Vol. 26 No. 18


Week Ending
3rd May 2024
Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW


Maximum local currency deposit rates for all tenors increased during the week ending 3rd May 2024.
Similarly, local currency lending rates for both individual and corporate clients increased during the
week, though marginally. Foreign currency deposits rates for savings, 3-month, 6-month and over
1-year tenors remained unchanged. Similarly, maximum foreign currency lending rates for corporate
clients remained unchanged while those for individual clients registered increases.
The Zimbabwe Stock Exchange (ZSE) All Share Index declined by 0.75% to close the week at 98.29
points. The cumulative value of shares traded declined by 41.8% during the week to close at ZiG6.98
million from ZiG11.99 million in the previous week. The Victoria Falls Stock Exchange (VFEX)
traded on a positive trajectory during the week under review. The VFEX All Share Index and market
capitalisation increased from 97.49 points and US$1.18 billion to close at 99.15 points and US$1.20
billion, respectively.
The value of the aggregate transactions processed through the National Payment Systems platforms
amounted to ZiG13.06 billion during the week under analysis, representing a decrease of 14.33%
from ZiG15.24 billion registered in the previous week. The Real Time Gross Settlement (RTGS)
system constituted 74.22% and mobile platforms 76.57% as the highest proportion in terms of value
and volume respectively.
The interbank exchange rate depreciated by 0.92% from ZiG13.4301 per US$ at the beginning of the
week to ZiG13.5540 per US$ at the end of the week, mainly driven by decreases in the gold price.
The average international commodity prices for gold, palladium, nickel, and crude oil declined during
the week ending 3rd of May 2024. Platinum and lithium prices were, however, higher. Gold prices
declined during the week as investors continued to evaluate the Federal Reserve's policy decision. In
addition, the moderation of geopolitical tensions in the Middle East, fuelled by increasing optimism
regarding an Egypt-mediated cease-fire between Israel and Hamas, have diminished the
attractiveness of gold as a safe haven asset.
Similarly, palladium prices fell on account of a shift to cheaper platinum translating to decreasing
demand for the metal. Nickel prices also declined due to the weakened demand in China, the largest
consumer of base metals. Crude oil prices fell amid rising inventories in the United Sates coupled
with subdued demand. Conversely, platinum and lithium prices increased largely driven by
strengthening demand for the metals.
A cumulative total of 101.01 million kilograms of tobacco had been sold as of 3rd May 2024. This
reflected an 17.58% decrease from 122.5 million kilograms sold during the same period in 2023. The
golden leaf was sold at an average price of US$3.58 per kilogram, up from US$3.00 per kilogram
realised in the same period last year.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG))
ZiG Deposit rates
12 April 2024
19 April 2024
26 April 2024
3 May 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, 2024

Average commercial bank deposit rates (Foreign Currency (US$)
US$ Deposit rates
12 April 2024
19 April 2024
26 April 2024
3 May 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, 2024

Commercial bank weighted lending rates (Local Currency (ZiG))
ZiG Lending rates
12 April 2024
19 April 2024
26 April 2024
3 May 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

Commercial bank weighted lending rates (Foreign Currency (US$)
US$ Lending rates
12 April 2024
19 April 2024
26 April 2024
3 May 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

Commercial banks and Building societies mortgage lending rates.
Mortgage Lending rates
12 April 2024
19 April 2024
26 April 2024
3 May 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)
12-April24

19-April-24

26-April-24

3-May-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)
12-April-24

19-April-24

26-April-24

3-May-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
4. CLEARING AND SETTLEMENT ACTIVITY
Source: Reserve Bank of Zimbabwe, 2024
PAYMENT STREAM
WEEK ENDING
26 April 2024
WEEK ENDING
3 May 2024
WEEKLY
CHANGE (%)

VALUES IN ZiG

RTGS
12,751,746,808.55
9,695,635,847.31
-23.97%
Of which ZiG
3,745,988,748.93
3,183,600,033.05

Of which US$
676,102,829.08
483,872,535.22

POS
699,139,455.71
824,973,297.27
18.00%
ATM
667,814,460.62
1,153,587,163.47
72.74%
MOBILE
1,123,723,796.36
1,388,467,796.59
22.91%
TOTAL
15,242,424,521.25
13,062,664,104.63
-14.33%

VOLUMES

RTGS
257,331
264,902
2.94%
Of which ZiG
115,738
119,896

Of which US$
141,593
145,006

POS
1,986,378
2,105,394
5.99%
ATM
272,880
319,734
17.17%
MOBILE
8,854,930
8,793,310
-3.27%
TOTAL
11,371,519
11,483,340
-1.07%

