Vol. 26 No. 36


Week Ending
6th September 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 6th September 2024.
During the week under review, minimum local currency deposit rates for savings deposits, deposits of 12months and over 1 year tenor remained unchanged, while deposit rates for deposits of 1-month, 3-months and
6-months tenor decreased. Maximum local currency deposits rates for deposits of 1-month tenor increased,
while deposits rates for deposits of 3-months, 6-months, 12-months and over 1 year tenor decreased during
the same week. Minimum and maximum foreign currency deposit rates for savings deposits and deposits of
1-month tenor remained unchanged at previous week’s level. Minimum foreign currency deposit rates for
deposits of 3-months, 6-months, 12-months and over 1 year tenor also remained unchanged, while maximum
deposit rates for the same tenors registered a decrease, during the reporting week.
During the week ending 6th September 2024, minimum and maximum local currency lending rates for
individual and corporate clients declined save for maximum corporate lending rates which registered an
increase during the same period.
Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX) exhibited bullish sentiments
during the week under analysis. Consequently, the ZSE and the VFEX All share indices added 0.02% and
2.05% to close the week at 200.54 points and 107.01 points, respectively.
Aggregate transactions processed through the National Payment Systems platforms amounted to ZiG16.35
billion, representing an increase of 0.91%, from the previous week. This was, largely, due to an increase in
the value of transactions registered through the POS, ATM, mobile banking, mobile money and ZIPIT mobile
payment systems, during the week under review.
On the interbank market, Zimbabwe Gold (ZiG) depreciated by 0.3%, from an average of ZiG13.83 per US
dollar in the previous week to ZiG13.88 per US dollar.
On the external front, selected international commodity prices were subdued during the reporting week.
Platinum prices registered a decline underpinned by excess metal supply concerns and growth in batterypowered vehicles hindering the demand for the metal. Similarly, the decline in palladium prices was
influenced by weak demand for the metal. Prices for lithium and nickel were also weighed down by excess
supply concerns. Brent crude oil prices fell attributed to persistent concerns over China’s demand outlook and
growing expectations that the Organisation of Petroleum Exporting Countries (OPEC) and its allies will
gradually increase supply starting October 2024.
A cumulative total of 232 million kilograms of tobacco was sold as of the 6th of September 2024, representing
a 21.76% decline, from the 296 million kilograms sold during the same period in 2023. The golden leaf was
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
16 August 2024
23 August 2024
30 August 2024
6 September 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
16 August 2024
23 August 2024
30 August 2024
6 September 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
16 August 2024
23 August 2024
30 August 2024
6 September 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial bank weighted lending rates (Foreign Currency (US$)
US$ Lending rates
16 August 2024
23 August 2024
30 August 2024
6 September 2024
Individuals


Minimum

10.91

10.89
10.82
10.83
Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial banks and building societies mortgage lending rates
Mortgage Lending rates
16 August 2024
23 August 2024
30 August 2024
6 September 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)
16-Aug-24

23-Aug-14

30-Aug-24

06-Sep-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)
16-Aug-24

23-Aug-24

30-Aug-24

06-Sep-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

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
30-Aug-24
06-Sep-24
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

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
30-Aug-24
06-Sep-24
ZiG Billion
ZSE Market Capitalisation

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
30-Aug-24
06-Sep-24
Indices
VFEX All Share 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
26-Jul-24
02-Aug-24
09-Aug-24
16-Aug-24
23-Aug-24
30-Aug-24
06-Sep-24
US$ Thousand
VFEX Market Turnover

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
30-Aug-24
06-Sep-24
US$ Billion
VFEX Market Capitalisation


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
30-Aug-24
06-Sep-24
ZiG Thousands
ZSE Market Turnover

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


5. PRICES

Energy Prices

16 August 2024
23 August 2024
30 August 2024
6 September 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
2-September-24

3-September-24

4-September-24

5-September-24

6-September-24

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


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

VALUES IN ZiG

RTGS
13,195,267,556.49
11,601,637,685.90
-12.08%
Of which ZiG
5,498,536,035.10
5,471,760,211.06

Of which US$
556,518,057.62
441,877,116.00

POS
718,103,723.14
1,507,343,157.88
109.91%
ATM
993,125,907.72
1,233,554,895.46
24.21%
MOBILE BANKING
84,406,945.06
101,774,325.94
20.58%
MOBILE MONEY
1,105,209,710.90
1,757,794,784.43
59.05%
ZIPIT MOBILE
106,349,488.83
148,076,837.20
39.24%
TOTAL
16,202,463,332.14
16,350,181,686.81
0.91%

VOLUMES

RTGS
314,706
224,403
-28.69%
Of which ZiG
185,433
110,369

Of which US$
156,273
114,034

POS
2,666,577
2,992,497
12.22%
ATM
258,427
297,875
15.26%
MOBILE BANKING
335,102
404,352
20.67%
MOBILE MONEY
8,913,432
10,426,759
16.98%
ZIPIT MOBILE
274,186
327,570
19.47%
TOTAL
12,789,430
14,673,456
14.73%

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
2 September 2024
3 September 2024
4 September 2024
5 September 2024
6 September 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
(26 – 30 August)

2-September

3-September

4-September

5-September

6-September

Weekly Average
(2 – 6 September)

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
(26 - 30 August

2-September

3-September

4-September

5-September

6-September

Weekly Average
(2 - 6 September)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (2nd September 2024 – 6th September 2024)


Source: BBC, KITCO and Bloomberg, 2024


2-Sep
3-Sep
4-Sep
5-Sep
6-Sep
US$/tonne
Nickel

2-Sep
3-Sep
4-Sep
5-Sep
6-Sep
US$/tonne
Lithium

2-Sep
3-Sep
4-Sep
5-Sep
6-Sep
US$/tonne
Platinum

2-Sep
3-Sep
4-Sep
5-Sep
6-Sep
US$/tonne
Palladium

2-Sep
3-Sep
4-Sep
5-Sep
6-Sep
US$/oz
Gold

2-Sep
3-Sep
4-Sep
5-Sep
6-Sep
US$/barrel
Crude oil

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales (6th September 2024)

Variance (%)
Cumulative Quantity Sold (million kgs)
296 135 214
231 709 675
(21.76)
Average Price (US$/kg)
3.03
3.43
13.10
Cumulative value (US$ million)
896 982 582
793 774 288
(11.51)
Source: Tobacco Industry and Marketing Board, 2024