Vol. 26 No. 5


Week Ending
2nd February 2024
Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW


The week ending 2nd February 2024 saw the reintroduction of duty on essential commodities
such as mealie-meal, cooking oil, sugar, washing soap, and washing powder by Government.
Duty on these commodities was previously repealed by the Government in May 2023 amid
shortages in the shops which was fuelling inflation. Domestic industries are now producing these
essential commodities at competitive prices, thus underlining the need for Government to reintroduce the duty to promote the consumption of products by domestic industries.

The interbank market exchange rate depreciated marginally from ZW$9,811.17 per US$ at the
beginning of the week to ZW$10,501.47 per US$ at the end of the week, while the parallel market
exchange rate remained unchanged leading to the narrowing of the exchange rate premium from
50.1% in the previous week to 42.8% during the week under review.

Deposit rates remained largely unchanged during the week under review for both local currency
and foreign currency deposit rates, save for local currency minimum deposit rates for 1-month
tenor which registered a marginal increase of 0.28 percentage points from 54.28% in the previous
week to 54.56% during the reporting week.

Local currency lending rates recorded a weekly marginal decline for both individuals and
corporates, from 70.18% and 95.24% to 69.23% and 93.67%, respectively. Notably, foreign
currency lending rates for individuals marginally declined by 0.01 percentage points, from
10.75% to 10.74%, while rates applicable to corporate clients increased marginally by 0.04
percentage points from 8.29%, in the previous week to 8.33%, during the reporting week.

Trading on the Zimbabwe Stock Exchange (ZSE) was bullish as reflected by the increase in the
volume of shares. Concomitantly, the market gained 36.57%, or ZW$12,671.43 billion worth of
capitalization to end the week at ZW$47,316.74 billion. The increase was mainly observed across
all counters. The cumulative value and volume of shares traded increased by 93.27% and 55.47%
to ZW$68,964.42 million and 23.14 million shares, respectively.

The Victoria Falls Stock Exchange (VFEX) was also bullish reflecting an increase of 3.97% in
capitalisation to close at US$1.24 billion. The VFEX volume and value of shares traded declined
by 58.75% and 10.87% to 2.15 million shares and US$0.52 million, respectively.

The aggregate transactions processed in value terms through the National Payment Systems
(NPS) platforms was ZW$8.78 trillion, representing an increase of 1.88% from the previous
week. The increase in NPS transactions was largely attributable to increased economic activity
in the country.

International commodity prices were quite mixed with gold, platinum, palladium, and copper
rallying whilst nickel, lithium, and crude oil prices declined. Gold and platinum prices rose as
investors-maintained optimism regarding the U.S. Federal Reserve's substantial reduction in
interest rates. Additionally, the demand for palladium improved, resulting in a price rise. Lithium
prices declined due to lower-than-expected demand for electric vehicles. On the other hand,
copper prices rose by 0.85% on the anticipation that China, a leading consumer of metals, would
implement additional measures to stabilise its economy and stock markets. Energy prices
retreated during the week under analysis underpinned by faltering growth in China and the
possibility of some easing of tensions in the Middle East.

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

2. INTEREST RATES

Policy rates
Policy Rate
12 Jan 2024
19 Jan 2024
26 Jan 2024
02 Feb 2024


RBZ Policy Rate

MBA window

Source: Reserve Bank of Zimbabwe


Average commercial bank deposit rates
ZWL Deposit rates
12 Jan 2024
19 Jan 2024
26 Jan 2024
02 Feb 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


US$ Deposit rates
12 Jan 2024
19 Jan 2024
26 Jan 2024
02 Feb 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

Commercial bank weighted lending rates (Local Currency (ZW$))
ZWL Lending rates
12 Jan 2024
19 Jan 2024
26 Jan 2024
02 Feb 2024
Individuals


Minimum

Maximum


Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe


Commercial bank weighted lending rates (Foreign Currency (US$)
US$ Lending rates
12 Jan 2024
19 Jan 2024
26 Jan 2024
02 Feb 2024
Individuals


Minimum

Maximum


Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe


Building societies mortgage lending rates
Mortgage Lending
rates
12 Jan 2024
19 Jan 2024
26 Jan 2024
02 Feb 2024
ZW$ Lending rates


