Vol. 26 No. 48


Week Ending
29th NOVEMBER 2024
Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW


This report provides an overview of weekly monetary and financial developments from domestic and
international markets including money and capital markets, national payment systems, commodity prices and
exchange rates for the week ending 29th November 2024.
During the week under review, local currency minimum and maximum savings deposit rates remained
unchanged, compared to previous week’s level. Similarly, there were no changes on minimum deposit rates
for all other tenors while the maximum deposit rates increased, except for maximum deposit rates of 3-months
tenor which declined. During the same week, foreign currency minimum savings deposit rates remained the
same at previous week’s levels, whilst the maximum savings deposit rates increased. Minimum and maximum
deposit rates for 3-months, 6-months, 1-year and over 1-year tenors increased during the reporting week.
Reflecting tight liquidity conditions in the market, both local and foreign currency lending rates increased
during the week under review.
On the capital markets, both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange
(VFEX) exhibited bearish trends. Resultantly, the ZSE All-Share Index lost 2.75% to close at 265.10 points,
while the VFEX All-Share Index decreased by 4%, to close at 104.04 points.
The value of transactions processed through the National Payment Systems platforms increased by 26.80% to
ZiG38.40 billion, from ZiG30.29 billion recorded in the previous week.
On the interbank market, the Zimbabwe Gold (ZiG) depreciated by 0.27% against the greenback, from an
average of ZiG25.29 per US$1 in the previous week to an average of ZiG25.36 per US$1, during the week
under review.
International commodity prices for gold, platinum, palladium and crude oil declined, while prices for lithium
and nickel increased, compared to the previous week. Lithium prices increased owing to stronger demand for
the metal, while prices for nickel were supported by concerns over potential supply disruptions as one of the
world’s largest nickel producers, China, tightened its mining policies. Gold prices, however, decreased as the
US dollar strengthened against other currencies. Similarly, prices for platinum and palladium declined, driven
by a decrease in demand for the metals. Crude oil prices retreated due to easing supply concerns following
ceasefire talks between Israel and Hamas in Palestine.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
8 November 2024
15 November 2024
22 November 2024
29 November 2024
Savings


Minimum

Maximum

1-month deposit


Minimum

Maximum

3-months deposit


Minimum

Maximum

6-months deposit


Minimum

Maximum

12-months 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
8 November 2024
15 November 2024
22 November 2024
29 November 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
8 November 2024
15 November 2024
22 November 2024
29 November 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial bank weighted lending rates (Foreign Currency (US$) (%)
US$ Lending rates
8 November 2024
15 November 2024
22 November 2024
29 November 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending rates
8 November 2024
15 November 2024
22 November 2024
29 November 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)
8-Nov-24

15-Nov-24

22-Nov-24

29-Nov-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)
8-Nov-24

15-Nov-24

22-Nov-24

29-Nov-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

30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
27-Sep-24
04-Oct-24
11-Oct-24
18-Oct-24
25-Oct-24
01-Nov-24
08-Nov-24
15-Nov-24
22-Nov-24
29-Nov-24
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
27-Sep-24
04-Oct-24
11-Oct-24
18-Oct-24
25-Oct-24
01-Nov-24
08-Nov-24
15-Nov-24
22-Nov-24
29-Nov-24
ZiG Billion
ZSE Market Capitalisation

30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
27-Sep-24
04-Oct-24
11-Oct-24
18-Oct-24
25-Oct-24
01-Nov-24
08-Nov-24
15-Nov-24
22-Nov-24
29-Nov-24
US$ Thousand
VFEX Market Turnover

30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
27-Sep-24
04-Oct-24
11-Oct-24
18-Oct-24
25-Oct-24
01-Nov-24
08-Nov-24
15-Nov-24
22-Nov-24
29-Nov-24
US$ Billion
VFEX Market Capitalisation

30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
27-Sep-24
04-Oct-24
11-Oct-24
18-Oct-24
25-Oct-24
01-Nov-24
08-Nov-24
15-Nov-24
22-Nov-24
29-Nov-24
Indices
VFEX All Share Index


30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
27-Sep-24
04-Oct-24
11-Oct-24
18-Oct-24
25-Oct-24
01-Nov-24
08-Nov-24
15-Nov-24
22-Nov-24
29-Nov-24
ZiG Thousands
ZSE Market Turnover

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


5. ENERGY PRICES

Energy Prices

8 November 2024
15 November 2024
22 November 2024
29 November 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
25-November-24

26-November-24

27-November-24

28-November-24

29-November-24

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


PAYMENT STREAM
WEEK ENDING
22 November 2024
WEEK ENDING
29 November 2024
WEEKLY
CHANGE (%)

VALUES

RTGS (ZiG)
24,109,430,787.77
30,270,119,216.63
25.55
Of which ZiG
8,380,709,415.05
12,860,539,306.76

Of which US$
621,757,897.41
686,758,712.41

POS
2,273,641,083.02
3,332,912,749.53
46.59
ATM
1,239,937,460.22
1,954,037,914.15
57.59
MOBILE BANKING
115,348,175.40
164,558,062.06
42.66
MOBILE MONEY
2,353,457,480.37
2,472,617,605.84
5.06
ZIPIT MOBILE
195,128,979.13
208,824,563.35
7.02
TOTAL
30,286,943,965.92
38,403,070,111.56
26.80

VOLUMES

RTGS
184,402
293,263
59.03
Of which ZiG
87,547
137,398

Of which US$
96,855
155,865

POS
1,696,931
2,155,754
27.04
ATM
162,435
248,731
53.13
MOBILE BANKING
256,827
346,245
34.82
MOBILE MONEY
9,881,045
10,420,056
5.45
ZIPIT MOBILE
203,642
233,473
14.65
TOTAL
12,385,282
13,697,522
10.60

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
25-November-24
26-November-24
27-November-24
28-November-24
29-November-

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
(18-22 Nov)

25-November

26-November

27-November

28-November

29-November

Weekly Average
(25-29 Nov)

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$/tonne
Weekly Average
(18-22 Nov)

25-November

26-November

27-November

28-November

29-November

Weekly Average
(25-29 Nov)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (25th November -29th November 2024)


Source: BBC, KITCO and Bloomberg, 2024


US$/oz
Gold

US$/barrel
Crude oil


27-Oct
30-Oct
2-Nov
5-Nov
8-Nov
11-Nov
14-Nov
17-Nov
20-Nov
23-Nov
26-Nov
29-Nov
US$/tonne
Platinum


US$/tonne
Palladium

11-Oct
18-Oct
25-Oct
1-Nov
8-Nov
15-Nov
22-Nov
29-Nov
US$/tonne
Nickel

27-Oct
30-Oct
2-Nov
5-Nov
8-Nov
11-Nov
14-Nov
17-Nov
20-Nov
23-Nov
26-Nov
29-Nov
US$/tonne
Lithium