Vol. 26 No. 50


Week Ending
13th DECEMBER 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. The review includes
developments in domestic and international money and capital markets, national payment systems, commodity
prices and exchange rates for the week ending 13th December 2024.
During the week under review, local and foreign currency minimum and maximum savings deposit rates
remained unchanged, compared to previous week’s levels, while deposit rates for all other tenors increased.
Reflecting tight liquidity conditions in the market, local currency lending rates for both individual and
corporate clients increased during the week. Similarly, foreign currency minimum lending rates for individual
clients increased, while the maximum lending rates remained unchanged at their previous week levels. The
minimum foreign currency lending rates for corporate clients were also unchanged during the week under
review while maximum lending rates decreased during the same week.
On the capital markets, both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange
(VFEX) traded negatively for a third consecutive week reflecting the current tight liquidity conditions in the
market. The ZSE All-Share Index lost 5.48% to close the week at 224.58 points, while the VFEX All-Share
Index declined by 0.65%, to close the week at 100.25 points.

There was a surge in ZSE market turnover during the week under analysis, resulting from negotiated trade
deals where 84.61 million Ecocash Holdings Limited shares and 22.58 million Zimre Holdings Limited shares
exchanged hands at ZiG33.05 cents and ZiG 35.00 cents per share, respectively.

The value of transactions processed through the National Payment Systems platforms increased by 6.31% to
ZiG38.57 billion, from ZiG36.28 billion recorded in the previous week.

On the interbank market, the Zimbabwe Gold (ZiG) depreciated by 0.23% against the greenback, from an
average of ZiG25.60 per US$1 in the previous week to an average of ZiG25.66 per US$1, during the week
under review.
Weekly average international prices for gold, platinum, crude oil and lithium increased, while prices for
palladium and nickel declined, during the week under review.
The price of gold was buoyed by stronger demand owing to heightened geopolitical tensions, expectations of
a third U.S. rate cut by the Federal Reserve and accumulation of additional gold reserves by the People’s Bank
of China for the first time in seven months.
The prices of platinum and lithium benefited from improved demand conditions. Meanwhile, nickel prices
softened on expectations of increased supply from Indonesian producers. On energy markets, the price of brent
crude oil increased by 1.07% week-on-week on the back of a strong demand outlook in the near term.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
22 November 2024
29 November 2024
6 December 2024
13 December 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
22 November 2024
29 November 2024
6 December 2024
13 December 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
22 November 2024
29 November 2024
6 December 2024
13 December 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial bank weighted lending rates (Foreign Currency (US$) (%)
US$ Lending rates
22 November 2024
29 November 2024
6 December 2024
13 December 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending rates
22 November 2024
29 November 2024
6 December 2024
13 December 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)
22-Nov-24

29-Nov-24

6-Dec-24

13-Dec-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)
22-Nov-24

29-Nov-24

6-Dec-24


13-Dec-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

13-Sept-24
20-Sept-24
27-Sept-24
04-Oct-24
11-Oct-24
18-Oct-24
25-Oct-24
01-Nov-24
08-Nov-24
15-Nov-24
22-Nov-24
29-Nov-24
06-Dec-24
13-Dec-24
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

13-Sept-24
20-Sept-24
27-Sept-24
04-Oct-24
11-Oct-24
18-Oct-24
25-Oct-24
01-Nov-24
08-Nov-24
15-Nov-24
22-Nov-24
29-Nov-24
06-Dec-24
13-Dec-24
ZiG Billion
ZSE Market Capitalisation


13-Sept-24
20-Sept-24
27-Sept-24
04-Oct-24
11-Oct-24
18-Oct-24
25-Oct-24
01-Nov-24
08-Nov-24
15-Nov-24
22-Nov-24
29-Nov-24
06-Dec-24
13-Dec-24
US$ Thousand
VFEX Market Turnover

