Vol. 26 No. 42


Week Ending
18th 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 18th October 2024.
Minimum and maximum savings deposit rates for local currency deposits remained unchanged at previous
week levels, while deposit rates for 1 month and 3-months tenor declined. Minimum local currency deposits
rates for 6 months, 12 months and over 1-year tenors decreased, while maximum deposits rates for the same
tenors remained unchanged during the week under analysis.
Minimum and maximum foreign currency deposit rates for savings deposits increased, while deposit rates for
3 months and over 1 year tenor decreased during the same week. Minimum foreign currency deposits rates for
1-month and 12 months tenor registered increases, while maximum deposit rates for 1-month, 6 months and
12 months tenor declined during the week ending 18th October 2024.
The Zimbabwe Stock Exchange (ZSE) exhibited bullish sentiments during the week under review.
Consequently, the All-Share Index gained by 3.53% to close at 265.20 points. Similarly, the Victoria Falls
Stock Exchange (VFEX) also traded positively during the same week. Concomitantly, the VFEX All share
index increased by 0.47% to close at 106.54 points.
During the week ending 18th October 2024, the value of transactions processed through the National Payment
Systems platforms increased by 14.19% to ZiG34.01 billion from ZiG29.78 billion recorded in the previous
week. This was on account of a rise in the value of transactions registered through the RTGS payment
platform.
On the interbank market, the Zimbabwe Gold (ZiG) depreciated by 3.2% against the greenback, from an
average of ZWG25.79 per US$1 in the previous week to ZWG26.61 per US$1, during the week under review.
International commodity prices for gold, platinum and palladium firmed during the week under analysis.
However, nickel, lithium and crude oil prices retreated during the same week. Gold prices rose on account of
weak U.S. bond yields and expected interest rate cuts by major central banks. Platinum prices increased,
supported by an improved demand outlook. Meanwhile, lithium and nickel prices slumped amid excess supply
of the metals. Crude oil prices were weighed down by a weak economic outlook in China, a major crude oil
importer.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG)
ZiG Deposit rates
27 September 2024
4 October 2024
11 October 2024
18 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
27 September 2024
4 October 2024
11 October 2024
18 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
27 September 2024
4 October 2024
11 October 2024
18 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
27 September 2024
4 October 2024
11 October 2024
18 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
27 September 2024
4 October 2024
11 October 2024
18 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)
27-Sep-24

4-Oct-24

11-Oct-24

18-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)
27-Sep-24

4-Oct-24

11-Oct-24

18-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
11-Oct-24
18-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
11-Oct-24
18-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
11-Oct-24
18-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
11-Oct-24
18-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
11-Oct-24
18-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
11-Oct-24
18-Oct-24
ZiG Thousands
ZSE Market Turnover

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


5. PRICES

Energy Prices

27 September 2024
4 October 2024
11 October 2024
18 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
14-October-24

15-October-24

16-October-24

17-October-24

18-October-24

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


PAYMENT STREAM
WEEK ENDING
11 October 2024
WEEK ENDING
18 October 2024
WEEKLY
CHANGE (%)

VALUES IN ZiG

RTGS
22,936,809,278.55
28,755,055,673.20
25.37%
Of which ZiG
7,322,656,289.66
9,666,275,546.40

Of which US$
600,909,165.59
718,567,877.89

POS
1,762,763,011.44
1,065,082,698.69
-39.58%
ATM
1,564,827,792.39
1,108,727,465.62
-29.15%
MOBILE BANKING
99,534,693.41
61,043,756.84
-38.67%
MOBILE MONEY
3,263,918,616.44
2,901,502,725.90
-11.10%
ZIPIT MOBILE
156,127,467.18
118,171,197.12
-24.31%
TOTAL
29,783,980,859.41
34,009,583,517.37
14.19%

VOLUMES

RTGS
183,687
180,028
-1.99%
Of which ZiG
92,410
95,423

Of which US$
91,277
84,605

POS
1,712,658
1,444,245
-15.67%
ATM
192,915
136,280
-29.36%
MOBILE BANKING
301,110
183,752
-38.98%
MOBILE MONEY
11,557,380
10,590,234
-8.37%
ZIPIT MOBILE
249,570
185,809
-25.55%
TOTAL
14,197,320
12,720,348
-10.40%

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
14-October-24
15-October-24
16-October-24
17-October-24
18-October-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
(7 – 11October)

14-October

15-October

16-October

17-October

18-October

Weekly Average
(14 – 18October)

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
(7-11 October)

14-October

15-October

16-October

17-October

18-October

Weekly Average
(14-18 October)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (14th – 18th October 2024)


Source: BBC, KITCO and Bloomberg, 2024


14-Oct
15-Oct
16-Oct
17-Oct
18-Oct
US$/oz
Gold

14-Oct
15-Oct
16-Oct
17-Oct
18-Oct
US$/barrel
Crude oil

1,000
1,010
1,020
14-Oct
15-Oct
16-Oct
17-Oct
18-Oct
US$/tonne
Platinum


14-Oct
15-Oct
16-Oct
17-Oct
18-Oct
US$/tonne
Palladium

14-Oct
15-Oct
16-Oct
17-Oct
18-Oct
US$/tonne
Nickel

14-Oct
15-Oct
16-Oct
17-Oct
18-Oct
US$/tonne
Lithium