Vol. 27 No. 16


Week Ending
17th April 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) .................. 5
7.
EXTERNAL SECTOR ........................................................... 6

1. OVERVIEW



This report provides a concise overview of key developments in the domestic monetary and financial sectors
during the week ending 17th April 2025. It incorporates updates on money and capital markets, national
payment systems, exchange rates, and international commodity prices.
During the week under review, local currency minimum deposit rates for all tenors remained unchanged at
previous week levels. The maximum deposit rates for all tenors, however, increased during the same week,
except for savings which were unchanged. Similarly, foreign currency deposit rates for most tenors remained
unchanged, with the exception of maximum rates for 12-month tenor, which increased.
Local currency lending rates for both individual and corporate clients increased during the week ending 17th
April 2025. Similarly, foreign currency lending rates for both individual and corporate clients increased,
except for minimum rates for corporates clients which decreased.
During the week under review, both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock
Exchange (VFEX) exhibited bearish trends. Resultantly, the ZSE and VFEX All Share indices lost 1.06% and
0.93% to close at 198.29 points and 110.28 points, respectively.
The value of aggregate transactions processed through the National Payment Systems platforms rose by
4.80%, to ZiG34.66 billion, from ZiG33.07 billion in the previous week. The increase in NPS transactions
was underpinned by processing through the RTGS and mobile banking payment platforms.
The Zimbabwe Gold (ZiG) marginally depreciated by 0.02%, from an average of ZiG26.80 per US$1 in the
previous week to ZiG26.81 per US$1, during the week under review.
Weekly average international prices for precious metals, nickel and crude oil firmed, while lithium prices
retreated during the review period. Rising tensions in the global trade war have prompted investors to flock to
safe-haven assets, resulting in a surge in gold prices due to heightened demand. Platinum and palladium prices
increased, driven by supply constraints stemming from power shortages in South Africa, one of the world’s
top producers of the metal.
Similarly, nickel prices increased on expectations of supply constraints, after Indonesia indicated potential
production cuts. Brent crude oil prices increased, following the imposition of trade sanctions on Chinese firms
engaged in Iranian oil transactions by the US, a move that reinforced supply-side constraints in global markets.
Lithium prices, however, continued on a downward trend, driven by expanded production incentives from
China, where government subsidise battery manufacturers, leading to a rise in supply.
A cumulative total of 85.12 million kilograms of tobacco had been sold as at day 32 of the tobacco selling
season, a 10.69% decrease from the 95.31 million kilograms sold during the same period in 2024. In value
terms, tobacco sales dropped by 14.32%, from US$340.84 million recorded in the same period in 2024 to
US$292.01 million, during the period under review.

2. INTEREST RATES

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




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




Minimum
5.66
5.66
5.66
5.66
Maximum
8.66
8.66
8.33
8.66
3-months deposit




Minimum
5.95
5.95
5.95
5.95
Maximum
8.87
8.15
8.87
8.93
6-months deposit




Minimum
5.56
5.56
5.56
5.56
Maximum
7.76
7.76
7.76
8.23
12-months deposit




Minimum
5.57
5.57
5.57
5.57
Maximum
7.77
8.04
7.77
8.24
Over 1 year




Minimum
5.58
5.58
5.58
5.58
Maximum
7.78
7.78
7.78
8.25
Source: Reserve Bank of Zimbabwe, 2025


Average commercial bank deposit rates (Foreign Currency (US$) (%)
US$ Deposit rates
28 March 2025
04 April 2025
11 April 2025
17 April 2025
Savings




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




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




Minimum
4.38
4.38
4.38
4.38
Maximum
6.53
6.53
6.53
6.53
6-month deposit




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




Minimum
4.25
4.25
4.25
4.25
Maximum
6.53
6.53
6.22
6.44
Over 1 year




Minimum
4.36
4.36
4.36
4.36
Maximum
6.31
6.31
6.61
6.61
Source: Reserve Bank of Zimbabwe, 2025

Commercial bank weighted lending rates (Local Currency (ZiG) (%)
ZiG Lending rates
28 March 2025
04 April 2025
11 April 2025
17 April 2025
Individuals




Minimum
42.33
42.28
42.20
42.79
Maximum
47.97
47.91
47.83
48.42
Corporates




Minimum
40.42
40.45
40.47
40.64
Maximum
46.11
45.99
46.02
46.89
Source: Reserve Bank of Zimbabwe, 2025


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




Minimum
12.91
12.96
13.01
13.03
Maximum
17.38
17.40
17.38
17.39
Corporates




Minimum
10.99
11.09
11.11
11.01
Maximum
16.12
16.18
16.20
16.48
Source: Reserve Bank of Zimbabwe, 2025


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending rates
28 March 2025
04 April 2025
11 April 2025
17 April 2025
ZiG Lending rates




Minimum
25.00
25.00
25.00
25.00
Maximum
45.00
50.00
50.00
50.00
US$ Lending rates




