Vol. 26 No. 13


Week Ending
28th March 2024
Weekly Economic
Highlights
TABLE OF CONTENTS


MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED
7.
8.

1. OVERVIEW


During the week under review, local and foreign currency deposit rates for all tenors remained largely
unchanged at previous week’s levels.
Minimum and maximum local currency lending rates for individuals and corporates clients were
lower except for minimum lending rates for individuals which registered a marginal increase during
the week under review. Similarly, minimum, and maximum foreign currency lending rates for
individuals and corporate clients registered declines during the period under analysis save for
maximum deposit rates for individual clients which increased during the same week.
The Zimbabwe Stock Exchange (ZSE) All share increased by 15.77% to close at 873,263.38 points
during the week under review. The cumulative value of shares traded decreased by -55.75% to close
at ZW$16,176.72 million, from ZW$36,559.87 million in the previous week. The Victoria Falls
Stock Exchange (VFEX) traded on a positive trajectory during the week under review. The VFEX
All share index and market capitalisation increased from 97.88 points and US$1.18 billion to close
at 101.06 points and US$1.22 billion, respectively.
The aggregate transactions processed in value terms through the National Payment Systems
platforms amounted to ZW$22.74 trillion during the week under analysis, representing an increase
of 20.81% from ZW$18.83 trillion registered in the previous week.
The interbank exchange rate depreciated marginally from ZW$19,422.66 per US$ at the beginning
of the week to ZW$21,507.94 per US$ at the end of the week.
International average prices for gold increased, while crude oil, platinum, palladium, copper, and
nickel decreased during the week under analysis. Gold prices increased, supported by strong safehaven demand and expectations of the U.S. interest rate cut. Palladium and platinum prices fell during
the same week due to weak demand, while Lithium prices fell on account of oversupply concerns.
Crude oil prices declined due to an unexpected increase in crude oil inventories.
A cumulative total of 26.26 million kilograms of tobacco had been sold as of 28 March 2024. This
was a 74.16% increase from 15.08 million kilograms sold during the same period in 2023. The golden
leaf was sold at an average price of US$3.47 per kilogram, up from US$2.98 per kilogram realised
in the same period last year. The key statistics including graphs are shown in the annex below.

2. INTEREST RATES

Policy rates
Policy Rate
8 March 2024
15 March 2024
22 March 2024
28 March 2024
RBZ Policy Rate

MBA window

Source: Reserve Bank of Zimbabwe, 2024


Average commercial bank deposit rates (Local Currency (ZW$))
ZWL Deposit rates
8 March 2024
15 March 2024
22 March 2024
28 March 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, 2024

Average commercial bank deposit rates (Foreign Currency (US$))
US$ Deposit rates
8 March 2024
15 March 2024
22 March 2024
28 March 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, 2024

Commercial bank weighted lending rates (Local Currency (ZW$))
ZWL Lending rates
8 March 2024
15 March 2024
22 March 2024
28 March 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

Commercial bank weighted lending rates (Foreign Currency (US$))
US$ Lending rates
8 March 2024
15 March 2024
22 March 2024
28 March 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

Commercial banks and Building societies mortgage lending rates
Mortgage Lending rates
8 March 2024
15 March 2024
22 March 2024
28 March 2024
ZW$ 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 (ZWL
billion)
Market
Turnover
(ZWL
million)
Volume of
Shares
(million)
8-Mar-24

15-Mar-24

22-Mar-24

28-Mar-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)
8-March-24

15-March-24

22-March-24

28-March-24

Weekly Change (%)

Source: Zimbabwe Stock Exchange, 2024

Figure 1: ZSE and VFEX Indicators


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


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
16-Feb-24
23-Feb-24
01-Mar-24
08-Mar-24
15-Mar-24
22-Mar-24
29-Mar-24
Indices
ZSE Indices
Allshare index
Top10 Index
Mining Index


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
16-Feb-24
23-Feb-24
01-Mar-24
08-Mar-24
15-Mar-24
22-Mar-24
29-Mar-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
16-Feb-24
23-Feb-24
01-Mar-24
08-Mar-24
15-Mar-24
22-Mar-24
29-Mar-24
ZW$ Mililon
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
16-Feb-24
23-Feb-24
01-Mar-24
08-Mar-24
15-Mar-24
22-Mar-24
29-Mar-24
US$ Bililon
VFEX All Share Index

