Vol. 26 No. 23


Week Ending
7th June 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 data from domestic and international markets
including money markets, capital markets, payment systems, commodity prices and exchange rates for the week
ending 7th June 2024.
During the week under review, the local currency minimum and maximum deposit rates for savings deposits and
deposits of all tenors remained unchanged at previous week’s levels. Maximum deposit rates for deposits of 1
month and 12-month tenor, however, registered an increase while those for 3-month tenor registered a decline
during the same week.
Minimum and maximum deposit rates for foreign currency savings deposits and for deposits for all tenors
registered increases except for maximum deposit rates of 1-month, 3-month and 6-month tenors which remained
unchanged at the previous week’s levels.
Local currency maximum and minimum lending rates for individuals and corporates at commercial banks
registered increases during the week under review save for maximum lending rates for individuals which remained
unchanged at levels registered in the previous week.
Domestic capital markets continued on a positive trajectory during the week under review. The Zimbabwe Stock
Exchange (ZSE) All Share Index registered a week-on-week increase to close at 106.10 points, from 101.07 points
in the preceding week. Similarly, the Victoria Falls Stock Exchange (VFEX) All share Index also increased by
0.03%, from 98.26 points recorded during in the week ending 31st May 2024, to close at 101.60 points in the week
under analysis.
The National Payment System processed transactions worth ZiG15.11 billion during the week ending 7th of June
2024, representing a 4.59% increase, from ZiG14.45 billion recorded in the previous week. This was largely
attributable to increases in transaction values processed through all national payment system platforms.
On the local foreign exchange market, the ZiG/US$ exchange rate registered a marginal depreciation of 0.01%
from a weekly average of ZiG13.2922 per US$ registered in the prior week, to ZiG13.3644 per US$ during the
reporting week.
International weekly average commodity prices for gold, platinum, palladium, nickel, and crude oil declined during
the week under review. Gold prices weakened on the back of a stronger US dollar. Platinum and palladium prices
were both weighed down by lower demand concerns amid the ongoing gradual transition from Internal Combustion
Engine (ICE) vehicles to Battery Electric Vehicles (BEVs).
The decline in crude oil prices was occasioned by an increase in the global accumulation of oil reserves which
exerted downward pressures on prices.
A cumulative total of 182 million kilograms of tobacco was sold as at 7 June 2024, representing a 26.85% decrease
from 248 million kilograms sold during the same period in 2023. The golden leaf was, however, sold at a higher
price of US$3.49 per kilogram during the period under analysis, up from US$3.02 per kilogram realised in the
same period last year.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG))
ZiG Deposit rates
17 May 2024
24 May 2024
31 May 2024
7 June 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


Average commercial bank deposit rates (Foreign Currency (US$)
US$ Deposit rates
17 May 2024
24 May 2024
31 May 2024
7 June 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
17 May 2024
24 May 2024
31 May 2024
7 June 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial bank weighted lending rates (Foreign Currency (US$)
US$ Lending rates
17 May 2024
24 May 2024
31 May 2024
7 June 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

Commercial banks and building societies mortgage lending rates
Mortgage Lending rates
17 May 2024
24 May 2024
31 May 2024
7 June 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)
17-May-24

24-May-24

31-May-24

7-June-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)
17-May-24

24-May-24

31-May-24

7-June-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

10-May-24
12-May-24
14-May-24
16-May-24
18-May-24
20-May-24
22-May-24
24-May-24
26-May-24
28-May-24
30-May-24
01-Jun-24
03-Jun-24
05-Jun-24
07-Jun-24
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index


10-May-24
12-May-24
14-May-24
16-May-24
18-May-24
20-May-24
22-May-24
24-May-24
26-May-24
28-May-24
30-May-24
01-Jun-24
03-Jun-24
05-Jun-24
07-Jun-24
ZiG Thousands
ZSE Market Turnover

11-May-24
14-May-24
17-May-24
20-May-24
23-May-24
26-May-24
29-May-24
01-Jun-24
04-Jun-24
07-Jun-24
ZiG Billion
ZSE Market Capitalisation