Minimum
10.00
10.00
10.00
10.00
Maximum
22.00
22.00
22.00
22.00
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)
28-Mar-25
204.11
199.43
203.75
245.34
100.11
180.43
62.64
84.23
10.99
04-Apr-25
201.75
194.65
200.53
251.83
100.12
156.98
61.34
72.80
16.11
11-Apr-25
200.42
193.16
198.75
250.94
100.11
168.39
60.89
97.40
105.55
17-Apr-25
198.29
192.61
197.09
242.62
100.11
143.13
60.48
23.12
4.25
Weekly
Change (%)
(1.06)
(0.28)
(0.84)
(3.32)
0.00
(15.00)
(0.67)
(76.26)
(95.97)
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)
28-Mar-25
108.40
1.26
0.62
6.81
04-Apr-25
106.95
1.25
1.06
5.26
11-Apr-25
111.31
1.30
0.78
8.31
17-Apr-25
110.28
1.29
0.70
3.90
Weekly Change (%)
(0.93)
(0.77)
(10.26)
(53.07)
Source: Victoria Falls Stock Exchange, 2025

Figure 1: ZSE and VFEX Indicators







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

12-Dec-24
19-Dec-24
26-Dec-24
02-Jan-25
09-Jan-25
16-Jan-25
23-Jan-25
30-Jan-25
06-Feb-25
13-Feb-25
20-Feb-25
27-Feb-25
06-Mar-25
13-Mar-25
20-Mar-25
27-Mar-25
03-Apr-25
10-Apr-25
17-Apr-25
ZiG Billion
ZSE Market Capitalisation

10010
15010
20010
25010
30010
35010
40010
45010
12-Dec-24
19-Dec-24
26-Dec-24
02-Jan-25
09-Jan-25
16-Jan-25
23-Jan-25
30-Jan-25
06-Feb-25
13-Feb-25
20-Feb-25
27-Feb-25
06-Mar-25
13-Mar-25
20-Mar-25
27-Mar-25
03-Apr-25
10-Apr-25
17-Apr-25
US$ Thousand
VFEX Market Turnover
Trade
deal:
First
Capital
Bank
Limited
(1,134.27
million
shares
sold
at
(US$0.04 cents per share)
1.1
1.15
1.2
1.25
1.3
1.35
1.4
12-Dec-24
19-Dec-24
26-Dec-24
02-Jan-25
09-Jan-25
16-Jan-25
23-Jan-25
30-Jan-25
06-Feb-25
13-Feb-25
20-Feb-25
27-Feb-25
06-Mar-25
13-Mar-25
20-Mar-25
27-Mar-25
03-Apr-25
10-Apr-25
17-Apr-25
US$ Billion
VFEX Market Capitalisation

12-Dec-24
19-Dec-24
26-Dec-24
02-Jan-25
09-Jan-25
16-Jan-25
23-Jan-25
30-Jan-25
06-Feb-25
13-Feb-25
20-Feb-25
27-Feb-25
06-Mar-25
13-Mar-25
20-Mar-25
27-Mar-25
03-Apr-25
10-Apr-25
17-Apr-25
Index
VFEX All Share Index

20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
12-Dec-24
19-Dec-24
26-Dec-24
02-Jan-25
09-Jan-25
16-Jan-25
23-Jan-25
30-Jan-25
06-Feb-25
13-Feb-25
20-Feb-25
27-Feb-25
06-Mar-25
13-Mar-25
20-Mar-25
27-Mar-25
03-Apr-25
10-Apr-25
17-Apr-25
ZiG Thousands
ZSE Market Turnover
Lump-sum deals:
Econet Wireless
Zimbabwe
Limited, OK
Zimbabwe
Limited, Delta
Corporation
Limited

12-Dec-24
19-Dec-24
26-Dec-24
02-Jan-25
09-Jan-25
16-Jan-25
23-Jan-25
30-Jan-25
06-Feb-25
13-Feb-25
20-Feb-25
27-Feb-25
06-Mar-25
13-Mar-25
20-Mar-25
27-Mar-25
03-Apr-25
10-Apr-25
17-Apr-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

28 March 2025
04 April 2025
11 April 2025
17 April 2025
Domestic Energy Prices
US$
US$
US$
US$
Diesel 50/ litre
1.55
1.52
1.52
1.52
Petrol Blend E20/ litre
1.54
1.53
1.53
1.53
LP Gas / kg
1.61
1.57
1.57
1.57





International Energy
Prices (Weekly average)
US$/barrel
US$/barrel
US$/barrel
US$/barrel
Crude Oil Prices
72.83
71.13
63.79
65.40
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
14-April-25
3,230.50
2.65
2.92
0.0987
0.1091
15-April-25
3,204.20
2.62
2.90
0.0979
0.1082
16-April-25
3,219.60
2.63
2.91
0.0983
0.1087
17-April-25
3,322.90
2.72
3.01
0.1015
0.1122
Source: London Bullion Market Association and Reserve Bank of Zimbabwe, 2025





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

VALUES

RTGS
26,132,101,548.77
28,200,688,885.89
7.92
Of which ZiG
9,009,075,111.12
10,739,934,210.18

