Vol. 26 No. 47


Week Ending
22nd NOVEMBER 2024
Weekly Economic
Highlights
TABLE OF CONTENTS


GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND
7.

1. OVERVIEW


This report provides an overview of weekly monetary and financial developments from domestic and
international markets including money and capital markets, national payment systems, commodity prices and
exchange rates for the week ending 22nd November 2024.
During the week under review, local currency minimum and maximum deposit rates for savings deposits
remained unchanged, while minimum and maximum deposits rates for all tenors declined. Foreign currency
deposit rates for all tenors also decreased during the same period.
Minimum and maximum local currency lending rates for both individual and corporate clients increased,
during the week under review reflecting tight local currency liquidity conditions in the market. Minimum
foreign currency lending rates for both individual and corporate clients, however, declined during the same
week. Maximum foreign currency lending rates for corporates also declined.
On the capital markets, the Zimbabwe Stock Exchange (ZSE) exhibited bullish trends, resulting in a 0.80%
increase in the All-Share Index, which closed at 272.61 points. The Victoria Falls Stock Exchange (VFEX),
however, traded negatively, with the VFEX All-Share Index decreasing by 0.42% to close at 108.38 points.
The value of transactions processed through the National Payment Systems platforms surged by 24.97% to
ZiG30.29 billion, from ZiG24.24 billion recorded in the previous week. The increase was largely driven by a
rise in transaction values recorded through RTGS, Zipit mobile, mobile banking, POS and ATM payment
platforms.
On the interbank market, the Zimbabwe Gold (ZiG) appreciated by 0.3% against the greenback, from an
average of ZiG25.37 per US$1 in the previous week to an average of ZiG25.29 per US$1, during the week
under review.
International commodity prices for all selected commodities increased, compared to the previous week. Gold
prices firmed, driven by increased demand for safe-haven assets amid the ongoing escalation of tensions
between Russia and Ukraine. Similarly, the growing use of platinum in the semiconductor and sensor
industries has further boosted demand for platinum, contributing to the rise in prices for the metal. Lithium
prices rebounded, underpinned by increased demand for the metal. Brent crude oil prices also increased amid
escalating tensions between Russia and Ukraine, which raised concerns about potential disruptions to crude
oil supply.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG)(%)
ZiG Deposit rates
1 November 2024
8 November 2024
15 November 2024
22 November 2024
Savings


Minimum

Maximum

1-month deposit


Minimum

Maximum

3-months deposit


Minimum

Maximum

6-months deposit


Minimum

Maximum

12-months 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
1 November 2024
8 November 2024
15 November 2024
22 November 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
1 November 2024
8 November 2024
15 November 2024
22 November 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial bank weighted lending rates (Foreign Currency (US$))(%)
US$ Lending rates
1 November 2024
8 November 2024
15 November 2024
22 November 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial banks and building societies mortgage lending rates(%)
Mortgage Lending rates
1 November 2024
8 November 2024
15 November 2024
22 November 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)
1-Nov-24

8-Nov-24

15-Nov-24

22-Nov-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)
1-Nov-24

8-Nov-24

15-Nov-24

22-Nov-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

30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
27-Sep-24
04-Oct-24
11-Oct-24
18-Oct-24
25-Oct-24
01-Nov-24
08-Nov-24
15-Nov-24
22-Nov-24
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
27-Sep-24
04-Oct-24
11-Oct-24
18-Oct-24
25-Oct-24
01-Nov-24
08-Nov-24
15-Nov-24
22-Nov-24
ZiG Billion
ZSE Market Capitalisation

30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
27-Sep-24
04-Oct-24
11-Oct-24
18-Oct-24
25-Oct-24
01-Nov-24
08-Nov-24
15-Nov-24
22-Nov-24
US$ Thousand
VFEX Market Turnover

30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
27-Sep-24
04-Oct-24
11-Oct-24
18-Oct-24
25-Oct-24
01-Nov-24
08-Nov-24
15-Nov-24
22-Nov-24
US$ Billion
VFEX Market Capitalisation

30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
27-Sep-24
04-Oct-24
11-Oct-24
18-Oct-24
25-Oct-24
01-Nov-24
08-Nov-24
15-Nov-24
22-Nov-24
Indices
VFEX All Share Index


30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
27-Sep-24
04-Oct-24
11-Oct-24
18-Oct-24
25-Oct-24
01-Nov-24
08-Nov-24
15-Nov-24
22-Nov-24
ZiG Thousands
ZSE Market Turnover

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


5. ENERGY PRICES

Energy Prices

1 November 2024
8 November 2024
15 November 2024
22 November 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
18-November-24

19-November-24

20-November-24

21-November-24

22-November-24

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


PAYMENT STREAM
WEEK ENDING
15 November 2024
WEEK ENDING
22 November 2024
WEEKLY
CHANGE (%)

VALUES

RTGS (ZiG)
17,890,470,531.58
24,109,430,787.77
34.76
Of which ZiG
7,188,223,760.32
8,380,709,415.05

Of which US$
421,716,635.22
621,757,897.41

POS
1,396,706,144.75
2,273,641,083.02
62.79
ATM
1,121,999,857.80
1,239,937,460.22
10.51
MOBILE BANKING
93,543,656.48
115,348,175.40
23.31
MOBILE MONEY
3,589,098,731.86
2,353,457,480.37
(34.43)
ZIPIT MOBILE
144,317,061.04
195,128,979.13
35.21
TOTAL
24,236,135,983.51
30,286,943,965.92
24.97

VOLUMES

RTGS
102,065
184,402
80.67
Of which ZiG
40,553
87,547

Of which US$
61,512
96,855

POS
1,441,556
1,696,931
17.72
ATM
140,865
162,435
15.31
MOBILE BANKING
200,656
256,827
27.99
MOBILE MONEY
11,498,735
9,881,045
(14.07)
ZIPIT MOBILE
192,378
203,642
5.86
TOTAL
13,576,255
12,385,282
(8.77)

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
18-November-24
19-November-24
20-November-24
21-November-24
22-November-

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
(11-15 Nov)

18-November

19-November

20-November

21-November

22-November

Weekly Average
(18-22 Nov)

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
(11-15 Nov)

18-November

19-November

20-November

21-November

22-November

Weekly Average
(18-22 Nov)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (18th November -22nd November 2024)


Source: BBC, KITCO and Bloomberg, 2024


US$/oz
Gold

US$/barrel
Crude oil


20-Oct
23-Oct
26-Oct
29-Oct
1-Nov
4-Nov
7-Nov
10-Nov
13-Nov
16-Nov
19-Nov
22-Nov
US$/tonne
Platinum


US$/tonne
Palladium

11-Oct
18-Oct
25-Oct
1-Nov
8-Nov
15-Nov
22-Nov
US$/tonne
Nickel

20-Oct
23-Oct
26-Oct
29-Oct
1-Nov
4-Nov
7-Nov
10-Nov
13-Nov
16-Nov
19-Nov
22-Nov
US$/tonne
Lithium