Vol. 26 No. 28


Week Ending
12th July 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, commodity prices
and exchange rates for the week ending 12th July 2024.
During the week under analysis, deposit rates for deposits of 3-month, 6-month and over 1 year tenor
declined, while those for 12-month tenor were higher. Maximum deposit rates for deposits of 3month, 6-month, 12-month and over 1 year tenor registered increases, while deposit rates for deposits
of 1-month tenor registered a decline, during the same week.
Maximum local currency lending rates for both individual and corporate clients registered declines
from the previous week levels. Foreign currency lending rates for individual clients remained
unchanged at 14.99%, while those for corporate clients softened by 0.09 percentage points to close at
15.29%, during the week under review.
The Zimbabwe Stock Exchange (ZSE) exhibited bullish sentiments during the reporting week.
Consequently, the All-Share Index gained by 19.47% to close the week at 175.89 points. In contrast,
the Victoria Falls Stock Exchange (VFEX), exhibited bearish sentiments during the same week. As a
result, the VFEX All-Share Index declined by 1.07% to close the week at 104.84 points.
The National Payment System processed transactions amounting to ZiG15.41 billion during the week
ending 12th July 2024, representing an 8.38% decrease, from the ZiG16.82 billion recorded in the
previous week. This was largely due to a decline in the value of transactions registered for RTGS,
POS, ATM, Mobile banking and ZIPIT mobile payment platforms during the period of analysis.
On the local foreign exchange market, the ZiG/US$ exchange rate registered a marginal depreciation
of 0.2%, from a weekly average of ZiG13.7138 per US$ recorded in the prior week, to ZiG13.7464
per US$, during the reporting week.
During the week under review, international commodity prices for gold registered increases.
Platinum, palladium, nickel, crude oil and lithium prices, however, declined.
A cumulative total of 223 million kilograms of tobacco was sold as of 12th July 2024, representing a
22.44% decrease from the 287 million kilograms sold during the same period in 2023. The golden
leaf was, however, sold at a higher price of US$3.44 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
21 June 2024
28 June 2024
05 July 2024
12 July 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
21 June 2024
28 June 2024
05 July 2024
12 July 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
21 June 2024
28 June 2024
05 July 2024
12 July 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial bank weighted lending rates (Foreign Currency (US$)
US$ Lending rates
21 June 2024
28 June 2024
05 July 2024
12 July 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial banks and building societies mortgage lending rates
Mortgage Lending rates
21 June 2024
28 June 2024
05 July 2024
12 July 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)
21-June-24

28-June-24

5-July-24

12-July-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)
21-June-24

28-June-24

05-July-24

12-July-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

24-May-24
31-May-24
07-Jun-24
14-Jun-24
21-Jun-24
28-Jun-24
05-Jul-24
12-Jul-24
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index


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
ZiG Thousands
ZSE Market Turnover

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
ZiG Billion
ZSE Market Capitalisation

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
US$ Bililon
VFEX All Share Index

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
21-Jun-24
28-Jun-24
05-Jul-24
12-Jul-24
US$ Billion
VFEX Market Capitalisation

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
US$ Thousand
VFEX Market Turnover

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


5. PRICES

Energy Prices

21 June 2024
28 June 2024
5 July 2024
12 July 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
8-July-24

9-July-24

10-July-24

11-July-24

12-July-24

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


PAYMENT STREAM
WEEK ENDING
5 July 2024
WEEK ENDING
12 July 2024
WEEKLY
CHANGE (%)

VALUES IN ZiG

RTGS
13,024,501,696.95
12,218,094,436.65
-6.19%
Of which ZiG
4,878,492,538.21
5,158,307,377.66

Of which US$
594,145,084.67
513,570,869.54

POS
598,141,543.44
468,456,815.90
-21.68%
ATM
1,430,143,521.62
896,678,834.57
-37.30%
MOBILE BANKING
75,191,768.92
66,072,975.50
-12.13%
MOBILE MONEY
1,587,274,121.33
1,673,277,608.01
5.42%
ZIPIT MOBILE
105,555,415.64
88,680,864.22
-15.99%
TOTAL
16,820,808,067.89
15,411,261,534.86
-8.38%

VOLUMES

RTGS
230,457
180,587
-21.64
Of which ZiG
109,269
90,962

Of which US$
121,188
89,625

POS
2,449,265
1,927,570
-21.30%
ATM
331,751
211,523
-36.24%
MOBILE BANKING
352,941
275,382
-21.98%
MOBILE MONEY
8,330,654
8,968,806
7.66%
ZIPIT MOBILE
231,068
194,790
-15.70%
TOTAL
11,926,136
11,758,658
-1.40%

Mosi-oa-Tunya Gold Coin Prices
Gold Coin Price
8 July 2024
9 July2024
10 July 2024
11 July 2024
12 July 2024
1.00Oz


US$
2,498.00

2,495.48

2,486.30

2,503.57

2,529.66

ZiG
34,374.26
34,288.18

34,142.05

34,388.50

34,816.72

0.50Oz


US$
1,249.00

1,247.74

1,243.15

1,251.78

1,264.83

ZiG
17,187.13
17,144.09

17,071.03

17,194.25

17,408.36

0.25Oz


US$
624.5

623.87

621.57

625.89

632.42

ZiG
8,593.57
8,572.04

8,535.51

8,597.13

8,704.18

0.10Oz


US$
249.80
249.55

248.63

250.36

252.97

ZiG
3,437.43
3,428.82

3,414.21

3,438.85

3,481.67

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
(1 – 5 July)

8-July

9-July

10-July

11-July

12-July

Weekly Average
(8 – 12 July)

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
(1-5 July)

8-July

9-July

10-July

11-July

12-July

Weekly Average
(8-12 July)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (8th – 12th July 2024)


Source: BBC, KITCO and Bloomberg, 2024


8-Jul
9-Jul
10-Jul
11-Jul
12-Jul
US$/tonne
Nickel

8-Jul
9-Jul
10-Jul
11-Jul
12-Jul
US$/tonne
Lithium

1,000
1,010
1,020
8-Jul
9-Jul
10-Jul
11-Jul
12-Jul
US$/tonne
Platinum

1,000
1,010
1,020
8-Jul
9-Jul
10-Jul
11-Jul
12-Jul
US$/tonne
Palladium

8-Jul
9-Jul
10-Jul
11-Jul
12-Jul
US$/oz
Gold

8-Jul
9-Jul
10-Jul
11-Jul
12-Jul
US$/barrel
Crude oil

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales (12th July 2024)

Variance (%)
Cumulative Quantity Sold (million kgs)
287,353,469
222,874,401
(22.44)
Average Price (US$/kg)
3.03
3.44
13.49
Cumulative value (US$ million)
870,444,372
766,188,834
(11.98)
Source: Tobacco Industry and Marketing Board, 2024