| {"doc_id": "0028c06f296a954ad333a2096c2448c6", "text": "Vol. 26 No. 11 \n \n \nWeek Ending \n15th March 2024 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 2 \n3. \nEQUITY MARKETS .............................................................. 3 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 4 \n5. \nPRICES .................................................................................... 5 \n6. \nMOSI-OA-TUNYA GOLD COINS AND GOLD BACKED \nDIGITAL TOKENS (GBDT) ................................................. 5 \n7. \nEXTERNAL SECTOR ........................................................... 6 \n \n \n 1 \n1. OVERVIEW \n \n \n \nLocal currency deposit rates remained largely unchanged save for minimum deposit rates of 3-month \nand 6-month tenors which registered declines during the week under analysis. Minimum and \nmaximum foreign currency deposit rates remained unchanged at the previous week’s levels during \nthe same week. \nThe Zimbabwe Stock Exchange (ZSE)’s All share index gained 22.70% to close at 621,650.75 points. \nThe cumulative value of shares traded increased by 140.79% to close at ZW$48,464,75 million, from \nZW$20,127.39 million in the previous week. On the contrary, the Victoria Falls Stock Exchange \n(VFEX) was bearish during the week under review. The VFEX All share index and market \ncapitalisation declined from 96.04 points and US$1.16 billion to close at 95.51 points and US$1.15 \nbillion, respectively. \nThe aggregate transactions processed in value terms through the National Payment Systems \nplatforms amounted to ZW$15.77 trillion, representing an increase of 18.83% from ZW$13.27 \ntrillion in the previous week. \nRegarding global prices, the international average prices for gold, platinum, and palladium increased \nduring the week under analysis supported by higher demand. Average lithium prices increased by \n0.02% to close the week at US$13,252.00/tonne from US$13,250/tonne recorded in the previous \nweek. \nThe Zimbabwe dollar continued weakening against the US dollar, depreciating by 9.66% from \nZW$15,980.39 per US$ at the beginning of the week to ZW$17,524.48 per US$ at the week ending \n15th March 2024. \nThe key financial and monetary statistics including graphs are shown in the next section. \n \n \n \n \n \n \n \n \n \n \n \n 2 \n2. INTEREST RATES \n \nPolicy rates \nPolicy Rate \n23 Feb 2024 \n1 March 2024 \n8 March 2024 \n15 March 2024 \nRBZ Policy Rate \n130 \n130 \n130 \n130 \nMBA window \n75 \n75 \n75 \n75 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \nAverage commercial bank deposit rates (Local Currency (ZW$)) \nZWL Deposit rates \n23 Feb 2024 \n1 March 2024 \n8 March 2024 \n15 March 2024 \nSavings \n \n \n \n \nMinimum \n33.75 \n33.75 \n33.75 \n33.75 \nMaximum \n37.13 \n37.13 \n37.13 \n37.13 \n1-month deposit \n \n \n \n \nMinimum \n54.28 \n54.28 \n54.28 \n54.28 \nMaximum \n65.06 \n65.50 \n65.50 \n67.72 \n3-month deposit \n \n \n \n \nMinimum \n56.06 \n56.65 \n56.65 \n56.28 \nMaximum \n65.65 \n65.65 \n65.65 \n64.78 \n6-month deposit \n \n \n \n \nMinimum \n54.03 \n54.07 \n54.70 \n54.03 \nMaximum \n65.43 \n65.43 \n65.43 \n65.43 \n12-Month deposits \n \n \n \n \nMinimum \n54.20 \n54.20 \n54.20 \n54.20 \nMaximum \n65.57 \n65.57 \n65.57 \n65.57 \nOver 1 year \n \n \n \n \nMinimum \n54.47 \n54.47 \n54.47 \n54.47 \nMaximum \n66.07 \n66.07 \n66.07 \n66.07 \nSource: Reserve Bank of Zimbabwe, 2024 \n \nAverage commercial bank deposit rates (Foreign Currency (US$)) \nUS$ Deposit rates \n23 Feb 2024 \n1 March 2024 \n8 March 2024 \n15 March 2024 \nSavings \n \n \n \n \nMinimum \n1.32 \n1.32 \n1.32 \n1.32 \nMaximum \n1.82 \n1.82 \n1.82 \n1.82 \n1-month deposits \n \n \n \n \nMinimum \n3.18 \n3.15 \n3.15 \n3.15 \nMaximum \n4.96 \n4.96 \n4.96 \n4.96 \n3-month deposits \n \n \n \n \nMinimum \n3.53 \n3.53 \n3.53 \n3.53 \nMaximum \n5.35 \n5.35 \n5.35 \n5.35 \n6-month deposits \n \n \n \n \nMinimum \n3.69 \n3.69 \n3.69 \n3.69 \nMaximum \n5.66 \n5.66 \n5.66 \n5.66 \n12-Month deposits \n \n \n \n \nMinimum \n3.93 \n3.93 \n3.93 \n3.93 \nMaximum \n5.95 \n5.95 \n5.95 \n5.95 \nOver 1 year \n \n \n \n \nMinimum \n4.09 \n4.09 \n4.09 \n4.09 \nMaximum \n5.95 \n5.95 \n5.95 \n5.95 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \n 3 \nCommercial bank weighted lending rates (Local Currency (ZW$)) \nZWL Lending rates \n 23 Feb 2024 \n 1 March 2024 \n 8 March 2024 \n15 March 2024 \nIndividuals \n \n \n \n \nMinimum \n76.06 \n77.23 \n77.01 \n72.68 \nMaximum \n99.22 \n103.10 \n102.47 \n98.73 \nCorporates \n \n \n \n \nMinimum \n93.76 \n92.72 \n91.84 \n92.00 \nMaximum \n166.71 \n167.35 \n168.33 \n167.88 \nSource: Reserve Bank of Zimbabwe, 2024 \n \nCommercial bank weighted lending rates (Foreign Currency (US$)) \nUS$ Lending rates \n 23 Feb 2024 \n 1 March 2024 \n 8 March 2024 \n15 March 2024 \nIndividuals \n \n \n \n \nMinimum \n10.32 \n10.40 \n10.32 \n10.32 \nMaximum \n13.69 \n13.71 \n13.72 \n13.71 \nCorporates \n \n \n \n \nMinimum \n8.27 \n8.26 \n8.28 \n8.29 \nMaximum \n14.28 \n14.13 \n14.09 \n14.14 \nSource: Reserve Bank of Zimbabwe, 2024 \n \nCommercial banks and Building Societies Mortgage Lending Rates \nMortgage Lending rates \n 23 Feb 2024 \n 1 March 2024 \n 8 March 2024 \n15 March 2024 \nZW$ Lending rates \n \n \n \n \nMinimum \n40.00 \n40.00 \n40.00 \n40.00 \nMaximum \n105.00 \n105.00 \n105.00 \n105.00 \nUS$ Lending rates \n \n \n \n \nMinimum \n8.00 \n10.00 \n10.00 \n10.00 \nMaximum \n18.00 \n18.00 \n18.00 \n18.00 \nSource: Reserve Bank of Zimbabwe, 2024 \n3. EQUITY MARKETS \n \nZSE Indicators \n \n \nAll Share \nIndex \n(points) \n \nTop 10 \nindex \n(points) \nTop 15 \nIndex \n(points) \nMedium Cap \n(points) \nSmall Cap \n(points) \nMining \nIndex \n(points) \nGrand \nMarket \nCap (ZWL \nbillion) \nMarket \nTurnover \n(ZWL \nmillion) \nVolume of \nShares \n(million) \n23-Feb-24 \n496,276.62 \n218,242.76 \n285,041.49 \n2,126,356.87 \n10,536,788.57 \n216,534.42 \n39,257.91 \n10,303.50 \n5.67 \n1-Mar-24 \n522,532.48 \n233,304.64 \n303,261.27 \n2,116,981.12 \n12,626,424.35 \n216,534.42 \n41,265.74 \n10,361.40 \n5.67 \n8-Mar-24 \n506,648.79 \n224,362.81 \n294,401.16 \n2,115,387.05 \n12,702,579.67 \n216,488.94 \n34,667.18 \n20,127.39 \n14.49 \n15-Mar-24 \n621,650.75 \n283,384.71 \n373,291.78 \n2,367,077.53 \n12,702,579.67 \n216,488.94 \n46,032.92 \n48,464.35 \n20.99 \nWeekly \nChange \n(%) \n22.70 \n26.31 \n26.80 \n11.90 \n0.00 \n0.00 \n32.79 \n140.79 \n44.90 \n \nSource: Zimbabwe Stock Exchange, 2024 \n \nVFEX Indicators \nDate \nAll Share Index \nPoints \nGrand Market \nCapitalisation \n(US$ billion) \nMarket Turnover \n(US$ million) \nVolume of Shares (million) \n23-Feb-24 \n98.68 \n1.19 \n0.22 \n2.17 \n1-March-24 \n97.69 \n1.18 \n0.89 \n3.47 \n8-March-24 \n96.04 \n1.16 \n1.33 \n5.18 \n15-March-24 \n95.51 \n1.15 \n0.45 \n1.74 \nWeekly Change (%) \n-0.55 \n-0.86 \n-66.17 \n-66.41 \nSource: Zimbabwe Stock Exchange, 2024 \n \n \n 4 \nFigure 1: ZSE and VFEX Indicators \n \n \n \nSource: Zimbabwe Stock Exchange, 2024 \n4. CLEARING AND SETTLEMENT ACTIVITY \nSource: Reserve Bank of Zimbabwe, 2024 \n0\n150,000\n300,000\n450,000\n600,000\n01-Dec-23\n08-Dec-23\n15-Dec-23\n22-Dec-23\n29-Dec-23\n05-Jan-24\n12-Jan-24\n19-Jan-24\n26-Jan-24\n02-Feb-24\n09-Feb-24\n16-Feb-24\n23-Feb-24\n01-Mar-24\n08-Mar-24\n15-Mar-24\nIndices\nZSE Indices \nAllshare index\nTop10 Index\nMining Index\n0\n15,000\n30,000\n45,000\n60,000\n75,000\n01-Dec-23\n08-Dec-23\n15-Dec-23\n22-Dec-23\n29-Dec-23\n05-Jan-24\n12-Jan-24\n19-Jan-24\n26-Jan-24\n02-Feb-24\n09-Feb-24\n16-Feb-24\n23-Feb-24\n01-Mar-24\n08-Mar-24\n15-Mar-24\nZW$ Mililon\nZSE Market Turnover \n0\n10,000\n20,000\n30,000\n40,000\n50,000\n01-Dec-23\n08-Dec-23\n15-Dec-23\n22-Dec-23\n29-Dec-23\n05-Jan-24\n12-Jan-24\n19-Jan-24\n26-Jan-24\n02-Feb-24\n09-Feb-24\n16-Feb-24\n23-Feb-24\n01-Mar-24\n08-Mar-24\n15-Mar-24\nZW$ Mililon\nZSE Market Capitalisation \n0\n20\n40\n60\n80\n100\n120\n01-Dec-23\n08-Dec-23\n15-Dec-23\n22-Dec-23\n29-Dec-23\n05-Jan-24\n12-Jan-24\n19-Jan-24\n26-Jan-24\n02-Feb-24\n09-Feb-24\n16-Feb-24\n23-Feb-24\n01-Mar-24\n08-Mar-24\n15-Mar-24\nUS$ Bililon\nVFEX All Share Index \n0\n200\n400\n600\n800\n1000\n1200\n1400\n1600\n08-Dec-23\n15-Dec-23\n22-Dec-23\n29-Dec-23\n05-Jan-24\n12-Jan-24\n19-Jan-24\n26-Jan-24\n02-Feb-24\n09-Feb-24\n16-Feb-24\n23-Feb-24\n01-Mar-24\n08-Mar-24\n15-Mar-24\nUS$ Thousand\nVFEX Market Turnover \n800\n1000\n1200\n1400\n1600\n1800\n2000\n01-Dec-23\n08-Dec-23\n15-Dec-23\n22-Dec-23\n29-Dec-23\n05-Jan-24\n12-Jan-24\n19-Jan-24\n26-Jan-24\n02-Feb-24\n09-Feb-24\n16-Feb-24\n23-Feb-24\n01-Mar-24\n08-Mar-24\n15-Mar-24\nUS$ Mililon\nVFEX Market Capitalisation \nPAYMENT STREAM \nWEEK ENDING \n08 MARCH 2024 \nWEEK ENDING \n15 MARCH 2024 \nWEEKLY \nCHANGE (%) \n \nVALUES IN ZW$ \n \nRTGS \n10,284,004,170,485.70 \n13,251,526,367,054.50 \n28.86% \nOf which ZW$ \n4,039,087,999,652.10 \n4,473,542,983,795.64 \n \nOf which US$ \n390,098,810.71 \n497,141,992.55 \n \nPOS \n806,697,229,613.97 \n612,964,682,091.29 \n-24.02% \nATM \n1,045,471,196,942.39 \n696,844,359,174.73 \n-33.35% \nMOBILE \n1,130,557,702,755.95 \n1,203,822,296,312.99 \n6.48% \nTOTAL \n13,266,730,299,798.10 \n15,765,157,704,633.50 \n18.83% \n \nVOLUMES \n \nRTGS \n192,208 \n167,403 \n-12.91% \nOf which ZW$ \n99,190 \n83,590 \n \nOf which US$ \n93,018 \n83,813 \n \nPOS \n1,740,921 \n1,402,535 \n-19.437% \nATM \n249,291 \n138,106 \n-44.60% \nMOBILE \n12,217,816 \n9,518,288 \n-22.10% \nTOTAL \n14,400,236 \n11,226,332 \n-22.04% \n \n 5 \n5. PRICES \nDomestic Energy Prices \nEnergy prices \n23 Feb 2024 \n1 March 2024 \n8 March 2024 \n15 March 2024 \n \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.67 \n1.67 \n1.69 \n1.69 \nPetrol Blend E20/ litre \n1.64 \n1.64 \n1.68 \n1.68 \nLP Gas / kg \n1.86 \n1.86 \n1.87 \n1.87 \nSource: Zimbabwe Energy Regulatory Authority, 2024 \n \nInternational Energy Prices (Weekly average) \n Energy prices \n 23 Feb 2024 \n 1 March 2024 \n 8 March 2024 \n 15 March 2024 \n \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n82.80 \n82.57 \n82.52 \n84.02 \nSource: BBC, 2024 \n \n6. MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS \n(GBDT) \n \nPrevious day Gold PM Fix \nGold prices \n23 Feb 2024 \n1 March 2024 \n8 March 2024 \n15 March 2024 \n \nUS$/oz \nUS$/oz \nUS$/oz \nUS$/oz \nGold PM Fix \n2,024.00 \n2,048.05 \n2,153.45 \n2,160.80 \nSource: London Bullion Market Association, 2024 \n \n \nGold Backed Digital Token Price Per Milligram \nWeek Ending \nZW$ Price per Mg \nUS$ Price per Mg \nBuy \nSell \nBuy \nSell \n23-Feb-24 \n934.09 \n1,032.42 \n0.0618 \n0.0683 \n1-March-24 \n1,038.89 \n1,148.24 \n0.0626 \n0.0691 \n8-March-24 \n1,198.93 \n1,325.14 \n0.0658 \n0.0727 \n15-March-24 \n1,321.41 \n1,460.51 \n0.0660 \n0.0729 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \nRBZ Gold-Backed Digital Tokens Issuances (ZW$) \n2024 \nNumber of \nBids \nValue of Bids \n(ZW$ millions) \nAmount Allotted \n(ZW$ millions) \nKilograms of \nGold Purchased \nCumulative up to week ending 1-March \n1,012 \n369,620.55 \n369,620.55 \n781.904323 \nGBDT Issue No.31 2024 11-March \n2 \n49.99 \n49.99 \n0.036741 \nGBDT Issue No.32 2024 12-March \n5 \n11,452.80 \n11,452.80 \n8.222152 \nGBDT Issue No.33 2024 13-March \n8 \n6,904.75 \n6,904.75 \n4.913921 \nGBDT Issue No.34 2024 14-March \n7 \n4,394.43 \n4,394.43 \n3.06098 \nGBDT Issue No.35 2024 15-March \n3 \n2,259.99 \n2,259.99 \n1.547403 \nCumulative up to week ending 15-March \n1,037 \n394,682.51 \n394,682.51 \n799.685553 \nWeekly Change (%) \n2.47 \n6.78 \n6.78 \n2.27 \n Source: Reserve Bank of Zimbabwe, 2024 \n \n \n \n \n \n 6 \nFigure 2: Cumulative KGs Purchased of GBDT \n \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \nMosi-oa-Tunya