Vol. 26 No. 27


Week Ending
5th July 2024
Weekly Economic
Highlights
TABLE OF CONTENTS


GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND
7.
8.

1. OVERVIEW


This report provides an overview of weekly monetary and financial developments from domestic and
international markets for the week ending 5th July 2024.
During the week under review, local currency minimum and maximum deposit rates for savings
deposits remained unchanged at the previous week’s level. Minimum and maximum deposit rates for
deposits of 1 month, 3 months, 6 months, and over a year tenor registered a decline. Maximum deposit
rates for deposits of 1 month tenor were higher while those for 1 month, 3 months, 6 months, 12
months, and over a year tenor were lower during the same week. Foreign currency deposit rates for
all deposit classes remained unchanged at the previous week’s levels.
Minimum and maximum local currency lending rates for commercial and individual clients registered
a decline from the previous week’s levels. Foreign currency lending rates for individuals softened
while those for corporate clients increased during the same week.
The local currency and foreign currency-denominated stock markets were bullish. The Zimbabwe
Stock Exchange (ZSE) All Share Indices gained 14.45% to close the week at 147.23 points. Similarly,
the Victoria Falls Stock Exchange (VFEX) stock market, All Share Indices, increased by 2.16% to
close the week at 105.97 points, respectively.
The National Payment System processed transactions amounted to ZiG16.82 billion during the week
under review, representing a 7.46% decrease, from the ZiG18.18 billion recorded in the previous
week. This was on account of a 17.22% decline in RTGS transactions to close at ZiG13.02 billion
during the reporting week.
On the local foreign exchange market, the ZiG/US$ exchange rate registered a marginal depreciation
of 0.6% from a weekly average of ZiG13.6327 per US$ registered in the prior week to ZiG13.7138
per US$ during the reporting week.
Average international weekly commodity prices for gold, palladium, crude oil, and nickel increased
during the week under review. Prices for platinum and lithium decreased during the same week.
A cumulative total of 219 million kilograms of tobacco was sold as at 5th of July 2024, representing a
22.86% decline from 283 million kilograms sold during the same period in 2023. The golden leaf was
sold at a higher price of US$3.44 per kilogram during the period under analysis, up from US$3.02 per
kilogram realised in the same period last year.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG)
ZiG Deposit rates
14 June 2024
21 June 2024
28 June 2024
05 July 2024
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, 2024

Average commercial bank deposit rates (Foreign Currency (US$)
US$ Deposit rates
14 June 2024
21 June 2024
28 June 2024
05 July 2024
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, 2024

Commercial bank weighted lending rates (Local Currency (ZiG)
ZiG Lending rates
14 June 2024
21 June 2024
28 June 2024
05 July 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

Commercial bank weighted lending rates (Foreign Currency (US$)
US$ Lending rates
14 June 2024
21 June 2024
28 June 2024
05 July 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

Commercial banks and building societies mortgage lending rates
Mortgage Lending rates
14 June 2024
21 June 2024
28 June 2024
05 July 2024
ZiG 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 (ZiG
billion)
Market
Turnover
(ZiG
million)
Volume of
Shares
(million)
14-June-24

21-June-24

28-June-24

5-July-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)
14-June-24

21-June-24

28-June-24

05-July-24

Weekly Change (%)

Source: Victoria Falls Stock Exchange, 2024

Figure 1: ZSE and VFEX Indicators


Source: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2024

17-May-24
24-May-24
31-May-24
07-Jun-24
14-Jun-24
21-Jun-24
28-Jun-24
05-Jul-24
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index


10-May-24
17-May-24
24-May-24
31-May-24
07-Jun-24
14-Jun-24
21-Jun-24
28-Jun-24
05-Jul-24
ZiG Thousands
ZSE Market Turnover

10-May-24
17-May-24
24-May-24
31-May-24
07-Jun-24
14-Jun-24
21-Jun-24
28-Jun-24
05-Jul-24
ZiG Billion
ZSE Market Capitalisation

10-May-24
17-May-24
24-May-24
31-May-24
07-Jun-24
14-Jun-24
21-Jun-24
28-Jun-24
05-Jul-24
US$ Bililon
VFEX All Share Index
0.8
0.9


08-Mar-24
15-Mar-24
22-Mar-24
29-Mar-24
05-Apr-24
12-Apr-24
19-Apr-24
26-Apr-24
03-May-24
10-May-24
17-May-24
24-May-24
31-May-24
07-Jun-24
14-Jun-24
21-Jun-24
28-Jun-24
05-Jul-24
US$ Billion
VFEX Market Capitalisation

