Vol. 27 No. 13


Week Ending
28th 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 28th March 2025.
It includes updates on domestic money and capital markets, national payment systems, exchange rates and
international commodity prices.
During the week under review, local and foreign currency deposit rates remained unchanged except for
maximum local currency deposit rates of over 1 year tenor, which decreased. Minimum local currency lending
rates for both individual and corporate clients decreased, while the maximum lending rates increased during
the same week. Minimum and maximum foreign currency lending rates increased, during the review period.
The Zimbabwe Stock Exchange (ZSE) exhibited bearish sentiments for the second consecutive week, with the
ZSE All Share Index shedding 1.67% to close at 204.11 points. In contrast, the Victoria Falls Stock Exchange
(VFEX) traded positively. As a result, the VFEX All Share index gained 4.33% to close at 108.40 points,
respectively.
The value of aggregate transactions processed through the National Payment Systems (NPS) platforms
increased by 25.48% from ZiG31.73 billion in the previous week to ZiG39.82 billion, during the week under
analysis. The surge in NPS transactions was caused by an increase in values processed through RTGS, POS,
ATM, mobile banking and ZIPIT mobile payment streams.
On the interbank market, the Zimbabwe Gold (ZiG) depreciated by 0.2%, from an average of ZiG26.69 per
US$1 in the previous week to ZiG26.73 per US$1, during the week under review.
International weekly average prices for gold, crude oil and lithium rose, while platinum, palladium and nickel
prices fell during the week ending 28th March 2025. Gold prices increased by 0.51%, largely driven by safe
haven demand for the metal, as investors sought safety amid rising global trade tensions. Similarly, lithium
prices rose by 0.36% underpinned by increased demand for the metal. Brent crude oil prices increased,
following a decline in U.S crude inventories, which signalled a potential near-term supply shortage.
Platinum prices declined, attributable to weakening demand for the metal. Similarly, palladium prices
retreated on concerns over excess supply of the metal coupled with slackening demand. Nickel prices
continued a downward trajectory, attributable to an oversupplied market.
A total of 33.42 million kilograms of tobacco had been sold as of the 18th day of the tobacco selling season,
marking a 24.31% decline from the 44.15 million kilograms sold during the same period in 2024. In value
terms, tobacco sales decreased by 25.36%, from US$154.54 million in the comparable period in 2024 to
US$115.34 million, during the period under review.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG)) (%)
ZiG Deposit rates
07 March 2025
14 March 2025
21 March 2025
28 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
07 March 2025
14 March 2025
21 March 2025
28 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
07 March 2025
14 March 2025
21 March 2025
28 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
07 March 2025
14 March 2025
21 March 2025
28 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
07 March 2025
14 March 2025
21 March 2025
28 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)
07-Mar-25

14-Mar-25

21-Mar-25

28-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)
07-Mar-25

14-Mar-25

21-Mar-25

28-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
28-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
28-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
28-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
28-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
28-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
28-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

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

25-March -25

26-March -25

27-March -25

28-March -25

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


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

VALUES

RTGS
26,281,709,678.29
32,122,437,270.14
22.22
Of which ZiG
9,864,235,912.96
10,395,000,395.30

Of which US$ transactions
(ZiG Equivalent)
16,417,473,765.33

21,727,436,874.84

POS
1,596,263,589.08
2,883,645,032.98
80.65
ATM
996,632,751.07
2,035,457,832.11
104.23
MOBILE BANKING
67,314,117.73
176,105,641.37
161.62
MOBILE MONEY
2,602,693,953.24
2,388,381,666.01
(8.23)
ZIPIT MOBILE
186,711,805.84
211,458,611.54
13.25
TOTAL
31,731,325,895.25
39,817,486,054.15
25.48

VOLUMES

RTGS
170,421
313,953
84.22
Of which ZiG
71,444
135,830

Of which US$
98,977
178,123

POS
1,469,311
2,218,833
51.01
ATM
126,508
281,480
122.50
MOBILE BANKING
155,851
294,237
88.79
MOBILE MONEY
10,206,436
9,726,963
(4.70)
ZIPIT MOBILE
189,185
298,977
58.03
TOTAL
12,317,712
13,134,443
6.63

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
24-March -25
25-March -25
26-March -25
27-March -25
28-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
(17 Mar -21 Mar)

24-Mar

25-Mar

26-Mar

27-Mar

28-Mar

Weekly Average
(24 Mar -28 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
(17Mar–21 Mar)


24-Mar

25-Mar

26-Mar

27-Mar

28-Mar

Weekly Average
(24 Mar -28 Mar)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (17th January 2025– 28th 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
28-Mar
US$/oz
Gold

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

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

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

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales: Day 18 (28th March 2025)

Variance (%)
Cumulative Quantity Sold (million kgs)
44,154,373
33,422,645
(24.31)
Average Price (US$/kg)
3.50
3.45
(1.40)
Cumulative value (US$ million)
154,542,653
115,344,577
(25.36)
Source: Tobacco Industry and Marketing Board (TIMB), 2025


RESERVE BANK OF ZIMBABWE
MARCH 2025