Vol. 26 No. 31


Week Ending
2nd August 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 2nd August 2024.
During the week under review, the local currency minimum and maximum deposit rates for all tenors
remained largely unchanged except for the maximum deposit rate on 1-month tenor, which slightly
increased as monetary conditions remained tight. Furthermore, foreign currency deposits rates for
deposits of 3-months, 6-months, 12-months and over a year tenor increased, while deposits rates for
savings deposits remained unchanged, during the same week.
Both local currency and foreign currency lending rates for individual and corporate clients remained
unchanged during the week under analysis.
The Zimbabwe Stock Exchange (ZSE) exhibited bearish sentiments during the reporting week.
Consequently, the All-Share Index declined by 0.98% to close the week at 200.07 points. Similarly,
the Victoria Falls Stock Exchange (VFEX), exhibited bearish sentiments during the week under
review. As a result, the VFEX All-Share Index lost 1.54% to close the week at 105.06 points.
The value of transactions processed through the National Payment System (NPS) declined by 4.69%
from ZiG18.44 billion registered in the previous week to ZiG17.57 billion. This was largely due to a
decrease in the value of transactions registered for RTGS transactions during the period of analysis.
On the interbank foreign exchange market, the ZiG/US$ exchange rate registered a depreciation of
0.2%, from a weekly average of ZiG13.7582 per US$ registered in the previous week, to ZiG13.7885
per US$ during the reporting week.
During the week under review, international average prices for gold, platinum and nickel firmed,
while prices for palladium, copper, lithium and crude oil retreated. Gold prices increased amid
expectations of a possible US rate cut in September. Platinum and nickel prices also rose due to an
increase in demand for the metals.
On the other hand, palladium prices declined during the week under analysis. This was attributed to
the continued substitution of palladium with platinum in automotive catalytic converters. Similarly,
lithium and copper prices fell, driven by a general decline in demand for the metals. Brent crude oil
prices also declined amid concerns over weakening demand.
A cumulative total of 230 million kilograms of tobacco was sold as of the 2nd of August 2024,
representing a 21.86% decrease from the 294 million kilograms sold during the same period in 2023.
The golden leaf, however, was sold at a higher price of US$3.43 per kilogram, up from the US$3.03
per kilogram realised in the comparable period last year.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG)
ZiG Deposit rates
12 July 2024
19 July 2024
26 July 2024
2 August 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
12 July 2024
19 July 2024
26 July 2024
2 August 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
12 July 2024
19 July 2024
26 July 2024
2 August 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial bank weighted lending rates (Foreign Currency (US$)
US$ Lending rates
12 July 2024
19 July 2024
26 July 2024
2 August 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial banks and building societies mortgage lending rates
Mortgage Lending rates
12 July 2024
19 July 2024
26 July 2024
2 August 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)
12-July-24

19-July-24

26-July-24

2-Aug-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)
12-July-24

19-July-24

26-July-24

2-Aug-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-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
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index


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
ZiG Thousands
ZSE Market Turnover

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
ZiG Billion
ZSE Market Capitalisation

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
US$ Bililon
VFEX All Share Index

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
21-Jun-24
28-Jun-24
05-Jul-24
12-Jul-24
19-Jul-24
26-Jul-24
02-Aug-24
US$ Billion
VFEX Market Capitalisation

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
US$ Thousand
VFEX Market Turnover

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


5. PRICES

Energy Prices

12 July 2024
19 July 2024
26 July 2024
2 August 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
29-July-24

30-July-24

31-July-24

1-August-24

2-August-24

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


PAYMENT STREAM
WEEK ENDING
26 July 2024
WEEK ENDING
2 August 2024
WEEKLY
CHANGE (%)

VALUES IN ZiG

RTGS
15,692,633,080.98
13,949,805,796.29
-11.11%
Of which ZiG
7,511,123,166.75
6,457,907,093.17

Of which US$
594,541,491.33
543,299,401.00

POS
557,214,652.05
584,699,835.05
4.93%
ATM
973,761,098.20
1,286,021,185.70
32.07%
MOBILE BANKING
84,992,761.00
90,483,419.56
6.46%
MOBILE MONEY
1,038,622,965.37
1,558,155,537.53
50.02%
ZIPIT MOBILE
88,460,384.42
101,850,773.88
15.14%
TOTAL
18,435,684,942.02
17,571,016,548.01
-4.69%

VOLUMES

RTGS
281,107
278,607
-0.89%
Of which ZiG
140,800
142,926

Of which US$
140,307
135,681

POS
2,295,662
2,328,673
1.438%
ATM
271,128
310,308
14.45%
MOBILE BANKING
346,343
406,147
17.27%
MOBILE MONEY
8,306,299
9,420,736
13.42%
ZIPIT MOBILE
252,539
240,709
-4.68%
TOTAL
11,753,078
12,985,180
10.48%

Mosi-oa-Tunya Gold Coin Prices
Gold Coin Price
29 July 2024
30 July 2024
31 July 2024
1 August 2024
2 August 2024
1.00Oz


US$
2,505.41

2,510.66

2,509.76

2,547.62

2,577.28
ZiG
34,552.54

34,637.50

34,599.33

35,144.60

35,499.16
0.50Oz


US$
1,252.70

1,255.33

1,254.88

1,273.81

1,288.64
ZiG
17,276.27

17,318.75

17,299.67

17,572.30
17,749.58
0.25Oz


US$
626.35

627.66

627.44

636.90
644.32
ZiG
8,638.14

8,659.37

8,649.83

8,786.15
8,874.79
0.10Oz


US$
250.54

251.07

250.98

254.76
257.73
ZiG
3,455.25

3,463.75

34,599.33

3,514.46
3,549.92
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
(22 – 26 July)

29-July

30-July

31-July

01-August

02-August

Weekly Average
(29 July – 2 August)

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
(22-26 July)

29-July

30-July

31-July

1-August

2-August

Weekly Average
(29 July-2 August)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (29th July – 2nd August 2024)


Source: BBC, KITCO and Bloomberg, 2024


29-Jul
30-Jul
31-Jul
1-Aug
2-Aug
US$/tonne
Nickel

29-Jul
30-Jul
31-Jul
1-Aug
2-Aug
US$/tonne
Lithium

29-Jul
30-Jul
31-Jul
1-Aug
2-Aug
US$/tonne
Platinum

29-Jul
30-Jul
31-Jul
1-Aug
2-Aug
US$/tonne
Palladium

29-Jul
30-Jul
31-Jul
1-Aug
2-Aug
US$/oz
Gold

29-Jul
30-Jul
31-Jul
1-Aug
2-Aug
US$/barrel
Crude oil

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales (2nd August 2024)

Variance (%)
Cumulative Quantity Sold (million kgs)
293 783 822
229 555 981
(21.86)
Average Price (US$/kg)
3.03
3.43
13.24
Cumulative value (US$ million)
787 701 917
890 211 801
(11.52)
Source: Tobacco Industry and Marketing Board, 2024