Vol. 27 No. 22


Week Ending
30th May 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 the developments in the domestic monetary and financial sectors during the
week ending 30 May 2025. It features updates on the money and capital markets, national payment systems,
exchange rates, and international commodity prices.
During the week under review, savings deposit rates for both local and foreign currencies remained unchanged
at previous week levels. Meanwhile, both local and foreign currency deposit rates for all tenors decreased,
except for foreign currency deposit rates for 3-months tenor which decreased during the same week.
Both minimum and maximum local currency lending rates for individual clients decreased. Minimum local
currency lending rates for corporate clients remained unchanged, while the maximum lending rate increased.
Foreign currency lending rates for both individual and corporate clients decreased during the week under
review.
Activity on the Zimbabwe Stock Exchange (ZSE) was bullish during the week under review, culminating in
the All-Share Index gaining 1.18% to close the week at 196.85 points. In contrast, the Victoria Falls Stock
Exchange (VFEX) showed bearish trends, with the VFEX All Share index declining by 2.28% to finish at
107.24 points.
The aggregate transactions processed, in value terms, through the National Payment Systems platforms decline
by 11.55% from ZiG39.85 billion recorded in the previous week to ZiG35.25 billion during the period under
review. The decline in NPS transactions was a result of the decrease in values processed through RTGS, POS,
mobile banking, mobile money and ZIPIT mobile payment platforms.
The Zimbabwe Gold (ZiG) depreciated by 0.07%, on the interbank market, from an average rate of ZiG26.88
per US$1 recorded in the previous week, to ZiG26.90 per US$1 during the week ending 30th May 2025.
International weekly average prices for gold and platinum firmed, while those for palladium, nickel, brent
crude oil and lithium declined. Gold prices rose on account of increased safe haven demand for the metal amid
heightened global trade policy uncertainty and geopolitical tensions. Platinum prices rose by 3.26%, driven
by a rise in Chinese imports and renewed investor interest in the metal.
Palladium prices, however, retreated due to weak global demand for the commodity. Lithium prices also
continued on a negative trajectory mainly attributable to weaker demand for the metal. Average prices for
nickel declined amid excess supply in the market. Crude oil prices were adversely affected by weak demand
in major economies coupled with uncertainty regarding the upcoming OPEC+ production hike in July 2025.
A total of 249.13 million kilograms of tobacco had been sold, as of the 59th day of the tobacco selling season,
marking a 37.23% increase from the 181.54 million kilograms sold during the same period in 2024. In terms
of value, tobacco sales increased by 32.68%, from US$632.70 million in the previous year to US$839.44
million during the period under review. The average price of the golden leaf at US$3.49 per kg was, however,
3.44% lower than the US$3.37 per kg recorded during the same period in 2024.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
09 May 2025
16 May 2025
23 May 2025
30 May 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
09 May 2025
16 May 2025
23 May 2025
30 May 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
09 May 2025
16 May 2025
23 May 2025
30 May 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial bank weighted lending rates (Foreign Currency (US$) (%)
US$ Lending rates
09 May 2025
16 May 2025
23 May 2025
30 May 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending rates
09 May 2025
16 May 2025
23 May 2025
30 May 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)
09-May-25

16-May-25

23-May-25

30-May-25
196.85


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)
09-May-25

16-May-25

23-May-25

30-May-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

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
02-May-25
09-May-25
16-May-25
23-May-25
30-May-25
ZiG Billion
ZSE Market Capitalisation


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
02-May-25
09-May-25
16-May-25
23-May-25
30-May-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)

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
02-May-25
09-May-25
16-May-25
23-May-25
30-May-25
US$ Billion
VFEX Market Capitalisation

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
02-May-25
09-May-25
16-May-25
23-May-25
30-May-25
Index
VFEX All Share Index


