Vol. 27 No. 2


Week Ending
10th 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 monetary and financial developments for the week ending 10th January
2025. The review comprises of developments in domestic and international money and capital markets,
national payment systems, international commodity prices and exchange rates.
During the week under review, foreign and local currency deposit rates largely remained unchanged, except
for local currency maximum deposits rates for 1 month and 3 months tenor which increased by 0.39 percentage
points and 0.72 percentage points, respectively.
Both local and foreign currency lending rates for individual clients increased, while those for corporate clients
declined, during the period under review.
In the capital markets, both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange
(VFEX) displayed bearish trends during the week of analysis. Consequently, the ZSE All Share Index and
VFEX All Share Index fell by 2.59% and 2.35%, closing at 208.36 points and 103.28 points, respectively.

The aggregate transactions processed in value terms through the National Payment Systems (NPS) platforms
declined by 1.82% to ZiG28.47 billion, from ZiG28.99 billion recorded in the previous week. The decline in
NPS values was largely attributable to a decrease in values processed through POS, ATM, mobile banking
and mobile money payment platforms.

In the interbank market, the Zimbabwe Gold (ZiG) depreciated by 0.5% against the greenback, from an
average of ZiG25.8073 per US$1 in the previous week to an average of ZiG25.9269 per US$1, during the
week under review.

International average prices for gold, platinum, palladium, nickel, crude oil and lithium increased during the
week under review. Gold prices strengthened amid a shift in US administration's policies that continued to
fuel safe-haven demand status for the metal. The rise in platinum and palladium prices was primarily linked
to growing demand for these metals due to rising industrial needs across sectors. Likewise, lithium prices rose
driven by the increasing global demand for batteries.
Nickel prices increased underpinned by the impact of Indonesian macro policies, which aims at cutting nickel
production. Brent crude oil prices rose as new US sanctions on Russia’s energy sector raised concerns about
possible supply disruptions.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
20 December 2024
27 December 2024
3 January 2025
10 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
20 December 2024
27 December 2024
3 January 2025
10 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
20 December 2024
27 December 2024
3 January 2025
10 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
20 December 2024
27 December 2024
3 January 2025
10 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
20 December 2024
27 December 2024
3 January 2025
10 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)
20-Dec-24

27-Dec-24

3-Jan-25

10-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)
20-Dec-24

27-Dec-24

3-Jan-25

10-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

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
10-Jan-25
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

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
10-Jan-25
ZiG Billion
ZSE Market Capitalisation


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
10-Jan-25
US$ Thousand
VFEX Market Turnover

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
10-Jan-25
US$ Billion
VFEX Market Capitalisation

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
10-Jan-25
Indices
VFEX All Share Index


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
10-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

20 December 2024
27 December 2024
3 January 2025
10 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
6-January-25

7-January-25

8-January-25

9-January-25

10-January-25

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


PAYMENT STREAM
WEEK ENDING
3 January 2025
WEEK ENDING
10 January 2025
WEEKLY
CHANGE (%)

VALUES

RTGS
21,603,297,276.69
22,487,646,895.77
4.09
Of which ZiG
9,017,101,003.77
5,904,560,329.29

Of which US$ transactions
(ZiG Equivalent)
12,586,196,272.92
16,583,086,566.48


POS
2,449,071,603.88
1,838,609,995.33
(24.93)
ATM
1,889,951,284.00
1,330,705,393.04
(29.59)
MOBILE BANKING
346,311,303.08
284,176,661.09
(17.94)
MOBILE MONEY
2,573,347,964.31
2,370,732,013.39
(7.87)
ZIPIT MOBILE
132,086,298.95
154,681,398.88
17.11
TOTAL
28,994,065,730.90
28,466,552,357.50
(1.82)

VOLUMES

RTGS
81,691
148,864
82.23
Of which ZiG
58,626
60,668

Of which US$
23,065
88,196

POS
2,190,098
1,639,104
(25.16)
ATM
241,373
168,525
(30.18)
MOBILE BANKING
451,770
474,221
4.97
MOBILE MONEY
10,570,793
9,120,407
(13.72)
ZIPIT MOBILE
180,924
169,941
(6.07)
TOTAL
13,716,649
11,721,062
(14.55)

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
6-January-25
7-January-25
8-January-25
9-January-25
10-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
(30 Dec – 3 Jan)

06-Jan

07-Jan

08-Jan

09-Jan

10-Jan

Weekly Average
(6 – 10 Jan)

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

Source: Reserve Bank of Zimbabwe, 2024


International Commodity Prices

Platinum
Palladium
Nickel
Lithium

US$/ounce
US$/ounce
US$/tonne
US$/tonne
Weekly Average
(30 Dec - 3 Jan)

06-Jan

07-Jan

08-Jan

09-Jan

10-Jan

Weekly Average
(6 - 10 Jan)

Weekly Change (%)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly International Commodity Price Developments (8th December 2024 – 10th January 2025)


Source: BBC, KITCO and Bloomberg, 2024

RESERVE BANK OF ZIMBABWE
JANUARY 2025

8-Dec
11-Dec
14-Dec
17-Dec
20-Dec
23-Dec
26-Dec
29-Dec
1-Jan
4-Jan
7-Jan
10-Jan
US$/oz
Gold

8-Dec
11-Dec
14-Dec
17-Dec
20-Dec
23-Dec
26-Dec
29-Dec
1-Jan
4-Jan
7-Jan
10-Jan
US$/barrel
Crude oil


8-Dec
11-Dec
14-Dec
17-Dec
20-Dec
23-Dec
26-Dec
29-Dec
1-Jan
4-Jan
7-Jan
10-Jan
US$/tonne
Platinum

1,000
8-Dec
11-Dec
14-Dec
17-Dec
20-Dec
23-Dec
26-Dec
29-Dec
1-Jan
4-Jan
7-Jan
10-Jan
US$/tonne
Palladium

8-Dec
11-Dec
14-Dec
17-Dec
20-Dec
23-Dec
26-Dec
29-Dec
1-Jan
4-Jan
7-Jan
10-Jan
US$/tonne
Nickel

8-Dec
11-Dec
14-Dec
17-Dec
20-Dec
23-Dec
26-Dec
29-Dec
1-Jan
4-Jan
7-Jan
10-Jan
US$/tonne
Lithium