Vol. 26 No. 30


Week Ending
26th July 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 developments from the domestic
and international fronts, including money markets, capital markets, payment systems, commodity
prices, and exchange rates for the week ending 26th July 2024.
The local currency minimum and maximum deposit rates for all classes of deposits remained largely
unchanged during the week under review. Maximum deposit rates for deposits of 1-month tenor
declined while those for 3 months tenor registered an increase during the same week.
During the week under analysis, foreign currency minimum and maximum deposit rates for savings
deposits, deposits of 1 month, 12 months, and over 1-year tenor remained unchanged at previous week
levels. Minimum and maximum deposit rates for deposits of 3 months and 6 months tenor increased
except for maximum deposit rates for deposits of 6 months tenor which registered a decline.
Commercial bank minimum local currency lending rates for individual clients increased while those
for corporate clients declined. Local currency maximum lending rates for both individual and
corporate clients decreased by 0.19 percentage points and 0.65 percentage points, respectively.
Minimum foreign currency lending rates for individual clients decreased by 0.04 percentage points
while maximum lending rates for individual clients increased by 0.03 percentage points. Minimum
and maximum foreign currency lending rates for corporate clients declined, during the week of
analysis.
The Zimbabwe Stock Exchange (ZSE) was bullish during the week under analysis. The All Share
Index rose by 1.11% to close the week at 202.04 points. Similarly, the Victoria Falls Stock Exchange
(VFEX), All Share Indices, increased by 0.24% to close the week under review at 106.70 points.
The value of transactions processed through the National Payment System (NPS) increased by
17.72%, from ZiG15.66 billion in the previous week to close at ZiG18.44 billion during the week
under analysis. This was largely due to an increase in the value of transactions registered for RTGS,
POS, ZIPIT mobile, ATM, and Mobile banking during the period of analysis.
On the local foreign exchange market, the ZiG/US$ exchange rate registered a depreciation of 0.2%,
from a weekly average of ZiG13.7362 per US$ registered in the prior week to ZiG13.7582 per US$
during the reporting week.
During the week under review, average international prices for platinum, palladium, nickel, crude oil,
and gold registered declines while average commodity prices for lithium, were, higher during the
same period.
A cumulative total of 228 million kilograms of tobacco was sold as of 26th July 2024, representing a
21.94% decrease from the 292 million kilograms sold during the same period in 2023. The golden

leaf was, however, sold at a higher price of US$3.43 per kilogram during the same period, up from
the US$3.03 per kilogram realised in the same period last year.
2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG)
ZiG Deposit rates
05 July 2024
12 July 2024
19 July 2024
26 July 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
05 July 2024
12 July 2024
19 July 2024
26 July 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
05 July 2024
12 July 2024
19 July 2024
26 July 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial bank weighted lending rates (Foreign Currency (US$)
US$ Lending rates
05 July 2024
12 July 2024
19 July 2024
26 July 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial banks and building societies mortgage lending rates
Mortgage Lending rates
05 July 2024
12 July 2024
19 July 2024
26 July 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)
5-July-24

12-July-24

19-July-24

26-July-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)
05-July-24

12-July-24

19-July-24

26-July-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

31-May-24
07-Jun-24
14-Jun-24
21-Jun-24
28-Jun-24
05-Jul-24
12-Jul-24
19-Jul-24
26-Jul-24
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index


24-May-24
31-May-24
07-Jun-24
14-Jun-24
21-Jun-24
28-Jun-24
05-Jul-24
12-Jul-24
19-Jul-24
26-Jul-24
ZiG Thousands
ZSE Market Turnover

24-May-24
31-May-24
07-Jun-24
14-Jun-24
21-Jun-24
28-Jun-24
05-Jul-24
12-Jul-24
19-Jul-24
26-Jul-24
ZiG Billion
ZSE Market Capitalisation

24-May-24
31-May-24
07-Jun-24
14-Jun-24
21-Jun-24
28-Jun-24
05-Jul-24
12-Jul-24
19-Jul-24
26-Jul-24
US$ Bililon
VFEX All Share Index

