Vol. 26 No. 11


Week Ending
15th March 2024
Weekly Economic
Highlights
TABLE OF CONTENTS


MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED
7.

1. OVERVIEW


Local currency deposit rates remained largely unchanged save for minimum deposit rates of 3-month
and 6-month tenors which registered declines during the week under analysis. Minimum and
maximum foreign currency deposit rates remained unchanged at the previous week’s levels during
the same week.
The Zimbabwe Stock Exchange (ZSE)’s All share index gained 22.70% to close at 621,650.75 points.
The cumulative value of shares traded increased by 140.79% to close at ZW$48,464,75 million, from
ZW$20,127.39 million in the previous week. On the contrary, the Victoria Falls Stock Exchange
(VFEX) was bearish during the week under review. The VFEX All share index and market
capitalisation declined from 96.04 points and US$1.16 billion to close at 95.51 points and US$1.15
billion, respectively.
The aggregate transactions processed in value terms through the National Payment Systems
platforms amounted to ZW$15.77 trillion, representing an increase of 18.83% from ZW$13.27
trillion in the previous week.
Regarding global prices, the international average prices for gold, platinum, and palladium increased
during the week under analysis supported by higher demand. Average lithium prices increased by
0.02% to close the week at US$13,252.00/tonne from US$13,250/tonne recorded in the previous
week.
The Zimbabwe dollar continued weakening against the US dollar, depreciating by 9.66% from
ZW$15,980.39 per US$ at the beginning of the week to ZW$17,524.48 per US$ at the week ending
15th March 2024.
The key financial and monetary statistics including graphs are shown in the next section.

2. INTEREST RATES

Policy rates
Policy Rate
23 Feb 2024
1 March 2024
8 March 2024
15 March 2024
RBZ Policy Rate

MBA window

Source: Reserve Bank of Zimbabwe, 2024


Average commercial bank deposit rates (Local Currency (ZW$))
ZWL Deposit rates
23 Feb 2024
1 March 2024
8 March 2024
15 March 2024
Savings


Minimum

Maximum

1-month deposit


Minimum

Maximum

3-month deposit


Minimum

Maximum

6-month deposit


Minimum

Maximum

12-Month deposits


Minimum

Maximum

Over 1 year


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

Average commercial bank deposit rates (Foreign Currency (US$))
US$ Deposit rates
23 Feb 2024
1 March 2024
8 March 2024
15 March 2024
Savings


Minimum

Maximum

1-month deposits


Minimum

Maximum

3-month deposits


Minimum

Maximum

6-month deposits


Minimum

Maximum

12-Month deposits


Minimum

Maximum

Over 1 year


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

Commercial bank weighted lending rates (Local Currency (ZW$))
ZWL Lending rates
23 Feb 2024
1 March 2024
8 March 2024
15 March 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

Commercial bank weighted lending rates (Foreign Currency (US$))
US$ Lending rates
23 Feb 2024
1 March 2024
8 March 2024
15 March 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

Commercial banks and Building Societies Mortgage Lending Rates
Mortgage Lending rates
23 Feb 2024
1 March 2024
8 March 2024
15 March 2024
ZW$ Lending rates


Minimum

Maximum

US$ Lending rates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024
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 (ZWL
billion)
Market
Turnover
(ZWL
million)
Volume of
Shares
(million)
23-Feb-24

1-Mar-24

8-Mar-24

15-Mar-24

Weekly
Change


Source: Zimbabwe Stock Exchange, 2024

VFEX Indicators
Date
All Share Index
Points
Grand Market
Capitalisation
(US$ billion)
Market Turnover
(US$ million)
Volume of Shares (million)
23-Feb-24

1-March-24

8-March-24

15-March-24

Weekly Change (%)

Source: Zimbabwe Stock Exchange, 2024

Figure 1: ZSE and VFEX Indicators


Source: Zimbabwe Stock Exchange, 2024
4. CLEARING AND SETTLEMENT ACTIVITY
Source: Reserve Bank of Zimbabwe, 2024


01-Dec-23
08-Dec-23
15-Dec-23
22-Dec-23
29-Dec-23
05-Jan-24
12-Jan-24
19-Jan-24
26-Jan-24
02-Feb-24
09-Feb-24
16-Feb-24
23-Feb-24
01-Mar-24
08-Mar-24
15-Mar-24
Indices
ZSE Indices
Allshare index
Top10 Index
Mining Index


01-Dec-23
08-Dec-23
15-Dec-23
22-Dec-23
29-Dec-23
05-Jan-24
12-Jan-24
19-Jan-24
26-Jan-24
02-Feb-24
09-Feb-24
16-Feb-24
23-Feb-24
01-Mar-24
08-Mar-24
15-Mar-24
ZW$ Mililon
ZSE Market Turnover


01-Dec-23
08-Dec-23
15-Dec-23
22-Dec-23
29-Dec-23
05-Jan-24
12-Jan-24
19-Jan-24
26-Jan-24
02-Feb-24
09-Feb-24
16-Feb-24
23-Feb-24
01-Mar-24
08-Mar-24
15-Mar-24
ZW$ Mililon
ZSE Market Capitalisation

01-Dec-23
08-Dec-23
15-Dec-23
22-Dec-23
29-Dec-23
05-Jan-24
12-Jan-24
19-Jan-24
26-Jan-24
02-Feb-24
09-Feb-24
16-Feb-24
23-Feb-24
01-Mar-24
08-Mar-24
15-Mar-24
US$ Bililon
VFEX All Share Index

