Vol. 27 No. 11


Week Ending
14th March 2025
Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW


This report provides an analysis of the monetary and financial developments for the week ending 14th 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, both local currency and foreign currency deposit rates for all tenors remained
unchanged at previous week levels. Foreign currency minimum savings deposit rates decreased, while
maximum saving deposit rates increased, during the same week.
Local currency minimum lending rates for individual clients decreased, while maximum rates remained
unchanged at previous week levels. During the same week, however, local currency lending rates for corporate
clients increased. Foreign currency lending rates for individual clients remained unchanged compared to
previous week levels, while those for corporate clients increased.
On the capital markets, the Zimbabwe Stock Exchange (ZSE) exhibited bullish trends for the fourth
consecutive week, with the ZSE All Share Index gaining 2.06%, to close at 210.93 points. In contrast, the
Victoria Falls Stock Exchange (VFEX) traded negatively. As a result, the VFEX All Share index lost 0.25%
to close the week under review at 108.29 points.
The aggregate value of transactions processed through the National Payment Systems (NPS) decreased by
11.15%, from ZiG34.49 billion recorded in the previous week to ZiG30.64 billion, during the week under
review. The decrease in NPS transactions was caused by the decline in values processed through all the
payment streams.
On the interbank market, the Zimbabwe Gold (ZiG) depreciated by 0.17%, to ZiG26.66 per US$1 during the
week ending 14th March 2025, from an average of ZiG26.61 per US$1 recorded in the previous week.
International weekly average prices for gold, platinum, palladium and nickel increased, while average prices
for crude oil and lithium decreased, during the week under analysis. Gold prices increased by 1.26% driven
by geopolitical tensions which increased the metal’s safe haven demand status. Platinum and palladium prices
increased, buoyed by rising demand for the metals. Likewise, nickel prices increased as markets assessed the
impact of output cuts in Indonesia.
The price of brent crude oil decreased, underpinned by concerns that U.S. tariffs imposed on Canada, Mexico,
and China could weigh down global economic growth and reduce energy demand. Lithium prices fell by
6.59%, on account of an oversupplied market.
A cumulative total of 11.03 million kilograms of tobacco had been sold, as of day 8 of the tobacco selling
season, reflecting a 27.37% decline from the 15.18 million kilograms sold during the same period in 2024. In
value terms, tobacco sales also decreased by 24.02% to US$39.07 million, from US$51.43 million recorded
during the comparable period in 2024.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG)) (%)
ZiG

Deposit rates
20 February 2025
28 February 2025
07 March 2025
14 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
20 February 2025
28 February 2025
07 March 2025
14 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
20 February 2025
28 February 2025
07 March 2025
14 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
20 February 2025
28 February 2025
07 March 2025
14 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
20 February 2025
28 February 2025
07 March 2025
14 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)
20-Feb-25

28-Feb-25

07-Mar-25

14-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)
20-Feb-25

28-Feb-25

07-Mar-25

14-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
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
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
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
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
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
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

20 February 2025
28 February 2025
07 March 2025
14 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$/barrel
US$
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
10-March -25

11-March -25

12-March -25

13-March -25

14-March -25

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


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

VALUES

RTGS
25,446,468,820.66
23,857,692,826.70
(6.24)
Of which ZiG
10,181,516,621.76
8,672,814,449.77

Of which US$ transactions
(ZiG Equivalent)
15,264,952,198.90

15,184,878,376.93


POS
2,898,519,282.12
1,883,949,932.31
(35.00)
ATM
2,628,606,394.19
1,528,208,948.24
(41.86)
MOBILE BANKING
135,450,261.52
87,013,122.99
(35.76)
MOBILE MONEY
3,130,627,870.75
3,114,535,077.97
(0.51)
ZIPIT MOBILE
247,462,508.15
169,583,874.76
(31.47)
TOTAL
34,487,135,137.38
30,640,983,782.97
(11.15)

VOLUMES

RTGS
219,788
176,115
(19.87)
Of which ZiG
94,637
82,578

Of which US$
125,151
93,537

POS
2,152,682
1,578,474
(26.67)
ATM
331,234
185,223
(44.08)
MOBILE BANKING
276,094
175,193
(36.55)
MOBILE MONEY
10,049,903
10,507,226
4.55
ZIPIT MOBILE
250,321
196,520
(21.49)
TOTAL
13,280,022
12,818,751
(3.47)

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
10-March -25
11-March -25
12-March -25
13-March -25
14-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
(3 Mar – 7 Mar)

10-Feb

11-Feb

12-Feb

13-Feb

14-Feb

Weekly Average
(10 Mar -14 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 (3
Mar- 7 Mar)


10-Mar

11-Mar

12-Mar

13-Mar

14-Mar

Weekly Average (10
Mar–14 Mar)


Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (17th January 2025– 14th 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
US$/oz
Gold

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

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

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

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales (14th March 2025)

Variance (%)
Cumulative Quantity Sold (million kgs)
15,181,526
11,025,876
(27.37)
Average Price (US$/kg)
3.39
3.54
4.42
Cumulative value (US$ million)
51,427,470
39,073,675
(24.02)
Source: Tobacco Industry and Marketing Board (TIMB), 2025


RESERVE BANK OF ZIMBABWE
MARCH 2025