Vol. 26 No. 41


Week Ending
11th October 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 in domestic and
international markets including money and capital markets, national payment systems, commodity prices and
exchange rates for the week ending 11th October 2024.
During the week under analysis, minimum and maximum savings deposit rates and minimum deposit rates on
deposits of 1 month tenor, remained unchanged. Maximum deposit rates on deposits of 1 month tenor,
however, increased during the week under review. Minimum and maximum deposit rates for deposits of 6
months, 12 months and over 1 year tenor decreased, while those for 3 months tenor increased. Minimum and
maximum foreign currency deposit rates for deposits of all tenors registered a decrease during the same week.
The minimum and maximum lending rates in local currency for both individual and corporate clients rose,
except for maximum lending rates for individual clients, which saw a decrease during the week under analysis.
On the other hand, minimum and maximum lending rates in foreign currency for both individual and corporate
clients decreased, with the exception of maximum lending rates for corporate clients which remained
unchanged during the same period.
On the capital markets, the Zimbabwe Stock Exchange (ZSE) exhibited bullish sentiments during the week
under analysis. As such, the ZSE All Share Index gained by 1.33% to close at 256.17 points. In contrast, the
Victoria Falls Stock Exchange (VFEX) was characterised by negative trading during the same week, with its
All share index losing by 0.59% to close at 106.04 points.
The value of aggregate transactions processed through the National Payment Systems platforms rose by
12.94% to close at ZiG29.78 billion, during the week under analysis. This was attributed to a rise in the value
of transactions registered through the POS, RTGS and mobile money payment platforms.
On the interbank market, the Zimbabwe Gold (ZiG) depreciated by 2.4% against the greenback, from an
average of ZWG25.19 per US$1 in the previous week to ZWG25.79 per US$1, during the reporting week.
During the week under review, international commodity prices for gold, platinum, nickel and lithium
decreased. Palladium and crude oil prices, however, registered an increase during the same week. The increase
in palladium prices was driven by subdued supply and potential production cuts in major producing regions,
while the rise in crude oil prices was driven by risks of supply-side disruptions in the Middle East.Gold prices
retreated after strong U.S. employment data dampened investor expectations for a larger rate cut by the Federal
Reserve. Platinum prices decreased attributable to the market’s continued anticipation of an interest rate cut
by the Federal Reserve, while nickel prices fell due to weak demand from stainless steel producers. Lithium
prices continued in a negative trajectory, underpinned by excess supply.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG)
ZiG Deposit rates
20 September 2024
27 September 2024
4 October 2024
11 October 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
20 September 2024
27 September 2024
4 October 2024
11 October 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
20 September 2024
27 September 2024
4 October 2024
11 October 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial bank weighted lending rates (Foreign Currency (US$))
US$ Lending rates
20 September 2024
27 September 2024
4 October 2024
11 October 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial banks and building societies mortgage lending rates
Mortgage Lending rates
20 September 2024
27 September 2024
4 October 2024
11 October 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)
20-Sep-24

27-Sep-24

4-Oct-24

11-Oct-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)
20-Sep-24

27-Sep-24

4-Oct-24

11-Oct-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

02-Aug-24
09-Aug-24
16-Aug-24
23-Aug-24
30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
27-Sep-24
04-Oct-24
11-Oct-24
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

26-Jul-24
02-Aug-24
09-Aug-24
16-Aug-24
23-Aug-24
30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
27-Sep-24
04-Oct-24
11-Oct-24
ZiG Billion
ZSE Market Capitalisation

12-Jul-24
19-Jul-24
26-Jul-24
02-Aug-24
09-Aug-24
16-Aug-24
23-Aug-24
30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
27-Sep-24
04-Oct-24
11-Oct-24
US$ Thousand
VFEX Market Turnover

12-Jul-24
19-Jul-24
26-Jul-24
02-Aug-24
09-Aug-24
16-Aug-24
23-Aug-24
30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
27-Sep-24
04-Oct-24
11-Oct-24
US$ Billion
VFEX Market Capitalisation

05-Jul-24
12-Jul-24
19-Jul-24
26-Jul-24
02-Aug-24
09-Aug-24
16-Aug-24
23-Aug-24
30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
27-Sep-24
04-Oct-24
11-Oct-24
Indices
VFEX All Share Index


02-Aug-24
09-Aug-24
16-Aug-24
23-Aug-24
30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
27-Sep-24
04-Oct-24
11-Oct-24
ZiG Thousands
ZSE Market Turnover

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


5. PRICES

Energy Prices

20 September 2024
27 September 2024
4 October 2024
11 October 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
7-October-24

8-October-24

9-October-24

10-October-24

11-October-24

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


PAYMENT STREAM
WEEK ENDING
4 October 2024
WEEK ENDING
11 October 2024
WEEKLY
CHANGE (%)

VALUES IN ZiG

RTGS
20,036,046,609.95
22,936,809,278.55
14.48%
Of which ZiG
8,054,156,331.04
7,322,656,289.66

Of which US$
476,549,152.27
600,909,165.59

POS
1,141,807,271.81
1,762,763,011.44
54.38%
ATM
1,834,889,264.21
1,564,827,792.39
-14.72%
MOBILE BANKING
117,054,481.00
99,534,693.41
-14.97%
MOBILE MONEY
3,081,690,444.29
3,263,918,616.44
5.91%
ZIPIT MOBILE
160,579,968.50
156,127,467.18
-2.77%
TOTAL
26,372,068,039.76
29,783,980,859.41
12.94%

VOLUMES

RTGS
259,222
183,687
-29.14%
Of which ZiG
139,065
92,410

Of which US$
120,157
91,277

POS
2,469,504
1,712,658
-30.65%
ATM
286,377
192,915
-32.64%
MOBILE BANKING
435,676
301,110
-30.89%
MOBILE MONEY
11,353,383
11,557,380
1.80%
ZIPIT MOBILE
313,078
249,570
-20.29%
TOTAL
15,117,240
14,197,320
-6.09%

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
7-October-24
8-October-24
9-October-24
10-October-24
11-October-24
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
(30 September – 4 October)

7-October

8-October

9-October

10-October

11-October

Weekly Average
(7 – 11October)

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
(30 September - 4
October)

7-October

8-October

9-October

10-October

11-October

Weekly Average
(7-11 October)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (7th – 11th October 2024)


Source: BBC, KITCO and Bloomberg, 2024


07-Oct
08-Oct
09-Oct
10-Oct
11-Oct
US$/oz
Gold

7-Oct
8-Oct
9-Oct
10-Oct
11-Oct
US$/barrel
Crude oil

1 000
7-Oct
8-Oct
9-Oct
10-Oct
11-Oct
US$/tonne
Platinum


7-Oct
8-Oct
9-Oct
10-Oct
11-Oct
US$/tonne
Palladium

7-Oct
8-Oct
9-Oct
10-Oct
11-Oct
US$/tonne
Nickel

7-Oct
8-Oct
9-Oct
10-Oct
11-Oct
US$/tonne
Lithium