Vol. 27 No. 18


Week Ending
2nd May 2025
Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW


This report details key developments in the domestic monetary and financial sectors during the week ending
02 May 2025. It incorporates updates on the domestic money and capital markets, national payment systems,
exchange rates, and international commodity prices.
The local currency savings rate, along with the minimum and maximum deposit rates for all tenors, remained
unchanged during the week under review. Likewise, foreign currency savings and deposit rates for all tenors
were unchanged.
During the week under review, the minimum local currency lending rates for both individual and corporate
clients declined. Conversely, the maximum local currency lending rates for individual clients remained
unchanged, while those for corporate customers increased. Foreign currency lending rates decreased for both
individual and corporate clients, except for the individual minimum lending rate, which saw an increase.
On the equities market, the Zimbabwe Stock Exchange (ZSE) exhibited bullish sentiments, reversing the trend
of the past three weeks, while the Victoria Falls Stock Exchange (VFEX) traded negatively. As a result, the
ZSE All Share Index gained 0.12%, while the VFEX All Share Index lost 0.83%, closing at 191.17 points and
112.95 points, respectively.
The value of aggregate transactions processed through the National Payment Systems platforms decreased by
2.21% from the previous week to ZiG33.01 billion. This decline was underpinned by reduced processing
through major platforms such as RTGS, mobile banking, and ZIPIT mobile.
On the interbank market, the Zimbabwe Gold (ZiG) slightly appreciated by 0.01% against the US dollar, from
an average of ZiG26.82 per US$1 in the prior week to ZiG26.81 per US$1, during the week under review.
Weekly average international prices for platinum and palladium increased, driven by higher demand. After
several weeks of positive growth, gold prices receded for the first time, along with crude oil, nickel, and
lithium. The decline in gold prices is a result of easing trade tensions and a holiday in China. The drop in crude
oil prices follows indications that Saudi Arabia plans to increase production and expand its market share, while
the decrease in nickel and lithium prices is due to constrained demand for these base metals.
As of the 40th day of the 2025 tobacco marketing season, a total of 130.42 million kilograms had been sold,
representing a 4.25% increase compared to 125.10 million kilograms sold during the same period in 2024.
However, in value terms, sales slightly declined by 0.42%, falling from US$445.31 million recorded in the
prior year to US$443.46 million in the reporting period. The rise in volumes was attributed to increased
deliveries from major commercial producers, which helped offset the impact of depressed prices during the
reporting period.

2. INTEREST RATES

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

17-Apr-25

25-Apr-25

02-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)
11-Apr-25

17-Apr-25

25-Apr-25

02-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

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
28-Mar-25
04-Apr-25
11-Apr-25
18-Apr-25
25-Apr-25
02-May-25
ZiG Billion
ZSE Market Capitalisation


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
28-Mar-25
04-Apr-25
11-Apr-25
18-Apr-25
25-Apr-25
02-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)

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
28-Mar-25
04-Apr-25
11-Apr-25
18-Apr-25
25-Apr-25
02-May-25
US$ Billion
VFEX Market Capitalisation

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
28-Mar-25
04-Apr-25
11-Apr-25
18-Apr-25
25-Apr-25
02-May-25
Index
VFEX All Share Index


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
28-Mar-25
04-Apr-25
11-Apr-25
18-Apr-25
25-Apr-25
02-May-25
ZiG Thousands
ZSE Market Turnover
Lump-sum deals:
Econet Wireless
Zimbabwe Limited,
OK Zimbabwe
Limited, Delta
Corporation Limited

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
28-Mar-25
04-Apr-25
11-Apr-25
18-Apr-25
25-Apr-25
02-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

11 April 2025
17 April 2025
25 April 2025
02 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
28-April-25

29-April-25

30-April-25

02-May-25

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


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

VALUES

RTGS
25,487,633,934.09
24,379,998,256.82
(4.35)
Of which ZiG
10,132,699,648.88
8,944,145,074.69
(11.73)
Of which US$ transactions
(ZiG Equivalent)
15,354,934,285.21
15,435,853,182.13
0.53
POS
2,718,667,693.40
2,871,903,198.32
5.64
ATM
1,842,846,977.88
2,190,449,346.64
18.86
MOBILE BANKING
351,470,360.76
126,978,140.59
(63.87)
MOBILE MONEY
3,062,082,989.13
3,186,904,091.92
4.08
ZIPIT MOBILE
294,237,569.21
254,775,608.45
(13.41)
TOTAL
33,756,939,524.47
33,011,008,642.74
(2.21)

VOLUMES

RTGS
204,773
253,064
23.58
Of which ZiG
88,022
107,578

Of which US$
116,751
145,486.00

POS
2,056,287
2,230,008
8.45
ATM
246,653
269,400
9.22
MOBILE BANKING
396,655
258,449
(34.84)
MOBILE MONEY
10,895,168
10,819,694
(0.69)
ZIPIT MOBILE
328,776
269,570
(18.01)
TOTAL
14,128,312
14,100,185
(0.20)

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
28-April -25
29-April -25
30-April -25
02-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
(22 -25 Apr)

28-Apr

29-Apr

30-Apr

02-May

Weekly Average
(28 – 02 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
(22 -25 Apr)

28-Apr

29-Apr

30-Apr

02-May

Weekly Average
(28 – 02 May)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (14th February 2025– 02nd May 2025)


Source: BBC, KITCO and Bloomberg, 2025


14-Feb
21-Feb
28-Feb
7-Mar
14-Mar
21-Mar
28-Mar
4-Apr
11-Apr
18-Apr
25-Apr
2-May
US$/oz
Gold

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

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

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

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

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

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales: Day 40 (2nd May 2025)

Variance (%)
Cumulative Quantity Sold (Kgs)
125,104,872
130,418,670
4.25
Average Price (US$/kg)
3.56
3.40
(4.47)
Cumulative value (US$)
445,312,669
443,459,850
(0.42)
Source: Tobacco Industry and Marketing Board (TIMB), 2025


RESERVE BANK OF ZIMBABWE
MAY 2025