Vol. 26 No. 22


Week Ending
31st May 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 market, capital markets, payment systems, commodity prices and exchange rates for the week
ending 31st May 2024.
During the week ending 31st May 2024, both local and foreign currency minimum and maximum deposit rates for
3-month, 6-month, 12-month and for over 1-year tenors registered increases. The increase in longer tenor deposit
rates for ZiG is reflective of deposit mobilisation of ZiG by the financial sector for on lending to the productive
sectors.
Local currency maximum and minimum lending rates for individuals and corporates clients registered declines,
while those for foreign currency registered increases save for maximum lending rates for corporates which
registered an increase during the week under review. The decline in commercial bank lending rates for ZiG is
envisaged to contribute to the demand for ZiG loans by the productive sectors.
The domestic capital markets were bullish during the week under review, occasioned by a week-on-week increase
of the Zimbabwe Stock Exchange (ZSE) All Share Index which increased to 101.07 points, from 99.47 points
recorded in the week ending 24th May 2024. The Victoria Falls Stock Exchange (VFEX) All share Index increased
by 1.63% from 96.68 points recorded in the previous week to close at 98.26 points in the week under analysis.
The National Payment System (NPS) processed ZiG14.45 billion worth of transactions during the week under
review, a 2.39% decline from ZiG14.80 billion recorded in the previous week. Payment streams such as ATMs
and mobile money, however, recorded weekly increases of 19.50% and 1.45% respectively, during the week of
analysis.
On the local foreign exchange market, the ZiG/US$ exchange rate registered a marginal depreciation of 1% from
ZiG13.2432 per US$ at the beginning of the week, to ZiG13.3177 per US$ at the end of the week.
A cumulative total of 168 million kilograms of tobacco had been sold as at 31st May 2024, a 27.23% decrease from
232 million kilograms sold during the same period in 2023. While the cumulative sales were lower than the
previous year, average prices were stronger as the golden leaf was sold for US$3.50 per kilogram, up from US$3.01
per kilogram realised in the same period last year.
International commodity prices for precious and base metals declined while crude oil prices registered increases.
The weekly average prices for gold, platinum, palladium, and nickel declined during the reporting week. Crude oil
prices, however, increased during the same week. The decrease in gold prices was underpinned by a stronger US
dollar and higher US Treasury yields. Platinum and palladium prices fell driven by lower demand. The increase in
crude oil prices was attributable to rising expectations of production cuts by OPEC+ countries which is envisaged
to put pressure on global inventories.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG))
ZiG Deposit rates
10 May 2024
17 May 2024
24 May 2024
31 May 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
10 May 2024
17 May 2024
24 May 2024
31 May 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
10 May 2024
17 May 2024
24 May 2024
31 May 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

Commercial bank weighted lending rates (Foreign Currency (US$)
US$ Lending rates
10 May 2024
17 May 2024
24 May 2024
31 May 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

Commercial banks and Building societies mortgage lending rates
Mortgage Lending rates
10 May 2024
17 May 2024
24 May 2024
31 May 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)
10-May-24

17-May-24

24-May-24

31-May-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)
10-May-24

17-May-24

24-May-24

31-May-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

07-May-24
09-May-24
11-May-24
13-May-24
15-May-24
17-May-24
19-May-24
21-May-24
23-May-24
25-May-24
27-May-24
29-May-24
31-May-24
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index


07-May-24
09-May-24
11-May-24
13-May-24
15-May-24
17-May-24
19-May-24
21-May-24
23-May-24
25-May-24
27-May-24
29-May-24
31-May-24
ZiG Thousands
ZSE Market Turnover

07-May-24
09-May-24
11-May-24
13-May-24
15-May-24
17-May-24
19-May-24
21-May-24
23-May-24
25-May-24
27-May-24
29-May-24
31-May-24
ZiG Billion
ZSE Market Capitalisation

23-Feb-24
01-Mar-24
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
US$ Bililon
VFEX All Share Index
0.8
0.9


01-Mar-24
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
US$ Billion
VFEX Market Capitalisation

01-Mar-24
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
US$ Thousand
VFEX Market Turnover

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

5. PRICES

Energy Prices

10 May 2024
17 May 2024
24 May 2024
31 May 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
27-May-24

28-May-24

29-May-24

30-May-24

31-May-24

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


PAYMENT
STREAM
WEEK ENDING
24 May 2024
WEEK ENDING
31 May 2024
WEEKLY
CHANGE (%)

VALUES IN ZiG

RTGS
11,850,766,606.98
11,518,355,613.73
-2.80%
Of which ZiG
4,368,396,249.65
3,972,811,800.92

Of which US$
563,590,807.06
567,826,133.87

POS
1,044,868,284.26
887,337,685.08
-15.08%
ATM
751,604,865.81
898,131,552.57
19.50%
MOBILE BANKING
68,504,724.44
58,896,477.76
-14.03%
MOBILE MONEY
1,001,233,757.11
1,015,723,273.54
1.45%
ZIPIT MOBILE
83,098,003.70
67,843,283.74
-18.36%
TOTAL
14,800,076,242.29
14,446,287,886.42
-2.39%

VOLUMES

RTGS
233,716
298,453
27.70%
Of which ZiG
91,857
149.961

Of which US$
141,859
148.492

POS
2,270,359
1,885,780
-16.94%
ATM
222,911
228,122
2.34%
MOBILE BANKING
382,734
358,849
-6.24%
MOBILE MONEY
7,784,955
7,698,181
-1.11%
ZIPIT MOBILE
237,077
187,718
-20.82%
TOTAL
11,131,752
10,657,103
-4.26%

Mosi-oa-Tunya Gold Coin Prices
Gold Coin Price
27 May 2024
28 May 2024
29 May 2024
30 May 2024
31 May 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
(20-24 May)

27-May

28-May

29-May

30-May

31-May

Weekly Average
(27– 31May)

Appr (-)/Depr (+) (%)

Source: Reserve Bank of Zimbabwe, 2024

International Commodity Price Developments

Platinum
Palladium
Nickel
Lithium

US$/ounce
US$/ounce
US$/tonne
US$/tonne
Weekly Average
(20-24 May)

27-May

28-May

29-May

30-May

31-May

Weekly Average
(27-31 May)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (27th – 31st May 2024)


Source: BBC, KITCO and Bloomberg, 2024

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales (31st May 2024)

Variance (%)
Cumulative Quantity Sold (million kgs)
231,538,059
168,489,382
-27.23
Average Price (US$/kg)
3.01
3.50
16.37
Cumulative value (US$ million)
696,762,542
590,045,091
-15.32
Source: Tobacco Industry and Marketing Board, 2024


27-May 28-May 29-May 30-May 31-May
US$/tonne
Platinum

27-May 28-May 29-May 30-May 31-May
US$/tonne
Palladium

27-May
28-May
29-May
30-May
31-May
US$/tonne
Nickel

27-May
28-May
29-May
30-May
31-May
US$/tonne
Lithium