Vol. 26 No. 10


Week Ending
8th March 2024
Weekly Economic
Highlights
TABLE OF CONTENTS


MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED
7.

1. OVERVIEW

The interbank market exchange rate depreciated by 7.65% from ZW$15,393.91 per US$ at the
beginning of the week to ZW$16,571.17 per US$ at the week ending 8th March 2024.
During the week under review, minimum and maximum local currency deposit rates remained
unchanged save for minimum deposit rates of 6-month tenor which registered an increase from
54.07% to 54.70%. Local currency minimum and maximum lending rates for individual clients
decreased. Minimum corporate lending rates declined from 92.72% to 91.84%, while maximum
lending rates for corporates clients rose from 167.35% to 168.33%.
Maximum and minimum foreign currency deposit rates for all tenors remained at previous week’s
levels. During the week under analysis, minimum foreign currency lending rates for individuals
declined from 10.40% to 10.32%. However, maximum lending rates for individuals increased from
13.71 to 13.72%. Minimum foreign currency corporate lending rates rose from 8.26% to 8.28%,
while maximum foreign currency lending rates for corporates declined from 14.13% to 14.09%.
The Zimbabwe Stock Exchange (ZSE) exhibited bearish sentiments which were occasioned by a
decrease in All share index. Consequently, the market lost 15.99%, or ZW$6,598.57 billion worth of
capitalisation to close at ZW$34,667.18 billion. The Victoria Falls Stock Exchange (VFEX) traded
on a negative trajectory. Both the All share and market capitalisation declined from 97.69 points and
US$1.18 billion to close at 96.04 points and US$1.16 billion, respectively.
The value of aggregate transactions processed through National Payment Systems increased by
3.18% from ZW$12.86 trillion in the previous week to ZW$13.27 trillion during the week.
International average prices for selected commodities increased, while crude oil prices decreased.
Lithium prices remained unchanged during the week under analysis. Gold, platinum, and palladium
prices were supported by higher demand amid high market expectations of a US Federal Reserve
interest rate cut. Nickel prices increased, in part, on account of growing concerns over potential
supply disruptions due to the ongoing Russian-Ukraine tensions. The decline in crude oil prices was,
partly attributed to weaker demand.
The key financial and monetary statistics including graphs are shown in the annex below.

2. INTEREST RATES

Policy rates
Policy Rate
16 Feb 2024
23 Feb 2024
1 March 2024
8 March 2024
RBZ Policy Rate

MBA window

Source: Reserve Bank of Zimbabwe, 2024


Average commercial bank deposit rates (Local Currency (ZW$))
ZWL Deposit rates
16 Feb 2024
23 Feb 2024
1 March 2024
8 March 2024
Savings


Minimum

Maximum

1-month deposit


Minimum

Maximum

3-month deposit


Minimum

Maximum

6-month deposit


Minimum

Maximum

12-Month deposits


Minimum

Maximum

Over 1 year


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

Average commercial bank deposit rates (Foreign Currency (US$))
US$ Deposit rates
16 Feb 2024
23 Feb 2024
1 March 2024
8 March 2024
Savings


Minimum

Maximum

1-month deposits


Minimum

Maximum

3-month deposits


Minimum

Maximum

6-month deposits


Minimum

Maximum

12-Month deposits


Minimum

Maximum

Over 1 year


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

Commercial bank weighted lending rates (Local Currency (ZW$))
ZWL Lending rates
16 Feb 2024
23 Feb 2024
1 March 2024
8 March 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

Commercial bank weighted lending rates (Foreign Currency (US$))
US$ Lending rates
16 Feb 2024
23 Feb 2024
1 March 2024
8 March 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

Commercial banks and Building societies mortgage lending rates
Mortgage Lending rates
16 Feb 2024
23 Feb 2024
1 March 2024
8 March 2024
ZW$ 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 (ZWL
billion)
Market
Turnover
(ZWL
million)
Volume
of Shares
(million)
16-Feb-24

