Vol. 26 No. 35


Week Ending
30th 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 30th August 2024.
During the week under review, minimum and maximum local currency deposits rates for savings deposits,
deposits of 3-month, 12-month and over 1 year tenor remained unchanged at previous week’s levels.
Maximum local currency deposit rates for deposits of 1 month tenor decreased by 0.27 percentage points,
while maximum deposit rates for deposits of 6-month tenor increased by 0.07 percentage points, during the
same week. Foreign currency deposits rates for savings deposits and deposits of all tenors were unchanged
during the week under analysis.
The minimum and maximum local currency lending rates for individual clients were lower during the week
under review. Similarly, minimum local currency lending rates for corporate clients registered a decline while
maximum lending rates for corporate clients increased during the same week. Foreign currency minimum and
maximum lending rates for both individual and corporate clients declined save for the maximum individual
lending rates which remained unchanged during the week ending 30th August 2024.
The Zimbabwe Stock Exchange (ZSE) exhibited bearish sentiments during the week under review, with the
All-Share Index closing at 200.49 points, reflecting a decline of 1.76%, from the 204.09 points recorded last
week. On the other hand, the Victoria Falls Stock Exchange (VFEX) exhibited bullish sentiments. As a result,
the VFEX All-Share Index increased by 1.07% to close the week at 104.86 points.
The value of transactions processed through the National Payment System (NPS) was ZiG16.20 billion
representing a 3.56% decrease from ZiG16.80 billion registered in the previous week. This was largely due to
a decrease in the value of transactions registered through the POS and RTGS payment systems, during the
week under review.
On the local foreign exchange market, the ZiG/US$ exchange rate depreciated by 0.6%, from a weekly average
of ZiG13.7437 per US$ recorded in the previous week, to ZiG13.8317 per US$ during the reporting week.
Gold prices rose driven by a weaker U.S dollar, lower treasury yields, and anticipation of a Fed rate cut.
Platinum and lithium prices fell due to excess supply in the market. In contrast, palladium prices rose, in part,
driven by increased demand in Europe, while nickel prices also increased amid strong demand from the
stainless-steel industry. Crude oil prices also increased underpinned by supply disruptions in Libya which is
likely to contribute to the tightening of global crude supply.
A cumulative total of 232 million kilograms of tobacco was sold as of the 30th of August 2024, representing a
21.75% decline, from the 296 million kilograms sold during the same period in 2023. The golden leaf was
sold at a higher price of US$3.43 per kilogram during the same period, up from the US$3.03 per kilogram
realised in the same period last year.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG)
ZiG Deposit rates
9 August 2024
16 August 2024
23 August 2024
30 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
9 August 2024
16 August 2024
23 August 2024
30 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
9 August 2024
16 August 2024
23 August 2024
30 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
9 August 2024
16 August 2024
23 August 2024
30 August 2024
Individuals


Minimum
10.91

10.91

10.89
10.82
Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial banks and building societies mortgage lending rates
Mortgage Lending rates
9 August 2024
16 August 2024
23 August 2024
30 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)
9-Aug-24

16-Aug-24

23-Aug-14

30-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)
9-Aug-24

16-Aug-24

23-Aug-24

30-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
16-Aug-24
23-Aug-24
30-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
16-Aug-24
23-Aug-24
30-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
16-Aug-24
23-Aug-24
30-Aug-24
US$ Bililon
VFEX All Share Index

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
16-Aug-24
23-Aug-24
30-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
16-Aug-24
23-Aug-24
30-Aug-24
US$ Thousand
VFEX 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
16-Aug-24
23-Aug-24
30-Aug-24
ZiG Billion
ZSE Market Capitalisation

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


5. PRICES

Energy Prices

9 August 2024
16 August 2024
23 August 2024
30 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
26-August-24

27-August-24

28-August-24

29-August-24

30-August-24

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


PAYMENT STREAM
WEEK ENDING
23 August 2024
WEEK ENDING
30 August 2024
WEEKLY
CHANGE (%)

VALUES IN ZiG

RTGS
14,086,448,256.98
13,195,267,556.49
-6.33%
Of which ZiG
5,456,103,081.22
5,498,536,035.10

Of which US$
625,230,342.27
556,518,057.62

POS
997,833,097.46
718,103,723.14
-28.03%
ATM
645,763,585.54
993,125,907.72
53.79%
MOBILE BANKING
55,479,671.00
84,406,945.06
52.14%
MOBILE MONEY
925,441,875.61
1,105,209,710.90
19.43%
ZIPIT MOBILE
89,385,981.40
106,349,488.83
18.98%
TOTAL
16,800,352,467.99
16,202,463,332.14
-3.56%

VOLUMES

RTGS
216,327
314,706
45.48%
Of which ZiG
104,643
185,433

Of which US$
111,684
156,273

POS
1,990,605
2,666,577
33.96%
ATM
172,743
258,427
49.60%
MOBILE BANKING
223,092
335,102
50.21%
MOBILE MONEY
8,404,168
8,913,432
6.06%
ZIPIT MOBILE
188,806
274,186
45.22%
TOTAL
11,195,741
12,789,430
14.23%

Mosi-oa-Tunya Gold Coin Prices
Gold Coin Price
26 August 2024
27 August 2024
28 August 2024
29 August 2024
30 August 2024
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
(19 – 23 August)

26-August

27-August

28-August

29-August

30-August

Weekly Average
(26 – 30 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
(19 - 23 August)

26-August

27-August

28-August

29-August

30-August

Weekly Average
(26 - 30 August)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (26th August – 30th August 2024)


Source: BBC, KITCO and Bloomberg, 2024


26-Aug
27-Aug
28-Aug
29-Aug
30-Aug
US$/tonne
Nickel

26-Aug
27-Aug
28-Aug
29-Aug
30-Aug
US$/tonne
Lithium

26-Aug
27-Aug
28-Aug
29-Aug
30-Aug
US$/tonne
Platinum

26-Aug 27-Aug 28-Aug 29-Aug 30-Aug
US$/tonne
Palladium

26-Aug
27-Aug
28-Aug
29-Aug
30-Aug
US$/oz
Gold

26-Aug
27-Aug
28-Aug
29-Aug
30-Aug
US$/barrel
Crude oil

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales (30th August 2024)

Variance (%)
Cumulative Quantity Sold (million kgs)
296 057 664
231 654 087
(21.75)
Average Price (US$/kg)
3.03
3.43
13.10
Cumulative value (US$ million)
896 698 361
793 547 959
(11.50)
Source: Tobacco Industry and Marketing Board, 2024