Vol. 26 No. 25


Week Ending
21st June 2024
Weekly Economic
Highlights
TABLE OF CONTENTS


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

1. OVERVIEW


This report provides an overview of weekly monetary and financial developments from domestic and
international markets including money and capital markets, payment systems, exchange rates and
commodity prices for the week ending 21st June 2024.
During the week under review, minimum and maximum deposit rates for savings deposits and
deposits of all tenors in both the local and foreign currency remained unchanged at levels recorded in
the prior week.
Minimum and maximum local currency lending rates for individuals and corporates, however,
declined during the week under review, except for minimum lending rates for corporates that
remained at previous week’s levels. Foreign currency lending rates for individuals and corporates
increased during the week under analysis.
The Zimbabwe Stock Exchange (ZSE) continued on an upward trend while, on the contrary, the
Victoria Falls Stock Exchange was characterised by bearish sentiments during the week ending 21st
of June 2024. As a result, the ZSE All Share Index gained 3.98% to close at 115.11 points while the
VFEX All Share Index lost 0.63% to close at 101.58 points.
The National Payment System processed transactions worth ZiG14.36 billion during the week ending
21st of June 2024, representing a 6.13% decrease, from the ZiG15.29 billion recorded in the prior
week. This was largely attributable to decreases in transaction values processed through mobile
money payment systems.
On the local foreign exchange market, the ZiG/US$ exchange rate registered a marginal depreciation
of 0.5% from a weekly average of ZiG13.4639 per US$ registered in the prior week, to ZiG13.5284
per US$ during the reporting week.
Average international weekly commodity prices for platinum, palladium and crude oil prices firmed
during the week ending 21st June 2024. Gold, nickel, and lithium declined, during the same week.
A cumulative total of 203 million kilograms of tobacco was sold as at 21st of June 2024, representing
a 24.72% decrease from 270 million kilograms sold during the same period in 2023. The golden leaf
was, however, sold at a higher price of US$3.46 per kilogram in 2024, up from the US$3.02 per
kilogram realised for the same period in 2023.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG))
ZiG Deposit rates
31 May 2024
7 June 2024
14 June 2024
21 June 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
31 May 2024
7 June 2024
14 June 2024
21 June 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
31 May 2024
7 June 2024
14 June 2024
21 June 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial bank weighted lending rates (Foreign Currency (US$)
US$ Lending rates
31 May 2024
7 June 2024
14 June 2024
21 June 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

Commercial banks and building societies mortgage lending rates
Mortgage Lending rates
31 May 2024
7 June 2024
14 June 2024
21 June 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)
31-May-24

7-May-24

14-June-24

21-June-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)
31-May-24

7-June-24

14-June-24

21-June-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

10-May-24
17-May-24
24-May-24
31-May-24
07-Jun-24
14-Jun-24
21-Jun-24
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index


10-May-24
17-May-24
24-May-24
31-May-24
07-Jun-24
14-Jun-24
21-Jun-24
ZiG Thousands
ZSE Market Turnover

10-May-24
17-May-24
24-May-24
31-May-24
07-Jun-24
14-Jun-24
21-Jun-24
ZiG Billion
ZSE Market Capitalisation

10-May-24
17-May-24
24-May-24
31-May-24
07-Jun-24
14-Jun-24
21-Jun-24
US$ Bililon
VFEX All Share Index
0.8
0.9


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
31-May-24
07-Jun-24
14-Jun-24
21-Jun-24
US$ Billion
VFEX Market Capitalisation

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
31-May-24
07-Jun-24
14-Jun-24
21-Jun-24
US$ Thousand
VFEX Market Turnover

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

5. PRICES

Energy Prices

31 May 2024
7 June 2024
14 June 2024
21 June 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
17-June-24

18-June-24

19-June-24

20-June-24

21-June-24

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


PAYMENT STREAM
WEEK ENDING
14 June 2024
WEEK ENDING
21 June 2024
WEEKLY
CHANGE (%)

VALUES IN ZiG

RTGS
12,047,808,628.03
11,715,567,788.63
-2.76%
Of which ZiG
4,643,452,333.77
4,144,628,559.24

Of which US$
549,858,476.71
559,464,995.42

POS
932,983,975.18
877,448,991.55
-5.95%
ATM
684,013,460.67
672,822,218.05
-1.64%
MOBILE BANKING
49,791,851.59
51,063,512.32
2.55%
MOBILE MONEY
1,514,510,026.97
970,338,574.79
-35.93%
ZIPIT MOBILE
65,708,264.03
69,878,446.01
6.35%
TOTAL
15,294,816,206.48
14,357,119,531.34
-6.13%

VOLUMES

RTGS
164,130

197,418
20.28%
Of which ZiG
74,266
92,427

Of which US$
89,864
104,991

POS
1,693,509
1,834,994
8.35%
ATM
168,847
190,307
12.71%
MOBILE BANKING
243,075
249,440
2.62%
MOBILE MONEY
8,480,183
7,416,659
-12.54%
ZIPIT MOBILE
156,360
169,265
8.25%
TOTAL
10,906,104
10,058,083
-7.78%

Mosi-oa-Tunya Gold Coin Prices
Gold Coin Price
17 June 2024
18 June 2024
19 June 2024
20 June 2024
21 June 2024
1.00Oz


US$
2,446.97


ZiG
33,012.11
32,851.70
32,928.38

33,147.79

33,556.90

0.50Oz


US$
1,223.49


ZiG
16,506.05
16,425.85

16,464.19

16,573.89

16,778.45

0.25Oz


US$
611.74


ZiG
8,253.03
8,212.92

8,232.10

8,286.95

8,389.22

0.10Oz


US$
244.7


ZiG
3,301.21
3,285.17

3,292.84

3,314.78

3,355.69

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
(10-14 June)

17-June

18-June

19-June

20-June

21-June

Weekly Average
(17– 21June)

Appr (-)/Depr (+) (%)

Source: Reserve Bank of Zimbabwe, 2024

International Commodity Price Developments

Platinum
Palladium
Nickel
Lithium
Gold
Crude Oil

US$/ounce
US$/ounce
US$/tonne
US$/tonne
US$/oz (PM Fix)
US$/barrel
Weekly
Average
(10-14 June)


2317.68

82.25
17-June

18-June

19-June

20-June

21-June

Weekly
Average
(17-21 June)


2343.03

85.12
Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (17th – 21st June 2024)

Source: BBC, KITCO and Bloomberg, 2024

1,000
17-Jun
18-Jun
19-Jun
20-Jun
21-Jun
US$/tonne
Platinum

17-Jun
18-Jun
19-Jun
20-Jun
21-Jun
US$/tonne
Palladium

17-Jun
18-Jun
19-Jun
20-Jun
21-Jun
US$/tonne
Nickel

17-Jun
18-Jun
19-Jun
20-Jun
21-Jun
US$/tonne
Lithium

17-Jun
18-Jun
19-Jun
20-Jun
21-Jun
US$/oz
Gold

17-Jun
18-Jun
19-Jun
20-Jun
21-Jun
US$/barrel
Crude oil

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales (21st June 2024)

Variance (%)
Cumulative Quantity Sold (million kgs)
270,048,319

203,290,423
-24.72
Average Price (US$/kg)
3.02
3.46
14.43
Cumulative value (US$ million)
816,689,974
703,497,321
-13.86
Source: Tobacco Industry and Marketing Board, 2024