Minimum

Maximum


US$ Lending rates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe

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
)
12-Jan-24
266,752.43


19-Jan-24

26-Jan-24

02-Feb-24

% Change


Source: Zimbabwe Stock Exchange, (ZSE)


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

19-Jan-24

26-Jan-24

02-Feb-24

% Change


Source: Zimbabwe Stock Exchange, (ZSE)

Source: Zimbabwe Stock Exchange


Source: Zimbabwe Stock Exchange, (ZSE)


29-Sep-23
13-Oct-23
27-Oct-23
10-Nov-23
24-Nov-23
08-Dec-23
22-Dec-23
05-Jan-24
19-Jan-24
02-Feb-24
Indices
ZSE Indices
Index All Share Index (ZSE) Top 10 Index
All Share Index (ZSE)

29-Sep-23
13-Oct-23
27-Oct-23
10-Nov-23
24-Nov-23
08-Dec-23
22-Dec-23
05-Jan-24
19-Jan-24
02-Feb-24
ZW$ Mililon
ZSE Market Turnover


10-Nov-23
24-Nov-23
08-Dec-23
22-Dec-23
05-Jan-24
19-Jan-24
02-Feb-24
ZW$ ililon
ZSE Market Capitalisation

29-Sep-23
13-Oct-23
27-Oct-23
10-Nov-23
24-Nov-23
08-Dec-23
22-Dec-23
05-Jan-24
19-Jan-24
02-Feb-24
ZW$ Bililon
VFEX All Share Index

29-Sep-23
13-Oct-23
27-Oct-23
10-Nov-23
24-Nov-23
08-Dec-23
22-Dec-23
05-Jan-24
19-Jan-24
02-Feb-24
US$ Thousand
VFEX Market Turnover

29-Sep-23
13-Oct-23
27-Oct-23
10-Nov-23
24-Nov-23
08-Dec-23
22-Dec-23
05-Jan-24
19-Jan-24
US$ Mililon
VFEX Market Capitalisation

4. CLEARING AND SETTLEMENT ACTIVITY


Source: Reserve Bank of Zimbabwe

RTGS SYSTEM TRANSACTIONAL ACTIVITIES

Currency

12 Jan 2024
19 Jan 2024
26 Jan 2024
02 Feb 2024
Values
ZW$

USD

Volumes
ZW$

USD

Source: Reserve Bank of Zimbabwe


RTGS
79.56%
POS
6.31%
ATM
6.75%
MOBILE
7.38%
NPS Values (%)
RTGS
POS
ATM
MOBILE
RTGS,
1.92%
POS,
14.48%
ATM,
1.52%
MOBILE,
82.08%
NPS Volumes (%)
RTGS
POS
ATM
MOBILE
PAYMENT
STREAM
WEEK
ENDING
26 JANUARY 2024
WEEK
ENDING
02 FEBRUARY

%
CHAN
GE
FROM
LAST
WEEK

VALUES IN ZW$


RTGS
7,214,303,879,661.74
6,985,259,525,287.49
-3.17%

POS
508,365,467,266.37
553,786,476,606.63
8.93%

ATM
405,275,073,228.61
592,894,409,824.54
46.29%

MOBILE
489,889,611,015.16
647,725,307,699.92
32.22%

TOTAL
8,617,834,031,171.87
8,779,665,719,418.58
1.88%

VOLUMES


RTGS
277,893
250,733
-9.77%

POS
1,769,214
1,890,462
6.85%

ATM


MOBILE
10,149,545
10,714,386
5.57%
TOTAL
12,422,617
13,053,894
5.08%

5. PRICES
Domestic Energy Prices
Energy prices
12 Jan 2024
19 Jan 2024
26 Jan 2024
02 Feb 2024

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

Petrol Blend E20/
litre

LP Gas / kg

Source: ZERA

International Energy Prices
Energy prices
12 Jan 2024
19 Jan 2024
26 Jan 2024
02 Feb 2024

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

Source: KITCO

6. MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS
Previous day Gold PM Fix
Gold prices
12 Jan 2024
19 Jan 2024
26 Jan 2024
02 Feb 2024

