Vol. 26 No. 7


Week Ending
16th February 2024
Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW


During the week under review the Zimbabwe dollar (ZW$) weakened by 9.2% from
ZW$11,097.10 per US$ at the beginning of the week to ZW$12,116.45 per US$ at the end of the
week. Consequently, the parallel market exchange rate premium narrowed to 27% during the
week under review from 35.4% in the previous week.

Deposit rates for local currency deposits remained largely unchanged, during the week.
Minimum foreign currency deposit rates for 3-month, 6-month, 12-month and over 1 year tenor
marginally increased while, those for 1-month tenor remained unchanged during the same week.

Maximum local currency lending rates for both individual clients and corporate clients
marginally increased from 99.58% and 165.20% to 99.72% and 166.02%, respectively. The
maximum foreign currency lending rates for individual and corporate clients increased by 0.02
percentage points and 0.16 percentage points to 13.65% and 14.23%, respectively.

The Zimbabwe Stock Exchange (ZSE) traded on a negative trajectory. The ZSE All Share index
lost 10.05% to close at 508 228.16 points. The cumulative value of shares traded decreased by
24.53% to ZW$20,456.43 million, from ZW$27,104.96 million in the previous week. Trading
on the Victoria Falls Stock Exchange (VFEX) was also bearish reflecting a decrease of 2.96% in
capitalisation to close at US$1.17 billion, compared to US$1.20 billion registered in the previous
week.

The aggregate transactions processed in value terms through the National Payment Systems
platforms amounted to ZW$11.37 trillion, representing an increase of 15.19%, from ZW$9.87
trillion in the previous week. In value terms, the Real Time Gross Settlement (RTGS) system
constituted 86.23% of the aggregate NPS transactions. On the other hand, Mobile platforms at
76.33% contributed the highest proportion in terms of NPS transaction volumes.

International commodity prices were mixed with gold, platinum, and palladium declining, while
prices for copper, nickel, and crude oil rose. Lithium prices remained unchanged at previous
week’s levels. Gold prices fell for a second straight week after hotter-than-expected U.S.
inflation data prompted investors to lower bets for early Federal Reserve interest rate cuts.

Platinum and palladium prices also retreated as demand for combustion engine vehicles dropped,
underpinned by the shift to electric vehicles. On the other hand, oil prices increased as simmering
tensions in the Middle East overshadowed inflation in the U.S. and a slower demand outlook for
the year. Likewise, base metals prices increased as weaker-than-expected U.S. retail sales data
revived hopes for a forecasted interest rate cut from the Federal Reserve in June 2024 and lifted
risk sentiment among investors.

The key financial and monetary statistics including graphs are shown below.

2. INTEREST RATES

Policy rates
Policy Rate
26 Jan 2024
02 Feb 2024
09 Feb 2024
16 Feb 2024


RBZ Policy Rate

MBA window

Source: Reserve Bank of Zimbabwe


Average commercial bank deposit rates
ZWL Deposit rates
26 Jan 2024
02 Feb 2024
09 Feb 2024
16 Feb 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


US$ Deposit rates
26 Jan 2024
02 Feb 2024
09 Feb 2024
16 Feb 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

Commercial bank weighted lending rates (Local Currency (ZW$))
ZWL Lending rates
26 Jan 2024
02 Feb 2024
09 Feb 2024
16 Feb 2024
Individuals


Minimum

Maximum


Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe


Commercial bank weighted lending rates (Foreign Currency (US$)
US$ Lending rates
26 Jan 2024
02 Feb 2024
09 Feb 2024
16 Feb 2024
Individuals


Minimum

Maximum


Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe


Commercial banks and Building societies mortgage lending rates
Mortgage Lending
rates
26 Jan 2024
02 Feb 2024
09 Feb 2024
16 Feb 2024
ZW$ Lending rates


Minimum

Maximum


US$ Lending rates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe

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)
26-Jan-24

02-Feb-24

09-Feb-24

16-Feb-24

% Change


Source: Zimbabwe Stock Exchange, (ZSE)


VFEX Indicators
Date
All Share Index Points
Grand Market
Capitalization
(US$ billion)
Market Turnover (US$
million)
Volume of Shares
(million)
26-Jan-24

02-Feb-24

09-Feb-24

16-Feb-24

% Change


Source: Zimbabwe Stock Exchange, (ZSE)

Figure 1: ZSE and VFEX Indicators
Source: Zimbabwe Stock Exchange


Source: Zimbabwe Stock Exchange, (ZSE)


01-Dec-23
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
Indices
ZSE Indices
Allshare index
Top10 Index
Mining Index

01-Dec-23
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
ZW$ Mililon
ZSE Market Turnover


01-Dec-23
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
ZW$ Mililon
ZSE Market Capitalisation

01-Dec-23
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
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
US$ Thousand
VFEX Market Turnover

01-Dec-23
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
US$ Mililon
VFEX Market Capitalisation

