Vol. 26 No. 32


Week Ending
9th August 2024
Weekly Economic
Highlights
TABLE OF CONTENTS


GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND
7.
8.

1. OVERVIEW


This report provides an overview of weekly monetary and financial developments from domestic and
international markets including money markets, capital markets, payment systems, commodity prices
and exchange rates for the week ending 9th August 2024.
During the week under review, both local currency and foreign currency deposits rates for deposits
of all tenors remained unchanged at previous week levels.
On the other hand, minimum and maximum local currency lending rates for individual clients
decreased, while those for corporates clients increased. Minimum and maximum foreign currency
lending rates for individual clients decreased by 0.12 percentage points and 0.18 percentage points,
respectively. Minimum foreign currency lending rates for corporate clients also decreased, while the
maximum lending rates marginally increased by 0.01perecentage points during the same week.
The Zimbabwe Stock Exchange (ZSE) exhibited bullish sentiments during the week under review.
As a result, the All-Share Index gained by 0.86% to close the week at 201.79 points. In contrast, the
Victoria Falls Stock Exchange (VFEX) exhibited bearish sentiments. Resultantly, the VFEX AllShare Index fell by 0.40% to close the week at 104.64 points.
The value of transactions processed through the National Payment System (NPS) decreased by 6.16%
from ZiG17.57 billion registered in the previous week to ZiG16.49 billion. This was largely due to a
decrease in the value of transactions registered for RTGS and ATM transactions during the period of
analysis.
On the local foreign exchange market, the ZiG/US$ exchange rate depreciated by 0.07%, from a
weekly average of ZiG13.7885 per US$ recorded in the previous week, to ZiG13.7786 per US$ during
the week under review.
During the week under analysis, international commodity prices for gold, platinum, palladium,
copper, lithium, and crude oil decreased. Gold prices fell due to a stronger dollar and rising bond
yields. Platinum prices also declined amid a pessimistic demand outlook. Palladium prices decreased
by 4.9% to $875.20 per ounce due to abundant stockpiles. Lithium prices decreased on concerns of
oversupply. Copper prices fell by 3.0% to $8,849.50/tonne driven by increasing stockpiles and weak
demand in China. In contrast, nickel prices increased due to higher demand in China, the world's top
consumer.
A cumulative total of 231 million kilograms of tobacco was sold as at 9th of August 2024, representing
a 21.79% decrease from the 295 million kilograms sold during the same period in 2023. The golden
leaf was, however, sold at a higher price of US$3.43 per kilogram, up from the US$3.03 per kilogram
realised in the comparable period in 2023.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG)
ZiG Deposit rates
19 July 2024
26 July 2024
2 August 2024
9 August 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
19 July 2024
26 July 2024
2 August 2024
9 August 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
19 July 2024
26 July 2024
2 August 2024
9 August 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 July 2024
26 July 2024
2 August 2024
9 August 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 July 2024
26 July 2024
2 August 2024
9 August 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-July-24

26-July-24

2-Aug-24

9-Aug-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-July-24

26-July-24

2-Aug-24

9-Aug-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

14-Jun-24
21-Jun-24
28-Jun-24
05-Jul-24
12-Jul-24
19-Jul-24
26-Jul-24
02-Aug-24
09-Aug-24
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index


07-Jun-24
14-Jun-24
21-Jun-24
28-Jun-24
05-Jul-24
12-Jul-24
19-Jul-24
26-Jul-24
02-Aug-24
09-Aug-24
ZiG Thousands
ZSE Market Turnover

07-Jun-24
14-Jun-24
21-Jun-24
28-Jun-24
05-Jul-24
12-Jul-24
19-Jul-24
26-Jul-24
02-Aug-24
09-Aug-24
ZiG Billion
ZSE Market Capitalisation

07-Jun-24
14-Jun-24
21-Jun-24
28-Jun-24
05-Jul-24
12-Jul-24
19-Jul-24
26-Jul-24
02-Aug-24
09-Aug-24
US$ Bililon
VFEX All Share Index

29-Mar-24
05-Apr-24
12-Apr-24
19-Apr-24
26-Apr-24
03-May-24
10-May-24
17-May-24
24-May-24
31-May-24
07-Jun-24
14-Jun-24
21-Jun-24
28-Jun-24
05-Jul-24
12-Jul-24
19-Jul-24
26-Jul-24
02-Aug-24
09-Aug-24
US$ Billion
VFEX Market Capitalisation

