Vol. 26 No. 17


Week Ending
26th April 2024
Weekly Economic
Highlights
TABLE OF CONTENTS


MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED
7.
8.

1. OVERVIEW


During the week ending 26th April 2024, local currency deposit and lending rates generally increased.
Foreign currency deposit rates for 3-month, 6-month, 12-month and over 1-year tenors also increased
while savings deposits decreased during the same week. Maximum foreign currency lending rates
for corporate clients registered marginal decreases while those for individual clients increased.
The Zimbabwe Stock Exchange (ZSE) All share index increased by 3.17% to close at 99.03 points
during the week under review. The cumulative value of shares traded increased by 344.07% to close
at ZiG11.99 million, from ZiG2.7 million in the previous week. Similarly, the Victoria Falls Stock
Exchange (VFEX) All share index and market capitalisation increased from 95.94 points and
US$1.16 billion, to close at 97.49 points and US$1.18 billion, respectively.
The aggregate value of transactions processed through the National Payment Systems platforms
amounted to ZiG15.24 billion during the week under analysis, representing an increase of 14.53%
from ZiG13.31 billion registered in the previous week. The Real Time Gross Settlement (RTGS)
system constituted 83.66% of the total value of NPS during the week under analysis.
The interbank exchange rate depreciated by 1% from ZiG13.2889 per US$ at the beginning of the
week to ZiG13.4218 per US$ at the end of the week, mainly driven by decreases in the gold price.
International prices of gold, platinum, palladium and crude oil declined while, nickel and lithium
prices strengthened. Gold prices fell during the week as treasury yields rose, and expectations of a
Federal Reserve Rate cut diminished. Similarly, palladium and platinum prices decreased during the
week, attributable to their correlation with gold prices as well as the impact of the growing market
share of electric vehicles. Crude oil prices also declined due to lower-than-expected US GDP in
the first quarter, raising concerns about demand.
On the other hand, lithium prices increased largely driven by improved demand for the metal. Nickel
prices also strengthened mainly attributed to investment flows from exchange-traded funds.
A cumulative total of 83.57 million kilograms of tobacco had been sold as of 26th April 2024. This
represented a 14.26% decrease from 97.47 million kilograms sold during the same period in 2023.
The golden leaf was sold at an average price of US$3.58 per kilogram, up from US$2.99 per kilogram
realised in the same period last year.

2. INTEREST RATES
Policy rates (ZiG)
Policy Rate
12 April 2024
19April 2024
26 April 2024
RBZ Policy Rate

Source: Reserve Bank of Zimbabwe, 2024

Average commercial bank deposit rates (Local Currency (ZiG))
ZiG Deposit rates
12 April 2024
19 April 2024
26 April 2024
Savings


Minimum
5.69
5.22
5.22
Maximum
6.19
5.34
5.34
1-month


Minimum
5.34
5.34
5.42
Maximum
5.73
5.73
5.82
3-month


Minimum
5.43
5.43
5.51
Maximum
5.96
5.94
6.04
6-month


Minimum
5.61
5.61
5.61
Maximum
6.23
6.22
6.15
12-Month


Minimum
5.65
5.65
5.65
Maximum
6.27
6.25
6.17
Over 1 year


Minimum
5.65
5.65
5.65
Maximum
6.30
6.28
6.22
Source: Reserve Bank of Zimbabwe, 2024

Average commercial bank deposit rates (Foreign Currency (US$))
US$ Deposit rates
5 April 2024
12 April 2024
19 April 2024
26 April 2024
Savings


Minimum

Maximum

1-month


Minimum

Maximum

3-month


Minimum

Maximum

6-month


Minimum

Maximum

12-month


Minimum

Maximum

Over 1 year


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

Commercial bank weighted lending rates (Local Currency (ZiG))
ZiG Lending rates
12 April 2024
19 April 2024
26 April 2024
Individuals


Minimum
21.81
23.53
25.91
Maximum
29.37
31.62
32.10
Corporates


Minimum
24.14
23.99
24.29
Maximum
31.42
31.73
32.52
Source: Reserve Bank of Zimbabwe, 2024

Commercial bank weighted lending rates (Foreign Currency (US$))
US$ Lending rates
5 April 2024
12 April 2024
19 April 2024
26 April 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

Commercial banks and Building Societies Mortgage lending rates
Mortgage Lending rates
12 April 2024
19 April 2024
26 April 2024
ZiG Lending rates


Minimum
20.00
20.00
20.00
Maximum
30.00
30.00
30.00
Source: Reserve Bank of Zimbabwe, 2024

Commercial banks and Building Societies Mortgage lending rates
Mortgage Lending rates
5 April 2024
12 April 2024
19 April 2024
26 April 2024
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)
5-April-24

12-April24

19-April-24

26-April-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)
5-April-24

12-April-24

19-April-24

26-April-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
4. CLEARING AND SETTLEMENT ACTIVITY
Source: Reserve Bank of Zimbabwe, 2024
PAYMENT STREAM
WEEK ENDING
19 April 2024
WEEK ENDING
26 April 2024
WEEKLY
CHANGE (%)

VALUES IN ZiG

RTGS
11,979,884,903.83
12,751,746,808.55
6.44%
Of which ZiG
3,698,540,279.46
3,745,988,748.93

Of which US$
619,707,802.65
676,102,829.08

POS
242,750,716.54
699,139,455.71
188.01%
ATM
348,480,569.00
667,814,460.62
91.64%
MOBILE
737,012,537.55
1,123,723,796.36
52.47%
TOTAL
13,308,128,726.93
15,242,424,521.25
14.53%

