Vol. 26 No. 26


Week Ending
28th June 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 during the week under review.
During the week ending 28th June 2024, local currency minimum and maximum deposit rates for
savings deposits remained unchanged at the previous week’s level. The minimum and maximum
deposit rates for all the other tenors registered increases save for minimum deposit rates for deposits
of 12 month and over 1 year tenor which remained unchanged at the previous week’s level. Foreign
currency deposit rates were largely unchanged, except for maximum deposit rates for deposits of 6month tenor, which closed the week higher at 6.25%, from 5.86% recorded in the previous week.
Maximum local currency lending rates for both individual and corporate clients increased during the
week under analysis. Maximum foreign currency lending rates for individual clients decreased by
0.01 percentage points to end the week at 14.96%, while maximum foreign currency lending rates for
corporate clients increased by 0.02 percentage points to end the week at 15.53%.
The local currency and foreign currency-denominated stock markets were bullish during the week
ending 28th June 2024. The Zimbabwe Stock Exchange (ZSE) All Share Indices gained 11.75% to
close the week at 128.64 points while the Victoria Falls Stock Exchange (VFEX) index increased by
2.12% to close at 128.64 points, during the week under review.
The National Payment System processed transactions amounted to ZiG18.18 billion during the week
under analysis, representing a 26.6% increase, from the ZiG14.36 billion recorded in the previous
week. This was largely due to increases in transaction values processed through ATM and RTGS
payment systems.
On the foreign exchange market, the ZiG/US$ exchange rate registered a marginal depreciation of
0.8%, from a weekly average of ZiG13.5284 per US$ registered in the prior week, to ZiG13.6327 per
US$, during the reporting week.
Average weekly international commodity prices for platinum, palladium and gold decreased during
the week under analysis. Weekly average prices of nickel, lithium and crude oil, however, firmed over
the same period.
A cumulative total of 212 million kilograms of tobacco was sold as at 28th June 2024, representing a
23.73% decline from 278 million kilograms sold during the same period in 2023. The golden leaf
was, however, sold at a higher price of US$3.45 per kilogram during the period under analysis, up
from the US$3.02 per kilogram realised in the same period in 2023.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG)
ZiG Deposit rates
7 June 2024
14 June 2024
21 June 2024
28 June 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


Average commercial bank deposit rates (Foreign Currency (US$)
US$ Deposit rates
7 June 2024
14 June 2024
21 June 2024
28 June 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
7 June 2024
14 June 2024
21 June 2024
28 June 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial bank weighted lending rates (Foreign Currency (US$)
US$ Lending rates
7 June 2024
14 June 2024
21 June 2024
28 June 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

Commercial banks and building societies mortgage lending rates
Mortgage Lending rates
7 June 2024
14 June 2024
21 June 2024
28 June 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)
7-June-24

14-June-24

21-June-24

28-June-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)
7-June-24

14-June-24

21-June-24

28-June-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

17-May-24
24-May-24
31-May-24
07-Jun-24
14-Jun-24
21-Jun-24
28-Jun-24
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index


10-May-24
17-May-24
24-May-24
31-May-24
07-Jun-24
14-Jun-24
21-Jun-24
28-Jun-24
ZiG Thousands
ZSE Market Turnover

10-May-24
17-May-24
24-May-24
31-May-24
07-Jun-24
14-Jun-24
21-Jun-24
28-Jun-24
ZiG Billion
ZSE Market Capitalisation

10-May-24
17-May-24
24-May-24
31-May-24
07-Jun-24
14-Jun-24
21-Jun-24
28-Jun-24
US$ Bililon
VFEX All Share Index
0.8
0.9


08-Mar-24
15-Mar-24
22-Mar-24
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
US$ Billion
VFEX Market Capitalisation

15-Mar-24
22-Mar-24
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
US$ Thousand
VFEX Market Turnover

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

Energy Prices

7 June 2024
14 June 2024
21 June 2024
28 June 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
24-June-24

25-June-24

26-June-24

27-June-24

28-June-24

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


PAYMENT STREAM
WEEK ENDING
21 June 2024
WEEK ENDING
28 June 2024
WEEKLY
CHANGE (%)

VALUES IN ZiG

RTGS
11,715,567,788.63
15,734,726,830.31
34.31%
Of which ZiG
4,144,628,559.24
5,919,926,442.49

Of which US$
559,464,995.42
720,305,190.29

POS
877,8448,991.55
445,716,158.98
49.20%
ATM
672,822,218.05
942,509,977.19
40.08%
MOBILE BANKING
51,063,512.32
68,292,708.87
33.74%
MOBILE MONEY
970,338,574.79
916,293,427.91
-5.57%
ZIPIT MOBILE
69,878,446.01
69,160,423.70
-1.03%
TOTAL
14,357,119,531.34
18,176,699,526.96
26.60%

VOLUMES

RTGS

197,418
366,818
85.81%
Of which ZiG
92,427
184,548

Of which US$
104,991
182,270

POS
1,834,994
1,979,196
7.86%
ATM
190,307
261,137
37.22%
MOBILE BANKING
249,440
323,249
29.59%
MOBILE MONEY
7,416,659
7,598,165
2.45%
ZIPIT MOBILE
169,265
177,420
4.82%
TOTAL
10,058,083
10,705,985
6.44%

Mosi-oa-Tunya Gold Coin Prices
Gold Coin Price
24 June 2024
25 June 2024
26 June 2024
27 June 2024
28 June 2024
1.00Oz


US$

ZiG

0.50Oz


US$
1,225.90


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
(17-21 June)

24-June

25-June

26-June

27-June

28-June

Weekly Average
(24 – 28 June)

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

Source: Reserve Bank of Zimbabwe, 2024


International Commodity Price Developments

Platinum
Palladium
Nickel
Lithium
Gold
Crude Oil

US$/ounce
US$/ounce
US$/tonne
US$/tonne
US$/oz (PM Fix)
US$/barrel
Weekly
Average
(17-21 June)


2,343.03

85.12
24-June

25-June

26-June

27-June

28-June

Weekly
Average
(24-28 June)


2,321.59

85.36
Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (24th – 28th June 2024)
Source: BBC, KITCO and Bloomberg, 2024

1,000
1,010
24-Jun
25-Jun
26-Jun
27-Jun
28-Jun
US$/tonne
Platinum

1,000
1,020
24-Jun
25-Jun
26-Jun
27-Jun
28-Jun
US$/tonne
Palladium

24-Jun
25-Jun
26-Jun
27-Jun
28-Jun
US$/tonne
Nickel

24-Jun
25-Jun
26-Jun
27-Jun
28-Jun
US$/tonne
Lithium

24-Jun
25-Jun
26-Jun
27-Jun
28-Jun
US$/oz
Gold

24-Jun
25-Jun
26-Jun
27-Jun
28-Jun
US$/barrel
Crude oil

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales (28th June 2024)

Variance (%)
Cumulative Quantity Sold (million kgs)
278,274,910

212,231,116
-23.73
Average Price (US$/kg)
3.02
3.45
14.09
Cumulative value (US$ million)
841,506,480
732,248,158
-12.98
Source: Tobacco Industry and Marketing Board, 2024