Vol. 27 No. 4


Week Ending
24th 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 24th January
2025. It encompasses 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 24th January 2025, both the local currency minimum and maximum lending rates for
individual clients marginally increased. For corporate clients, the minimum rates remained the same, while
the maximum lending rates increased. Foreign currency lending rates for both individual and corporate clients
increased, except for maximum rates for corporate clients, which declined.

In the capital markets, the Zimbabwe Stock Exchange (ZSE) was bearish during the week under analysis,
resulting in a 0.92% decline of the ZSE All Share Index, which closed at 206.01 points. The Victoria Falls
Stock Exchange (VFEX), however, showed bullish trends during the same period, with the VFEX All Share
Index increasing by 0.83% to close at 104.76 points.

The aggregate transactions processed through the National Payment System (NPS) platforms increased by
6.28% to ZiG31.31 billion in value terms, from ZiG29.46 billion recorded in the previous week. The increase
in NPS transactions was underpinned by increases in values processed through Real Time Gross Settlement
and mobile banking and zipit mobile payment platforms.

On the exchange rate front, the Zimbabwe Gold (ZiG) currency marginally depreciated by 0.4% on the
interbank market, from an average exchange rate of ZiG26.17 per US$1 in the previous week to ZiG26.29 per
US$1, during the week under review

The weekly average international commodity prices for gold and palladium increased, while average prices
for platinum, nickel and crude oil decreased, during the week under review. Gold prices increased, in response
to investors’ anticipation for lower interest rates. Similarly, palladium prices rose, influenced by geopolitical
tensions and trade policies between Russia and the new US administration, which impacted market dynamics.
Subdued demand for platinum in the industrial applications led to a decline in platinum prices. The decrease
in nickel prices is attributed to Chinese battery producers increasingly adopting new technologies that reduce
their reliance on nickel. Brent crude oil prices retreated during the week under review, as markets react to
shifting trade policies by the new US administration as it announced plans to urge Saudi Arabia and OPEC+
to review oil prices.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG)) (%)
ZiG Deposit rates
3 January 2025
10 January 2025
17 January 2025
24 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
3 January 2024
10 January 2025
17 January 2025
24 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
03 January 2024
10 January 2025
17 January 2025
24 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
3 January 2024
10 January 2025
17 January 2025
24 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
3 January 2024
10 January 2025
17 January 2025
24 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)
3-Jan-24

10-Jan-25

17-Jan-25

24-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)
3-Jan-24

10-Jan-25

17-Jan-25

24-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

25-Oct-24
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
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

25-Oct-24
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
ZiG Billion
ZSE Market Capitalisation


25-Oct-24
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
US$ Thousand
VFEX Market Turnover

25-Oct-24
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
US$ Billion
VFEX Market Capitalisation

25-Oct-24
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
Indices
VFEX All Share Index


25-Oct-24
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
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

03 January
10 January 2025
17 January 2025
24 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
20-January-25

21-January-25

22-January-25

23-January-25

24-January-25

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


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

VALUES

RTGS
24,073,286,229.77
25,089,785,960.95
4.22
Of which ZiG
7,860,558,576.89
9,161,829,756.68

Of which US$ transactions
(ZiG Equivalent)
16,212,727,652.88
15,927,956,204.27

POS
1,550,943,195.01
2,041,155,708.90
31.61
ATM
1,157,328,887.38
1,403,860,545.34
21.30
MOBILE BANKING
157,966,869.65
246,078,498.60
55.78
MOBILE MONEY
2,415,164,496.23
2,388,027,814.28
(1.12)
ZIPIT MOBILE
105,818,515.82
142,923,383.27
35.06
TOTAL
29,460,508,193.88
31,311,831,911.35
6.28

VOLUMES

RTGS
154,147
203,561
32.06
Of which ZiG
62,536
89,767

Of which US$
91,611
113,794

POS
1,464,186
1,647,795
12.54
ATM
139,795
198,929
42.30
MOBILE BANKING
233,676
306,546
31.18
MOBILE MONEY
8,694,089
8,783,544
1.03
ZIPIT MOBILE
144,205
226,301
56.93
TOTAL
10,830,098
11,366,676
4.95

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
20-January-25
21-January-25
22-January-25
23-January-25
24-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
(13– 17Jan)

20-Jan

21-Jan

22-Jan

23-Jan

24-Jan

Weekly Average
(20– 24Jan)

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
(13- 17 Jan)

20-Jan

21-Jan

22-Jan

23-Jan

24-Jan

Weekly Average
(20- 24 Jan)

Weekly Change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (3rd January 2025– 24th January 2025)


Source: BBC, KITCO and Bloomberg, 2025

RESERVE BANK OF ZIMBABWE
JANUARY 2025

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

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

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

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

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

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