15-Mar-24
22-Mar-24
29-Mar-24
05-Apr-24
12-Apr-24
19-Apr-24
26-Apr-24
03-May-24
10-May-24
17-May-24
24-May-24
31-May-24
07-Jun-24
14-Jun-24
21-Jun-24
28-Jun-24
05-Jul-24
US$ Thousand
VFEX Market Turnover

4. CLEARING AND SETTLEMENT ACTIVITY
Source: Reserve Bank of Zimbabwe, 2024
5. PRICES

Energy Prices

14 June 2024
21 June 2024
28 June 2024
5 July 2024
Domestic Energy Prices
US$
US$
US$
US$
Diesel 50/ litre

Petrol Blend E20/ litre

LP Gas / kg


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

Source: Zimbabwe Energy Regulatory Authority and BBC 2024

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
1-July-24

2-July-24

3-July-24

4-July-24

5-July-24

Source: London Bullion Market Association and Reserve Bank of Zimbabwe, 2024


PAYMENT STREAM
WEEK ENDING
28 June 2024
WEEK ENDING
5 July 2024
WEEKLY
CHANGE (%)

VALUES IN ZiG

RTGS
15,734,726,830.31
13,024,501,696.95
-17.22%
Of which ZiG
5,919,926,442.49
4,878,492,538.21

Of which US$
720,305,190.29
594,145,084.67

POS
445,716,158.98
598,141,543.44
34.20%
ATM
942,509,977.19
1,430,143,521.62
51.74%
MOBILE BANKING
68,292,708.87
75,191,768.92
10.10%
MOBILE MONEY
916,293,427.91
1,587,274,121.33
73.23%
ZIPIT MOBILE
69,160,423.70
105,555,415.64
52.62%
TOTAL
18,176,699,526.96
16,820,808,067.89
-7.46%

VOLUMES

RTGS
366,818
230,457
-37.17%
Of which ZiG
184,548
109,269

Of which US$
182,270
121,188

POS
1,979,196
2,449,265
23.751%
ATM
261,137
331,751
27.04%
MOBILE BANKING
323,249
352,941
9.19%
MOBILE MONEY
7,598,165
8,330,654
9.64%
ZIPIT MOBILE
177,420
231,068
30.24%
TOTAL
10,705,985
11,926,136
11.40%

Mosi-oa-Tunya Gold Coin Prices
Gold Coin Price
1 July 2024
2 July2024
3 July 2024
4 July 2024
5 July 2024
1.00Oz


US$

ZiG

0.50Oz


US$

ZiG

0.25Oz


US$

ZiG

0.10Oz


US$

ZiG

Source: Reserve Bank of Zimbabwe, 2024

7. EXTERNAL SECTOR


Exchange Rate Developments (ZiG per Unit of foreign currency)

USD
ZAR
GBP
BWP
EURO
Weekly Average
(24 – 28 June)

1-July

2-July

3-July

4-July

5-July

Weekly Average
(1 – 5 July)

Appr (-)/Depr (+) (%)

Source: Reserve Bank of Zimbabwe, 2024

International Commodity Price Developments

Platinum
Palladium
Nickel
Lithium
Crude Oil

US$/ounce
US$/ounce
US$/tonne
US$/tonne
US$/barrel
Weekly Average
(24-28 June)

1-July

2-July

3-July

4-July

5-July

Weekly Average
(1-5 July)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (1st – 5th July 2024)


Source: BBC, KITCO and Bloomberg, 2024


1-Jul
2-Jul
3-Jul
4-Jul
5-Jul
US$/tonne
Nickel

1-Jul
2-Jul
3-Jul
4-Jul
5-Jul
US$/tonne
Lithium

1,000
1,010
1,020
1-Jul
2-Jul
3-Jul
4-Jul
5-Jul
US$/tonne
Platinum


1-Jul
2-Jul
3-Jul
4-Jul
5-Jul
US$/tonne
Palladium

1-Jul
2-Jul
3-Jul
4-Jul
5-Jul
US$/oz
Gold

1-Jul
2-Jul
3-Jul
4-Jul
5-Jul
US$/barrel
Crude oil

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales (5th July 2024)

Variance (%)
Cumulative Quantity Sold (million kgs)
283,408,421
218,632,317
(22.86)
Average Price (US$/kg)
3.03
3.44
13.75
Cumulative value (US$ million)
857,822,841
752,766,485
(12.25)
Source: Tobacco Industry and Marketing Board, 2024