Vol. 25 No. 15


Week Ending
14th April 2023
Weekly Economic
Highlights
TABLE OF CONTENTS


1.
INTEREST RATES

Local Currency (ZWL) Deposit Rates

During the week ending 14th April 2023, average minimum and maximum deposits rates for
savings deposits and minimum deposits rates for deposits of 1-month and 3-months tenor
increased. Average maximum deposits rates for deposits of 1-month and 3-months tenor
remained at previous week levels during the same week, as shown in Table 1.


Table 1: Average Deposit Rates (per annum)
Date
Savings deposits (%)
1- Month deposit rates (%)

3- Month deposit rates (%)

Minimum (%)
Maximum (%)
Minimum (%)
Maximum (%)
Minimum (%)
Maximum (%)
17-Mar-23

24-Mar-23

31-Mar-23

6-Apr-23

14-Apr-23

Source: Reserve Bank of Zimbabwe, 2023


Local Currency (ZWL) Lending Rates

Commercial bank minimum and maximum lending rates for individual clients increased, during
the week ending 14th April 2023. Average minimum lending rates for corporate clients decreased,
while maximum lending rates increased during the same week, as shown in Table 2.

Table 2: Lending Rates (per annum)
Date
Minimum (%)
Maximum (%)
Minimum (%)
Maximum (%)

Individual Clients

Corporate Clients
17-Mar-23

24-Mar-23

31-Mar-23

6-Apr-23

14-Apr-23

Source: Reserve Bank of Zimbabwe, 2023

Foreign Currency (USD) Deposit Rates

Minimum and maximum deposit rates for savings deposits remained at previous week levels,
while minimum and maximum deposits rates for deposits of 1-month tenor increased, during the
week under analysis. The reporting week also saw minimum and maximum deposits rates for
deposits of 3-months tenor marginally soften, as shown in Table 3.


Table 3: Average Deposit Rates (per annum)
Date
Savings deposits (%)
1- Month deposit rates (%)

3- Month deposit rates (%)

Minimum (%)
Maximum (%)
Minimum (%)
Maximum (%)
Minimum (%)
Maximum (%)
17-Mar-23

24-Mar-23

31-Mar-23

6-Apr-23

14-Apr-23

Source: Reserve Bank of Zimbabwe, 2023


Foreign Currency (USD) Lending Rates

During the week ending 14th April 2023, commercial bank minimum lending rates for individual
clients increased, while those for corporate clients decreased marginally. Maximum lending rates
for individual clients were lower than in the previous week, while those for corporate clients
marginally firmed during the week under review, as shown in Table 4.

Table 4: Lending Rates (per annum)
Date
Minimum (%)
Maximum (%)
Minimum (%)
Maximum (%)

Individual Clients

Corporate Clients
17-Mar-23

24-Mar-23

31-Mar-23

6-Apr-23

14-Apr-23

Source: Reserve Bank of Zimbabwe, 2023

2.
CLEARING AND SETTLEMENT ACTIVITY

The National Payment Systems (NPS) processed transactions valued at ZW$811.51 billion,
during the week ending 14th April 2023. This represented an increase of 3.35%, compared to
ZW$785.18 billion reported in the previous week. Real Time Gross Settlement (RTGS)
transactions increased from ZW$608.37 billion in the previous week to ZW$673.82 billion,
during the week under review. In proportions, the NPS transaction values were distributed as
follows: RTGS, 83.03%, POS, 8.56%; Mobile, 6.15%; and ATM, 2.26%.


Figure 1: Composition of NPS Transactions in Value Terms

Source: Reserve Bank of Zimbabwe, 2023


The volume of NPS transactions declined by 13.06% to 11.10 million, during the reporting week,
from 12.77 million recorded in the preceding week. Mobile based transactions dominated NPS
transaction volumes at 74.73% of the total, followed by POS, 22.95%; RTGS, 1.47%; and ATM,
0.85%, as shown in Figure 2.


Figure 2: Composition of NPS Transactions in Volume Terms

Source: Reserve Bank of Zimbabwe, 2023

RTGS
83.03%
POS
8.56%
ATM
2.26%
MOBILE
6.15%
RTGS
POS
ATM
MOBILE
RTGS, 1.47%
POS, 22.95%
ATM, 0.85%
MOBILE, 74.73%
RTGS
POS
ATM
MOBILE

Table 5: National Payment Systems Activity
PAYMENT
STREAM
WEEK ENDING
6th April 2023

WEEK ENDING
14th April 2023
% CHANGE FROM
LAST WEEK
PROPORTION
%

Values in ZW$ Millions


RTGS

POS

ATM

MOBILE

TOTAL

Volumes


RTGS

POS

ATM

MOBILE

TOTAL

Source: Reserve Bank of Zimbabwe, 2023

3.
TOBACCO SALES
A cumulative total of 80.16 million kilograms of tobacco had been sold as at day 26 of the tobacco
selling season. This was a 16.90% increase from the 68.57 million kilograms sold during the same
period in 2022. In value terms, tobacco sales registered a 18.75% increase to US$241.77 million,
from US$203.59 million realized during the corresponding period in 2022, as shown in Table 6.

