`


Vol. 27 No. 6


Week Ending
7th February 2025
Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW


This report provides an account of the monetary and financial developments for the week ending 07th February
2025. It includes updates on domestic, money and capital markets, national payment systems, international
commodity prices and exchange rates.
During the week under review, local currency deposit rates increased, compared to the previous week levels.
Similarly, foreign currency deposit rates increased, except for 3 months tenor maximum rates which remained
unchanged. Maximum rates of deposits for 6 months, 12 months and over one year tenors decreased.
Local currency lending rates for both individual and corporate clients increased, except maximum lending
rates for corporate clients, which decreased during the week ending 7th February 2025. Foreign currency
lending rates for both individual and corporate clients decreased, with the exception of minimum lending rates
for corporate clients, which increased.

On the capital markets, both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange
(VFEX) traded negatively during the week under analysis. As a result, the ZSE and VFEX All share indices
lost 1.88% and 1.27% to close at 191.90 points and 101.73 points, respectively. The resource index decreased,
reflecting a decrease in the share price of Riozim Limited by 14.99% to 195.19 points, compared to 229.61
points recorded in the previous week.

The growth in cumulative ZSE market turnover is attributed to notable lump sum deals where a combined
65.89 million Econet Wireless Zimbabwe Limited shares, 31.43 million OK Zimbabwe Limited shares, 12
million Zimre Holdings shares and 6.81 million Delta Corporation Limited shares, exchanged hands at
averages of ZiG256.88 cents/share, ZiG31.80 cents/ share, ZiG23.76 cents/share and ZiG1 250.07 cents/
share, respectively.

The aggregate transactions processed through the National Payment System (NPS) platforms decreased by
15.62% to ZiG28.60 billion in value terms, from ZiG33.89 billion recorded in the previous week. The decrease
in NPS transactions were on account of decreases in values processed through the RTGS payment platform.

On the interbank market, the Zimbabwe Gold (ZiG) currency depreciated by 0.20%, from an average of
ZiG26.34 per US$1 in the previous week to ZiG26.39 per US$1, during the week under review.

During the week ending 7th February 2025, weekly average prices for gold, platinum, palladium, nickel and
lithium rose, whilst price for crude oil dropped. Gold prices increased by 2.79%, on account of the United
States (US) administration’s aggressive trade policies which continue to shape investor sentiment towards the
metal. Prospects of easing of excess supply for lithium in 2025 due to production cuts and shifting demand
patterns underpinned the increase in the price of the metal.
Palladium prices registered a 2.29% increase, supported by the rising demand for precious metals in light of
anticipated interest rate cuts by major Central Banks. The increase in nickel prices was driven by the reduction
in Indonesian nickel ore mining quotas for 2025 and 2026, with a view to stabilise the market. Brent crude
prices decreased, partly due to new U.S. trade policies, such as tariffs, that have induced uncertainties in
international trade, particularly with China.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG)) (%)
ZiG Deposit rates
17January 2025
24 January 2025
31 January 2025
07 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
17 January 2024
24 January 2025
31 January 2025
07 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
17 January 2024
24 January 2025
31 January 2025
07 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
17 January 2024
24 January 2025
31 January 2025
07 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
17 January 2025
24 January 2025
31 January 2025
07 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)
17-Jan-25

24-Jan-25

31-Jan-25

07-Feb-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)
17-Jan-25

24-Jan-25

31-Jan-25

07-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

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
07-Feb-25
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

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
07-Feb-25
ZiG Billion
ZSE Market Capitalisation


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
07-Feb-25
US$ Thousand
VFEX Market Turnover

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
07-Feb-25
US$ Billion
VFEX Market Capitalisation

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
07-Feb-25
Indices
VFEX All Share Index


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
07-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
Li i d h

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


5. ENERGY PRICES

Energy Prices

17 January
24 January 2025
31 January 2025
07 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
03-February- 25

04-February-25

05-February-25

06-February-25

07-February-25

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


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

VALUES

RTGS
26,134,359,847.83
19,991,379,726.79
(23.51)
Of which ZiG
8,063,087,713.26
6,061,990,995.42

Of which US$ transactions
(ZiG Equivalent)
18,071,272,134.57
13,929,388,731.37

POS
2,552,939,846.01
2,707,523,984.41
6.06
ATM
2,114,980,202.64
2,314,320,556.97
9.43
MOBILE BANKING
320,066,986.22
321,382,932.76
0.41
MOBILE MONEY
2,593,832,405.04
3,067,380,407.40
18.26
ZIPIT MOBILE
173,451,954.33
194,119,334.91
11.92
TOTAL
33,889,631,242.07
28,596,106,943.25
(15.62)

VOLUMES

RTGS
285,676
197,076
(31.01)
Of which ZiG
128,662
74,984

Of which US$
157,014
122,092

POS
2,023,967
2,224,062
9.89
ATM
273,944
297,497
8.60
MOBILE BANKING
415,472
442,401
6.48
MOBILE MONEY
8,966,043
9,721,074
8.42
ZIPIT MOBILE
173,680
188,202
8.36
TOTAL
12,138,782
13,070,312
7.67

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
03-February -25
04-February-25
05-February-25
06-February-25
07-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
(27 Jan -31 Jan)

03-Feb

04-Feb

05-Feb

06-Feb

07-Feb

Weekly Average
(03 Feb -07 Feb)
26.3941
1.4106

32.7471

1.8958
27.2721
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 (27Jan
- 31 Jan)

03-Feb

04-Feb

05-Feb

06-Feb

07-Feb

Weekly Average (03 –
07 Feb)

Weekly Change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (10th January 2025– 7th February 2025)


Source: BBC, KITCO and Bloomberg, 2025

RESERVE BANK OF ZIMBABWE
FEBRUARY 2025

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

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

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

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

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

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