Vol. 26 No. 6


Week Ending
9th February 2024
Weekly Economic
Highlights
TABLE OF CONTENTS


MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED
7.

1. OVERVIEW


The interbank market exchange rate depreciated from ZW$10,706.87 per US$ at the beginning
of the week ending 9th February 2024, and closed the week at ZW$11,097.102 per US. As a
result, the parallel market exchange rate premium narrowed from 42.8% in the previous week to
35.4%, during the week under review.

Local currency minimum and maximum deposit rates for deposits of 1-month tenor decreased,
whilst those for all the other deposit tenors remained unchanged. The minimum and maximum
deposit rates for deposits of 1-month tenor decreased by 0.28 and 0.56 percentage points,
respectively. Deposit rates on foreign currency deposits for other tenors moderately increased,
while savings rates remained unchanged during the week under review.

Minimum and maximum lending rates for individual clients of commercial banks increased from
69.23% and 98.36% during the week ending 2nd February 2024 to 74.37% and 99.58%,
respectively, during the week under review. The minimum lending rates in local currency for
corporate clients of commercial banks slightly decreased from 93.67% to 93.51%, during the
week under review. The minimum lending rates on foreign currency loans for individuals and
corporates increased by 0.03 percentage points and 0.01 percentage points, respectively.

Trading on both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange
(VFEX) was bearish, as reflected by the decrease in the volume of shares traded. The ZSE lost
3.29% of the all-share index to close at 565,042.99 points, from 584,266.23 in the previous week.
Similarly, the VFEX all-share index declined by 3.06%, from 102.59 points to 99.45 points.

The total value of transactions processed through the National Payment Systems (NPS) platforms
increased by 12.43% in the previous week to ZW$9.87 trillion, during the week under analysis.
In value terms, the Real Time Gross Settlement (RTGS) system constituted 69.78% of the
aggregate transactions. On the other hand, Mobile platforms at 55.96% contributed the highest
proportions in terms of NPS volumes.

International commodity prices for gold, platinum, palladium, copper, nickel, and crude oil were
subdued mainly on account of the strengthening US dollar, during the reporting week. Rising US

bond yields weighed down the price of gold, while platinum prices fell on account of the
slowdown in industrial activities. Lithium weekly average prices declined from
US$13,396.00/tonne in the week ending 2nd February 2024 to US$13,250.00/tonne in the
reporting week mainly due to China’s slowing demand for electric vehicles (EVs). Energy
prices, however, rose as reflected by increases in diesel, petrol, and liquid petroleum (LP) gas,
from $1.66, $1.57 per litre and $1.85 per kg in the previous week to $1.67, $1.64 per litre and
$1.86 per kg, respectively, during the week under review.


The key financial and monetary statistics including graphs are shown below.

2. INTEREST RATES

Policy rates
Policy Rate
19 Jan 2024
26 Jan 2024
02 Feb 2024
09 Feb 2024


RBZ Policy Rate

MBA window

Source: Reserve Bank of Zimbabwe


Average commercial bank deposit rates
ZWL Deposit rates
19 Jan 2024
26 Jan 2024
02 Feb 2024
09 Feb 2024


Savings


Minimum

Maximum

1-month deposit


Minimum

Maximum

3-month deposit


Minimum

Maximum

6-month deposit


Minimum

Maximum

12-Month deposits


Minimum

Maximum

Over 1 year


Minimum

Maximum

Source: Reserve Bank of Zimbabwe


US$ Deposit rates
19 Jan 2024
26 Jan 2024
02 Feb 2024
09 Feb 2024
Savings


Minimum

Maximum

1-month deposits


Minimum

Maximum

3-month deposits


Minimum

Maximum

6-month deposits


Minimum

Maximum

12-Month deposits


Minimum

Maximum

Over 1 year


Minimum

Maximum

Source: Reserve Bank of Zimbabwe

Commercial bank weighted lending rates (Local Currency (ZW$))
ZWL Lending rates
19 Jan 2024
26 Jan 2024
02 Feb 2024
09 Feb 2024
Individuals


