Vol. 27 No. 25


Week Ending
20th June 2025
Weekly Economic
Highlights
TABLE OF CONTENTS

1.
OVERVIEW ............................................................................ 1
2.
INTEREST RATES ................................................................ 1
3.
EQUITY MARKETS .............................................................. 3
4.
CLEARING AND SETTLEMENT ACTIVITY .................. 5
5.
ENERGY PRICES .................................................................. 5
6.
GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND
GOLD BACKED DIGITAL TOKENS (GBDT) .................. 6
7.
EXTERNAL SECTOR ........................................................... 6

1. OVERVIEW

This report offers an overview of key developments within the domestic monetary and financial sectors of the
economy for the week ending 20 June 2025. It includes updates on the money and capital markets, national
payment systems, exchange rates and international commodity prices.
Deposit rates for both foreign and local currency held steady at the same levels as the previous week, reflecting
stable monetary conditions. During the period under review, the minimum and maximum local currency
lending rates for both individuals and corporates surged compared to the prior week. However, the minimum
and maximum foreign currency lending rates for corporate and individual clients declined, except for
minimum individual rate which increased.
During the week ending 20 June 2025, both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock
Exchange (VFEX) traded negatively. As a result, the ZSE and VFEX All-Share indices lost 0.98% and 1.17
% to close at 193.05 points and 106.13 points, respectively.
The value of the aggregate transactions processed through the National Payment Systems platforms declined
by 2.58% from the previous week to ZiG39.02 billion. The drop was mainly attributed to declines in terms of
value with respect to the Real Time Gross Settlement (RTGS) system, POS, and mobile money.
On the interbank market, the Zimbabwe Gold (ZiG) depreciated by 0.07%, from an average of ZiG26.97 per
US$1 recorded in the previous week, to ZiG26.99 per US$1 during the week ending 20th June 2025.
International average commodity prices for gold and platinum firmed, while prices for palladium, nickel and
lithium decreased. Gold rose due to escalating tensions in the Middle East, particularly the Israel-Iran conflict,
which heightened gold’s appeal as a safe haven asset. The increase in platinum was fuelled by constrained
supply, increased jewellery restocking, and improved investor sentiment following London Platinum Week.
However, Palladium prices fell as the shift to electric vehicles (EVs), especially in China, continues to erode
palladium demand, weighing down on prices. Similarly, lithium prices dropped, due to oversupply, growing
inventories, downward pressure on input costs and weak demand - especially in energy storage systems (ESS).
Nickel prices declined as production cuts from Indonesia failed to offset prevailing concerns about an
oversupplied market.
A total of 309.12 million kilograms were sold as of 74th day of the 2025 tobacco marketing season, marking
a 45.65% increase from 212.23 million kilograms sold during the same period in 2024. Similarly, the value of
sales rose to US$1.04 billion in the reporting period, an increase of 41.70% from US$0.73 billion reported in
the same period in 2024. The average price of the golden leaf during the reporting period was US$3.36 per
kg, slightly lower than the US$3.45 per kg recorded during the same period in the previous year.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
30 May 2025
06 June 2025
13 June 2025
20 June 2025
Savings




Minimum
3.81
3.81
3.81
3.81
Maximum
4.14
4.14
4.14
4.14
1-month deposit




Minimum
5.68
5.66
5.66
5.66
Maximum
9.30
8.61
8.77
8.77
3-months deposit




Minimum
6.09
5.95
5.95
5.95
Maximum
9.62
8.93
9.21
9.21
6-months deposit




Minimum
5.59
5.56
5.56
5.56
Maximum
8.92
8.23
8.23
8.23
12-months deposit




Minimum
5.71
5.57
5.57
5.57
Maximum
8.93
8.24
8.24
8.24
Over 1 year




Minimum
5.72
5.58
5.58
5.58
Maximum
8.94
8.25
8.25
8.25
Source: Reserve Bank of Zimbabwe, 2025


Average commercial bank deposit rates (Foreign Currency (US$) (%)
US$ Deposit rates
30 May 2025
06 June 2025
13 June 2025
20 June 2025
Savings




Minimum
1.67
1.67
1.67
1.67
Maximum
1.86
1.86
1.86
1.86
1-month deposit




Minimum
3.94
3.72
3.72
3.72
Maximum
5.94
5.67
5.72
5.72
3-month deposit




Minimum
4.33
4.38
4.38
4.38
Maximum
6.32
6.53
6.70
6.70
6-month deposit




Minimum
4.47
4.18
4.18
4.18
Maximum
7.11
6.71
6.71
6.71
12-Month deposit




Minimum
4.53
4.25
4.25
4.25
Maximum
6.83
6.44
6.44
6.44
Over 1 year




Minimum
4.64
4.36
4.36
4.36
Maximum
7.00
6.61
6.61
6.61
Source: Reserve Bank of Zimbabwe, 2025

Commercial bank weighted lending rates (Local Currency (ZiG) (%)
ZiG Lending rates
30 May 2025
06 June 2025
13 June 2025
20 June 2025
Individuals




