Vol. 27 No. 1


Week Ending
3rd JANUARY 2025
Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW


This report provides an overview of weekly monetary and financial developments for the week ending 3rd
January 2025. The review includes developments in domestic and international money and capital markets,
national payment systems, international commodity prices and exchange rates.
During the week under review, local currency minimum and maximum deposit rates remained unchanged,
compared to previous week’s levels, except for 1 month tenor maximum deposit rates, which decreased.
Local currency lending rates for both individual and corporate clients increased, reflecting tight local currency
liquidity conditions in the market. On the other hand, foreign currency lending rates for individual clients
declined, while those for corporate clients increased during the same week.
In the capital markets, the Zimbabwe Stock Exchange (ZSE) exhibited bearish trends, leading to a 1.37%
decline in the ZSE All Share Index to 213.90 points, down from 216.88 points the previous week. Conversely,
the Victoria Falls Stock Exchange (VFEX) displayed bullish trends, culminating in a 5.54% increase in the
VFEX All Share Index, which closed at 105.77 points.

The aggregate transactions processed in value terms through the National Payment Systems platforms was
ZiG28.99 billion, 6.71% up from ZiG27.17 billion recorded in the previous week. The rise in NPS transactions
was primarily due to a 44.56% increase in RTGS transactions and a 0.62% rise in mobile banking transactions.

In the interbank market, the Zimbabwe Gold (ZiG) depreciated by 0.1% against the greenback, from an
average of ZiG25.78 per US$1 in the previous week to an average of ZiG25.81 per US$1, during the week
under review.

International average prices for gold, crude oil and lithium firmed while prices for platinum, palladium and
nickel retreated, during the week of analysis. Gold prices were driven by expectations of interest rate cuts
from the U.S. Federal Reserve, heightened geopolitical tensions, and strong demand from Asian markets.
Lithium and crude oil prices rose attributable to strengthening demand for the commodities. Platinum,
palladium and nickel prices, however, retreated attributable to subdued demand for the metals.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
13 December 2024
20 December 2024
27 December 2024
3 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, 2024


Average commercial bank deposit rates (Foreign Currency (US$) (%)
US$ Deposit rates
13 December 2024
20 December 2024
27 December 2024
3 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, 2024

Commercial bank weighted lending rates (Local Currency (ZiG) (%)
ZiG Lending rates
13 December 2024
20 December 2024
27 December 2024
3 January 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial bank weighted lending rates (Foreign Currency (US$) (%)
US$ Lending rates
13 December 2024
20 December 2024
27 December 2024
3 January 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending rates
13 December 2024
20 December 2024
27 December 2024
3 January 2025
ZiG Lending rates


Minimum

Maximum

US$ Lending rates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


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)
13-Dec-24

20-Dec-24

27-Dec-24

3-Jan-25

Weekly
Change (%)

Source: Zimbabwe Stock Exchange, 2024

VFEX Indicators
Date
All Share Index
Points
Grand Market Capitalisation
(US$ billion)
Market Turnover
(US$ million)
Volume of Shares
(million)
13-Dec-24

20-Dec-24

27-Dec-24

3-Jan-25

Weekly Change (%)

Source: Victoria Falls Stock Exchange, 2024

Figure 1: ZSE and VFEX Indicators


Source: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2024

04-Oct-24
11-Oct-24
18-Oct-24
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
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

04-Oct-24
11-Oct-24
18-Oct-24
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
ZiG Billion
ZSE Market Capitalisation


27-Sep-24
04-Oct-24
11-Oct-24
18-Oct-24
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
US$ Thousand
VFEX Market Turnover

27-Sep-24
04-Oct-24
11-Oct-24
18-Oct-24
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
US$ Billion
VFEX Market Capitalisation

04-Oct-24
11-Oct-24
18-Oct-24
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
Indices
VFEX All Share Index


04-Oct-24
11-Oct-24
18-Oct-24
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
ZiG Thousands
ZSE Market Turnover
Negotiated trade deals Simbisa
Brands Limited shares, Innscor
Africa Limited shares.

4. CLEARING AND SETTLEMENT ACTIVITY
Source: Reserve Bank of Zimbabwe, 2024


5. ENERGY PRICES

Energy Prices

13 December 2024
20 December 2024
27 December 2024
3 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 2024


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
30-December-24

31-December-24

2-January-25

3-January-25

Source: London Bullion Market Association and Reserve Bank of Zimbabwe, 2024


PAYMENT STREAM
WEEK ENDING
27 December 2024
WEEK ENDING
3 January 2024
WEEKLY
CHANGE (%)

VALUES

RTGS (ZiG)
14,944,152,267.15
21,603,297,276.69
44.56
Of which ZiG
5,555,560,489.14
9,017,101,003.77

Of which US$ transactions
(ZiG Equivalent)
9,388,591,778.01

12,586,196,272.92

POS
4,404,728,981.00
2,449,071,603.88
(44.40)
ATM
3,497,020,973.91
1,889,951,284.00
(45.96)
MOBILE BANKING
325,689,705.01
346,311,303.08
0.62
MOBILE MONEY
3,796,293,962.60
2,573,347,964.31
(32.21)
ZIPIT MOBILE
184,693,904.80
132,086,298.95
(28.48)
TOTAL
27,152,579,794.48
28,994,065,730.90
6.71

VOLUMES

RTGS
110,184
81,691
(28.86)
Of which ZiG
51,088
58,626

Of which US$
59,096
23,065

POS
2,645,357
2,190,098
(17.21)
ATM
399,624
241,373
(39.60)
MOBILE BANKING
456,729
451,770
(5.71)
MOBILE MONEY
8,756,931
10,570,793
20.71
ZIPIT MOBILE
309,743
180,924
(41.59)
TOTAL
12,678,568
13,716,649
8.00

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
30-December-24
31-December-24
2-January-25
3-January-25
1.00Oz


US$

ZiG

0.50Oz


US$

ZiG

0.25Oz


US$

ZiG

0.10Oz


US$

ZiG

Source: Reserve Bank of Zimbabwe, 2024


7. EXTERNAL SECTOR


Exchange Rate Developments (ZiG per Unit of foreign currency)


USD
ZAR
GBP
BWP
EURO
Weekly Average
(23 - 27 Dec)

30-Dec

31- Dec

02-Jan

03-Jan

Weekly Average
(30 Dec – 3 Jan)

Appr (-)/Depr (+) (%) of the
ZWG

Source: Reserve Bank of Zimbabwe, 2024


International Commodity Price Developments

Platinum
Palladium
Nickel
Lithium

US$/ounce
US$/ounce
US$/tonne
US$/tonne
Weekly Average
(23 - 27 Dec)

30-Dec

31-Dec

02-Jan

03-Jan

Weekly Average
(30 Dec - 3 Jan)

Weekly Change (%)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly International Commodity Price Developments (4th December 2024 – 3rd January 2025)


Source: BBC, KITCO and Bloomberg, 2024

RESERVE BANK OF ZIMBABWE
JANUARY 2025

US$/oz
Gold

US$/barrel
Crude oil


US$/tonne
Platinum

1,020
1,050
1,080
US$/tonne
Palladium

4-Dec
7-Dec
10-Dec
13-Dec
16-Dec
19-Dec
22-Dec
25-Dec
28-Dec
31-Dec
3-Jan
US$/tonne
Nickel

US$/tonne
Lithium