Minimum

Maximum


Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe


Commercial bank weighted lending rates (Foreign Currency (US$)
US$ Lending rates
19 Jan 2024
26 Jan 2024
02 Feb 2024
09 Feb 2024
Individuals


Minimum

Maximum


Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe


Commercial banks and Building societies mortgage lending rates
Mortgage Lending
rates
19 Jan 2024
26 Jan 2024
02 Feb 2024
09 Feb 2024
ZW$ Lending rates


Minimum

Maximum


US$ Lending rates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe

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 (ZWL
billion)
Market
Turnover
(ZWL
million)
Volume
of Shares
(million)
19-Jan-24

26-Jan-24

02-Feb-24

09-Feb-24

% Change


Source: Zimbabwe Stock Exchange, (ZSE)


VFEX Indicators
Date
All Share Index Points
Grand Market
Capitalization
(US$ billion)
Market Turnover
(US$ million)
Volume of Shares
(million)
19-Jan-24

26-Jan-24

02-Feb-24

09-Feb-24

% Change


Source: Zimbabwe Stock Exchange, (ZSE)

Figure 1: ZSE and VFEX Indicators
Source: Zimbabwe Stock Exchange


Source: Zimbabwe Stock Exchange, (ZSE)


01-Dec-23
08-Dec-23
15-Dec-23
22-Dec-23
29-Dec-23
05-Jan-24
12-Jan-24
19-Jan-24
26-Jan-24
02-Feb-24
09-Feb-24
Indices
ZSE Indices
All share Index (ZSE)
Top 10 Index
Mining Index

01-Dec-23
08-Dec-23
15-Dec-23
22-Dec-23
29-Dec-23
05-Jan-24
12-Jan-24
19-Jan-24
26-Jan-24
02-Feb-24
09-Feb-24
ZW$ Mililon
ZSE Market Turnover


01-Dec-23
08-Dec-23
15-Dec-23
22-Dec-23
29-Dec-23
05-Jan-24
12-Jan-24
19-Jan-24
26-Jan-24
02-Feb-24
09-Feb-24
ZW$ ililon
ZSE Market Capitalisation

01-Dec-23
08-Dec-23
15-Dec-23
22-Dec-23
29-Dec-23
05-Jan-24
12-Jan-24
19-Jan-24
26-Jan-24
02-Feb-24
09-Feb-24
US$ Bililon
VFEX All Share Index

01-Dec-23
08-Dec-23
15-Dec-23
22-Dec-23
29-Dec-23
05-Jan-24
12-Jan-24
19-Jan-24
26-Jan-24
02-Feb-24
09-Feb-24
US$ Thousand
VFEX Market Turnover

01-Dec-23
08-Dec-23
15-Dec-23
22-Dec-23
29-Dec-23
05-Jan-24
12-Jan-24
19-Jan-24
26-Jan-24
02-Feb-24
09-Feb-24
US$ Mililon
VFEX Market Capitalisation

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

5. PRICES

Domestic Energy Prices
Energy prices
19 Jan 2024
26 Jan 2024
02 Feb 2024
09 Feb 2024

US$
US$
US$
US$
Diesel 50/ litre

Petrol Blend E20/
litre

LP Gas / kg

Source: ZERA


International Energy Prices
Energy prices
19 Jan 2024
26 Jan 2024
02 Feb 2024
09 Feb 2024

US$/barrel
US$/barrel
US$/barrel
US$/barrel
Crude Oil Prices

Source: KITCO


PAYMENT STREAM
WEEK
ENDING 02 FEBRUARY

WEEK
ENDING 09 FEBRUARY

WEEKLY
CHANGE
(%)

VALUES IN ZW$

RTGS
6,985,259,525,287.49
7,933,467,185,319.33
13.57
Of which ZW$
2,825,824,995,374.92
3,266,111,212,968.47

Of which US$
410,420,705.48
420,368,772.91

POS
553,786,476,606.63
623,771,607,520.37
12.64
ATM
592,894,409,824.54
602,656,849,746.83
1.64
MOBILE
647,725,307,699.92
711,148,437,718.74
9.79
TOTAL
8,779,665,719,418.58
9,871,044,080,305.27
12.43