Minimum
43.66
42.25
42.29
42.34
Maximum
48.93
47.98
48.01
48.06
Corporates




Minimum
40.27
40.42
40.42
40.51
Maximum
46.51
46.68
46.40
46.77
Source: Reserve Bank of Zimbabwe, 2025


Commercial bank weighted lending rates (Foreign Currency (US$) (%)
US$ Lending rates
30 May 2025
06 June 2025
13 June 2025
20 June 2025
Individuals




Minimum
12.91
13.28
13.31
13.33
Maximum
17.32
17.47
17.49
17.48
Corporates




Minimum
10.32
10.32
10.34
10.31
Maximum
15.79
15.82
15.87
15.86
Source: Reserve Bank of Zimbabwe, 2025


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending rates
30 May 2025
06 June 2025
13 June 2025
20 June 2025
ZiG Lending rates




Minimum
25.00
25.00
25.00
25.00
Maximum
50.00
50.00
50.00
50.00
US$ Lending rates




Minimum
10.00
10.00
10.00
10.00
Maximum
22.00
18.00
18.00
18.00
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)
30-May-25
196.85
189.81
194.22
246.15
100.11
145.40
60.00
286.33
112.80
06-Jun-25
197.56
193.50
196.91
235.68
100.11
145.40
60.91
163.57
231.38
13-June-25
194.97
192.75
195.58
225.84
100.11
145.40
60.43
105.66
18.94
20-June-25
193.05
189.67
192.91
228.09
100.00
145.40
59.66
91.49
43.14
Weekly
Change (%)
(0.98)
(1.60)
(1.37)
1.00
(0.11)
0.00
(1.27)
(13.41)
127.77
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)
30-May-25
107.24
1.25
1.47
13.23
06-Jun-25
107.60
1.25
0.23
1.37
13-Jun-25
107.39
1.25
1.45
4.42
20-Jun-25
106.13
1.24
0.98
3.88

Weekly
Change (%)
(1.17)
(0.80)
(32.41)
(12.22)
Source: Victoria Falls Stock Exchange, 2025


Figure 1: ZSE and VFEX Indicators

50 000
100 000
150 000
200 000
250 000
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
09-May-25
16-May-25
23-May-25
30-May-25
06-Jun-25
13-Jun-25
20-Jun-25
ZiG Thousands
ZSE Market Turnover
Notable trade deals: 97.69 million
Econet Wireless Zimbabwe Limited
shares,3.11 million OK Zimbabwe
Limited shares, 3.06 million shares
exchanged
hands
at
ZiG297.45
cents/share,ZiG35.90cents/share
and
ZiG12.53
cents/share,
respectively

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
09-May-25
16-May-25
23-May-25
30-May-25
06-Jun-25
13-Jun-25
20-Jun-25
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

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
09-May-25
16-May-25
23-May-25
30-May-25
06-Jun-25
13-Jun-25
20-Jun-25
ZiG Billion
ZSE Market Capitalisation

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
09-May-25
16-May-25
23-May-25
30-May-25
06-Jun-25
13-Jun-25
20-Jun-25
Index
VFEX All Share Index

Source: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2025



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

5. ENERGY PRICES

Energy Prices

30 May 2025
06 June 2025
13 June 2025
20 June 2025
Domestic Energy Prices
US$
US$
US$
US$
Diesel 50/ litre
1.50
1.50
1.50
1.50
Petrol Blend E20/ litre
1.54
1.54
1.54
1.54
LP Gas / kg
1.60
1.59
1.59
1.59





PAYMENT STREAM
WEEK ENDING
13 June 2025
WEEK ENDING
20 June 2025
WEEKLY
CHANGE (%)

VALUES

RTGS
31,434,420,687.07
31,149,624,609.71
(0.91)
Of which ZiG
12,508,251,447.79
11,047,344,462.49
(11.68)
Of which US$ transactions
(ZiG Equivalent)
18,926,169,239.28

20,102,280,147.22

6.21
POS
2,659,897,153.06
2,525,331,629.62
(5.06)
ATM
1,618,931,434.10
1,671,264,767.21
3.23
MOBILE BANKING
97,728,706.99
102,728,370.10
5.12
MOBILE MONEY
4,002,056,196.74
3,304,491,400.11
(17.43)
ZIPIT MOBILE
242,579,990.55
268,273,074.31
10.59
TOTAL
40,055,614,168.51
39,021,713,851.05
(2.58)

VOLUMES

RTGS
167,631
174,047
3.83
Of which ZiG
68,534
69,066
0.78
Of which US$
99,097
104,981
5.94
POS
1,624,166
1,692,948
4.23
ATM
178,746
215,086
20.33
MOBILE BANKING
168,651
192,191
13.96
MOBILE MONEY
11,948,962
11,000,464
(7.94)
ZIPIT MOBILE
229,574
251,556
9.58
TOTAL
14,317,730
13,526,292
(5.53)

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
09-May-25
16-May-25
23-May-25
30-May-25
06-Jun-25
13-Jun-25
20-Jun-25
US$ Thousand
VFEX Market Turnover
1,1
1,15
1,2
1,25
1,3
1,35
1,4
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
09-May-25
16-May-25
23-May-25
30-May-25
06-Jun-25
13-Jun-25
20-Jun-25
US$ Billion
VFEX Market Capitalisation

