Vol. 27 No. 21


Week Ending
23rd May 2025
Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW

This report provides a snapshot of the developments in the domestic monetary and financial sectors during the
week ending 23 May 2025. It features updates on the domestic money and capital markets, national payment
systems, exchange rates, and international commodity prices.
During the week under review, the savings and deposit rates for both local and foreign currencies across all
tenors remained unchanged.
Local currency lending rates decreased, while foreign currency lending rates increased, for both individuals
and corporates, compared to the previous week.
The Zimbabwe Stock Exchange (ZSE) traded on a bullish trajectory, while bearish sentiments persisted on
the Victoria Falls Stock Exchange (VFEX). As such, the ZSE All Share index added 0.83% while the VFEX
All Share index lost 0.77% to close at 194.56 points and 109.74 points, respectively.
The value of the aggregate transactions processed through the National Payment Systems platforms decreased
by 10.17% from the previous week to ZiG39.85 billion. This decline was underpinned by reduced processing
through major platforms such as RTGS and mobile money.
In the interbank market, the Zimbabwe Gold (ZiG) depreciated by 0.09% against the US dollar, from an
average rate of ZiG26.86 per US$1 recorded in the previous week, to ZiG26.88 per US$1 during the week
ending 23rd May 2025.
International weekly average prices for gold, platinum and palladium firmed, while those for nickel, crude oil
and lithium declined. The increase in gold price followed Moody’s downgrade of the sovereign U.S. credit
rating from Aaa to Aa1 on account of sharply rising sovereign debt, which spurred demand for safe-haven
assets. Platinum prices were largely driven by tightening supply and rising demand. Palladium prices rose
amid strong demand, particularly due to the mineral’s essential role in catalytic converters, and the ongoing
supply constraints. The decline in lithium price was mainly driven by weaker demand amid excess supply on
the market. Crude oil prices declined following reports that OPEC+ was considering a production increase in
July, raising concerns about a potential oversupply.
As at the 55th day of the 2025 tobacco marketing season, a total of 224.44 million kilograms were sold, a
31.66% increase compared to 170.47 million kilograms sold during the same period in 2024. In terms of value,
sales rose by 27.02% from US$596.50 million in the previous year to US$757.66 million in the current
reporting period. The period under review also saw a 3.43% decline in the price of the golden leaf, from
US$3.50 per kg in the comparable period in 2024 to US$3.38 per kg. The growth in both volume and value
was largely driven by increased deliveries from major commercial producers.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
02 May 2025
09 May 2025
16 May 2025
23 May 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
02 May 2025
09 May 2025
16 May 2025
23 May 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
02 May 2025
09 May 2025
16 May 2025
23 May 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial bank weighted lending rates (Foreign Currency (US$) (%)
US$ Lending rates
02 May 2025
09 May 2025
16 May 2025
23 May 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending rates
02 May 2025
09 May 2025
16 May 2025
23 May 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)
02-May-25

09-May-25

16-May-25

23-May-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)
02-May-25

09-May-25

16-May-25

23-May-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

24-Jan-25
31-Jan-25
07-Feb-25
14-Feb-25
21-Feb-25
28-Feb-25
07-Mar-25
14-Mar-25
21-Mar-25
28-Mar-25
04-Apr-25
11-Apr-25
18-Apr-25
25-Apr-25
02-May-25
09-May-25
16-May-25
23-May-25
ZiG Billion
ZSE Market Capitalisation


24-Jan-25
31-Jan-25
07-Feb-25
14-Feb-25
21-Feb-25
28-Feb-25
07-Mar-25
14-Mar-25
21-Mar-25
28-Mar-25
04-Apr-25
11-Apr-25
18-Apr-25
25-Apr-25
02-May-25
09-May-25
16-May-25
23-May-25
US$ Thousand
VFEX Market Turnover
Trade
deal:
First
Capital Bank Limited
(1,134.27
million
shares
sold
at
(US$0.04
cents
per
share)

24-Jan-25
31-Jan-25
07-Feb-25
14-Feb-25
21-Feb-25
28-Feb-25
07-Mar-25
14-Mar-25
21-Mar-25
28-Mar-25
04-Apr-25
11-Apr-25
18-Apr-25
25-Apr-25
02-May-25
09-May-25
16-May-25
23-May-25
US$ Billion
VFEX Market Capitalisation

24-Jan-25
31-Jan-25
07-Feb-25
14-Feb-25
21-Feb-25
28-Feb-25
07-Mar-25
14-Mar-25
21-Mar-25
28-Mar-25
04-Apr-25
11-Apr-25
18-Apr-25
25-Apr-25
02-May-25
09-May-25
16-May-25
23-May-25
Index
VFEX All Share Index