Table 6: Weekly Cumulative Tobacco Sales: Day 26 (14th April 2023)

Variance (%)
Cumulative Quantity Sold (million kgs)
68,573,731
80,163,504
16.90
Average Price (US$/kg)
2.97

3.02
1.55
Cumulative value (US$ million)
203,592,232
241,769,454
18.75
Source: Tobacco Industry and Marketing Board (TIMB), 2022

The golden leaf was sold at an average price of US$3.02 per kilogram, up from US$2.97 per
kilogram realised in the same period last year.
4.
INTERNATIONAL COMMODITY PRICE DEVELOPMENTS

During the week under review, average prices for gold, platinum, palladium, copper, nickel, and
crude oil were generally bullish, as the US dollar retreated against major international currencies.
Table 7 shows commodity prices developments, during the week ending 14th April 2023.

Table 7: Metal and Crude Oil Prices for the week ending 14th April 2023

Gold
Platinum
Palladium
Copper
Nickel
Crude Oil

US$/ounce US$/ounce US$/ounce US$/tonne US$/tonne US$/barrel
Weekly Average (3-6 Apr 23)

11-Apr-23

12-Apr-23

13-Apr-23

14-Apr-23

Weekly Average (11-14 Apr 23)

Weekly Change (%)

Source: BBC, KITCO and Bloomberg, 2023
Gold

Gold prices rose by 0.88%, from a weekly average of US$2,001.31 per ounce during the week
ending 6th April 2023 to US$2,019.00 per ounce, during the reporting week. Prices increased as
investors expected global inflation to remain elevated. In addition, falling bond yields, a weaker
U.S. dollar, and other indications of a slowdown in global economic activity also sent buyers
into bullion hedging.

Platinum
Platinum prices extended gains by 1.79%, from a weekly average of US$1,003.25 per ounce in
the prior week to US$1,021.25 per ounce, during the week ending 14th April 2023. The increase
was largely on account of prospects of stronger investment demand as well as increasing physical
demand in India.

Palladium
Palladium prices rose by 0.08%, from US$1,459.00 per ounce in the previous week to
US$1,460.13 per ounce, during the week under review. Prices increased as the US dollar
depreciated against most major currencies, following the release of growth forecasts for the
global economy, by the IMF, through its April 2023 World Economic Outlook Report.


Copper
During the week ending 14th April 2023, copper prices rebounded by 2.20%, from a weekly
average of US$8,819.25 per tonne recorded in the previous week to US$8,997.75 per tonne.

Nickel
Nickel prices increased by 4.27%, from a weekly average of US$22,965.00 per tonne in the
previous week to US$23,946.25 per tonne, during the reporting week. This was on account of
tight supply and the improvement in demand in China, the top base metal consumer.

Brent Crude Oil

Brent crude oil weekly average prices rose by 1.59%, from US$85.00 per barrel recorded in the
previous week to US$86.35 per barrel, during the week ending 14th April 2023. Prices rose as
cooling U.S. inflation spurred hopes that the Federal Reserve was getting closer to end the cycle
of interest-rate hikes.

5. EXCHANGE RATE DEVELOPMENTS


Interbank Market
On the interbank market, the Zimbabwe dollar (ZW$) depreciated by 2.2%, from an average of
ZW$939.82 per US$1 in the previous week to ZW$960.43 per US$1, during the week ending
14th April 2023, as shown in Table 8.

Table 8: Interbank Market Exchange Rates1

USD
ZAR
GBP
BWP
EURO

Weekly Average (3-6 Apr 23)

11-Apr-23

12-Apr-23


13-Apr-23

14-Apr-23

Weekly Average (11-14 Apr 23 )

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

Source: Reserve Bank of Zimbabwe, 2023


1 Direct quote – the amount of domestic currency needed to exchange for 1 unit of foreign currency

6. EQUITY MARKETS


Zimbabwe Stock Exchange
The Zimbabwe Stock Exchange (ZSE) was largely characterised by negative trading, during the
week ending 14th April 2023. As a result, the ZSE All Share index lost 5.74% to close at 36
174.67 points. The Top 10 and Top 15 indices lost 8.31% and 7.60% to close at 20 710.73 points
and 24 671.27 points, respectively. The Medium Cap index, however, gained 1.87% to close at
80 404.08 points, while the Small Cap Index remained unchanged at 667 752.24 points.

