Vol. 27 No. 3


Week Ending
17th 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 January 17,
2025. It encompasses updates on domestic and international money and capital markets, national payment
systems, as well as international commodity prices and exchange rates.
During the week under review, the majority of foreign and local currency deposit rates remained unchanged,
while local currency maximum deposits rates for 1 month and 3 months tenor declined by 4.7 percentage
points and 8.1 percentage points, respectively.
Local currency lending rates for individual clients increased, while those for corporate clients declined during
the week under review. The minimum foreign currency lending rates for individual clients have remained
stable, while the maximum lending rates declined marginally. The minimum foreign currency lending rates
for corporate clients also decreased, whereas the maximum lending rates increased.

In the capital markets, the Zimbabwe Stock Exchange (ZSE) showed bearish trends during the week under
analysis, resulting in a 0.21% decline of the ZSE All Share Index, which closed at 207.92 points. The Victoria
Falls Stock Exchange (VFEX), however, traded positively during the same period, with the VFEX All Share
Index increasing by 0.60% to close at 103.90 points.

The aggregate transactions processed through the National Payment System (NPS) platforms increased by
3.49% to ZiG29.46 billion in value terms, from ZiG28.47 billion recorded in the previous week. The increase
in NPS transactions was mainly attributable to increases in values processed through Real Time Gross
Settlement and mobile money payment platforms.

The Zimbabwe Gold (ZiG) currency depreciated by 0.9% on the interbank market, from an average exchange
rate of ZiG25.93 per US$1 in the previous week to ZiG26.17 per US$1, during the week under review

The weekly average international commodity prices for gold, palladium, copper, nickel and crude oil increased
during the week under review. Gold prices increased, bolstered by safe haven demand. Similarly, nickel prices
rose reflecting ongoing market adjustments to production cuts and oversupply concerns. Brent crude oil prices
increased, driven by supply concerns following new sanctions on Russia's energy sector imposed by the United
States America over the Ukraine war. Platinum prices, on the other hand, retreated amid slowing demand for
internal combustion engines, which use platinum in their catalytic converter.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG)) (%)
ZiG Deposit rates
27 December 2024
3 January 2025
10 January 2025
17 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, 2025


Average commercial bank deposit rates (Foreign Currency (US$)) (%)
US$ Deposit rates
27 December 2024
3 January 2025
10 January 2025
17 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, 2025

Commercial bank weighted lending rates (Local Currency (ZiG)) (%)
ZiG Lending rates
27 December 2024
3 January 2025
10 January 2025
17 January 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial bank weighted lending rates (Foreign Currency (US$)) (%)
US$ Lending rates
27 December 2024
3 January 2025
10 January 2025
17 January 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending rates
27 December 2024
3 January 2025
10 January 2025
17 January 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)
27-Dec-24

3-Jan-25

10-Jan-25

17-Jan-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)
27-Dec-24

3-Jan-25

10-Jan-25

17-Jan-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

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

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
17-Jan-25
ZiG Billion
ZSE Market Capitalisation


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
17-Jan-25
US$ Thousand
VFEX Market Turnover

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
17-Jan-25
US$ Billion
VFEX Market Capitalisation

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
17-Jan-25
Indices
VFEX All Share Index


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
17-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, 2025


5. ENERGY PRICES

Energy Prices

27 December 2024
03 January 2025
10 January 2025
17 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 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
13-January-25

14-January-25

15-January-25

16-January-25

17-January-25

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


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

VALUES

RTGS
22,487,646,895.77
24,073,286,229.77
7.05
Of which ZiG
5,904,560,329.29
7,860,558,576.89

Of which US$ transactions
(ZiG Equivalent)
16,583,086,566.48

16,212,727,652.88

POS
1,838,609,995.33
1,550,943,195.01
(15.65)
ATM
1,330,705,393.04
1,157,328,887.38
(13.03)
MOBILE BANKING
284,176,661.09
157,966,869.65
(44.41)
MOBILE MONEY
2,370,732,013.39
2,415,164,496.23
1.87
ZIPIT MOBILE
154,681,398.88
105,818,515.82
(31.59)
TOTAL
28,466,552,357.50
29,460,508,193.88
3.49

VOLUMES

RTGS
148,864
154,147
3.55
Of which ZiG
60,668
62,536

Of which US$
88,196
91,611

POS
1,639,104
1,464,186
(10.67)
ATM
168,525
139,795
(17.05)
MOBILE BANKING
474,221
233,676
(50.72)
MOBILE MONEY
9,120,407
8,694,089
(4.67)
ZIPIT MOBILE
169,941
144,205
(15.14)
TOTAL
11,721,062
10,830,098
(7.60)

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
13-January-25
14-January-25
15-January-25
16-January-25
17-January-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
(06 – 10Jan)

13-Jan

14-Jan

15-Jan

16-Jan

17-Jan

Weekly Average
(13– 17Jan)

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
(6-10 Jan)

13-Jan

14-Jan

15-Jan

16-Jan

17-Jan

Weekly Average
(13- 17 Jan)

Weekly Change (%)

Source: BBC, KITCO and Bloomberg, 2025

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


Source: BBC, KITCO and Bloomberg, 2025

RESERVE BANK OF ZIMBABWE
JANUARY 2025

03-Jan
10-Jan
17-Jan
US$/oz
Gold

3-Jan
10-Jan
17-Jan
US$/barrel
Crude oil

1 0 000
3-Jan
10-Jan
17-Jan
US$/tonne
Platinum

1 0 000
3-Jan
10-Jan
17-Jan
US$/tonne
Palladium

3-Jan
10-Jan
17-Jan
US$/tonne
Nickel

3-Jan
5-Jan
7-Jan
9-Jan
11-Jan
13-Jan
15-Jan
17-Jan
US$/tonne
Lithium