Vol. 26 No. 39


Week Ending
27th September 2024
Weekly Economic
Highlights
TABLE OF CONTENTS


GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND
7.

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 27th September 2024.
Minimum and maximum local currency deposit rates for savings deposits remained unchanged during the
week under review. On the other hand, minimum foreign currency deposit rates for deposits of 3-months, 6months and over one year tenor increased, while minimum deposits rates for deposits of 12 months tenor
declined during the same week.
Minimum and maximum foreign currency deposit rates for deposits of all tenors were higher save for
minimum deposit rates for deposits of 12-months tenor which were lower. Minimum and maximum deposit
rates for savings deposits and minimum deposit rates for deposits of 1 month tenor remained unchanged during
the same week.
Minimum and maximum local currency lending rates for both individual and corporate clients were lower
during the week ending 27th September 2024. Foreign currency lending rates for both individuals and
corporate clients increased except for minimum lending rates for individual clients which decreased during
the week under review.
On the capital markets, the Zimbabwe Stock Exchange (ZSE) exhibited bearish sentiments. Resultantly, the
ZSE All Share Index lost 5.52% to close at 244.74 points during the week under analysis. The Victoria Falls
Stock Exchange (VFEX), however, traded in a positive trajectory during the same week. As such, the VFEX
All share index added 0.34% to close at 105.65 points.
Aggregate transactions processed through the National Payment Systems platforms increased by 24.01% to
close at ZiG22.32 billion during the week under analysis. This was, largely, due to an increase in the value of
transactions registered through the Real Time Gross Settlement System (RTGS), POS, ATM and mobile
banking payment systems.
The Zimbabwe Gold (ZiG) depreciated by 15.1%, from an average of ZiG13.96 per US dollar in the previous
week to an average of ZiG16.07 per US dollar during the week ending 27th September 2024. This followed a
decision by the Monetary Policy Committee (MPC) to allow for greater exchange rate flexibility, in line with
the increased demand for foreign currency in the economy.
International commodity prices for gold, platinum and nickel firmed whilst palladium, crude oil and lithium
prices decreased during the week under analysis. Gold prices strengthened supported by prospects of further
Fed rate cuts and the intensification of geo-political tensions in the Middle East. Platinum prices continued on
a positive trajectory underpinned by production cuts amid high demand. Nickel prices rallied on the back of
China’s most aggressive stimulus since the pandemic thereby boosting demand outlook for the commodity.
Palladium prices slumped driven by weak global demand. Lithium prices continued a negative trajectory
buoyed by persistent oversupply concerns. Brent crude oil prices also retreated on account of persistent
concerns over weaker global demand.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG)
ZiG Deposit rates
6 September 2024
13 September 2024
20 September 2024
27 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
6 September 2024
13 September 2024
20 September 2024
27 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
6 September 2024
13 September 2024
20 September 2024
27 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
6 September 2024
13 September 2024
20 September 2024
27 September 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial banks and building societies mortgage lending rates
Mortgage Lending rates
6 September 2024
13 September 2024
20 September 2024
27 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)
06-Sep-24

13-Sep-24

20-Sep-24

27-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)
06-Sep-24

13-Sep-24

20-Sep-24

27-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

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
13-Sep-24
20-Sep-24
27-Sep-24
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

26-Jul-24
02-Aug-24
09-Aug-24
16-Aug-24
23-Aug-24
30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
27-Sep-24
ZiG Billion
ZSE Market Capitalisation

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
13-Sep-24
20-Sep-24
27-Sep-24
US$ Thousand
VFEX Market Turnover

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
13-Sep-24
20-Sep-24
27-Sep-24
US$ Billion
VFEX Market Capitalisation

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
13-Sep-24
20-Sep-24
27-Sep-24
Indices
VFEX All Share Index


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
13-Sep-24
20-Sep-24
27-Sep-24
ZiG Thousands
ZSE Market Turnover

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


5. PRICES

Energy Prices

6 September 2024
13 September 2024
20 September 2024
27 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
23-September-24

24-September-24

25-September-24

26-September-24

27-September-24

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


PAYMENT STREAM
WEEK ENDING
20 September 2024
WEEK ENDING
27 September 2024
WEEKLY
CHANGE (%)

VALUES IN ZiG

RTGS
14,093,013,465.77
18,268,248,796.05
29.63%
Of which ZiG
6,671,981,264.19
8,372,966,059.43

Of which US$
531,425,803.76
623,516,394.24

POS
1,201,545,091.04
1,351,516,245.82
12.48%
ATM
718,062,382.74
844,936,214.90
17.67%
MOBILE BANKING
76,903,065.18
97,441,024.77
26.71%
MOBILE MONEY
1,792,588,031.35
1,651,861,334.72
-7.85%
ZIPIT MOBILE
120,648,784.26
110,658,696.48
-8.28%
TOTAL
18,002,760,820.34
22,324,662,312.73
24.01%

VOLUMES

RTGS
184,620
329,423
78.43%
Of which ZiG
93,940
170,480

Of which US$
90,680
158,943

POS
2,392,238
2,346,139
-1.93%
ATM
187,375
223,515
19.29%
MOBILE BANKING
271,933
367,895
35.29%
MOBILE MONEY
10,476,038
10,456,703
-0.18%
ZIPIT MOBILE
258,880
278,610
7.62%
TOTAL
13,771,084
14,002,285
1.68%

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
17 September

18 September 2024
19 September 2024
20 September 2024
27 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
(16 – 20 September)

16-September

17-September

18-September

19-September

20-September

Weekly Average
(23 – 27 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
(16 - 20 September)

23-September

24-September

25-September

26-September

27-September

Weekly Average
(23 - 27 September)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (23rd September 2024 – 27th September 2024)


Source: BBC, KITCO and Bloomberg, 2024


23-Sep
24-Sep
25-Sep
26-Sep
27-Sep
US$/oz
Gold

23-Sep
24-Sep
25-Sep
26-Sep
27-Sep
US$/barrel
Crude oil

1 000
1 010
1 020
23-Sep
24-Sep
25-Sep
26-Sep
27-Sep
US$/tonne
Platinum

23-Sep
24-Sep
25-Sep
26-Sep
27-Sep
US$/tonne
Palladium

23-Sep
24-Sep
25-Sep
26-Sep
27-Sep
US$/tonne
Nickel

23-Sep
24-Sep
25-Sep
26-Sep
27-Sep
US$/tonne
Lithium