VOLUMES

RTGS
125,531
257,331
104.99%
Of which ZiG
48,329
115,738

Of which US$
77,202
141,593

POS
662,913
1,986,378
199.64%
ATM
96,785
272,880
181.94%
MOBILE
5,122,691
8,854,930
72.86%
TOTAL
6,007,920
11,371,519
89.28%

09-Apr-24
10-Apr-24
11-Apr-24
12-Apr-24
13-Apr-24
14-Apr-24
15-Apr-24
16-Apr-24
17-Apr-24
18-Apr-24
19-Apr-24
20-Apr-24
21-Apr-24
22-Apr-24
23-Apr-24
24-Apr-24
25-Apr-24
26-Apr-24
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index


09-Apr-24
10-Apr-24
11-Apr-24
12-Apr-24
13-Apr-24
14-Apr-24
15-Apr-24
16-Apr-24
17-Apr-24
18-Apr-24
19-Apr-24
20-Apr-24
21-Apr-24
22-Apr-24
23-Apr-24
24-Apr-24
25-Apr-24
26-Apr-24
ZiG Thousands
ZSE Market Turnover

08-Apr-24
09-Apr-24
10-Apr-24
11-Apr-24
12-Apr-24
13-Apr-24
14-Apr-24
15-Apr-24
16-Apr-24
17-Apr-24
18-Apr-24
19-Apr-24
20-Apr-24
21-Apr-24
22-Apr-24
23-Apr-24
24-Apr-24
25-Apr-24
26-Apr-24
ZiG Billion
ZSE Market Capitalisation

09-Feb-24
16-Feb-24
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
US$ Bililon
VFEX All Share Index

09-Feb-24
16-Feb-24
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
US$ Thousand
VFEX Market Turnover
0.8

1.2
1.4
1.6
09-Feb-24
16-Feb-24
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
US$ Billion
VFEX Market Capitalisation

5. PRICES
Domestic Energy Prices
Energy prices
5 April 2024
12 April 2024
19 April 2024
26 April 2024

US$
US$
US$
US$
Diesel 50/ litre

Petrol Blend E20/ litre

LP Gas / kg

Source: Zimbabwe Energy Regulatory Authority, 2024

International Energy Prices (Weekly average)
Energy prices
5 April 2024
12 April 2024
19 April 2024
26 April 2024

US$/barrel
US$/barrel
US$/barrel
US$/barrel
Crude Oil Prices

Source: BBC, 2024

6. MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS
(GBDT)

Previous day Gold PM Fix
Gold prices
5 April 2024
12 April 2024
19 April 2024
26 April 2024

US$/oz
US$/oz
US$/oz
US$/oz
Gold PM Fix

Source: London Bullion Market Association, 2024


Gold Backed Digital Token Price Per Milligram
Week Ending
ZiG Price per Mg
US$ Price per Mg
Buy
Sell
Buy
Sell
22-April-24

23-April-24

24-April-24

25 April -24

26 April -24

Source: Reserve Bank of Zimbabwe, 2024

Figure 2: Cumulative KGs Purchased of GBDT

Source: Reserve Bank of Zimbabwe, 2024


-

18-May-23
01-Jun-23
15-Jun-23
29-Jun-23
13-Jul-23
03-Aug-23
31-Aug-23
28-Sep-23
18-Oct-23
23-Nov-23
21-Dec-23
25-Jan-24
31-Jan-24
02-Feb-24
06-Feb-24
08-Feb-24
12-Feb-24
14-Feb-24
16-Feb-24
20-Feb-24
23-Feb-24
27-Feb-24
29-Feb-24
04-Mar-24
06-Mar-24
08-Mar-24
12-Mar-24
14-Mar-24
18-Mar-24
20-Mar-24
22-Mar-24
26-Mar-24
28-Mar-24
03-Apr-24
05-Apr-24

Mosi-oa-Tunya Gold Coin Prices
Gold Coin Price
22 April 2024
23 April 2024
24 April 2024
25 April 2024
26 April 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
22-April

23-April

24-April

25-April

26-April

Weekly Average
(22 April– 26April)

Source: Reserve Bank of Zimbabwe, 2024

International Commodity Price Developments

Platinum
Palladium
Nickel
Lithium

US$/ounce
US$/ounce
US$/tonne
US$/tonne
Weekly Average
(15April -19 April)

22-April

23-April

24-April

25-April

26-April

Weekly Average
(22 April -26 April)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (22nd – 26th April 2024)


Source: BBC, KITCO and Bloomberg, 2024


8. TOBACCO SALES
Weekly Cumulative Tobacco Sales (26th April 2024)

Variance (%)
Cumulative Quantity Sold (million kgs)
97,469,395
83,565,703
-14.26
Average Price (US$/kg)
2.99
3.58
19.73
Cumulative value (US$ million)
291,571,963
298,952,542
2.53
Source: Tobacco Industry and Marketing Board, 2024

22-Apr
23-Apr
24-Apr
25-Apr
26-Apr
US$/ounce
Platinum

1,000
1,020
1,040
22-Apr
23-Apr
24-Apr
25-Apr
26-Apr
US$/ounce
Palladium

22-Apr
23-Apr
24-Apr
25-Apr
26-Apr
US$/tonne
Nickel

22-Apr
23-Apr
24-Apr
25-Apr
26-Apr
US$/tonne
Lithium