Vol. 26 No. 37


Week Ending
13th September 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 markets, capital markets, payment systems, commodity prices and
exchange rates for the week ending 13th September 2024.
During the week under analysis, minimum local currency deposit rates for savings deposits, deposits of 12months and over 1 year tenor remained unchanged, while minimum deposit rates for deposits of 1-month, 3months and 6-months tenor increased. Maximum local currency deposits rates for deposits of 1-month tenor
decreased, while deposits rates for deposits of 3-months, 6-months, 12-months and over 1 year tenor increased
during the same week. Minimum and maximum foreign currency deposit rates for deposits of all tenors
remained unchanged at the previous week level.
Minimum and maximum local currency lending rates for individual and corporate clients increased save for
minimum corporate lending rates which registered a decline during the period under analysis. Minimum
foreign currency lending rates for both individual and corporate clients increased, while maximum lending
rates for individuals and corporates clients registered a decline.
On the capital markets, the Zimbabwe Stock Exchange (ZSE) exhibited bullish sentiments. Resultantly, the
ZSE All Share Index added 28.13% to close at 256.96 points, during the week ending 13th September 2024.
The Victoria Falls Stock Exchange (VFEX) exhibited bearish sentiments during the same week. As such, the
VFEX All share index lost 0.99% to close at 105.95 points.
The aggregate transactions processed through the National Payment Systems platforms increased by 13.33%
to close at ZiG18.53 billion, during the week under review. This was, largely, due to an increase in the value
of transactions registered through the RTGS payment system by 29.26% to close at ZiG15.00 billion.
During the week ending 13th September 2024, the Zimbabwe Gold (ZiG) depreciated by 0.5%, from an
average of ZiG13.88 per US dollar in the previous week to ZiG13.94 per US dollar.
International commodity prices for gold, platinum and palladium firmed, while nickel, crude oil and lithium
prices were lower. Gold prices increased amid the release of US inflation and unemployment data which
increased expectations of interest rate cuts. Platinum prices also increased attributed to rising treasury yields
and increasing demand for precious metals. On the other hand, lithium prices continued on a negative
trajectory driven by persistent oversupply concerns. The decline in nickel and brent crude oil prices was on
the back of weak demand from China.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG))
ZiG Deposit rates
23 August 2024
30 August 2024
6 September 2024
13 September 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
23 August 2024
30 August 2024
6 September 2024
13 September 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
23 August 2024
30 August 2024
6 September 2024
13 September 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial bank weighted lending rates (Foreign Currency (US$)
US$ Lending rates
23 August 2024
30 August 2024
6 September 2024
13 September 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial banks and building societies mortgage lending rates
Mortgage Lending rates
23 August 2024
30 August 2024
6 September 2024
13 September 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)
16-Aug-24

23-Aug-14

06-Sep-24

13-Sep-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)
16-Aug-24

23-Aug-24

06-Sep-24

13-Sep-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


21-Jun-24
05-Jul-24
19-Jul-24
02-Aug-24
16-Aug-24
30-Aug-24
13-Sep-24
ZiG Millions
ZSE Market Turnover

28-Jun-24
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
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index
Lump-sum
deals
in
companies
like
Ecocash
Holdings, NMBZ Holdings
Limited, Econet Wireless
Zimbabwe Limited.

28-Jun-24
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
ZiG Billion
ZSE Market Capitalisation

28-Jun-24
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
Indices
VFEX All Share 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
02-Aug-24
09-Aug-24
16-Aug-24
23-Aug-24
30-Aug-24
06-Sep-24
US$ Thousand
VFEX Market Turnover

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
02-Aug-24
09-Aug-24
16-Aug-24
23-Aug-24
30-Aug-24
06-Sep-24
13-Sep-24
US$ Billion
VFEX Market Capitalisation

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


5. PRICES

Energy Prices

23 August 2024
30 August 2024
6 September 2024
13 September 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
9-September-24

10-September-24

11-September-24

12-September-24

13-September-24

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


PAYMENT STREAM
WEEK ENDING
6 September 2024
WEEK ENDING
13 September 2024
WEEKLY
CHANGE (%)

VALUES IN ZiG

RTGS
11,601,637,685.90
14,996,674,816.44
29.26%
Of which ZiG
5,471,760,211.06
6,564,598,782.65

Of which US$
441,877,116.00
604,656,666.39

POS
1,507,343,157.88
948,653,939.37
-37.06%
ATM
1,233,554,895.46
877,165,540.52
-28.89%
MOBILE BANKING
101,774,325.94
92,882,597.48
-8.74%
MOBILE MONEY
1,757,794,784.43
1,486,106,141.16
-15.46%
ZIPIT MOBILE
148,076,837.20
128,650,120.86
-13.12%
TOTAL
16,350,181,686.81
18,530,133,155.83
13.33%

VOLUMES

RTGS
224,403
189,618
-15.50%
Of which ZiG
110,369
98,030

Of which US$
114,034
91,588

POS
2,992,497
2,441,053
-18.43%
ATM
297,875
208,647
-29.95%
MOBILE BANKING
404,352
296,793
-26.60%
MOBILE MONEY
10,426,759
9,900,289
-5.05%
ZIPIT MOBILE
327,570
247,206
-24.53%
TOTAL
14,673,456
13,283,606
-9.47%

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
3 September 2024
4 September 2024
5 September 2024
6 September 2024
13 September 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
(2 – 6 September)

9-September

10-September

11-September

12-September

13-September

Weekly Average
(9 – 13 September)

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
(2 - 6 September)

9-September

10-September

11-September

12-September

13-September

Weekly Average
(9 - 13 September)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (9th September 2024 – 13th September 2024)


Source: BBC, KITCO and Bloomberg, 2024


9-Sep
10-Sep
11-Sep
12-Sep
13-Sep
US$/tonne
Nickel

9-Sep
10-Sep
11-Sep
12-Sep
13-Sep
US$/tonne
Lithium

1,000
1,010
9-Sep
10-Sep
11-Sep
12-Sep
13-Sep
US$/tonne
Platinum


9-Sep
10-Sep
11-Sep
12-Sep
13-Sep
US$/tonne
Palladium

9-Sep
10-Sep
11-Sep
12-Sep
13-Sep
US$/barrel
Crude oil

9-Sep
10-Sep
11-Sep
12-Sep
13-Sep
US$/oz
Gold