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
16-Feb-24
23-Feb-24
01-Mar-24
08-Mar-24
15-Mar-24
22-Mar-24
29-Mar-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
16-Feb-24
23-Feb-24
01-Mar-24
08-Mar-24
15-Mar-24
22-Mar-24
29-Mar-24
US$ Mililon
VFEX Market Capitalisation
PAYMENT STREAM
WEEK ENDING
22 MARCH 2024
WEEK ENDING
28 MARCH 2024
WEEKLY
CHANGE (%)

VALUES IN ZW$

RTGS
15,812,870,431,235.20
18,997,514,138,620.20
20.14%
Of which ZW$
5,336,930,879,589.97
6,470,184,730,258.40

Of which US$
540,108,528.22
582,244,612.36

POS
823,331,044,025.78
1,156,772,099,969.19
40.50%
ATM
752,679,025,234.97
1,312,059,356,084.96
74.32%
MOBILE
1,436,583,858,209.23
1,276,276,344,413.13
-11.16%
TOTAL
18,825,464,358,705.10
22,742,621,939,087.50
20.81%

VOLUMES

RTGS
200,427
324,534
61.92%
Of which ZW$
95,603
164,313

Of which US$
104,824
160,221

POS
1,659,802
1,815,041
9.35%
ATM
145,632
233,515
60.35%
MOBILE
12,149,842
13,046,977
7.38%
TOTAL
14,155,703
15,420,067
8.93%

5. PRICES
Domestic Energy Prices
Energy prices
8 Mar 2024
15 Mar 2024
22 March 2024
28 March 2024

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

Petrol Blend E20/ litre

LP Gas / kg

Source: Zimbabwe Energy Regulatory Authority, 2024

International Energy Prices (Weekly average)
Energy prices
8 Mar 2024
15 Mar 2024
22 Mar 2024
28 Mar 2024

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

Source: BBC, 2024

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

Previous day Gold PM Fix
Gold prices
8 Mar 2024
15 Mar 2024
22 March 2024
28 March 2024

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

Source: London Bullion Market Association, 2024

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

15-March-24

22-March-24

28-March-24

Source: Reserve Bank of Zimbabwe, 2024

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 22-March

GBDT Issue No.41 2024 25-March

954.99
954.99
0.565411
GBDT Issue No.42 2024 26-March

8,337.49
8,337.49
4.837845
GBDT Issue No.43 2024 27-March

15,976.49
15,976.49
9.091500
GBDT Issue No.44 2024 28-March

5,205.86
5,205.86
2.898842
Cumulative up to week ending 28-March

Weekly Change (%)

Source: Reserve Bank of Zimbabwe, 2024

Figure 2: Cumulative KGs Purchased of GBDT

Source: Reserve Bank of Zimbabwe, 2024


Mosi-oa-Tunya Gold Coin Prices
Gold Coin Price
8 Mar 2024
15 Mar 2024
22 Mar 2024
28 Mar 2024
1.00Oz


US$

ZW$

0.50Oz


US$

ZW$

0.25Oz


US$

ZW$

0.10Oz


US$

ZW$

Source: Reserve Bank of Zimbabwe, 2024


7. EXTERNAL SECTOR
Exchange Rate Developments (ZW$ per Unit of foreign currency)

USD
ZAR
GBP
BWP
EURO
Weekly Average
(18 Mar - 22 Mar)

25-March

26-March

27-March

28-March

Weekly Average
(25 Mar - 28 Mar)

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

Source: Reserve Bank of Zimbabwe, 2024


-

International Commodity Price Developments

Platinum
Palladium
Nickel
Lithium

US$/ounce
US$/ounce
US$/tonne
US$/tonne
Weekly Average
(18 March -22 March)

25-March

26-March

27-March

28-March

Weekly Average
(25 March -28 March)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (25th – 28th March 2024)


Source: BBC, KITCO and Bloomberg, 2024


8. TOBACCO SALES
Weekly Cumulative Tobacco Sales (28th March 2024)

Variance (%)
Cumulative Quantity Sold (million kgs)
15,077,509
26,259,261
74.16
Average Price (US$/kg)
2.98
3.47
16.36
Cumulative value (US$ million)
44,899,746
90,990,251
102.65
Source: Tobacco Industry and Marketing Board (TIMB), 2024

25-Mar
26-Mar
27-Mar
28-Mar
US$/tonne
Platinum

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

25-Mar
26-Mar
27-Mar
28-Mar
US$/tonne
Nickel

25-Mar
26-Mar
27-Mar
28-Mar
US$/tonne
Lithium