Vol. 26 No. 29


Week Ending
19th July 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 data from domestic and
international markets including money markets, capital markets, payment systems, commodity prices
and exchange rates for the week ending 19th July 2024.
Local currency minimum and maximum deposit rates for savings deposits remained unchanged at
previous week’s levels. Minimum deposit rates for deposits of 3 months, 6 months and over a year
tenor registered an increase, while those for deposits of 12 months tenor were lower during the period
under analysis. Maximum deposit rates for deposits of 3 months, 6 months, 12 months and over 1
year tenor registered increases during the same week.
During the week ending 19th July 2024, foreign currency minimum and maximum deposit rates for
deposits of all tenors increased save for those for savings deposit rates which remained unchanged at
the previous week’s levels.
Commercial bank minimum and maximum local currency lending rates for individuals softened while
those for corporates registered increases during the week under review.
The Zimbabwe Stock Exchange (ZSE) exhibited bullish sentiments during the reporting week.
Consequently, the All-Share Index gained 13.61% to close the week at 199.83 points. Similarly, the
Victoria Falls Stock Exchange (VFEX) stock market, All-Share Index, increased by 1.53% to close
the week at 106.44 points.
The National Payment System processed transactions worth ZiG15.66 billion, during the week ending
19th July 2024, representing a 1.62% increase, from the ZiG15.41 billion recorded in the previous
week. This was, largely underpinned by an increase in RTGS transactions, during the period of
analysis.
On the local foreign exchange market, the ZiG/US$ exchange rate appreciated by 0.2%, from a
weekly average of ZiG13.7664 per US$ registered in the prior week, to close at ZiG13.7362 per US$
during the reporting week.
The weekly average international prices for platinum, palladium, copper, nickel, crude oil, and lithium
decreased during the week under review on the back of lower demand. Gold prices, however,
registered an increase during the same week.
A cumulative total of 226 million kilograms of tobacco was sold as of 19th July 2024, representing a
22.07% decrease from the 290 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
28 June 2024
05 July 2024
12 July 2024
19 July 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
28 June 2024
05 July 2024
12 July 2024
19 July 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
28 June 2024
05 July 2024
12 July 2024
19 July 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial bank weighted lending rates (Foreign Currency (US$)
US$ Lending rates
28 June 2024
05 July 2024
12 July 2024
19 July 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial banks and building societies mortgage lending rates
Mortgage Lending rates
28 June 2024
05 July 2024
12 July 2024
19 July 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)
28-June-24

5-July-24

12-July-24

19-July-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)
28-June-24

05-July-24

12-July-24

19-July-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

31-May-24
07-Jun-24
14-Jun-24
21-Jun-24
28-Jun-24
05-Jul-24
12-Jul-24
19-Jul-24
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index


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
ZiG Thousands
ZSE Market Turnover

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
ZiG Billion
ZSE Market Capitalisation

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
US$ Bililon
VFEX All Share Index

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
05-Jul-24
12-Jul-24
19-Jul-24
US$ Billion
VFEX Market Capitalisation

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
US$ Thousand
VFEX Market Turnover

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


5. PRICES

Energy Prices

28 June 2024
5 July 2024
12 July 2024
19 July 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
15-July-24

16-July-24

17-July-24

18-July-24

19-July-24

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


PAYMENT STREAM
WEEK ENDING
12 July 2024
WEEK ENDING
19 July 2024
WEEKLY
CHANGE (%)

VALUES IN ZiG

RTGS
12,218,094,436.65
13,587,371,742.90
11.21%
Of which ZiG
5,158,307,377.66
5,228,998,809.91

Of which US$
513,570,869.54
608,359,160.51

POS
468,456,815.90
330,749,482.41
-29.40%
ATM
896,678,834.57
592,531,777.28
-33.92%
MOBILE BANKING
66,072,975.50
41,922,522.39
-36.55%
MOBILE MONEY
1,673,277,608.01
1,045,676,914.49
-37.51%
ZIPIT MOBILE
88,680,864.22
62,598,161.46
-29.41%
TOTAL
15,411,261,534.86
15,660,850,600.93
1.62%

VOLUMES

RTGS
180,587
183,122
1.40%
Of which ZiG
90,962
85,010

Of which US$
89,625
98,112

POS
1,927,570
1,528,756
-20.69%
ATM
211,523
153,355
-27.50%
MOBILE BANKING
275,382
197,645
-28.23%
MOBILE MONEY
8,968,806
7,950,470
-11.35%
ZIPIT MOBILE
194,790
134,899
-30.75%
TOTAL
11,758,658
10,148,247
-13.70%

Mosi-oa-Tunya Gold Coin Prices
Gold Coin Price
9 July2024
10 July 2024
11 July 2024
12 July 2024
19 July 2024
1.00Oz


US$
2,495.48

2,486.30

2,503.57

2,529.66

2,586.99
ZiG
34,288.18

34,142.05

34,388.50

34,816.72

35,484.19
0.50Oz


US$
1,247.74

1,243.15

1,251.78

1,264.83

1,293.50
ZiG
17,144.09

17,071.03

17,194.25

17,408.36

17,742.09
0.25Oz


US$
623.87

621.57

625.89

632.42

646.75
ZiG
8,572.04

8,535.51

8,597.13

8,704.18

8,871.05
0.10Oz


US$
249.55

248.63

250.36

252.97

258.70
ZiG
3,428.82

3,414.21

3,438.85

3,481.67

3,548.42
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
(8 – 12 July)

15-July

16-July

17-July

18-July

19-July

Weekly Average
(15 – 19 July)

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
(8-12 July)

15-July

16-July

17-July

18-July

19-July

Weekly Average
(15-19 July)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (15th – 19th July 2024)


Source: BBC, KITCO and Bloomberg, 2024


15-Jul
16-Jul
17-Jul
18-Jul
19-Jul
US$/tonne
Nickel

15-Jul
16-Jul
17-Jul
18-Jul
19-Jul
US$/tonne
Lithium

1,000
1,010
1,020
15-Jul
16-Jul
17-Jul
18-Jul
19-Jul
US$/tonne
Platinum

15-Jul
16-Jul
17-Jul
18-Jul
19-Jul
US$/tonne
Palladium

15-Jul
16-Jul
17-Jul
18-Jul
19-Jul
US$/oz
Gold

15-Jul
16-Jul
17-Jul
18-Jul
19-Jul
US$/barrel
Crude oil

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales (19th July 2024)

Variance (%)
Cumulative Quantity Sold (million kgs)
289 966 857
225 982 046
(22.07)
Average Price (US$/kg)
3.03
3.43
13.33
Cumulative value (US$ million)
878 769 217
776 144 144
(11.68)
Source: Tobacco Industry and Marketing Board, 2024