Vol. 26 No. 44


Week Ending
1st 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 1st November 2024.
During the week under review, local currency deposit rates for minimum savings deposits remained
unchanged, while the maximum savings deposit rate decreased by 0.08 percentage points. Both minimum and
maximum local currency deposit rates for all tenors increased. Similarly, minimum and maximum foreign
currency deposits rates for all tenors increased, as commercial banks aimed to attract more savings deposits,
with the view of promoting a savings culture in the economy. In contrast, both local currency and foreign
currency lending rates for individual and corporate clients decreased during the same week.
On the capital markets, the Zimbabwe Stock Exchange (ZSE) exhibited bullish sentiments for the fourth
consecutive week. Resultantly, the All-Share Index rose by 1.38% to close at 285.22 points. However, the
Victoria Falls Stock Exchange (VFEX) continued on a negative trajectory, as the VFEX All share index lost
1.49% to close at 104.51 points.
The value of transactions processed through National Payment Systems platforms was ZWG30.97 billion,
representing a decrease of 3.18%, from ZWG31.99 billion recorded in the previous week. The decline was
largely due to a decrease in transaction values recorded through the RTGS and ZIPIT mobile payment
platforms.
On the interbank market, the Zimbabwe Gold (ZiG) depreciated by 4.76% against the greenback, from an
average of ZWG27.30 per US$1 in the previous week to ZWG28.60 per US$1, during the week under review.
The weekly average international commodity prices for platinum, nickel, crude oil and lithium declined, while
gold and palladium prices increased compared to the previous week. Gold prices continue to be driven by
strengthening demand for safe haven assets amid uncertainties related to the U.S elections and geopolitical
tensions. Likewise, palladium prices continued on a positive trajectory, supported by the U.S call for G-7
nations to sanction Russia exports, which contributes about 40% of global palladium supply. On the other
hand, platinum prices were largely underpinned by subdued demand, while lithium and nickel prices decreased
amid excess supply of the metals. Crude oil prices retreated following reports of potential resolutions in the
Lebanon war.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG)(%)
ZiG Deposit rates
11 October 2024
18 October 2024
25 October 2024
1 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
11 October 2024
18 October 2024
25 October 2024
1 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
11 October 2024
18 October 2024
25 October 2024
1 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
11 October 2024
18 October 2024
25 October 2024
1 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
11 October 2024
18 October 2024
25 October 2024
1 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)
11-Oct-24

18-Oct-24

25-Oct-24

1-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)
11-Oct-24

18-Oct-24

25-Oct-24

1-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

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
11-Oct-24
18-Oct-24
25-Oct-24
01-Nov-24
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining 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
11-Oct-24
18-Oct-24
25-Oct-24
01-Nov-24
ZiG Billion
ZSE Market Capitalisation

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
11-Oct-24
18-Oct-24
25-Oct-24
01-Nov-24
US$ Thousand
VFEX Market Turnover

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
11-Oct-24
18-Oct-24
25-Oct-24
01-Nov-24
US$ Billion
VFEX 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
11-Oct-24
18-Oct-24
25-Oct-24
01-Nov-24
Indices
VFEX All Share Index


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
11-Oct-24
18-Oct-24
25-Oct-24
01-Nov-24
ZiG Thousands
ZSE Market Turnover

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


5. PRICES

Energy Prices

11 October 2024
18 October 2024
25 October 2024
1 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
28-October-24

29-October-24

30-October-24

31-October-24

1-November-24

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


PAYMENT STREAM
WEEK ENDING
25 October 2024
WEEK ENDING
1 November 2024
WEEKLY
CHANGE (%)

VALUES IN ZiG

RTGS
25,258,737,304.82
22,244,497,269.78
(11.93)
Of which ZiG
7,793,298,532.81
7,650,006,897.44

Of which US$
639,534,346.92
510,414,714.20

POS
2,486,396,996.62
2,643,202,903.68
6.31
ATM
1,680,926,598.06
2,136,606,231.49
27.11
MOBILE BANKING
90,728,584.44
138,169,943.88
52.29
MOBILE MONEY
2,214,482,259.19
3,629,022,340.64
63.88
ZIPIT MOBILE
258,263,678.72
181,855,968.34
(29.59)
TOTAL
31,989,535,421.85
30,973,354,657.82
(3.18)

VOLUMES

RTGS
254,744
269,240
5.69
Of which ZiG
121,190
131,882

Of which US$
133,554
137,358

POS
2,578,424
2,370,402
(8.07)
ATM
251,239
254,059
1.12
MOBILE BANKING
309,493
474,674
53.37
MOBILE MONEY
6,636,566
11,902,147
79.34
ZIPIT MOBILE
371,776
292,810
(21.24)
TOTAL
10,402,242
15,563,332
49.62

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
28-October-24
29-October-24
30-October-24
31-October-24
1-November-24
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
(21-25October)

28-October

29-October

30-October

31-October

1-November

Weekly Average
(28 Oct-1 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
(21-25 October)

28-October

29-October

30-October

31-October

1-November

Weekly Average
(28 Oct-1 Nov)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (28th October – 1st November 2024)


Source: BBC, KITCO and Bloomberg, 2024


US$/oz
Gold

US$/barrel
Crude oil

1,010
1,030
1,050
US$/tonne
Platinum

US$/tonne
Palladium

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

14-Oct
15-Oct
16-Oct
17-Oct
18-Oct
21-Oct
22-Oct
23-Oct
24-Oct
25-Oct
28-Oct
29-Oct
30-Oct
31-Oct
1-Nov
US$/tonne
Lithium