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+ {"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"}
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+ {"doc_id": "00370906c0d3cea814c6178eb9ce53ab", "text": "Vol. 25 No. 23 \n \n \nWeek Ending \n9th June 2023 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ................................................................................................ 1 \n2. \nINTEREST RATES .................................................................................... 1 \n3. \nCLEARING AND SETTLEMENT ACTIVITY ...................................... 3 \n4. \nTOBACCO SALES ..................................................................................... 5 \n5. \nINTERNATIONAL COMMODITY PRICE DEVELOPMENTS ......... 5 \n6. \nEXCHANGE RATE DEVELOPMENTS ................................................. 7 \n7. \nEQUITY MARKETS.................................................................................. 7 \n8. \nGOLD COINS ........................................................................................... 12 \n \n \n \n \n \n1 \n1. \nOVERVIEW \n \nThis report provides a comprehensive update on the latest developments in the money and capital \nmarkets for the week ending 9 June 2023. The report also covers developments in the tobacco, \nmineral commodities, gold coins and stock markets during the week. The last section of the \nreport presents an analysis of domestic inflation developments. \n \nThe minimum and maximum deposit rates for domestic currency deposits remained unchanged \nat their previous week’s levels during the week ending 9 June 2023. The banks also maintained \nthe structure of deposit rates, short- and long-term deposits, paying higher rates on long-term \ndeposits. The value and volume of ZWL transactions processed through the National Payment \nSystem (NPS) increased, reflecting higher economic activities. The equity markets continued to \ngrow during the week under consideration. \n \nThe volume of tobacco sales as at the end of the week was 55.17% higher than the volume sold \nduring the same period in 2022. The turnover realized from the tobacco sales was 54.9% higher \nthan the US$505.07 million realized during the same period in 2022. \n \n2. \nINTEREST RATES \n \nLocal Currency (ZWL) Deposit Rates \n \nMinimum and maximum deposit rates for domestic currency deposits of all classes remained \nunchanged at their previous week’s levels during the week ending 9th June 2023. Banks \nmaintained higher deposit rates for the longer-term deposits to attract long-term savings needed \nfor lending. \n \n \nTable 1: Average Deposit Rates (per annum) \nDate \nSavings deposits (%) \n1- Month deposit rates (%) \n \n3- Month deposit rates (%) \n \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n12-May-23 \n35.33 \n35.88 \n60.39 \n71.50 \n63.33 \n70.33 \n19-May-23 \n35.33 \n35.88 \n60.39 \n71.50 \n63.33 \n70.33 \n26-May-23 \n35.33 \n35.88 \n60.39 \n71.50 \n63.33 \n70.33 \n2-Jun-23 \n35.33 \n35.88 \n60.39 \n71.50 \n63.33 \n70.33 \n9-Jun-23 \n35.33 \n35.88 \n60.39 \n71.50 \n63.33 \n70.33 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n2 \n \nLocal Currency (ZWL) Lending Rates \n \nThe minimum ZWL lending rates for both individuals and corporate borrowers were adjusted \nupwards during the week reflecting higher credit demand for the banks’ low-risk rated clients. \nThe maximum ZWL lending rates were reduced for both individuals and corporate borrowers, \nwhich is positive for the low-end segments of the market. The lending rates were as in Table 2. \n \nTable 2: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \n \n Corporate Clients \n12-May-23 \n75.21 \n106.24 \n85.82 \n168.68 \n19-May-23 \n71.91 \n100.67 \n102.96 \n162.50 \n26-May-23 \n70.02 \n102.96 \n85.40 \n168.68 \n2-Jun-23 \n70.87 \n103.16 \n86.45 \n168.78 \n9-Jun-23 \n72.49 \n102.12 \n88.01 \n167.75 \nSource: Reserve Bank of Zimbabwe, 2023 \n \nForeign Currency (USD) Deposit Rates \n \n \nThe minimum and maximum deposits rates for all classes of FCA deposits remained unchanged \nduring the week ending 9th June 2023, as shown in Table 3. The banks continued to offer higher \ndeposit rates on longer-term FCA deposits to attract long-term foreign currency deposits needed \nto support longer-term lending. \n \n \n \nTable 3: Average Foreign Currency Deposit Rates (per annum) \nDate \nSavings deposits (%) \n1- Month deposit rates (%) \n \n3- Month deposit rates (%) \n \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n12-May-23 \n1.27 \n1.69 \n3.12 \n4.44 \n3.45 \n4.93 \n19-May-23 \n1.27 \n1.69 \n3.12 \n4.44 \n3.45 \n4.93 \n26-May-23 \n1.27 \n1.69 \n3.12 \n4.44 \n3.45 \n4.93 \n2-Jun-23 \n1.27 \n1.69 \n3.12 \n4.44 \n3.45 \n4.93 \n9-Jun-23 \n1.27 \n1.69 \n3.12 \n4.44 \n3.45 \n4.93 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n3 \n \n \n \n \nForeign Currency (USD) Lending Rates \n \n \nDuring the week ending 9 June 2023, the USD minimum lending rates increased by 0.02 and \n0.46 percentage points for individuals and corporate clients, respectively. The increases reflect \nhigher demand for loans by the low low-risk clients of the banks. The maximum USD lending \nrates for individual borrowers were reduced by 0.08 percentage points while the maximum \nlending rates for the orate borrowers were increased by 0.19 percentage points during the week \nunder review as shown in Table 4. \n \nTable 4: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \n \n Corporate Clients \n12-May-23 \n11.32 \n12.95 \n8.28 \n14.44 \n19-May-23 \n11.35 \n13.32 \n7.64 \n14.48 \n26-May-23 \n11.34 \n13.12 \n7.95 \n14.52 \n2-Jun-23 \n11.37 \n13.04 \n8.02 \n14.60 \n9-Jun-23 \n11.39 \n12.96 \n8.48 \n14.79 \nSource: Reserve Bank of Zimbabwe, 2023 \n3. \nCLEARING AND SETTLEMENT ACTIVITY \n \nThe value of transactions processed through the National Payment System (NPS) increased \nduring the week under review from ZW$1.74 trillion in the previous week to ZW$2.36 trillion. \nThe Real Time Gross Settlement (RTGS) increased by 39.97% to ZW$2 trillion, during the \nweek. The distribution of the NPS transaction in value terms during the week ending 9 June 2023 \nwas distributed as shown in Figure 1. \n \n \n \n \n \n \n \n \n \n4 \n \n \n Figure 1: Composition of NPS Transactions in Value Terms \n \n Source: Reserve Bank of Zimbabwe, 2023 \n \n \n \nThe volume of transactions that went through the NPS during the week under review decreased \nby 3.977% to 12.07 million, reflecting higher economic activity. The lower ATM transaction \nvolumes registered during the week under analysis were partly attributable to Adowntimesmes. \nIn volume terms, the NPS transactions were distributed as shown in Figure 2. \n \n \n Figure 2: Composition of NPS Transactions in Volume Terms \n \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n \nRTGS\n85.16%\nPOS\n6.78%\nATM\n2.71%\nMOBILE\n5.35%\nRTGS\nPOS\nATM\nMOBILE\nRTGS, 2.17%\nPOS, 23.26%\nATM, 1.19%\nMOBILE, 73.38%\nRTGS\nPOS\nATM\nMOBILE\n \n \n5 \nTable 5: National Payment Systems Activity \nPAYMENT \nSTREAM \nWEEK ENDING \n26th May 2023 \n \nWEEK ENDING \n \n2nd May 2023 \n% CHANGE FROM \nLAST WEEK \nPROPORTION \n% \n \nValues in ZW$ Millions \n \n \nRTGS \n1,433,365.50 \n2,006,243.53 \n39.97% \n82.60% \nPOS \n135,753.24 \n159,746.66 \n17.67% \n7.82% \nATM \n63,796.23 \n63,751.71 \n-0.07% \n3.68% \nMOBILE \n102,443.80 \n126,086.93 \n23.08% \n5.90% \nTOTAL \n1,735,358.99 \n2,355,828.84 \n35.75% \n100% \nVolumes \n \n \nRTGS \n312,547 \n262,493 \n-16.01% \n2.17% \nPOS \n2,895,014 \n2,807,194 \n-3.03% \n23.26% \nATM \n169,604 \n143,170 \n-15.59% \n1.19% \nMOBILE \n9,192,031 \n8,857,304 \n-3.64% \n73.38% \nTOTAL \n12,569,196 \n12,070,161 \n-3.97% \n100% \nSource: Reserve Bank of Zimbabwe, 2023 \n \n4. \nTOBACCO SALES \nA cumulative total of 259.10 million kilograms of tobacco had been sold as at 9th June 2023, the \n58th day of the tobacco selling season. The volume of tobacco sales represented a 55.17% \nincrease, compared to the 166.97 million kilograms sold during the same period in 2022. The \nturnover realized from the sales amounted to US$782.33 million and was 54.90% higher than \nthe US$505.07 million realized during the same period in 2022, as shown in Table 6. \n \nTable 6: Weekly Cumulative Tobacco Sales: Day 58 (9th June 2023) \n \n2022 \n2023 \nVariance (%) \nCumulative Quantity Sold (million kgs) \n166,973,588 \n259,098,162 \n55.64 \nAverage Price (US$/kg) \n3.02 \n \n3.02 \n-0.18 \nCumulative value (US$ million) \n475,552,777 \n782,334,436 \n54,90 \n Source: Tobacco Industry and Marketing Board (TIMB), 2023 \n \nThe golden leaf was sold at an average price of US$3.02/kg, during the week under review, up \nfrom US$3.01/kg realized during the same period in 2022. \n5. \nINTERNATIONAL COMMODITY PRICE DEVELOPMENTS \n \nDuring the week ending 9th June 2023, weekly average international prices for gold and \npalladium remained bearish and marginally eased, while platinum, copper, nickel, and crude oil \nrallied from their previous week’s levels. Table 7 shows developments in prices for selected \ncommodities during the week under review. \n \n \n \n6 \nTable 7: Metal and Crude Oil Prices for the week ending 2nd June 2023 \n \nGold \nPlatinum \nPalladium \nCopper \nNickel \nCrude Oil \n2023 \nUS$/ounce \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nUS$/barrel \nWeekly Average (29 May -02 \nJune) \n1,960.87 \n1,017.30 \n1,410.10 \n8,163.20 \n21,019.00 \n75.02 \n05-June \n1,950.75 \n1,011.50 \n1,417.50 \n8,361.00 \n21,020.00 \n76.54 \n06-June \n1,959.58 \n1,027.00 \n1,407.50 \n8,293.00 \n21,189.00 \n75.89 \n07-June \n1,965.20 \n1,038.50 \n1,414.00 \n8,270.00 \n21,155.00 \n76.25 \n08-June \n1,956.83 \n1,023.00 \n1,381.00 \n8,330.00 \n21,110.00 \n75.70 \n09-June \n1,961.93 \n1,007.00 \n1,337.50 \n8,323.00 \n21,155.00 \n73.73 \nWeekly Average (05- 09 June) \n1,958.86 \n1,021.40 \n1,391.50 \n8,315.40 \n21,125.80 \n75.60 \nWeekly Change (%) \n-0,10 \n0,40 \n-1,32 \n1,86 \n0,51 \n0,78 \nSource: BBC, KITCO and Bloomberg 2023 \n \nGold \n \nDuring the week ending 9th June 2023, gold prices declined by 0.10% to US$1,958.86 per ounce \nfrom US$1,960.87 per ounce in the previous week. Prices were weighed down by an uptick in \nU.S. bond yields as well as a strengthening US dollar. The decline was, however, marginal as \ninvestors awaited inflation data and the outcome of the upcoming Federal Reserve policy \nmeeting for more clarity on the U.S. interest rate path. \n \nPlatinum \nPlatinum prices rose by a marginal 0.40%, from an average of US$1,017.30 per ounce in the \nprevious week to US$1,021.40 per ounce during the week under review. Prices continued to get \nsupport supply shortages owing to power-related disruptions in top producer, South Africa \n \nPalladium \nMeanwhile, palladium prices slumped by 1.32% from a weekly average of US$1,410.10 per \nounce in the previous week to US$1,391.50 per ounce. Palladium prices remained bearish owing \nto weak global industrial demand particularly in the auto sector. \n \nCopper \nCopper prices continued on a positive trajectory following signs of dwindling inventories, \nparticularly in China, the world’s largest metals consumer. Resultantly, the red metal’s prices \nincreased by 1.86%, from an average of US$8,163.20 per tonne to US$8,315.40 per tonne during \nthe week ending 9th June 2023. Prices are, however, expected to remain rangebound before the \nannouncement of the Fed’s rate decision. \n \n \n \n7 \n \nNickel \nNickel prices marginally rose by 0.51% from US$21,019.00 per tonne to US$21,125.80 per \ntonne, supported by robust demand from China and supply disruptions in Indonesia, which have \nlimited global supply. \nBrent Crude Oil \nDuring the week ending 9th June 2023, crude oil average prices rebounded by 0.78% to \nUS$75.60 per barrel, from US$75.02 per barrel recorded in the previous week. Prices recovered \nfollowing an announcement by Saudi Arabia to cut production by one million barrels a day. This \ndevelopment more than offset demand woes stemming from recession fears. \n \n6. EXCHANGE RATE DEVELOPMENTS \n \n \nInterbank Market \nThe Zimbabwe dollar (ZW$) depreciated on the interbank market by 62%, from an average of \nZW$2,362.54 per US$1 in the previous week to ZW$3,825.12 per US$1, during the week under \nreview, as is shown in Table 8. \n \nTable 8: Selected Exchange Rates (ZW$ per unit of foreign currency) \n2023 \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average (29-02 June) \n 2,362.5449 \n 120.6822 \n2,933.2617 \n 171.1219 \n 2,531.1155 \n05-June \n 2,727.0405 \n 139.8601 \n 3,389.4512 \n 198.2010 \n 2,916.9851 \n06-June \n 2,769.9366 \n 144.9275 \n 3,446.7762 \n 201.3092 \n 2,970.7795 \n07-June \n 3,673.7718 \n 192.3077 \n 4,562.2861 \n 266.9540 \n 3,925.9804 \n08-June \n 4,868.5152 \n 259.7403 \n 6,065.9298 \n 357.3691 \n 5,216.8608 \n09-June \n 5,086.3307 \n 273.9726 \n 6,383.6114 \n 375.9524 \n 5,482.8222 \nWeekly Average (05-09 June) \n 3,825.1190 \n 202.1616 \n 4,769.6109 \n 279.9571 \n 4,102.6856 \nAppr (-)/Depr (+) (%) of the ZWL \n61,9 \n67,5 \n62,6 \n63,6 \n62,1 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n7. EQUITY MARKETS \n \n \nZimbabwe Stock Exchange \n \nDuring the week ending 9th June 2023, the Zimbabwe Stock Exchange (ZSE) maintained a \npositive momentum for the eighth consecutive week with the ZSE All Share index gaining \n56.06% to close the week at 175 785.58 points. \n \n \n8 \n \nThe Top 10, Top 15, and Medium Cap increased by 63.39%, 60.22%, 33.31% and 8.16% to \nclose the week at 110 293.27 points, 127 407.23 points, 293 876.79 points respectively. \n \nThe rise in the mainstream index was a result of share price gains in CBZ Holdings Limited \n(101.05%), British American Tobacco Zimbabwe Limited (BAT) (75.09%), ZB Financial \nHoldings Limited (74.05%), Meikles Limited (73.45%) and Delta Corporation Limited \n(71.90%). \n \nPartially offsetting the aforementioned increases were declines in share prices of Zimbabwe \nNewspapers (1980) Limited (26.80%) and Ariston Holdings Limited (5.06%).The increase in \nthe resource index emanated from a 14.28 % increase in RioZim Limited’s share price during \nthe week under review. \n \nTable 8: Zimbabwe Stock Exchange Statistics1 \n \nAll Share \nIndex \nPoints \nTop 10 \nindex3 \n(points) \n \n \n \nMining \nIndex \n(points) \nGrand \nMarket \nCapitalizat\nion (ZWL \nbillion) \nMarket \nTurnove\nr (ZWL \nmillion) \nThe \nvolume \nof \nShares \n(million) \nTop 15 \nIndex3 \npoints \nMedium \nCap3 \n(points) \nSmall Cap3 \n(points) \n \n \n \n29-May-23 \n99,900.00 \n60,847.16 \n28,301.73 \n179,839.67 \n1,026,751.26 \n46,035.02 \n8,275.92 \n2,015.86 \n33,85 \n30-May-23 \n104,183.78 \n63,745.45 \n34,558.62 \n190,360.21 \n1,023 904.93 \n52,765.85 \n8,745.92 \n2,830.79 \n9,60 \n31-May-23 \n108,195.28 \n65,893.9 \n44,713.63 \n200,948.99 \n1,024,954.59 \n52,765.85 \n8,939,06 \n2,989.59 \n20,05 \n1-Jun-23 \n111,427.57 \n67,489.32 \n59 422.95 \n211,205.84 \n1,061,229.76 \n51,236.83 \n9,426.65 \n1,922.75 \n3,11 \n2-June-23 \n112,615.44 \n67,504.61 \n59 422.95 \n220,449.67 \n1,061,229.76 \n50,946.71 \n9,426.65 \n6.682.22 \n80.84 \n9-June-23 \n175,785.58 \n110,293.2\n7 \n127,407.2\n3 \n293,876.79 \n1,001,260.16 \n58,223.29 \n14,618.47 \n41,049.5\n9 \n75,40 \n% Change \n56.09 \n63.39 \n60.22 \n33.31 \n-5.65 \n14.28 \n55.08 \n149.67 \n-6.73 \nSource: Zimbabwe Stock Exchange (ZSE), 2023 \n \n \n \n \n \n \n \n1 The Zimbabwe Stock Exchange (ZSE) adopted the Global Industry Classification Standards, effective from 1 January 2020.The ZSE indices \nconstitute the following categories; Top 10 Index; Top 15; Top 25; Medium cap and Small cap Indices. \n \n \n \n \n9 \nFigure 3 shows the trend in daily market turnover for the period from 27th April 2022 to 9th \nJune 2023. \n \n \nFigure 3: Zimbabwe Stock Exchange All Share and Top 10 Indices \nSource: Zimbabwe Stock Exchange, 2023 \n \n \n \nMarket Turnover and Volume \n \n \nThe cumulative value of shares traded increased by 149.67% to ZW$41.05 billion, despite a \ndecline of 6.73% in the volume of shares traded, amounting to 75.40 million shares. Figure 4 \nshows the trend in daily market turnover for the period from 21st May 2022 to 9th June 2023. \n \n Figure 4: Daily Market Turnover \n \nSource: Zimbabwe Stock Exchange, 2023 \n \n \n \n0\n10,000\n20,000\n30,000\n40,000\n50,000\n60,000\n70,000\n80,000\n90,000\n100,000\n27-Apr-22\n21-May-22\n14-Jun-22\n8-Jul-22\n1-Aug-22\n25-Aug-22\n18-Sep-22\n12-Oct-22\n5-Nov-22\n29-Nov-22\n23-Dec-22\n16-Jan-23\n9-Feb-23\n5-Mar-23\n29-Mar-23\n22-Apr-23\n16-May-23\n9-Jun-23\nAll Share Index\nTop 10 Index\n0\n2,000\n4,000\n6,000\n8,000\n10,000\n12,000\n14,000\n16,000\n18,000\n20,000\n21-May-22\n14-Jun-22\n08-Jul-22\n01-Aug-22\n25-Aug-22\n18-Sep-22\n12-Oct-22\n05-Nov-22\n29-Nov-22\n23-Dec-22\n16-Jan-23\n09-Feb-23\n05-Mar-23\n29-Mar-23\n22-Apr-23\n16-May-23\n09-Jun-23\nZW$ millions\nNegotiated deal: 61.16 million Larfage\nCement\nZimbabwe\nLimited\nshares\nexchanged hands at ZW$312.65\nBlock \nTrade: \n19.34 \nmillion \nHippo Valley Estates Limited \nshares \nexchanged \nhands \nat \nZW$247.85/share\nNotable Trades: 31.45 