Vol. 26 No. 21


Week Ending
24th May 2024
Weekly Economic
Highlights
TABLE OF CONTENTS


GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND
7.
8.

1. OVERVIEW


During the week ending 24th May 2024, minimum and maximum local currency deposit rates for all
tenors remained largely unchanged except for maximum deposit rates for 1-month and 3-month
tenors, which marginally decreased. On the other hand, local currency lending rates for individual
clients decreased while those for corporate clients increased. Minimum foreign currency deposit rates
for 3-month, 6- month, 1-year, and over 1-year tenors increased during the week under review while
maximum foreign currency deposit rates remained unchanged. Minimum foreign currency lending
rates for individuals and maximum foreign currency lending rates for corporates decreased.
The Zimbabwe Stock Exchange (ZSE) All share index increased by 5.09% from 94.65 points
recorded last week to close at 99.47 points during the week under review. On the contrary, the
cumulative value of shares traded decreased by 86.96% to close at ZiG 4.09 million. The Victoria
Falls Stock Exchange (VFEX), however, traded negatively during the week under review. The VFEX
All share index decreased by 3.43% from 100.12 points last week to close at 96.68 points.
The aggregate transactions processed in value terms through the National Payment Systems
platforms was ZiG14.80 billion, representing a decrease of 14.99% from the previous week. The
Real Time Gross Settlement (RTGS) system constituted 80.07% of the value of transactions.
The interbank exchange rate appreciated by 1% from ZiG13.3703 per US$1 at the beginning of the
week to ZiG13.2242 per US$1 at the end of the week, in line with the increase in the price of gold.
International weekly average prices for gold, platinum, palladium, copper, and nickel increased
during the week ending 24th May 2024. Crude oil and lithium prices, however, declined during the
same week. The increase in gold price was attributable to a surge in central bank purchases on the
market. Platinum and palladium prices were underpinned by increasing demand for the metals.
Political unrest in New Caledonia which accounts for 10% of the world’s nickel reserves, coupled
by supply restrictions from Russia has continued to weigh heavily on the price of nickel. The decrease
in crude oil prices was driven by investor anticipation of further tightening of interest rates by the
Federal Reserve to sustain inflation levels.
A cumulative total of 153 million kilograms of tobacco had been sold as at 24th of May 2024, a
26.82% decrease from 209 million kilograms sold during the same period in 2023. The golden leaf
was sold at an average price of US$3.52 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
3 May 2024
10 May 2024
17 May 2024
24 May 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

Average commercial bank deposit rates (Foreign Currency (US$)
US$ Deposit rates
3 May 2024
10 May 2024
17 May 2024
24 May 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
3 May 2024
10 May 2024
17 May 2024
24 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
3 May 2024
10 May 2024
17 May 2024
24 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
3 May 2024
10 May 2024
17 May 2024
24 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)
3-May-24

10-May-24

17-May-24

24-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)
3-May-24

10-May-24

17-May-24

24-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

01-May-24
02-May-24
03-May-24
04-May-24
05-May-24
06-May-24
07-May-24
08-May-24
09-May-24
10-May-24
11-May-24
12-May-24
13-May-24
14-May-24
15-May-24
16-May-24
17-May-24
18-May-24
19-May-24
20-May-24
21-May-24
22-May-24
23-May-24
24-May-24
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index


01-May-24
02-May-24
03-May-24
04-May-24
05-May-24
06-May-24
07-May-24
08-May-24
09-May-24
10-May-24
11-May-24
12-May-24
13-May-24
14-May-24
15-May-24
16-May-24
17-May-24
18-May-24
19-May-24
20-May-24
21-May-24
22-May-24
23-May-24
24-May-24
ZiG Thousands
ZSE Market Turnover

01-May-24
02-May-24
03-May-24
04-May-24
05-May-24
06-May-24
07-May-24
08-May-24
09-May-24
10-May-24
11-May-24
12-May-24
13-May-24
14-May-24
15-May-24
16-May-24
17-May-24
18-May-24
19-May-24
20-May-24
21-May-24
22-May-24
23-May-24
24-May-24
ZiG Billion
ZSE Market Capitalisation

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
10-May-24
17-May-24
24-May-24
US$ Bililon
VFEX All Share Index
0.8
0.9


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
10-May-24
17-May-24
24-May-24
US$ Billion
VFEX Market Capitalisation

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
10-May-24
17-May-24
24-May-24
US$ Thousand
VFEX Market Turnover

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

Energy Prices

3 May 2024
10 May 2024
17 May 2024
24 May 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
20-May-24

21-May-24

22-May-24

23-May-24

24-May-24

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


PAYMENT
STREAM
WEEK ENDING
17 May 2024
WEEK ENDING
24 May 2024
WEEKLY
CHANGE (%)

VALUES IN ZiG

RTGS
14,642,036,659.52
11,850,766,606.98
-19.06%
Of which ZiG
5,120,007,371.70
4,368,396,249.65

Of which US$
709,192,006.56
563,590,807.06

POS
604,911,248.26
1,044,868,284.26
72.73%
ATM
640,190,634.07
751,604,865.81
17.40%
MOBILE BANKING
50,743,936.33
68,504,724.44
35.00%
MOBILE MONEY
1,401,140,560.18
1,001,233,757.11
-28.54%
ZIPIT MOBILE
70,905,168.69
83,098,003.70
17.20%
TOTAL
17,409,928,207.05
14,800,076,242.29
-14.99%

VOLUMES

RTGS
176,792
233,716
32.20%
Of which ZiG
83,339
91,857

Of which US$
93,453
141,859

POS
1,354,215
2,270,359
67.651%
ATM
155,567
222,911
43.29%
MOBILE BANKING
294,694
382,734
29.88%
MOBILE MONEY
8,272,830
7,784,955
-5.90%
ZIPIT MOBILE
205,820
237,077
15.19%
TOTAL
10,459,918
11,131,752
6.42%

Mosi-oa-Tunya Gold Coin Prices
Gold Coin Price
20 May 2024
21 May 2024
22 May 2024
23 May 2024
24 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
20-May

21-May

22-May

23-May

24-May

Weekly Average
(20– 24May)

Source: Reserve Bank of Zimbabwe, 2024

International Commodity Price Developments

Platinum
Palladium
Nickel
Lithium

US$/ounce
US$/ounce
US$/tonne
US$/tonne
Weekly Average
(13-17 May)

20-May

21-May

22-May

23-May

24-May

Weekly Average
(20-24 May)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (20th – 24th May 2024)


Source: BBC, KITCO and Bloomberg, 2024

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales (24th May 2024)

Variance (%)
Cumulative Quantity Sold (million kgs)
209,329,005
153,183,961
-26.82
Average Price (US$/kg)
3.00
3.52
17.29
Cumulative value (US$ million)
628,191,022
539,167,088
-14.17
Source: Tobacco Industry and Marketing Board, 2024


20-May 21-May 22-May 23-May 24-May
US$/tonne
Platinum

1,000
1,020
1,040
20-May 21-May 22-May 23-May 24-May
US$/tonne
Palladium

1,000
1,020
1,040
20-May
21-May
22-May
23-May
24-May
US$/tonne
Nickel

20-May
21-May
22-May
23-May
24-May
US$/tonne
Lithium