The decline in the mainstream index was a result of share price losses for Ecocash Holdings
Zimbabwe Limited (38.09%), Econet Wireless Zimbabwe Limited (29.88%), First Capital Bank
Limited (12.84%), CBZ Holdings Limited (10.01%), and OK Zimbabwe Limited (7.94%).
Partially offsetting the losses were gains in share prices for Mashonaland Holdings Limited
(20.25%), Masimba Holdings Limited (15.00%), CFI Holdings Limited (15.00%), Dairiboard
Holdings Limited (14.99%), and Ariston Holdings Limited (10.86%). The resources index2
remained unchanged at 37 359.78 points, during the reporting week.

Table 9: Zimbabwe Stock Exchange Statistics3

All Share
Index
Points
Top 10
index3
(points)


Mining
Index
(points)
Grand
Market
Capitaliz
ation
(ZWL
billion)
Market
Turnover
(ZWL
million)
Volume
of Shares
(million)
Top 15
Index3
points
Medium
Cap3
(points)
Small Cap3
(points)


10-Mar-23

17-Mar-23

24-Mar-23

31-Mar-23

06-Apr-23

14-Apr-23

% Change
-5.74


Source: Zimbabwe Stock Exchange (ZSE), 2023

Figure 3 shows the trend in daily market turnover for the period from 4th March 2022 to 14th
April 2023.


2 Resource Index – Comprise RioZim Limited Share Price
3 The Zimbabwe Stock Exchange (ZSE) adopted the Global Industry Classification Standards, effective from 1 January 2020.The ZSE indices
constitute the following categories; Top 10 Index; Top 15; Top 25; Medium cap and Small cap Indices.

Figure 3: Zimbabwe Stock Exchange All Share and Top 10 Indices
Source: Zimbabwe Stock Exchange, 2023


Market Turnover and Volume

The cumulative volume of shares traded on the ZSE decreased by 27.05% to 9.88 million,
compared to 13.52 million recorded in the prior week. The turnover value of shares, however,
increased by 17.12% to ZW$43.31 billion during the week ending 14th April 2023, from
ZW$42.83 billion recorded in the previous week. Figure 4 shows the trend in daily market
turnover for the period from 4th March 2022 to 14th April 2023.

Figure 4: Daily Market Turnover
Source: Zimbabwe Stock Exchange, 2023


4-Mar-22
18-Mar-22
1-Apr-22
15-Apr-22
29-Apr-22
13-May-22
27-May-22
10-Jun-22
24-Jun-22
8-Jul-22
22-Jul-22
5-Aug-22
19-Aug-22
2-Sep-22
16-Sep-22
30-Sep-22
14-Oct-22
28-Oct-22
11-Nov-22
25-Nov-22
9-Dec-22
23-Dec-22
6-Jan-23
20-Jan-23
3-Feb-23
17-Feb-23
3-Mar-23
17-Mar-23
31-Mar-23
14-Apr-23
All Share Index
Top 10 Index


04-Mar-22
18-Mar-22
01-Apr-22
15-Apr-22
29-Apr-22
13-May-22
27-May-22
10-Jun-22
24-Jun-22
08-Jul-22
22-Jul-22
05-Aug-22
19-Aug-22
02-Sep-22
16-Sep-22
30-Sep-22
14-Oct-22
28-Oct-22
11-Nov-22
25-Nov-22
09-Dec-22
23-Dec-22
06-Jan-23
20-Jan-23
03-Feb-23
17-Feb-23
03-Mar-23
17-Mar-23
31-Mar-23
14-Apr-23
ZW$ millions
Negotiated deal: 61.16 million Larfage
Cement
Zimbabwe
Limited
shares
exchanged hands at ZW$312.65

Market Capitalization

During the week under review, the local bourse shed 5.73% or ZW$180.45 million worth of
capitalization to close at ZW$2.97 trillion, from ZW$3.15 trillion recorded in the preceding
week. Figure 5 shows ZSE market capitalization developments for the period from 4th March
2022 to 14th April 2023.

