Vol. 26 No. 12


Week Ending
22nd March 2024
Weekly Economic
Highlights
TABLE OF CONTENTS


MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED
7.
8.

1. OVERVIEW


During the week under review, both local and foreign currency deposit rates for all tenors remained
largely unchanged at previous week’s levels. Minimum and maximum local currency lending rates
for individuals and corporate clients registered declines during the week under review. Minimum and
maximum foreign currency lending rates for individuals and corporate clients were higher compared
to the previous week save for the marginal decline in minimum lending rates for corporate clients.
The Zimbabwe Stock Exchange (ZSE) All share increased by 21.34% to close at 754,320.09 points
during the week under review. The cumulative value of shares traded decreased by 24.56% to close
at ZW$36,559.87 million, from ZW$48,464.35 million in the previous week. The Victoria Falls
Stock Exchange (VFEX) traded on a positive trajectory during the week under review. Consequently,
the VFEX All share index and market capitalisation increased from 95.51 points and US$1.15 billion
to close at 97.88 points and US$1.18 billion, respectively.
The aggregate transactions processed through the National Payment Systems platforms amounted to
ZW$15.81 trillion during the week under analysis, representing an increase of 19.33% from
ZW$13.25 trillion registered in the previous week.
The interbank market exchange rate depreciated from ZW$18,621.06 per US$ at the beginning of
the week to ZW$20,389.39 per US$ at the end of the week.
International average prices for lithium increased, while gold, platinum, palladium and nickel
decreased during the week under analysis. Average international prices for gold decreased on the
back of a stronger US dollar. Palladium and platinum prices fell during the same week amid lower
demand concerns.
Crude oil prices also increased, largely underpinned by strong demand in China, concerns over tight
and the continued geopolitical tensions in the Middle East and Russia.
A cumulative total of 15.10 million kilograms of tobacco had been sold as of 22nd March 2024. This
was a 73.74% increase from 8.74 million kilograms sold during the same period in 2023. The golden
leaf was sold at an average price of US$3.39 per kilogram, up from US$2.97 per kilogram realised
in the same period last year. The key statistics including graphs are shown in the annex below.

2. INTEREST RATES

Policy rates
Policy Rate
1 March 2024
8 March 2024
15 March 2024
22 March 2024
RBZ Policy Rate

MBA window

Source: Reserve Bank of Zimbabwe, 2024


Average commercial bank deposit rates (Local Currency (ZW$))
ZWL Deposit rates
1 March 2024
8 March 2024
15 March 2024
22 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
1 March 2024
8 March 2024
15 March 2024
22 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
1 March 2024
8 March 2024
15 March 2024
22 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
1 March 2024
8 March 2024
15 March 2024
22 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
1 March 2024
8 March 2024
15 March 2024
22 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)
1-Mar-24

8-Mar-24

15-Mar-24

22-Mar-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)
1-March-24

8-March-24

15-March-24

22-March-24

Weekly 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


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
15-Mar-24
22-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
15-Mar-24
22-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
15-Mar-24
22-Mar-24
ZW$ Mililon
ZSE Market Capitalisation


05-Jan-24
12-Jan-24
19-Jan-24
26-Jan-24
02-Feb-24
09-Feb-24
16-Feb-24
23-Feb-24

US$ Bililon
VFEX All Share Index

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
15-Mar-24
22-Mar-24
US$ Thousand
VFEX 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
15-Mar-24
22-Mar-24
US$ Mililon
VFEX Market Capitalisation
PAYMENT STREAM
WEEK ENDING
15 MARCH 2024
WEEK ENDING
22 MARCH 2024
WEEKLY
CHANGE (%)

VALUES IN ZW$

RTGS
13,251,526,367,054.50
15,812,870,431,235.20
19.33%
Of which ZW$
4,473,542,983,795.64
5,336,930,879,589.97

Of which US$
497,141,992.55
540,108,528.22

POS
612,964,682,091.29
823,331,044,025.78
34.32%
ATM
696,844,359,174.73
752,679,025,234.97
8.01%
MOBILE
1,385,338,385,092.29
1,436,583,858,209.23
3.70%
TOTAL
15,946,673,793,412.70
18,825,464,358,705.10
18.05%

VOLUMES

RTGS
167,403
200,427
19.73%
Of which ZW$
83,590
95,603

Of which US$
83,813
104,824

POS
1,402,535
1,659,802
18.34%
ATM
138,106
145,632
5.45%
MOBILE
9,759,398
12,149,842
24.49%
TOTAL
11,467,442
14,155,703
23.44%

5. PRICES
Domestic Energy Prices
Energy prices
1 Mar 2024
8 Mar 2024
15 March 2024
22 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
1 Mar 2024
8 Mar 2024
15 Mar 2024
22 Mar 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
1 Mar 2024
8 Mar 2024
15 March 2024
22 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
1-March-24

8-March-24

15-March-24

22-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 15-March

GBDT Issue No.31 2024 18-March

12,369.14
12,369.14
8.268308
GBDT Issue No.32 2024 19-March

3,344.99
3,344.99
2.203236
GBDT Issue No.33 2024 20-March

6,469.66
6,469.66
4.182125
GBDT Issue No.34 2024 21-March

9,546.99
9,546.99
6.010593
GBDT Issue No.35 2024 22-March

5,449.49
5,449.49
3.316047
Cumulative up to week ending 22-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
1 Mar 2024
8 Mar 2024
15 Mar 2024
22 Mar 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
(11 Mar - 15 Mar)

18-March

19-March

20-March

21-March

22-March

Weekly Average
(18 Mar - 22 Mar)

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

Source: Reserve Bank of Zimbabwe, 2024


-

International Commodity Price Developments

Platinum
Palladium
Nickel
Lithium

US$/ounce
US$/ounce
US$/tonne
US$/tonne
Weekly Average
(11 March -15 March)

18-March

19-March

20-March

21-March

22-March

Weekly Average
(18 March -22 March)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (18th – 22nd March 2024)


Source: BBC, KITCO and Bloomberg, 2024


8. TOBACCO SALES
Weekly Cumulative Tobacco Sales (22nd March 2024)

Variance (%)
Cumulative Quantity Sold (million kgs)
8,738,040
15,181,526
73.74
Average Price (US$/kg)
2.97
3.39
14.09
Cumulative value (US$ million)
25,943,480
51,427,470
98.23
Source: Tobacco Industry and Marketing Board (TIMB), 2024

18-Mar
19-Mar
20-Mar
21-Mar
22-Mar
US$/tonne
Platinum

1,000
1,050
1,100
18-Mar
19-Mar
20-Mar
21-Mar
22-Mar
US$/tonne
Palladium

18-Mar
19-Mar
20-Mar
21-Mar
22-Mar
US$/tonne
Nickel

18-Mar
19-Mar
20-Mar
21-Mar
22-Mar
US$/tonne
Lithium