13-Sept-24
20-Sept-24
27-Sept-24
04-Oct-24
11-Oct-24
18-Oct-24
25-Oct-24
01-Nov-24
08-Nov-24
15-Nov-24
22-Nov-24
29-Nov-24
06-Dec-24
13-Dec-24
US$ Billion
VFEX Market Capitalisation

13-Sept-24
20-Sept-24
27-Sept-24
04-Oct-24
11-Oct-24
18-Oct-24
25-Oct-24
01-Nov-24
08-Nov-24
15-Nov-24
22-Nov-24
29-Nov-24
06-Dec-24
13-Dec-24
Indices
VFEX All Share Index


13-Sept-24
20-Sept-24
27-Sept-24
04-Oct-24
11-Oct-24
18-Oct-24
25-Oct-24
01-Nov-24
08-Nov-24
15-Nov-24
22-Nov-24
29-Nov-24
06-Dec-24
13-Dec-24
ZiG Thousands
ZSE Market Turnover
Negotiated trade deals Simbisa
Brands Limited shares, Innscor
Africa Limited shares.

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


5. ENERGY PRICES

Energy Prices

22 November 2024
29 November 2024
6 December 2024
13 December 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
9-December-24

10-December-24

11-December-24

12-December-24

13-December-24

PAYMENT STREAM
WEEK ENDING
6 December 2024
WEEK ENDING
13 December 2024
WEEKLY
CHANGE (%)

VALUES

RTGS (ZiG)
27,081,833,154.06
31,992,239,720.21
18.13
Of which ZiG
8,882,108,887.31
10,811,908,923.39

Of which US$ transactions
(ZiG Equivalent)
18,199,724,266.75
21,180,330,796.82

POS
3,143,394,401.79
1,669,243,824.95
(46.90)
ATM
2,436,793,004.22
1,624,354,490.62
(33.34)
MOBILE BANKING
317,292,069.17
236,292,708.79
(25.53)
MOBILE MONEY
3,050,381,437.57
2,950,985,646.17
(3.26)
ZIPIT MOBILE
251,926,085.48
98,140,326.54
(61.04)
TOTAL
36,281,620,152.29
38,571,256,717.28
6.31

VOLUMES

RTGS
217,456
177,135
(18.54)
Of which ZiG
97,776
74,685

Of which US$
119,680
102,450

POS
2,287,850
1,209,455
(47.14)
ATM
306,293
211,285
(31.02)
MOBILE BANKING
490,229
347,108
(29.19)
MOBILE MONEY
10,529,789
11,012,314
4.58
ZIPIT MOBILE
277,333
87,829
(68.33)
TOTAL
14,108,950
13,045,126
(7.54)

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


Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
9-December-24
10-December-24
11-December-24
12-December-24
13-December-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
(2-6 Dec)

9-December

10-December

11-December

12-December

13-December

Weekly Average
(9-13 Dec)

Appr (-)/Depr (+) (%) of the
ZWG

Source: Reserve Bank of Zimbabwe, 2024


International Commodity Price Developments

Platinum
Palladium
Nickel
Lithium

US$/ounce
US$/ounce
US$/tonne
US$/tonne
Weekly Average
(2-6 Dec)

2-December

3-December

4-December

5-December

6-December

Weekly Average
(9-13 Dec)

Weekly Change (%)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly International Commodity Price Developments (7th November -13th December 2024)


Source: BBC, KITCO and Bloomberg, 2024

RESERVE BANK OF ZIMBABWE
DECEMBER 2024

US$/oz
Gold

US$/barrel
Crude oil


US$/tonne
Platinum


US$/tonne
Palladium

7-Nov
10-Nov
13-Nov
16-Nov
19-Nov
22-Nov
25-Nov
28-Nov
1-Dec
4-Dec
7-Dec
10-Dec
13-Dec
US$/tonne
Nickel

7-Nov
10-Nov
13-Nov
16-Nov
19-Nov
22-Nov
25-Nov
28-Nov
1-Dec
4-Dec
7-Dec
10-Dec
13-Dec
US$/tonne
Lithium