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
14-Jun-24
21-Jun-24
28-Jun-24
05-Jul-24
12-Jul-24
19-Jul-24
26-Jul-24
US$ Billion
VFEX Market Capitalisation

03-May-24
10-May-24
17-May-24
24-May-24
31-May-24
07-Jun-24
14-Jun-24
21-Jun-24
28-Jun-24
05-Jul-24
12-Jul-24
19-Jul-24
26-Jul-24
US$ Thousand
VFEX Market Turnover

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


5. PRICES

Energy Prices

5 July 2024
12 July 2024
19 July 2024
26 July 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
22-July-24

23-July-24

24-July-24

25-July-24

26-July-24

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


PAYMENT STREAM
WEEK ENDING
19 July 2024
WEEK ENDING
26 July 2024
WEEKLY
CHANGE (%)

VALUES IN ZiG

RTGS
13,587,371,742.90
15,692,633,080.98
15.49%
Of which ZiG
5,228,998,809.91
7,511,123,166.75

Of which US$
608,359,160.51
594,541,491.33

POS
330,749,482.41
557,214,652.05
68.47%
ATM
592,531,777.28
973,761,098.20
64.34%
MOBILE BANKING
41,922,522.39
84,992,761.00
102.74%
MOBILE MONEY
1,045,676,914.49
1,038,622,965.37
-0.67%
ZIPIT MOBILE
62,598,161.46
88,460,384.42
41.31%
TOTAL
15,660,850,600.93
18,435,684,942.02
17.72%

VOLUMES

RTGS
183,122
281,107
53.51%
Of which ZiG
85,010
140,800

Of which US$
98,112
140,307

POS
1,528,756
2,295,662
50.17%
ATM
153,355
271,128
76.80%
MOBILE BANKING
197,645
346,343
75.23%
MOBILE MONEY
7,950,470
8,306,299
4.48%
ZIPIT MOBILE
134,899
252,539
87.21%
TOTAL
10,148,247
11,753,078
15.81%

Mosi-oa-Tunya Gold Coin Prices
Gold Coin Price
10 July 2024
11 July 2024
12 July 2024
19 July 2024
26 July 2024
1.00Oz


US$
2,486.30

2,503.57

2,529.66

2,586.99
2,482.41
ZiG
34,142.05

34,388.50

34,816.72

35,484.19
34,212.82
0.50Oz


US$
1,243.15

1,251.78

1,264.83

1,293.50
1,241.21
ZiG
17,071.03

17,194.25

17,408.36

17,742.09
17,106.41
0.25Oz


US$
621.57

625.89

632.42

646.75
620.60
ZiG
8,535.51

8,597.13

8,704.18

8,871.05
8,553.21
0.10Oz


US$
248.63

250.36

252.97

258.70
248.24
ZiG
3,414.21

3,438.85

3,481.67

3,548.42
3,421.28
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
(15 – 19 July)

22-July

23-July

24-July

25-July

26-July

Weekly Average
(22 – 26 July)

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
(15-19 July)

22-July

23-July

24-July

25-July

26-July

Weekly Average
(22-26 July)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (22nd – 26th July 2024)


Source: BBC, KITCO and Bloomberg, 2024


22-Jul
23-Jul
24-Jul
25-Jul
26-Jul
US$/tonne
Nickel

22-Jul
23-Jul
24-Jul
25-Jul
26-Jul
US$/tonne
Lithium

22-Jul
23-Jul
24-Jul
25-Jul
26-Jul
US$/tonne
Platinum

22-Jul
23-Jul
24-Jul
25-Jul
26-Jul
US$/tonne
Palladium

22-Jul
23-Jul
24-Jul
25-Jul
26-Jul
US$/oz
Gold

22-Jul
23-Jul
24-Jul
25-Jul
26-Jul
US$/barrel
Crude oil

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales (26th July 2024)

Variance (%)
Cumulative Quantity Sold (million kgs)
292 335 766
228 184 172
(21.94)
Average Price (US$/kg)
3.03
3.43
13.21
Cumulative value (US$ million)
886 233 071
783 149 875
(11.63)
Source: Tobacco Industry and Marketing Board, 2024