million Ariston \nHoldings Limited shares and 4.26 million \nDelta Holdings Limited shares exchanged \nhands \nat \nZW$15.02/share \nand \nZW$4077/share, respectively. \n \n \n10 \nMarket Capitalization \n \n \nReflecting improved trading activity on the ZSE, largely informed by heightened speculative \ntendencies, market capitalization increased by 55.08%, or ZW$5 191.83 billion worth of \ncapitalization to close at ZW$14 618.85 billion, compared to the previous week’s position of \nZW$9 426.65 billion. Figure 5 shows ZSE market capitalization developments for the period \nfrom 27th April 2022 to 9th June 2023. \n \nFigure 5: Daily Market Capitalization in ZW$ billions \nSource: Zimbabwe Stock Exchange, 2023 \n \n \nVictoria Falls Stock Exchange \n \n \nThe Victoria Falls Stock Exchange (VFEX) was characterised by bearish trading during the week \nending 9th June 2023. Resultantly, the VFEX All Share index lost 0.06% to close at 80.18 points, \ncompared to 80.22 points recorded in the previous week. \n \nThe decline in the VFEX mainstream index was a result of share price losses in First Capital \nBank Limited (23.53%), Africa Sun Limited (7.18%), Axia Corporation Limited (0.62%) and \nPadenga Holdings Limited (0.27%) \n \nPartially offsetting the abovementioned share price losses were gains in the share prices of \nInnscor Africa Limited (6.82%) and Simbisa Brands Limited (1.97%). \n \nThe VFEX cumulative volume and value of shares traded increased by 23.99% and 86.25% to \n2.28 million shares and US$1.09 million. This is in comparison to 1.83 million shares and US$ \n0\n1,000\n2,000\n3,000\n4,000\n5,000\n6,000\n7,000\n8,000\n9,000\n10,000\n27-Apr-22\n21-May-22\n14-Jun-22\n08-Jul-22\n01-Aug-22\n25-Aug-22\n18-Sep-22\n12-Oct-22\n05-Nov-22\n29-Nov-22\n23-Dec-22\n16-Jan-23\n09-Feb-23\n05-Mar-23\n29-Mar-23\n22-Apr-23\n16-May-23\n09-Jun-23\nBillions\n \n \n11 \n0.58 million registered in the previous week, respectively. Market capitalization, declined by \n0.06%, or US$0.75 million worth of capitalization to close at US$1.35 billion, from US$1.35 \nbillion registered in the previous week. Figure 6 shows the trend in the VFEX All Share Index \n(ASI) for the period from 27th April 2022 to 9th June 2023. \n \nFigure 6: Victoria Falls Stock Exchange All Share Index \nSource: Victoria Falls Stock Exchange, 2023 \n \n \n \nJohannesburg Stock Exchange (JSE) Developments \n \nThe Johannesburg Stock Exchange (JSE) All-share index was 0.25% lower to close at 76,936.11 \npoints during the week under analysis. JSE market capitalization also decreased by 1.46% to \nclose at ZAR21.82 trillion during the same period. \n \n \nTable 9: Johannesburg Stock Exchange (JSE) Statistics \nPeriod \nAll Share Index \nMarket Capitalization \n(points) \n(ZAR trillions) \n29-May-23 \n76,613.35 \n22.36 \n30-May-23 \n75,939.46 \n22.34 \n31-May-23 \n75067.47 \n22.35 \n1-June-23 \n75783.25 \n22.49 \n2-June-23 \n77,126.06 \n21.97 \n9-June-23 \n76,936.11 \n21.65 \n% Change \n-0.25 \n-1.46 \nSource:https://www.jse.co.za/services/market-data/market-statistics, 2023 \n \n \n \n \n \n70.00\n80.00\n90.00\n100.00\n110.00\n120.00\n130.00\n140.00\n150.00\n27-Apr-22\n21-May-22\n14-Jun-22\n08-Jul-22\n01-Aug-22\n25-Aug-22\n18-Sep-22\n12-Oct-22\n05-Nov-22\n29-Nov-22\n23-Dec-22\n16-Jan-23\n09-Feb-23\n05-Mar-23\n29-Mar-23\n22-Apr-23\n16-May-23\n09-Jun-23\n \n \n12 \nFigure 7: Johannesburg Stock Exchange (JSE) All Share Index \nSource:https://www.jse.co.za/services/market-data/market-statistics,2023 \n \n \n \n \n8. \nGOLD COINS \n \n A total amount of ZW$42.4 billion had been purchased in respect of the gold-backed digital \ncoins by the 9th of June 2023. \n \nTable 10: Digital Gold-Backed Coin Purchases (Volume and Value) As at 09 June 2023 \n \n \n \n \n \n \n \n 60.00\n 65.00\n 70.00\n 75.00\n 80.00\n 85.00\n14-May-22\n7-Jun-22\n1-Jul-22\n25-Jul-22\n18-Aug-22\n11-Sep-22\n5-Oct-22\n29-Oct-22\n22-Nov-22\n16-Dec-22\n9-Jan-23\n2-Feb-23\n26-Feb-23\n22-Mar-23\n15-Apr-23\n9-May-23\n2-Jun-23\n \nDate \nNumber \nof Bids \nReceived \nValue of Bids \nReceived \nAmount Allotted \nPrice per \nMilligram of \nGold \n \n \n \nZWL \n \n \nRBZ GOLD-BACKED DIGITAL \nTOKENS ISSUE NO. 2/2023 \n 18-May-23 \n104 \n8,063,137,030 \n8,063,137,030 \n112,6 \nRBZ GOLD-BACKED DIGITAL \nTOKENS ISSUE NO. 3/2023 \n 26-May-23 \n105 \n8,500,033,263 \n8,500,033,263 \n152,46 \nRBZ GOLD-BACKED DIGITAL \nTOKENS ISSUE NO. 4/2023 \n 01-Jun-23 \n59 \n4,516,617,361 \n4,516,617,361 \n207,79 \nRBZ GOLD-BACKED DIGITAL \nTOKENS ISSUE NO. 5/2023 \n 08-Jun-23 \n61 \n7,214,378,573 \n7,214,378,573 \n388,01 \nTotal ZWL \n \n461 \n42,371,503,648 \n42,371,503,648 \n \n \n \n13 \n9. \nRECENT EXCHANGE RATE AND INFLATION DYNAMICS \n \n \nThe economy continues to exhibit strong external sector fundamentals as evidenced by persistent \nbalance of payments current account surpluses being registered since 2019 and balanced fiscal \nperformance since 2020. Given the above, the significant depreciation of the local currency \nwitnessed since March 2023 is largely decoupled from conventional economic fundamentals as \nit was also influenced by other dual currency-related dynamics Zimbabwe. \n \nIn a normal mono-currency environment, currency instability usually emanates from structural \nweaknesses in the economy that include unsustainable fiscal and current accounts deficits. The \nresultant monetization of fiscal deficits through financing from the central bank would then \ndestabilize the exchange rate through excessive financial market liquidity. Similarly, \nunsustainable current account deficits may lead to foreign currency shortages that exert pressure \non the exchange rate to depreciate. In addition, high dependency by a country on primary \ncommodities without adequate foreign reserves exposes the exchange rate to adverse external \nshocks and to speculative attacks by rent-seeking. \n \nContrary to the afore-described conventional causes of currency instability, the country’s fiscal \nposition has been sustainably maintained at deficits of below 3% with no recourse to Central \nBank financing since 2020. Similarly, the country has been experiencing favourable external \nbalance as shown by current account surpluses registered since 2019 to date. Precisely, the \ncountry registered foreign currency inflows amounting to US$11.6 billion in 2022, which is the \nhighest in history. Economic growth prospects for the country are positive with growth estimated \nto surpass the initial growth projection underpinning the 2023 National budget of 3.8% in 2023. \nDiaspora remittances have been performing well and outweighing increases in imports to support \ngrowth in manufacturing capacity utilization estimated at 56% in 2022. \n \nThe country also continues to pursue a tight monetary policy stance since the last half of 2022, \nwith moderate increases in the local component of the money supply. Relatedly, the growth in \nlending in local currency has been low since January 2023 which shows that the monetary \nconditions remain tight. Traditionally, the movements in the exchange rate in Zimbabwe have \nbeen closely related to the movements in the local currency component of the money supply. \nThis, notwithstanding, the recent currency instability saw the exchange rate sharply depreciating \nin the face of a merely moderate and normal increase in the local currency component of the \n \n \n14 \nmoney supply. This, somewhat, suggests a possible decoupling of dual currency exchange \ndynamics from money supply growth as shown in Figure 8. \n \nFigure 8: Money Supply and Exchange Rate Developments \n \n \nThe historically observed money supply-exchange rate nexus, therefore, suggests that the \nexchange rate should be much lower at around half of what has been observed in the market. \nThus, the current official and parallel exchange rates have overshot their equilibrium levels and \nare expected to appreciate or at the very least remain stable in the foreseeable future. \n \nGiven the above, the considered view of the Bank is that the current volatility in the exchange \nrate reflects the inherent challenges associated with a dual currency system. In a dual currency \nsystem, economic agents trade in both the USD and the local currency. Foreign currency is \ndemanded for settling both external and domestic transactions and for store-of-value while under \na mono-currency system, foreign currency is mainly reserved for external transactions. Hence \nthe demand for foreign currency under a dual currency system is insatiably high. \n \nOn the supply side, the country experienced a decline in foreign currency receipts due to external \nshocks (declining commodity prices) of key minerals such as the Platinum Group of Metals \n(PGMs) during the period under review. Although the PGMs prices are yet to reverse, the net \neffect on trade flows has since been significantly moderated by the coming in of lithium exports \nand the softening of global petroleum, fertiliser, and other import prices. \n \n0\n100\n200\n300\n400\n500\n600\n700\nAnnual Growth of ZWL Component of M3\nAnnual Depreciation\n \n \n15 \nIt was also observed during the period under review that the quoting of abnormally depreciated \nexchange rates to discourage sales in local currency by some businesses also exerted pressure on \nthe local unit. This came in the form of a sudden decline in the demand for local currency due to \nthe implicit rejection and an equivalent increase in demand for foreign currency for settling \ndomestic transactions. Given, the hysteresis of yesteryear’s hyperinflation, this perpetuated the \nself-fulfilling negative inflation and exchange rate expectations. \n \nGiven that the current exchange rate volatility is not driven by structural factors and persistent \nmoney supply growth, the Bank is aptly confident that the worst patch is over. In addition, the \nrecent measures instituted by the Bank, which include the introduction of the wholesale foreign \nexchange market to address transitory foreign exchange liquidity in the market and the rolling \nout of the second phase of the gold-backed digital coins are expected to buttress exchange rate \nstability in the near to short term. Precisely, intervening in the foreign exchange market through \nthe wholesale auction system is already exerting a dual effect of mopping up excess liquidity and \nre-establishing the optimal mix of the dual currencies, thus ensuing exchange rate stability. Given \nthe above, the Bank encourages all stakeholders, notably retailers, service providers and \nGovernment in all its tiers to accept payments in local currency going forward to boost its \ndemand, critical for fostering exchange rate stability. \n \n \n \n \nRESERVE BANK OF ZIMBABWE \n \n \n16 \n APPENDIX 1: FOREIGN EXCHANGE AUCTION RESULTS FOR MAINFX2 AND SMEFX 3 \n Source: Reserve Bank of Zimbabwe, 2023 \n \n \n2 Main Foreign Currency Auction \n3 Small and Medium Enterprises Foreign Currency Auction \n \nMAINFX \n19-May-23 26-May-23 2-June-2 9-June-23 \n \n SMEFX \n19-May-23 26-May-23 2-June-23 9-June-23 \nTotal \nBids (US$ dollars) \n26,816,031.89 \n54,243,996.14 \n39, 022,401.47 \n22,581,743.16 \n3,558,737.72 \n6,110,283.97 \n4 862 990,77 \n2800317,72 \nAmount Allotted \n(US$ dollars) \n13,171,159.91 \n13,209,099.47 \n13,483,681.07 \n4,158,013,57 \n1,273,163.40 \n957,712.91 \n1 782 414,85 \n829 418,77 \nHighest Rate \n1,600 \n2,001 \n3000,00 \n4,100,00 \n1,525 \n2,100 \n3,100 \n4,100 \nLowest Bid \nRate \n1,351 \n1,801 \n2,500,00 \n3,555,00 \n1,351 \n1,801 \n2,500 \n3,500 \nLowest Bid Rate \nAllotted \n1,351 \n1,801 \n2500,00 \n3,555,00 \n1,351 \n1,801 \n2,500 \n3,500 \nWeighted Average \nRate \n1,404.8039 \n1,888.0119 \n2 577,06 \n3 673,77 \n1,404.8039 \n1,888.0119 \n2,577,06 \n3,673,77 \nNumber of Bids \nReceived \n490 \n469 \n344 \n210 \n569 \n674 \n503 \n298 \nNumber of Bids \nRejected \n7 \n2 \n6 \n5 \n15 \n29 \n2 \n6 \n \n \n17 \n APPENDIX 2: SUMMARY OF FOREIGN CURRENCY AUCTION ALLOTMENTS BY PURPOSE \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \nPurpose \nMAINFX \n 19-May-23 26-May-23 2-June-23 9-June-23 \nSMEFX \n19-May-23 26-May-23 2-June-23 9-June-23 \nRaw Materials \n \n7,007,641.38 \n6,799,034.39 \n7,307,910,47 \n2,252,804.85 \n350,687.48 \n288,375.10 \n561,675.79 \n345,922.07 \nMachinery and \nEquipment \n1,926,117.50 \n2,184,686.84 \n1,943,805.17 \n254,261.37 \n415,614.30 \n318,256.50 \n592,242.46 \n260,143.22 \nConsumables \n(Incl. Spares, \nTyres, \nPackaging) \n1,001,696.74 \n778,350.98 \n1,031,283.36 \n105,661.54 \n202,560.71 \n109,719.60 \n180,940.94 \n73,965.28 \nPharmaceuticals \nand Chemicals \n341,262.52 \n401,843.00 \n722,581.17 \n149,967.54 \n62,647.17 \n19,949.30 \n60,805.16 \n38,892.52 \nServices \n(Loans, \nDividends and \nDisinvestments) \n983,240.01 \n552,310.76 \n693,493.70 \n812,609.16 \n100,494.32 \n98,780.03 \n172,061.28 \n84,175.30 \nRetail and \nDistribution \n1,514,194.61 \n \n1,532,656,21 \n200,497.47 \n125,715.23 \n95,177.70 \n151,223.78 \n20,946.22 \nFuel, Electricity \nand Gas \n- \n- \n- \n \n- \n- \n- \n- \nPaper and \nPackaging \n397,007.15 \n788,269.34 \n251,950.99 \n381,211.65 \n15,444.19 \n27,454.68 \n- \n- \nTOTAL \n13,171,159.91 13,209,099.47 13,483,681.07 \n4,158,013.57 \n2,280,785.72 \n1,576,700.13 \n1,273,163.40 \n957,712.91", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_09_June_2023_Volume_26.pdf"}
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+ {"doc_id": "01963ad8545a80ca8cee6ff9a2b17d71", "text": "Vol. 27 No. 16 \n \n \nWeek Ending \n17th April 2025 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 1 \n3. \nEQUITY MARKETS .............................................................. 3 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 5 \n5. \nENERGY PRICES .................................................................. 5 \n6. \nGOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND \nGOLD BACKED DIGITAL TOKENS (GBDT) .................. 5 \n7. \nEXTERNAL SECTOR ........................................................... 6 \n \n \n \n 1 \n1. OVERVIEW \n \n \n \nThis report provides a concise overview of key developments in the domestic monetary and financial sectors \nduring the week ending 17th April 2025. It incorporates updates on money and capital markets, national \npayment systems, exchange rates, and international commodity prices. \nDuring the week under review, local currency minimum deposit rates for all tenors remained unchanged at \nprevious week levels. The maximum deposit rates for all tenors, however, increased during the same week, \nexcept for savings which were unchanged. Similarly, foreign currency deposit rates for most tenors remained \nunchanged, with the exception of maximum rates for 12-month tenor, which increased. \nLocal currency lending rates for both individual and corporate clients increased during the week ending 17th \nApril 2025. Similarly, foreign currency lending rates for both individual and corporate clients increased, \nexcept for minimum rates for corporates clients which decreased. \nDuring the week under review, both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock \nExchange (VFEX) exhibited bearish trends. Resultantly, the ZSE and VFEX All Share indices lost 1.06% and \n0.93% to close at 198.29 points and 110.28 points, respectively. \nThe value of aggregate transactions processed through the National Payment Systems platforms rose by \n4.80%, to ZiG34.66 billion, from ZiG33.07 billion in the previous week. The increase in NPS transactions \nwas underpinned by processing through the RTGS and mobile banking payment platforms. \nThe Zimbabwe Gold (ZiG) marginally depreciated by 0.02%, from an average of ZiG26.80 per US$1 in the \nprevious week to ZiG26.81 per US$1, during the week under review. \nWeekly average international prices for precious metals, nickel and crude oil firmed, while lithium prices \nretreated during the review period. Rising tensions in the global trade war have prompted investors to flock to \nsafe-haven assets, resulting in a surge in gold prices due to heightened demand. Platinum and palladium prices \nincreased, driven by supply constraints stemming from power shortages in South Africa, one of the world’s \ntop producers of the metal. \nSimilarly, nickel prices increased on expectations of supply constraints, after Indonesia indicated potential \nproduction cuts. Brent crude oil prices increased, following the imposition of trade sanctions on Chinese firms \nengaged in Iranian oil transactions by the US, a move that reinforced supply-side constraints in global markets. \nLithium prices, however, continued on a downward trend, driven by expanded production incentives from \nChina, where government subsidise battery manufacturers, leading to a rise in supply. \nA cumulative total of 85.12 million kilograms of tobacco had been sold as at day 32 of the tobacco selling \nseason, a 10.69% decrease from the 95.31 million kilograms sold during the same period in 2024. In value \nterms, tobacco sales dropped by 14.32%, from US$340.84 million recorded in the same period in 2024 to \nUS$292.01 million, during the period under review. \n \n \n \n 2 \n2. INTEREST RATES \n \nAverage commercial bank deposit rates (Local Currency (ZiG) (%) \nZiG Deposit rates \n28 March 2025 \n04 April 2025 \n11 April 2025 \n17 April 2025 \nSavings \n \n \n \n \nMinimum \n3.81 \n3.81 \n3.81 \n3.81 \nMaximum \n4.14 \n4.14 \n4.14 \n4.14 \n1-month deposit \n \n \n \n \nMinimum \n5.66 \n5.66 \n5.66 \n5.66 \nMaximum \n8.66 \n8.66 \n8.33 \n8.66 \n3-months deposit \n \n \n \n \nMinimum \n5.95 \n5.95 \n5.95 \n5.95 \nMaximum \n8.87 \n8.15 \n8.87 \n8.93 \n6-months deposit \n \n \n \n \nMinimum \n5.56 \n5.56 \n5.56 \n5.56 \nMaximum \n7.76 \n7.76 \n7.76 \n8.23 \n12-months deposit \n \n \n \n \nMinimum \n5.57 \n5.57 \n5.57 \n5.57 \nMaximum \n7.77 \n8.04 \n7.77 \n8.24 \nOver 1 year \n \n \n \n \nMinimum \n5.58 \n5.58 \n5.58 \n5.58 \nMaximum \n7.78 \n7.78 \n7.78 \n8.25 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nAverage commercial bank deposit rates (Foreign Currency (US$) (%) \nUS$ Deposit rates \n28 March 2025 \n04 April 2025 \n11 April 2025 \n17 April 2025 \nSavings \n \n \n \n \nMinimum \n1.67 \n1.67 \n1.67 \n1.67 \nMaximum \n1.86 \n1.86 \n1.86 \n1.86 \n1-month deposit \n \n \n \n \nMinimum \n3.72 \n3.72 \n3.72 \n3.72 \nMaximum \n5.72 \n5.72 \n5.67 \n5.67 \n3-month deposit \n \n \n \n \nMinimum \n4.38 \n4.38 \n4.38 \n4.38 \nMaximum \n6.53 \n6.53 \n6.53 \n6.53 \n6-month deposit \n \n \n \n \nMinimum \n4.18 \n4.18 \n4.18 \n4.18 \nMaximum \n6.71 \n6.71 \n6.71 \n6.71 \n12-Month deposit \n \n \n \n \nMinimum \n4.25 \n4.25 \n4.25 \n4.25 \nMaximum \n6.53 \n6.53 \n6.22 \n6.44 \nOver 1 year \n \n \n \n \nMinimum \n4.36 \n4.36 \n4.36 \n4.36 \nMaximum \n6.31 \n6.31 \n6.61 \n6.61 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n \n \n \n \n \n 3 \nCommercial bank weighted lending rates (Local Currency (ZiG) (%) \nZiG Lending rates \n28 March 2025 \n04 April 2025 \n11 April 2025 \n17 April 2025 \nIndividuals \n \n \n \n \nMinimum \n42.33 \n42.28 \n42.20 \n42.79 \nMaximum \n47.97 \n47.91 \n47.83 \n48.42 \nCorporates \n \n \n \n \nMinimum \n40.42 \n40.45 \n40.47 \n40.64 \nMaximum \n46.11 \n45.99 \n46.02 \n46.89 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nCommercial bank weighted lending rates (Foreign Currency (US$) (%) \nUS$ Lending rates \n28 March 2025 \n04 April 2025 \n11 April 2025 \n17 April 2025 \nIndividuals \n \n \n \n \nMinimum \n12.91 \n12.96 \n13.01 \n13.03 \nMaximum \n17.38 \n17.40 \n17.38 \n17.39 \nCorporates \n \n \n \n \nMinimum \n10.99 \n11.09 \n11.11 \n11.01 \nMaximum \n16.12 \n16.18 \n16.20 \n16.48 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nCommercial banks and building societies mortgage lending rates (%) \nMortgage Lending rates \n28 March 2025 \n04 April 2025 \n11 April 2025 \n17 April 2025 \nZiG Lending rates \n \n \n \n \nMinimum \n25.00 \n25.00 \n25.00 \n25.00 \nMaximum \n45.00 \n50.00 \n50.00 \n50.00 \nUS$ Lending rates \n \n \n \n \nMinimum \n10.00 \n10.00 \n10.00 \n10.00 \nMaximum \n22.00 \n22.00 \n22.00 \n22.00 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n3. EQUITY MARKETS \n \n \nZSE Indicators \n \n \nAll \nShare \nIndex \n(points) \nTop 10 \nIndex \n(points) \nTop 15 \nIndex \n(points) \nMedium Cap \n(points) \nSmall Cap \n(points) \nMining \nIndex \n(points) \nGrand \nMarket Cap \n(ZiG \nbillion) \nMarket \nTurnover \n(ZiG \nmillion) \nVolume of \nShares \n(million) \n28-Mar-25 \n204.11 \n199.43 \n203.75 \n245.34 \n100.11 \n180.43 \n62.64 \n84.23 \n10.99 \n04-Apr-25 \n201.75 \n194.65 \n200.53 \n251.83 \n100.12 \n156.98 \n61.34 \n72.80 \n16.11 \n11-Apr-25 \n200.42 \n193.16 \n198.75 \n250.94 \n100.11 \n168.39 \n60.89 \n97.40 \n105.55 \n17-Apr-25 \n198.29 \n192.61 \n197.09 \n242.62 \n100.11 \n143.13 \n60.48 \n23.12 \n4.25 \nWeekly \nChange (%) \n(1.06) \n(0.28) \n(0.84) \n(3.32) \n0.00 \n(15.00) \n(0.67) \n(76.26) \n(95.97) \nSource: Zimbabwe Stock Exchange, 2025 \n \n \nVFEX Indicators \nDate \n \nAll Share Index \nPoints \nGrand Market Capitalisation \n(US$ billion) \nMarket Turnover (US$ \nmillion) \nVolume of Shares (million) \n28-Mar-25 \n108.40 \n1.26 \n0.62 \n6.81 \n04-Apr-25 \n106.95 \n1.25 \n1.06 \n5.26 \n11-Apr-25 \n111.31 \n1.30 \n0.78 \n8.31 \n17-Apr-25 \n110.28 \n1.29 \n0.70 \n3.90 \nWeekly Change (%) \n(0.93) \n(0.77) \n(10.26) \n(53.07) \nSource: Victoria Falls Stock Exchange, 2025 \n \n \n \n 4 \nFigure 1: ZSE and VFEX Indicators \n \n \n \n \n \n \n \nSource: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2025 \n \n \n \n40\n50\n60\n70\n80\n90\n100\n12-Dec-24\n19-Dec-24\n26-Dec-24\n02-Jan-25\n09-Jan-25\n16-Jan-25\n23-Jan-25\n30-Jan-25\n06-Feb-25\n13-Feb-25\n20-Feb-25\n27-Feb-25\n06-Mar-25\n13-Mar-25\n20-Mar-25\n27-Mar-25\n03-Apr-25\n10-Apr-25\n17-Apr-25\nZiG Billion\nZSE Market Capitalisation \n10\n5010\n10010\n15010\n20010\n25010\n30010\n35010\n40010\n45010\n12-Dec-24\n19-Dec-24\n26-Dec-24\n02-Jan-25\n09-Jan-25\n16-Jan-25\n23-Jan-25\n30-Jan-25\n06-Feb-25\n13-Feb-25\n20-Feb-25\n27-Feb-25\n06-Mar-25\n13-Mar-25\n20-Mar-25\n27-Mar-25\n03-Apr-25\n10-Apr-25\n17-Apr-25\nUS$ Thousand\nVFEX Market Turnover \nTrade\ndeal:\nFirst\nCapital\nBank\nLimited\n(1,134.27\nmillion\nshares\nsold\nat\n(US$0.04 cents per share)\n1.1\n1.15\n1.2\n1.25\n1.3\n1.35\n1.4\n12-Dec-24\n19-Dec-24\n26-Dec-24\n02-Jan-25\n09-Jan-25\n16-Jan-25\n23-Jan-25\n30-Jan-25\n06-Feb-25\n13-Feb-25\n20-Feb-25\n27-Feb-25\n06-Mar-25\n13-Mar-25\n20-Mar-25\n27-Mar-25\n03-Apr-25\n10-Apr-25\n17-Apr-25\nUS$ Billion\nVFEX Market Capitalisation \n95\n100\n105\n110\n115\n12-Dec-24\n19-Dec-24\n26-Dec-24\n02-Jan-25\n09-Jan-25\n16-Jan-25\n23-Jan-25\n30-Jan-25\n06-Feb-25\n13-Feb-25\n20-Feb-25\n27-Feb-25\n06-Mar-25\n13-Mar-25\n20-Mar-25\n27-Mar-25\n03-Apr-25\n10-Apr-25\n17-Apr-25\nIndex\nVFEX All Share Index \n0\n20,000\n40,000\n60,000\n80,000\n100,000\n120,000\n140,000\n160,000\n12-Dec-24\n19-Dec-24\n26-Dec-24\n02-Jan-25\n09-Jan-25\n16-Jan-25\n23-Jan-25\n30-Jan-25\n06-Feb-25\n13-Feb-25\n20-Feb-25\n27-Feb-25\n06-Mar-25\n13-Mar-25\n20-Mar-25\n27-Mar-25\n03-Apr-25\n10-Apr-25\n17-Apr-25\nZiG Thousands\nZSE Market Turnover \nLump-sum deals:\nEconet Wireless \nZimbabwe \nLimited, OK \nZimbabwe \nLimited, Delta \nCorporation \nLimited\n90\n110\n130\n150\n170\n190\n210\n230\n250\n270\n12-Dec-24\n19-Dec-24\n26-Dec-24\n02-Jan-25\n09-Jan-25\n16-Jan-25\n23-Jan-25\n30-Jan-25\n06-Feb-25\n13-Feb-25\n20-Feb-25\n27-Feb-25\n06-Mar-25\n13-Mar-25\n20-Mar-25\n27-Mar-25\n03-Apr-25\n10-Apr-25\n17-Apr-25\nIndices\nZSE Indices \nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n \n 5 \n4. CLEARING AND SETTLEMENT ACTIVITY \n Source: Reserve Bank of Zimbabwe, 2025 \n \n5. ENERGY PRICES \n \nEnergy Prices \n \n28 March 2025 \n04 April 2025 \n11 April 2025 \n17 April 2025 \nDomestic Energy Prices \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.55 \n1.52 \n1.52 \n1.52 \nPetrol Blend E20/ litre \n1.54 \n1.53 \n1.53 \n1.53 \nLP Gas / kg \n1.61 \n1.57 \n1.57 \n1.57 \n \n \n \n \n \nInternational Energy \nPrices (Weekly average) \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n72.83 \n71.13 \n63.79 \n65.40 \n Source: Zimbabwe Energy Regulatory Authority and BBC 2025 \n \n6. GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS \n(GBDT) \n \nGold PM Fix and Gold Backed Digital Token Prices \nDate \nGold PM Fix \nGBDT ZiG Price per Mg \nGBDT US$ Price per Mg \nUS$/oz \nBuy \nSell \nBuy \nSell \n14-April-25 \n3,230.50 \n2.65 \n2.92 \n0.0987 \n0.1091 \n15-April-25 \n3,204.20 \n2.62 \n2.90 \n0.0979 \n0.1082 \n16-April-25 \n3,219.60 \n2.63 \n2.91 \n0.0983 \n0.1087 \n17-April-25 \n3,322.90 \n2.72 \n3.01 \n0.1015 \n0.1122 \nSource: London Bullion Market Association and Reserve Bank of Zimbabwe, 2025 \n \n \n \n \n \nPAYMENT STREAM \nWEEK ENDING \n11 April 2025 \nWEEK ENDING \n17 April 2025 \nWEEKLY \nCHANGE (%) \n \nVALUES \n \nRTGS \n26,132,101,548.77 \n28,200,688,885.89 \n7.92 \nOf which ZiG \n9,009,075,111.12 \n10,739,934,210.18 \n \nOf which US$ transactions \n(ZiG Equivalent) \n17,123,026,437.65 \n \n17,460,754,675.71 \n \nPOS \n1,865,816,855.95 \n1,760,519,029.65 \n(5.64) \nATM \n1,556,693,710.43 \n1,177,673,317.37 \n(24.35) \nMOBILE BANKING \n100,932,282.83 \n321,390,382.76 \n218.42 \nMOBILE MONEY \n3,255,998,291.99 \n3,049,766,821.71 \n(6.33) \nZIPIT MOBILE \n157,733,768.70 \n147,688,569.66 \n(6.37) \nTOTAL \n33,069,276,458.67 \n34,657,727,007.03 \n4.80 \n \nVOLUMES \n \nRTGS \n164,864 \n157,487 \n(4.47) \nOf which ZiG \n66,074 \n67,683 \n \nOf which US$ \n98,790 \n89,804 \n \nPOS \n1,603,193 \n1,523,007 \n(5.00) \nATM \n202,490 \n136,237 \n(32.72) \nMOBILE BANKING \n198,702 \n442,407 \n122.65 \nMOBILE MONEY \n11,288,582 \n10,753,050 \n(4.74) \nZIPIT MOBILE \n202,025 \n180,596 \n(10.61) \nTOTAL \n13,659,856 \n13,192,784 \n(3.42) \n \n 6 \nMosi-oa-Tunya Gold Coin Prices \nGold Coin \nPrice \n14-April -25 \n15-April -25 \n16-April -25 \n17-April -25 \n1.00Oz \n \n \n \n \nUS$ \n3,392.02 \n3,364.41 \n3,380.58 \n3,489.05 \nZiG \n90,966.99 \n90.231.99 \n90,579.66 \n93,504.31 \n0.50Oz \n \n \n \n \nUS$ \n1,696.01 \n1,682.21 \n1,690.29 \n1,744.52 \nZiG \n45,483.49 \n45,116.00 \n45,289.83 \n46,752.16 \n0.25Oz \n \n \n \n \nUS$ \n848.01 \n841.10 \n845.15 \n872.26 \nZiG \n22,741.75 \n22,558.00 \n22,644.92 \n23,376.08 \n0.10Oz \n \n \n \n \nUS$ \n339.20 \n336.44 \n338.06 \n348.90 \nZiG \n9,096.70 \n9,023.20 \n9,057.97 \n9,350.43 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n7. EXTERNAL SECTOR \n \n \nExchange Rate Developments (ZiG per Unit of foreign currency) \n \n \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(07 – 11 Apr) \n26.8011 \n1.3786 \n34.5195 \n1.9059 \n29.6427 \n14-Apr \n26.8179 \n1.4077 \n35.1519 \n1.9257 \n30.4867 \n15-Apr \n26.8196 \n1.4235 \n35.4531 \n1.9379 \n30.4845 \n16-Apr \n26.7941 \n1.4083 \n35.5358 \n1.9374 \n30.4114 \n17-Apr \n26.7994 \n1.4194 \n35.4183 \n1.9404 \n30.4495 \nWeekly Average \n(14 – 17 Apr) \n26.8078 \n1.4147 \n35.3898 \n1.9354 \n30.4580 \nAppr (-)/Depr (+) (%) of the \nZWG \n0.02 \n2.62 \n2.52 \n1.55 \n2.75 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nInternational Commodity Prices \n \nGold \nPlatinum \nPalladium \nNickel \nLithium \n \nUS$/oz \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nWeekly Average \n(07 - 11 Apr)) \n3,089.91 \n923.63 \n915.38 \n14,499.00 \n9,449.55 \n14-Apr \n3,212.43 \n952.50 \n943.50 \n15,307.00 \n9,413.64 \n15-Apr \n3,223.48 \n960.00 \n958.50 \n15,558.00 \n9,413.64 \n16-Apr \n3,313.45 \n961.50 \n969.50 \n15,683.00 \n9,413.64 \n17-Apr \n3,314.83 \n961.00 \n952.50 \n15,622.00 \n9,459.09 \nWeekly Average \n(14 - 17 Apr) \n3,266.04 \n958.75 \n 956.00 \n15,542.50 \n9,425.00 \nWeekly change (%) \n5.70 \n3.80 \n4.44 \n7.20 \n(0.26) \nSource: BBC, KITCO and Bloomberg, 2025 \n \n \n \n \n \n \n \n \n \n 7 \nFigure 3: Weekly International Commodity Price Developments (30th January 2025– 17th April 2025) \n \n \n \n \n \n \nSource: BBC, KITCO and Bloomberg, 2025 \n \n \n \n \n2,500\n2,550\n2,600\n2,650\n2,700\n2,750\n2,800\n2,850\n2,900\n2,950\n3,000\n3,050\n3,100\n3,150\n3,200\n3,250\n3,300\n3,350\n3,400\n30-Jan\n6-Feb\n13-Feb\n20-Feb\n27-Feb\n6-Mar\n13-Mar\n20-Mar\n27-Mar\n3-Apr\n10-Apr\n17-Apr\nUS$/oz\nGold\n50\n55\n60\n65\n70\n75\n80\n85\n90\n30-Jan\n6-Feb\n13-Feb\n20-Feb\n27-Feb\n6-Mar\n13-Mar\n20-Mar\n27-Mar\n3-Apr\n10-Apr\n17-Apr\nUS$/barrel\nCrude oil \n820\n840\n860\n880\n900\n920\n940\n960\n980\n1,000\n1,020\n30-Jan\n6-Feb\n13-Feb\n20-Feb\n27-Feb\n6-Mar\n13-Mar\n20-Mar\n27-Mar\n3-Apr\n10-Apr\n17-Apr\nUS$/tonne\nPlatinum\n14,000\n14,200\n14,400\n14,600\n14,800\n15,000\n15,200\n15,400\n15,600\n15,800\n16,000\n16,200\n16,400\n16,600\n16,800\n30-Jan\n6-Feb\n13-Feb\n20-Feb\n27-Feb\n6-Mar\n13-Mar\n20-Mar\n27-Mar\n3-Apr\n10-Apr\n17-Apr\nUS$/tonne\nNickel\n8,600\n8,800\n9,000\n9,200\n9,400\n9,600\n9,800\n10,000\n10,200\n10,400\n10,600\n10,800\n30-Jan\n6-Feb\n13-Feb\n20-Feb\n27-Feb\n6-Mar\n13-Mar\n20-Mar\n27-Mar\n3-Apr\n10-Apr\n17-Apr\nUS$/tonne\nLithium \n900\n910\n920\n930\n940\n950\n960\n970\n980\n990\n1,000\n1,010\n1,020\n30-Jan\n6-Feb\n13-Feb\n20-Feb\n27-Feb\n6-Mar\n13-Mar\n20-Mar\n27-Mar\n3-Apr\n10-Apr\n17-Apr\nUS$/tonne\nPalladium\n \n 8 \n8. TOBACCO SALES \n \nWeekly Cumulative Tobacco Sales: Day 32 (17th April 2025) \n \n2024 \n2025 \nVariance (%) \nCumulative Quantity Sold (million kgs) \n95,305,929 \n85,121,668 \n(10.69) \nAverage Price (US$/kg) \n3.58 \n3.43 \n(4.19) \nCumulative value (US$ million) \n340,837,618 \n292,039,926 \n(14.32) \nSource: Tobacco Industry and Marketing Board (TIMB), 2025 \n \n \n \nRESERVE BANK OF ZIMBABWE \nAPRIL 2025", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_17_April_2025_Volume_27_Number_16.pdf"}
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+ {"doc_id": "02efaa598da03dbfc7cb7bb6b9a06222", "text": "Vol. 27 No. 25 \n \n \nWeek Ending \n20th June 2025 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 1 \n3. \nEQUITY MARKETS .............................................................. 3 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 5 \n5. \nENERGY PRICES .................................................................. 5 \n6. \nGOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND \nGOLD BACKED DIGITAL TOKENS (GBDT) .................. 6 \n7. \nEXTERNAL SECTOR ........................................................... 6 \n \n \n \n 1 \n1. OVERVIEW \n \nThis report offers an overview of key developments within the domestic monetary and financial sectors of the \neconomy for the week ending 20 June 2025. It includes updates on the money and capital markets, national \npayment systems, exchange rates and international commodity prices. \nDeposit rates for both foreign and local currency held steady at the same levels as the previous week, reflecting \nstable monetary conditions. During the period under review, the minimum and maximum local currency \nlending rates for both individuals and corporates surged compared to the prior week. However, the minimum \nand maximum foreign currency lending rates for corporate and individual clients declined, except for \nminimum individual rate which increased. \nDuring the week ending 20 June 2025, both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock \nExchange (VFEX) traded negatively. As a result, the ZSE and VFEX All-Share indices lost 0.98% and 1.17 \n% to close at 193.05 points and 106.13 points, respectively. \nThe value of the aggregate transactions processed through the National Payment Systems platforms declined \nby 2.58% from the previous week to ZiG39.02 billion. The drop was mainly attributed to declines in terms of \nvalue with respect to the Real Time Gross Settlement (RTGS) system, POS, and mobile money. \nOn the interbank market, the Zimbabwe Gold (ZiG) depreciated by 0.07%, from an average of ZiG26.97 per \nUS$1 recorded in the previous week, to ZiG26.99 per US$1 during the week ending 20th June 2025. \nInternational average commodity prices for gold and platinum firmed, while prices for palladium, nickel and \nlithium decreased. Gold rose due to escalating tensions in the Middle East, particularly the Israel-Iran conflict, \nwhich heightened gold’s appeal as a safe haven asset. The increase in platinum was fuelled by constrained \nsupply, increased jewellery restocking, and improved investor sentiment following London Platinum Week. \nHowever, Palladium prices fell as the shift to electric vehicles (EVs), especially in China, continues to erode \npalladium demand, weighing down on prices. Similarly, lithium prices dropped, due to oversupply, growing \ninventories, downward pressure on input costs and weak demand - especially in energy storage systems (ESS). \nNickel prices declined as production cuts from Indonesia failed to offset prevailing concerns about an \noversupplied market. \nA total of 309.12 million kilograms were sold as of 74th day of the 2025 tobacco marketing season, marking \na 45.65% increase from 212.23 million kilograms sold during the same period in 2024. Similarly, the value of \nsales rose to US$1.04 billion in the reporting period, an increase of 41.70% from US$0.73 billion reported in \nthe same period in 2024. The average price of the golden leaf during the reporting period was US$3.36 per \nkg, slightly lower than the US$3.45 per kg recorded during the same period in the previous year. \n \n \n \n 2 \n \n2. INTEREST RATES \n \nAverage commercial bank deposit rates (Local Currency (ZiG) (%) \nZiG Deposit rates \n30 May 2025 \n06 June 2025 \n13 June 2025 \n20 June 2025 \nSavings \n \n \n \n \nMinimum \n3.81 \n3.81 \n3.81 \n3.81 \nMaximum \n4.14 \n4.14 \n4.14 \n4.14 \n1-month deposit \n \n \n \n \nMinimum \n5.68 \n5.66 \n5.66 \n5.66 \nMaximum \n9.30 \n8.61 \n8.77 \n8.77 \n3-months deposit \n \n \n \n \nMinimum \n6.09 \n5.95 \n5.95 \n5.95 \nMaximum \n9.62 \n8.93 \n9.21 \n9.21 \n6-months deposit \n \n \n \n \nMinimum \n5.59 \n5.56 \n5.56 \n5.56 \nMaximum \n8.92 \n8.23 \n8.23 \n8.23 \n12-months deposit \n \n \n \n \nMinimum \n5.71 \n5.57 \n5.57 \n5.57 \nMaximum \n8.93 \n8.24 \n8.24 \n8.24 \nOver 1 year \n \n \n \n \nMinimum \n5.72 \n5.58 \n5.58 \n5.58 \nMaximum \n8.94 \n8.25 \n8.25 \n8.25 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nAverage commercial bank deposit rates (Foreign Currency (US$) (%) \nUS$ Deposit rates \n30 May 2025 \n06 June 2025 \n13 June 2025 \n20 June 2025 \nSavings \n \n \n \n \nMinimum \n1.67 \n1.67 \n1.67 \n1.67 \nMaximum \n1.86 \n1.86 \n1.86 \n1.86 \n1-month deposit \n \n \n \n \nMinimum \n3.94 \n3.72 \n3.72 \n3.72 \nMaximum \n5.94 \n5.67 \n5.72 \n5.72 \n3-month deposit \n \n \n \n \nMinimum \n4.33 \n4.38 \n4.38 \n4.38 \nMaximum \n6.32 \n6.53 \n6.70 \n6.70 \n6-month deposit \n \n \n \n \nMinimum \n4.47 \n4.18 \n4.18 \n4.18 \nMaximum \n7.11 \n6.71 \n6.71 \n6.71 \n12-Month deposit \n \n \n \n \nMinimum \n4.53 \n4.25 \n4.25 \n4.25 \nMaximum \n6.83 \n6.44 \n6.44 \n6.44 \nOver 1 year \n \n \n \n \nMinimum \n4.64 \n4.36 \n4.36 \n4.36 \nMaximum \n7.00 \n6.61 \n6.61 \n6.61 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n \n \n 3 \n \n \n \nCommercial bank weighted lending rates (Local Currency (ZiG) (%) \nZiG Lending rates \n30 May 2025 \n06 June 2025 \n13 June 2025 \n20 June 2025 \nIndividuals \n \n \n \n \nMinimum \n43.66 \n42.25 \n42.29 \n42.34 \nMaximum \n48.93 \n47.98 \n48.01 \n48.06 \nCorporates \n \n \n \n \nMinimum \n40.27 \n40.42 \n40.42 \n40.51 \nMaximum \n46.51 \n46.68 \n46.40 \n46.77 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nCommercial bank weighted lending rates (Foreign Currency (US$) (%) \nUS$ Lending rates \n30 May 2025 \n06 June 2025 \n13 June 2025 \n20 June 2025 \nIndividuals \n \n \n \n \nMinimum \n12.91 \n13.28 \n13.31 \n13.33 \nMaximum \n17.32 \n17.47 \n17.49 \n17.48 \nCorporates \n \n \n \n \nMinimum \n10.32 \n10.32 \n10.34 \n10.31 \nMaximum \n15.79 \n15.82 \n15.87 \n15.86 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nCommercial banks and building societies mortgage lending rates (%) \nMortgage Lending rates \n30 May 2025 \n06 June 2025 \n13 June 2025 \n20 June 2025 \nZiG Lending rates \n \n \n \n \nMinimum \n25.00 \n25.00 \n25.00 \n25.00 \nMaximum \n50.00 \n50.00 \n50.00 \n50.00 \nUS$ Lending rates \n \n \n \n \nMinimum \n10.00 \n10.00 \n10.00 \n10.00 \nMaximum \n22.00 \n18.00 \n18.00 \n18.00 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n3. EQUITY MARKETS \n \n \nZSE Indicators \n \n \nAll \nShare \nIndex \n(points) \nTop 10 \nIndex \n(points) \nTop 15 \nIndex \n(points) \nMedium Cap \n(points) \nSmall Cap \n(points) \nMining \nIndex \n(points) \nGrand \nMarket Cap \n(ZiG \nbillion) \nMarket \nTurnover \n(ZiG \nmillion) \nVolume of \nShares \n(million) \n30-May-25 \n196.85 \n189.81 \n194.22 \n246.15 \n100.11 \n145.40 \n60.00 \n286.33 \n112.80 \n06-Jun-25 \n197.56 \n193.50 \n196.91 \n235.68 \n100.11 \n145.40 \n60.91 \n163.57 \n231.38 \n13-June-25 \n194.97 \n192.75 \n195.58 \n225.84 \n100.11 \n145.40 \n60.43 \n105.66 \n18.94 \n20-June-25 \n193.05 \n189.67 \n192.91 \n228.09 \n100.00 \n145.40 \n59.66 \n91.49 \n43.14 \nWeekly \nChange (%) \n(0.98) \n(1.60) \n(1.37) \n1.00 \n(0.11) \n0.00 \n(1.27) \n(13.41) \n127.77 \nSource: Zimbabwe Stock Exchange, 2025 \n \n \nVFEX Indicators \nDate \n \nAll Share Index \nPoints \nGrand Market Capitalisation \n(US$ billion) \nMarket Turnover (US$ \nmillion) \nVolume of Shares (million) \n30-May-25 \n107.24 \n1.25 \n1.47 \n13.23 \n06-Jun-25 \n107.60 \n1.25 \n0.23 \n1.37 \n13-Jun-25 \n107.39 \n1.25 \n1.45 \n4.42 \n20-Jun-25 \n106.13 \n1.24 \n0.98 \n3.88 \n \n 4 \nWeekly \nChange (%) \n(1.17) \n(0.80) \n(32.41) \n(12.22) \nSource: Victoria Falls Stock Exchange, 2025 \n \n \nFigure 1: ZSE and VFEX Indicators \n \n \n \n \n \n0\n50 000\n100 000\n150 000\n200 000\n250 000\n28-Feb-25\n07-Mar-25\n14-Mar-25\n21-Mar-25\n28-Mar-25\n04-Apr-25\n11-Apr-25\n18-Apr-25\n25-Apr-25\n02-May-25\n09-May-25\n16-May-25\n23-May-25\n30-May-25\n06-Jun-25\n13-Jun-25\n20-Jun-25\nZiG Thousands\nZSE Market Turnover \nNotable trade deals: 97.69 million\nEconet Wireless Zimbabwe Limited\nshares,3.11 million OK Zimbabwe\nLimited shares, 3.06 million shares\nexchanged\nhands\nat\nZiG297.45\ncents/share,ZiG35.90cents/share\nand\nZiG12.53\ncents/share,\nrespectively\n90\n110\n130\n150\n170\n190\n210\n230\n250\n270\n28-Feb-25\n07-Mar-25\n14-Mar-25\n21-Mar-25\n28-Mar-25\n04-Apr-25\n11-Apr-25\n18-Apr-25\n25-Apr-25\n02-May-25\n09-May-25\n16-May-25\n23-May-25\n30-May-25\n06-Jun-25\n13-Jun-25\n20-Jun-25\nIndices\nZSE Indices \nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n40\n45\n50\n55\n60\n65\n70\n75\n80\n28-Feb-25\n07-Mar-25\n14-Mar-25\n21-Mar-25\n28-Mar-25\n04-Apr-25\n11-Apr-25\n18-Apr-25\n25-Apr-25\n02-May-25\n09-May-25\n16-May-25\n23-May-25\n30-May-25\n06-Jun-25\n13-Jun-25\n20-Jun-25\nZiG Billion\nZSE Market Capitalisation \n95\n100\n105\n110\n115\n120\n28-Feb-25\n07-Mar-25\n14-Mar-25\n21-Mar-25\n28-Mar-25\n04-Apr-25\n11-Apr-25\n18-Apr-25\n25-Apr-25\n02-May-25\n09-May-25\n16-May-25\n23-May-25\n30-May-25\n06-Jun-25\n13-Jun-25\n20-Jun-25\nIndex\nVFEX All Share Index \n \n 5 \n \n \nSource: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2025 \n \n \n \n4. CLEARING AND SETTLEMENT ACTIVITY \n Source: Reserve Bank of Zimbabwe, 2025 \n \n5. ENERGY PRICES \n \nEnergy Prices \n \n30 May 2025 \n06 June 2025 \n13 June 2025 \n20 June 2025 \nDomestic Energy Prices \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.50 \n1.50 \n1.50 \n1.50 \nPetrol Blend E20/ litre \n1.54 \n1.54 \n1.54 \n1.54 \nLP Gas / kg \n1.60 \n1.59 \n1.59 \n1.59 \n \n \n \n \n \nPAYMENT STREAM \nWEEK ENDING \n13 June 2025 \nWEEK ENDING \n20 June 2025 \nWEEKLY \nCHANGE (%) \n \nVALUES \n \nRTGS \n31,434,420,687.07 \n31,149,624,609.71 \n(0.91) \nOf which ZiG \n12,508,251,447.79 \n11,047,344,462.49 \n(11.68) \nOf which US$ transactions \n(ZiG Equivalent) \n18,926,169,239.28 \n \n20,102,280,147.22 \n \n6.21 \nPOS \n2,659,897,153.06 \n2,525,331,629.62 \n(5.06) \nATM \n1,618,931,434.10 \n1,671,264,767.21 \n3.23 \nMOBILE BANKING \n97,728,706.99 \n102,728,370.10 \n5.12 \nMOBILE MONEY \n4,002,056,196.74 \n3,304,491,400.11 \n(17.43) \nZIPIT MOBILE \n242,579,990.55 \n268,273,074.31 \n10.59 \nTOTAL \n40,055,614,168.51 \n39,021,713,851.05 \n(2.58) \n \nVOLUMES \n \nRTGS \n167,631 \n174,047 \n3.83 \nOf which ZiG \n68,534 \n69,066 \n0.78 \nOf which US$ \n99,097 \n104,981 \n5.94 \nPOS \n1,624,166 \n1,692,948 \n4.23 \nATM \n178,746 \n215,086 \n20.33 \nMOBILE BANKING \n168,651 \n192,191 \n13.96 \nMOBILE MONEY \n11,948,962 \n11,000,464 \n(7.94) \nZIPIT MOBILE \n229,574 \n251,556 \n9.58 \nTOTAL \n14,317,730 \n13,526,292 \n(5.53) \n0\n100\n200\n300\n400\n500\n600\n700\n800\n900\n28-Feb-25\n07-Mar-25\n14-Mar-25\n21-Mar-25\n28-Mar-25\n04-Apr-25\n11-Apr-25\n18-Apr-25\n25-Apr-25\n02-May-25\n09-May-25\n16-May-25\n23-May-25\n30-May-25\n06-Jun-25\n13-Jun-25\n20-Jun-25\nUS$ Thousand\nVFEX Market Turnover \n1,1\n1,15\n1,2\n1,25\n1,3\n1,35\n1,4\n28-Feb-25\n07-Mar-25\n14-Mar-25\n21-Mar-25\n28-Mar-25\n04-Apr-25\n11-Apr-25\n18-Apr-25\n25-Apr-25\n02-May-25\n09-May-25\n16-May-25\n23-May-25\n30-May-25\n06-Jun-25\n13-Jun-25\n20-Jun-25\nUS$ Billion\nVFEX Market Capitalisation \n \n 6 \nInternational Energy \nPrices (Weekly average) \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n64.38 \n \n65.00 \n70.11 \n75.79 \n Source: Zimbabwe Energy Regulatory Authority and BBC 2025 \n \n6. GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS \n(GBDT) \n \nGold PM Fix and Gold Backed Digital Token Prices \nDate \nGold PM Fix \nGBDT ZiG Price per Mg \nGBDT US$ Price per Mg \nUS$/oz \nBuy \nSell \nBuy \nSell \n16-Jun-25 \n3,435.35 \n2.83 \n3.13 \n0.1049 \n0.1160 \n17-Jun-25 \n3,397.60 \n2.80 \n3.09 \n0.1038 \n0.1147 \n18-Jun-25 \n3,388.45 \n2.79 \n3.09 \n0.1035 \n0.1144 \n19-Jun-25 \n3,391.50 \n2.80 \n3.09 \n0.1036 \n0.1145 \n20-Jun-25 \n3,368.90 \n2.78 \n3.07 \n0.1029 \n0.1137 \nSource: London Bullion Market Association and Reserve Bank of Zimbabwe, 2025 \n \n \n \n \nMosi-oa-Tunya Gold Coin Prices \nGold Coin \nPrice \n16-June-25 \n17-June-25 \n18-June-25 \n19-June-25 \n20-June-25 \n1.00Oz \n \n \n \n \n \nUS$ \n3,607.12 \n3,567.48 \n3,557.87 \n3,561.08 \n3,537.35 \nZiG \n97,318.59 \n96,255.96 \n96,014.53 \n96,115.91 \n95,479.31 \n0.50Oz \n \n \n \n \n \nUS$ \n1,803.56 \n1,783.74 \n1,778.94 \n1,780.54 \n1,768.67 \nZiG \n48,659.29 \n48,127.98 \n48,007.26 \n48,057.95 \n47,739.65 \n0.25Oz \n \n \n \n \n \nUS$ \n901.78 \n891.87 \n889.47 \n890.27 \n884.34 \nZiG \n24,329.65 \n24,063.99 \n24,003.63 \n24,028.98 \n23,869.83 \n0.10Oz \n \n \n \n \n \nUS$ \n360.71 \n356.75 \n355.79 \n356.11 \n353.73 \nZiG \n9,731.86 \n9,625.60 \n9,601.45 \n9,611.59 \n9,547.93 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n7. EXTERNAL SECTOR \n \n \nExchange Rate Developments (ZiG per Unit of foreign currency) \n \n \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(09 - 13 June) \n26.9659 \n1.5161 \n36.5044 \n2.0168 \n32.0530 \n16-June \n26.9796 \n1.5035 \n36.6116 \n2.0075 \n31.1803 \n17-June \n26.9815 \n1.5131 \n36.6223 \n2.0077 \n31.1853 \n18-June \n26.9865 \n1.5008 \n36.2809 \n2.0175 \n31.0493 \n19-June \n26.9907 \n1.4963 \n36.1771 \n2.0030 \n30.9408 \n \n 7 \n20-June \n26.9918 \n1.4981 \n36.4228 \n2.0044 \n31.1000 \nWeekly Average \n(16 – 20 June) \n26.9860 \n1.5024 \n36.4229 \n2.0080 \n31.0911 \nAppr (-)/Depr (+) (%) of the \nZWG \n0.07 \n(0.90) \n(0.22) \n(0.44) \n(3.00) \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nInternational Commodity Prices \n \nGold \nPlatinum \nPalladium \nNickel \nLithium \n \nUS$/oz \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nWeekly Average \n(09 – 13 June) \n3,357.77 \n1,240.10 \n1,065.50 \n15,237.20 \n8,256.00 \n09-June \n3391,13 \n1,244.09 \n1,032.71 \n15,069.00 \n8,250.00 \n10-June \n3384,50 \n1,260.50 \n1,036.50 \n14,924.00 \n8,250.00 \n11-June \n3354,48 \n1,293.50 \n1,056.00 \n15,053.00 \n8,250.00 \n12-June \n3343,66 \n1,285.00 \n1,038.00 \n15,056.00 \n8,250.00 \n13-June \n3351,19 \n1,278.00 \n1,045.50 \n14,770.00 \n8,250.00 \nWeekly Average \n(16 – 20 June) \n3,364.99 \n1,272.22 \n1,041.74 \n14,974.40 \n8,250.00 \nWeekly change (%) \n0.22 \n2.59 \n(2.23) \n(1.72) \n(0.07) \nSource: BBC, KITCO and Bloomberg, 2025 \n \nFigure 3: Weekly International Commodity Price Developments (4th April 2025– 20th June 2025) \n \n \n \n \n2 900\n3 150\n3 400\n3 650\n3 900\n04-Apr\n11-Apr\n18-Apr\n25-Apr\n02-May\n09-May\n16-May\n23-May\n30-May\n06-Jun\n13-Jun\n20-Jun\nUS$/oz\nGold\n50\n55\n60\n65\n70\n75\n80\n4-Apr\n11-Apr\n18-Apr\n25-Apr\n2-May\n9-May\n16-May\n23-May\n30-May\n6-Jun\n13-Jun\n20-Jun\nUS$/barrel\nCrude oil \n880\n930\n980\n1 030\n1 080\n1 130\n1 180\n1 230\n1 280\n1 330\n4-Apr\n11-Apr\n18-Apr\n25-Apr\n2-May\n9-May\n16-May\n23-May\n30-May\n6-Jun\n13-Jun\n20-Jun\nUS$/tonne\nPlatinum\n900\n920\n940\n960\n980\n1 000\n1 020\n1 040\n1 060\n1 080\n4-Apr\n11-Apr\n18-Apr\n25-Apr\n2-May\n9-May\n16-May\n23-May\n30-May\n6-Jun\n13-Jun\n20-Jun\nUS$/tonne\nPalladium\n \n 8 \n \n \nSource: BBC, KITCO and Bloomberg, 2025 \n \n \n \n \n8. TOBACCO SALES \n \nWeekly Cumulative Tobacco Sales: Day 74 (20th June 2025) \n \n2025 \n2024 \nVariance (%) \nCumulative Quantity Sold (Kgs) \n309,120,966 \n212,231,116 \n45.65 \nAverage Price (US$/kg) \n3.36 \n3.45 \n(2.61) \nCumulative value (US$) \n1,037,605,600 \n732,248,158 \n41.70 \nSource: Tobacco Industry and Marketing Board (TIMB), 2025 \n \n \n \nRESERVE BANK OF ZIMBABWE \nJUNE 2025 \n14 000\n14 200\n14 400\n14 600\n14 800\n15 000\n15 200\n15 400\n15 600\n15 800\n16 000\n4-Apr\n11-Apr\n18-Apr\n25-Apr\n2-May\n9-May\n16-May\n23-May\n30-May\n6-Jun\n13-Jun\n20-Jun\nUS$/tonne\nNickel\n8 000\n8 300\n8 600\n8 900\n9 200\n9 500\n9 800\n10 100\n4-Apr\n11-Apr\n18-Apr\n25-Apr\n2-May\n9-May\n16-May\n23-May\n30-May\n6-Jun\n13-Jun\n20-Jun\nUS$/tonne\nLithium", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_20June_2025_Volume_27_Number_25.pdf"}
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+ {"doc_id": "042f76e512d4d68d378285c1e9870deb", "text": "Vol. 28 No. 13 \n \nWeek Ending \n27th March 2026 \n \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 2 \n3. \nEQUITY MARKETS .............................................................. 3 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 5 \n5. \nENERGY PRICES .................................................................. 5 \n6. \nGOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND \nGOLD BACKED DIGITAL TOKENS (GBDT) .................. 5 \n7. \nEXTERNAL SECTOR ........................................................... 6 \n \n \n \n \n1 \n1. OVERVIEW \nThis report presents an overview of key developments in the monetary and financial sectors of the economy \nfor the week ending 27th March 2026. It highlights trends in domestic money and capital markets, national \npayment systems, exchange rates, and global commodity prices. \nLocal and foreign currency time deposit rates increased across most tenors except for savings rates which \nremained the same during the week under review. On the lending side, both the local and foreign currency \nlending rates decreased across most maturities except for maximum corporate rates which increased. \nCapital markets had a positive momentum during the week ending 27th March 2026. The Zimbabwe Stock \nExchange (ZSE) and the Victoria Falls Stock Exchange (VFEX) both traded positively for the second \nconsecutive week adding 2.38% and 5.16% to close the week at 362.34 points and 251.68 points, respectively. \nThe total value of transactions processed through the National Payment Systems platforms increased by 4.44% \nfrom ZiG44.02 billion recorded in the previous week to ZiG45.97 billion. The volume of transactions \nprocessed increased by 18.70% from 17 million to 20 million during the same period. The largest share of \ntransactional values was processed through the Real-Time Gross Settlement (RTGS) system, accounting for \n78.49%, while mobile money accounted for 84.77% of the transaction volumes. \nOn the interbank market, the Zimbabwe Gold (ZiG) currency depreciated by 0.01%, to an average of ZiG25.32 \nper US$1 during the week ending 27th March 2026. \nThe weekly international average prices for most selected commodities declined except for nickel prices which \nremained unchanged during the same week. Average weekly precious metals prices, particularly gold, \nplatinum and palladium decreased due to strengthening of the US dollar, heightened expectations of tighter \nmonetary policy and persistent geopolitical tensions. \nAverage weekly lithium prices weakened on the back of low electric vehicle sales, particularly in China. Brent \ncrude oil prices fell as tensions in the Middle East eased. \n \n \n \n \n \n \n \n \n2 \n2. INTEREST RATES \n \nAverage commercial bank deposit rates (Local Currency (ZiG) (%) \n Deposit rates \n06-Mar-2026 \n13-Mar-2026 \n20-Mar-2026 \n27-Mar-2026 \nSavings \n \n \n \n \nMinimum \n3.81 \n3.83 \n3.81 \n3.83 \nMaximum \n4.14 \n4.17 \n4.17 \n4.17 \n1-month deposit \n \n \n \n \nMinimum \n6.87 \n6.69 \n6.66 \n6.69 \nMaximum \n10.76 \n11.22 \n10.41 \n11.22 \n3-months deposit \n \n \n \n \nMinimum \n6.93 \n6.87 \n6.73 \n6.87 \nMaximum \n10.82 \n10.76 \n9.95 \n10.76 \n6-months deposit \n \n \n \n \nMinimum \n6.99 \n6.93 \n6.79 \n6.93 \nMaximum \n11.58 \n10.82 \n10.02 \n10.82 \n12-months deposit \n \n \n \n \nMinimum \n6.99 \n6.99 \n6.86 \n6.99 \nMaximum \n11.58 \n11.58 \n10.77 \n11.58 \nOver 1 year \n \n \n \n \nMinimum \n7.00 \n7.00 \n6.86 \n7.00 \nMaximum \n11.58 \n11.58 \n10.78 \n11.58 \nSource: Reserve Bank of Zimbabwe, 2026 \n \n \nAverage commercial bank deposit rates (Foreign Currency (US$) (%) \nUS$ Deposit rates \n06-Mar-2026 \n 13-Mar-2026 \n 20-Mar-2026 \n27-Mar-2026 \nSavings \n \n \n \n \nMinimum \n1.75 \n1.89 \n1.89 \n1.89 \nMaximum \n2.08 \n2.22 \n2.22 \n2.22 \n1-month deposit \n \n \n \n \nMinimum \n3.92 \n3.92 \n3.69 \n3.92 \nMaximum \n6.76 \n6.76 \n6.32 \n6.76 \n3-month deposit \n \n \n \n \nMinimum \n4.40 \n4.40 \n4.09 \n4.40 \nMaximum \n7.66 \n7.66 \n7.15 \n7.66 \n6-month deposit \n \n \n \n \nMinimum \n4.54 \n4.54 \n4.24 \n4.54 \nMaximum \n7.96 \n7.96 \n7.47 \n7.96 \n12-Month deposit \n \n \n \n \nMinimum \n4.83 \n4.83 \n4.56 \n4.83 \nMaximum \n8.36 \n8.36 \n7.89 \n8.36 \nOver 1 year \n \n \n \n \nMinimum \n4.92 \n4.92 \n4.64 \n4.92 \nMaximum \n8.50 \n8.50 \n8.03 \n8.50 \nSource: Reserve Bank of Zimbabwe, 2026 \n \n \n \n \n \n \n \n \n3 \nCommercial bank weighted lending rates (Local Currency (ZiG) (%) \nZiG Lending rates \n06-Mar-2026 \n13-Mar-2026 \n20-Mar-2026 \n27-Mar-2026 \nIndividuals \n \n \n \n \nMinimum \n43.67 \n43.67 \n44.65 \n43.75 \nMaximum \n49.59 \n49.59 \n50.69 \n49.54 \nCorporates \n \n \n \n \nMinimum \n40.36 \n40.35 \n40.45 \n40.33 \nMaximum \n46.56 \n46.23 \n44.27 \n46.20 \nSource: Reserve Bank of Zimbabwe, 2026 \n \nCommercial bank weighted lending rates (Foreign Currency (US$) (%) \nUS$ Lending rates \n06-Mar-2026 \n13-Mar-2026 \n20-Mar-2026 \n27-Mar-2026 \nIndividuals \n \n \n \n \nMinimum \n13.52 \n14.34 \n14.37 \n13.59 \nMaximum \n18.59 \n16.64 \n18.83 \n18.62 \nCorporates \n \n \n \n \nMinimum \n10.32 \n9.96 \n10.56 \n10.27 \nMaximum \n15.81 \n16.43 \n15.10 \n15.82 \nSource: Reserve Bank of Zimbabwe, 2026 \n \nCommercial banks and building societies mortgage lending rates (%) \nMortgage Lending \nrates \n06-Mar-2026 \n13-Mar-2026 \n20-Mar-2026 \n27-Mar-2026 \nZiG Lending rates \n \n \n \n \nMinimum \n25.00 \n25.00 \n25.00 \n25.00 \nMaximum \n50.00 \n50.00 \n50.00 \n50.00 \nUS$ Lending rates \n \n \n \n \nMinimum \n10.00 \n10.00 \n10.00 \n10.00 \nMaximum \n18.00 \n18.00 \n18.00 \n18.00 \nSource: Reserve Bank of Zimbabwe, 2026 \n \n \nEQUITY MARKETS \n \nZSE Indicators \n \n \nAll \nShare \nIndex \n(points) \nTop 10 \nIndex \n(points) \nTop 15 \nIndex \n(points) \nMedium \nCap \n(points) \nSmall Cap \n(points) \nMining \nIndex \n(points) \nGrand \nMarket \nCap (ZiG \nbillion) \nMarket \nTurnover \n(ZiG \nmillion) \nVolume \nof Shares \n(million) \n06-Mar 26 \n361.36 \n369.29 \n384.20 \n354.00 \n100.11 \n122.53 \n113.41 \n165.88 \n14.65 \n13-Mar 26 \n351.69 \n359.79 \n371.40 \n342.49 \n100.11 \n129.43 \n109.97 \n190.79 \n146.41 \n20-Mar 26 \n353.90 \n361.19 \n373.60 \n349.23 \n100.11 \n129.42 \n110.71 \n625.13 \n95.00 \n27-Mar-26 \n362.34 \n370.62 \n383.58 \n353.27 \n100.11 \n129.42 \n113.59 \n868.01 \n95.84 \nWeekly \nChange \n(%) \n2.38 \n2.61 \n2.67 \n1.16 \n0.00 \n0.00 \n2.60 \n38.85 \n0.88 \nSource: Zimbabwe Stock Exchange, 2026 \n \nVFEX Indicators \nDate \n \n \nAll Share Index \nPoints \nGrand Market \nCapitalisation \n(US$ billion) \nMarket Turnover \n(US$ million) \nVolume of Shares \n(million) \n06- Mar 26 \n228.22 \n2.72 \n3.89 \n4.43 \n13-Mar 26 \n237.96 \n2.84 \n4.91 \n6.52 \n20-Mar 26 \n239.32 \n2.85 \n4.07 \n4.42 \n27-Mar-26\n 251.68 \n3.00 \n1.29 \n3.98 \nWeekly Change (%) \n5.16 \n5.29 \n(68.30) \n(9.95) \nSource: Victoria Falls Stock Exchange, 2026 \n \n \n \n4 \n \nFigure 1: ZSE and VFEX Indicators \n \n \n \n \n \n \nSource: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2026 \n \n \n0\n500\n1000\n1500\n2000\n2500\n3000\n3500\n4000\n4500\n5000\n17-Oct-25\n24-Oct-25\n31-Oct-25\n07-Nov-25\n14-Nov-25\n21-Nov-25\n28-Nov-25\n05-Dec-25\n12-Dec-25\n19-Dec-25\n26-Dec-25\n02-Jan-26\n09-Jan-26\n16-Jan-26\n23-Jan-26\n30-Jan-26\n06-Feb-26\n13-Feb-26\n20-Feb-26\n27-Feb-26\n06-Mar-26\n13-Mar-26\n20-Mar-26\n27-Mar-26\nUS$ Thousand\nVFEX Market Turnover \n90\n140\n190\n240\n290\n340\n390\n17-Oct-25\n24-Oct-25\n31-Oct-25\n07-Nov-25\n14-Nov-25\n21-Nov-25\n28-Nov-25\n05-Dec-25\n12-Dec-25\n19-Dec-25\n26-Dec-25\n02-Jan-26\n09-Jan-26\n16-Jan-26\n23-Jan-26\n30-Jan-26\n06-Feb-26\n13-Feb-26\n20-Feb-26\n27-Feb-26\n06-Mar-26\n13-Mar-26\n20-Mar-26\n27-Mar-26\nIndices\nZSE Indices \nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n0\n100,000\n200,000\n300,000\n400,000\n500,000\n600,000\n700,000\n800,000\n900,000\n17-Oct-25\n24-Oct-25\n31-Oct-25\n07-Nov-25\n14-Nov-25\n21-Nov-25\n28-Nov-25\n05-Dec-25\n12-Dec-25\n19-Dec-25\n26-Dec-25\n02-Jan-26\n09-Jan-26\n16-Jan-26\n23-Jan-26\n30-Jan-26\n06-Feb-26\n13-Feb-26\n20-Feb-26\n27-Feb-26\n06-Mar-26\n13-Mar-26\n20-Mar-26\n27-Mar-26\nZiG Thousands\nZSE Market Turnover \n55\n60\n65\n70\n75\n80\n85\n90\n95\n100\n105\n110\n115\n120\n125\n31-Oct-25\n07-Nov-25\n14-Nov-25\n21-Nov-25\n28-Nov-25\n05-Dec-25\n12-Dec-25\n19-Dec-25\n26-Dec-25\n02-Jan-26\n09-Jan-26\n16-Jan-26\n23-Jan-26\n30-Jan-26\n06-Feb-26\n13-Feb-26\n20-Feb-26\n27-Feb-26\n06-Mar-26\n13-Mar-26\n20-Mar-26\n27-Mar-26\nZiG Billion\nZSE Market Capitalisation \n150\n155\n160\n165\n170\n175\n180\n185\n190\n195\n200\n205\n210\n215\n220\n225\n230\n235\n240\n245\n250\n255\n17-Oct-25\n24-Oct-25\n31-Oct-25\n07-Nov-25\n14-Nov-25\n21-Nov-25\n28-Nov-25\n05-Dec-25\n12-Dec-25\n19-Dec-25\n26-Dec-25\n02-Jan-26\n09-Jan-26\n16-Jan-26\n23-Jan-26\n30-Jan-26\n06-Feb-26\n13-Feb-26\n20-Feb-26\n27-Feb-26\n06-Mar-26\n13-Mar-26\n20-Mar-26\n27-Mar-26\nIndex\nVFEX All Share Index \n1.8\n2\n2.2\n2.4\n2.6\n2.8\n3\n17-Oct-25\n24-Oct-25\n31-Oct-25\n07-Nov-25\n14-Nov-25\n21-Nov-25\n28-Nov-25\n05-Dec-25\n12-Dec-25\n19-Dec-25\n26-Dec-25\n02-Jan-26\n09-Jan-26\n16-Jan-26\n23-Jan-26\n30-Jan-26\n06-Feb-26\n13-Feb-26\n20-Feb-26\n27-Feb-26\n06-Mar-26\n13-Mar-26\n20-Mar-26\n27-Mar-26\nUS$ Billion\nVFEX Market Capitalisation \n \n \n5 \n3. CLEARING AND SETTLEMENT ACTIVITY \n Source: Reserve Bank of Zimbabwe, 2026 \n \n4. ENERGY PRICES \n \nEnergy Prices \n \n06-Mar-2026 \n13-Mar-2026 \n20-Mar-2026 \n27-Mar-2026 \nDomestic Energy Prices \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.77 \n1.77 \n2.05 \n2.05 \nPetrol Blend E5/ litre \n1.71 \n1.71 \n2.17 \n2.17 \nLP Gas / kg \n1.55 \n1.56 \n1.56 \n1.56 \n \n \n \n \n \nInternational Energy Prices \n(Weekly average) \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n(US$/barrel) \n 86.65 \n94.38 \n101.74 \n94.34 \n Source: Zimbabwe Energy Regulatory Authority and BBC 2026 \n \n5. GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL \nTOKENS (GBDT) \n \nGold PM Fix and Gold Backed Digital Token Prices \nDate \nGold PM Fix \nGBDT ZiG Price per Mg \nGBDT US$ Price per Mg \nUS$/oz \nBuy \nSell \nBuy \nSell \n23-Mar-26 \n4,562.55 \n3.53 \n3.90 \n0.1394 \n0.1540 \n24-Mar-26 \n4,466.25 \n3.45 \n3.82 \n0.1364 \n0.1508 \n25-Mar-26 \n4,413.55 \n3.41 \n3.76 \n0.1348 \n0.1490 \n26-Mar-26 \n4,564.55 \n3.54 \n3.91 \n0.1394 \n0.1541 \n27-Mar-26 \n4,456.45 \n3.45 \n3.82 \n0.1361 \n0.1504 \nSource: London Bullion Market Association and Reserve Bank of Zimbabwe, 2026 \n \n \n \nPAYMENT STREAM \nWEEK ENDING \n20 March 2026 \nWEEK ENDING \n27 March 2026 \nWEEKLY \nCHANGE (%) \n \nVALUES \n \nRTGS \n36,609,719,328.55 \n36,080,779,367.93 \n(1.44) \nOf which ZiG \n12,982,285,734.62 \n13,539,692,198.27 \n4.29 \nOf which US$ transactions \n(ZiG Equivalent) \n23,627,433,593.93 \n22,541,087,169.66 \n(4.60) \nPOS \n1,370,891,552.93 \n2,359,118,337.41 \n72.09 \nATM \n1,172,408,796.43 \n1,989,095,423.25 \n69.66 \nMOBILE BANKING \n193,151,539.00 \n133,720,654.69 \n(30.77) \nMOBILE MONEY \n4,472,447,047.79 \n5,067,981,852.37 \n13.32 \nZIPIT MOBILE \n196,597,609.95 \n340,284,297.26 \n73.09 \nTOTAL \n44,015,215,874.65 \n45,970,979,932.91 \n4.44 \n \nVOLUMES \n \nRTGS \n185,138 \n314,819 \n70.05 \nOf which ZiG \n69,417 \n112,563 \n62.15 \nOf which US$ \n115,721 \n202,256 \n74.78 \nPOS \n1,227,680 \n1,800,063 \n46.62 \nATM \n147,551 \n255,406 \n73.10 \nMOBILE BANKING \n227,695 \n396,799 \n74.27 \nMOBILE MONEY \n15,076,952 \n17,180,010 \n13.95 \nZIPIT MOBILE \n209,130 \n320,676 \n53.34 \nTOTAL \n17,074,146 \n20,267,773 \n18.70 \n \n \n6 \nMosi-oa-Tunya Gold Coin Prices \nGold Coin \nPrice \n23-Mar-2026 \n24-Mar-2026 \n25-Mar-2026 \n26-Mar-2026 \n27-Mar-2026 \n1.00Oz \n \n \n \n \n \nUS$ \n4,790.68 \n 4,689.56 \n4,634.23 \n4,792.78 \n4,679.27 \nZiG \n121,216.12 \n 118,705.49 \n117,061.98 \n121,579.35 \n118,734.20 \n0.50Oz \n \n \n \n \n \nUS$ \n2,395.34 \n2,344.78 \n2,317.11 \n2,396.39 \n2,339.64 \nZiG \n60,608.06 \n59,352.74 \n58,530.99 \n60,789.67 \n59,367.10 \n0.25Oz \n \n \n \n \n \nUS$ \n1,197.67 \n1,172.39 \n1,158.56 \n1,198.19 \n1,169.82 \nZiG \n30,304.03 \n29,676.37 \n29,265.49 \n30,394.84 \n29,683.55 \n0.10Oz \n \n \n \n \n \nUS$ \n479.07 \n468.96 \n463.42 \n479.28 \n467.93 \nZiG \n12,121.61 \n11,870.55 \n11,706.20 \n12,157.93 \n11,873.42 \nSource: Reserve Bank of Zimbabwe, 2026 \n \n \n6. EXTERNAL SECTOR \n \n \nExchange Rate Developments (ZiG per Unit of Foreign Currency) \n \n \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(16 Mar – 20 Mar) \n25.3219 \n1.5080 \n33.7320 \n1.8060 \n29.1218 \n23-Mar-26 \n25.3025 \n1.4743 \n33.6841 \n1.8572 \n29.2029 \n24-Mar-26 \n25.3127 \n1.4932 \n33.9090 \n1.7761 \n29.3210 \n25-Mar-26 \n25.2603 \n1.4892 \n33.8110 \n1.7838 \n29.2932 \n26-Mar-26 \n25.3672 \n1.4899 \n33.8920 \n1.8594 \n29.3360 \n27-Mar-26 \n25.3745 \n1.4868 \n33.8484 \n1.7728 \n29.2810 \nWeekly Average \n(23 Mar – 27 Mar) \n25.3234 \n1.4867 \n33.8289 \n1.8099 \n29.2868 \nAppr (-)/Depr (+) (%) of the \nZiG \n+0.01 \n-1.42 \n+0.29 \n+0.21 \n+0.57 \nSource: Reserve Bank of Zimbabwe, 2026 \n \n \nInternational Commodity Prices \n \nGold \nPlatinum \nPalladium \nNickel \nLithium \n \nUS$/oz \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nWeekly Average \n(16 Mar –20 Mar) \n4,791.90 \n2,038.20 \n1,518.20 \n17,162.60 \n19,810.00 \n23-Mar-26 \n4,344.70 \n1,839.00 \n1,406.00 \n17,082.00 \n19,450.00 \n24-Mar-26 \n4,569.50 \n1,970.50 \n1,462.00 \n16,950.00 \n19,250.00 \n25-Mar-26 \n4,494.50 \n1,913.00 \n1,415.00 \n17,344.00 \n19,200.00 \n26-Mar-26 \n4,453.40 \n1,899.00 \n1,413.00 \n17,253.00 \n19,150.00 \n27-Mar-26 \n4,513.10 \n1,922.00 \n1,425.00 \n17,186.00 \n19,400.00 \nWeekly Average \n(23 Mar – 27 Mar) \n4,475.04 \n1,908.70 \n1,424.20 \n17,163.00 \n19,290.00 \nWeekly change (%) \n(6.61) \n(6.35) \n(6.19) \n0.00 \n(2.62) \nSource: BBC, KITCO and Bloomberg, 2026 \n \n \n \n \n7 \nFigure 3: Average Weekly International Commodity Price Developments (31st October 2025– 27th March 2026) \n \n \n \n \n \nSource: BBC, KITCO and Bloomberg, 2026 \n \nRESERVE BANK OF ZIMBABWE \nAPRIL 2026 \n3,700\n3,900\n4,100\n4,300\n4,500\n4,700\n4,900\n5,100\n5,300\n31-Oct\n7-Nov\n14-Nov\n21-Nov\n28-Nov\n5-Dec\n12-Dec\n19-Dec\n26-Dec\n2-Jan\n9-Jan\n16-Jan\n23-Jan\n30-Jan\n6-Feb\n13-Feb\n20-Feb\n27-Feb\n6-Mar\n13-Mar\n20-Mar\n27-Mar\nUS$/oz\nGold\n60\n65\n70\n75\n80\n85\n90\n95\n100\n105\n31-Oct\n7-Nov\n14-Nov\n21-Nov\n28-Nov\n5-Dec\n12-Dec\n19-Dec\n26-Dec\n2-Jan\n9-Jan\n16-Jan\n23-Jan\n30-Jan\n6-Feb\n13-Feb\n20-Feb\n27-Feb\n6-Mar\n13-Mar\n20-Mar\n27-Mar\nUS$/oz\nCrude Oil \n1300\n1500\n1700\n1900\n2100\n2300\n2500\n2700\n2900\n31-Oct\n7-Nov\n14-Nov\n21-Nov\n28-Nov\n5-Dec\n12-Dec\n19-Dec\n26-Dec\n2-Jan\n9-Jan\n16-Jan\n23-Jan\n30-Jan\n6-Feb\n13-Feb\n20-Feb\n27-Feb\n6-Mar\n13-Mar\n20-Mar\n27-Mar\nUS$/oz\nPlatinum\n1100\n1300\n1500\n1700\n1900\n31-Oct\n7-Nov\n14-Nov\n21-Nov\n28-Nov\n5-Dec\n12-Dec\n19-Dec\n26-Dec\n2-Jan\n9-Jan\n16-Jan\n23-Jan\n30-Jan\n6-Feb\n13-Feb\n20-Feb\n27-Feb\n6-Mar\n13-Mar\n20-Mar\n27-Mar\nUS$/oz\nPalladium\n14,300\n14,800\n15,300\n15,800\n16,300\n16,800\n17,300\n17,800\n18,300\n31-Oct\n7-Nov\n14-Nov\n21-Nov\n28-Nov\n5-Dec\n12-Dec\n19-Dec\n26-Dec\n2-Jan\n9-Jan\n16-Jan\n23-Jan\n30-Jan\n6-Feb\n13-Feb\n20-Feb\n27-Feb\n6-Mar\n13-Mar\n20-Mar\n27-Mar\nUS$/oz\nNickel \n9,000\n11,000\n13,000\n15,000\n17,000\n19,000\n21,000\n31-Oct\n7-Nov\n14-Nov\n21-Nov\n28-Nov\n5-Dec\n12-Dec\n19-Dec\n26-Dec\n2-Jan\n9-Jan\n16-Jan\n23-Jan\n30-Jan\n6-Feb\n13-Feb\n20-Feb\n27-Feb\n6-Mar\n13-Mar\n20-Mar\n27-Mar\nUS$/oz\nLithium", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_27_MARCH_2026_VOLUME_28_NUMBER_13_1.pdf"}
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+ {"doc_id": "057536f4ab5f5fa75d54e15a1af33caf", "text": "Vol. 26 No. 15 \n \n \nWeek Ending \n12th April 2024 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 2 \n3. \nEQUITY MARKETS .............................................................. 2 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 4 \n5. \nPRICES .................................................................................... 4 \n6. \nMOSI-OA-TUNYA GOLD COINS AND GOLD BACKED \nDIGITAL TOKENS (GBDT) ................................................. 4 \n7. \nEXTERNAL SECTOR ........................................................... 5 \n8. \nTOBACCO SALES ................................................................. 6 \n \n \n 1 \n1. OVERVIEW \n \n \nDuring the week under review, foreign currency minimum and maximum deposit rates registered \ndeclines while foreign currency lending rates at commercial banks increased during the same week. \nThe Zimbabwe Stock Exchange (ZSE) rebased All share index increased by 0.39% to close at 100.39 \npoints during the week under review. The cumulative value of shares traded decreased by 98.81% to \nclose at ZiG0.17 million, from ZiG14.52 million in the previous week. The Victoria Falls Stock \nExchange (VFEX) traded on a positive trajectory during the week under review. The VFEX All share \nindex and market capitalisation increased from 97.54 points and US$1.18 billion to close at 98.77 \npoints and US$1.19 billion, respectively. \nThe total value of transactions processed through the National Payment Systems platforms amounted \nto ZiG6.81 billion during the week under analysis, representing a decrease of 22.56% from ZiG8.80 \nbillion registered in the previous week. \nThe interbank exchange rate appreciated from ZiG13.5616 per US$ at the beginning of the week to \nZiG13.4178 per US$ at the end of the week. \nInternational average prices for all selected commodities increased during the week under analysis. \nThe increase in gold prices was underpinned by a rise in safe haven demand for the yellow metal. \nPlatinum prices were also higher largely driven by rising anticipation of a rebound in the industrial \nsector. Crude oil prices firmed, in part, on account of higher demand. \nA cumulative total of 52.70 million kilograms of tobacco had been sold as of 12th April 2024. This \nreflected a 6.53% increase from 49.47 million kilograms sold during the same period in 2023. The \ngolden leaf was sold at an average price of US$3.53 per kilogram, up from US$3.00 per kilogram \nrealised in the same period last year. The key statistics including graphs are shown in the annex \nbelow. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2 \n2. INTEREST RATES \n \nPolicy rates (ZiG) \nPolicy Rate \n5 April 2024 \n12 April 2024 \nRBZ Policy Rate \n20 \n20 \nSource: Reserve Bank of Zimbabwe, 2024 \n \nAverage commercial bank deposit rates (Foreign Currency (US$)) \nUS$ Deposit rates \n 22 March 2024 \n 28 March 2024 \n 5 April 2024 \n12 April 2024 \nSavings \n \n \n \n \nMinimum \n1.32 \n1.32 \n1.32 \n1.32 \nMaximum \n1.82 \n1.82 \n1.82 \n1.73 \n1-month deposits \n \n \n \n \nMinimum \n3.15 \n3.15 \n3.15 \n3.14 \nMaximum \n4.96 \n4.96 \n4.96 \n4.38 \n3-month deposits \n \n \n \n \nMinimum \n3.53 \n3.53 \n3.53 \n3.37 \nMaximum \n5.35 \n5.35 \n5.35 \n4.67 \n6-month deposits \n \n \n \n \nMinimum \n3.69 \n3.69 \n3.69 \n3.51 \nMaximum \n5.66 \n5.66 \n5.66 \n5.09 \n12-Month deposits \n \n \n \n \nMinimum \n3.93 \n3.93 \n3.93 \n3.75 \nMaximum \n5.95 \n5.95 \n5.95 \n5.30 \nOver 1 year \n \n \n \n \nMinimum \n4.09 \n4.09 \n4.09 \n3.91 \nMaximum \n5.95 \n5.95 \n5.95 \n5.30 \nSource: Reserve Bank of Zimbabwe, 2024 \n \nCommercial bank weighted lending rates (Foreign Currency (US$)) \nUS$ Lending rates \n 22 March 2024 \n 28 March 2024 \n5 April 2024 \n12 April 2024 \nIndividuals \n \n \n \n \nMinimum \n10.33 \n10.32 \n10.36 \n10.41 \nMaximum \n13.72 \n13.73 \n13.72 \n14.52 \nCorporates \n \n \n \n \nMinimum \n8.25 \n8.32 \n8.38 \n8.43 \nMaximum \n14.17 \n14.10 \n14.13 \n14.71 \nSource: Reserve Bank of Zimbabwe, 2024 \n \nCommercial banks and Building societies mortgage lending rates (Foreign Currency (US$)) \n \n 22 March 2024 \n 28 March 2024 \n5 April 2024 \n12 April 2024 \nUS$ Lending rates \n \n \n \n \nMinimum \n10.00 \n10.00 \n10.00 \n10.00 \nMaximum \n18.00 \n18.00 \n18.00 \n18.00 \nSource: Reserve Bank of Zimbabwe, 2024 \n \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 (ZiG \nbillion) \nMarket \nTurnover \n(ZiG \nmillion) \nVolume of \nShares \n(million) \n5-April-24 \n100.00 \n100.00 \n100.00 \n100.00 \n100.00 \n100.00 \n29.42 \n14.52 \n8.67 \n12-April-24 \n100.39 \n99.71 \n99.64 \n101.69 \n100.00 \n100.00 \n29.77 \n0.17 \n0.19 \nWeekly \nChange (%) \n0.39 \n-0.29 \n-0.36 \n1.69 \n0.00 \n0.00 \n1.19 \n-98.81 \n-97.79 \nSource: Zimbabwe Stock Exchange, 2024 \n \n \n \n 3 \nVFEX Indicators \nDate \nAll Share Index \nPoints \nGrand Market \nCapitalisation \n(US$ billion) \nMarket Turnover \n(US$ million) \nVolume of Shares (million) \n22-March-24 \n97.88 \n1.18 \n0.55 \n2.31 \n28-March-24 \n101.06 \n1.22 \n1.38 \n3.96 \n5-April-24 \n97.54 \n1.18 \n0.46 \n1.35 \n12-April-24 \n98.77 \n1.19 \n0.77 \n3.23 \nWeekly Change (%) \n1.26 \n1.26 \n67.18 \n138.73 \nSource: Zimbabwe Stock Exchange, 2024 \n \nFigure 1: ZSE and VFEX Indicators \n \n \n \n \n \n \nSource: Zimbabwe Stock Exchange, 2024 \n25\n30\n35\n08-Apr-24\n09-Apr-24\n10-Apr-24\n11-Apr-24\n12-Apr-24\nZiG Mililon\nZSE Market Capitalisation \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\n22-Mar-24\n29-Mar-24\n05-Apr-24\n12-Apr-24\nUS$ Thousand\nVFEX Market Turnover \n800\n900\n1000\n1100\n1200\n1300\n1400\n1500\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\n22-Mar-24\n29-Mar-24\n05-Apr-24\n12-Apr-24\nUS$ Mililon\nVFEX Market Capitalisation \n0\n20\n40\n60\n80\n100\n120\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\n22-Mar-24\n29-Mar-24\n05-Apr-24\n12-Apr-24\nUS$ Bililon\nVFEX All Share Index \n0\n10\n20\n30\n40\n50\n60\n70\n09-Apr-24\n10-Apr-24\n11-Apr-24\n12-Apr-24\nZiG Thousands\nZSE Market Turnover \n94.00\n96.00\n98.00\n100.00\n102.00\n8-Apr-24\n9-Apr-24\n10-Apr-24\n11-Apr-24\n12-Apr-24\nIndices\nZSE Indices\nAll Share Index (ZSE)\nTop 10 Index\nMining index\n \n 4 \n4. CLEARING AND SETTLEMENT ACTIVITY \n \nSource: Reserve Bank of Zimbabwe, 2024 \n \n5. PRICES \nDomestic Energy Prices \nEnergy prices \n22 Mar 2024 \n28 Mar 2024 \n 5 April 2024 \n12 April 2024 \n \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.69 \n1.69 \n1.69 \n1.69 \nPetrol Blend E20/ litre \n1.68 \n1.68 \n1.68 \n1.68 \nLP Gas / kg \n1.87 \n1.87 \n1.87 \n1.87 \nSource: Zimbabwe Energy Regulatory Authority, 2024 \n \nInternational Energy Prices (Weekly average) \n Energy prices \n 22 Mar 2024 \n 28 Mar 2024 \n 5 April 2024 \n 12 April 2024 \n \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n86.31 \n86.16 \n89.83 \n90.16 \nSource: BBC, 2024 \n6. MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS \n(GBDT) \n \nPrevious day Gold PM Fix \nGold prices \n22 Mar 2024 \n28 Mar 2024 \n5 April 2024 \n12 April 2024 \n \nUS$/oz \nUS$/oz \nUS$/oz \nUS$/oz \nGold PM Fix \n2,170.50 \n2,192.70 \n2,293.50 \n2,345.65 \nSource: London Bullion Market Association, 2024 \n \nGold Backed Digital