01-Mar-24
08-Mar-24
15-Mar-24
22-Mar-24
29-Mar-24
05-Apr-24
12-Apr-24
19-Apr-24
26-Apr-24
03-May-24
10-May-24
17-May-24
24-May-24
31-May-24
07-Jun-24
US$ Bililon
VFEX All Share Index
0.8
0.9


08-Mar-24
15-Mar-24
22-Mar-24
29-Mar-24
05-Apr-24
12-Apr-24
19-Apr-24
26-Apr-24
03-May-24
10-May-24
17-May-24
24-May-24
31-May-24
07-Jun-24
US$ Billion
VFEX Market Capitalisation

08-Mar-24
15-Mar-24
22-Mar-24
29-Mar-24
05-Apr-24
12-Apr-24
19-Apr-24
26-Apr-24
03-May-24
10-May-24
17-May-24
24-May-24
31-May-24
07-Jun-24
US$ Thousand
VFEX Market Turnover

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

Energy Prices

17 May 2024
24 May 2024
31 May 2024
7 June 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
3-June-24

4-June-24

5-June-24

6-June-24

7-June-24

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


PAYMENT STREAM
WEEK ENDING
31 May 2024
WEEK ENDING
7 June 2024
WEEKLY
CHANGE (%)

VALUES IN ZiG

RTGS
11,518,355,613.73
11,548,277,278.11
0.26%
Of which ZiG
3,972,811,800.92
5,119,850,751.02

Of which US$
567,826,133.87
481,265,964.55

POS
887,337,685.08
1,087,746,988.25
22.59%
ATM
898,131,552.57
1,137,936,950.50
26.70%
MOBILE BANKING
58,896,477.76
77,225,737.16
31.12%
MOBILE MONEY
1,015,723,273.54
1,154,815,229.63
13.69%
ZIPIT MOBILE
67,843,283.74
102,834,548.22
51.58%
TOTAL
14,446,287,886.42
15,108,836,731.87
4.59%

VOLUMES

RTGS
298,453
198,934
-33.34%
Of which ZiG
149.961
86,779

Of which US$
148.492
112,155

POS
1,885,780
2,232,687
18.396%
ATM
228,122
278,555
22.11%
MOBILE BANKING
358,849
397,618
10.80%
MOBILE MONEY
7,698,181
8,123,590
5.53%
ZIPIT MOBILE
187,718
259,411
38.19%
TOTAL
10,657,103
11,490,795
7.82%

Mosi-oa-Tunya Gold Coin Prices
Gold Coin Price
3 June 2024
4 June 2024
5 June 2024
6 June 2024
7 June 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
(27-31 May)

3-June

4-June

5-June

6-June

7-June

Weekly Average
(3– 7June)

Appr (-)/Depr (+) (%)

Source: Reserve Bank of Zimbabwe, 2024


International Commodity Price Developments

Platinum
Palladium
Nickel
Lithium

US$/ounce
US$/ounce
US$/tonne
US$/tonne
Weekly Average
(27-31 May)

3-June

4-June

5-June

6-June

7-June

Weekly Average
(3-7 June)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (3rd – 7th June 2024)


Source: BBC, KITCO and Bloomberg, 2024

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales (7th June 2024)

Variance (%)
Cumulative Quantity Sold (million kgs)
248,177,307

181,535,957
-26.85
Average Price (US$/kg)
3.02
3.49
15.56
Cumulative value (US$ million)
748,505,281
632,699,362
-15.47
Source: Tobacco Industry and Marketing Board, 2024

1,000
1,020
1,040
3-Jun
4-Jun
5-Jun
6-Jun
7-Jun
US$/tonne
Platinum

3-Jun
4-Jun
5-Jun
6-Jun
7-Jun
US$/tonne
Palladium

3-Jun
4-Jun
5-Jun
6-Jun
7-Jun
US$/tonne
Nickel

3-Jun
4-Jun
5-Jun
6-Jun
7-Jun
US$/tonne
Lithium