08-Dec-23
15-Dec-23
22-Dec-23
29-Dec-23
05-Jan-24
12-Jan-24
19-Jan-24
26-Jan-24
02-Feb-24
09-Feb-24
16-Feb-24
23-Feb-24
01-Mar-24
08-Mar-24
15-Mar-24
US$ Thousand
VFEX Market Turnover

01-Dec-23
08-Dec-23
15-Dec-23
22-Dec-23
29-Dec-23
05-Jan-24
12-Jan-24
19-Jan-24
26-Jan-24
02-Feb-24
09-Feb-24
16-Feb-24
23-Feb-24
01-Mar-24
08-Mar-24
15-Mar-24
US$ Mililon
VFEX Market Capitalisation
PAYMENT STREAM
WEEK ENDING
08 MARCH 2024
WEEK ENDING
15 MARCH 2024
WEEKLY
CHANGE (%)

VALUES IN ZW$

RTGS
10,284,004,170,485.70
13,251,526,367,054.50
28.86%
Of which ZW$
4,039,087,999,652.10
4,473,542,983,795.64

Of which US$
390,098,810.71
497,141,992.55

POS
806,697,229,613.97
612,964,682,091.29
-24.02%
ATM
1,045,471,196,942.39
696,844,359,174.73
-33.35%
MOBILE
1,130,557,702,755.95
1,203,822,296,312.99
6.48%
TOTAL
13,266,730,299,798.10
15,765,157,704,633.50
18.83%

VOLUMES

RTGS
192,208
167,403
-12.91%
Of which ZW$
99,190
83,590

Of which US$
93,018
83,813

POS
1,740,921
1,402,535
-19.437%
ATM
249,291
138,106
-44.60%
MOBILE
12,217,816
9,518,288
-22.10%
TOTAL
14,400,236
11,226,332
-22.04%

5. PRICES
Domestic Energy Prices
Energy prices
23 Feb 2024
1 March 2024
8 March 2024
15 March 2024

US$
US$
US$
US$
Diesel 50/ litre

Petrol Blend E20/ litre

LP Gas / kg

Source: Zimbabwe Energy Regulatory Authority, 2024

International Energy Prices (Weekly average)
Energy prices
23 Feb 2024
1 March 2024
8 March 2024
15 March 2024

US$/barrel
US$/barrel
US$/barrel
US$/barrel
Crude Oil Prices

Source: BBC, 2024

6. MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS
(GBDT)

Previous day Gold PM Fix
Gold prices
23 Feb 2024
1 March 2024
8 March 2024
15 March 2024

US$/oz
US$/oz
US$/oz
US$/oz
Gold PM Fix

Source: London Bullion Market Association, 2024


Gold Backed Digital Token Price Per Milligram
Week Ending
ZW$ Price per Mg
US$ Price per Mg
Buy
Sell
Buy
Sell
23-Feb-24

1-March-24

8-March-24

15-March-24

Source: Reserve Bank of Zimbabwe, 2024


RBZ Gold-Backed Digital Tokens Issuances (ZW$)

Number of
Bids
Value of Bids
(ZW$ millions)
Amount Allotted
(ZW$ millions)
Kilograms of
Gold Purchased
Cumulative up to week ending 1-March

GBDT Issue No.31 2024 11-March

49.99
49.99
0.036741
GBDT Issue No.32 2024 12-March

11,452.80
11,452.80
8.222152
GBDT Issue No.33 2024 13-March

6,904.75
6,904.75
4.913921
GBDT Issue No.34 2024 14-March

4,394.43
4,394.43
3.06098
GBDT Issue No.35 2024 15-March

2,259.99
2,259.99
1.547403
Cumulative up to week ending 15-March

Weekly Change (%)

Source: Reserve Bank of Zimbabwe, 2024

Figure 2: Cumulative KGs Purchased of GBDT

Source: Reserve Bank of Zimbabwe, 2024


Mosi-oa-Tunya Gold Coin Prices
Gold Coin Price
23 Feb 2024
1 March 2024
8 March 2024
15 March 2024
1.00Oz


US$

ZW$

0.50Oz


US$

ZW$

0.25Oz


US$

ZW$

0.10Oz


US$

ZW$

Source: Reserve Bank of Zimbabwe, 2024


7. EXTERNAL SECTOR
Exchange Rate Developments (ZW$ per Unit of foreign currency)

USD
ZAR
GBP
BWP
EURO
Weekly Average
(4 Mar - 8 Mar)

11-March

12-March

13-March

14-March

15-March

Weekly Average
(11 Mar - 15 Mar)

Appr (-)/Depr (+)
(%) of the ZWL

Source: Reserve Bank of Zimbabwe, 2024


-

International Commodity Price Developments

Platinum
Palladium
Nickel
Lithium

US$/ounce
US$/ounce
US$/tonne
US$/tonne
Weekly Average
(4 March -8 March)

11-March

12-March

13-March

14-March

15-March

Weekly Average
(11 March -15 March)

Source: BBC, KITCO and Bloomberg, 2024


Figure 3: Weekly Precious Metals Price Developments (11th – 15th March 2024)


Source: BBC, KITCO and Bloomberg, 2024

11-Mar
12-Mar
13-Mar
14-Mar
15-Mar
US$/tonne
Platinum


11-Mar
12-Mar
13-Mar
14-Mar
15-Mar
US$/tonne
Palladium

11-Mar
12-Mar
13-Mar
14-Mar
15-Mar
US$/tonne
Nickel

11-Mar
12-Mar
13-Mar
14-Mar
15-Mar
US$/tonne
Lithium