4. CLEARING AND SETTLEMENT ACTIVITY

5. PRICES

Domestic Energy Prices
Energy prices
26 Jan 2024
02 Feb 2024
09 Feb 2024
16 Feb 2024

US$
US$
US$
US$
Diesel 50/ litre

Petrol Blend E20/
litre

LP Gas / kg

Source: ZERA


International Energy Prices
Energy prices
26 Jan 2024
02 Feb 2024
09 Feb 2024
16 Feb 2024

US$/barrel
US$/barrel
US$/barrel
US$/barrel
Crude Oil Prices

Source: KITCO


PAYMENT STREAM
WEEK
ENDING 09 FEBRUARY

WEEK
ENDING 16 FEBRUARY

WEEKLY
CHANGE
(%)

VALUES IN ZW$

RTGS
7,933,467,185,319.33
9,804,324,904,714.03
23.58
Of which ZW$
3,266,111,212,968.47
3,671,219,301,031.05

Of which US$
420,368,772.91
507,064,851.57

POS
623,771,607,520.37
451,474,019,036.31
-27.62
ATM
602,656,849,746.83
408,540,989,474.75
-32.21
MOBILE
711,148,437,718.74
706,186,909,261.93
-0.70
TOTAL
9,871,044,080,305.27
11,370,526,822,487.00
15.19

VOLUMES

RTGS
188,600
160,609
-14.84
Of which ZW$
101,550
88,179

Of which US$
87,050
72,430

POS
2,086,820
1,420,434
-31.93
ATM
216,049
141,803
-34.37
MOBILE
11,038,304
10,720,999
-2.87
TOTAL
13,529,773
12,443,845
-8.03

6. MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS
(GBDT)

Previous day Gold PM Fix
Gold prices
26 Jan 2024
02 Feb 2024
09 Feb 2024
16 Feb 2024

US$/oz
US$/oz
US$/oz
US$/oz
Gold PM Fix

Source: LBMA, (2024)


Gold Backed Digital Token Price Per Milligram
Week Ending
ZW$ Price per Mg
US$ Price per Mg
Buy
Sell
Buy
Sell
26-Jan-24

2-Feb-24

09-Feb-24

16-Feb-24

Source: Reserve Bank of Zimbabwe


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

278,966.39
278,966.39
701.205031
9-Feb
12-Feb
GBDT Issue No.7 2024

2,093.59
2,093.59
2.387299
13-Feb
GBDT Issue No.8 2024

499.99
499.99
0.561148
14-Feb
GBDT Issue No.9 2024

1,535.89
1,535.89
1.713357
15-Feb
GBDT Issue No.10 2024

1,317.50
1,317.50
1.451550
16-Feb
GBDT Issue No.10 2024

3,124.20
3,124.20
3.322513
Cumulative up to week ending

287,537.56
287,537.56
710.650898
16-Feb
Weekly Change (%)

Source: Reserve Bank of Zimbabwe

Figure 2: Cumulative KGs Purchased of GBDT

Source: Reserve Bank of Zimbabwe


Mosi-oa-Tunya Gold Coin Prices
Gold Coin Price
26 Jan 2024
02 Feb 2024
09 Feb 2024
16 Feb 2024
1.00Oz


US$

ZW$

0.50Oz


US$

ZW$

0.25Oz


US$

ZW$

0.10Oz


US$

ZW$

Source: Reserve Bank of Zimbabwe
7. EXTERNAL SECTOR
Exchange Rate Developments

USD
ZAR
GBP
BWP
EURO
Weekly Average
(05 Feb - 9 Feb)

12-Feb

13-Feb

14-Feb

15-Feb

16-Feb

Weekly Average
(12 Feb –16 Feb)
12,116.4465
641.6667
15,266.8106

883.2554
13,029.1237
Appr (-)/Depr
(+) (%) of the
ZWL

Source: Reserve Bank of Zimbabwe


18-May
26-May
1-Jun
8-Jun
15-Jun
22-Jun
29-Jun
6-Jul
13-Jul
20-Jul
3-Aug
17-Aug
31-Aug
14-Sep
28-Sep
12-Oct
18-Oct
9-Nov
23-Nov
7-Dec
21-Dec
11-Jan
25-Jan
30-Jan
31-Jan
1-Feb
2-Feb
5-Feb
6-Feb
7-Feb
8-Feb
9-Feb
12-Feb
13-Feb
14-Feb
15-Feb
16-Feb

International commodity price developments

Platinum
Palladium
Nickel
Lithium

US$/ounce
US$/ounce
US$/tonne
US$/tonne
Weekly Average
(05 Feb - 9 Feb)

12-Feb

13-Feb

14-Feb

15-Feb

16-Feb

Weekly Average
(12 Feb - 16 Feb)

Source: KITC

Figure 3: Weekly Precious Metals Price Developments (12th – 16th February 2024)


Source: Kitco,2024

US$/tonne
Platinum

US$/tonne
Palladium

US$/tonne
Nickel

US$/tonne
Lithium Hydroxide