US$
US$
US$
US$
Gold PM Fix

Source: LBMA, (2023)


Gold Backed Digital Token Price Per Milligram
ZIG
12 Jan 2024
19 Jan 2024
26 Jan 2024
02 Feb 2024
US$ Price


Buy

Sell


ZW$ Price


Buy

Sell


Source: Reserve Bank of Zimbabwe

RBZ Gold-Backed Digital Tokens Issuances (ZW$)
Issuance
Date
Number of Bids
Received
Value of Bids
Received ZW$
Amount Allotted
Milligrams of
Gold Purchased
GBDT Issue No.2 2023
18 May 2023

8,063,137,030.20
8,063,137,030.20
71,608,677.00
GBDT Issue No.3 2023
26 May 2023

8,500,033,262.87
8,500,033,262.87
55,752,547.00
GBDT Issue No.4 2023
01 Jun 2023

4,516,617,361.08
4,516,617,361.08
21,736,452.00
GBDT Issue No.5 2023
08 Jun 2023

7,214,378,572.80
7,214,378,572.80
18,593,280.00
GBDT Issue No.6 2023
15 Jun 2023

3,089,515,827.98
3,089,515,827.98
6,519,754.00
GBDT Issue No.7 2023
22 Jun 2023

3,513,066,006.15
3,513,066,006.15
7,181,981.00
GBDT Issue No.8 2023
29 Jun 2023

246,566,974.53
246,566,974.53
552,333.00
GBDT Issue No.9 2023
06 Jul 2023

715,192,886.72
715,192,886.72
1,848,808.00
GBDT Issue No.10 2023
13 Jul 2023

480,100,767.10
480,100,767.10
1,326,903.00
GBDT Issue No.11 2023
20 Jul 2023

79,213,519.60
79,213,519.60
227,240.00
GBDT Issue No.12 2023
03 Aug 2023

1,324,391,563.88
1,324,391,563.88
4,045,426.00
GBDT Issue No.13 2023
17 Aug 2023

76,188,769.88
76,188,769.88
235,383.00
GBDT Issue No.14 2023
31 Aug 2023

236,096,047.44
236,096,047.44
708,444.00
GBDT Issue No.15 2023
14 Sep 2023

827,384,866.85
827,384,866.85
2,469,437.00
GBDT Issue No.16 2023
28 Sep 2023

6,994,496,978.64
6,994,496,978.64
17,524,797.00
GBDT Issue No.17 2023
12 Oct 2023

659,093,773.50
659,093,773.50
1,683,509.00
GBDT Issue No.18 2023
18 Oct 2023

9,183,393,634.78
9,183,393,634.78
21,891,805.00
GBDT Issue No.19 2023
09 Nov 2023

8,423,667,169.62
8,423,667,169.62
20,173,066.00
GBDT Issue No.20 2023
23 Nov 2023

1,176,397,735.70
1,176,397,735.70
2,745,706.00
GBDT Issue No.21 2023
07 Dec 2023

6,168,618,540.84
6,168,618,540.84
14,059,209.00
GBDT Issue No.22 2023
21 Dec 2023

16,539,795,407.70
16,539,795,407.70
36,865,698.00
GBDT Issue No.1 2024
11 Jan 2024

29,100,343,075.02
29,100,343,075.02
46,921,658.00
GBDT Issue No.2 2024
25 Jan 2024

52,175,517 ,472.20
52,175,517,472.20
70,054,491.00
GBDT Issue No.3 2024
30 Jan 2024

5,020,259,722.44
5,020,259,722.44
6,702,348.00
GBDT Issue No.4 2024
31 Jan 2024

2,139,997,019.01
2,139,997,019.01
2,778,387.00
GBDT Issue No.5 2024
1 Feb 2024

17,654,646,647.52
17,654,646,647.52
22,447,674.00
GBDT Issue No.6 2024
2 Feb 2024

13,753,505,562.00
13,753,505,562.00
17,239,290.00
Source: Reserve Bank of Zimbabwe

