Vol. 26 No. 9


Week Ending
1st March 2024
Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW

The interbank exchange rate depreciated marginally from ZW$13,330.49 per US$ at the
beginning of the week to ZW$14,593.26 per US$ during the week ending 1st March 2024. The
parallel market exchange rate premium narrowed down from 23% to 15.9%.


During the week under review, maximum and minimum local deposit rates of 1-month and 6month tenors increased from 65.06% and 54.03% to 65.50% and 54.07%, respectively. Minimum
and maximum local currency lending rates for individual clients increased by 1.17% and 3.88%
during the reporting week, while the minimum and maximum lending rates for corporate clients
declined from 93.76% and 166.71% to 92.72% and 167.35%, respectively. Minimum and
maximum foreign currency lending rates for individual clients rose from 10.32% and 13.69% to
10.40% and 13.71%, respectively, while those for corporates decreased during the same week.


The Zimbabwe Stock Exchange (ZSE) All Share index gained 5.29% to close at 522,532.48
points. Cumulative value of shares traded increased by 0.56% to close at ZW$10,361.40 million,
from ZW$10,303.50 million in the previous week. Trading on the Victoria Falls Stock Exchange
(VFEX) was bearish. The VFEX All Share index and market capitalisation declined from 98.68
points and US$1.19 billion to close at 97.69 points and US$1.18 billion, respectively.


The value of aggregate transactions processed through the National Payment System platforms
stood at ZW$12.86 trillion, representing an increase of 13.44% from the previous week’s level.


International commodity price developments were mixed, with the prices of crude oil, platinum,
copper, and palladium falling as the prices of nickel and gold increased. Lithium prices remained
unchanged at previous week’s levels. The increase in gold prices for a second straight week was,
partly, underpinned by weak U.S. Economic data, indicating slowing inflation which bolstered
expectations for a Federal Reserve interest rate cut. Platinum and palladium prices fell, in part,
on account of weaker growth in China. Copper prices were weighed down by subdued global in
demand. Crude oil prices declined by 0.55% amid higher U.S. crude oil inventories.

The key financial and monetary statistics including graphs are shown in the annex below.

2. INTEREST RATES

Policy rates
Policy Rate
09 Feb 2024
16 Feb 2024
23 Feb 2024
1 March 2024


RBZ Policy Rate

MBA window

Source: Reserve Bank of Zimbabwe, 2024


Average commercial bank deposit rates
ZWL Deposit rates
09 Feb 2024
16 Feb 2024
23 Feb 2024
1 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


US$ Deposit rates
09 Feb 2024
16 Feb 2024
23 Feb 2024
1 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
09 Feb 2024
16 Feb 2024
23 Feb 2024
1 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
09 Feb 2024
16 Feb 2024
23 Feb 2024
1 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
09 Feb 2024
16 Feb 2024
23 Feb 2024
1 March 2024
ZW$ Lending rates


Minimum

Maximum


US$ Lending rates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

3. EQUITY MARKETS

ZSE Indicators

Date
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
Turnove
r (ZWL
million)
Volum
e of
Shares
(millio
n)
09-Feb-24

16-Feb-24

23-Feb-24

1-Mar-24

% Change


Source: Zimbabwe Stock Exchange, 2024


VFEX Indicators
Date
All Share Index Points
Grand Market
Capitalization
(US$ billion)
Market Turnover
(US$ million)
Volume of Shares
(million)
09-Feb-24

16-Feb-24

23-Feb-24

1-March-24

% Change


Source: Victoria Falls Stock Exchange, 2024

Figure 1: ZSE and VFEX Indicators
Source: Zimbabwe Stock Exchange, 2024


Source: Victoria Falls Stock Exchange, 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
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
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
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
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
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
US$ Mililon
VFEX Market Capitalisation

4. CLEARING AND SETTLEMENT ACTIVITY
Reserve Bank of Zimbabwe, 2024
5. PRICES
Domestic Energy Prices
Energy prices
09 Feb 2024
16 Feb 2024
23 Feb 2024
1 March 2024

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

Petrol Blend E20/
litre

LP Gas / kg

Source: ZERA, 2024


International Energy Prices
Energy prices
09 Feb 2024
16 Feb 2024
23 Feb 2024
1 March 2024

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

Source: KITCO, 2024


PAYMENT STREAM
WEEK
ENDING 23 FEBRUARY

WEEK
ENDING 01 MARCH

WEEKLY
CHANGE
(%)

VALUES IN ZW$

RTGS
9,228,262,109,867.62
10,662,348,230,299.90
15.54
Of which ZW$
2,949,683,127,354.91
4,534,059,941,949.95

Of which US$
470,300,607.33
420,058,132.54

POS
678,530,766,322.66
623,286,403,723.62
-8.14
ATM
658,441,821,062.83
772,950,534,409.14
17.39
MOBILE
769,012,512,085.66
798,869,085,711.29
3.88
TOTAL
11,334,247,209,338.80
12,857,454,254,144.00
13.44

VOLUMES

RTGS
166,854
342,745
105.42%
Of which ZW$
79,051
176,246

Of which US$
87,803
166,499

POS
1,829,095
1,584,957
-13.347%
ATM
221,023
206,597
-6.53%
MOBILE
11,033,243
10,918,046
-1.04%
TOTAL
13,250,215
13,052,345
-1.49%

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

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

Source: LBMA, 2024


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

16-Feb-24

23-Feb-24

1-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

301,634.72

301,634.72

724.656795
23-Feb
GBDT Issue No.21 2024
26-Feb

7,384.75
7,384.75
7.000891
GBDT Issue No.22 2024
27-Feb

5,240.40
5,240.40
4.861179
GBDT Issue No.23 2024
28-Feb

7,213.32
7,213.32
6.526946
GBDT Issue No.24 2024
29-Feb

3,234.50
3,234.50
2.873780
GBDT Issue No.25 2024
1-March

7,399.99
7,399.99
6.444643
Cumulative up to week ending

332,107.70
332,107.70
752.364234
1-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
09 Feb 2024
16 Feb 2024
23 Feb 2024
1 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

USD
ZAR
GBP
BWP
EURO
Weekly Average
(19– 23 Feb)

26-Feb

27-Feb

28-Feb

29-Feb

1-March

Weekly Average
(26 Feb- 1 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
(19 Feb – 23 Feb)

26-Feb

27-Feb

28-Feb

29-Feb

1-March

Weekly Average
(26 Feb -1 March)

Source: KITCO, 2024

Figure 3: Weekly Precious Metals Price Developments (26th Feb – 1st March 2024)


Source: Kitco,2024

26-Feb
27-Feb
28-Feb
29-Feb
1-Mar
US$/tonne
Platinum

US$/tonne
Palladium

US$/tonne
Nickel

US$/tonne
Lithium