Vol. 27 No. 15


Week Ending
11th April 2025
Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW


This report provides a concise overview of key developments in the domestic monetary and financial sectors
during the week ending 11th April 2025. It incorporates 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 for most tenors remained unchanged at previous
week levels. The 1-month and 12-month maximum deposit rates, however, decreased while the 3-month
maximum rates increased. Similarly, foreign currency deposit rates for most tenors remained unchanged,
except for the maximum rates for 1-month and 12-month tenors, which decreased, while those for over 1-year
tenor increased.
Local currency lending rates for individual clients decreased while those for corporate clients increased. In
contrast, foreign currency lending rates for corporate clients increased along with the minimum lending rates
for individual clients. Foreign currency maximum rates for individual clients, however, declined during the
same week.
The Zimbabwe Stock Exchange (ZSE) traded in the red for the fourth consecutive week, with the ZSE All
Share Index declining by 0.66% to close at 200.42 points. The Victoria Falls Stock Exchange (VFEX)
displayed a bullish performance, with the VFEX All Share Index rising by 4.08% to close at 111.31 points.
The value of aggregate transactions processed through the National Payment Systems platforms fell by 4.14%,
from ZiG34.50 billion in the previous week to ZiG33.07 billion. The decline in NPS transactions was a result
of a decrease in values processed through the POS, ATM and mobile banking payment platforms.
The Zimbabwe Gold (ZiG) marginally depreciated by 0.1%, from an average of ZiG26.78 per US$1 in the
previous week to ZiG26.80 per US$1, during the week under review.
Weekly average international prices for gold, platinum, palladium, nickel, crude oil and lithium decreased
during the week ending 11th April 2025. A temporary U.S. tariff exemption for smartphones and computers
calmed investors, causing gold prices to decline due to lower safe haven demand. This policy uncertainty also
impacted platinum and palladium, with prices falling by 5.15% and 4.31%, respectively, amid fears of reduced
demand in the automotive industry.
China's provision of subsidies to battery manufacturers led to an increase in lithium production, causing a
surplus in supply and a corresponding price drop during the week under review. At the same time, Brent crude
oil prices fell 10.31%, as market concerns mounted that the U.S. administration's latest trade tariffs could
trigger a global recession and reduce energy demand globally.
A cumulative total of 67.66 million kilograms of tobacco had been sold as at day 28 of the tobacco selling
season, marking a 15.12% decrease from the 79.71 million kilograms sold during the same period in 2024. In
value terms, tobacco sales dropped by 17.63%, from US$284.68 million recorded in the same period in 2024
to US$234.49 million, during the period under review. Delays in deliveries from major commercial tobacco
producers who have not started bringing their tobacco to market could also be contributing to the shortfall.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG)) (%)
ZiG Deposit rates
21 March 2025
28 March 2025
04 April 2025
11 April 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
21 March 2025
28 March 2025
04 April 2025
11 April 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
21 March 2025
28 March 2025
04 April 2025
11 April 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial bank weighted lending rates (Foreign Currency (US$)) (%)
US$ Lending rates
21 March 2025
28 March 2025
04 April 2025
11 April 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending rates
21 March 2025
28 March 2025
04 April 2025
11 April 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)
21-Mar-25

28-Mar-25

04-Apr-25

11-Apr-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)
21-Mar-25

28-Mar-25

04-Apr-25

11-Apr-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

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
04-Apr-25
11-Apr-25
Indices
ZSE Indices

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
04-Apr-25
11-Apr-25
ZiG Billion
ZSE Market Capitalisation


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
04-Apr-25
11-Apr-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)

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
04-Apr-25
11-Apr-25
US$ Billion
VFEX Market Capitalisation

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
04-Apr-25
11-Apr-25
Index
VFEX All Share Index


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
04-Apr-25
11-Apr-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

21 March 2025
28 March 2025
04 April 2025
11 April 2025
Domestic Energy Prices
US$
US$
US$

Diesel 50/ litre

Petrol Blend E20/ litre

LP Gas / kg


International Energy
Prices (Weekly average)
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
07-April-25

08-April-25

09-April-25

10-April-25

11-April-25

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


PAYMENT STREAM
WEEK ENDING
04 April 2025
WEEK ENDING
11 April 2025
WEEKLY
CHANGE (%)

VALUES

RTGS
24,878,225,536.56
26,132,101,548.77
5.04
Of which ZiG
7,948,924,672.95
9,009,075,111.12

Of which US$ transactions
(ZiG Equivalent)
16,929,300,863.61
17,123,026,437.65


POS
2,959,738,018.17
1,865,816,855.95
(36.96)
ATM
2,839,053,039.92
1,556,693,710.43
(45.17)
MOBILE BANKING
158,933,868.87
100,932,282.83
(36.49)
MOBILE MONEY
3,400,847,061.81
3,255,998,291.99
(4.26)
ZIPIT MOBILE
261,543,434.12
157,733,768.70
(39.69)
TOTAL
34,498,340,959.45
33,069,276,458.67
(4.14)

VOLUMES

RTGS
191,722
164,864
(14.01)
Of which ZiG
79,338
66,074

Of which US$
112,384
98,790

POS
2,413,497
1,603,193
(33.57)
ATM
348,198
202,490
(41.85)
MOBILE BANKING
308,302
198,702
(35.55)
MOBILE MONEY
10,898,308
11,288,582
3.58
ZIPIT MOBILE
296,069
202,025
(31.76)
TOTAL
14,456,096
13,659,856
(5.51)

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
07-April -25
08-April -25
09-April -25
10-April -25
11-April -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
(31 Mar -04 Apr)

07-Apr

08-Apr

09-Apr

10-Apr

11-Apr

Weekly Average
(07 – 11 Apr)

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
(31 Mar -04 Apr)

07-Apr

08-Apr

09-Apr

10-Apr

11-Mar

Weekly Average
(07 - 11 Apr)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (24th January 2025– 11th April 2025)


Source: BBC, KITCO and Bloomberg, 2025


24-Jan
31-Jan
7-Feb
14-Feb
21-Feb
28-Feb
7-Mar
14-Mar
21-Mar
28-Mar
4-Apr
11-Apr
US$/oz
Gold

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

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

24-Jan
31-Jan
7-Feb
14-Feb
21-Feb
28-Feb
7-Mar
14-Mar
21-Mar
28-Mar
4-Apr
11-Apr
US$/tonne
Nickel

24-Jan
31-Jan
7-Feb
14-Feb
21-Feb
28-Feb
7-Mar
14-Mar
21-Mar
28-Mar
4-Apr
11-Apr
US$/tonne
Lithium

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

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales: Day 28 (11th April 2025)

Variance (%)
Cumulative Quantity Sold (million kgs)
79,705,666
67,656,080
(15.12)
Average Price (US$/kg)
3.57
3.47
(2.80)
Cumulative value (US$ million)
284,675,329
234,491,665
(17.63)
Source: Tobacco Industry and Marketing Board (TIMB), 2025


RESERVE BANK OF ZIMBABWE
APRIL 2025