Vol. 26 No. 19


Week Ending
10th May 2024
Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW


During the week ending 10th May 2024, minimum and maximum local currency deposit rates for all
tenors declined. However, local currency lending rates for both individual and corporate clients
increased. Foreign currency deposits rates for all tenors increased except for 1-month minimum
deposit rates. Furthermore, minimum, and maximum foreign currency lending rates for corporate
and individual clients also increased.
The Zimbabwe Stock Exchange (ZSE) All share index declined by 4.35% to close at 94.01 points
during the week under review. The cumulative value of shares traded increased by 254.44% to close
at ZiG24.74 million from ZiG6.98 million in the previous week. The Victoria Falls Stock Exchange
(VFEX) continued a positive trajectory during the week under review. The VFEX All share index
increased from 99.15 points to close at 99.51 points.
The aggregate transactions processed in value terms through the National Payment Systems
platforms amounted to ZiG14.78 billion during the week under analysis, representing an increase of
13.15% from ZiG13.06 billion registered in the previous week.
The interbank exchange rate appreciated by 1.14% from ZiG13.6757 per US$ at the beginning of the
week to ZiG13.5187 per US$ at the end of the week, mainly driven by an increase in the price of
gold.
Average international commodity prices for gold, platinum, palladium, and nickel firmed during the
week ending 10th May 2024. However, crude oil prices declined while lithium prices remained
unchanged. Gold prices strengthened during the week mainly driven by traders’ expectations of a
Federal Reserve interest rate cut following recent US economic data. Similarly, platinum and
palladium prices rose supported increasing demand for the metals. Nickel prices also increased
buoyed by prospects of tighter supplies.
Conversely, crude oil prices declined on account of a stronger dollar and a discouraging US consumer
sentiment report.
A cumulative total of 122 million kilograms of tobacco had been sold as of 10th May 2024. This
reflected a 23.97% decrease from 160 million kilograms sold during the same period in 2023. The
golden leaf was sold at an average price of US$3.56 per kilogram, up from US$3.00 per kilogram
realised in the same period last year.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG))
ZiG Deposit rates
19 April 2024
26 April 2024
3 May 2024
10 May 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
19 April 2024
26 April 2024
3 May 2024
10 May 2024
Savings


Minimum
1.40
1.23
1.23

1.40
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
19 April 2024
26 April 2024
3 May 2024
10 May 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

Commercial bank weighted lending rates (Foreign Currency (US$)
US$ Lending rates
19 April 2024
26 April 2024
3 May 2024
10 May 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

Commercial banks and Building societies mortgage lending rates
Mortgage Lending rates
19 April 2024
26 April 2024
3 Mayl 2024
10 May 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)
19-April-24

26-April-24

3-May-24

10-May-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)
19-April-24

26-April-24

3-May-24

10-May-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

21-Apr-24
22-Apr-24
23-Apr-24
24-Apr-24
25-Apr-24
26-Apr-24
27-Apr-24
28-Apr-24
29-Apr-24
30-Apr-24
01-May-24
02-May-24
03-May-24
04-May-24
05-May-24
06-May-24
07-May-24
08-May-24
09-May-24
10-May-24
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index


21-Apr-24
22-Apr-24
23-Apr-24
24-Apr-24
25-Apr-24
26-Apr-24
27-Apr-24
28-Apr-24
29-Apr-24
30-Apr-24
01-May-24
02-May-24
03-May-24
04-May-24
05-May-24
06-May-24
07-May-24
08-May-24
09-May-24
10-May-24
ZiG Thousands
ZSE Market Turnover

21-Apr-24
22-Apr-24
23-Apr-24
24-Apr-24
25-Apr-24
26-Apr-24
27-Apr-24
28-Apr-24
29-Apr-24
30-Apr-24
01-May-24
02-May-24
03-May-24
04-May-24
05-May-24
06-May-24
07-May-24
08-May-24
09-May-24
10-May-24
ZiG Billion
ZSE Market Capitalisation

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
19-Apr-24
26-Apr-24
03-May-24
10-May-24
US$ Bililon
VFEX All Share Index

23-Feb-24
01-Mar-24
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
US$ Thousand
VFEX Market Turnover
0.8
0.9


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
19-Apr-24
26-Apr-24
03-May-24
10-May-24
US$ Billion
VFEX Market Capitalisation

4. CLEARING AND SETTLEMENT ACTIVITY
Source: Reserve Bank of Zimbabwe, 2024
5. PRICES
Domestic Energy Prices
Energy prices
19 April 2024
26 April 2024
3 May 2024
10 May 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
19 April 2024
26 April 2024
3 May 2024
10 May 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
19 April 2024
26 April 2024
3 May 2024
10 May 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
30-April-24

2-May-24

3-May-24

10-May -24

Source: Reserve Bank of Zimbabwe, 2024

PAYMENT STREAM
WEEK ENDING
3 May 2024
WEEK ENDING
10 May 2024
WEEKLY
CHANGE (%)

VALUES IN ZiG

RTGS
9,695,635,847.31
11,055,051,315.31
14.02%
Of which ZiG
3,183,600,033.05
4,391,063,844.45

Of which US$
483,872,535.22
488,517,636.08

POS
824,973,297.27
1,024,214,000.15
24.15%
ATM
1,153,587,163.47
1,066,198,880.31
-7.58%
MOBILE
1,388,467,796.59
1,634,823,907.47
17.74%
TOTAL
13,062,664,104.63
14,780,288,103.24
13.15%

VOLUMES

RTGS
264,902
211,311
-20.23%
Of which ZiG
119,896
91,877

Of which US$
145,006
119,434

POS
2,105,394
2,316,595
10.03%
ATM
319,734
262,216
-17.99%
MOBILE
8,793,310
9,463,758
7.62%
TOTAL
11,483,340
12,253,880
6.71%

Mosi-oa-Tunya Gold Coin Prices
Gold Coin Price
30 April 2024
2 May 2024
3 May 2024
10 May 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
6-May

7-May

8-May

9-May

10-May

Weekly Average
(6– 10May)

Source: Reserve Bank of Zimbabwe, 2024

International Commodity Price Developments

Platinum
Palladium
Nickel
Lithium

US$/ounce
US$/ounce
US$/tonne
US$/tonne
Weekly Average
(29 April -3 May)

6-May

7-May

8-May

9-May

10-May

Weekly Average
(6-10 May)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (6th – 10th May 2024)


Source: BBC, KITCO and Bloomberg, 2024


8. TOBACCO SALES
Weekly Cumulative Tobacco Sales (10th May 2024)

Variance (%)
Cumulative Quantity Sold (million kgs)
160,458,310
121,990,975
-23.97
Average Price (US$/kg)
3.00
3.56
18.92
Cumulative value (US$ million)
480,692,757
434,589,821
-9.59
Source: Tobacco Industry and Marketing Board, 2024

6-May
7-May
8-May
9-May
10-May
US$/tonne
Platinum

1,000
6-May
7-May
8-May
9-May
10-May
US$/tonne
Palladium

6-May
7-May
8-May
9-May
10-May
US$/tonne
Nickel

6-May
7-May
8-May
9-May
10-May
US$/tonne
Lithium