Figure 5: Daily Market Capitalization in ZW$ billions
Source: Zimbabwe Stock Exchange, 2023

Victoria Falls Stock Exchange


The Victoria Falls Stock Exchange (VFEX) was characterised by negative trading, during the
week ending 14th April 2023. Resultantly, the VFEX All Share index lost 0.94% to close at 90.40
points, compared to 91.26 points recorded in the previous week. The decline in the VFEX
mainstream index emanated from share price decreases for Innscor Africa Limited (6.59%), Axia
Corporation Limited (2.84%) and National Foods Holdings Limited (0.52%).

The cumulative volume and value of shares traded on the VFEX decreased by 36.62% and
50.31% to 0.98 million shares and US$0.29 million, respectively. VFEX market capitalization
lost 0.94%, or US$9.29 million worth of capitalisation to US$0.98 billion, compared to US$0.99
billion recorded in the previous week. Figure 6 shows the trend in the VFEX All Share Index
(ASI) for the period from 4th March 2022 to 14th April 2023.


04-Mar-22
18-Mar-22
01-Apr-22
15-Apr-22
29-Apr-22
13-May-22
27-May-22
10-Jun-22
24-Jun-22
08-Jul-22
22-Jul-22
05-Aug-22
19-Aug-22
02-Sep-22
16-Sep-22
30-Sep-22
14-Oct-22
28-Oct-22
11-Nov-22
25-Nov-22
09-Dec-22
23-Dec-22
06-Jan-23
20-Jan-23
03-Feb-23
17-Feb-23
03-Mar-23
17-Mar-23
31-Mar-23
14-Apr-23
Billions

Figure 6: Victoria Falls Stock Exchange All Share Index

Source: Victoria Falls Stock Exchange, 2023


Johannesburg Stock Exchange (JSE) Developments

The Johannesburg Stock Exchange (JSE) All Share Index increased from 77,113.70 points in the
previous week to close at 78,870.36 points, during the week ending 14th April 2023. JSE market
capitalization also rose by 0.80% to ZAR22.56 trillion, during the same week.

Table 10: Johannesburg Stock Exchange (JSE) Statistics
Period
All Share Index
Market Capitalization
(points)
(ZAR trillions)
10-Mar-23
76,454.36
21.98
17-Mar-23
72,527.92
21.07
24-Mar-23
74,695.04
21.70
31-Mar-23
76,100.17
22.20
06-Apr-23
77,113.70
22.38
14-Apr-23
78,870.36
22.56
% Change

2.28


0.80
Source: 2023


04-Mar-22
18-Mar-22
01-Apr-22
15-Apr-22
29-Apr-22
13-May-22
27-May-22
10-Jun-22
24-Jun-22
08-Jul-22
22-Jul-22
05-Aug-22
19-Aug-22
02-Sep-22
16-Sep-22
30-Sep-22
14-Oct-22
28-Oct-22
11-Nov-22
25-Nov-22
09-Dec-22
23-Dec-22
06-Jan-23
20-Jan-23
03-Feb-23
17-Feb-23
03-Mar-23
17-Mar-23
31-Mar-23
14-Apr-23

Figure 7: Johannesburg Stock Exchange (JSE) All Share Index
Source:


RESERVE BANK OF ZIMBABWE

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

APPENDIX 1: FOREIGN EXCHANGE AUCTION RESULTS FOR MAINFX4 AND SMEFX5
Source: Reserve Bank of Zimbabwe, 2023


4 Main Foreign Currency Auction
5 Small and Medium Enterprises Foreign Currency Auction

MAINFX
24-Mar-23 31-Mar-23 06-Apr-23 14-Apr-23

SMEFX
24-Mar-23 31-Mar-23 06-Apr-23 14-Apr-23
Total
Bids (US$ dollars)

Amount Allotted
(US$ dollars)

Highest Rate

Lowest Bid
Rate

Lowest Bid Rate
Allotted

Weighted Average
Rate

Number of Bids
Received

Number of Bids
Rejected

APPENDIX 2: SUMMARY OF FOREIGN CURRENCY AUCTION ALLOTMENTS BY PURPOSE
Source: Reserve Bank of Zimbabwe, 2023
Purpose
MAINFX
24-Mar-23 31-Mar-23 06-Apr-23 14-Apr-23
SMEFX
24-Mar-23 31-Mar-23 06-Apr-23 14-Apr-23
Raw Materials


Machinery and
Equipment

Consumables
(Incl. Spares,
Tyres,
Packaging)

Pharmaceuticals
and Chemicals

Services
(Loans,
Dividends and
Disinvestments)

Retail and
Distribution

Fuel, Electricity
and Gas

Paper and
Packaging

TOTAL

2,241,706.95