Vol. 27 No. 8


Week Ending
20th February 2025
Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW


This report provides a synopsis of the monetary and financial developments for the week ending 20th February
2025. It includes updates on domestic money and capital markets, national payment systems, as well as
international commodity prices and exchange rates.
During the week under review, local currency savings deposit rates increased, compared to the previous week
levels. At the same time, both minimum and maximum deposit rates of 1 month and 3 months tenors
decreased. Local currency minimum deposit rates, however, remained unchanged for 6 months, 12 months
and over 1-year tenors, while the maximum rates rose from the previous week levels. Meanwhile, foreign
currency savings deposit rates increased, whereas deposit rates of 1 month and 3 months tenors decreased.
Foreign currency deposit rates of 6 months, 12 months and over 1-year tenors, were held constant during the
week under ending 20 February 2025.
Local currency lending rates for individual clients declined week-on-week, while the rates for corporate
clients, remained unchanged during the week under analysis. Similarly, foreign currency lending rates for
individual clients decreased, while those for corporate clients increased.
On the capital markets, the Zimbabwe Stock Exchange (ZSE) traded positively resulting in ZSE All Share
Index gaining 0.26% to close the week under review at 189.87 points. In contrast, the Victoria Falls Stock
Exchange (VFEX) recorded week-on-week declines for the VFEX All Share Index losing 0.69%, to close at
101.81 points.
The aggregate value of transactions processed through the National Payment System (NPS) platforms
decreased by 16.78% from ZiG30.77 recorded in the week ending 14 February 2025, to ZiG25.61 billion. The
decrease in NPS transactions was driven by decreases in values processed through the RTGS, ATM, mobile
banking and mobile money payment platforms.
On the interbank market, the Zimbabwe Gold (ZiG) currency marginally depreciated by 0.1%, from an average
of ZiG26.42 per US$ in the prior week to ZiG26.45 per US$, during the week under review.
During the week ending 21st February 2025, international weekly-average prices for platinum, palladium and
crude oil decreased, while prices for gold and nickel increased, compared to the previous week. Weekly
average prices for lithium remained unchanged during the same week.
Gold price increased by 0.73%, driven by safe-haven demand for the yellow metal, amid on-going geopolitical
and economic uncertainties. Similarly, nickel price was steady during the week under review recording a
marginal increase of 0.13% to US$ 15,485.00 per tonne.
Platinum price was sluggish in the week ending 21 February 2025 owing to dampened demand from China.
At the same time, palladium price declined on average, driven in part by expectations of higher supply on the
belief that Russia could regain access to global markets. Similarly, price for crude oil decreased, attributed to
concerns over sluggish energy demand, coupled with expectations of an uptick in global supply.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG)) (%)
ZiG Deposit rates
31 January 2025
07 February 2025
14 February 2025
20 February 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
31 January 2025
07 February 2025
14 February 2025
20 February 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
24 January 2024
07 February 2025
14 February 2025
20 February 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial bank weighted lending rates (Foreign Currency (US$)) (%)
US$ Lending rates
31 January 2025
07 February 2025
14 February 2025
20 February 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending rates
31 January 2025
07 January 2025
14 February 2025
20 February 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)
31-Jan-25

07-Feb-25

14-Feb-25

20-Feb-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)
31-Jan-25

07-Feb-25

14-Feb-25

20-Feb-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

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
24-Jan-25
31-Jan-25
07-Feb-25
14-Feb-25
21-Feb-25
Indices
ZSE Indices

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
24-Jan-25
31-Jan-25
07-Feb-25
14-Feb-25
21-Feb-25
ZiG Billion
ZSE Market Capitalisation


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
24-Jan-25
31-Jan-25
07-Feb-25
14-Feb-25
21-Feb-25
US$ Thousand
VFEX Market Turnover

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
24-Jan-25
31-Jan-25
07-Feb-25
14-Feb-25
21-Feb-25
US$ Billion
VFEX Market Capitalisation

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
24-Jan-25
31-Jan-25
07-Feb-25
14-Feb-25
21-Feb-25
Indices
VFEX All Share Index


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
24-Jan-25
31-Jan-25
07-Feb-25
14-Feb-25
21-Feb-25
ZiG Thousands
ZSE Market Turnover
Lump-sum deals: Econet Wireless
Zimbabwe Limited, OK Zimbabwe
Limited, Delta Corporation Limited
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

31 January
07 February 2025
14 February 2025
20 February 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
17-February-25

18-February-25

19-February-25

20-February-25

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


PAYMENT STREAM
WEEK ENDING
14 February 2025
WEEK ENDING
20 February 2025
WEEKLY
CHANGE (%)

VALUES

RTGS
24,505,758,307.49
19,517,004,257.07
(20.36)
Of which ZiG
8,368,051,519.82
6,806,669,188.28

Of which US$ transactions
(ZiG Equivalent)
16,137,706,787.67
12,710,335,068.79

POS
1,566,901,528.74
1,897,390,193.14
21.09
ATM
1,468,903,972.14
1,264,485,437.41
(13.92)
MOBILE BANKING
185,824,253.86
105,620,554.21
(43.16)
MOBILE MONEY
2,907,608,994.60
2,637,330,300.16
(9.30)
ZIPIT MOBILE
131,213,971.17
183,252,137.64
39.66
TOTAL
30,766,211,027.99
25,605,082,879.63
(16.78)

VOLUMES

RTGS
166,061
126,559
(23.79)
Of which ZiG
75,280
54,963

Of which US$
90,781
71,596

POS
1,399,840
1,625,413
16.11
ATM
180,675
186,644
3.30
MOBILE BANKING
245,131
212,653
(13.25)
MOBILE MONEY
9,829,979
9,431,524
(4.05)
ZIPIT MOBILE
132,404
189,255
42.94
TOTAL
11,954,090
11,772,048

(1.52)

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
17-February -25
18-February-25
19-February-25
20-February-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
(17 Feb -14 Feb)

17-Feb

18-Feb

19-Feb

20-Feb

Weekly Average
(17 Feb -20 Feb)

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 (10
Feb- 14 Feb)

17-Feb

18-Feb

19-Feb

20-Feb

21-Feb

Weekly Average (17
Feb – 21 Feb)


Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (17th January 2025– 21st February 2025)


Source: BBC, KITCO and Bloomberg, 2025

RESERVE BANK OF ZIMBABWE
FEBRUARY 2025

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

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

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

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

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

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