17-May-24
24-May-24
31-May-24
07-Jun-24
14-Jun-24
21-Jun-24
28-Jun-24
05-Jul-24
12-Jul-24
19-Jul-24
26-Jul-24
02-Aug-24
09-Aug-24
US$ Thousand
VFEX Market Turnover

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


5. PRICES

Energy Prices

19 July 2024
26 July 2024
2 August 2024
9 August 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
5-August-24

6-August-24

7-August-24

8-August-24

9-August-24

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


PAYMENT STREAM
WEEK ENDING
2 August 2024
WEEK ENDING
9 August 2024
WEEKLY
CHANGE (%)

VALUES IN ZiG

RTGS
13,949,805,796.29
12,069,365,264.35
-13.48%
Of which ZiG
6,457,907,093.17
5,023,971,411.27

Of which US$
543,299,401.00
511,274,390.27

POS
584,699,835.05
1,248,229,490.63
113.48%
ATM
1,286,021,185.70
1,141,972,747.97
-11.20%
MOBILE BANKING
90,483,419.56
85,204,468.00
-5.83%
MOBILE MONEY
1,558,155,537.53
1,818,821,375.98
16.73%
ZIPIT MOBILE
101,850,773.88
125,681,239.87
23.40%
TOTAL
17,571,016,548.01
16,489,274,586.80
-6.16%

VOLUMES

RTGS
278,607
215,849
-22.53%
Of which ZiG
142,926
113,058

Of which US$
135,681
102,791

POS
2,328,673
2,287,189
-1.78%
ATM
310,308
268,931
-13.33%
MOBILE BANKING
406,147
359,791
-11.41%
MOBILE MONEY
9,420,736
10,060,646
6.79%
ZIPIT MOBILE
240,709
269,800
12.09%
TOTAL
12,985,180
13,462,206
3.67%

Mosi-oa-Tunya Gold Coin Prices
Gold Coin Price
30 July 2024
31 July 2024
1 August 2024
2 August 2024
9 August 2024
1.00Oz


US$
2,510.66

2,509.76

2,547.62

2,577.00
2,532.02
ZiG
34,637.50

34,599.33

35,144.60

35,499.16
34,894.81
0.50Oz


US$
1,255.33

1,254.88

1,273.81

1,288.64
1,266.01
ZiG
17,318.75

17,299.67

17,572.30
17,749.58
17,447.41
0.25Oz


US$
627.66

627.44

636.90
644.32
633.01
ZiG
8,659.37

8,649.83

8,786.15
8,874.79
8,723.70
0.10Oz


US$
251.07

250.98

254.76
257.73
253.20
ZiG
3,463.75

3,459.93

3,514.46
3,549.92
3,489.48
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
(29 July – 2 August)

05-August

06-August

07-August

08-August

09-August

Weekly Average
(5 – 9 August)

Appr (-)/Depr (+) (%)

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
(29 July-2 August)

05-August

06-August

07-August

08-August

09-August

Weekly Average
(5-9 August)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (5th August – 9th August 2024)


Source: BBC, KITCO and Bloomberg, 2024


5-Aug
6-Aug
7-Aug
8-Aug
9-Aug
US$/tonne
Nickel

5-Aug
6-Aug
7-Aug
8-Aug
9-Aug
US$/tonne
Lithium

5-Aug
6-Aug
7-Aug
8-Aug
9-Aug
US$/tonne
Platinum

5-Aug
6-Aug
7-Aug
8-Aug
9-Aug
US$/tonne
Palladium

5-Aug
6-Aug
7-Aug
8-Aug
9-Aug
US$/oz
Gold

5-Aug
6-Aug
7-Aug
8-Aug
9-Aug
US$/barrel
Crude oil

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales (9th August 2024)

Variance (%)
Cumulative Quantity Sold (million kgs)
294 837 733
230 602 144
(21.79)
Average Price (US$/kg)
3.03
3.43
13.23
Cumulative value (US$ million)
893 230 396
791 018 822
(11.44)
Source: Tobacco Industry and Marketing Board, 2024