Vol. 27 No. 10


Week Ending
07th March 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 7th March
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 deposit rates for all tenors remained unchanged at previous
week’s levels. Similarly, foreign currency deposit rates remained unchanged, except for maximum deposits
rates of 3 months, 6 months, 1 year and over one year tenor which increased.
Local currency lending rates for individual clients decreased, while the maximum lending rates for corporate
clients increased. Minimum lending rates for corporates clients decreased during the same week. Foreign
currency lending rates for individual clients increased, while those for corporate clients decreased.
On the capital markets, the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX)
traded positively for the third consecutive week. As a result, the ZSE and VFEX All Share indices gained
1.27% and 2.06% to close at 206.66 points and 108.29 points, respectively.
The aggregate transactions processed in value terms through the National Payment Systems (NPS) platforms
marginally decreased by 0.09%, from ZiG34.52 billion recorded during the previous week, to ZiG34.49
billion. The decline in NPS transactions was driven by a decrease in values processed through the RTGS and
mobile banking platforms.
The Zimbabwe Gold (ZiG) depreciated on the interbank market by 0.4%, from an average of ZiG26.52 per
US$1 in the prior week to ZiG26.61 per US$1, during the week ending 7th March 2025.
International weekly average prices for gold, platinum, palladium and nickel increased, while weekly average
prices for crude oil and lithium decreased during the week of analysis. Gold prices marginally increased by
0.07% driven by safe haven demand, amid expectations that the Federal Reserve was on track to cut interest
rates this year.
Similarly, platinum prices increased on account of rising demand for the metal in various industrial operations.
Palladium prices rose, supported by supply disruptions in Russia, one of the world’s top producers of the
metal. During the week under review, lithium prices declined due to increased supply driven by robust
production in Chile. In addition, crude oil prices decreased on the back of ongoing uncertainty surrounding
US tariffs which have weighed down demand for the commodity.
A cumulative total of 2.04 million kilograms of tobacco had been sold as at day 3 of the tobacco selling season,
reflecting a 50.8% decrease from the 4.15 million kilograms sold during the same period in 2024. In value
terms, tobacco sales recorded a 47.8% decline to US$6.75 million, from US$12.93 million realized during the
corresponding period in 2024.

2. INTEREST RATES

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

20-Feb-25

28-Feb-25

07-Mar-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-Feb-25

20-Feb-25

28-Feb-25

07-Mar-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
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
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
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
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
Indices
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
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 February 2025
20 February 2025
28 February 2025
07 March 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
03-March -25

04-March -25

05-March -25

06-March -25

07-March -25

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


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

VALUES

RTGS
28,194,543,328.25
25,446,468,820.66
(9.75)
Of which ZiG
9,827,214,646.58
10,181,516,621.76

Of which US$ transactions
(ZiG Equivalent)
18,367,328,681.67
15,264,952,198.90


POS
2,117,065,656.11
2,898,519,282.12
36.91
ATM
1,542,019,027.95
2,628,606,394.19
70.47
MOBILE BANKING
141,520,035.68
135,450,261.52
(4.29)
MOBILE MONEY
2,361,152,139.81
3,130,627,870.75
32.59
ZIPIT MOBILE
161,503,625.13
247,462,508.15
53.22
TOTAL
34,517,803,812.92
34,487,135,137.38
(0.09)

VOLUMES

RTGS
325,476
219,788
(32.47)
Of which ZiG
143,701
94,637

Of which US$
181,775
125,151

POS
1,793,334
2,152,682
20.04
ATM
226,339
331,234
46.34
MOBILE BANKING
279,735
276,094
(1.30)
MOBILE MONEY
9,609,849
10,049,903
4.58
ZIPIT MOBILE
181,536
250,321
37.89
TOTAL
12,416,269
13,280,022
6.96

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
03-March -25
04-March -25
05-March -25
06-March -25
07-March -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 Feb -28 Feb)

03-Mar

04-Mar

05-Mar

06-Mar

07-Mar

Weekly Average
(3 Mar -7 Mar)

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
Feb – 28 Feb)


03-Mar

04-Mar

05-Mar

06-Mar

07-Mar

Weekly Average
(3 Mar – 7 Mar)


Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (17th January 2025– 7th March 2025)


Source: BBC, KITCO and Bloomberg, 2025


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

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

1 0 000
1 0 020
17-Jan
24-Jan
31-Jan
7-Feb
14-Feb
21-Feb
28-Feb
7-Mar
US$/tonne
Platinum

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

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

1 0 000
1 0 010
1 0 020
17-Jan
24-Jan
31-Jan
7-Feb
14-Feb
21-Feb
28-Feb
7-Mar
US$/tonne
Palladium

8. TOBACCO SALES


Weekly Cumulative Tobacco Sales (7th March 2025)

Variance (%)
Cumulative Quantity Sold (million kgs)
4,148,403
2,041,440
(50.79)
Average Price (US$/kg)
3.12
3.31
6.11
Cumulative value (US$ million)
12,925,179
6,749,246
(47.78)
Source: Tobacco Industry and Marketing Board (TIMB), 2025


RESERVE BANK OF ZIMBABWE
MARCH 2025