Vol. 26 No. 24


Week Ending
14th 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 data from domestic and
international markets including money markets, capital markets, payment systems, energy prices,
exchange rates and commodity prices for the week ending 14th June 2024.
During the week under analysis, the local currency minimum and maximum deposit rates for all tenors
were largely unchanged save for maximum deposit rates for savings deposits and deposits of 1 month
tenor which registered declines, while those for 3-month tenor were higher.
Foreign currency minimum deposit rates for deposits for 1-month, 3-month, 6-month, 12-month and
over a year tenors declined during the week under analysis. Maximum deposit rates for all deposit
classes remained at previous week’s levels except for deposits of 1 month tenor which registered
increases during the reporting week.
The local currency and foreign currency denominated stock markets were bullish during the week
ending 14th June 2024. Zimbabwe Stock Exchange (ZSE) and Victoria Falls Stock Exchange (VFEX)
All Share indices gained 4.33% and 0.61% to close at 110.70 points and 102.22 points, respectively.
The National Payment System processed transactions worth ZiG15.29 billion during the week under
analysis, representing a 1.23% increase, from the ZiG15.11 billion recorded in the previous week.
This was largely attributable to increases in transaction values processed through the RTGS and
mobile money payment systems.
On the local foreign exchange market, the ZiG/US$ exchange rate softened by 0.7% from a weekly
average of ZiG13.3644 per US$ registered in the prior week, to close at ZiG13.4639 per US$ during
the reporting week.
Average international weekly commodity prices for gold, platinum, palladium, copper, nickel, and
lithium retreated during the week ending 14th June 2024. Crude oil prices, however, firmed, during
the same week.
A cumulative total of 193 million kilograms of tobacco was sold as at 14th of June 2024, representing
a 25.80% decrease from 261 million kilograms sold during the same period in 2023. The golden leaf
was, however, sold at a higher price of US$3.47 per kilogram during the period under analysis, up
from the US$3.02 per kilogram realised in the same period last year.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG))
ZiG Deposit rates
24 May 2024
31 May 2024
7 June 2024
14 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
24 May 2024
31 May 2024
7 June 2024
14 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
24 May 2024
31 May 2024
7 June 2024
14 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
24 May 2024
31 May 2024
7 June 2024
14 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
24 May 2024
31 May 2024
7 June 2024
14 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)
24-May-24

31-May-24

7-June-24

14-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)
24-May-24

31-May-24

7-June-24

14-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

10-May-24
15-May-24
20-May-24
25-May-24
30-May-24
04-Jun-24
09-Jun-24
14-Jun-24
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index


10-May-24
15-May-24
20-May-24
25-May-24
30-May-24
04-Jun-24
09-Jun-24
14-Jun-24
ZiG Thousands
ZSE Market Turnover

10-May-24
15-May-24
20-May-24
25-May-24
30-May-24
04-Jun-24
09-Jun-24
14-Jun-24
ZiG Billion
ZSE Market Capitalisation

10-May-24
15-May-24
20-May-24
25-May-24
30-May-24
04-Jun-24
09-Jun-24
14-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
US$ Billion
VFEX Market Capitalisation

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
US$ Thousand
VFEX Market Turnover

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

Energy Prices

24 May 2024
31 May 2024
7 June 2024
14 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
10-June-24

11-June-24

12-June-24

13-June-24

14-June-24

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


PAYMENT STREAM
WEEK ENDING
7 June 2024
WEEK ENDING
14 June 2024
WEEKLY
CHANGE (%)

VALUES IN ZiG

RTGS
11,548,277,278.11
12,047,808,628.03
4.33%
Of which ZiG
5,119,850,751.02
4,643,452,333.77

Of which US$
481,265,964.55
549,858,476.71

POS
1,087,746,988.25
932,983,975.18
-14.23%
ATM
1,137,936,950.50
684,013,460.67
-39.89%
MOBILE BANKING
77,225,737.16
49,791,851.59
-35.52%
MOBILE MONEY
1,154,815,229.63
1,514,510,026.97
31.15%
ZIPIT MOBILE
102,834,548.22
65,708,264.03
-36.10%
TOTAL
15,108,836,731.87
15,294,816,206.48
1.23%

VOLUMES

RTGS
198,934
164,130
-17.50%
Of which ZiG
86,779
74,266

Of which US$
112,155
89,864

POS
2,232,687
1,693,509
-24.149%
ATM
278,555
168,847
-39.38%
MOBILE BANKING
397,618
243,075
-38.87%
MOBILE MONEY
8,123,590
8,480,183
4.39%
ZIPIT MOBILE
259,411
156,360
-39.72%
TOTAL
11,490,795
10,906,104
-5.09%

Mosi-oa-Tunya Gold Coin Prices
Gold Coin Price
10 June 2024
11 June 2024
12 June 2024
13 June 2024
14 June 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
(3-7 June)

10-June

11-June

12-June

13-June

14-June

Weekly Average
(10– 14 June)

Appr (-)/Depr (+) (%)
0.70
1.6
0.5
0.6`
0.3
Source: Reserve Bank of Zimbabwe, 2024


International Commodity Price Developments

Platinum
Palladium
Nickel
Lithium

US$/ounce
US$/ounce
US$/tonne
US$/tonne
Weekly Average
(3-7 June)

10-June

11-June

12-June

13-June

14-June

Weekly Average
(10-14 June)

Weekly % Change

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (10th – 14th June 2024)


Source: BBC, KITCO and Bloomberg, 2024

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales (14th June 2024)

Variance (%)
Cumulative Quantity Sold (million kgs)
260,644,368

193,406,132
-25.80
Average Price (US$/kg)
3.02
3.47
15.00
Cumulative value (US$ million)
787,169,045
671,706,557
-14.67
Source: Tobacco Industry and Marketing Board, 2024

10-Jun
11-Jun
12-Jun
13-Jun
14-Jun
US$/tonne
Platinum

10-Jun
11-Jun
12-Jun
13-Jun
14-Jun
US$/tonne
Palladium

10-Jun
11-Jun
12-Jun
13-Jun
14-Jun
US$/tonne
Nickel

10-Jun
11-Jun
12-Jun
13-Jun
14-Jun
US$/tonne
Lithium