16-Apr-24
17-Apr-24
18-Apr-24
19-Apr-24
20-Apr-24
21-Apr-24
22-Apr-24
23-Apr-24
24-Apr-24
25-Apr-24
26-Apr-24
27-Apr-24
28-Apr-24
29-Apr-24
30-Apr-24
01-May-24
02-May-24
03-May-24
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index


16-Apr-24
17-Apr-24
18-Apr-24
19-Apr-24
20-Apr-24
21-Apr-24
22-Apr-24
23-Apr-24
24-Apr-24
25-Apr-24
26-Apr-24
27-Apr-24
28-Apr-24
29-Apr-24
30-Apr-24
01-May-24
02-May-24
03-May-24
ZiG Thousands
ZSE Market Turnover

16-Apr-24
17-Apr-24
18-Apr-24
19-Apr-24
20-Apr-24
21-Apr-24
22-Apr-24
23-Apr-24
24-Apr-24
25-Apr-24
26-Apr-24
27-Apr-24
28-Apr-24
29-Apr-24
30-Apr-24
01-May-24
02-May-24
03-May-24
ZiG Billion
ZSE Market Capitalisation

09-Feb-24
16-Feb-24
23-Feb-24
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
US$ Bililon
VFEX All Share Index

23-Feb-24
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
US$ Thousand
VFEX Market Turnover
0.8

1.2
1.4
1.6
09-Feb-24
16-Feb-24
23-Feb-24
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
US$ Billion
VFEX Market Capitalisation

5. PRICES
Domestic Energy Prices
Energy prices
12 April 2024
19 April 2024
26 April 2024
3 May 2024

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

Petrol Blend E20/ litre

LP Gas / kg

Source: Zimbabwe Energy Regulatory Authority, 2024

International Energy Prices (Weekly average)
Energy prices
12 April 2024
19 April 2024
26 April 2024
3 May 2024

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

Source: BBC, 2024

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

Previous day Gold PM Fix
Gold prices
12 April 2024
19 April 2024
26 April 2024
3 May 2024

US$/oz
US$/oz
US$/oz
US$/oz
Gold PM Fix

Source: London Bullion Market Association, 2024


Gold Backed Digital Token Price Per Milligram
Daily prices
ZiG Price per Mg
US$ Price per Mg
Buy
Sell
Buy
Sell
29-April-24

30-April-24

2-May-24

3-May -24

Source: Reserve Bank of Zimbabwe, 2024


Figure 2: Cumulative KGs Purchased of GBDT

Source: Reserve Bank of Zimbabwe, 2024


-

1,000
18-May-23
01-Jun-23
15-Jun-23
29-Jun-23
13-Jul-23
03-Aug-23
31-Aug-23
28-Sep-23
18-Oct-23
23-Nov-23
21-Dec-23
25-Jan-24
31-Jan-24
02-Feb-24
06-Feb-24
08-Feb-24
12-Feb-24
14-Feb-24
16-Feb-24
20-Feb-24
23-Feb-24
27-Feb-24
29-Feb-24
04-Mar-24
06-Mar-24
08-Mar-24
12-Mar-24
14-Mar-24
18-Mar-24
20-Mar-24
22-Mar-24
26-Mar-24
28-Mar-24
03-Apr-24
05-Apr-24

Mosi-oa-Tunya Gold Coin Prices
Gold Coin Price
29 April 2024
30 April 2024
2 May 2024
3 May 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
29-April

30-April

1-May

3-May

Weekly Average
(29 April– 3May)

Source: Reserve Bank of Zimbabwe, 2024

International Commodity Price Developments

Platinum
Palladium
Nickel
Lithium

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

29-April

30-April

1-May

2-May

3-May

Weekly Average
(29 April -3 May)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (29th – 3rd May 2024)


Source: BBC, KITCO and Bloomberg, 2024


8. TOBACCO SALES
Weekly Cumulative Tobacco Sales (3rd May 2024)

Variance (%)
Cumulative Quantity Sold (million kgs)
122,543,540
101,005,709
-17.58
Average Price (US$/kg)
3.00
3.58
19.21
Cumulative value (US$ million)
367,991,565
361,586,918
-1.74
Source: Tobacco Industry and Marketing Board (TIMB), 2024

29-Apr
30-Apr
1-May
2-May
3-May
US$/tonne
Platinum

29-Apr
30-Apr
1-May
2-May
3-May
US$/tonne
Palladium

29-Apr
30-Apr
1-May
2-May
3-May
US$/tonne
Nickel

29-Apr
30-Apr
1-May
2-May
3-May
US$/tonne
Lithium