24-Jan-25
31-Jan-25
07-Feb-25
14-Feb-25
21-Feb-25
28-Feb-25
07-Mar-25
14-Mar-25
21-Mar-25
28-Mar-25
04-Apr-25
11-Apr-25
18-Apr-25
25-Apr-25
02-May-25
09-May-25
16-May-25
23-May-25
ZiG Thousands
ZSE Market Turnover
Lump-sum deals:
Econet Wireless
Zimbabwe Limited,
OK Zimbabwe
Limited, Delta
Corporation Limited

24-Jan-25
31-Jan-25
07-Feb-25
14-Feb-25
21-Feb-25
28-Feb-25
07-Mar-25
14-Mar-25
21-Mar-25
28-Mar-25
04-Apr-25
11-Apr-25
18-Apr-25
25-Apr-25
02-May-25
09-May-25
16-May-25
23-May-25
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

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

5. ENERGY PRICES

Energy Prices

02 May 2025
09 May 2025
16 May 2025
23 May 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-May-25

21-May-25

22-May-25

23-May-25

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


PAYMENT STREAM
WEEK ENDING
16 May 2025
WEEK ENDING
23 May 2025
WEEKLY
CHANGE (%)

VALUES

RTGS
35,797,711,924.41
29,866,432,161.46
(16.57)
Of which ZiG
14,515,455,010.79
10,383,569,743.58
(28.47)
Of which US$ transactions
(ZiG Equivalent)
21,282,256,913,62

19,482,862,417.88
(8.45)
POS
2,534,936,058.17
3,450,727,012.36
36.13
ATM
1,679,439,390.06
2,063,718,654.42
22.88
MOBILE BANKING
79,525,237.60
155,237,254.91
95.21
MOBILE MONEY
4,039,561,783.68
3,951,943,972.77
(2.17)
ZIPIT MOBILE
229,358,817.26
361,623,686.31
57.67
TOTAL
44,360,533,211.18
39,849,682,742.24
(10.17)

VOLUMES

RTGS
188,338
246,076
30.66
Of which ZiG
78,350
101,360
29.37
Of which US$
109,988
144,716
31.57
POS
1,813,240
2,433,288
34.20
ATM
185,290
280,671
51.48
MOBILE BANKING
157,028
293,297
86.78
MOBILE MONEY
11,195,387
11,786,162
5.28
ZIPIT MOBILE
216,171
340,448
57.49
TOTAL
13,755,454
15,379,942
11.81

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
20-May -25
21-May-25
22-May -25
23-May -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
(12 – 16 May)

19-May

20-May

21-May

22-May

23-May

Weekly Average
(20 – 23 May)

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
(12 – 16 May)

19-May

20-May

21-May

22-May

23-May

Weekly Average
(20-– 23 May)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (7th March 2025– 23rd May 2025)


Source: BBC, KITCO and Bloomberg, 2025


7-Mar
14-Mar
21-Mar
28-Mar
4-Apr
11-Apr
18-Apr
25-Apr
2-May
9-May
16-May
23-May
US$/oz
Gold

7-Mar
14-Mar
21-Mar
28-Mar
4-Apr
11-Apr
18-Apr
25-Apr
2-May
9-May
16-May
23-May
US$/barrel
Crude oil


7-Mar
14-Mar
21-Mar
28-Mar
4-Apr
11-Apr
18-Apr
25-Apr
2-May
9-May
16-May
23-May
US$/tonne
Platinum

7-Mar
14-Mar
21-Mar
28-Mar
4-Apr
11-Apr
18-Apr
25-Apr
2-May
9-May
16-May
23-May
US$/tonne
Nickel

7-Mar
14-Mar
21-Mar
28-Mar
4-Apr
11-Apr
18-Apr
25-Apr
2-May
9-May
16-May
23-May
US$/tonne
Lithium

1,000
1,010
7-Mar
14-Mar
21-Mar
28-Mar
4-Apr
11-Apr
18-Apr
25-Apr
2-May
9-May
16-May
23-May
US$/tonne
Palladium

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales: Day 55 (23rd May 2025)

Variance (%)
Cumulative Quantity Sold (Kgs)
170,471,623
224,438,366
31.66
Average Price (US$/kg)
3.50
3.38
(3.43)
Cumulative value (US$)
596,501,790
757,660,137
27.02
Source: Tobacco Industry and Marketing Board (TIMB), 2025


RESERVE BANK OF ZIMBABWE
MAY 2025