Token Price Per Milligram \nWeek Ending \nZiG Price per Mg \nUS$ Price per Mg \nBuy \nSell \nBuy \nSell \n10-April-24 \n0.97 \n1.07 \n0.0720 \n0.0795 \n11-April-24 \n0.96 \n1.06 \n0.0713 \n0.0788 \n12 April -24 \n0.96 \n1.06 \n0.0716 \n0.0792 \nSource: Reserve Bank of Zimbabwe, 2024 \n \nPAYMENT STREAM \nWEEK ENDING \n5 April 2024 \nWEEK ENDING \n12 April 2024 \nWEEKLY \nCHANGE (%) \n \nVALUES IN ZiG \n \nRTGS \n6,742,695,696.21 \n4,822,652,172.60 \n-28.48% \nOf which ZiG \n2,201,201,085.30 \n416,060,255.90 \n \nOf which US$ \n445,898,965.57 \n326,916,669.30 \n \nPOS \n526,127,301.23 \n372,128,567.09 \n-29.27% \nATM \n284,875.18 \n796,993,008.89 \n11.96% \nMOBILE \n819,187,307.09 \n822,904,677.47 \n0.45% \nTOTAL \n8,799,834,814.36 \n6,814,678,426.04 \n-22.56% \n \nVOLUMES \n \nRTGS \n190,469 \n79,975 \n-58.01% \nOf which ZiG \n87,244 \n12,757 \n \nOf which US$ \n103,225 \n67,218 \n \nPOS \n1,924,924 \n1,002,483 \n-47.921% \nATM \n270,858 \n203,376 \n-24.91% \nMOBILE \n13,564,168 \n11,931,487 \n-12.04% \nTOTAL \n15,950,419 \n13,217,321 \n-17.13% \n \n 5 \nRBZ Gold-Backed Digital Tokens Issuances (ZW$) \n Source: Reserve Bank of Zimbabwe, 2024 \n \nFigure 2: Cumulative KGs Purchased of GBDT \n \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \nMosi-oa-Tunya Gold Coin Prices \nGold Coin Price \n10 April 2024 \n11 April 2024 \n12 April 2024 \n1.00Oz \n \n \n \nUS$ \n2,473.91 \n2,449.65 \n2,462.93 \nZiG \n33,400.69 \n32,958.08 \n33,047.14 \n0.50Oz \n \n \n \nUS$ \n1,236.95 \n1,224.83 \n1,231.47 \nZiG \n16,700.34 \n16,479.04 \n16,523.57 \n0.25Oz \n \n \n \nUS$ \n618.48 \n612.41 \n615.73 \nZiG \n8,350.17 \n8,239.52 \n8,261.78 \n0.10Oz \n \n \n \nUS$ \n247.39 \n244.97 \n246.29 \nZiG \n3,340.07 \n3,295.81 \n3,304.41 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n7. EXTERNAL SECTOR \nExchange Rate Developments (ZiG per Unit of foreign currency) \n \nUSD \nZAR \nGBP \nBWP \nEURO \n8-April \n13.5616 \n0.7382 \n17.1283 \n0.9954 \n14.6927 \n9-April \n13.5348 \n0.7256 \n17.1284 \n0.9928 \n14.6927 \n10-April \n13.5012 \n0.7312 \n17.1168 \n0.9951 \n14.6548 \n11-April \n13.4542 \n0.7175 \n16.8831 \n0.9842 \n14.4566 \n12-April \n13.4178 \n0.7159 \n16.8260 \n0.9795 \n14.3732 \nWeekly Average \n(8 April– 12 April) \n13.49 \n0.72 \n17.02 \n0.99 \n14.57 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \n -\n 100\n 200\n 300\n 400\n 500\n 600\n 700\n 800\n 900\n18-May-23\n01-Jun-23\n15-Jun-23\n29-Jun-23\n13-Jul-23\n03-Aug-23\n31-Aug-23\n28-Sep-23\n18-Oct-23\n23-Nov-23\n21-Dec-23\n25-Jan-24\n31-Jan-24\n02-Feb-24\n06-Feb-24\n08-Feb-24\n12-Feb-24\n14-Feb-24\n16-Feb-24\n20-Feb-24\n23-Feb-24\n27-Feb-24\n29-Feb-24\n04-Mar-24\n06-Mar-24\n08-Mar-24\n12-Mar-24\n14-Mar-24\n18-Mar-24\n20-Mar-24\n22-Mar-24\n26-Mar-24\n28-Mar-24\n03-Apr-24\n05-Apr-24\n2024 \nNumber \nof Bids \nValue of Bids \n(ZW$ millions) \nAmount Allotted \n(ZW$ millions) \nKilograms of \nGold Purchased \nCumulative up to the week ending 28-Mar 24 \n1,138 \n462,338.61 \n462,338.61 \n917.278972 \nGBDT Issue No.45 2024 2-April \n5 \n19,429.99 \n19,429.99 \n10.526542 \nGBDT Issue No.46 2024 3-April \n14 \n8,606.48 \n8,606.48 \n4.466746 \nGBDT Issue No.47 2024 4-April \n18 \n18,304.26 \n18,304.26 \n8.063967 \nGBDT Issue No.48 2024 5-April \n5 \n6,408.99 \n6,408.99 \n2.453259 \nCumulative up to the week ending 5-April 24 \n1,180 \n515,088.33 \n515,088.33 \n942.789486 \nWeekly Change (%) \n3.69 \n11.41 \n11.41 \n2.78 \n \n 6 \nInternational Commodity Price Developments \n \nPlatinum \nPalladium \nNickel \nLithium \n2024 \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nWeekly Average \n (2 April -5 April) \n926.13 \n1,010.25 \n17,471.00 \n13,200.00 \n8-April \n941.50 \n1,025.00 \n17,804.00 \n13,170.00 \n9-April \n980.00 \n1,065.00 \n17,848.00 \n13,170.00 \n10-April \n975.00 \n1,069.00 \n18,219.00 \n13,170.00 \n11-April \n972.50 \n1,052.00 \n17,811.00 \n13,490.00 \n12-April \n998.00 \n1,068.00 \n17,797.00 \n13,640.00 \nWeekly Average \n (8 April -12 April) \n973.40 \n1,055.90 \n17,895.80 \n13,328.00 \nSource: BBC, KITCO and Bloomberg, 2024 \n \nFigure 3: Weekly Precious Metals Price Developments (8th – 12th April 2024) \n \n \n \n \nSource: BBC, KITCO and Bloomberg, 2024 \n8. TOBACCO SALES \nWeekly Cumulative Tobacco Sales (12th April 2024) \n \n2023 \n2024 \nVariance (%) \nCumulative Quantity Sold (million kgs) \n49,469,112 \n52,700,142 \n6.53 \nAverage Price (US$/kg) \n3.00 \n3.53 \n17.59 \nCumulative value (US$ million) \n148,596,675 \n186,149,767 \n25.27 \nSource: Tobacco Industry and Marketing Board (TIMB), 2024 \n890\n910\n930\n950\n970\n990\n1,010\n8-Apr\n9-Apr\n10-Apr\n11-Apr\n12-Apr\nUS$/tonne\nPlatinum\n900\n950\n1,000\n1,050\n1,100\n8-Apr\n9-Apr\n10-Apr\n11-Apr\n12-Apr\nUS$/tonne\nPalladium\n17,400\n17,600\n17,800\n18,000\n18,200\n18,400\n8-Apr\n9-Apr\n10-Apr\n11-Apr\n12-Apr\nUS$/tonne\nNickel\n12,700\n12,900\n13,100\n13,300\n13,500\n13,700\n8-Apr\n9-Apr\n10-Apr\n11-Apr\n12-Apr\nUS$/tonne\nLithium", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_12_APRIL_2024_Volume_26_Number_15.pdf"}
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+ {"doc_id": "05f3f5905f16631797fd4b24c1ec0675", "text": "Vol. 28 No. 9 \n \nWeek Ending \n27th February 2026 \n \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 2 \n3. \nEQUITY MARKETS .............................................................. 3 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 5 \n5. \nENERGY PRICES .................................................................. 5 \n6. \nGOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND \nGOLD BACKED DIGITAL TOKENS (GBDT) .................. 5 \n7. \nEXTERNAL SECTOR ........................................................... 6 \n \n \n \n \n1 \n1. OVERVIEW \nThis report provides a synopsis of the monetary and financial developments for the week ending 27th February \n2026. It includes updates on domestic money and capital markets, national payment systems, as well as \ninternational commodity prices and exchange rates. \nDomestic money market developments were mixed during the week under review. The local and foreign \ncurrency deposit rates remained unchanged across all tenors. Meanwhile, both the local currency and foreign \nlending rates for corporate clients increased, while lending rates for the individual clients declined. \nCapital markets also reflected mixed trends over the same period. The Zimbabwe Stock Exchange (ZSE) \ntraded negatively for the second consecutive week, declining by 0.30% to close at 359.11 points. In contrast, \nthe Victoria Falls Stock Exchange (VFEX) rebounded from the previous week’s losses, gaining 7.42% to close \nat 224.06 points during the week ending 27th February 2026. \nActivity in the National Payment Systems recorded an improvement during the week under review. The total \nvalue of transactions increased by 1.52% from ZiG39.05 billion recorded in the previous week to ZiG39.65 \nbillion. Similarly, the volume of transactions processed increased by 17.69% from 16.27 million to 19.15 \nmillion during the same period under review. The largest share of transactional values was processed through \nthe Real-Time Gross Settlement (RTGS) system, accounting for 77.24%, while mobile money accounted for \n84.38% of the transaction volumes. \nOn the interbank foreign currency exchange market, the Zimbabwe Gold currency (ZiG), depreciated by \n0.45%, from an average of ZiG25.57 per US$1 recorded in the prior week, to ZiG25.69 per US$1. \nThe international average prices for all the selected commodities increased. Gold, palladium and platinum \nprices increased mainly due to broader rally in mineral markets, supported by heightened geopolitical tensions \nin the Middle East, particularly involving the U.S./Israel and Iran, which boosted investor demand for safe \nhaven assets. Lithium prices also rose after Zimbabwe, one of the world’s major exporters of lithium, imposed \na ban on the export of raw minerals and lithium concentrates, tightening global supply. \n \n \n \n \n \n \n \n \n2 \n2. INTEREST RATES \n \nAverage commercial bank deposit rates (Local Currency (ZiG) (%) \nZiG Deposit rates \n06-Feb-2026 \n13-Feb-2026 \n20-Feb-2026 \n27-Feb-2026 \nSavings \n \n \n \n \nMinimum \n3.81 \n3.81 \n3.81 \n3.81 \nMaximum \n4.14 \n4.14 \n4.14 \n4.14 \n1-month deposit \n \n \n \n \nMinimum \n6.49 \n6.49 \n6.69 \n6.69 \nMaximum \n11.02 \n11.02 \n11.22 \n11.22 \n3-months deposit \n \n \n \n \nMinimum \n6.62 \n6.62 \n6.87 \n6.87 \nMaximum \n10.51 \n10.51 \n10.76 \n10.76 \n6-months deposit \n \n \n \n \nMinimum \n6.64 \n6.64 \n6.93 \n6.93 \nMaximum \n10.53 \n10.53 \n10.82 \n10.82 \n12-months deposit \n \n \n \n \nMinimum \n6.66 \n6.66 \n6.99 \n6.99 \nMaximum \n11.24 \n11.24 \n11.58 \n11.58 \nOver 1 year \n \n \n \n \nMinimum \n6.67 \n6.67 \n7.00 \n7.00 \nMaximum \n11.25 \n11.25 \n11.58 \n11.58 \nSource: Reserve Bank of Zimbabwe, 2026 \n \n \nAverage commercial bank deposit rates (Foreign Currency (US$) (%) \nUS$ Deposit rates \n06-Feb-2026 \n13-Feb-2026 \n20-Feb-2026 \n27-Feb-2026 \nSavings \n \n \n \n \nMinimum \n1.75 \n1.75 \n1.75 \n1.75 \nMaximum \n2.08 \n2.08 \n2.08 \n2.08 \n1-month deposit \n \n \n \n \nMinimum \n3.69 \n3.69 \n3.92 \n3.92 \nMaximum \n6.56 \n6.56 \n6.76 \n6.76 \n3-month deposit \n \n \n \n \nMinimum \n4.18 \n4.18 \n4.40 \n4.40 \nMaximum \n7.45 \n7.45 \n7.66 \n7.66 \n6-month deposit \n \n \n \n \nMinimum \n4.31 \n4.31 \n4.54 \n4.54 \nMaximum \n7.77 \n7.77 \n7.96 \n7.96 \n12-Month deposit \n \n \n \n \nMinimum \n4.61 \n4.61 \n4.83 \n4.83 \nMaximum \n8.17 \n8.17 \n8.36 \n8.36 \nOver 1 year \n \n \n \n \nMinimum \n4.72 \n4.72 \n4.92 \n4.92 \nMaximum \n8.34 \n8.34 \n8.50 \n8.50 \nSource: Reserve Bank of Zimbabwe, 2026 \n \n \n \n \n \n \n \n \n3 \nCommercial bank weighted lending rates (Local Currency (ZiG) (%) \nZiG Lending rates \n06-Feb-2026 \n13-Feb-2026 \n20-Feb-2026 \n27-Feb-2026 \nIndividuals \n \n \n \n \nMinimum \n43.34 \n43.34 \n43.66 \n43.62 \nMaximum \n49.45 \n49.57 \n49.59 \n49.56 \nCorporates \n \n \n \n \nMinimum \n40.38 \n40.34 \n40.33 \n40.35 \nMaximum \n47.47.3939 \n46.82 \n46.50 \n46.58 \nSource: Reserve Bank of Zimbabwe, 2026 \n \n \nCommercial bank weighted lending rates (Foreign Currency (US$) (%) \nUS$ Lending rates \n06-Feb-2026 \n13-Feb-2026 \n20-Feb-2026 \n27-Feb-2026 \nIndividuals \n \n \n \n \nMinimum \n14.07 \n13.58 \n13.54 \n13.49 \nMaximum \n17.37 \n18.64 \n18.62 \n18.58 \nCorporates \n \n \n \n \nMinimum \n10.27 \n10.35 \n10.33 \n10.34 \nMaximum \n15.75 \n15.72 \n15.71 \n15.77 \nSource: Reserve Bank of Zimbabwe, 2026 \n \n \nCommercial banks and building societies mortgage lending rates (%) \nMortgage Lending \nrates \n06-Feb-2026 \n13-Feb-2026 \n20-Feb-2026 \n27-Feb-2026 \nZiG Lending rates \n \n \n \n \nMinimum \n25.00 \n25.00 \n25.00 \n25.00 \nMaximum \n50.00 \n50.00 \n50.00 \n50.00 \nUS$ Lending rates \n \n \n \n \nMinimum \n10.00 \n10.00 \n10.00 \n10.00 \nMaximum \n18.00 \n18.00 \n18.00 \n18.00 \nSource: Reserve Bank of Zimbabwe, 2026 \n \n \nEQUITY MARKETS \n \nZSE Indicators \n \n \nAll Share \nIndex \n(points) \nTop 10 \nIndex \n(points) \nTop 15 \nIndex \n(points) \nMedium Cap \n(points) \nSmall Cap \n(points) \nMining \nIndex \n(points) \nGrand \nMarket Cap \n(ZiG billion) \nMarket \nTurnover \n(ZiG million) \nVolume of \nShares \n(million) \n06-Feb 26 \n360.71 \n372.71 \n386.51 \n323.84 \n100.11 \n122.53 \n112.39 \n98.21 \n 31.45 \n13-Feb 26 \n364.36 \n375.12 \n389.00 \n333.99 \n100.11 \n122.53 \n113.29 \n701.15 \n 65.13 \n20-Feb 26 \n360.19 \n372.12 \n385.66 \n333.47 \n100.11 \n122.53 \n111.66 \n1,008.82 \n 79.07 \n27-Feb 26 \n359.11 \n367.23 \n381.71 \n350.51 \n100.11 \n122.53 \n111.90 \n 123.98 \n 9.63 \n \nWeekly \nChange (%) \n(0.30) \n(1.31) \n(1.02) \n5.11 \n0.00 \n0.00 \n0.21 \n(87.71) \n(87.82) \nSource: Zimbabwe Stock Exchange, 2026 \n \nVFEX Indicators \nDate \n \nAll Share Index \nPoints \nGrand Market Capitalisation \n(US$ billion) \nMarket Turnover (US$ \nmillion) \nVolume of Shares (million) \n06-Feb-26 \n207.33 \n2.44 \n0.73 \n16.78 \n13-Feb-26 \n217.58 \n2.56 \n2.88 \n3.97 \n20-Feb-26 \n208.59 \n2.47 \n1.56 \n2.53 \n27-Feb 26 \n224.06 \n2.66 \n5.58 \n9.61 \nWeekly Change (%) \n7.42 \n7.69 \n257.69 \n279.84 \nSource: Victoria Falls Stock Exchange, 2026 \n \n \n \n \n4 \nFigure 1: ZSE and VFEX Indicators \n \n \n \n \n \n \nSource: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2026 \n \n \n1.8\n1.9\n2\n2.1\n2.2\n2.3\n2.4\n2.5\n2.6\n2.7\n2.8\n17-Oct-25\n24-Oct-25\n31-Oct-25\n07-Nov-25\n14-Nov-25\n21-Nov-25\n28-Nov-25\n05-Dec-25\n12-Dec-25\n19-Dec-25\n26-Dec-25\n02-Jan-26\n09-Jan-26\n16-Jan-26\n23-Jan-26\n30-Jan-26\n06-Feb-26\n13-Feb-26\n20-Feb-26\n27-Feb-26\nUS$ Billion\nVFEX Market Capitalisation \n150\n155\n160\n165\n170\n175\n180\n185\n190\n195\n200\n205\n210\n215\n220\n225\n230\n235\n17-Oct-25\n24-Oct-25\n31-Oct-25\n07-Nov-25\n14-Nov-25\n21-Nov-25\n28-Nov-25\n05-Dec-25\n12-Dec-25\n19-Dec-25\n26-Dec-25\n02-Jan-26\n09-Jan-26\n16-Jan-26\n23-Jan-26\n30-Jan-26\n06-Feb-26\n13-Feb-26\n20-Feb-26\n27-Feb-26\nIndex\nVFEX All Share Index \n0\n500\n1000\n1500\n2000\n2500\n3000\n3500\n4000\n4500\n17-Oct-25\n24-Oct-25\n31-Oct-25\n07-Nov-25\n14-Nov-25\n21-Nov-25\n28-Nov-25\n05-Dec-25\n12-Dec-25\n19-Dec-25\n26-Dec-25\n02-Jan-26\n09-Jan-26\n16-Jan-26\n23-Jan-26\n30-Jan-26\n06-Feb-26\n13-Feb-26\n20-Feb-26\n27-Feb-26\nUS$ Thousand\nVFEX Market Turnover \nNotable trade deals: Padenga Holdings\nLimited,\nwhere\n6.03\nmillion\nshares\nexchanged hands at US$0.72 per share\n55\n60\n65\n70\n75\n80\n85\n90\n95\n100\n105\n110\n115\n120\n125\n17-Oct-25\n24-Oct-25\n31-Oct-25\n07-Nov-25\n14-Nov-25\n21-Nov-25\n28-Nov-25\n05-Dec-25\n12-Dec-25\n19-Dec-25\n26-Dec-25\n02-Jan-26\n09-Jan-26\n16-Jan-26\n23-Jan-26\n30-Jan-26\n06-Feb-26\n13-Feb-26\n20-Feb-26\n27-Feb-26\nZiG Billion\nZSE Market Capitalisation \n90\n140\n190\n240\n290\n340\n390\n17-Oct-25\n24-Oct-25\n31-Oct-25\n07-Nov-25\n14-Nov-25\n21-Nov-25\n28-Nov-25\n05-Dec-25\n12-Dec-25\n19-Dec-25\n26-Dec-25\n02-Jan-26\n09-Jan-26\n16-Jan-26\n23-Jan-26\n30-Jan-26\n06-Feb-26\n13-Feb-26\n20-Feb-26\n27-Feb-26\nIndices\nZSE Indices \nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n0\n100,000\n200,000\n300,000\n400,000\n500,000\n600,000\n700,000\n800,000\n17-Oct-25\n24-Oct-25\n31-Oct-25\n07-Nov-25\n14-Nov-25\n21-Nov-25\n28-Nov-25\n05-Dec-25\n12-Dec-25\n19-Dec-25\n26-Dec-25\n02-Jan-26\n09-Jan-26\n16-Jan-26\n23-Jan-26\n30-Jan-26\n06-Feb-26\n13-Feb-26\n20-Feb-26\n27-Feb-26\nZiG Thousands\nZSE Market Turnover \nNotable trade deals: A combined total\nof\n60.54\nmillion\nEconet\nWireless\nZimbabwe Limited shares at an average\nprice ZiG903.63 cents/share.\nNotable\ntrade\ndeals:\nA\ncombined\n53.03\nmillion Econet Wireless Zimbabwe Limited\nshares at\nan average\nprice of ZiG908.67\ncents/share and 2.51 million NMBZ Holdings\nLimited shares at ZiG500.05 cents/share.