Vol. 27 No. 20


Week Ending
16th May 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 developments in the domestic monetary and financial sectors during the
week ending 16 May 2025. It features updates on the domestic money and capital markets, national payment
systems, exchange rates, and international commodity prices.
During the week ending 16 May 2025, the foreign currency savings and deposit rates for all tenors remained
unchanged. Similarly, the local currency savings and deposit rates for all tenors remained unchanged during
the same period.
The local currency minimum and maximum lending rates for individuals and corporates increased compared
to the preceding week. On the contrary, the foreign currency minimum and maximum lending rates for
individuals and corporates declined.
The Zimbabwe Stock Exchange (ZSE) exhibited a positive trajectory, while the Victoria Falls Stock Exchange
(VFEX) continued the bearish trend. As a result, the ZSE Share Index gained 0.16%, while the VFEX All
Share Index lost 2.02%, closing at 192.95 points and 110.60 points, respectively.
The value of aggregate transactions processed through the National Payment Systems platforms increased by
9.82% from the previous week to ZiG44.36 billion. The highest proportion in terms of value and volume was
with respect to the Real Time Gross Settlement (RTGS) system at 80.70% and mobile money at 81.39%,
respectively.
During the week under review, on the foreign exchange market, the Zimbabwe Gold (ZiG) depreciated by
0.11% against the US dollar on the interbank market, from an average rate of ZiG26.83 per US$1 in the prior
week to ZiG26.86 per US$1.
International average prices for platinum and nickel surged, while those for gold, palladium, and lithium
declined. Platinum prices surged, bolstered by strong demand from the automotive sector. The price surge in
nickel was fuelled by a weakening U.S dollar and official confirmation that Indonesia will raise royalty fees
on nickel mining. However, the decline in lithium was primarily influenced by excess supply concerns for the
metal. Palladium and gold prices dropped due to improved geopolitical sentiments, following the temporary
trade agreement between the U.S. and China, which somewhat reduced investor demand for the safe-haven
asset.
As of the 50th day of the 2025 tobacco marketing season, a total of 195.35 million kilograms had been sold, a
25.31% increase compared to the 155.88 million kilograms sold during the same period in 2024. In terms of
value, sales rose by 20.43%, from US$548.35 million in the preceding year to US$660.35 million in the current
reporting period. The period under review also saw a 3.98% decline in the price of the golden leaf, from
USD3.52 per kg in the comparable period in 2024 to USD3.38 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
25 April 2025
02 May 2025
09 May 2025
16 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
25 April 2025
02 May 2025
09 May 2025
16 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
25 April 2025
02 May 2025
09 May 2025
16 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
25 April 2025
02 May 2025
09 May 2025
16 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
25 April 2025
02 May 2025
09 May 2025
16 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)
25-Apr-25

02-May-25

09-May-25

16-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)
25-Apr-25

02-May-25

09-May-25

16-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

17-Jan-25
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
ZiG Billion
ZSE Market Capitalisation


17-Jan-25
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
US$ Thousand
VFEX Market Turnover
Trade
deal:
First
Capital Bank Limited
(1,134.27
million
shares
sold
at
(US$0.04
cents
per
share)

17-Jan-25
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
US$ Billion
VFEX Market Capitalisation

17-Jan-25
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
Index
VFEX All Share Index


17-Jan-25
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
ZiG Thousands
ZSE Market Turnover
Lump-sum deals:
Econet Wireless
Zimbabwe Limited,
OK Zimbabwe
Limited, Delta
Corporation Limited

17-Jan-25
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
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

25 April 2025
02 May 2025
09 May 2025
16 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
12-May-25

13-May-25

14-May-25

15-May-25

16-May-25

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


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

VALUES

RTGS
30,472,580,096.37
35,797,711,924.41
17.48
Of which ZiG
11,848,927,161.01
14,515,455,010.79
22.50
Of which US$ transactions
(ZiG Equivalent)
18,623,652,935.36
21,282,256,913,62

14.28
POS
3,232,778,276.19
2,534,936,058.17
(21.59)
ATM
2,282,337,393.45
1,679,439,390.06
(26.42)
MOBILE BANKING
137,358,907.22
79,525,237.60
(42.10)
MOBILE MONEY
3,934,851,676.90
4,039,561,783.68
2.66
ZIPIT MOBILE
334,974,805.23
229,358,817.26
(31.53)
TOTAL
40,394,881,155.37
44,360,533,211.18
9.82

VOLUMES

RTGS
198,859
188,338
(5.29)
Of which ZiG
74,788
78,350
4.76
Of which US$
124,071
109,988
(11.35)
POS
2,367,228
1,813,240
(23.40)
ATM
268,933
185,290
(31.10)
MOBILE BANKING
250,063
157,028
(37.20)
MOBILE MONEY
11,614,289
11,195,387
(3.61)
ZIPIT MOBILE
310,987
216,171
(30.49)
TOTAL
15,010,359
13,755,454
(8.36)

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
12-May -25
13-May-25
14-May -25
15-May -25
16-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
(05 – 09 May)

12-May

13-May

14-May

15-May

16-May

Weekly Average
(12 – 16 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
(05 – 09 May)

12-May

13-May

14-May

15-May

16-May

Weekly Average
(12-– 16 May)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (28st February 2025– 16th May 2025)


Source: BBC, KITCO and Bloomberg, 2025

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

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

1,000
1,020
28-Feb
7-Mar
14-Mar
21-Mar
28-Mar
4-Apr
11-Apr
18-Apr
25-Apr
2-May
9-May
16-May
US$/tonne
Platinum

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

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

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

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales: Day 50 (16th May 2025)

Variance (%)
Cumulative Quantity Sold (Kgs)
155,883,936
195,345,294
25.31
Average Price (US$/kg)
3.52
3.38
(3.98)
Cumulative value (US$)
548,346,880
660,348,754
20.43
Source: Tobacco Industry and Marketing Board (TIMB), 2025


RESERVE BANK OF ZIMBABWE
MAY 2025