Vol. 26 No. 33


Week Ending
16th 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 16 August 2024.
During the week under review, both the minimum and maximum deposit rates for savings accounts
and deposits of all tenors in both local and foreign currencies remained unchanged.
The minimum and maximum local currency weighted lending rates for individual clients increased,
while the lending rates for corporate clients registered a decline. Furthermore, weighted foreign
currency lending rates for corporates increased whilst the weighted lending rates for individuals
remained unchanged. The maximum foreign currency individual weighted lending rates, however,
marginally decreased by 0.01%.
The Zimbabwe Stock Exchange (ZSE) was bullish during the week under analysis, with the All-Share
Index closing the week at 204.86 points, up by 1.52% from the 201.79 points recorded last week.
Similarly, the Victoria Falls Stock Exchange (VFEX) was characterized by rising share prices. As a
result, the VFEX All-Share Index rose by 0.68% to close the week at 105.35 points.
The value of transactions processed through the National Payment System (NPS) decreased by
16.04% from ZiG16.49 billion registered in the previous week to ZiG13.84 billion during the week
under review. This was largely due to a decrease in the value of transactions registered through all the
payment systems during the week ending 16 August 2024.
On the local foreign exchange market, the ZiG/US$ exchange rate depreciated by 0.05%, from a
weekly average of ZiG13.7786 per US$ recorded in the previous week, to ZiG13.7856 per US$ during
the week under review.
On the international commodities market, rising tensions in the Middle East stoked safe haven demand
for gold and bolstered the price for oil. Similarly, nickel prices registered increases owing to supply
constraints. Platinum and palladium prices also firmed supported by increased demand for the
precious metals in the commodity market.
A cumulative total of 231 million kilograms of tobacco was sold as of the 16th of August 2024,
representing a 21.84% decline from the 295 million kilograms sold during the same period in 2023.
However, the golden leaf was sold at a higher price of US$3.43 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
26 July 2024
2 August 2024
9 August 2024
16 August 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
26 July 2024
2 August 2024
9 August 2024
16 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
26 July 2024
2 August 2024
9 August 2024
16 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
26 July 2024
2 August 2024
9 August 2024
16 August 2024
Individuals


Minimum
11.03
11.03
10.91

10.91

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial banks and building societies mortgage lending rates
Mortgage Lending rates
26 July 2024
2 August 2024
9 August 2024
16 August 2024
ZiG Lending rates


Minimum

Maximum

US$ Lending rates


Minimum
10.00
10.00
10.00

10.00
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)
26-July-24

2-Aug-24

9-Aug-24

16-Aug-14

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)
26-July-24

2-Aug-24

9-Aug-24

16-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

14-Jun-24
21-Jun-24
28-Jun-24
05-Jul-24
12-Jul-24
19-Jul-24
26-Jul-24
02-Aug-24
09-Aug-24
16-Aug-24
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index


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
09-Aug-24
16-Aug-24
ZiG Thousands
ZSE Market Turnover

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
09-Aug-24
16-Aug-24
ZiG Billion
ZSE Market Capitalisation

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
09-Aug-24
16-Aug-24
US$ Bililon
VFEX All Share Index

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
09-Aug-24
16-Aug-24
US$ Billion
VFEX 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
19-Jul-24
26-Jul-24
02-Aug-24
09-Aug-24
16-Aug-24
US$ Thousand
VFEX Market Turnover

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


5. PRICES

Energy Prices

26 July 2024
2 August 2024
9 August 2024
16 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
14-August-24

15-August-24

16-August-24

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


PAYMENT STREAM
WEEK ENDING
9 August 2024
WEEK ENDING
16 August 2024
WEEKLY
CHANGE (%)

VALUES IN ZiG

RTGS
12,069,365,264.35
10,678,523,383.30
-11.52%
Of which ZiG
5,023,971,411.27
4,552,658,251.66

Of which US$
511,274,390.27
444,364,519.69

POS
1,248,229,490.63
998,239,877.40
-20.03%
ATM
1,141,972,747.97
761,667,334.80
-33.30%
MOBILE BANKING
85,204,468.00
68,767,341.40
-19.29%
MOBILE MONEY
1,818,821,375.98
1,250,393,882.33
-31.25%
ZIPIT MOBILE
125,681,239.87
86,554,897.93
-31.13%
TOTAL
16,489,274,586.80
13,844,146,717.16
-16.04%

VOLUMES

RTGS
215,849
105,749
-51.01%
Of which ZiG
113,058
53,587

Of which US$
102,791
52,162

POS
2,287,189
1,892,254
-17.27%
ATM
268,931
202,602
-24.66%
MOBILE BANKING
359,791
257,055
-28.55%
MOBILE MONEY
10,060,646
9,151,056
-9.04%
ZIPIT MOBILE
269,800
184,255
-31.71%
TOTAL
13,462,206
11,792,971
-12.40%

Mosi-oa-Tunya Gold Coin Prices
Gold Coin Price
14 August 2024
15 August 2024
16 August 2024
1.00Oz


US$
2,595.13
2,579.54
2,568.98
ZiG
35,761.25
35,562.24
35,426.78
0.50Oz


US$
1,297.56
1,289.77
1,284.49
ZiG
17,880.62
17,781.12
17,713.39
0.25Oz


US$
648.88
644.88
642.25
ZiG
8,940.31
8,890.56
8,856.70
0.10Oz


US$
259.51
257.95
256.90
ZiG
3,576.12
3,556.22
3,542.68
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
(5 – 9 August)

14-August

15-August

16-August

Weekly Average
(14 – 16 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
(5 - 9 August)

12-August

13-August

14-August

15-August

16-August

Weekly Average
(12 - 16 August)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (12th August – 16th August 2024)


Source: BBC, KITCO and Bloomberg, 2024


12-Aug
13-Aug
14-Aug
15-Aug
16-Aug
US$/tonne
Nickel

12-Aug
13-Aug
14-Aug
15-Aug
16-Aug
US$/tonne
Lithium

12-Aug
13-Aug
14-Aug
15-Aug
16-Aug
US$/tonne
Platinum

12-Aug 13-Aug 14-Aug 15-Aug 16-Aug
US$/tonne
Palladium

12-Aug
13-Aug
14-Aug
15-Aug
16-Aug
US$/oz
Gold

12-Aug
13-Aug
14-Aug
15-Aug
16-Aug
US$/barrel
Crude oil

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales (16th August 2024)

Variance (%)
Cumulative Quantity Sold (million kgs)
295 375 891
230 852 887
(21.84)
Average Price (US$/kg)
3.03
3.43
13.21
Cumulative value (US$ million)
894 797 508
791 737 682
(11.52)
Source: Tobacco Industry and Marketing Board, 2024