
07-Feb-25
14-Feb-25
ZiG Billion
ZSE Market Capitalisation


15-Nov-24
22-Nov-24
29-Nov-24
06-Dec-24
13-Dec-24
20-Dec-24
27-Dec-24
03-Jan-25
10-Jan-25
17-Jan-25
24-Jan-25
31-Jan-25
07-Feb-25
14-Feb-25
US$ Thousand
VFEX Market Turnover

15-Nov-24
22-Nov-24
29-Nov-24
06-Dec-24
13-Dec-24
20-Dec-24
27-Dec-24
03-Jan-25
10-Jan-25
17-Jan-25
24-Jan-25
31-Jan-25
07-Feb-25
14-Feb-25
US$ Billion
VFEX Market Capitalisation

15-Nov-24
22-Nov-24
29-Nov-24
06-Dec-24
13-Dec-24
20-Dec-24
27-Dec-24
03-Jan-25
10-Jan-25
17-Jan-25
24-Jan-25
31-Jan-25
07-Feb-25
14-Feb-25
Indices
VFEX All Share Index


15-Nov-24
22-Nov-24
29-Nov-24
06-Dec-24
13-Dec-24
20-Dec-24
27-Dec-24
03-Jan-25
10-Jan-25
17-Jan-25
24-Jan-25
31-Jan-25
07-Feb-25
14-Feb-25
ZiG Thousands
ZSE Market Turnover
Lump-sum deals: Econet Wireless
Zimbabwe Limited, OK Zimbabwe
Limited, Delta Corporation Limited
Negotiated
trade
deals
Simbisa Brands Limited
shares,
Innscor
Africa
Limited shares.

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


5. ENERGY PRICES

Energy Prices

24 January
31 January 2025
07 February 2025
14 February 2025
Domestic Energy Prices
US$
US$
US$
US$
Diesel 50/ litre

Petrol Blend E20/ 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-February-25

11-February-25

12-February-25

13-February-25

14-February-25

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


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

VALUES

RTGS
19,991,379,726.79
24,505,758,307.49
22.58
Of which ZiG
6,061,990,995.42
8,368,051,519.82

Of which US$ transactions
(ZiG Equivalent)
13,929,388,731.37
16,137,706,787.67

POS
2,707,523,984.41
1,566,901,528.74
(42.13)
ATM
2,314,320,556.97
1,468,903,972.14
(36.53)
MOBILE BANKING
321,382,932.76
185,824,253.86
(42.18)
MOBILE MONEY
3,067,380,407.40
2,907,608,994.60
(5.21)
ZIPIT MOBILE
194,119,334.91
131,213,971.17
(32.41)
TOTAL
28,596,106,943.25
30,766,211,027.99
7.59

VOLUMES

RTGS
197,076
166,061
(15.74)
Of which ZiG
74,984
75,280

Of which US$
122,092
90,781

POS
2,224,062
1,399,840
(37.06)
ATM
297,497
180,675
(39.27)
MOBILE BANKING
442,401
245,131
(44.59)
MOBILE MONEY
9,721,074
9,829,979
1.12
ZIPIT MOBILE
188,202
132,404
(29.65)
TOTAL
13,070,312
11,954,090
(8.54)

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
10-February -25
11-February-25
12-February-25
13-February-25
14-February-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
(03 Feb -07 Feb)
26.3941
1.4106

32.7471

1.8958
27.2721
10-Feb

11-Feb

12-Feb

13-Feb

14-Feb

Weekly Average
(10 Feb -14 Feb)

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 (03 –
07 Feb)

10-Feb

11-Feb

12-Feb

13-Feb

14-Feb

Weekly Average (10 –
14 Feb)


Weekly Change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (17th January 2025– 14h February 2025)


Source: BBC, KITCO and Bloomberg, 2025

RESERVE BANK OF ZIMBABWE
FEBRUARY 2025

17-Jan
24-Jan
31-Jan
07-Feb
14-Feb
US$/oz
Gold

17-Jan
24-Jan
31-Jan
7-Feb
14-Feb
US$/barrel
Crude oil

1 0 000
1 0 020
17-Jan
24-Jan
31-Jan
7-Feb
14-Feb
US$/tonne
Platinum

17-Jan
24-Jan
31-Jan
7-Feb
14-Feb
US$/tonne
Nickel

17-Jan
24-Jan
31-Jan
7-Feb
14-Feb
US$/tonne
Lithium

1 0 000
1 0 010
1 0 020
17-Jan
24-Jan
31-Jan
7-Feb
14-Feb
US$/tonne
Palladium