Vol. 26 No. 40


Week Ending
4th October 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 4th October 2024.
During the week under review both local and foreign currency deposit rates for savings deposits and deposits
for all tenors remained unchanged save for minimum 12 months deposit rates which registered an increase.
Minimum local currency lending rates for individual clients declined, while maximum lending rates for
individuals registered an increase. Minimum local currency lending rates for corporate clients increased, while
the maximum corporate lending rates declined. On the other hand, both minimum and maximum foreign
currency lending rates for individual clients increased, while those for corporate clients decreased.
On the capital markets, the Zimbabwe Stock Exchange (ZSE) traded on a positive trajectory. As such, the
ZSE All Share Index gained 3.30% to close at 252.81 points. Similarly, the Victoria Falls Stock Exchange
(VFEX) was bullish during the same week. Consequently, the VFEX All share index rose by 0.97% to close
at 106.67 points.
The value of aggregate transactions processed through the National Payment Systems platforms rose by
18.13% to close at ZiG26.37 billion, during the week under analysis. This was largely due to an increase in
the value of transactions registered through the ATM, mobile money, ZIPIT, mobile banking and RTGS
payment platforms.
The Zimbabwe Gold (ZiG) softened against the greenback, from an average of ZiG16.07 per US dollar in the
previous week to an average of ZiG25.19 per US dollar. This followed a decision by the Monetary Policy
Committee on 27th September 2024 to allow for greater exchange rate flexibility in line with increased demand
for foreign currency in the economy.
International commodity prices for gold, platinum, nickel and crude oil increased, while palladium and lithium
prices declined during the week under review. Gold, crude oil, platinum and nickel prices firmed supported
by higher demand for the commodities. However, palladium prices continued on a negative trajectory amid
weaker demand for the metal. Lithium prices also fell from the previous week’s levels on account of persistent
oversupply concerns.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG)
ZiG Deposit rates
13 September 2024
20 September 2024
27 September 2024
4 October 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
13 September 2024
20 September 2024
27 September 2024
4 October 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
13 September 2024
20 September 2024
27 September 2024
4 October 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial bank weighted lending rates (Foreign Currency (US$))
US$ Lending rates
13 September 2024
20 September 2024
27 September 2024
4 October 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial banks and building societies mortgage lending rates
Mortgage Lending rates
13 September 2024
20 September 2024
27 September 2024
4 October 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)
13-Sep-24

20-Sep-24

27-Sep-24

4-Oct-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)
13-Sep-24

20-Sep-24

27-Sep-24

4-Oct-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

02-Aug-24
09-Aug-24
16-Aug-24
23-Aug-24
30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
27-Sep-24
04-Oct-24
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

26-Jul-24
02-Aug-24
09-Aug-24
16-Aug-24
23-Aug-24
30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
27-Sep-24
04-Oct-24
ZiG Billion
ZSE Market Capitalisation

12-Jul-24
19-Jul-24
26-Jul-24
02-Aug-24
09-Aug-24
16-Aug-24
23-Aug-24
30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
27-Sep-24
04-Oct-24
US$ Thousand
VFEX Market Turnover

12-Jul-24
19-Jul-24
26-Jul-24
02-Aug-24
09-Aug-24
16-Aug-24
23-Aug-24
30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
27-Sep-24
04-Oct-24
US$ Billion
VFEX Market Capitalisation

05-Jul-24
12-Jul-24
19-Jul-24
26-Jul-24
02-Aug-24
09-Aug-24
16-Aug-24
23-Aug-24
30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
27-Sep-24
04-Oct-24
Indices
VFEX All Share Index


02-Aug-24
09-Aug-24
16-Aug-24
23-Aug-24
30-Aug-24
06-Sep-24
13-Sep-24
20-Sep-24
27-Sep-24
04-Oct-24
ZiG Thousands
ZSE Market Turnover

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


5. PRICES

Energy Prices

13 September 2024
20 September 2024
27 September 2024
4 October 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
30-September-24

1-October-24

2-October-24

3-October-24

4-October-24

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


PAYMENT STREAM
WEEK ENDING
27 September 2024
WEEK ENDING
4 October 2024
WEEKLY
CHANGE (%)

VALUES IN ZiG

RTGS
18,268,248,796.05
20,036,046,609.95
9.68%
Of which ZiG
8,372,966,059.43
8,054,156,331.04

Of which US$
623,516,394.24
476,549,152.27

POS
1,351,516,245.82
1,141,807,271.81
-15.52%
ATM
844,936,214.90
1,834,889,264.21
117.16%
MOBILE BANKING
97,441,024.77
117,054,481.00
20.13%
MOBILE MONEY
1,651,861,334.72
3,081,690,444.29
86.56%
ZIPIT MOBILE
110,658,696.48
160,579,968.50
45.11%
TOTAL
22,324,662,312.73
26,372,068,039.76
18.13%

VOLUMES

RTGS
329,423
259,222
-21.31%
Of which ZiG
170,480
139,065

Of which US$
158,943
120,157

POS
2,346,139
2,469,504
5.26%
ATM
223,515
286,377
28.12%
MOBILE BANKING
367,895
435,676
18.42%
MOBILE MONEY
10,456,703
11,353,383
8.58%
ZIPIT MOBILE
278,610
313,078
12.37%
TOTAL
14,002,285
15,117,240
7.96%

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
30 September 2024
1 October 2024
2 October 2024
3 October 2024
4 October 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
(23 – 27 September)

30-September

1-October

2-October

3-October

4-October

Weekly Average
(30September – 4October)

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
(23 - 27 September)

30-September

1-October

2-October

3-October

4-October

Weekly Average
(30 September - 4
October)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (30th September 2024 – 4th October 2024)


Source: BBC, KITCO and Bloomberg, 2024


30-Sep
01-Oct
02-Oct
03-Oct
04-Oct
US$/oz
Gold

30-Sep
1-Oct
2-Oct
3-Oct
4-Oct
US$/barrel
Crude oil

1 000
1 010
1 020
30-Sep
1-Oct
2-Oct
3-Oct
4-Oct
US$/tonne
Platinum

1 010
1 030
30-Sep
1-Oct
2-Oct
3-Oct
4-Oct
US$/tonne
Palladium

30-Sep
1-Oct
2-Oct
3-Oct
4-Oct
US$/tonne
Nickel

30-Sep
1-Oct
2-Oct
3-Oct
4-Oct
US$/tonne
Lithium