Vol. 26 No. 51


Week Ending
20th DECEMBER 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 for the week ending 20th
December 2024. The review includes developments in domestic and international money and capital markets,
national payment systems, commodity prices and exchange rates.
During the week under review, local and foreign currency minimum and maximum deposit rates for all tenors
remained unchanged, compared to previous week’s levels.
Reflecting tight liquidity conditions in the market, local currency lending rates for both individual and
corporate clients increased during the week. Foreign currency minimum lending rates for individual clients
remained the same, while the maximum lending rates decreased compared to previous week levels. The
minimum and maximum foreign currency lending rates for corporate clients declined during the same week.
On the capital markets, both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange
(VFEX) exhibited bearish sentiments for a fourth consecutive week, reflecting the current tight liquidity
conditions in the market. The ZSE All-Share Index lost 4.03% to close the week at 215.54 points, while the
VFEX All-Share Index declined by 1.82%, to close the week at 98.43 points.

There was a decrease in ZSE market turnover during the week under analysis, resulting from limited trading
activity as most investors prepare for the festive holidays.

The value of transactions processed through the National Payment Systems platforms increased by 14.12% to
ZiG44.02 billion, from ZiG38.57 billion recorded in the previous week.

On the interbank market, the Zimbabwe Gold (ZiG) depreciated by 0.30% against the greenback, from an
average of ZiG25.66 per US$1 in the previous week to an average of ZiG25.73 per US$1, during the week
under review.
Weekly average international prices for gold, platinum, palladium, nickel, crude oil and lithium decreased
during the week under review.
The price of gold fell after the Federal Reserve signals possibility of rate-cut slowdown in 2025. Platinum
prices also declined, due to subdued demand for the metal. The downturn in palladium prices was part of a
broader decline in the precious metal market, which is partially attributed to a stronger dollar.
The prices of lithium fell amid subdued demand as the global market slowdown in the pace of electric vehicle
(EV) adoption. Meanwhile, nickel prices softened underpinned by global excess supply from Indonesia, the
world’s leading producer of nickel, as well as low demand indicated by slowdown in electric vehicle sales. In
the energy markets, the price of brent crude oil declined amid concerns about demand growth in 2025, amid
fears that sluggish economic activity in China and the U.S. could lead to weaker oil demand.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
29 November 2024
6 December 2024
13 December 2024
20 December 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
29 November 2024
6 December 2024
13 December 2024
20 December 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
29 November 2024
6 December 2024
13 December 2024
20 December 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial bank weighted lending rates (Foreign Currency (US$) (%)
US$ Lending rates
29 November 2024
6 December 2024
13 December 2024
20 December 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending rates
29 November 2024
6 December 2024
13 December 2024
20 December 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)
29-Nov-24

6-Dec-24

13-Dec-24

20-Dec-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)
29-Nov-24

6-Dec-24

13-Dec-24

20-Dec-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

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
29-Nov-24
06-Dec-24
13-Dec-24
20-Dec-24
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

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
29-Nov-24
06-Dec-24
13-Dec-24
20-Dec-24
ZiG Billion
ZSE Market Capitalisation


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
29-Nov-24
06-Dec-24
13-Dec-24
20-Dec-24
US$ Thousand
VFEX Market Turnover

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
29-Nov-24
06-Dec-24
13-Dec-24
20-Dec-24
US$ Billion
VFEX Market Capitalisation

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
29-Nov-24
06-Dec-24
13-Dec-24
20-Dec-24
Indices
VFEX All Share Index


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
29-Nov-24
06-Dec-24
13-Dec-24
20-Dec-24
ZiG Thousands
ZSE Market Turnover
Negotiated trade deals Simbisa
Brands Limited shares, Innscor
Africa Limited shares.

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


5. ENERGY PRICES

Energy Prices

29 November 2024
6 December 2024
13 December 2024
20 December 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
16-December-24

17-December-24

18-December-24

19-December-24

20-December-24

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


PAYMENT STREAM
WEEK ENDING
13 December 2024
WEEK ENDING
20 December 2024
WEEKLY
CHANGE (%)

VALUES

RTGS (ZiG)
31,992,239,720.21
35,526,110,851.27
11.05
Of which ZiG
10,811,908,923.39

11,665,286,728.24

Of which US$ transactions
(ZiG Equivalent)
21,180,330,796.82
23,860,824,123.03

POS
1,669,243,824.95
2,556,038,473.71
53.13
ATM
1,624,354,490.62
1,721,865,959.30
6.00
MOBILE BANKING
236,292,708.79
117,460,954.29
(50.29)
MOBILE MONEY
2,950,985,646.17
3,902,703,510.14
32.25
ZIPIT MOBILE
98,140,326.54
194,698,474.82
98.39
TOTAL
38,571,256,717.28
44,018,878,223.53
14.12

VOLUMES

RTGS
177,135
354,721
100.25
Of which ZiG
74,685
154,57

Of which US$
102,450
200,143

POS
1,209,455
1,884,198
55.79
ATM
211,285
211,603
0.15
MOBILE BANKING
347,108
252,722
(27.19)
MOBILE MONEY
11,012,314
10,816,974
(1.77)
ZIPIT MOBILE
87,829
241,555
175.03
TOTAL
13,045,126
13,761,773
5.49

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
16-December-24
17-December-24
18-December-24
19-December-24
20-December-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
(9-13 Dec)

16-December

17-December

18-December

19-December

20-December

Weekly Average
(16-20 Dec)

Appr (-)/Depr (+) (%) of the
ZWG

Source: Reserve Bank of Zimbabwe, 2024


International Commodity Price Developments

Platinum
Palladium
Nickel
Lithium

US$/ounce
US$/ounce
US$/tonne
US$/tonne
Weekly Average
(9-13 Dec)

16-December

17-December

18-December

19-December

20-December

Weekly Average
(16-20 Dec)

Weekly Change (%)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly International Commodity Price Developments (14th November -20th December 2024)


Source: BBC, KITCO and Bloomberg, 2024

RESERVE BANK OF ZIMBABWE
DECEMBER 2024

US$/oz
Gold

US$/barrel
Crude oil


US$/tonne
Platinum

1 0 020
1 0 050
1 0 080
US$/tonne
Palladium

14-Nov
17-Nov
20-Nov
23-Nov
26-Nov
29-Nov
2-Dec
5-Dec
8-Dec
11-Dec
14-Dec
17-Dec
20-Dec
US$/tonne
Nickel

14-Nov
17-Nov
20-Nov
23-Nov
26-Nov
29-Nov
2-Dec
5-Dec
8-Dec
11-Dec
14-Dec
17-Dec
20-Dec
US$/tonne
Lithium