Vol. 27 No. 9


Week Ending
28th February 2025
Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW


This report provides an analysis of the monetary and financial developments for the week ending 28th February
2025. It also provides updates on domestic money and capital markets, national payment systems, exchange
rates and international commodity prices.
During the week under review, local currency savings deposit rates increased, compared to the previous week
levels. At the same time, deposit rates of all tenors remained unchanged, except for maximum deposit rates of
6 months and 1-year tenors which decreased. Foreign currency minimum savings deposit rates increased,
while maximum deposit rates decreased. During the same week, foreign currency deposit rates of all tenors
remained unchanged.
The week under review saw local currency lending rates for individual clients increase, while the minimum
lending rates for corporate clients remained at previous week levels. Maximum lending rates for corporate
clients decreased, during the reporting week. In contrast, foreign currency lending rates for individual clients
decreased and minimum rates for corporate clients remained stable, while maximum rates decreased.
On the capital markets, both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange
(VFEX) traded positively, resulting in ZSE and VFEX All Share Indices gaining 7.47% and 4.22%, to close
the week under review at 204.06 points and 106.11 points, respectively. The surge in VFEX market turnover
was largely a result of a trade deal by First Capital Bank Limited, where 1 134.27 million shares exchanged
hands at US$0.04 cents per share.
The aggregate transactions processed in value terms through the National Payment Systems (NPS) platforms
increased by 34.81%, from ZiG25.61 billion recorded during the previous week, to ZiG34.52 billion in the
week under analysis. The rise in NPS transactions was driven by an increase in values processed through the
RTGS, POS, ATM and mobile banking platforms.
On the interbank market, the Zimbabwe Gold (ZiG) marginally depreciated by 0.2%, from an average of
ZiG26.45 per US$1 in the week ending 20 February 2025 to ZiG26.52 per US$1, during the week ending 28
February 2025.
International weekly average prices for gold, platinum, palladium and crude oil decreased, during the reporting
week. The weekly average price for nickel, however, increased marginally by 0.26%, while the average price
for lithium remained largely unchanged.
During the week under analysis, gold prices fell by 0.82%, on account of the strengthening U.S dollar, while
platinum prices decreased by 1.64%, underpinned by weak demand, particularly resulting from China’s
slowing automotive industry. As a result of persistent the uncertainty surrounding global demand prospects
for palladium, prices remained subdued during the week under analysis. Brent crude oil prices decreased,
driven by disappointing economic data from the U.S and Germany, which raised concerns about reduced
energy demand.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG)) (%)
ZiG Deposit rates
07 February 2025
14 February 2025
20 February 2025
28 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
07 February 2025
14 February 2025
20 February 2025
28 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
07 February 2025
14 February 2025
20 February 2025
28 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
07 February 2025
14 February 2025
20 February 2025
28 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
07 February 2025
14 February 2025
20 February 2025
28 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)
07-Feb-25

14-Feb-25

20-Feb-25

28-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)
07-Feb-25

14-Feb-25

20-Feb-25

28-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

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
14-Feb-25
21-Feb-25
28-Feb-25
Indices
ZSE Indices

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
14-Feb-25
21-Feb-25
28-Feb-25
ZiG Billion
ZSE Market Capitalisation


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
14-Feb-25
21-Feb-25
28-Feb-25
US$ Thousand
VFEX Market Turnover

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
14-Feb-25
21-Feb-25
28-Feb-25
US$ Billion
VFEX Market Capitalisation

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
14-Feb-25
21-Feb-25
28-Feb-25
Indices
VFEX All Share Index


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
14-Feb-25
21-Feb-25
28-Feb-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

07 February 2025
14 February 2025
20 February 2025
28 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
24-February-25

25-February-25

26-February-25

27-February-25

28-February-25

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


PAYMENT STREAM
WEEK ENDING
20 February 2025
WEEK ENDING
28 February 2025
WEEKLY
CHANGE (%)

VALUES

RTGS
19,517,004,257.07

28,194,543,328.25
44.46
Of which ZiG
6,806,669,188.28
9,827,214,646.58

Of which US$ transactions
(ZiG Equivalent)
12,710,335,068.79
18,367,328,681.67

POS
1,897,390,193.14
2,117,065,656.11
11.58
ATM
1,264,485,437.41
1,542,019,027.95
21.95
MOBILE BANKING
105,620,554.21
141,520,035.68
33.99
MOBILE MONEY
2,637,330,300.16
2,361,152,139.81
(10.47)
ZIPIT MOBILE
183,252,137.64
161,503,625.13
(11.87)
TOTAL
25,605,082,879.63
34,517,803,812.92
34.81

VOLUMES

RTGS
126,559
325,476
157.17
Of which ZiG
54,963
143,701

Of which US$
71,596
181,775

POS
1,625,413
1,793,334
10.33
ATM
186,644
226,339
21.27
MOBILE BANKING
212,653
279,735
31.55
MOBILE MONEY
9,431,524
9,609,849
1.89
ZIPIT MOBILE
189,255
181,536
(4.08)
TOTAL
11,772,048

12,416,269
5.47

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
24-February -25
25-February-25
26-February-25
27-February-25
28-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
(17 Feb -20 Feb)

24-Feb

25-Feb

26-Feb

27-Feb

28-Feb

Weekly Average
(24 Feb -28 Feb)

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 (17
Feb – 21 Feb)


24-Feb

25-Feb

26-Feb

27-Feb

28-Feb

Weekly Average (24
Feb – 28 Feb)


Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (17th January 2025– 28th February 2025)


Source: BBC, KITCO and Bloomberg, 2025

RESERVE BANK OF ZIMBABWE
MARCH 2025

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

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

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

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

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

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