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August 2024

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TABLE OF CONTENTS


OVERVIEW
The resurgence of parallel market activities
heightened inflationary pressures in the
economy. As a result, monthly inflation
increased during the month of August 2024 to
1.4% from 0.1% recorded in the previous
month.

Broad money stood at ZiG46,473.21 million in
August 2024, an increase of 1.08%, from
ZiG45,956.45 million recorded in July 2024.

On the capital markets, the Zimbabwe Stock
Exchange (ZSE) continued on a positive
trajectory while the Victoria Falls Stock
Exchange
(VFEX)
exhibited
bearish
sentiments during the month of August.

During the month of August 2024, the value of
transactions processed through the National
Payment Systems (NPS) decreased by 9% to
ZiG96.2 billion, from ZiG105.82 billion
recorded in July 2024. NPS volumes, however,
increased by 7% to 59.38 million during the
month under review, from 55.69 million
recorded in the previous month.
Average monthly commodity prices for
palladium, platinum, copper, nickel, lithium
and brent crude oil decreased. Prices were
mainly influenced by concerns of weakening
demand of the commodities. Gold prices,
however, increased during the same month.

In August 2024, total merchandise exports
stood at US$674.0 million, while the country’s
import bill stood at US$872.8 million during
the same month. Consequently, the country
recorded a trade deficit of US$198.7 million.
INTERNATIONAL COMMODITY
PRICE DEVELOPMENTS
Monthly average prices for commodities such
as platinum, palladium, copper, nickel, brent
crude
oil,
and
lithium
retreated
amid
oversupply concerns and a weak demand
outlook for the commodities. Gold prices,
however, strengthened during the month under
review. The evolution in selected international
commodity prices during the month under
analysis is shown in Table 1.
Table 1: International Commodity Prices
for July and August 2024
Commodity
July-24
August-24
Monthly
changes (%)
Gold
US$/oz
2,392.90
2,468.72
3.17
Platinum
US$/oz
981.52
943.98
-3.83
Palladium
US$/oz
960.93
927.95
-3.43
Copper
US$/t
9,520.42
9,091.62
-4.50
Nickel
US$/t
16,591.59
16,535.81
-0.34
Brent
Crude oil
US$/bbl
84.07
78.60
-6.51
Lithium
US$/t
12,073.96
11,042.86
-8.54
Source: Bloomberg, 2024

Gold
Gold prices increased by 3.17% from
US$2,392.00 per ounce reported in July 2024
to US$2,468.72 per ounce during the month
under review. Gold prices rose as investors
anticipated interest-rate cuts from the Federal
Reserve in September 2024.

Platinum
Platinum prices dropped by 3.8% from a
monthly average of US$981.52 per ounce in
July 2024 to US$943.98 per ounce in August
2024. The decrease was driven by an
increasingly pessimistic demand outlook and
an excess supply of the metal.

Palladium
Palladium prices retreated amid the ongoing
substitution of the metal with platinum in auto
catalysts as well as abundant stockpiles of the
metal. In this regard, prices fell by 3.4% to
US$927.95 per ounce during the reporting
month, from US$960.93 per ounce recorded in
July 2024. The price trends of precious metals
from August 2023 to August 2024, are as
shown in Figure 1.

Figure 1: Monthly Precious Metal Prices (in
US$ per Ounce): August 2023 – August 2024

Source: Bloomberg, 2024

Brent Crude Oil
During the month of August 2024, brent crude
oil prices decreased by 6.5%, from a monthly
average of US$84.07 per barrel in July 2024, to
US$78.60 per barrel in August 2024, largely
driven by weakening demand and conflict in
the Middle East. Figure 2 shows developments
in oil prices for the period from August 2023 to
August 2024.


Figure
2:
Brent
Crude
Oil
Prices
(US$/Barrel) August 2023 – August 2024

Source: Bloomberg, 2024


Copper
Copper prices slumped by 4.5%, from
US$9,520.42 per tonne recorded in July 2024
to US$9,091.62 per tonne in August 2024.
Copper prices retreated following increasing
stockpiles and a bleak demand outlook for the
metal in China and the U.S.

Nickel
Nickel prices continued in a negative trajectory
amid rapid expansion in Indonesia’s nickel
industry which led to oversupply concerns
thereby driving prices down. Consequently,
prices
marginally
fell
by
0.3%
to
US$16,535.81 per tonne in August 2024,
compared to US$16,591.59 per tonne in July
2024. Figure 3 shows base metal price
developments for the period from August 2023
to August 2024.


Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
US$/ounce
US$/ounce
Gold
Palladium
Platinum (RHS)

Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
US$/barrel

Figure 3: Base Metal Prices (US$/tonne):
August 2023 – August 2024
Source: Bloomberg 2024


Lithium
Lithium prices declined by 8.5%, from
US$12,073.96 per tonne in July 2024 to
US$11,042.86 per tonne in August 2024.
Lithium prices softened on account of excess
supply of the metal notwithstanding the global
increase in electric vehicle (EV) sales. The
price developments for lithium for the period
from August 2023 to August 2024 are
illustrated in Figure 4.

Figure 4: Lithium Prices (US$/tonne)
August 2023 – August 2024

Source: London Metal Exchange, 2024
Merchandise Trade Developments
Total
merchandise
trade
amounted
to
US$1,546.8 million in August 2024, up 12.8%
from US$1,371.5 million in the previous
month. This increase was largely attributable to
increases in both monthly exports and imports
during the month under analysis. On a year-onyear basis, total merchandise trade rose by
about 5.2% from US$1,469.9 million recorded
in the corresponding month in 2023.

Merchandise Exports
During the month of August 2024, the
country’s merchandise exports stood at
US$674.0 million, which was 22.9% higher
than the previous month’s outturn of US$548.3
million. The increase in month-on-month
exports was underpinned by growth of export
earnings from gold, PGMs and tobacco. On a
year-on-year basis, the merchandise exports for
the month under review were 3.7% higher in
2024, compared to US$649.8 million recorded
during the corresponding month in 2023.
Figure 5 shows developments in the country’s
merchandise exports for the period from
January 2023 to August 2024.

Figure 5: Merchandise Exports (US$
millions): 2023 and 2024

Source: ZIMSTAT, 2024

Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
US$/tonne
US$/tonne
Copper
Nickel (RHS)


Aug-23
Nov-23
Feb-24
May-24
Aug-24
US$/tonne

Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Merchandise Exports (US$m)

Exports by Commodity
Gold, PGMs, tobacco and ferro-chromium
contributed 37.9%, 16.7%, 14.9% and 5.4%
respectively to the country’s total exports as
shown in Table 2.
Table 2: Major Exports (US$ millions)

Jul-24
(US$m)
Aug-24
(US$m)
Jul-Aug
Changes
(%)
Share of
Exports
(%) Aug-

Total

Of Which:


Gold

PGMs

Tobacco
(including
cigarettes)

Other ores and
concentrates

Ferrochromium

Other mineral
substance

Industrial
diamonds

Coal

Chromium ores
and concentrate

Granite

Source: ZIMSTAT & RBZ Calculations, 2024
*PGMs Include Nickel mattes, nickel ores &
concentrates and platinum

Export Markets
In August 2024, the country’s exports were
mainly destined for U.A.E (38.9%) followed by
South Africa (25.4%) and China (8.9%). Figure
6 shows the country’s major export destinations
during the month under review.


Figure 6: Top Ten Merchandise Export
Destinations (% Share)

Source: ZIMSTAT & RBZ Calculations, 2024

Merchandise Imports
The value of merchandise imports amounted to
US$872.8 million in August 2024, reflecting a
6.0% increase from US$823.2 million recorded
in July 2024. The current month’s imports bill
was 6.4% higher than US$820.1 million
recorded during the comparable month in 2023,
as shown in Figure 7.
Figure 7: Merchandise Imports (US$
millions): 2023 and 2024
Source: ZIMSTAT & RBZ Computations, 2024


United Arab Emirates
South Africa
China
Mozambique
Belgium
Zambia
United States
Indonesia
Netherlands
Armenia

Jan
Feb Mar Apr May Jun
Jul
Aug

Imports by Commodity
Major import drivers during the month under
review were diesel, maize, petrol and
machinery which accounted for 8.4%, 6.1%,
4.3% and 3.9% of total imports, respectively.
Table 3 shows imports of major commodities
for the months of July and August 2024.

Table 3: Major Imports (US$ millions)

Jul-

(US$
m)
Aug-24
(US$
m)
Jul- Aug
Changes
(%)
Share of
Total
Imports
(%)
Aug-24
Total

Of Which:


Diesel

Maize

Petrol

Wheat

Machinery

Crude soya
bean oil

Electricity

Tobacco
(Including
cigarettes)

Butanes,
liquefied

Fertilisers

Rice

Internal
combustion
piston engines

Kerosene-type
jet fuel

Soya beans

Motor vehicles

Source: ZIMSTAT & RBZ Calculations, 2024

The country’s imports for the month of August
2024 were mainly sourced from South Africa
(41.4%), China (14.9%), Mozambique (5.4%),
Bahamas (4.7%) and other markets, as shown
in Figure 8


Figure 8: Top Ten Merchandise Import
Sources (% Share)

Source: ZIMSTAT & RBZ Calculations, 2024

Merchandise Trade Balance
The net external trade position continued in a
negative territory during the month of August
2024 as the country’s trade position registered
a deficit of US$198.7 million. Figure 9 shows
the country’s trade balance for the period
January to August 2024.