VOLUMES

RTGS
250,733
188,600
-24.78
Of which ZW$
131,446
101,550

Of which US$
119,287
87,050

POS
1,890,462
2,086,820
10.39
ATM
198,313
216,049
8.94
MOBILE
10,714,386
11,038,304
3.02
TOTAL
13,053,894
13,529,773
3.65

6. MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS
(GBDT)

Previous day Gold PM Fix
Gold prices
19 Jan 2024
26 Jan 2024
02 Feb 2024
09 Feb 2024

US$/oz
US$/oz
US$/oz
US$/oz
Gold PM Fix

Source: LBMA, (2024)


Gold Backed Digital Token Price Per Milligram
Week Ending
ZW$ Price per Mg
US$ Price per Mg
Buy
Sell
Buy
Sell
19-Jan-24

26-Jan-24

2-Feb-24

09-Feb-24

Source: Reserve Bank of Zimbabwe


RBZ Gold-Backed Digital Tokens Issuances (ZW$)

Number of
Bids
Value of Bids
(ZW$ millions)
Amount Allotted
(ZW$ millions)
Kilograms
of Gold
Purchased
Cumulative up to week ending

207,885.69
207,885.69
616.770964
2-Feb
5-Feb
GBDT Issue No.7 2024

10,797.00
10,797.00
13.350065
6-Feb
GBDT Issue No.8 2024

3,503.60
3,503.60
4.278576
7-Feb
GBDT Issue No.9 2024

23,815.00
23,815.00
28.428011
8-Feb
GBDT Issue No.10 2024

18,150.70
18,150.70
21.202597
9-Feb
GBDT Issue No.10 2024

14,815.00
14,815.00
17.174818
Cumulative up to week ending

278,966.39
278,966.39
701.205031
9-Feb
Weekly Change (%)

Source: Reserve Bank of Zimbabwe

Figure 2: Cumulative KGs Purchased of GBDT

Source: Reserve Bank of Zimbabwe


Mosi-oa-Tunya Gold Coin Prices
Gold Coin Price
19 Jan 2024
26 Jan 2024
02 Feb 2024
09 Feb 2024
1.00Oz


US$

ZW$

0.50Oz


US$

ZW$

0.25Oz


US$

ZW$

0.10Oz


US$

ZW$

Source: Reserve Bank of Zimbabwe

7. EXTERNAL SECTOR
International commodity price developments

Platinum
Palladium
Nickel
Lithium

US$/ounce
US$/ounce
US$/tonne
US$/tonne
Weekly Average
(29 Jan - 2 Feb)

5-Feb

6-Feb

7-Feb

8-Feb

9-Feb

Weekly Average
(05 Feb - 9 Feb)

Source: KITC

18-May
26-May
1-Jun
8-Jun
15-Jun
22-Jun
29-Jun
6-Jul
13-Jul
20-Jul
3-Aug
17-Aug
31-Aug
14-Sep
28-Sep
12-Oct
18-Oct
9-Nov
23-Nov
7-Dec
21-Dec
11-Jan
25-Jan
30-Jan
31-Jan
1-Feb
2-Feb
5-Feb
6-Feb
7-Feb
8-Feb
9-Feb

Figure 3: Weekly Precious Metals Price Developments (05th – 09th February 2024)


Source: Kitco,2024
Exchange Rate Developments

USD
ZAR
GBP
BWP
EURO
Weekly Average
(29 Jan - 2 Feb)

5-Feb

6-Feb

7-Feb

8-Feb

9-Feb

Weekly Average
(05 Feb – 9 Feb)

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

Source: Reserve Bank of Zimbabwe

5-Feb-24
6-Feb-24
7-Feb-24
8-Feb-24
9-Feb-24
US$/tonne
Platinum

5-Feb-24
6-Feb-24
7-Feb-24
8-Feb-24
9-Feb-24
US$/tonne
Palladium

5-Feb-24
6-Feb-24
7-Feb-24
8-Feb-24
9-Feb-24
US$/tonne
Nickel

10000
12000
14000
5-Feb-24
6-Feb-24
7-Feb-24
8-Feb-24
9-Feb-24
US$/tonne
Lithium Hydroxide