Vol. 27 No. 5


Week Ending
31st JANUARY 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 31st January
2025. It includes updates on domestic and international money and capital markets, national payment systems,
international commodity prices and exchange rates.
During the week under review, both foreign and local currency deposit rates remained unchanged, compared
to the previous week’s level.
In the week ending 31st January 2025, local currency lending rates for individual clients marginally increased.
Similarly, the maximum rates for corporate clients increased, while the minimum rates decreased. Foreign
currency lending rates for both individual and corporate clients increased, except for maximum rates for
corporate clients, which decreased.

In the capital markets, both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange
(VFEX) exhibited bearish trends during the week under analysis. As a result, the ZSE and VFEX All share
indices lost 5.07% and 1.64% to close at 195.57 points and 103.04 points, respectively.

The aggregate transactions processed through the National Payment System (NPS) platforms increased by
8.23% to ZiG33.89 billion in value terms, from ZiG31.31 billion recorded in the previous week. The increase
in NPS transactions were on account of increases in values processed through all payment platforms.

On the interbank market, the Zimbabwe Gold (ZiG) currency marginally depreciated by 0.2%, from an average
of ZiG26.29 per US$1 in the previous week, to ZiG26.34 per US$1, during the week under review.

Over the same period, prices for gold, palladium, and platinum increased, while prices for nickel and crude
oil decreased. Gold prices increased by 0.96%, in response to ongoing tariff threats from the US administration
which have heightened demand for safe-haven assets. Similarly, platinum prices increased, reflecting traders'
reactions to the decline of the U.S. dollar. Palladium price increased driven by concerns over potential supply
disruptions and ongoing geopolitical tensions stemming from sanctions on Russia.
The decrease in Brent crude oil prices was underpinned by sluggish demand, resulting from reduced factory
activity in China and persistent concerns about excess supply. Nickel prices decreased, reflecting excess
supply of the metal.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG)) (%)
ZiG Deposit rates
10 January 2025
17 January 2025
24 January 2025
31 January 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
10 January 2024
17 January 2025
24 January 2025
31 January 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
10 January 2024
17 January 2025
24 January 2025
31 January 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial bank weighted lending rates (Foreign Currency (US$)) (%)
US$ Lending rates
10 January 2024
17 January 2025
24 January 2025
31 January 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending rates
10 January 2024
17 January 2025
24 January 2025
31 January 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)
10-Jan-25

17-Jan-25

24-Jan-25

31-Jan-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)
10-Jan-25

17-Jan-25

24-Jan-25

31-Jan-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

01-Nov-24
08-Nov-24
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
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

01-Nov-24
08-Nov-24
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
ZiG Billion
ZSE Market Capitalisation


01-Nov-24
08-Nov-24
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
US$ Thousand
VFEX Market Turnover

01-Nov-24
08-Nov-24
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
US$ Billion
VFEX Market Capitalisation

01-Nov-24
08-Nov-24
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
Indices
VFEX All Share Index


01-Nov-24
08-Nov-24
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
ZiG Thousands
ZSE Market Turnover
Negotiated
trade
deals
Simbisa Brands Limited
shares,
Innscor
Africa
Li i d h

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


5. ENERGY PRICES

Energy Prices

10 January
17 January 2025
24 January 2025
31 January 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
27-January-25

28-January-25

29-January-25

30-January-25

31-January-25

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


PAYMENT STREAM
WEEK ENDING
24 January 2025
WEEK ENDING
31 January 2025
WEEKLY
CHANGE (%)

VALUES

RTGS
25,089,785,960.95
26,134,359,847.83
4.16
Of which ZiG
9,161,829,756.68
8,063,087,713.26

Of which US$ transactions
(ZiG Equivalent)
15,927,956,204.27
18,071,272,134.57

POS
2,041,155,708.90
2,552,939,846.01
25.07
ATM
1,403,860,545.34
2,114,980,202.64
50.65
MOBILE BANKING
246,078,498.60
320,066,986.22
30.07
MOBILE MONEY
2,388,027,814.28
2,593,832,405.04
8.62
ZIPIT MOBILE
142,923,383.27
173,451,954.33
21.36
TOTAL
31,311,831,911.35
33,889,631,242.07
8.23

VOLUMES

RTGS
203,561
285,676
40.34
Of which ZiG
89,767
128,662

Of which US$
113,794
157,014

POS
1,647,795
2,023,967
22.83
ATM
198,929
273,944
37.71
MOBILE BANKING
306,546
415,472
35.53
MOBILE MONEY
8,783,544
8,966,043
2.08
ZIPIT MOBILE
226,301
173,680
(23.25)
TOTAL
11,366,676
12,138,782
6.79

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
27-January-25
28-January-25
29-January-25
30-January-25
31-January-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
(20 Jan-24 Jan)

27-Jan

28-Jan

29-Jan

30-Jan

31-Jan

Weekly Average
(27 Jan -31 Jan)

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 (20
Jan - 24 Jan)

27-Jan

28-Jan

29-Jan

30-Jan

31-Jan

Weekly Average (27
Jan – 31 Jan)

Weekly Change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (3rd January 2025– 31st January 2025)


Source: BBC, KITCO and Bloomberg, 2025

RESERVE BANK OF ZIMBABWE
FEBRUARY 2025

03-Jan
10-Jan
17-Jan
24-Jan
31-Jan
US$/oz
Gold

3-Jan
10-Jan
17-Jan
24-Jan
31-Jan
US$/barrel
Crude oil

1 0 000
3-Jan
10-Jan
17-Jan
24-Jan
31-Jan
US$/tonne
Platinum

3-Jan
10-Jan
17-Jan
24-Jan
31-Jan
US$/tonne
Nickel

3-Jan
10-Jan
17-Jan
24-Jan
31-Jan
US$/tonne
Lithium

1 0 000
1 0 010
1 0 020
3-Jan
10-Jan
17-Jan
24-Jan
31-Jan
US$/tonne
Palladium