23-Feb-24

1-Mar-24

8-Mar-24

% 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)
16-Feb-24

23-Feb-24

1-March-24

8-March-24

% Change


Source: Zimbabwe Stock Exchange, 2024

Figure 1: ZSE and VFEX Indicators


Source: Zimbabwe Stock Exchange, 2024
4. CLEARING AND SETTLEMENT ACTIVITY
Source: Reserve Bank of Zimbabwe, 2024
PAYMENT STREAM
WEEK ENDING
1 MARCH 2024
WEEK ENDING
08 MARCH 2024
WEEKLY
CHANGE (%)

VALUES IN ZW$

RTGS
10,662,348,230,299.90
10,284,004,170,485.70
-3.55%
Of which ZW$
4,534,059,941,949.95
4,039,087,999,652.10

Of which US$
420,058,132.54
390,098,810.71

POS
623,286,403,723.62
806,697,229,613.97
29.43%
ATM
772,950,534,409.14
1,045,471,196,942.39
35.26%
MOBILE
798,869,085,711.29
1,130,557,702,755.95
41.52%
TOTAL
12,857,454,254,144.00
13,266,730,299,798.10
3.18%

VOLUMES

RTGS
342,745
192,208
-43.92%
Of which ZW$
176,246
99,190

Of which US$
166,499
93,018

POS
1,584,957
1,740,921
9.84%
ATM
206,597
249,291
20.67%
MOBILE
10,918,046
12,217,816
11.90%
TOTAL
13,052,345
14,400,236
10.33%

01-Dec-23
08-Dec-23
15-Dec-23
22-Dec-23
29-Dec-23
05-Jan-24
12-Jan-24
19-Jan-24
26-Jan-24
02-Feb-24
09-Feb-24
16-Feb-24
23-Feb-24
01-Mar-24
08-Mar-24
US$ Bililon
VFEX All Share Index


01-Dec-23
08-Dec-23
15-Dec-23
22-Dec-23
29-Dec-23
05-Jan-24
12-Jan-24
19-Jan-24
26-Jan-24
02-Feb-24
09-Feb-24
16-Feb-24
23-Feb-24
01-Mar-24
08-Mar-24
ZW$ Mililon
ZSE Market Turnover


01-Dec-23
08-Dec-23
15-Dec-23
22-Dec-23
29-Dec-23
05-Jan-24
12-Jan-24
19-Jan-24
26-Jan-24
02-Feb-24
09-Feb-24
16-Feb-24
23-Feb-24
01-Mar-24
08-Mar-24
Indices
ZSE Indices
Allshare index
Top10 Index
Mining Index


01-Dec-23
08-Dec-23
15-Dec-23
22-Dec-23
29-Dec-23
05-Jan-24
12-Jan-24
19-Jan-24
26-Jan-24
02-Feb-24
09-Feb-24
16-Feb-24
23-Feb-24
01-Mar-24
08-Mar-24
ZW$ Mililon
ZSE Market Capitalisation

01-Dec-23
08-Dec-23
15-Dec-23
22-Dec-23
29-Dec-23
05-Jan-24
12-Jan-24
19-Jan-24
26-Jan-24
02-Feb-24
09-Feb-24
16-Feb-24
23-Feb-24
01-Mar-24
08-Mar-24
US$ Mililon
VFEX Market Capitalisation

08-Dec-23
15-Dec-23
22-Dec-23
29-Dec-23
05-Jan-24
12-Jan-24
19-Jan-24
26-Jan-24
02-Feb-24
09-Feb-24
16-Feb-24
23-Feb-24
01-Mar-24
08-Mar-24
US$ Thousand
VFEX Market Turnover

5. PRICES
Domestic Energy Prices
Energy prices
16 Feb 2024
23 Feb 2024
1 March 2024
8 March 2024

US$
US$
US$
US$
Diesel 50/ litre

Petrol Blend E20/ litre

LP Gas / kg

Source: Zimbabwe Energy Regulatory Authority, 2024

International Energy Prices (Weekly average)
Energy prices
16 Feb 2024
23 Feb 2024
1 March 2024
8 March 2024