Figure 9: Merchandise Trade Balance (US$
millions)

Source: ZIMSTAT & RBZ Computations, 2024

South Africa
China
Mozambique
Bahamas
Singapore
Mauritius
United...
Zambia
Hong Kong
India

May-24
Jun-24
Jul-24
Aug-24
Exports
Imports
Trade Balance

MONETARY DEVELOPMENTS1
Broad
money
(M3)
stock
stood
at
ZiG46,473.21 million in August 2024, an
increase of 1.08% from ZiG45,956.45 million
recorded in July 2024.
The money stock composed of foreign currency
deposits, 74.68%; local currency deposits,
25.17%; and local currency in circulation,
0.15%.
Figure 10: Composition of Money Supply
Source: Reserve Bank of Zimbabwe, 2024

During the month under review, domestic
credit increased by 0.36% to ZiG42,153.48
million, from ZiG42,001.79 million in July
2024. The expansion in domestic credit, largely
reflected an increase of 3.39% in credit to the
private sector. Net claims on Government
decreased by 6.55% to ZiG11,078.26 million
during the month under analysis.

Outstanding credit to the private sector was
mainly
channeled
to
households,
manufacturing, agriculture, and distribution,
which received 28.28%, 15.68%, 15.54% and
12.73% of the total credit, respectively. The

1 All monetary numbers are valued in ZiG since the
introduction of the new currency in April 2024.
mining sector received 9.10% of the total
outstanding credit.
Private sector credit shares for the rest of the
economic sectors are shown in Figure 11.

Figure 11: Distribution of Private Sector
Credit

Source: Reserve Bank of Zimbabwe, 2024

Credit to the private sector was largely utilized
for recurrent expenditures, 35.89%; inventory
build-up,
21.89%;
and
fixed
capital
investments, 17.25%.

STOCK MARKET DEVELOPMENTS
Zimbabwe Stock Exchange (ZSE)
In August 2024, the Zimbabwe Stock
Exchange exhibited bullish sentiments for the
fourth consecutive month. This resulted in a
1.19% and a 0.70% increase in the All Share
and Top 10 indices to close at 200.49 points and
207.53 points, respectively.

NCDs;
0,06%
Local Currency Time
Deposits; 1,82%
FX Time
Deposits; 6,52%
Local Currency
Transferable ;
23,29%
FX Transferable
Deposits; 68,16%
Currency in
Circulation;
0,15%
Households
28,28%
Agriculture
15,54%
Mining
9,10%
Manufacturing
15,68%
Distribution
12,73%
Transport and
Communication
2,23%
Services
8,32%
Financial
Organisations and
Investiments
6,11%
Construction
2,00%
Other
0,01%

The resource index, however, lost 0.03% to
close the month at 253.42 points during the
same month.

Figure 12: ZSE All Share, Top 10 and
Mining Indices

Source: Zimbabwe Stock Exchange, 2024

Trading activity was concentrated in some
selected low-tier counters in August 2024.
Consequently, the cumulative volume of shares
traded increased by 26.23% to 118.16 million
shares, despite a 36.81% decline in turnover
value, amounting to ZiG164.63 million. This is
compared to ZiG260.51 million recorded in the
previous month.

The proportion of foreign purchases to the
value of shares traded also declined from
5.01% in July 2024 to 0.17% in August 2024.

Net foreign position, however, improved from
a negative position of ZiG64.49 million in July
2024 to negative ZiG18.89 million during the
month of August 2024.


Figure 13: ZSE Monthly Volume and Value
Traded

Source: Zimbabwe Stock Exchange, 2024

Owing to positive trading activity on the ZSE,
during August 2024, the market added 1.45%,
or ZiG877.82 million worth of capitalization to
close at ZiG61.45 billion, compared to
ZiG60.57 billion recorded in July 2024

Victoria Falls Stock Exchange (VFEX)
During the month of August 2024, the Victoria
Falls Stock Exchange (VFEX) recorded bearish
sentiments. Consequently, the VFEX All Share
index lost 1.14% to close at 104.86 points,
compared to 106.07 points recorded in July
2024.

On an annual basis, the VFEX All Share index
gained 45.95%, from 71.85 points recorded in
August 2023.

