Vol. 27 No. 17


Week Ending
25th April 2025
Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW


This report provides a snapshot of key developments in the domestic monetary and financial sectors during
the week ending 25th April 2025. It includes updates on money and capital markets, national payment systems,
exchange rates, and international commodity prices.
The local currency savings rate, as well as the minimum and maximum deposit rates for all tenors, remained
constant during the week under review. Similarly, foreign currency savings rates and deposit rates for all
tenors were unchanged.
During the week under review, local currency lending rates for both individual and corporate clients declined.
Likewise, foreign currency lending rates decreased for both individual and corporate clients, except for the
individual maximum lending rate, which increased.
The Zimbabwe Stock Exchange (ZSE) continued on a bearish trend for the third consecutive week, while the
Victoria Falls Stock Exchange (VFEX) exhibited bullish sentiments. As a result, the ZSE Share Index declined
by 3.70%, closing at 190.95 points, while the VFEX All Share Index gained 3.27%, closing at 113.89 points.
The value of aggregate transactions processed through the National Payment Systems (NPS) declined by
2.60%, from ZiG34.66 billion to ZiG33.76 billion. This decline was underpinned by reduced processing
through the RTGS payment platforms.
The Zimbabwe Gold (ZiG) marginally depreciated by 0.03%, from an average of ZiG26.81 per US$1 in the
previous week to ZiG26.82 per US$1, during the week under review.
Weekly average international prices for gold, platinum, and nickel increased. The rise in gold prices was
driven by a weakening US dollar amid uncertainty surrounding the impact of U.S.-China trade tensions on the
global economy. Platinum prices rose due to optimism about increased demand, spurred by anticipated U.S.
tariff reductions and reports suggesting that carmakers might be exempted from new tariffs—boosting
platinum's use in catalytic converters. Nickel prices increased due to potential supply disruptions in major
producing countries, particularly Indonesia. In addition, brent crude oil prices increased, driven by newly
imposed U.S. sanctions on Iran and rising equity markets. However, prices for palladium and lithium declined
during the week under review, due to demand constraints and uncertainty over potential U.S. tariffs on China,
which could disrupt global trade flows.
As of day 36 of the tobacco selling season, a cumulative total of 104.32 million kilograms of tobacco had been
sold, a 7.66% decrease from the 112.98 million kilograms sold during the same period in 2024. In value terms,
tobacco sales dropped by 11.81%, from US$403.42 million in 2024 to US$355.77 million during the period
under review.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
04 April 2025
11 April 2025
17 April 2025
25 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
04 April 2025
11 April 2025
17 April 2025
25 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
04 April 2025
11 April 2025
17 April 2025
25 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
04 April 2025
11 April 2025
17 April 2025
25 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
04 April 2025
11 April 2025
17 April 2025
25 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)
04-Apr-25

11-Apr-25

17-Apr-25

25-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)
04-Apr-25

11-Apr-25

17-Apr-25

25-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

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
11-Apr-25
18-Apr-25
25-Apr-25
ZiG Billion
ZSE Market Capitalisation


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
11-Apr-25
18-Apr-25
25-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)

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
11-Apr-25
18-Apr-25
25-Apr-25
US$ Billion
VFEX Market Capitalisation

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
11-Apr-25
18-Apr-25
25-Apr-25
Index
VFEX All Share Index


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
11-Apr-25
18-Apr-25
25-Apr-25
ZiG Thousands
ZSE Market Turnover
Lump-sum deals:
Econet Wireless
Zimbabwe Limited,
OK Zimbabwe
Limited, Delta
Corporation Limited

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
11-Apr-25
18-Apr-25
25-Apr-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

04 April 2025
11 April 2025
17 April 2025
25 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
22-April-25

23-April-25

24-April-25

25-April-25

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


PAYMENT STREAM
WEEK ENDING
17 April 2025
WEEK ENDING
25 April 2025
WEEKLY
CHANGE (%)

VALUES

RTGS
28,200,688,885.89
25,487,633,934.09
(9.62)
Of which ZiG
10,739,934,210.18
10,132,699,648.88

Of which US$ transactions
(ZiG Equivalent)
17,460,754,675.71
15,354,934,285.21

POS
1,760,519,029.65
2,718,667,693.40
54.42
ATM
1,177,673,317.37
1,842,846,977.88
56.48
MOBILE BANKING
321,390,382.76
351,470,360.76
9.36
MOBILE MONEY
3,049,766,821.71
3,062,082,989.13
0.40
ZIPIT MOBILE
147,688,569.66
294,237,569.21
99.23
TOTAL
34,657,727,007.03
33,756,939,524.47
(2.60)

VOLUMES

RTGS
157,487
204,773
30.03
Of which ZiG
67,683
88,022

Of which US$
89,804
116,751

POS
1,523,007
2,056,287
35.01
ATM
136,237
246,653
81.05
MOBILE BANKING
442,407
396,655
(10.34)
MOBILE MONEY
10,753,050
10,895,168
1.32
ZIPIT MOBILE
180,596
328,776
82.05
TOTAL
13,192,784
14,128,312
7.09

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
22-April -25
23-April -25
24-April -25
25-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
(14 – 17 Apr)

22-Apr

23-Apr

24-Apr

25-Apr

Weekly Average
(22 – 25 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
(14 - 17 Apr))

22-Apr

23-Apr

24-Apr

25-Apr

Weekly Average
(21 - 25 Apr)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (7th February 2025– 25th April 2025)


Source: BBC, KITCO and Bloomberg, 2025


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

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

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

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

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

1,000
1,010
1,020
7-Feb
14-Feb
21-Feb
28-Feb
7-Mar
14-Mar
21-Mar
28-Mar
4-Apr
11-Apr
18-Apr
25-Apr
US$/tonne
Palladium

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales: Day 36 (25th April 2025)

Variance (%)
Cumulative Quantity Sold (Kgs)
112,981,065
104,322,524
(7.66)
Average Price (US$/kg)
3.57
3.41
(4.49)
Cumulative value (US$)
403,419,357
355,767,290
(11.81)
Source: Tobacco Industry and Marketing Board (TIMB), 2025


RESERVE BANK OF ZIMBABWE
APRIL 2025