US$/barrel
US$/barrel
US$/barrel
US$/barrel
Crude Oil Prices

Source: BBC, 2024


6. MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS
(GBDT)
Previous day Gold PM Fix
Gold prices
16 Feb 2024
23 Feb 2024
1 March 2024
8 March 2024

US$/oz
US$/oz
US$/oz
US$/oz
Gold PM Fix

Source: London Bullion Market Association, 2024

Gold Backed Digital Token Price Per Milligram
Week Ending
ZW$ Price per Mg
US$ Price per Mg
Buy
Sell
Buy
Sell
16-Feb-24

23-Feb-24

1-March-24

8-March-24

Source: Reserve Bank of Zimbabwe, 2024


RBZ Gold-Backed Digital Tokens Issuances (ZW$)

Number of
Bids
Value of Bids
(ZW$ millions)
Amount Allotted
(ZW$ millions)
Kilograms of
Gold Purchased
Cumulative up to week ending 1-March

332,107.70
332,107.70
752.364234
GBDT Issue No.26 2024 4-March

148.49
148.49
0.126733
GBDT Issue No.27 2024 5-March

8,409.99
8.40.99
6.887514
GBDT Issue No.28 2024 6-March

12,959.15
12,959.15
10.222970
GBDT Issue No.29 2024 7-March

13,082.84
13,082.84
10.105080
GBDT Issue No.30 2024 8-March

2,912.38
2,912.38
2.197792
Cumulative up to week ending 8-March

Weekly Change (%)

Source: Reserve Bank of Zimbabwe, 2024

Figure 2: Cumulative KGs Purchased of GBDT

Source: Reserve Bank of Zimbabwe, 2024

Mosi-oa-Tunya Gold Coin Prices
Gold Coin Price
16 Feb 2024
23 Feb 2024
1 March 2024
8 March 2024
1.00Oz


US$

ZW$

0.50Oz


US$

ZW$

0.25Oz


US$

ZW$

0.10Oz


US$

ZW$

Source: Reserve Bank of Zimbabwe, 2024

7. EXTERNAL SECTOR
Exchange Rate Developments (ZW$ per Unit of foreign currency)

USD
ZAR
GBP
BWP
EURO
Weekly Average
(23 Feb – 1 March)

4-March

5-March

6-March

7-March

8-March

Weekly Average
(4 Mar - 8 Mar)

Appr (-)/Depr (+)
(%) of the ZWL

Source: Reserve Bank of Zimbabwe, 2024


-

13-Jul-23
20-Jul-23
3-Aug-23
17-Aug-23
31-Aug-23
14-Sep-23
28-Sep-23
12-Oct-23
18-Oct-23
9-Nov-23
23-Nov-23
7-Dec-23
21-Dec-23
11-Jan-24
25-Jan-24
30-Jan-24
31-Jan-24
1-Feb-24
2-Feb-24
5-Feb-24
6-Feb-24
7-Feb-24
8-Feb-24
9-Feb-24
12-Feb-24
13-Feb-24
14-Feb-24
15-Feb-24
16-Feb-24
19-Feb-24
20-Feb-24
22-Feb-24
23-Feb-24
26-Feb-24
27-Feb-24
28-Feb-24
29-Feb-24
1-Mar-24
4-Mar-24
5-Mar-24
6-Mar-24
7-Mar-24
8-Mar-24

International commodity price developments

Platinum
Palladium
Nickel
Lithium

US$/ounce
US$/ounce
US$/tonne
US$/tonne
Weekly Average
(23 Feb – 1 March)

4-March

5-March

6-March

7-March

8-March

Weekly Average
(4 March -8 March)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (4th – 8th March 2024)


Source: BBC, KITCO and Bloomberg, 2024

4-Mar
5-Mar
6-Mar
7-Mar
8-Mar
US$/tonne
Platinum


4-Mar
5-Mar
6-Mar
7-Mar
8-Mar
US$/tonne
Palladium


4-Mar
5-Mar
6-Mar
7-Mar
8-Mar
US$/tonne
Lithium

4-Mar
5-Mar
6-Mar
7-Mar
8-Mar
US$/tonne
Nickel