Vol. 26 No. 14


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


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

1. OVERVIEW


SUMMARY OF THE MONETARY POLICY STATEMENT PRESENTED ON 5 APRIL 2024
The Reserve Bank of Zimbabwe announced its first Monetary Policy Statement (MPS) for the year
2024 on 5th April 2024. The new monetary policy measures that were announced are intended to
achieve a solid and stable national currency, a stable and sustainable exchange rate, robust policy
credibility and restoration of market confidence and a stable and sustainable macroeconomy, as
enshrined in Vision 2030 and the National Development Strategy 1 (NDS1).
As enunciated in the MPS, the Bank introduced a structured currency, the Zimbabwe Gold (ZiG).
The structured currency is backed by a composite basket of foreign currency and precious metals
(mainly gold) held as reserves by the Bank. In this regard, the Bank will issue domestic notes and
coins that are fully backed by foreign currency and precious metals, which implies that the currency
will be fully convertible on demand.
Banks were instructed to convert the Zimbabwe dollar (ZW$) balances into ZiG guided by the
closing interbank exchange rate and the price of gold as at 5th April 2024. Economic agents holding
ZW$ notes and coins would deposit the notes and coins into their bank accounts which would be
credited into their ZiG accounts, using the ZiG: ZW$ conversion factor of 2498.7242. The Bank
made special arrangements for individuals without bank accounts to swap their ZW$ notes and coins
at the POSB and AFC Commercial Bank up to 30 April 2024.
ZiG notes and coins shall be issued in denominations made up of 1ZiG, 2ZiG, 5ZiG, 10ZiG, 20 ZiG,
50ZiG, 100ZiG and 200 ZiG, to be distributed through normal banking channels. The notes and coins
will start circulating in the economy on 30th April 2024, to allow the Bank to undertake intensive
educational and awareness campaign on the security features of the ZiG notes and coins.
Accordingly, the Bank recalibrated the Bank policy rate from 130% per annum to 20% per annum
consistent with the new monetary policy framework. The overnight accommodation was set at 25%
and the Bank deposit facility interest rate at 12.5%. Minimum savings and time deposits interest rates
on ZiG were set at 3.5% and 5%, respectively. Minimum interest rates on FCA deposits remain
unchanged at 1% and 2.5% for savings and time deposits, respectively.
The structured currency and the accompanying policy measures are anticipated to restore confidence
in the local currency and safeguard the multi-currency system, which to date, has served the country
well. This will go a long way in fostering simplicity, credibility, certainty, predictability in monetary
and financial affairs and will bring price and exchange rate stability in the economy.
The rest of the weekly report summarizes the developments on the key money, capital, foreign
currency, and commodity developments during the week ending 5th April 2024.

2. INTEREST RATES

Policy rates (Local currency (ZW$))
Policy Rate (%)
15 March 2024
22 March 2024
28 March 2024
5 April 2024
RBZ Policy Rate

MBA Window

Source: Reserve Bank of Zimbabwe, 2024


Average commercial bank deposit rates (Local Currency (ZW$))
ZWL Deposit rates (%)
15 March 2024
22 March 2024
28 March 2024
5 April 2024
Savings


Minimum

Maximum

1-month deposit


Minimum

Maximum

3-month deposit


Minimum

Maximum

6-month deposit


Minimum

Maximum

12-Month deposits


Minimum

Maximum

Over 1 year


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

Average commercial bank deposit rates (Foreign Currency (US$))
US$ Deposit rates (%)
15 March 2024
15 March 2024
22 March 2024
5 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 (Local Currency (ZW$))
ZWL Lending rates (%)
15 March 2024
22 March 2024
28 March 2024
5 April 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

Commercial bank weighted lending rates (Foreign Currency (US$))
US$ Lending rates (%)
15 March 2024
22 March 2024
28 March 2024
5 April 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

Commercial banks and Building societies mortgage lending rates
Mortgage Lending rates
15 March 2024
22 March 2024
28 March 2024
5 April 2024
ZW$ 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 (ZWL
billion)
Market
Turnover
(ZWL
million)
Volume of
Shares
(million)
15-Mar-24