\n \n \n5 \n3. CLEARING AND SETTLEMENT ACTIVITY \n Source: Reserve Bank of Zimbabwe, 2026 \n \n4. ENERGY PRICES \n \nEnergy Prices \n \n06-Feb-2026 \n13-Feb-2026 \n20-Feb-2026 \n27-Feb-2026 \nDomestic Energy Prices \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.52 \n1.52 \n1.52 \n1.52 \nPetrol Blend E5/ litre \n1.57 \n1.56 \n1.56 \n1.56 \nLP Gas / kg \n1.51 \n1.55 \n1.55 \n1.55 \n \n \n \n \n \nInternational Energy Prices \n(Weekly average) \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n(US$/barrel) \n67.42 \n68.36 \n69.60 \n72.30 \n Source: Zimbabwe Energy Regulatory Authority and BBC 2026 \n \n5. GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS \n(GBDT) \n \nGold PM Fix and Gold Backed Digital Token Prices \nDate \nGold PM Fix \nGBDT ZiG Price per Mg \nGBDT US$ Price per Mg \nUS$/oz \nBuy \nSell \nBuy \nSell \n23-Feb-26 \n5,053.20 \n3.95 \n4.36 \n0.1543 \n0.1706 \n24-Feb-26 \n5,191.40 \n4.08 \n4.51 \n0.1586 \n0.1753 \n25-Feb-26 \n5,120.25 \n4.02 \n4.44 \n0.1564 \n0.1729 \n26-Feb-26 \n5,191.55 \n4.07 \n4.50 \n0.1586 \n0.1753 \n27-Feb-26 \n5,167.35 \n4.07 \n4.50 \n0.1578 \n0.1744 \nSource: London Bullion Market Association and Reserve Bank of Zimbabwe, 2026 \n \n \n \nPAYMENT STREAM \nWEEK ENDING \n20 February 2026 \nWEEK ENDING \n27 February 2026 \nWEEKLY \nCHANGE (%) \n \nVALUES \n \nRTGS \n32,236,184,487.45 \n30,623,528,333.04 \n(5.00) \nOf which ZiG \n11,805,509,212.40 \n9,999,770,527.38 \n(15.30) \nOf which US$ transactions \n(ZiG Equivalent) \n20,430,675,275.05 \n \n20,623,757,805.66 \n0.95 \nPOS \n1,291,817,512.69 \n2,131,668,117.19 \n65.01 \nATM \n1,024,740,319.33 \n1,801,872,979.62 \n75.84 \nMOBILE BANKING \n180,699,762.00 \n360,497,378.05 \n99.50 \nMOBILE MONEY \n4,139,438,198.77 \n4,416,416,011.75 \n6.69 \nZIPIT MOBILE \n181,418,156.87 \n315,697,427.16 \n74.02 \nTOTAL \n39,054,298,437.11 \n39,649,680,246.82 \n1.52 \n \nVOLUMES \n \nRTGS \n166,758 \n322,654 \n93.49 \nOf which ZiG \n53,958 \n122,575 \n127.17 \nOf which US$ \n112,800 \n200,079 \n77.38 \nPOS \n1,176,187 \n1,749,550 \n48.75 \nATM \n131,903 \n241,775 \n83.30 \nMOBILE BANKING \n217,507 \n372,024 \n71.04 \nMOBILE MONEY \n14,375,620 \n16,155,777 \n12.38 \nZIPIT MOBILE \n201,675 \n305,641 \n51.55 \nTOTAL \n16,269,650 \n19,147,421 \n17.69 \n \n \n6 \nMosi-oa-Tunya Gold Coin Prices \nGold Coin \nPrice \n23-Feb-2026 \n24-Feb-2026 \n25-Feb-2026 \n26-Feb-2026 \n27-Feb-2026 \n1.00Oz \n \n \n \n \n \nUS$ \n5,305.86 \n5,450.97 \n5,376.26 \n5,451.13 \n5,425.72 \nZiG \n135,724.96 \n140,281.26 \n138,240.91 \n139,831.23 \n139,838.64 \n0.50Oz \n \n \n \n \n \nUS$ \n2,652.93 \n2,725.49 \n2,688.13 \n2,725.56 \n2,712.86 \nZiG \n67,862.48 \n70,140.63 \n69,120.46 \n69,915.62 \n69,919.32 \n0.25Oz \n \n \n \n \n \nUS$ \n1,326.47 \n1,362.74 \n1,344.07 \n1,362.78 \n1,356.43 \nZiG \n33,931.24 \n35,070.31 \n34,560.23 \n34,957.81 \n34,959.66 \n0.10Oz \n \n \n \n \n \nUS$ \n530.59 \n545.10 \n537.63 \n545.11 \n542.57 \nZiG \n13,572.50 \n14,028.13 \n13,824.09 \n13,983.12 \n13,983.86 \nSource: Reserve Bank of Zimbabwe, 2026 \n \n \n6. EXTERNAL SECTOR \n \n \nExchange Rate Developments (ZiG per Unit of Foreign Currency) \n \n \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(16 Feb – 20 Feb) \n \n25.5746 \n \n1.5933 \n \n34.6411 \n \n1.8816 \n \n30.2235 \n23-Feb-26 \n25.5802 \n1.5952 \n34.5770 \n1.8652 \n30.2307 \n24-Feb-26 \n25.7351 \n1.6038 \n34.6936 \n1.8751 \n30.2903 \n25-Feb-26 \n25.7132 \n1.6134 \n34.7657 \n1.8735 \n30.3442 \n26-Feb-26 \n25.6518 \n1.6176 \n34.7751 \n1.8704 \n30.3179 \n27-Feb-26 \n25.7733 \n1.6202 \n34.7786 \n1.8805 \n30.4422 \nWeekly Average \n(23 Feb – 27 Feb) \n25.6907 \n1.6100 \n34.7180 \n1.8729 \n30.3251 \nAppr (-)/Depr (+) (%) of the \nZiG \n+0.45 \n+1.05 \n+0.22 \n-0.46 \n+0.34 \nSource: Reserve Bank of Zimbabwe, 2026 \n \n \nInternational Commodity Prices \n \nGold \nPlatinum \nPalladium \nNickel \nLithium \n \nUS$/oz \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nWeekly Average \n(16 Feb – 20 Feb) \n4,997.82 \n2,070.60 \n1,710.20 \n17,177.60 \n16,798.00 \n23-Feb-26 \n5,177.90 \n2,140.50 \n1,747.00 \n17,283.00 \n16,950.00 \n24-Feb-26 \n5,201.90 \n2,271.00 \n1,825.00 \n17,909.00 \n17,200.00 \n25-Feb-26 \n5,200.40 \n2,295.00 \n1,780.00 \n17,955.00 \n17,700.00 \n26-Feb-26 \n5,185.80 \n2,388.00 \n1,831.00 \n17,694.00 \n18,330.00 \n27-Feb-26 \n5,346.80 \n2,366.00 \n1,820.00 \n17,844.00 \n18,960.00 \nWeekly Average \n(23 Feb – 27 Feb) \n5,222.56 \n2,292.10 \n1,800.60 \n17,737.00 \n17,828.00 \nWeekly change (%) \n4.50 \n10.70 \n5.29 \n3.26 \n6.13 \nSource: BBC, KITCO and Bloomberg, 2026 \n \n \n \n \n7 \nFigure 3: Average Weekly International Commodity Price Developments (31st October 2025– 27th February 2026) \n \n \n \n \n \nSource: BBC, KITCO and Bloomberg, 2026 \n \nRESERVE BANK OF ZIMBABWE \nMARCH 2026 \n3,700\n3,900\n4,100\n4,300\n4,500\n4,700\n4,900\n5,100\n5,300\n31-Oct\n7-Nov\n14-Nov\n21-Nov\n28-Nov\n5-Dec\n12-Dec\n19-Dec\n26-Dec\n2-Jan\n9-Jan\n16-Jan\n23-Jan\n30-Jan\n6-Feb\n13-Feb\n20-Feb\n27-Feb\nUS$/oz\nGold\n60\n62\n64\n66\n68\n70\n72\n74\n31-Oct\n7-Nov\n14-Nov\n21-Nov\n28-Nov\n5-Dec\n12-Dec\n19-Dec\n26-Dec\n2-Jan\n9-Jan\n16-Jan\n23-Jan\n30-Jan\n6-Feb\n13-Feb\n20-Feb\n27-Feb\nUS$/oz\nCrude Oil \n1300\n1500\n1700\n1900\n2100\n2300\n2500\n2700\n2900\n31-Oct\n7-Nov\n14-Nov\n21-Nov\n28-Nov\n5-Dec\n12-Dec\n19-Dec\n26-Dec\n2-Jan\n9-Jan\n16-Jan\n23-Jan\n30-Jan\n6-Feb\n13-Feb\n20-Feb\n27-Feb\nUS$/oz\nPlatinum\n1100\n1300\n1500\n1700\n1900\n31-Oct\n7-Nov\n14-Nov\n21-Nov\n28-Nov\n5-Dec\n12-Dec\n19-Dec\n26-Dec\n2-Jan\n9-Jan\n16-Jan\n23-Jan\n30-Jan\n6-Feb\n13-Feb\n20-Feb\n27-Feb\nUS$/oz\nPalladium\n14,300\n14,800\n15,300\n15,800\n16,300\n16,800\n17,300\n17,800\n18,300\n31-Oct\n7-Nov\n14-Nov\n21-Nov\n28-Nov\n5-Dec\n12-Dec\n19-Dec\n26-Dec\n2-Jan\n9-Jan\n16-Jan\n23-Jan\n30-Jan\n6-Feb\n13-Feb\n20-Feb\n27-Feb\nUS$/oz\nNickel \n9,000\n11,000\n13,000\n15,000\n17,000\n19,000\n21,000\n31-Oct\n7-Nov\n14-Nov\n21-Nov\n28-Nov\n5-Dec\n12-Dec\n19-Dec\n26-Dec\n2-Jan\n9-Jan\n16-Jan\n23-Jan\n30-Jan\n6-Feb\n13-Feb\n20-Feb\n27-Feb\nUS$/oz\nLithium", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_27_FEBRUARY_2026_VOLUME_28_NUMBER_9.pdf"}
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+ {"doc_id": "0855ee41676b9160ce1bb5562002014d", "text": "Vol. 26 No. 27 \n \n \nWeek Ending \n5th July 2024 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 1 \n3. \nEQUITY MARKETS .............................................................. 3 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 5 \n5. \nPRICES .................................................................................... 5 \n6. \nGOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND \nGOLD BACKED DIGITAL TOKENS (GBDT) .................. 5 \n7. \nEXTERNAL SECTOR ........................................................... 6 \n8. \nTOBACCO SALES ................................................................. 8 \n \n \n \n 1 \n1. OVERVIEW \n \n \n \nThis report provides an overview of weekly monetary and financial developments from domestic and \ninternational markets for the week ending 5th July 2024. \nDuring the week under review, local currency minimum and maximum deposit rates for savings \ndeposits remained unchanged at the previous week’s level. Minimum and maximum deposit rates for \ndeposits of 1 month, 3 months, 6 months, and over a year tenor registered a decline. Maximum deposit \nrates for deposits of 1 month tenor were higher while those for 1 month, 3 months, 6 months, 12 \nmonths, and over a year tenor were lower during the same week. Foreign currency deposit rates for \nall deposit classes remained unchanged at the previous week’s levels. \nMinimum and maximum local currency lending rates for commercial and individual clients registered \na decline from the previous week’s levels. Foreign currency lending rates for individuals softened \nwhile those for corporate clients increased during the same week. \nThe local currency and foreign currency-denominated stock markets were bullish. The Zimbabwe \nStock Exchange (ZSE) All Share Indices gained 14.45% to close the week at 147.23 points. Similarly, \nthe Victoria Falls Stock Exchange (VFEX) stock market, All Share Indices, increased by 2.16% to \nclose the week at 105.97 points, respectively. \nThe National Payment System processed transactions amounted to ZiG16.82 billion during the week \nunder review, representing a 7.46% decrease, from the ZiG18.18 billion recorded in the previous \nweek. This was on account of a 17.22% decline in RTGS transactions to close at ZiG13.02 billion \nduring the reporting week. \nOn the local foreign exchange market, the ZiG/US$ exchange rate registered a marginal depreciation \nof 0.6% from a weekly average of ZiG13.6327 per US$ registered in the prior week to ZiG13.7138 \nper US$ during the reporting week. \nAverage international weekly commodity prices for gold, palladium, crude oil, and nickel increased \nduring the week under review. Prices for platinum and lithium decreased during the same week. \nA cumulative total of 219 million kilograms of tobacco was sold as at 5th of July 2024, representing a \n22.86% decline from 283 million kilograms sold during the same period in 2023. The golden leaf was \nsold at a higher price of US$3.44 per kilogram during the period under analysis, up from US$3.02 per \nkilogram realised in the same period last year. \n \n \n \n 2 \n2. INTEREST RATES \n \nAverage commercial bank deposit rates (Local Currency (ZiG) \nZiG Deposit rates \n14 June 2024 \n21 June 2024 \n28 June 2024 \n05 July 2024 \nSavings \n \n \n \n \nMinimum \n3.75 \n3.75 \n3.75 \n3.75 \nMaximum \n3.88 \n3.88 \n3.88 \n3.88 \n1-month deposit \n \n \n \n \nMinimum \n5.19 \n5.19 \n5.21 \n5.19 \nMaximum \n5.58 \n5.58 \n5.69 \n5.80 \n3-month deposit \n \n \n \n \nMinimum \n5.26 \n5.26 \n5.27 \n5.26 \nMaximum \n5.83 \n5.83 \n5.94 \n5.82 \n6-month deposit \n \n \n \n \nMinimum \n5.33 \n5.33 \n5.34 \n5.33 \nMaximum \n5.94 \n5.94 \n6.07 \n5.94 \n12-Month deposit \n \n \n \n \nMinimum \n5.36 \n5.36 \n5.36 \n5.36 \nMaximum \n6.03 \n6.03 \n6.16 \n6.03 \nOver 1 year \n \n \n \n \nMinimum \n5.37 \n5.37 \n5.37 \n5.37 \nMaximum \n6.10 \n6.10 \n6.23 \n6.10 \nSource: Reserve Bank of Zimbabwe, 2024 \n \nAverage commercial bank deposit rates (Foreign Currency (US$) \nUS$ Deposit rates \n14 June 2024 \n21 June 2024 \n28 June 2024 \n05 July 2024 \nSavings \n \n \n \n \nMinimum \n1.53 \n1.53 \n1.53 \n1.53 \nMaximum \n1.86 \n1.86 \n1.86 \n1.86 \n1-month deposit \n \n \n \n \nMinimum \n3.28 \n3.28 \n3.28 \n3.28 \nMaximum \n5.07 \n5.07 \n5.07 \n5.07 \n3-month deposit \n \n \n \n \nMinimum \n3.88 \n3.88 \n3.88 \n3.88 \nMaximum \n5.36 \n5.36 \n5.36 \n5.80 \n6-month deposit \n \n \n \n \nMinimum \n4.03 \n4.03 \n4.03 \n4.03 \nMaximum \n5.86 \n5.86 \n6.25 \n6.25 \n12-Month deposit \n \n \n \n \nMinimum \n4.19 \n4.19 \n4.19 \n4.19 \nMaximum \n6.55 \n6.55 \n6.55 \n6.55 \nOver 1 year \n \n \n \n \nMinimum \n4.41 \n4.41 \n4.41 \n4.41 \nMaximum \n6.55 \n6.55 \n6.55 \n6.55 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \n \n \n \n \n \n 3 \nCommercial bank weighted lending rates (Local Currency (ZiG) \nZiG Lending rates \n14 June 2024 \n21 June 2024 \n28 June 2024 \n05 July 2024 \nIndividuals \n \n \n \n \nMinimum \n24.45 \n25.02 \n24.89 \n24.83 \nMaximum \n31.27 \n31.15 \n31.19 \n31.03 \nCorporates \n \n \n \n \nMinimum \n24.49 \n24.49 \n24.46 \n24.43 \nMaximum \n32.82 \n32.58 \n33.04 \n32.90 \nSource: Reserve Bank of Zimbabwe, 2024 \n \nCommercial bank weighted lending rates (Foreign Currency (US$) \nUS$ Lending rates \n14 June 2024 \n21 June 2024 \n28 June 2024 \n05 July 2024 \nIndividuals \n \n \n \n \nMinimum \n10.48 \n10.92 \n10.86 \n10.93 \nMaximum \n14.74 \n14.97 \n14.96 \n14.99 \nCorporates \n \n \n \n \nMinimum \n8.95 \n9.63 \n9.72 \n9.60 \nMaximum \n14.60 \n15.51 \n15.53 \n15.38 \nSource: Reserve Bank of Zimbabwe, 2024 \n \nCommercial banks and building societies mortgage lending rates \nMortgage Lending rates \n14 June 2024 \n21 June 2024 \n28 June 2024 \n05 July 2024 \nZiG Lending rates \n \n \n \n \nMinimum \n20.00 \n20.00 \n20.00 \n20.00 \nMaximum \n30.00 \n30.00 \n35.00 \n30.00 \nUS$ Lending rates \n \n \n \n \nMinimum \n10.00 \n10.00 \n10.00 \n10.00 \nMaximum \n18.00 \n18.00 \n18.00 \n18.00 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n3. EQUITY MARKETS \n \n \nZSE Indicators \n \n \nAll \nShare \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 (ZiG \nbillion) \nMarket \nTurnover \n(ZiG \nmillion) \nVolume of \nShares \n(million) \n14-June-24 \n110.70 \n114.62 \n113.92 \n109.53 \n100.00 \n114.07 \n32.35 \n23.65 \n38.17 \n21-June-24 \n115.11 \n120.19 \n118.78 \n110.82 \n100.00 \n114.07 \n34.49 \n22.48 \n45.09 \n28-June-24 \n128.64 \n135.92 \n133.71 \n115.80 \n100.09 \n114.16 \n38.71 \n41.20 \n91.66 \n5-July-24 \n147.23 \n155.71 \n152.13 \n128.34 \n100.84 \n149.92 \n44.94 \n48.60 \n12.01 \nWeekly \nChange (%) \n14.45 \n14.56 \n13.78 \n10.83 \n0.75 \n31.32 \n16.09 \n17.96 \n-86.90 \nSource: Zimbabwe Stock Exchange, 2024 \n \n \n \nVFEX Indicators \nDate \nAll Share Index \nPoints \nGrand Market Capitalisation \n(US$ billion) \nMarket Turnover \n(US$ million) \nVolume of Shares \n(million) \n14-June-24 \n102.22 \n1.23 \n0.73 \n4.19 \n21-June-24 \n101.58 \n1.23 \n0.78 \n6.70 \n28-June-24 \n103.73 \n1.25 \n0.44 \n1.40 \n05-July-24 \n105.97 \n1.28 \n1.54 \n88.99 \nWeekly Change (%) \n2.16 \n2.40 \n250.00 \n6,243.19 \nSource: Victoria Falls Stock Exchange, 2024 \n \n \n \n \n 4 \nFigure 1: ZSE and VFEX Indicators \n \n \n \n \n \n \nSource: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n90\n100\n110\n120\n130\n140\n150\n160\n17-May-24\n24-May-24\n31-May-24\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\nIndices\nZSE Indices \nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n0\n2,000\n4,000\n6,000\n8,000\n10,000\n12,000\n14,000\n16,000\n10-May-24\n17-May-24\n24-May-24\n31-May-24\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\nZiG Thousands\nZSE Market Turnover \n25\n30\n35\n40\n10-May-24\n17-May-24\n24-May-24\n31-May-24\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\nZiG Billion\nZSE Market Capitalisation \n80\n90\n100\n110\n120\n10-May-24\n17-May-24\n24-May-24\n31-May-24\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\nUS$ Bililon\nVFEX All Share Index \n0.8\n0.9\n1\n1.1\n1.2\n1.3\n1.4\n1.5\n1.6\n08-Mar-24\n15-Mar-24\n22-Mar-24\n29-Mar-24\n05-Apr-24\n12-Apr-24\n19-Apr-24\n26-Apr-24\n03-May-24\n10-May-24\n17-May-24\n24-May-24\n31-May-24\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\nUS$ Billion\nVFEX Market Capitalisation \n0\n200\n400\n600\n800\n1000\n15-Mar-24\n22-Mar-24\n29-Mar-24\n05-Apr-24\n12-Apr-24\n19-Apr-24\n26-Apr-24\n03-May-24\n10-May-24\n17-May-24\n24-May-24\n31-May-24\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\nUS$ Thousand\nVFEX Market Turnover \n \n 5 \n4. CLEARING AND SETTLEMENT ACTIVITY \n Source: Reserve Bank of Zimbabwe, 2024 \n5. PRICES \n \nEnergy Prices \n \n 14 June 2024 \n 21 June 2024 \n 28 June 2024 \n 5 July 2024 \nDomestic Energy Prices \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.61 \n1.69 \n1.61 \n1.62 \nPetrol Blend E20/ litre \n1.59 \n1.59 \n1.59 \n1.59 \nLP Gas / kg \n1.78 \n1.78 \n1.78 \n1.78 \n \n \n \n \n \nInternational Energy Prices \n(Weekly average) \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n82.25 \n85.12 \n85.36 \n87.57 \n Source: Zimbabwe Energy Regulatory Authority and BBC 2024 \n \n6. GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS \n(GBDT) \n \n \n \nGold PM Fix and Gold Backed Digital Token Prices \nDate \nGold PM Fix \nGBDT ZiG Price per Mg \nGBDT US$ Price per Mg \nUS$/oz \nBuy \nSell \nBuy \nSell \n1-July-24 \n 2,329.10 \n0.98 \n1.08 \n0.0712 \n0.0787 \n2-July-24 \n 2,331.75 \n0.97 \n1.08 \n0.0711 \n0.0786 \n3-July-24 \n 2,361.35 \n0.98 \n1.08 \n0.0712 \n0.0787 \n4-July-24 \n 2,358.65 \n0.99 \n1.10 \n0.0721 \n0.0797 \n5-July-24 \n 2,379.05 \n0.99 \n1.09 \n0.0720 \n0.0796 \nSource: London Bullion Market Association and Reserve Bank of Zimbabwe, 2024 \n \n \n \n \n \n \n \n \nPAYMENT STREAM \nWEEK ENDING \n28 June 2024 \nWEEK ENDING \n5 July 2024 \nWEEKLY \nCHANGE (%) \n \nVALUES IN ZiG \n \nRTGS \n15,734,726,830.31 \n13,024,501,696.95 \n-17.22% \nOf which ZiG \n 5,919,926,442.49 \n 4,878,492,538.21 \n \nOf which US$ \n 720,305,190.29 \n 594,145,084.67 \n \nPOS \n 445,716,158.98 \n 598,141,543.44 \n34.20% \nATM \n 942,509,977.19 \n 1,430,143,521.62 \n51.74% \nMOBILE BANKING \n 68,292,708.87 \n 75,191,768.92 \n10.10% \nMOBILE MONEY \n 916,293,427.91 \n 1,587,274,121.33 \n73.23% \nZIPIT MOBILE \n69,160,423.70 \n 105,555,415.64 \n52.62% \nTOTAL \n18,176,699,526.96 \n 16,820,808,067.89 \n-7.46% \n \nVOLUMES \n \nRTGS \n 366,818 \n 230,457 \n-37.17% \nOf which ZiG \n 184,548 \n 109,269 \n \nOf which US$ \n 182,270 \n 121,188 \n \nPOS \n 1,979,196 \n 2,449,265 \n23.751% \nATM \n 261,137 \n 331,751 \n27.04% \nMOBILE BANKING \n 323,249 \n 352,941 \n9.19% \nMOBILE MONEY \n 7,598,165 \n 8,330,654 \n9.64% \nZIPIT MOBILE \n 177,420 \n 231,068 \n30.24% \nTOTAL \n 10,705,985 \n 11,926,136 \n11.40% \n \n 6 \nMosi-oa-Tunya Gold Coin Prices \nGold Coin Price \n1 July 2024 \n2 July2024 \n3 July 2024 \n4 July 2024 \n5 July 2024 \n1.00Oz \n \n \n \n \n \nUS$ \n2,447.45 \n2,445.56 \n2,448.34 \n2,479.42 \n2,476.58 \nZiG \n33,536.36 \n33,483.81 \n33,538.31 \n34,121.25 \n33,915.81 \n0.50Oz \n \n \n \n \n \nUS$ \n1,223.72 \n1,222.78 \n1,224.17 \n1,239.71 \n1,238.29 \nZiG \n16,768.18 \n16,741.90 \n16,769.15 \n17,060.62 \n16,957.90 \n0.25Oz \n \n \n \n \n \nUS$ \n611.86 \n611.39 \n612.08 \n619.85 \n619.15 \nZiG \n8,384.09 \n8,370.95 \n8,384.58 \n8,530.31 \n8,478.95 \n0.10Oz \n \n \n \n \n \nUS$ \n244.74 \n244.56 \n244.83 \n247.94 \n247.66 \nZiG \n3,353.64 \n3,348.38 \n3,353.83 \n3,412.12 \n3,391.58 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n7. EXTERNAL SECTOR \n \n \nExchange Rate Developments (ZiG per Unit of foreign currency) \n \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(24 – 28 June) \n13.6327 \n0.7489 \n17.2569 \n1.0049 \n14.5953 \n1-July \n13.7026 \n0.7580 \n17.3531 \n1.0099 \n14.7427 \n2-July \n13.6917 \n0.7441 \n17.3002 \n1.0057 \n14.6898 \n3-July \n13.6984 \n0.7357 \n17.3717 \n1.0056 \n14.7108 \n4-July \n13.7816 \n0.7460 \n17.5360 \n1.0087 \n14.8463 \n5-July \n13.6946 \n0.7502 \n17.4833 \n1.0066 \n14.8196 \nWeekly Average \n(1 – 5 July) \n13.7138 \n0.7468 \n17.4089 \n1.0073 \n14.7618 \nAppr (-)/Depr (+) (%) \n0.6 \n(0.3) \n0.9 \n0.2 \n1.1 \nSource: Reserve Bank of Zimbabwe, 2024 \n \nInternational Commodity Price Developments \n \nPlatinum \nPalladium \nNickel \nLithium \nCrude Oil \n2024 \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nUS$/barrel \nWeekly Average \n (24-28 June) \n1,001.90 \n958.10 \n17,188.40 \n13,376.00 \n85.36 \n1-July \n988.50 \n986.50 \n17,357.00 \n12,930.00 \n88.81 \n2-July \n989.00 \n996.00 \n17,004.00 \n12,720.00 \n88.66 \n3-July \n1,002.00 \n1,038.00 \n17,323.00 \n12,510.00 \n86.84 \n4-July \n1,012.00 \n1,023.50 \n17,217.00 \n12,360.00 \n87.12 \n5-July \n1,016.00 \n1,030.50 \n17,341.00 \n12,190.00 \n86.41 \nWeekly Average \n (1-5 July) \n1,001.50 \n1,014.90 \n17,248.40 \n12,542.00 \n87.57 \nSource: BBC, KITCO and Bloomberg, 2024 \n \n \n \n \n \n \n \n \n \n \n \n 7 \nFigure 3: Weekly Precious Metals Price Developments (1st – 5th July 2024) \n \n \n \n \n \n \nSource: BBC, KITCO and Bloomberg, 2024 \n \n \n \n \n \n \n16,900\n17,000\n17,100\n17,200\n17,300\n17,400\n1-Jul\n2-Jul\n3-Jul\n4-Jul\n5-Jul\nUS$/tonne\nNickel\n12,000\n12,200\n12,400\n12,600\n12,800\n13,000\n1-Jul\n2-Jul\n3-Jul\n4-Jul\n5-Jul\nUS$/tonne\nLithium \n980\n990\n1,000\n1,010\n1,020\n1-Jul\n2-Jul\n3-Jul\n4-Jul\n5-Jul\nUS$/tonne\nPlatinum\n985\n995\n1,005\n1,015\n1,025\n1,035\n1,045\n1-Jul\n2-Jul\n3-Jul\n4-Jul\n5-Jul\nUS$/tonne\nPalladium\n2,320\n2,335\n2,350\n2,365\n2,380\n1-Jul\n2-Jul\n3-Jul\n4-Jul\n5-Jul\nUS$/oz\nGold\n86\n87\n87\n88\n88\n89\n1-Jul\n2-Jul\n3-Jul\n4-Jul\n5-Jul\nUS$/barrel\nCrude oil \n \n 8 \n8. TOBACCO SALES \n \nWeekly Cumulative Tobacco Sales (5th July 2024) \n \n2023 \n2024 \nVariance (%) \nCumulative Quantity Sold (million kgs) \n283,408,421 \n218,632,317 \n (22.86) \nAverage Price (US$/kg) \n3.03 \n3.44 \n13.75 \nCumulative value (US$ million) \n857,822,841 \n752,766,485 \n(12.25) \nSource: Tobacco Industry and Marketing Board, 2024", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_5_JULY_2024_Volume_26_Number_27.pdf"}
