Vol. 26 No. 15


Week Ending
12th April 2024
Weekly Economic
Highlights
TABLE OF CONTENTS


MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED
7.
8.

1. OVERVIEW


During the week under review, foreign currency minimum and maximum deposit rates registered
declines while foreign currency lending rates at commercial banks increased during the same week.
The Zimbabwe Stock Exchange (ZSE) rebased All share index increased by 0.39% to close at 100.39
points during the week under review. The cumulative value of shares traded decreased by 98.81% to
close at ZiG0.17 million, from ZiG14.52 million in the previous week. The Victoria Falls Stock
Exchange (VFEX) traded on a positive trajectory during the week under review. The VFEX All share
index and market capitalisation increased from 97.54 points and US$1.18 billion to close at 98.77
points and US$1.19 billion, respectively.
The total value of transactions processed through the National Payment Systems platforms amounted
to ZiG6.81 billion during the week under analysis, representing a decrease of 22.56% from ZiG8.80
billion registered in the previous week.
The interbank exchange rate appreciated from ZiG13.5616 per US$ at the beginning of the week to
ZiG13.4178 per US$ at the end of the week.
International average prices for all selected commodities increased during the week under analysis.
The increase in gold prices was underpinned by a rise in safe haven demand for the yellow metal.
Platinum prices were also higher largely driven by rising anticipation of a rebound in the industrial
sector. Crude oil prices firmed, in part, on account of higher demand.
A cumulative total of 52.70 million kilograms of tobacco had been sold as of 12th April 2024. This
reflected a 6.53% increase from 49.47 million kilograms sold during the same period in 2023. The
golden leaf was sold at an average price of US$3.53 per kilogram, up from US$3.00 per kilogram
realised in the same period last year. The key statistics including graphs are shown in the annex
below.

2. INTEREST RATES

Policy rates (ZiG)
Policy Rate
5 April 2024
12 April 2024
RBZ Policy Rate

Source: Reserve Bank of Zimbabwe, 2024

Average commercial bank deposit rates (Foreign Currency (US$))
US$ Deposit rates
22 March 2024
28 March 2024
5 April 2024
12 April 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 (Foreign Currency (US$))
US$ Lending rates
22 March 2024
28 March 2024
5 April 2024
12 April 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

Commercial banks and Building societies mortgage lending rates (Foreign Currency (US$))

22 March 2024
28 March 2024
5 April 2024
12 April 2024
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 (ZiG
billion)
Market
Turnover
(ZiG
million)
Volume of
Shares
(million)
5-April-24

12-April-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)
22-March-24

28-March-24

5-April-24

12-April-24

Weekly Change (%)

Source: Zimbabwe Stock Exchange, 2024

Figure 1: ZSE and VFEX Indicators


Source: Zimbabwe Stock Exchange, 2024

08-Apr-24
09-Apr-24
10-Apr-24
11-Apr-24
12-Apr-24
ZiG Mililon
ZSE Market Capitalisation

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
22-Mar-24
29-Mar-24
05-Apr-24
12-Apr-24
US$ Thousand
VFEX Market Turnover

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
22-Mar-24
29-Mar-24
05-Apr-24
12-Apr-24
US$ Mililon
VFEX Market Capitalisation

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
22-Mar-24
29-Mar-24
05-Apr-24
12-Apr-24
US$ Bililon
VFEX All Share Index

09-Apr-24
10-Apr-24
11-Apr-24
12-Apr-24
ZiG Thousands
ZSE Market Turnover

8-Apr-24
9-Apr-24
10-Apr-24
11-Apr-24
12-Apr-24
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining index

4. CLEARING AND SETTLEMENT ACTIVITY

Source: Reserve Bank of Zimbabwe, 2024

5. PRICES
Domestic Energy Prices
Energy prices
22 Mar 2024
28 Mar 2024
5 April 2024
12 April 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
22 Mar 2024
28 Mar 2024
5 April 2024
12 April 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
22 Mar 2024
28 Mar 2024
5 April 2024
12 April 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
ZiG Price per Mg
US$ Price per Mg
Buy
Sell
Buy
Sell
10-April-24

11-April-24

12 April -24

Source: Reserve Bank of Zimbabwe, 2024

PAYMENT STREAM
WEEK ENDING
5 April 2024
WEEK ENDING
12 April 2024
WEEKLY
CHANGE (%)

