Vol. 27 No. 14


Week Ending
04th April 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 developments in the domestic monetary and financial sector for the week
ending 4th April 2025. It includes updates on domestic money and capital markets, national payment systems,
exchange rates, and international commodity prices.
During the week under review, local currency deposit rates for most tenors remained unchanged at previous
week levels. The 3-month and 12-month deposit rates, however, experienced opposing trends, with the former
decreasing and the latter increasing during the same period. In contrast, the minimum and maximum foreign
currency deposit rates across all tenors remained unchanged.
Local currency lending rates for both individual and corporate clients decreased, except for minimum rates
for corporate clients, which increased. In contrast, foreign currency lending rates for individual and corporate
clients increased during the same week.
The Zimbabwe Stock Exchange (ZSE) exhibited bearish sentiments for the third consecutive week, with the
ZSE All Share Index declining by 1.16% to close at 201.75 points. The Victoria Falls Stock Exchange (VFEX)
also experienced a downturn, resulting in a 1.34% decline in the VFEX All Share Index, which closed at
106.95 points.
The value of aggregate transactions processed through the National Payment Systems platforms decreased by
13.36%, from ZiG39.82 billion in the previous week to ZiG34.50 billion. The decline in NPS transactions was
a result of a decrease in values processed through the RTGS and mobile banking payment systems.
On the foreign exchange market, the Zimbabwe Gold (ZiG) depreciated by 0.2%, from an average of ZiG26.73
per US$1 in the previous week to ZiG26.77 per US$1, during the week under review.
Weekly average international prices for gold and lithium increased, while platinum, palladium, copper, nickel
and crude oil prices fell during the review period. Gold prices rose by 2.56%, largely driven by safe haven
appeal for the metal, as investors sought safety amid rising global trade tensions. Lithium prices rose by 0.85%
underpinned by increased uptake of electric vehicles and battery energy storage systems.
Meanwhile, brent crude oil prices declined amid escalating trade tensions between the United States and
China, which might affect the demand for crude oil. Platinum prices retreated, reflecting weakening industrial
demand, particularly from the automotive sector in key markets like Europe and Asia. Palladium and nickel
prices continued on a negative trajectory partially attributable to weakening demand for the metals.
A cumulative total of 44.87 million kilograms of tobacco had been sold as at day 23 of the tobacco selling
season, marking a 27.04% decline from the 61.5 million kilograms sold during the same period in 2024. In
value terms, tobacco sales decreased by 29.35%, from US$218.02 million in the comparable period in 2024
to US$154.02 million, during the period under review.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG)) (%)
ZiG Deposit rates
14 March 2025
21 March 2025
28 March 2025
04 April 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
14 March 2025
21 March 2025
28 March 2025
04 April 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
14 March 2025
21 March 2025
28 March 2025
04 April 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial bank weighted lending rates (Foreign Currency (US$)) (%)
US$ Lending rates
14 March 2025
21 March 2025
28 March 2025
04 April 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending rates
14 March 2025
21 March 2025
28 March 2025
04 April 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)
14-Mar-25

21-Mar-25

28-Mar-25

04-Apr-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)
14-Mar-25

21-Mar-25

28-Mar-25

04-Apr-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

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
14-Feb-25
21-Feb-25
28-Feb-25
07-Mar-25
14-Mar-25
21-Mar-25
28-Mar-25
04-Apr-25
Indices
ZSE Indices

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
14-Feb-25
21-Feb-25
28-Feb-25
07-Mar-25
14-Mar-25
21-Mar-25
28-Mar-25
04-Apr-25
ZiG Billion
ZSE Market Capitalisation


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
14-Feb-25
21-Feb-25
28-Feb-25
07-Mar-25
14-Mar-25
21-Mar-25
28-Mar-25
04-Apr-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)

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
14-Feb-25
21-Feb-25
28-Feb-25
07-Mar-25
14-Mar-25
21-Mar-25
28-Mar-25
04-Apr-25
US$ Billion
VFEX Market Capitalisation

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
14-Feb-25
21-Feb-25
28-Feb-25
07-Mar-25
14-Mar-25
21-Mar-25
28-Mar-25
04-Apr-25
Index
VFEX All Share Index