03-May-24
10-May-24
17-May-24
24-May-24
31-May-24
07-Jun-24
14-Jun-24
21-Jun-24
28-Jun-24
05-Jul-24
12-Jul-24
19-Jul-24
26-Jul-24
02-Aug-24
09-Aug-24
16-Aug-24
23-Aug-24
30-Aug-24
ALL SHARE AND TOP 10 INDICES
ZSE ALL SHARE INDEX
Top 10 Index
Mining Index (Points)

Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
VALUE TRADED ZIG MILLIONS
VOLUME TRADED (MILIONS)
Volume
Value

Figure 14: Victoria Falls Stock Exchange
(VFEX) All Share Index (ASI)

Source: Victoria Falls Stock Exchange, 2024

VFEX Market Capitalization
Reflecting dampened trading activity on the
VFEX, market capitalization decreased by
1.14% to US$1.27 billion in August 2024,
compared to US$1.28 billion recorded in July
2024.

Figure 15: Victoria Falls Stock Exchange
(VFEX) Market Capitalization (US$ Billion)

Source: Victoria Falls Stock Exchange (VFEX), 2024

NATIONAL PAYMENTS SYSTEM
The
National
Payment
Systems
(NPS)
processed transactions worth ZiG96.2 billion
reflecting a decrease of 9% from ZiG105.82
billion recorded in July 2024. NPS volumes
increased by 7% to 59.38 million from 55.69
million recorded in the previous month.


Zimbabwe Electronic Transfer Settlement
System (ZETSS)

The value of transactions processed through the
RTGS system in August 2024 decreased by
13% to ZiG54.98 billion from ZiG63.53 billion
in July 2024.

Similarly, the volume of RTGS transactions
decreased by 8% from 1.06 million in the
previous month to close at 0.97 million during
the month under analysis.

Mobile and Internet Based Transactions
Mobile
and
internet-based
transactions
decreased by 4% to ZiG33.32 billion in August
2024, from ZiG34.69 billion in July 2024.

Cash Transactions
Cash based transactions increased by 9.79% to
ZiG9.93 billion in August 2024, from ZiG9.04
billion in July 2024.

Card Based Transactions
Card based transactions increased by 4.06% to
ZiG7.91 billion during the month under review,
from ZiG7.60 billion in July 2024.

INFLATION OUTTURN
The ZiG monthly inflation rate accelerated
from 0.1% recorded in July 2024 to 1.4% in
August 2024.

28-Aug-23
28-Sep-23
28-Oct-23
28-Nov-23
28-Dec-23
28-Jan-24
28-Feb-24
28-Mar-24
28-Apr-24
28-May-24
28-Jun-24
28-Jul-24
28-Aug-24


1,2
1,4
1,6
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
US$ BILLIONS

US$ Annual Inflation Developments
Annual headline US$ inflation increased by 0.1
percentage points from 3.6% in July 2024, to
3.7% in August 2024.

Figure 16: Annual Inflation Developments
(%)

Source: ZIMSTAT, 2024

Monthly Inflation
The month-on-month ZiG inflation rate for
August 2024 stood at 1.4%. Similarly, US$
monthly inflation stood at 0.2%. This resulted
in the monthly weighted inflation rate of 0.4%
in August 2024.

Figure 17 shows developments in monthly US$
inflation from August 2023 to August 2024.


Figure 17: Month-on-Month Inflation (%)

Source: ZIMSTAT, 2024


SEPTEMBER 2024
RESERVE BANK OF ZIMBABWE

Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24

Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24

Statistical Tables
Monetary Statistics
1. Depository Corporations Survey

2. Central Bank Survey

3. Other Depository Corporations Survey

Other Depository Corporations

4.1 Assets

4.2 Liabilities

Commercial Banks
5.1 Assets

5.2 Liabilities

Building Societies
6.1 Assets

6.2 Liabilities

Sectoral Analysis of Bank Loans and Advances and Deposits

7.1 Sectoral Analysis of Commercial Banks Loans and Advances

7.2 Sectoral Analysis of Commercial Banks Deposits

Interest Rates

8.1 Lending Rates

8.2 Banks Deposit Rates

Inflation

9.1 Monthly Inflation

9.2 Yearly Inflation

External Statistics
10. Exchange Rates

Zimbabwe Stock Exchange
11. Zimbabwe Stock Market Statistics

National Payments System Statistics


12.1 Values of Transactions

12.2 Volumes of Transactions

Trade Statistics


13. Merchandise Trade Statistics

END OF
ZETSS
CHEQUE
POS
ATM
MOBILE
INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

Source: Reserve Bank of Zimbabwe, 2024
*Statistics are denominated in ZiG
TABLE 12.1 : ZETSS AND RETAIL PAYMENTS
Values of Transactions (ZWG Millions)

END OF
ZETSS
CHEQUE
POS
ATM
MOBILE
INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

Source: Reserve Bank of Zimbabwe, 2024
*Statistics are denominated in ZiG
TABLE 12.2 : ZETSS AND RETAIL PAYMENTS
Volumes of Transactions (000's)

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Source: ZIMSTAT, 2024
TABLE 13 : MERCHANDISE TRADE STATISTICS
(US$ millions)