VALUES IN ZiG

RTGS
6,742,695,696.21
4,822,652,172.60
-28.48%
Of which ZiG
2,201,201,085.30
416,060,255.90

Of which US$
445,898,965.57
326,916,669.30

POS
526,127,301.23
372,128,567.09
-29.27%
ATM
284,875.18
796,993,008.89
11.96%
MOBILE
819,187,307.09
822,904,677.47
0.45%
TOTAL
8,799,834,814.36
6,814,678,426.04
-22.56%

VOLUMES

RTGS
190,469
79,975
-58.01%
Of which ZiG
87,244
12,757

Of which US$
103,225
67,218

POS
1,924,924
1,002,483
-47.921%
ATM
270,858
203,376
-24.91%
MOBILE
13,564,168
11,931,487
-12.04%
TOTAL
15,950,419
13,217,321
-17.13%

RBZ Gold-Backed Digital Tokens Issuances (ZW$)
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
10 April 2024
11 April 2024
12 April 2024
1.00Oz


US$
2,473.91
2,449.65
2,462.93
ZiG
33,400.69
32,958.08
33,047.14
0.50Oz


US$
1,236.95
1,224.83
1,231.47
ZiG
16,700.34
16,479.04
16,523.57
0.25Oz


US$
618.48
612.41
615.73
ZiG
8,350.17
8,239.52
8,261.78
0.10Oz


US$
247.39
244.97
246.29
ZiG
3,340.07
3,295.81
3,304.41
Source: Reserve Bank of Zimbabwe, 2024

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

USD
ZAR
GBP
BWP
EURO
8-April

9-April

10-April

11-April

12-April

Weekly Average
(8 April– 12 April)

Source: Reserve Bank of Zimbabwe, 2024


-

18-May-23
01-Jun-23
15-Jun-23
29-Jun-23
13-Jul-23
03-Aug-23
31-Aug-23
28-Sep-23
18-Oct-23
23-Nov-23
21-Dec-23
25-Jan-24
31-Jan-24
02-Feb-24
06-Feb-24
08-Feb-24
12-Feb-24
14-Feb-24
16-Feb-24
20-Feb-24
23-Feb-24
27-Feb-24
29-Feb-24
04-Mar-24
06-Mar-24
08-Mar-24
12-Mar-24
14-Mar-24
18-Mar-24
20-Mar-24
22-Mar-24
26-Mar-24
28-Mar-24
03-Apr-24
05-Apr-24

Number
of Bids
Value of Bids
(ZW$ millions)
Amount Allotted
(ZW$ millions)
Kilograms of
Gold Purchased
Cumulative up to the week ending 28-Mar 24

GBDT Issue No.45 2024 2-April

19,429.99
19,429.99
10.526542
GBDT Issue No.46 2024 3-April

8,606.48
8,606.48
4.466746
GBDT Issue No.47 2024 4-April

18,304.26
18,304.26
8.063967
GBDT Issue No.48 2024 5-April

6,408.99
6,408.99
2.453259
Cumulative up to the week ending 5-April 24

Weekly Change (%)


International Commodity Price Developments

Platinum
Palladium
Nickel
Lithium

US$/ounce
US$/ounce
US$/tonne
US$/tonne
Weekly Average
(2 April -5 April)

8-April

9-April

10-April

11-April

12-April

Weekly Average
(8 April -12 April)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (8th – 12th April 2024)


Source: BBC, KITCO and Bloomberg, 2024
8. TOBACCO SALES
Weekly Cumulative Tobacco Sales (12th April 2024)

Variance (%)
Cumulative Quantity Sold (million kgs)
49,469,112
52,700,142
6.53
Average Price (US$/kg)
3.00
3.53
17.59
Cumulative value (US$ million)
148,596,675
186,149,767
25.27
Source: Tobacco Industry and Marketing Board (TIMB), 2024

1,010
8-Apr
9-Apr
10-Apr
11-Apr
12-Apr
US$/tonne
Platinum

1,000
1,050
1,100
8-Apr
9-Apr
10-Apr
11-Apr
12-Apr
US$/tonne
Palladium

8-Apr
9-Apr
10-Apr
11-Apr
12-Apr
US$/tonne
Nickel

8-Apr
9-Apr
10-Apr
11-Apr
12-Apr
US$/tonne
Lithium