Vol. 27 No. 19


Week Ending
9th May 2025
Weekly Economic
Highlights
TABLE OF CONTENTS


GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND
7.
8.

1. OVERVIEW

This report provides a snapshot of the developments in the domestic monetary and financial sectors during the
week ending 09 May 2025. It features updates on the domestic money and capital markets, national payment
systems, exchange rates, and international commodity prices.
The foreign currency savings and deposit rates for all tenors remained unchanged during the review week.
Local currency savings and deposit rates for all tenors remained unchanged, except for 1-month maximum
deposit rates, which declined.
Regarding lending rates, local currency minimum and maximum individual lending rates increased compared
to the previous week. However, minimum local currency lending rates for corporates were unchanged, while
maximum lending rates decreased. Foreign currency minimum and maximum lending rates for individuals
and corporates increased, except for minimum corporate rates, which receded.
During the review period, the Zimbabwe Stock Exchange (ZSE) continued to experience bullish sentiments,
while the Victoria Falls Stock Exchange (VFEX) exhibited bearish sentiments. Consequently, the ZSE Share
Index gained 0.77%, while the VFEX All Share Index lost 0.06%, closing at 192.65 points and 112.88 points,
correspondingly.
Contrary to previous weeks, the value of aggregate transactions processed through the National Payment
Systems platforms increased by 22.37%, compared to ZiG40.39 billion. This increase is primarily due to the
growth in values and volumes processed through the Real Time Gross Settlement (RTGS) system and mobile
money.
On the foreign exchange market, the Zimbabwe Gold (ZiG) depreciated by 0.06% against the US dollar on
the interbank market, easing from an average rate of ZiG26.81 per US$1 in the preceding week to ZiG26.83
per US$1 during the reporting week.
During the week under review, average international commodity prices rose, except for lithium. Gold prices
increased due to a weaker U.S. dollar, enhancing its appeal as a safe haven, while platinum prices rose due to
expectations that the Federal Reserve would keep rates unchanged. Palladium prices increased with the U.S.
auto industry's recovery, aided by tax credits. Lithium prices declined due to persistent weakening demand for
the metal. Crude oil prices rose amid optimism over US-China trade talks and expected tariff reductions.
As of the 45th day of the 2025 tobacco marketing season, a total of 163.68 million kilograms had been sold,
denoting a 16.02% increase relative to 141.07 million kilograms sold during the same period in 2024.
Similarly, in value terms, sales increased by 11.16%, from US$498.92 recorded in the in the prior year to
US$554.58 million in the reporting period. The increase in volumes and values was propelled by higher
deliveries from leading commercial producers.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
17 April 2025
25 April 2025
02 May 2025
09 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
17 April 2025
25 April 2025
02 May 2025
09 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
17 April 2025
25 April 2025
02 May 2025
09 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
17 April 2025
25 April 2025
02 May 2025
09 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
17 April 2025
25 April 2025
02 May 2025
09 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)
17-Apr-25

25-Apr-25

02-May-25

09-May-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)
17-Apr-25

25-Apr-25

02-May-25

09-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

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
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
ZiG Billion
ZSE Market Capitalisation


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
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
US$ Thousand
VFEX Market Turnover
Trade
deal:
First
Capital Bank Limited
(1,134.27
million
shares
sold
at
(US$0.04 cents per
share)

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
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
US$ Billion
VFEX Market Capitalisation

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
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
Index
VFEX All Share Index


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
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
ZiG Thousands
ZSE Market Turnover
Lump-sum deals:
Econet Wireless
Zimbabwe Limited,
OK Zimbabwe
Limited, Delta
Corporation
Limited

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
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
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

17 April 2025
25 April 2025
02 May 2025
09 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
29-April-25

30-April-25

02-May-25

09-May-25

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


PAYMENT STREAM
WEEK ENDING
02 May 2025
WEEK ENDING
09 May 2025
WEEKLY
CHANGE (%)

VALUES

RTGS
24,379,998,256.82
30,472,580,096.37
24,99
Of which ZiG
8,944,145,074.69
11,848,927,161.01
32,48
Of which US$ transactions
(ZiG Equivalent)
15,435,853,182.13
18,623,652,935,36
20,65
POS
2,871,903,198.32
3,232,778,276.19
12,57
ATM
2,190,449,346.64
2,282,337,393.45
4,19
MOBILE BANKING
126,978,140.59
137,358,907.22
8,18
MOBILE MONEY
3,186,904,091.92
3,934,851,676.90
23,47
ZIPIT MOBILE
254,775,608.45
334,974,805.23
31,48
TOTAL
33,011,008,642.74
40,394,881,155.37
22,37

VOLUMES

RTGS
253,064
198,859
(21,42)
Of which ZiG
107,578
74,788
(30,48)
Of which US$
145,486
124,071
(14,72)
POS
2,230,008
2,367,228
6,15
ATM
269,400
268,933
(0,17)
MOBILE BANKING
258,449
250,063
(3,24)
MOBILE MONEY
10,819,694
11,614,289
7,34
ZIPIT MOBILE
269,570
310,987
15,36
TOTAL
14,100,185
15,010,359
6,46

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
29-April -25
30-April -25
02-May-25
09-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
(28 -02 May)

29-Apr

30-Apr

02-May

09-May

Weekly Average
(05 – 09 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
(28 -02 May)

29-Apr

30-Apr

02-May

09-May

Weekly Average
(05 – 09 May)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (21st February 2025– 9th May 2025)


Source: BBC, KITCO and Bloomberg, 2025


21-Feb
28-Feb
07-Mar
14-Mar
21-Mar
28-Mar
04-Apr
11-Apr
18-Apr
25-Apr
02-May
09-May
US$/oz
Gold

21-Feb
28-Feb
7-Mar
14-Mar
21-Mar
28-Mar
4-Apr
11-Apr
18-Apr
25-Apr
2-May
9-May
US$/barrel
Crude oil

1 0 000
1 0 020
21-Feb
28-Feb
7-Mar
14-Mar
21-Mar
28-Mar
4-Apr
11-Apr
18-Apr
25-Apr
2-May
9-May
US$/tonne
Platinum

21-Feb
28-Feb
7-Mar
14-Mar
21-Mar
28-Mar
4-Apr
11-Apr
18-Apr
25-Apr
2-May
9-May
US$/tonne
Nickel

21-Feb
28-Feb
7-Mar
14-Mar
21-Mar
28-Mar
4-Apr
11-Apr
18-Apr
25-Apr
2-May
9-May
US$/tonne
Lithium

1 0 000
1 0 010
1 0 020
21-Feb
28-Feb
7-Mar
14-Mar
21-Mar
28-Mar
4-Apr
11-Apr
18-Apr
25-Apr
2-May
9-May
US$/tonne
Palladium

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales: Day 45 (9th May 2025)

Variance (%)
Cumulative Quantity Sold (Kgs)
141,073,336
163,679,709
16.02
Average Price (US$/kg)
3.54
3.39
(4.24)
Cumulative value (US$)
498,916,492
554,584,870
11.16
Source: Tobacco Industry and Marketing Board (TIMB), 2025


RESERVE BANK OF ZIMBABWE
MAY 2025