Of which US$ transactions
(ZiG Equivalent)
17,123,026,437.65

17,460,754,675.71

POS
1,865,816,855.95
1,760,519,029.65
(5.64)
ATM
1,556,693,710.43
1,177,673,317.37
(24.35)
MOBILE BANKING
100,932,282.83
321,390,382.76
218.42
MOBILE MONEY
3,255,998,291.99
3,049,766,821.71
(6.33)
ZIPIT MOBILE
157,733,768.70
147,688,569.66
(6.37)
TOTAL
33,069,276,458.67
34,657,727,007.03
4.80

VOLUMES

RTGS
164,864
157,487
(4.47)
Of which ZiG
66,074
67,683

Of which US$
98,790
89,804

POS
1,603,193
1,523,007
(5.00)
ATM
202,490
136,237
(32.72)
MOBILE BANKING
198,702
442,407
122.65
MOBILE MONEY
11,288,582
10,753,050
(4.74)
ZIPIT MOBILE
202,025
180,596
(10.61)
TOTAL
13,659,856
13,192,784
(3.42)

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
14-April -25
15-April -25
16-April -25
17-April -25
1.00Oz




US$
3,392.02
3,364.41
3,380.58
3,489.05
ZiG
90,966.99
90.231.99
90,579.66
93,504.31
0.50Oz




US$
1,696.01
1,682.21
1,690.29
1,744.52
ZiG
45,483.49
45,116.00
45,289.83
46,752.16
0.25Oz




US$
848.01
841.10
845.15
872.26
ZiG
22,741.75
22,558.00
22,644.92
23,376.08
0.10Oz




US$
339.20
336.44
338.06
348.90
ZiG
9,096.70
9,023.20
9,057.97
9,350.43
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
(07 – 11 Apr)
26.8011
1.3786
34.5195
1.9059
29.6427
14-Apr
26.8179
1.4077
35.1519
1.9257
30.4867
15-Apr
26.8196
1.4235
35.4531
1.9379
30.4845
16-Apr
26.7941
1.4083
35.5358
1.9374
30.4114
17-Apr
26.7994
1.4194
35.4183
1.9404
30.4495
Weekly Average
(14 – 17 Apr)
26.8078
1.4147
35.3898
1.9354
30.4580
Appr (-)/Depr (+) (%) of the
ZWG
0.02
2.62
2.52
1.55
2.75
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
(07 - 11 Apr))
3,089.91
923.63
915.38
14,499.00
9,449.55
14-Apr
3,212.43
952.50
943.50
15,307.00
9,413.64
15-Apr
3,223.48
960.00
958.50
15,558.00
9,413.64
16-Apr
3,313.45
961.50
969.50
15,683.00
9,413.64
17-Apr
3,314.83
961.00
952.50
15,622.00
9,459.09
Weekly Average
(14 - 17 Apr)
3,266.04
958.75
956.00
15,542.50
9,425.00
Weekly change (%)
5.70
3.80
4.44
7.20
(0.26)
Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (30th January 2025– 17th April 2025)






Source: BBC, KITCO and Bloomberg, 2025




2,500
2,550
2,600
2,650
2,700
2,750
2,800
2,850
2,900
2,950
3,000
3,050
3,100
3,150
3,200
3,250
3,300
3,350
3,400
30-Jan
6-Feb
13-Feb
20-Feb
27-Feb
6-Mar
13-Mar
20-Mar
27-Mar
3-Apr
10-Apr
17-Apr
US$/oz
Gold

30-Jan
6-Feb
13-Feb
20-Feb
27-Feb
6-Mar
13-Mar
20-Mar
27-Mar
3-Apr
10-Apr
17-Apr
US$/barrel
Crude oil

1,000
1,020
30-Jan
6-Feb
13-Feb
20-Feb
27-Feb
6-Mar
13-Mar
20-Mar
27-Mar
3-Apr
10-Apr
17-Apr
US$/tonne
Platinum
14,000
14,200
14,400
14,600
14,800
15,000
15,200
15,400
15,600
15,800
16,000
16,200
16,400
16,600
16,800
30-Jan
6-Feb
13-Feb
20-Feb
27-Feb
6-Mar
13-Mar
20-Mar
27-Mar
3-Apr
10-Apr
17-Apr
US$/tonne
Nickel
8,600
8,800
9,000
9,200
9,400
9,600
9,800
10,000
10,200
10,400
10,600
10,800
30-Jan
6-Feb
13-Feb
20-Feb
27-Feb
6-Mar
13-Mar
20-Mar
27-Mar
3-Apr
10-Apr
17-Apr
US$/tonne
Lithium

1,000
1,010
1,020
30-Jan
6-Feb
13-Feb
20-Feb
27-Feb
6-Mar
13-Mar
20-Mar
27-Mar
3-Apr
10-Apr
17-Apr
US$/tonne
Palladium

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales: Day 32 (17th April 2025)

Variance (%)
Cumulative Quantity Sold (million kgs)
95,305,929
85,121,668
(10.69)
Average Price (US$/kg)
3.58
3.43
(4.19)
Cumulative value (US$ million)
340,837,618
292,039,926
(14.32)
Source: Tobacco Industry and Marketing Board (TIMB), 2025



RESERVE BANK OF ZIMBABWE
APRIL 2025