International Energy
Prices (Weekly average)
US$/barrel
US$/barrel
US$/barrel
US$/barrel
Crude Oil Prices
64.38

65.00
70.11
75.79
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
16-Jun-25
3,435.35
2.83
3.13
0.1049
0.1160
17-Jun-25
3,397.60
2.80
3.09
0.1038
0.1147
18-Jun-25
3,388.45
2.79
3.09
0.1035
0.1144
19-Jun-25
3,391.50
2.80
3.09
0.1036
0.1145
20-Jun-25
3,368.90
2.78
3.07
0.1029
0.1137
Source: London Bullion Market Association and Reserve Bank of Zimbabwe, 2025




Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
16-June-25
17-June-25
18-June-25
19-June-25
20-June-25
1.00Oz





US$
3,607.12
3,567.48
3,557.87
3,561.08
3,537.35
ZiG
97,318.59
96,255.96
96,014.53
96,115.91
95,479.31
0.50Oz





US$
1,803.56
1,783.74
1,778.94
1,780.54
1,768.67
ZiG
48,659.29
48,127.98
48,007.26
48,057.95
47,739.65
0.25Oz





US$
901.78
891.87
889.47
890.27
884.34
ZiG
24,329.65
24,063.99
24,003.63
24,028.98
23,869.83
0.10Oz





US$
360.71
356.75
355.79
356.11
353.73
ZiG
9,731.86
9,625.60
9,601.45
9,611.59
9,547.93
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
(09 - 13 June)
26.9659
1.5161
36.5044
2.0168
32.0530
16-June
26.9796
1.5035
36.6116
2.0075
31.1803
17-June
26.9815
1.5131
36.6223
2.0077
31.1853
18-June
26.9865
1.5008
36.2809
2.0175
31.0493
19-June
26.9907
1.4963
36.1771
2.0030
30.9408

20-June
26.9918
1.4981
36.4228
2.0044
31.1000
Weekly Average
(16 – 20 June)
26.9860
1.5024
36.4229
2.0080
31.0911
Appr (-)/Depr (+) (%) of the
ZWG
0.07
(0.90)
(0.22)
(0.44)
(3.00)
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
(09 – 13 June)
3,357.77
1,240.10
1,065.50
15,237.20
8,256.00
09-June
3391,13
1,244.09
1,032.71
15,069.00
8,250.00
10-June
3384,50
1,260.50
1,036.50
14,924.00
8,250.00
11-June
3354,48
1,293.50
1,056.00
15,053.00
8,250.00
12-June
3343,66
1,285.00
1,038.00
15,056.00
8,250.00
13-June
3351,19
1,278.00
1,045.50
14,770.00
8,250.00
Weekly Average
(16 – 20 June)
3,364.99
1,272.22
1,041.74
14,974.40
8,250.00
Weekly change (%)
0.22
2.59
(2.23)
(1.72)
(0.07)
Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (4th April 2025– 20th June 2025)




2 900
3 150
3 400
3 650
3 900
04-Apr
11-Apr
18-Apr
25-Apr
02-May
09-May
16-May
23-May
30-May
06-Jun
13-Jun
20-Jun
US$/oz
Gold

4-Apr
11-Apr
18-Apr
25-Apr
2-May
9-May
16-May
23-May
30-May
6-Jun
13-Jun
20-Jun
US$/barrel
Crude oil

1 030
1 080
1 130
1 180
1 230
1 280
1 330
4-Apr
11-Apr
18-Apr
25-Apr
2-May
9-May
16-May
23-May
30-May
6-Jun
13-Jun
20-Jun
US$/tonne
Platinum

1 000
1 020
1 040
1 060
1 080
4-Apr
11-Apr
18-Apr
25-Apr
2-May
9-May
16-May
23-May
30-May
6-Jun
13-Jun
20-Jun
US$/tonne
Palladium

Source: BBC, KITCO and Bloomberg, 2025




8. TOBACCO SALES

Weekly Cumulative Tobacco Sales: Day 74 (20th June 2025)

Variance (%)
Cumulative Quantity Sold (Kgs)
309,120,966
212,231,116
45.65
Average Price (US$/kg)
3.36
3.45
(2.61)
Cumulative value (US$)
1,037,605,600
732,248,158
41.70
Source: Tobacco Industry and Marketing Board (TIMB), 2025



RESERVE BANK OF ZIMBABWE
JUNE 2025
14 000
14 200
14 400
14 600
14 800
15 000
15 200
15 400
15 600
15 800
16 000
4-Apr
11-Apr
18-Apr
25-Apr
2-May
9-May
16-May
23-May
30-May
6-Jun
13-Jun
20-Jun
US$/tonne
Nickel
8 000
8 300
8 600
8 900
9 200
9 500
9 800
10 100
4-Apr
11-Apr
18-Apr
25-Apr
2-May
9-May
16-May
23-May
30-May
6-Jun
13-Jun
20-Jun
US$/tonne
Lithium