Vol. 26 No. 8


Week Ending
23rd February 2024
Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW


The Zimbabwe dollar (ZW$) depreciated from ZW$12,116.45 per US$ at the beginning of the
week to ZW$13,330.49 per US$ during the week ending 23 February 2023. The parallel market
exchange rate premium narrowed from 27% to 23.8%.

Local currency and foreign currency deposit rates for all tenors remained unchanged during the
week under review. Local currency lending rates for individual clients fell from 99.72% to
99.22%, while the rates for corporate clients marginally increased from 166.02% to 166.71%,
during the week. Maximum foreign currency lending rates for individual and corporate clients
also marginally increased from 13.65% and 14.23% to 13.69% and 14.28% during the week,
respectively.

The Zimbabwe Stock Exchange (ZSE) exhibited bearish sentiments which were occasioned by
a decrease in the traded share volumes. Consequently, the market lost 1.85%, or ZW$740.99
billion worth of capitalisation to close at ZW$39,257.91 billion. The cumulative value of shares
traded declined by 49.63% to ZW$10,303.50 from ZW$20,456.43 million in the previous week.

On the other hand, the Victoria Falls Stock Exchange (VFEX) traded on a positive trajectory. As
such, the VFEX All Share index gained 2.25% to close at 98.68 points from 96.51 points in the
previous week. The market gained 2.25% worth of capitalisation to close at US$1.19 billion
compared to US$1.17 billion recorded in the previous week.

The value of aggregate transactions processed through the National Payment Systems decreased
by 0.32% from ZW$11.37 trillion in the previous week to ZW$11.33 trillion during the week
under review. This, in part, reflected declines in Real Time Gross Settlement (RTGS)
transactions by 5.88%.

International average prices for selected commodities increased save for lithium prices which
remained unchanged at previous week levels. Gold prices increased due to the softer US dollar
and higher safe-haven demand amid escalating tensions in the Middle East. Palladium and
platinum prices rebounded on account of improved demand for the metal. Lithium prices
remained largely unchanged during the same week. Copper prices gained by 2.53%, in part,

driven by increased demand from China, United States of America (U.S.A), and India. Nickel
prices rose to their highest in 10 weeks during the week under analysis closing at an average of
US$16,902.60/tonne on the back of higher demand for the metal in stainless steel and electric
vehicle battery industries.

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

2. INTEREST RATES

Policy rates
Policy Rate
02 Feb 2024
09 Feb 2024
16 Feb 2024
23 Feb 2024


RBZ Policy Rate

MBA window

Source: Reserve Bank of Zimbabwe


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


Minimum

Maximum


Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe


Commercial bank weighted lending rates (Foreign Currency (US$)
US$ Lending rates
02 Feb 2024
09 Feb 2024
16 Feb 2024
23 Feb 2024
Individuals


Minimum

Maximum


Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe


Commercial banks and Building societies mortgage lending rates
Mortgage Lending
rates
02 Feb 2024
09 Feb 2024
16 Feb 2024
23 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)
02-Feb-24

09-Feb-24

16-Feb-24

23-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)
02-Feb-24

09-Feb-24

16-Feb-24

23-Feb-24

% Change


Source: Zimbabwe Stock Exchange, (ZSE)

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


Source: Zimbabwe Stock Exchange, (ZSE)


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
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
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
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
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
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
US$ Mililon
VFEX Market Capitalisation

4. CLEARING AND SETTLEMENT ACTIVITY

5. PRICES

Domestic Energy Prices
Energy prices
02 Feb 2024
09 Feb 2024
16 Feb 2024
23 Feb 2024

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

Petrol Blend E20/
litre

LP Gas / kg

Source: ZERA


International Energy Prices
Energy prices
02 Feb 2024
09 Feb 2024
16 Feb 2024
23 Feb 2024

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

Source: KITCO


PAYMENT STREAM
WEEK
ENDING 16 FEBRUARY

WEEK
ENDING 23 FEBRUARY

WEEKLY
CHANGE
(%)

VALUES IN ZW$

RTGS
9,804,324,904,714.03
9,228,262,109,867.62
-5.88
Of which ZW$
3,671,219,301,031.05
2,949,683,127,354.91

Of which US$
507,064,851.57
470,300,607.33

POS
451,474,019,036.31
678,530,766,322.66
50.29%
ATM
408,540,989,474.75
658,441,821,062.83
61.17%
MOBILE
706,186,909,261.93
769,012,512,085.66
8.90%
TOTAL
11,370,526,822,487.00
11,334,247,209,338.80
-0.32%

VOLUMES

RTGS
160,609
166,854
3.89%
Of which ZW$
88,179
79,051

Of which US$
72,430
87,803

POS
1,420,434
1,829,095
28.77%
ATM
141,803
221,023
55.87%
MOBILE
10,720,999
11,033,243
2.91%
TOTAL
12,443,845
13,250,215
6.48%

6. MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS
(GBDT)

Previous day Gold PM Fix
Gold prices
02 Feb 2024
09 Feb 2024
16 Feb 2024
23 Feb 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
2-Feb-24

09-Feb-24

16-Feb-24

23-Feb-24

Source: Reserve Bank of Zimbabwe


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

287,537.56
287,537.56
710.650898
16-Feb
GBDT Issue No.7 2024
19-Feb

1,532.40
1,532.40
1.594354
GBDT Issue No.8 2024
20-Feb

3,825.60
3,825.60
3.879914
GBDT Issue No.9 2024
22-Feb

3,699.17
3,699.17
3.649897
GBDT Issue No.10 2024
23-Feb

5,039.99
5,039.99
4.881732
Cumulative up to week ending

301,634.72


301,634.72

724.656795
23-Feb
Weekly Change (%)

Source: Reserve Bank of Zimbabwe

Figure 2: Cumulative KGs Purchased of GBDT

Source: Reserve Bank of Zimbabwe


Mosi-oa-Tunya Gold Coin Prices
Gold Coin Price
02 Feb 2024
09 Feb 2024
16 Feb 2024
23 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

Exchange Rate Developments

USD
ZAR
GBP
BWP
EURO
Weekly Average
(12 Feb -16 Feb)
12,116.45
641.67
15,266.81

883.26
13,029.12
19-Feb

20-Feb

22-Feb

23-Feb

Weekly Average
(12 Feb –16 Feb)

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

Source: Reserve Bank of Zimbabwe


International commodity price developments

Platinum
Palladium
Nickel
Lithium

US$/ounce
US$/ounce
US$/tonne
US$/tonne
Weekly Average
(12 Feb – 16 Feb)

19-Feb

20-Feb

21-Feb

22-Feb

23-Feb

Weekly Average
(19 Feb - 23 Feb)

Source: KITC

Figure 3: Weekly Precious Metals Price Developments (19th – 23rd February 2024)


Source: Kitco,2024

19-Feb
20-Feb
21-Feb
22-Feb
23-Feb
US$/tonne
Platinum

US$/tonne
Palladium

US$/tonne
Nickel

US$/tonne
Lithium