Vol. 26 No. 20


Week Ending
17th 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 17th May 2024, minimum and maximum local currency deposit rates for all
tenors increased except for 12-month maximum deposit rates. On the other hand, the local currency
lending rates for both individual and corporate clients declined. Minimum foreign currency deposit
rates for 3 months, 6 months, 1 year, and over 1-year tenors decreased during the week under review
while foreign currency lending rates for all tenors increased.
The Zimbabwe Stock Exchange (ZSE) All share index increased by 0.68% to close at 94.65 points
during the week under review. In tandem, cumulative value of shares traded increased by 82.95% to
close at ZiG 32.63 million from ZiG 24.74 million in the previous week. The Victoria Falls Stock
Exchange (VFEX) also continued a positive trajectory during the week under review. The VFEX All
share index increased from 99.15 points last week to close at 100.12 points.
The aggregate transactions processed in value terms through the National Payment Systems
platforms increased by 16.95% to close at ZiG17.41 billion during the week under analysis. The Real
Time Gross Settlement (RTGS) system constituted 84.10% of the value of transactions.
The interbank exchange rate appreciated by 1% from ZiG13.4823 per US$1 at the beginning of the
week to ZiG13.3976 per US$1 at the end of the week, in line with the increase in the price of gold.
Average international commodity prices for gold, platinum, palladium, copper, crude oil, and nickel
increased during the week ending 17th May 2024. However, lithium prices declined during the same
week. Gold prices increased during the week on account of U.S. inflation data, which stoked investor
expectations. Similarly, platinum and palladium prices firmed driven by increased demand for the
metals. Nickel prices were boosted by funds inflow and supply disruptions worries in New Caledonia,
a French Pacific Territory. Crude oil prices rose on account of recent declines in US crude oil
inventories.
A cumulative total of 138 million kilograms of tobacco had been sold as at 17th of May 2024, a
26.07% decrease from 187 million kilograms sold during the same period in 2023. The golden leaf
was sold at an average price of US$3.54 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
26 April 2024
3 May 2024
10 May 2024
17 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
26 April 2024
3 May 2024
10 May 2024
17 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
26 April 2024
3 May 2024
10 May 2024
17 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
26 April 2024
3 May 2024
10 May 2024
17 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
26 April 2024
3 May 2024
10 May 2024
17 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)
26-April-24

3-May-24

10-May-24

17-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)
26-April-24

3-May-24

10-May-24

17-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

27-Apr-24
28-Apr-24
29-Apr-24
30-Apr-24
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
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index


27-Apr-24
28-Apr-24
29-Apr-24
30-Apr-24
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
ZiG Thousand
ZSE Market Turnover

27-Apr-24
28-Apr-24
29-Apr-24
30-Apr-24
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
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
03-May-24
10-May-24
17-May-24
Index
VFEX All Share Index
0.8
0.9


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

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

5. PRICES

Energy Prices

26 April 2024
3 May 2024
10 May 2024
17 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
Week Ending
Gold PM Fix
GBDT ZiG Price per Mg
GBDT US$ Price per Mg
US$/oz
Buy
Sell
Buy
Sell
13-May-24

14-May-24

15-May-24

16-May-24

17-May-24

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


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

VALUES IN ZiG

RTGS
11,055,051,315.31
14,642,036,659.52
32.45%
Of which ZiG
4,391,063,844.45
5,120,007,371.70

Of which US$
488,517,636.08
709,192,006.56

POS
1,024,214,000.15
604,911,248.26
-40.94%
ATM
1,066,198,880.31
640,190,634.07
-39.96%
MOBILE BANKING
69,881,930.79
50,743,936.33
-27.39%
MOBILE MONEY
1,564,941,976.68
1,401,140,560.18
-10.47%
ZIPIT MOBILE
106,975,557.73
70,905,168.69
-33.72%
TOTAL
14,887,263,660.97
17,409,928,207.05
16.95%

VOLUMES

RTGS
211,311
176,792
-16.34%
Of which ZiG
91,877
83,339

Of which US$
119,434
93,453

POS
2,316,595
1,354,215
-41.54%
ATM
262,216
155,567
-40.67%
MOBILE BANKING
419,022
294,694
-29.67%
MOBILE MONEY
9,044,736
8,272,830
-8.53%
ZIPIT MOBILE
296,152
205,820
-30.50%
TOTAL
12,550,032
10,459,918
-16.65%

Mosi-oa-Tunya Gold Coin Prices
Gold Coin Price
13 May 2024
14 May 2024
15 May 2024
16 May 2024
17 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
13-May

14-May

15-May

16-May

17-May

Weekly Average
(13– 17May)

Source: Reserve Bank of Zimbabwe, 2024

International Commodity Price Developments

Platinum
Palladium
Nickel
Lithium

US$/ounce
US$/ounce
US$/tonne
US$/tonne
Weekly Average
(6-10 May)

13-May

14-May

15-May

16-May

17-May

Weekly Average
(13-17 May)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (13th – 17th May 2024)


Source: BBC, KITCO and Bloomberg, 2024

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales (17th May 2024)

Variance (%)
Cumulative Quantity Sold (million kgs)
186,830,365
138,124,417
-26.07
Average Price (US$/kg)
3.00
3.54
17.99
Cumulative Value (US$ million)
560,472,380
488,896,348
-12.77
Source: Tobacco Industry and Marketing Board, 2024


13-May 14-May 15-May 16-May 17-May
US$/tonne
Platinum

1,000
1,050
13-May 14-May 15-May 16-May 17-May
US$/tonne
Palladium

13-May
14-May
15-May
16-May
17-May
US$/tonne
Nickel

13-May
14-May
15-May
16-May
17-May
US$/tonne
Lithium