Vol. 27 No. 12


Week Ending
21st March 2025
Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW


This report provides an analysis of monetary and financial developments for the week ending 21st March 2025.
Included are updates on domestic money and capital markets, national payment systems, exchange rates and
international commodity prices.
During the week under review, local currency deposit rates remained unchanged except for 1-month maximum
deposit rates that increased. Similarly, foreign currency savings deposits rates remained the same compared
to previous week. However, foreign currency deposit rates for all other tenors increased, except for maximum
over 1-year rates, which decreased.
Local currency lending rates for both individual and corporate clients decreased marginally, except for
minimum rates for corporate clients, which remained unchanged. Foreign currency minimum lending rates
for individual clients remained unchanged compared to previous week levels, however, maximum individual
lending rates decreased, while those for corporate clients increased.
Activity on the Zimbabwe Stock Exchange (ZSE) was bearish during the week under review, culminating in
the ALL Share ZSE Index losing 1.62% to close the week at 207.57 points. In contrast, the foreign currency
Victoria Falls Stock Exchange (VFEX) exhibited bullish trends. As a result, the VFEX All Share index gained
0.03% to close at 103.90 points.
The aggregate transactions processed, in value terms, through the National Payment Systems platforms was
ZiG31.73 billion, an increase of 3.56% from ZiG30.64 billion recorded in the previous week. The surge in
NPS transactions was a result of the increase in values processed through the RTGS and ZIPIT mobile
payment platforms.
The Zimbabwe Gold (ZiG) depreciated by 0.1%, on the interbank market, from an average of ZiG26.66 per
US$1 recorded in the previous week, to ZiG26.69 per US$1, during the week ending 21st March 2025.
International weekly average prices for gold, platinum, palladium, crude oil and lithium rose, while nickel
prices fell during the week ending 21st March 2025. Gold prices continued a positive trajectory due to safehaven demand status of the precious metal. Underpinned by a weaker United States (US) dollar, increase in
industrial demand, and expectations of new stimulus measures from China, platinum prices also rose by
1.07%. The rise in palladium prices was on account of improving demand for the precious metal, coupled with
supply concerns, as the palladium market is projected to be in deficit in 2025.
Driven by the latest U.S sanctions on Iranian crude exports, Brent crude oil prices increased by 2.45% from
US$69.35 to US$71.05 per barrel during the week under analysis. The average price for lithium rebounded,
attributed to improvement in demand for the metal. However, nickel prices fell during the same week as a
result of an oversupplied market.
A total of 21.42 million kilograms of tobacco had been sold, as of the 13th day of the tobacco selling season,
marking a 27.59% decline from the 29.58 million kilograms sold during the same period in 2024. In terms of
value, tobacco sales decreased by 27.14%, from US$102.83 million in the comparable period in 2024 to
US$74.92 million, during the period under review.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG)) (%)
ZiG Deposit rates
28 February 2025
07 March 2025
14 March 2025
21 March 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
28 February 2025
07 March 2025
14 March 2025
21 March 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
28 February 2025
07 March 2025
14 March 2025
21 March 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial bank weighted lending rates (Foreign Currency (US$)) (%)
US$ Lending rates
28 February 2025
07 March 2025
14 March 2025
21 March 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending rates
28 February 2025
07 March 2025
14 March 2025
21 March 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)
28-Feb-25

07-Mar-25

14-Mar-25

21-Mar-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)
28-Feb-25

07-Mar-25

14-Mar-25

21-Mar-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

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
28-Feb-25
07-Mar-25
14-Mar-25
21-Mar-25
Indices
ZSE Indices

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
28-Feb-25
07-Mar-25
14-Mar-25
21-Mar-25
ZiG Billion
ZSE Market Capitalisation


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
28-Feb-25
07-Mar-25
14-Mar-25
21-Mar-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)

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
28-Feb-25
07-Mar-25
14-Mar-25
21-Mar-25
US$ Billion
VFEX Market Capitalisation

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
28-Feb-25
07-Mar-25
14-Mar-25
21-Mar-25
Index
VFEX All Share Index


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

4. CLEARING AND SETTLEMENT ACTIVITY
Source: Reserve Bank of Zimbabwe, 2025

5. ENERGY PRICES

Energy Prices

28 February 2025
07 March 2025
14 March 2025
21 March 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-March -25

18-March -25

19-March -25

20-March -25

21-March -25

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


PAYMENT STREAM
WEEK ENDING
14 March 2025
WEEK ENDING
21 March 2025
WEEKLY
CHANGE (%)

VALUES

RTGS
23,857,692,826.70
26,281,709,678.29
10.16
Of which ZiG
8,672,814,449.77
9,864,235,912.96

Of which US$ transactions
(ZiG Equivalent)
15,184,878,376.93

16,417,473,765.33


POS
1,883,949,932.31
1,596,263,589.08
(15.27)
ATM
1,528,208,948.24
996,632,751.07
(34.78)
MOBILE BANKING
87,013,122.99
67,314,117.73
(22.64)
MOBILE MONEY
3,114,535,077.97
2,602,693,953.24
(16.43)
ZIPIT MOBILE
169,583,874.76
186,711,805.84
10.10
TOTAL
30,640,983,782.97
31,731,325,895.25
3.56

VOLUMES

RTGS
176,115
170,421
(3.23)
Of which ZiG
82,578
71,444

Of which US$
93,537
98,977

POS
1,578,474
1,469,311
(6.92)
ATM
185,223
126,508
(31.70)
MOBILE BANKING
175,193
155,851
(11.04)
MOBILE MONEY
10,507,226
10,206,436
(2.86)
ZIPIT MOBILE
196,520
189,185
(3.73)
TOTAL
12,818,751
12,317,712
(3.91)

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
17-March -25
18-March -25
19-March -25
20-March -25
21-March -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
(10 Mar -14 Mar)

17-Mar

18-Mar

19-Mar

20-Mar

21-Mar

Weekly Average
(17 Mar -21 Mar)

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
Mar–14 Mar)


17-Mar

18-Mar

19-Mar

20-Mar

21-Mar

Weekly Average
(17Mar–21 Mar)


Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

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


Source: BBC, KITCO and Bloomberg, 2025


17-Jan
24-Jan
31-Jan
7-Feb
14-Feb
21-Feb
28-Feb
7-Mar
14-Mar
21-Mar
US$/oz
Gold

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

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

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

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

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

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales (21th March 2025)

Variance (%)
Cumulative Quantity Sold (million kgs)
29,577,870
21,418,207
(27.59)
Average Price (US$/kg)
3.48
3.50
0.57
Cumulative value (US$ million)
102,825,051
74,915,300
(27.14)
Source: Tobacco Industry and Marketing Board (TIMB), 2025


RESERVE BANK OF ZIMBABWE
MARCH 2025