22-Mar-24

28-Mar-24

5-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)
15-March-24

22-March-24

28-March-24

5-April-24

Weekly Change (%)

Source: Zimbabwe Stock Exchange, 2024

Figure 1: ZSE and VFEX Indicators


Source: Zimbabwe Stock Exchange, 2024


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
Indices
ZSE Indices
Allshare index
Top10 Index
Mining Index


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
ZW$ Mililon
ZSE 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
ZW$ 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
US$ Bililon
VFEX All Share Index

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
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
US$ Mililon
VFEX Market Capitalisation

4. CLEARING AND SETTLEMENT ACTIVITY
Source: Reserve Bank of Zimbabwe, 2024
5. PRICES
Domestic Energy Prices
Energy prices
15 Mar 2024
22 Mar 2024
28 March 2024
5 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
15 Mar 2024
22 Mar 2024
28 Mar 2024
5 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
15 Mar 2024
22 Mar 2024
28 March 2024
5 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
ZW$ Price per Mg
US$ Price per Mg
Buy
Sell
Buy
Sell
15-March-24

22-March-24

28-March-24

5 April -24

Source: Reserve Bank of Zimbabwe, 2024
PAYMENT STREAM
WEEK ENDING
28 MARCH 2024
WEEK ENDING
5 April 2024
WEEKLY
CHANGE (%)

VALUES IN ZW$

RTGS
18,997,514,138,620.20
16,848,136,909,353.40
-11.31%
Of which ZW$
6,470,184,730,258.40
5,500,194,420,908.59

Of which US$
582,244,612.36
445,898,965.57

POS
1,156,772,099,969.19
1,314,647,019,870.50
13.65%
ATM
1,312,059,356,084.96
1,778,653,128,854.45
35.56%
MOBILE
1,276,276,344,513.13
2,046,923,148,469.10
60.38%
TOTAL
22,742,621,939,187.50
21,988,360,206,547.40
-3.32%

VOLUMES

RTGS
324,534
190,469
-41.31%
Of which ZW$
164,313
87,244

Of which US$
160,221
103,225

POS
1,815,041
1,924,924
6.05%
ATM
233,515
270,858
15.99%
MOBILE
13,046,978
13,564,167
3.96%
TOTAL
15,420,068
15,950,418
3.44%

RBZ Gold-Backed Digital Tokens Issuances (ZW$)

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

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 week ending 5-April

Weekly Change (%)

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
15 Mar 2024
22 Mar 2024
28 Mar 2024
5 April2024
1.00Oz


US$

ZW$

0.50Oz


US$

ZW$

0.25Oz


US$

ZW$

0.10Oz


US$

ZW$

Source: Reserve Bank of Zimbabwe, 2024
7. EXTERNAL SECTOR
Exchange Rate Developments (ZW$ per Unit of foreign currency)

USD
ZAR
GBP
BWP
EURO
Weekly Average
(25 Mar - 28 Mar)

2-April

3-April

4-April

5-April

Weekly Average
(2 April – 5 April)

Appr (-)/Depr (+)
(%) of the ZWL

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

International Commodity Price Developments

Platinum
Palladium
Nickel
Lithium

US$/ounce
US$/ounce
US$/tonne
US$/tonne
Weekly Average
(25 March -28 March)

2-April

3-April

4-April

5-April

Weekly Average
(2 April -5 April)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (2nd – 5th April 2024)


Source: BBC, KITCO and Bloomberg, 2024

8. TOBACCO SALES
Weekly Cumulative Tobacco Sales (5th April 2024)

Variance (%)
Cumulative Quantity Sold (million kgs)
28,942,449
38,360,074
32.54
Average Price (US$/kg)
3.00
3.48
16.26
Cumulative value (US$ million)
86,757,592
133,681,211
54.09
Source: Tobacco Industry and Marketing Board (TIMB), 2024

2-Apr
3-Apr
4-Apr
5-Apr
US$/tonne
Lithium

2-Apr
3-Apr
4-Apr
5-Apr
US$/tonne
Nickel

2-Apr
3-Apr
4-Apr
5-Apr
US$/tonne
Platinum

1,000
1,020
1,040
2-Apr
3-Apr
4-Apr
5-Apr
US$/tonne
Palladium