Vol. 26 No. 38


Week Ending
20th September 2024
Weekly Economic
Highlights
TABLE OF CONTENTS


GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND
7.

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 20th September 2024.
During the week under analysis, both local and foreign currency deposit rates for savings deposits and deposits
for all tenors remained unchanged at the previous week’s level.
Minimum local currency lending rates for individuals and corporates clients increased, while maximum
lending rates for both individual and corporate clients registered a decline during the week ending 20th
September 2024.
On the other hand, foreign currency lending rates for both individual and corporate clients declined, save for
maximum foreign currency lending rates for corporates clients which registered an increase during the period
under analysis.
On the capital markets, the Zimbabwe Stock Exchange (ZSE) was characterised by bullish sentiments.
Consequently, the ZSE All Share Index added 0.81% to close at 259.05 points. The Victoria Falls Stock
Exchange (VFEX) was bearish, during the week under review. As such, the VFEX All share index lost 0.63%
to close at 105.29 points.
The aggregate transactions processed through the National Payment Systems platforms fell by 2.85% to close
at ZiG18 billion, during the week under review. This was largely due to a decrease in the value of transactions
registered through the Real Time Gross Settlement System (RTGS), ATM, mobile banking payment systems
and ZIPIT mobile.
The Zimbabwe Gold (ZiG) depreciated by 0.1%, from an average of ZiG13.94 per US dollar in the previous
week to ZiG13.96 per US dollar, during the week under review.
International commodity prices for most commodities firmed, whilst lithium prices fell during the week under
analysis. Gold and nickel prices firmed supported by a weaker dollar and a significant rate cut by the Federal
Reserve. Platinum and brent crude oil prices also firmed amid tight supply conditions. Palladium prices
strengthened on the back of higher demand. However, lithium prices continued on a negative trajectory buoyed
by persistent oversupply concerns.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG))
ZiG Deposit rates
30 August 2024
6 September 2024
13 September 2024
20 September 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
30 August 2024
6 September 2024
13 September 2024
20 September 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
30 August 2024
6 September 2024
13 September 2024
20 September 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial bank weighted lending rates (Foreign Currency (US$))
US$ Lending rates
30 August 2024
6 September 2024
13 September 2024
20 September 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial banks and building societies mortgage lending rates
Mortgage Lending rates
30 August 2024
6 September 2024
13 September 2024
20 September 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)
23-Aug-14

06-Sep-24

13-Sep-24

20-Sep-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)
23-Aug-24

06-Sep-24

13-Sep-24

20-Sep-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

28-Jun-24
05-Jul-24
12-Jul-24
19-Jul-24
26-Jul-24
02-Aug-24
09-Aug-24
16-Aug-24
23-Aug-24
30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

19-Jul-24
26-Jul-24
02-Aug-24
09-Aug-24
16-Aug-24
23-Aug-24
30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
ZiG Billion
ZSE Market Capitalisation

05-Jul-24
12-Jul-24
19-Jul-24
26-Jul-24
02-Aug-24
09-Aug-24
16-Aug-24
23-Aug-24
30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
US$ Thousand
VFEX Market Turnover

05-Jul-24
12-Jul-24
19-Jul-24
26-Jul-24
02-Aug-24
09-Aug-24
16-Aug-24
23-Aug-24
30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
US$ Billion
VFEX Market Capitalisation

28-Jun-24
05-Jul-24
12-Jul-24
19-Jul-24
26-Jul-24
02-Aug-24
09-Aug-24
16-Aug-24
23-Aug-24
30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
Indices
VFEX All Share Index


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
23-Aug-24
30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
ZiG Thousands
ZSE Market Turnover

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


5. PRICES

Energy Prices

30 August 2024
6 September 2024
13 September 2024
20 September 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
16-September-24

17-September-24

18-September-24

19-September-24

20-September-24

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


PAYMENT STREAM
WEEK ENDING
13 September 2024
WEEK ENDING
20 September 2024
WEEKLY
CHANGE (%)

VALUES IN ZiG

RTGS
14,996,674,816.44
14,093,013,465.77
-6.03%
Of which ZiG
6,564,598,782.65
6,671,981,264.19

Of which US$
604,656,666.39
531,425,803.76

POS
948,653,939.37
1,201,545,091.04
26.66%
ATM
877,165,540.52
718,062,382.74
-18.14%
MOBILE BANKING
92,882,597.48
76,903,065.18
-17.20%
MOBILE MONEY
1,486,106,141.16
1,792,588,031.35
20.62%
ZIPIT MOBILE
128,650,120.86
120,648,784.26
-6.22%
TOTAL
18,530,133,155.83
18,002,760,820.34
-2.85%

VOLUMES

RTGS
189,618
184,620
-2.64%
Of which ZiG
98,030
93,940

Of which US$
91,588
90,680

POS
2,441,053
2,392,238
-2.00%
ATM
208,647
187,375
-10.20%
MOBILE BANKING
296,793
271,933
-8.38%
MOBILE MONEY
9,900,289
10,476,038
5.82%
ZIPIT MOBILE
247,206
258,880
4.72%
TOTAL
13,283,606
13,771,084
3.67%

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
16 September

17 September 2024
18 September 2024
19 September 2024
20 September 2024
1.00Oz


US$

ZiG

0.50Oz


US$

ZiG

0.25Oz


US$

ZiG

0.10Oz


US$

ZiG

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
(9 – 13 September)

16-September

17-September

18-September

19-September

20-September

Weekly Average
(16 – 20 September)

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
(9 - 13 September)

16-September

17-September

18-September

19-September

20-September

Weekly Average
(16 - 20 September)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (16th September 2024 – 20th September 2024)


Source: BBC, KITCO and Bloomberg, 2024


16-Sep
17-Sep
18-Sep
19-Sep
20-Sep
US$/oz
Gold

16-Sep
17-Sep
18-Sep
19-Sep
20-Sep
US$/barrel
Crude oil

1,000
1,010
16-Sep
17-Sep
18-Sep
19-Sep
20-Sep
US$/tonne
Platinum

16-Sep
17-Sep
18-Sep
19-Sep
20-Sep
US$/tonne
Palladium

16-Sep
17-Sep
18-Sep
19-Sep
20-Sep
US$/tonne
Nickel

16-Sep
17-Sep
18-Sep
19-Sep
20-Sep
US$/tonne
Lithium