Vol. 26 No. 49


Week Ending
6th DECEMBER 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 comprising money and capital markets, national payment systems, commodity prices
and exchange rates for the week ending 6th December 2024.
During the week under review, local currency minimum and maximum savings deposit rates remained
unchanged, compared to previous week’s level, while deposit rates for all other tenors increased. Foreign
currency minimum and maximum deposit rates for all tenors increased during the same week.
Reflecting tight liquidity conditions in the market, local and foreign currency lending rates for both individual
and corporate clients increased during the week under review, except for foreign currency maximum lending
rates for corporate clients which declined.
On the capital markets, both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange
(VFEX) were in bearish mode for a second consecutive week. Against this backdrop, the ZSE All-Share Index
lost 10.38% to close at 237.59 points, while the VFEX All-Share Index shed 3.01%, to close at 100.91 points.
Meanwhile, market turnover surged 4,102.1 % during the week under review, driven by negotiated trade deals
where 39.32 million Simbisa Brands Limited shares, 14.21 million Innscor Africa Limited shares and 1.39
million Axia Corporation Limited shares exchanged hands at US$0.29/share, US$0.08/share and
US$0.46/share.

The value of transactions processed through the National Payment Systems platforms fell by 5.52% to
ZiG36.28 billion, from ZiG38.40 billion recorded in the previous week.
On the interbank market, the Zimbabwe Gold (ZiG) depreciated by 0.95% against the greenback, from an
average of ZiG25.36 per US$1 in the previous week to an average of ZiG25.60 per US$1, during the week
under review.
International commodity prices for gold, palladium, nickel and crude oil declined, while prices for lithium and
platinum increased, compared to the previous week. Gold prices decreased as investors awaited U.S payrolls
data for further clarity on the Federal Reserve’s monetary policy path. Weak demand prospects particularly in
China, the world’s top consumer of nickel and an oversupplied market, led to a decline in nickel prices. Prices
for palladium also declined during the same week, driven by a decrease in demand for the metal, whilst crude
oil prices retreated due to supply glut fears despite OPEC+ output cut extension. Following a surge in the
production schedule of cathode material, demand for spot lithium carbonate procurement increased leading to
a surge in lithium prices. Similarly, platinum prices rose on account of increased demand for the metal.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
15 November 2024
22 November 2024
29 November 2024
6 December 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
15 November 2024
22 November 2024
29 November 2024
6 December 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
15 November 2024
22 November 2024
29 November 2024
6 December 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 November 2024
22 November 2024
29 November 2024
6 December 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 November 2024
22 November 2024
29 November 2024
6 December 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)
15-Nov-24

22-Nov-24

29-Nov-24

6-Dec-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-Nov-24

22-Nov-24

29-Nov-24


6-Dec-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

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
06-Dec-24
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

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
06-Dec-24
ZiG Billion
ZSE Market Capitalisation


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
06-Dec-24
US$ Thousand
VFEX Market Turnover

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
06-Dec-24
US$ Billion
VFEX Market Capitalisation

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
06-Dec-24
Indices
VFEX All Share Index


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
06-Dec-24
ZiG Thousands
ZSE Market Turnover
Negotiated trade deals Simbisa
Brands Limited shares, Innscor
Africa Limited shares.

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


5. ENERGY PRICES

Energy Prices

15 November 2024
22 November 2024
29 November 2024
6 December 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
2-December-24

3-December-24

4-December-24

5-December-24

6-December-24

Source: London Bullion Market Association and Reserve Bank of Zimbabwe, 2024
PAYMENT STREAM
WEEK ENDING
29 November 2024
WEEK ENDING
6 December 2024
WEEKLY
CHANGE (%)

VALUES

RTGS (ZiG)
30,270,119,216.63
27,081,833,154.06
(10.53)
Of which ZiG
12,860,539,306.76
8,882,108,887.31

Of which US$
686,758,712.41
711,213,931.65

POS
3,332,912,749.53
3,143,394,401.79
(5.69)
ATM
1,954,037,914.15
2,436,793,004.22
24.71
MOBILE BANKING
164,558,062.06
317,292,069.17
92.81
MOBILE MONEY
2,472,617,605.84
3,050,381,437.57
23.37
ZIPIT MOBILE
208,824,563.35
251,926,085.48
20.64
TOTAL
38,403,070,111.56
36,281,620,152.29
(5.52)

VOLUMES

RTGS
293,263
217,456
(25.85)
Of which ZiG
137,398
97,776

Of which US$
155,865
119,680

POS
2,155,754
2,287,850
6.13
ATM
248,731
306,293
23.14
MOBILE BANKING
346,245
490,229
41.58
MOBILE MONEY
10,420,056
10,529,789
1.05
ZIPIT MOBILE
233,473
277,333
18.79
TOTAL
13,697,522
14,108,950
3.00

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
2-December-24
3-December-24
4-December-24
5-December-24
6-December-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
(25-29 Nov)

2-December

3-December

4-December

5-December

6-December

Weekly Average
(2-6 Dec)

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

Source: Reserve Bank of Zimbabwe, 2024


International Commodity Price Developments

Platinum
Palladium
Nickel
Lithium

US$/ounce
US$/ounce
US$/tonne
US$/tonne
Weekly Average
(25-29 Nov)

2-December

3-December

4-December

5-December

6-December

Weekly Average
(2-6 Dec)

Weekly Change (%)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly International Commodity Price Developments (3rd November -6th December 2024)


US$/oz
Gold

US$/barrel
Crude oil


US$/tonne
Platinum


US$/tonne
Palladium

Source: BBC, KITCO and Bloomberg, 2024


RESERVE BANK OF ZIMBABWE
DECEMBER 2024

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

3-Nov
6-Nov
9-Nov
12-Nov
15-Nov
18-Nov
21-Nov
24-Nov
27-Nov
30-Nov
3-Dec
6-Dec
US$/tonne
Lithium