RBZ Gold-Backed Digital Tokens Issuances (US$)
Issuance
Date
Number of Bids
Received
Value of Bids
Received US$
Amount Allotted
Milligrams of
Gold Purchased
GBDT Issue No.1 2023
12 May 2023

11,733.00
GBDT Issue No.2 2023
18 May 2023

2,099.98
2,099.98
31,484
GBDT Issue No.3 2023
26 May 2023

244.97
244.97
3,723
GBDT Issue No.4 2023
01 Jun 2023

GBDT Issue No.5 2023
08 Jun 2023

204.98
204.98
3,087.00
GBDT Issue No.6 2023
15 Jun 2023

4,199.98
4,199.98
63,636.00
GBDT Issue No.7 2023
22 Jun 2023

GBDT Issue No.8 2023
29 Jun 2023

155.01
155.01
2,407.00
GBDT Issue No.9 2023
06 Jul 2023

79.95
79.95
1,230.00
GBDT Issue No.10 2023
13 Jul 2023

GBDT Issue No.11 2023
20 Jul 2023

GBDT Issue No.12 2023
03 Aug 2023

3,200.00
3,200.00
299.9448,779.00
GBDT Issue No.13 2023
17 Aug 2023

GBDT Issue No.14 2023
31 Aug 2023

GBDT Issue No.15 2023
14 Sep 2023

299.94
299.94
4,643.00
GBDT Issue No.16 2023
28 Sep 2023

8,216.73
8,216.73
128,991.00
GBDT Issue No.17 2023
12 Oct 2023

GBDT Issue No.18 2023
18 Oct 2023

4,627
GBDT Issue No.19 2023
09 Nov 2023

201.94
201.94
3,055
GBDT Issue No.20 2023
23 Nov 2023

GBDT Issue No.21 2023
07 Dec 2023

499.94
499.94
7,309.00
GBDT Issue No.22 2023
21 Dec 2023

165.98
165.98
2,416
GBDT Issue No.3 2024
30 Jan 2024

19.94
19.94

Source: Reserve Bank of Zimbabwe

Mosi-oa-Tunya Gold Coin Prices
Gold Coin Price
12 Jan 2024
19 Jan 2024
26 Jan 2024
02 Feb 2024
1.00Oz


US$

ZW$

0.50Oz


US$

ZW$

0.25Oz


US$

ZW$

0.10Oz


US$

ZW$

Source: Reserve Bank of Zimbabwe

7. EXTERNAL SECTOR
International commodity price developments

Platinum
Palladium
Nickel
Lithium

US$/ounce
US$/ounce
US$/tonne
US$/tonne
Weekly Average
(22-26 Jan)

29-Jan

30-Jan

31-Jan

1-Feb

2-Feb

Weekly Average
(29 Jan - 2 Feb)

Source: KITCO

Exchange Rate Developments

USD
ZAR
GBP
BWP
EURO
Weekly Average
(22 Jan– 26 Jan)

29-Jan

30-Jan

31-Jan

1-Feb

2-Feb

Weekly Average
(29 Jan – 2 Feb)

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

Source: Reserve Bank of Zimbabwe

8. FOREIGN EXCHANGE AUCTION
Foreign Exchange Auction Results for Wholesale FX1
Source: Reserve Bank of Zimbabwe

Summary of Foreign Currency Auction Allotments by Purpose
Source: Reserve Bank of Zimbabwe

1 Wholesale Foreign Currency Auction (Wholesale FX) is normally conducted on Tuesday every week. The RBZ MPC resolutions dated 6 June
2023 resolved that with effect from 7 June 2023, the Bank shall sell foreign currency at the market-determined exchange rate through banks to
support and strengthen the foreign exchange interbank market, and banks shall in turn sell the foreign currency to their customers.

21-Nov-23
28-Nov-23
05-Dec-23
12-Dec-23
% change
from Last
Week
Total
Bids (US$ dollars)

Amount Allotted (US$
dollars)

Highest Rate

Lowest Bid Rate Allotted

Weighted Average Rate

Number of Bids Received

5.26
Number of Bids Rejected

-
21-Nov-23
28-Nov-23
5-Dec-23
12-Dec-23
% change from
Last Week
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

-32.99