Vol. 26 No. 34


Week Ending
23rd 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 23rd August 2024.
During the week under review, deposit rates for savings accounts for both local and foreign currency
remained unchanged. The minimum and maximum local currency deposit rates for deposits of all
tenors increased, during the same week. On the other hand, minimum foreign currency deposit rates
for deposits of all tenors remained largely unchanged whilst maximum deposit rates for deposits of
3-months, 6-months, 12-months and over 1 year tenor increased.
Minimum and maximum local currency lending rates for individual clients were lower during the
period under review, while minimum and maximum foreign currency lending rates for corporates
registered an increase during the same week.
The Zimbabwe Stock Exchange (ZSE) exhibited bearish sentiments, with the All-Share Index closing
the week at 204.09 points, down by 0.38% from the 204.86 points recorded last week. Similarly, the
Victoria Falls Stock Exchange (VFEX) was characterized by bearish sentiments. As a result, the
VFEX All-Share Index decreased by 1.52% to close the week at 103.75 points.
The value of transactions processed through the National Payment System (NPS) increased by
21.35% from ZiG13.84 billion registered in the previous week to ZiG16.80 billion during the
reporting week. This was largely due to an increase in the value of transactions registered through the
RTGS payment system during the period of analysis.
On the local foreign exchange market, the ZiG/US$ exchange rate depreciated by 0.13%, from a
weekly average of ZiG13.7856 per US$ recorded in the previous week, to ZiG13.8037 per US$ during
the reporting week.
Gold prices strengthened as the dollar and Treasury yields retreated following comments from the
Federal Reserve Chair that signalled an interest rate cut in September 2024. Platinum prices also
increased amid expectations of a U.S rate cut, while palladium prices increased on the back of
anticipated supply deficits in the market. Nickel prices increased, in part, on account of improved
demand in the steel sector. Lithium prices slumped on account of excess supply concerns. Crude oil
prices also slumped amid fears of weaker demand in China, the top oil importer.
A cumulative total of 231 million kilograms of tobacco was sold as of the 23rd of August 2024,
representing a 21.82% decline from the 296 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 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
2 August 2024
9 August 2024
16 August 2024
23 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
2 August 2024
9 August 2024
16 August 2024
23 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
2 August 2024
9 August 2024
16 August 2024
23 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
2 August 2024
9 August 2024
16 August 2024
23 August 2024
Individuals


Minimum
11.03
10.91

10.91

10.89
Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


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

9-Aug-24

16-Aug-24

23-Aug-14

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)
2-Aug-24

9-Aug-24

16-Aug-24

23-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
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
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
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
16-Aug-24
23-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
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
US$ Thousand
VFEX Market Turnover

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


5. PRICES

Energy Prices

2 August 2024
9 August 2024
16 August 2024
23 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
19-August-24

20-August-24

21-August-24

22-August-24

23-August-24

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


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

VALUES IN ZiG

RTGS
10,678,523,383.30
14,086,448,256.98
31.91%
Of which ZiG
4,552,658,251.66
5,456,103,081.22

Of which US$
444,364,519.69
625,230,342.27

POS
998,239,877.40
997,833,097.46
-0.04%
ATM
761,667,334.80
645,763,585.54
-15.22%
MOBILE BANKING
68,767,341.40
55,479,671.00
-19.32%
MOBILE MONEY
1,250,393,882.33
925,441,875.61
-25.99%
ZIPIT MOBILE
86,554,897.93
89,385,981.40
3.27%
TOTAL
13,844,146,717.16
16,800,352,467.99
21.35%

VOLUMES

RTGS
105,749
216,327
104.57%
Of which ZiG
53,587
104,643

Of which US$
52,162
111,684

POS
1,892,254
1,990,605
5.198%
ATM
202,602
172,743
-14.74%
MOBILE BANKING
257,055
223,092
-13.21%
MOBILE MONEY
9,151,056
8,404,168
-8.16%
ZIPIT MOBILE
184,255
188,806
2.47%
TOTAL
11,792,971
11,195,741
-5.06%

Mosi-oa-Tunya Gold Coin Prices
Gold Coin Price
19 August 2024
20 August 2024
21 August 2024
22 August 2024
23 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
(14 – 16 August)

19-August

20-August

21-August

22-August

23-August

Weekly Average
(19 – 23 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
(12 - 16 August)

19-August

20-August

21-August

22-August

23-August

Weekly Average
(19 - 23 August)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (19th August – 23rd August 2024)


Source: BBC, KITCO and Bloomberg, 2024


19-Aug
20-Aug
21-Aug
22-Aug
23-Aug
US$/tonne
Nickel

19-Aug
20-Aug
21-Aug
22-Aug
23-Aug
US$/tonne
Lithium

19-Aug
20-Aug
21-Aug
22-Aug
23-Aug
US$/tonne
Platinum

19-Aug 20-Aug 21-Aug 22-Aug 23-Aug
US$/tonne
Palladium

19-Aug
20-Aug
21-Aug
22-Aug
23-Aug
US$/oz
Gold

19-Aug
20-Aug
21-Aug
22-Aug
23-Aug
US$/barrel
Crude oil

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales (23rd August 2024)

Variance (%)
Cumulative Quantity Sold (million kgs)
295 680 035
231 161 328
(21.82)
Average Price (US$/kg)
3.03
3.43
13.18
Cumulative value (US$ million)
895 609 907
792 486 198
(11.51)
Source: Tobacco Industry and Marketing Board, 2024