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
14-Feb-25
21-Feb-25
28-Feb-25
07-Mar-25
14-Mar-25
21-Mar-25
28-Mar-25
04-Apr-25
ZiG Thousands
ZSE Market Turnover
Lump-sum deals: Econet
Wireless Zimbabwe
Limited, OK Zimbabwe
Limited, Delta
Corporation Limited

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

5. ENERGY PRICES

Energy Prices

14 March 2025
21 March 2025
28 March 2025
04 April 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
31-March -25

01-April-25

02-April-25

03-April-25

04-April-25

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


PAYMENT STREAM
WEEK ENDING
28 March 2025
WEEK ENDING
04 April 2025
WEEKLY
CHANGE (%)

VALUES

RTGS
32,122,437,270.14
24,878,225,536.56
(22.55)
Of which ZiG
10,395,000,395.30
7,948,924,672.95

Of which US$ transactions
(ZiG Equivalent)
21,727,436,874.84
16,929,300,863.61

POS
2,883,645,032.98
2,959,738,018.17
2.64
ATM
2,035,457,832.11
2,839,053,039.92
39.48
MOBILE BANKING
176,105,641.37
158,933,868.87
(9.75)
MOBILE MONEY
2,388,381,666.01
3,400,847,061.81
42.39
ZIPIT MOBILE
211,458,611.54
261,543,434.12
23.69
TOTAL
39,817,486,054.15
34,498,340,959.45
(13.36)

VOLUMES

RTGS
313,953
191,722
(38.93)
Of which ZiG
135,830
79,338

Of which US$
178,123
112,384

POS
2,218,833
2,413,497
8.77
ATM
281,480
348,198
23.70
MOBILE BANKING
294,237
308,302
4.78
MOBILE MONEY
9,726,963
10,898,308
12.04
ZIPIT MOBILE
298,977
296,069
(0.97)
TOTAL
13,134,443
14,456,096
10.06

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
31-March -25
01-April -25
02-April -25
03-April -25
04-April -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
(24 Mar -28 Mar)

31-Mar

01-Apr

02-Apr

03-Apr

04-Mar

Weekly Average
(31 Mar -04 Apr)

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
(24 Mar -28 Mar)

31-Mar

01-Apr

02-Apr

03-Apr

04-Mar

Weekly Average
(31 Mar -04 Apr)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (17th January 2025– 04th April 2025)


Source: BBC, KITCO and Bloomberg, 2025


17-Jan
24-Jan
31-Jan
7-Feb
14-Feb
21-Feb
28-Feb
7-Mar
14-Mar
21-Mar
28-Mar
4-Apr
US$/oz
Gold

17-Jan
24-Jan
31-Jan
7-Feb
14-Feb
21-Feb
28-Feb
7-Mar
14-Mar
21-Mar
28-Mar
4-Apr
US$/barrel
Crude oil

1,000
1,020
17-Jan
24-Jan
31-Jan
7-Feb
14-Feb
21-Feb
28-Feb
7-Mar
14-Mar
21-Mar
28-Mar
4-Apr
US$/tonne
Platinum

17-Jan
24-Jan
31-Jan
7-Feb
14-Feb
21-Feb
28-Feb
7-Mar
14-Mar
21-Mar
28-Mar
4-Apr
US$/tonne
Nickel

17-Jan
24-Jan
31-Jan
7-Feb
14-Feb
21-Feb
28-Feb
7-Mar
14-Mar
21-Mar
28-Mar
4-Apr
US$/tonne
Lithium

1,000
1,010
1,020
17-Jan
24-Jan
31-Jan
7-Feb
14-Feb
21-Feb
28-Feb
7-Mar
14-Mar
21-Mar
28-Mar
4-Apr
US$/tonne
Palladium

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales: Day 23 (4th April 2025)

Variance (%)
Cumulative Quantity Sold (million kgs)
61,499,132
44,872,726
(27.04)
Average Price (US$/kg)
3.55
3.43
(3.18)
Cumulative value (US$ million)
218,017,206
154,019,036
(29.35)
Source: Tobacco Industry and Marketing Board (TIMB), 2025


RESERVE BANK OF ZIMBABWE
APRIL 2025