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
02-May-25
09-May-25
16-May-25
23-May-25
30-May-25
ZiG Thousands
ZSE Market Turnover
Notable trade deals: 97.69 million
Econet Wireless Zimbabwe Limited
shares,3.11 million OK Zimbabwe
Limited shares, 3.06 million shares
exchanged
hands
at
ZiG297.45
cents/share,ZiG35.90cents/share
and
ZiG12.53
cents/share,
respectively

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
02-May-25
09-May-25
16-May-25
23-May-25
30-May-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

09 May 2025
16 May 2025
23 May 2025
30 May 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
27-May-25

28-May-25

29-May-25

30-May-25

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


PAYMENT STREAM
WEEK ENDING
23 May 2025
WEEK ENDING
30 May 2025
WEEKLY
CHANGE (%)

VALUES

RTGS
29,866,432,161.46
25,705,701,802.50
(13.93)
Of which ZiG
10,383,569,743.58
11,116,173,304.84
7.06
Of which US$ transactions
(ZiG Equivalent)
19,482,862,417.88
14,589,528,497.66
(25.12)
POS
3,450,727,012.36
3,334,773,471.51
(3.36)
ATM
2,063,718,654.42
2,159,947,692.45
4.66
MOBILE BANKING
155,237,254.91
132,265,546.72
(14.80)
MOBILE MONEY
3,951,943,972.77
3,657,191,313.18
(7.46)
ZIPIT MOBILE
361,623,686.31
256,067,613.85
(29.19)
TOTAL
39,849,682,742.24
35,245,947,440.20
(11.55)

VOLUMES

RTGS
246,076
262,547
6.69
Of which ZiG
101,360
114,738
13.20
Of which US$
144,716
147,809
2.14
POS
2,433,288
2,013,491
(17.25)
ATM
280,671
246,830
(12.06)
MOBILE BANKING
293,297
258,907
(11.73)
MOBILE MONEY
11,786,162
11,537,669
(2.11)
ZIPIT MOBILE
340,448
260,174
(23.58)
TOTAL
15,379,942
14,579,618
(5.20)

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
27-May-25
28-May -25
29-May -25
30-May -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
(20 – 23 May)

27-May

28-May

29-May

30-May

Weekly Average
(26 – 30 May)

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
(20 – 23 May)

26-May

27-May

28-May

29-May

30-May

Weekly Average
(26 – 30 May)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (14th March 2025– 30th May 2025)


Source: BBC, KITCO and Bloomberg, 2025


14-Mar
21-Mar
28-Mar
4-Apr
11-Apr
18-Apr
25-Apr
2-May
9-May
16-May
23-May
30-May
US$/oz
Gold

14-Mar
21-Mar
28-Mar
4-Apr
11-Apr
18-Apr
25-Apr
2-May
9-May
16-May
23-May
30-May
US$/barrel
Crude oil


14-Mar
21-Mar
28-Mar
4-Apr
11-Apr
18-Apr
25-Apr
2-May
9-May
16-May
23-May
30-May
US$/tonne
Platinum

14-Mar
21-Mar
28-Mar
4-Apr
11-Apr
18-Apr
25-Apr
2-May
9-May
16-May
23-May
30-May
US$/tonne
Nickel

14-Mar
21-Mar
28-Mar
4-Apr
11-Apr
18-Apr
25-Apr
2-May
9-May
16-May
23-May
30-May
US$/tonne
Lithium


14-Mar
21-Mar
28-Mar
4-Apr
11-Apr
18-Apr
25-Apr
2-May
9-May
16-May
23-May
30-May
US$/tonne
Palladium

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales: Day 59 (30th May 2025)

Variance (%)
Cumulative Quantity Sold (Kgs)
181,535,957
249,125,878
37.23
Average Price (US$/kg)
3.49
3.37
(3.44)
Cumulative value (US$)
632,699,362
839,437,243
32.68
Source: Tobacco Industry and Marketing Board (TIMB), 2025


RESERVE BANK OF ZIMBABWE
MAY 2025