Vol. 26 No. 45


Week Ending
8th NOVEMBER 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 8th November 2024.
During the week under review, local currency maximum deposit rates for savings deposits and deposits for 3months tenor increased while minimum and maximum deposits rates for 6-months, 12-months and over 1 year
tenor decreased, during the same week. The foreign currency deposit rates for all tenors declined.
On the other hand, however, both local currency and foreign currency lending rates for individual and
corporate clients increased during the period under review, reflecting the tight monetary conditions in the
market.
On the capital markets, the Zimbabwe Stock Exchange (ZSE) exhibited bearish trends, resulting in a 3.14%
decline in the All-Share Index, which closed at 276.26 points. In contrast, the Victoria Falls Stock Exchange
(VFEX) performed well, with the VFEX All-Share Index rising by 2.24% to finish at 106.85 points.
The value of transactions processed through the National Payment Systems platforms increased by 12.72% to
ZWG34.91 billion, from ZWG30.97 billion recorded in the previous week. The increase was largely driven
by a rise in transaction values recorded through the RTGS, mobile money, mobile banking and ZIPIT payment
platforms.
On the interbank market, the Zimbabwe Gold (ZiG) appreciated by 7.54% against the greenback, from an
average of ZWG28.60 per US$1 in the previous week to an average of ZWG26.44 per US$1, during the week
under review.
International commodity prices for gold, platinum, palladium and lithium declined, while crude oil and nickel
prices increased compared to the previous week. Crude oil prices increased, driven by expectations of supply
disruptions amid ongoing geopolitical tensions in the Middle East. Gold prices, however, declined, due to a
stronger U.S dollar, which makes greenback priced commodities less attractive to holders of other currencies.
The decline in platinum prices was largely attributable to subdued demand for the metal and strengthening of
the U.S dollar. Lithium prices continued on a negative trajectory, largely driven by excess supply of the metal
which has outpaced demand in recent months.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG)(%)
ZiG Deposit rates
18 October 2024
25 October 2024
1 November 2024
8 November 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
18 October 2024
25 October 2024
1 November 2024
8 November 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
18 October 2024
25 October 2024
1 November 2024
8 November 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial bank weighted lending rates (Foreign Currency (US$))(%)
US$ Lending rates
18 October 2024
25 October 2024
1 November 2024
8 November 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial banks and building societies mortgage lending rates(%)
Mortgage Lending rates
18 October 2024
25 October 2024
1 November 2024
8 November 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)
18-Oct-24

25-Oct-24

1-Nov-24

8-Nov-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)
18-Oct-24

25-Oct-24

1-Nov-24

8-Nov-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

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
25-Oct-24
01-Nov-24
08-Nov-24
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

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
25-Oct-24
01-Nov-24
08-Nov-24
ZiG Billion
ZSE Market Capitalisation

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
25-Oct-24
01-Nov-24
08-Nov-24
US$ Thousand
VFEX Market Turnover

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
25-Oct-24
01-Nov-24
08-Nov-24
US$ Billion
VFEX Market Capitalisation

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
25-Oct-24
01-Nov-24
08-Nov-24
Indices
VFEX All Share Index


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
25-Oct-24
01-Nov-24
08-Nov-24
ZiG Thousands
ZSE Market Turnover

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


5. ENERGY PRICES

Energy Prices

18 October 2024
25 October 2024
1 November 2024
8 November 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
4-November-24

5-November-24

6-November-24

7-November-24

8-November-24

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


PAYMENT STREAM
WEEK ENDING
1 November 2024
WEEK ENDING
8 November 2024
WEEKLY
CHANGE (%)

VALUES

RTGS (ZiG)
22,244,497,269.78
25,459,437,695.24
14.45
Of which ZiG
7,650,006,897.44
6,689,376,721.70

Of which US$
510,414,714.20
712,820,727.79

POS
2,643,202,903.68
2,613,180,170.81
-1.14
ATM
2,136,606,231.49
2,089,622,670.88
-2.20
MOBILE BANKING
138,169,943.88
138,785,406.80
0.45
MOBILE MONEY
3,629,022,340.64
4,417,241,011.32
21.72
ZIPIT MOBILE
181,855,968.34
193,524,600.91
6.42
TOTAL
30,973,354,657.82
34,911,791,555.96
12.72

VOLUMES

RTGS
269,240
189,342
-29.68
Of which ZiG
131,882
86,972

Of which US$
137,358
102,370

POS
2,370,402
2,124,073
-10.39
ATM
254,059
243,069
-4.33
MOBILE BANKING
474,674
341,076
-28.15
MOBILE MONEY
11,902,147
12,144,370
2.04
ZIPIT MOBILE
292,810
310,069
5.89
TOTAL
15,563,332
15,351,999
-1.36

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
4-November-24
5-November-24
6-November-24
7-November-24
8-November-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
(28 Oct-1 Nov)

4-November

5-November

6-November

7-November

8-November

Weekly Average
(4-8 Nov)

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
(28 Oct-1 Nov)

4-November

5-November

6-November

7-November

8-November

Weekly Average
(4-8 Nov)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (4th November -8th November 2024)


Source: BBC, KITCO and Bloomberg, 2024


US$/oz
Gold

US$/barrel
Crude oil

1,010
1,030
1,050
US$/tonne
Platinum

US$/tonne
Palladium

11-Oct
18-Oct
25-Oct
1-Nov
8-Nov
US$/tonne
Nickel

US$/tonne
Lithium