Gold Coin Prices \nGold Coin Price \n 23 Feb 2024 \n 1 March 2024 \n 8 March 2024 \n 15 March 2024 \n1.00Oz \n \n \n \n \nUS$ \n2,125.20 \n2,150.45 \n2,261.12 \n2,268.84 \nZW$ \n32,111,765.37 \n35,714,372.08 \n41,216,398.33 \n45,426,972.33 \n0.50Oz \n \n \n \n \nUS$ \n1,062.60 \n1,075.23 \n1,130.56 \n1,134.42 \nZW$ \n16,055.882.68 \n17,857,186.04 \n20,608,199.16 \n22,713,486.17 \n0.25Oz \n \n \n \n \nUS$ \n531.30 \n537.61 \n565.28 \n567.21 \nZW$ \n8,027,941.34 \n8,928,593.02 \n10,304,099.58 \n11,356,743.08 \n0.10Oz \n \n \n \n \nUS$ \n212.52 \n215.05 \n226.11 \n226.88 \nZW$ \n3,211,176.54 \n3,571,437.21 \n4,121,639.83 \n4,542,697.23 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \n7. EXTERNAL SECTOR \nExchange Rate Developments (ZW$ per Unit of foreign currency) \n \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n (4 Mar - 8 Mar) \n15,980.39 \n863.64 \n20,329.41 \n1,168.59 \n17,389.88 \n11-March \n16,878.3728 \n909.0909 \n21,692.2491 \n1,244.1827 \n18,466.7920 \n12-March \n17,203.0789 \n909.0909 \n22,055.2510 \n1,262.9683 \n18,815.1822 \n13-March \n17,508.1883 \n909.0909 \n22,390.3923 \n1,287.1261 \n19,128.6168 \n14-March \n17,830.8211 \n1000.00 \n22,810.4013 \n1,316.1919 \n19,509.6391 \n15-March \n18,201.9215 \n1000.00 \n23,183.1125 \n1,341.6698 \n19,794.6837 \nWeekly Average \n(11 Mar - 15 Mar) \n17,524.48 \n945.45 \n22,426.28 \n1,290.43 \n19,142.98 \nAppr (-)/Depr (+) \n(%) of the ZWL \n9.66 \n9.47 \n10.31 \n10.43 \n10.08 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \n \n \n \n -\n 100\n 200\n 300\n 400\n 500\n 600\n 700\n 800\n \n 7 \nInternational Commodity Price Developments \n \nPlatinum \nPalladium \nNickel \nLithium \n2024 \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nWeekly Average \n (4 March -8 March) \n901.70 \n991.80 \n17,883.00 \n13,250.00 \n11-March \n929.50 \n1,034.00 \n18,377.00 \n13,300.00 \n12-March \n927.00 \n1,040.00 \n18,551.00 \n13,276.00 \n13-March \n923.50 \n1,024.00 \n18,346.00 \n13,252.00 \n14-March \n933.00 \n1,063.00 \n18,077.00 \n13,228.00 \n15-March \n941.50 \n1,086.50 \n18,074.00 \n13,204.00 \nWeekly Average \n (11 March -15 March) \n930.90 \n1,049.50 \n18,285.00 \n13,252.00 \nSource: BBC, KITCO and Bloomberg, 2024 \n \n \n \nFigure 3: Weekly Precious Metals Price Developments (11th – 15th March 2024) \n \n \n \n \nSource: BBC, KITCO and Bloomberg, 2024 \n \n910\n915\n920\n925\n930\n935\n940\n945\n11-Mar\n12-Mar\n13-Mar\n14-Mar\n15-Mar\nUS$/tonne\nPlatinum\n980\n1,000\n1,020\n1,040\n1,060\n1,080\n1,100\n11-Mar\n12-Mar\n13-Mar\n14-Mar\n15-Mar\nUS$/tonne\nPalladium\n17,800\n17,900\n18,000\n18,100\n18,200\n18,300\n18,400\n18,500\n18,600\n11-Mar\n12-Mar\n13-Mar\n14-Mar\n15-Mar\nUS$/tonne\nNickel\n12,800\n13,000\n13,200\n13,400\n13,600\n13,800\n14,000\n11-Mar\n12-Mar\n13-Mar\n14-Mar\n15-Mar\nUS$/tonne\nLithium", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_15_MARCH_2024_Volume_26_Number_11.pdf"} |