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+ {"doc_id": "08becf44344c7932e5bc84ab421ba6e5", "text": "Vol. 25 No. 03 \n \n \nWeek Ending \n20th January 2023 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nINTEREST RATES .................................................................................... 1 \n2. \nCLEARING AND SETTLEMENT ACTIVITY ...................................... 2 \n3. \nINTERNATIONAL COMMODITY PRICE DEVELOPMENTS ......... 3 \n4. \nEXCHANGE RATE DEVELOPMENTS ................................................. 5 \n5. \nEQUITY MARKETS.................................................................................. 6 \n \n \n \n \n \n1 \n1. \nINTEREST RATES \n \nDeposit Rates \n \nDuring the week ending 20th January 2023, minimum and maximum deposits rates for savings \ndeposits and deposits of 1-month and 3-months tenor remained at previous week levels, as shown \nin Table 1. \n \n \nTable 1: Average Deposit Rates (per annum) \nDate \nSavings deposits (%) \n1- Month deposit’s rates (%) \n \n3- Month deposit rates (%) \n \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n23-Dec-22 \n18.03 \n18.03 \n55.15 \n59.67 \n51.29 \n56.28 \n30-Dec-22 \n18.03 \n18.03 \n55.15 \n59.33 \n51.29 \n55.94 \n6-Jan-23 \n18.03 \n18.03 \n55.15 \n59.33 \n51.29 \n55.94 \n13-Jan-23 \n20.35 \n19.78 \n55.15 \n59.61 \n56.00 \n60.94 \n20-Jan-23 \n20.35 \n19.78 \n55.15 \n59.61 \n56.00 \n60.94 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \nLending Rates \n \nCommercial bank minimum and maximum lending rates for both individual and corporate clients \nwere unchanged during the week ending 20th January 2023, as shown in Table 2. \n \nTable 2: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \n \n Corporate Clients \n23-Dec-22 \n99.15 \n126.28 \n112.01 \n243.43 \n30-Dec-22 \n99.02 \n125.64 \n110.83 \n242.53 \n6-Jan-23 \n99.02 \n125.64 \n110.83 \n242.53 \n13-Jan-23 \n92.41 \n130.35 \n112.77 \n242.11 \n20-Jan-23 \n92.41 \n130.35 \n112.77 \n242.11 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n2 \n2. \nCLEARING AND SETTLEMENT ACTIVITY \n \nThe value of transactions processed through the National Payment Systems (NPS) amounted to \nZW$633.30 billion, during the week under review. This represented a decrease of 5.58%, \ncompared to ZW$670.76 billion worth of transactions processed in the previous week. Real Time \nGross Settlement (RTGS) transactions fell by 7.91% to ZW$518.51 billion, from ZW$563.05 \nbillion recorded in the preceding week. In proportions, the NPS transaction values were \ndistributed as follows: RTGS, 81.87%, POS, 10.48%; Mobile, 5.04%; and ATM, 2.61%. \n \n \nFigure 1: Composition of NPS Transactions in Value Terms \n \n Source: Reserve Bank of Zimbabwe, 2023 \n \n \n \nThe volume of NPS transactions increased by 1.95%, from 12.00 million in the preceding week \nto 12.23 million, during the week under review. Mobile based transactions continued to dominate \nNPS transaction volumes at 69.70% of the total, followed by POS, 27.88%; RTGS, 1.33%; and \nATM, 1.09%, as shown in Figure 2. \n \n \n Figure 2: Composition of NPS Transactions in Volume Terms \n \nSource: Reserve Bank of Zimbabwe, 2023 \n \nRTGS\n81.87%\nPOS\n10.48%\nATM\n2.61%\nMOBILE\n5.04%\nRTGS\nPOS\nATM\nMOBILE\nRTGS, 1.33%\nPOS, 27.88%\nATM, 1.09%\nMOBILE, 69.70%\nRTGS\nPOS\nATM\nMOBILE\n \n \n3 \n \nTable 3: National Payment Systems Activity \nPAYMENT \nSTREAM \nWEEK ENDING \n13th January 2023 \n \nWEEK ENDING \n20th January 2023 \n% CHANGE FROM \nLAST WEEK \nPROPORTION \n% \n \nValues in ZW$ Millions \n \n \nRTGS \n563,051.30 \n518,513.08 \n-7.91% \n81.87% \nPOS \n59,771.50 \n66,382.15 \n11.06% \n10.48% \nATM \n14,195.08 \n16,513.60 \n16.33% \n2.61% \nMOBILE \n33,739.50 \n31,893.26 \n-5.47% \n5.04% \nTOTAL \n670,757.38 \n633,302.10 \n-5.58% \n100% \nVolumes \n \n \nRTGS \n185,626 \n162,254 \n-12.59% \n1.33% \nPOS \n2,749,179 \n3,409,285 \n24.01% \n27.88% \nATM \n99,860 \n133,352 \n33.54% \n1.09% \nMOBILE \n8,961,199 \n8,524,436 \n-4.87% \n69.70% \nTOTAL \n11,995,864 \n12,229,327 \n1.95% \n100% \nSource: Reserve Bank of Zimbabwe, 2023 \n \n3. \nINTERNATIONAL COMMODITY PRICE DEVELOPMENTS \n \nAverage commodity prices for gold, nickel, copper and crude oil firmed, during the week ending \n20th January 2022. However, platinum and palladium prices registered decreases, compared to \nthe previous week. The commodity prices developments during the week under analysis are \nshown in Table 4. \n \nTable 4: Metal and Crude Oil Prices for the week ending 20th January 2023 \n \nGold \nPlatinum \nPalladium \nCopper \nNickel \nCrude Oil \n2023 \nUS$/ounce US$/ounce US$/ounce US$/tonne US$/tonne US$/barrel \nWeekly Average (9-13 Jan 23) \n1,886.23 \n1,081.60 \n1,786.50 \n9,046.40 \n27,149.40 \n82.75 \n16-Jan-23 \n1,921.10 \n1,068.00 \n1,788.00 \n9,148.50 \n26,795.00 \n84.64 \n17-Jan-23 \n1,909.20 \n1,044.00 \n1,733.00 \n9,341.00 \n26,575.00 \n86.66 \n18-Jan-23 \n1,904.70 \n1,043.00 \n1,709.00 \n9,323.50 \n27,844.00 \n84.14 \n19-Jan-23 \n1,916.20 \n1,027.00 \n1,693.00 \n9,320.85 \n28,174.00 \n81.88 \n20-Jan-23 \n1,926.80 \n1,047.00 \n1,725.00 \n9,403.00 \n28,440.00 \n87.16 \nWeekly Average (16-20 Jan 23) \n1,915.60 \n1,045.80 \n1,729.60 \n9,307.37 \n27,565.60 \n84.90 \nWeekly Change (%) \n1.6 \n-3.2 \n-3.2 \n2.9 \n1.5 \n2.6 \nSource: BBC, KITCO and Bloomberg, 2023 \nGold \n \nDuring the week ending 20th January 2023, gold prices rose by 1.6%, from US$1,886.23 per \nounce in the previous week to US$1,915.60 per ounce. The yellow metal prices firmed as cooling \nU.S. inflation raised hopes that the US Federal Reserve would slow down its aggressive monetary \npolicy tightening. \n \n \n \n4 \nPlatinum \nPlatinum prices declined by 3.3%, from US$1,081.60 per ounce in the prior week to \nUS$1,045.80 per ounce, during the week ending 20th January 2023. The decline was underpinned \nby sluggish demand from the automotive industries as they scaled down production, owing to \nthe continued semi-conductor chip shortages. \n \nPalladium \nPalladium prices also declined by 3.2%, from US$1,786.50 per ounce in the week ending 13th \nJanuary 2023 to US$1,729.60 per ounce, during the week under review. Prices slumped amid \nweak demand, as disruptions to the global semi-conductor industry caused supply chain \nshortages in the automotive industry. \n \nCopper \nCopper pieces were bullish during the week under review, boosted by investor optimism in top \nconsumer, China. This followed the relaxation of China’s Zero-Covid-19 policy. In addition, a \nfalling U.S. dollar added further support to prices of the red metal. Prices rose by 2.9%, from \nUS$9,046.40 per tonne in the previous week to US$9,307.37 per tonne, during the week under \nreview. \n \nNickel \nNickel prices increased by 1.5%, from US$27,149.40 per tonne in the previous week to \nUS$27,565.60 per tonne, during the week under review. Prices were supported by a weaker US \ndollar and prospects of demand recovery in China, following the relaxation of Covid-19 \nrestrictions. \n \nBrent Crude Oil \n \nBrent crude oil prices rose by 2.6%, from US$82.75 per barrel recorded in the previous week to \nUS$84.90 per barrel, during the week ending 20th January 2023. Prices rose on account of \nprospects of improved demand in China, following the relaxation of stringent Covid-19 induced \nrestrictions. \n \n \n \n \n \n \n5 \n4. EXCHANGE RATE DEVELOPMENTS \n \n \nForeign Exchange Auction \nOn the Foreign Exchange Auction, the ZW$/US$ exchange rate depreciated by 3.3%, from an \naverage of ZW$698.5237 per USD$1 in the previous week to ZW$721.3687 per US$1, during \nthe week ending 20th January 2023. The developments in selected exchange rates are shown in \nTable 5. \n \nTable 5: Foreign Exchange Auction Exchange Rates1 \n \nUSD \nZAR \nGBP \nBWP \nEURO \n2023 \n \n \n \n \n \nWeekly Average (9-13 Jan 23) \n698.5237 \n41.3284 \n849.9034 \n54.7749 \n751.3386 \n16-Jan-23 \n705.4164 \n42.1941 \n865.0889 \n55.6605 \n766.0127 \n17-Jan-23 \n705.4164 \n41.4079 \n859.9383 \n55.5194 \n763.6154 \n18-Jan-23 \n732.0036 \n42.9185 \n898.3170 \n57.4273 \n788.5886 \n19-Jan-23 \n732.0036 \n42.8266 \n902.8576 \n57.8316 \n790.2350 \n20-Jan-23 \n732.0036 \n42.4628 \n905.5278 \n57.1728 \n792.6157 \nWeekly Average (16-20 Jan 23) \n721.3687 \n42.3620 \n886.3459 \n56.7223 \n780.2135 \nAppr(-)/Depr(+) (%) of the ZWL \n3.3 \n2.5 \n4.3 \n3.6 \n3.8 \nSource: Reserve Bank of Zimbabwe, 2023 \n \nInterbank Market \nDuring the reporting week, the Zimbabwe dollar (ZW$) depreciated by 3.4% against the US \ndollar on the interbank market, from ZW$707.0124 per US$1 in the previous week to \nZW$730.7558 per US$1, as shown in Table 6. \n \nTable 6: Interbank Market Exchange Rates2 \n \nUSD \nZAR \nGBP \nBWP \nEURO \n2023 \n \n \n \n \n \nWeekly Average (9-13 Jan 23) \n707.0124 \n41.7920 \n860.3121 \n55.4379 \n760.4945 \n16-Jan-23 \n714.5217 \n42.6439 \n876.3264 \n56.3831 \n775.7956 \n17-Jan-23 \n722.2308 \n42.3729 \n880.4021 \n56.8479 \n781.8204 \n18-Jan-23 \n732.0036 \n42.9185 \n898.4260 \n57.4298 \n788.7393 \n19-Jan-23 \n738.4115 \n43.1034 \n910.6499 \n58.3423 \n797.0822 \n20-Jan-23 \n746.6113 \n43.1965 \n923.5222 \n58.3183 \n808.4360 \nWeekly Average (16-20 Jan 23 ) \n730.7558 \n42.8471 \n897.8653 \n57.4643 \n790.3747 \nAppr(-)/Depr(+) (%) of the ZWL \n3.4 \n2.5 \n4.4 \n3.7 \n3.9 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n \n \n1 Direct quote – the amount of domestic currency needed to exchange for 1 unit of foreign currency \n2 Direct quote – the amount of domestic currency needed to exchange for 1 unit of foreign currency \n \n \n6 \n5. EQUITY MARKETS \n \n \nZimbabwe Stock Exchange \nDuring the week ending 20th January 2023, the Zimbabwe Stock Exchange (ZSE) was \ncharacterised by mixed trading, with the ZSE All Share index declining by 1.44% to close at 21 \n665.00 points. The Top 10 and Top 15 indices declined by 3.69% and 2.89% to close at 21 \n665.00 points and 14 851.04 points respectively. However, the Medium and Small Cap Indices \nadded 4.04% and 2.68% to close at 43 623.29 points and 469 419.34 points, respectively. \n \nThe decline in the mainstream index was a result of share price declines for OK Zimbabwe \nLimited (12.86%), First Capital Bank Limited (12.50%), First Mutual Holdings Limited \n(10.52%), Innscor Africa Limited (7.13%) and Dairibord Holdings Limited (6.00%). Partially \noffsetting the decreases were gains in share prices of Nampack Zimbabwe Limited (31.43%), \nAmalgamated Regional Trading (ART) Limited (28.57%), Rainbow Tourism Group Limited, \n(20.12%), Hippo Valley Estates Limited (19.28%) and Zimbabwe Newspapers (1980) Limited \n(15.21%). The resources index3, remained unchanged at 25 496.86 points, during the week under \nreview. \n \nTable 7: Zimbabwe Stock Exchange Statistics4 \n \nAll Share \nIndex \nPoints \nTop 10 \nindex3 \n(points) \n \n \n \nMining \nIndex \n(points) \nGrand \nMarket \nCapitaliz\nation \n(ZWL \nbillion) \nMarket \nTurnover \n(ZWL \nmillion) \nVolume \nof Shares \n(million) \nTop 15 \nIndex3 \npoints \nMedium \nCap3 \n(points) \nSmall Cap3 \n(points) \n \n \n \n16-Dec-22 \n15,395.20 \n9,047.37 \n9,724.88 \n33,726.07 \n440,757.50 \n25,487.77 \n1,611.60 \n1,223.94 \n12.88 \n23-Dec-22 \n17,350.85 \n10,704.59 \n11,831.11 \n34,786.56 \n450,615.30 \n25,487.77 \n1,817.21 \n2,672.76 \n143.71 \n30-Dec-22 \n19,493.85 \n12,311.13 \n13,436.28 \n36,642.44 \n452,056.95 \n25,487.77 \n2,044.87 \n2,086.30 \n182.46 \n6-Jan-23 \n21,303.44 \n13,619.02 \n14,880.57 \n39,041.60 \n454,198.51 \n25,466.86 \n2,250.89 \n2,194.26 \n25.55 \n13-Jan-23 \n21,981.41 \n13,860.17 \n15,293.15 \n41,929.97 \n457,148.25 \n25,496.86 \n2,356.79 \n2,269.90 \n24.44 \n20-Jan-23 \n21,665.00 \n13,349.26 \n14,851.04 \n43,623.29 \n469,419.34 \n25,496.86 \n2,341.88 \n3,088.23 \n18.99 \n% Change \n-1.44 \n-3.69 \n-2.89 \n4.04 \n2.68 \n \n0.00 \n-0.63 \n36.05 \n-22.29 \nSource: Zimbabwe Stock Exchange (ZSE), 2023 \n \n \n \n3 Resource Index – Comprise RioZim Limited Share Price \n4 The Zimbabwe Stock Exchange (ZSE) adopted the Global Industry Classification Standards, effective from 1 January 2020.The ZSE indices \nconstitute the following categories; Top 10 Index; Top 15; Top 25; Medium cap and Small cap Indices. \n \n \n \n \n7 \n \nFigure 3 shows the trend in daily market turnover for the period from 4th February 2022 to 20th \nJanuary 2023. \n \nFigure 3: Zimbabwe Stock Exchange All Share and Top 10 Indices \nSource: Zimbabwe Stock Exchange, 2023 \n \nMarket Turnover and Volume \n \nDuring the week under analysis, the cumulative value of shares traded on the ZSE increased by \n36.05%, from ZW2.27 billion in the previous week to ZW3.09 billion. The cumulative volume \nof shares traded declined by 22.29% to 18.99 million shares during the week under review, from \n24.44 million reported in the preceding week. Figure 4 shows the trend in daily market turnover \nfor the period from 4th February 2022 to 20th January 2023. \n \n Figure 4: Daily Market Turnover \n \n \n Source: Zimbabwe Stock Exchange, 2023 \n \n \n0\n4,000\n8,000\n12,000\n16,000\n20,000\n24,000\n28,000\n4-Feb-22\n18-Feb-22\n4-Mar-22\n18-Mar-22\n1-Apr-22\n15-Apr-22\n29-Apr-22\n13-May-22\n27-May-22\n10-Jun-22\n24-Jun-22\n8-Jul-22\n22-Jul-22\n5-Aug-22\n19-Aug-22\n2-Sep-22\n16-Sep-22\n30-Sep-22\n14-Oct-22\n28-Oct-22\n11-Nov-22\n25-Nov-22\n9-Dec-22\n23-Dec-22\n6-Jan-23\n20-Jan-23\nAll Share Index\nTop 10 Index\n0\n2,000\n4,000\n6,000\n8,000\n10,000\n12,000\n14,000\n16,000\n18,000\n20,000\n04-Feb-22\n18-Feb-22\n04-Mar-22\n18-Mar-22\n01-Apr-22\n15-Apr-22\n29-Apr-22\n13-May-22\n27-May-22\n10-Jun-22\n24-Jun-22\n08-Jul-22\n22-Jul-22\n05-Aug-22\n19-Aug-22\n02-Sep-22\n16-Sep-22\n30-Sep-22\n14-Oct-22\n28-Oct-22\n11-Nov-22\n25-Nov-22\n09-Dec-22\n23-Dec-22\n06-Jan-23\n20-Jan-23\nZW$ millions\nNegotiated deal: 61.16 million Larfage\nCement\nZimbabwe\nLimited\nshares\nexchanged hands at ZW$312.65\n \n \n8 \nMarket Capitalization \n \nMarket capitalisation for the local bourse declined by 0.63%, from ZW$2,356.79 billion in the \npreceding week to ZW2, 341.88 billion, during the week ending 20th January 2023. Figure 5 \nshows the evolution of the ZSE market capitalization for the period from 4th February 2022 to \n20th January 2023. \n \nFigure 5: Daily Market Capitalization in ZW$ billions \nSource: Zimbabwe Stock Exchange, 2023 \n \nVictoria Falls Stock Exchange \n \nThe Victoria Falls Stock Exchange (VFEX) was characterised by negative trading during the \nweek ending 20th January 2023. As a result, the VFEX All Share index shed 5.15% to close at \n116.52 points. The cumulative volume of shares traded on the VFEX declined by 53.01% to 0.30 \nmillion shares, during the week under review. In concomitance, the value of shares traded also \ndeclined by 36.10% to USD0.14 million, during the same week. VFEX market capitalization \nstood at US$0.66 billion, a decline of 5.15% or US$0.04 billion, from US$0.70 billion recorded \nin the previous week. Figure 6 shows the trend in the VFEX All Share Index (ASI) for the period \nfrom 4th February 2022 to 20th January 2023. \n \n \n \n \n \n \n \n \n \n0\n400\n800\n1,200\n1,600\n2,000\n2,400\n2,800\n3,200\n3,600\n4,000\n04-Feb-22\n18-Feb-22\n04-Mar-22\n18-Mar-22\n01-Apr-22\n15-Apr-22\n29-Apr-22\n13-May-22\n27-May-22\n10-Jun-22\n24-Jun-22\n08-Jul-22\n22-Jul-22\n05-Aug-22\n19-Aug-22\n02-Sep-22\n16-Sep-22\n30-Sep-22\n14-Oct-22\n28-Oct-22\n11-Nov-22\n25-Nov-22\n09-Dec-22\n23-Dec-22\n06-Jan-23\n20-Jan-23\nBillions\n \n \n9 \nFigure 6: Victoria Falls Stock Exchange All Share Index \n \nSource: Victoria Falls Stock Exchange, 2023 \n \nJohannesburg Stock Exchange (JSE) Developments \n \nThe Johannesburg Stock Exchange (JSE) All Share Index marginally declined from 79,333.72 \npoints in the previous week to close at 79,269.77 points, during the week ending 20th January \n2023. However, JSE market capitalization rose by 0.61% to ZAR23.02 trillion, during the same \nweek. \n \nTable 8: Johannesburg Stock Exchange (JSE) Statistics \nPeriod \nAll Share Index \nMarket Capitalization \n(points) \n(ZAR trillions) \n16-Dec-22 \n72,989.34 \n21.60 \n23-Dec-22 \n73,493.47 \n21.45 \n30-Dec-22 \n73,048.57 \n21.34 \n6-Jan-23 \n76,858.94 \n22.30 \n13-Jan-23 \n79,333.72 \n22.88 \n20-Jan-23 \n79,269.77 \n23.02 \n% Change \n-0.08 \n0.61 \nSource:https://www.jse.co.za/services/market-data/market-statistics, 2023 \n \n \n \n \n \n \n \n \n \n \n \n \n90.00\n100.00\n110.00\n120.00\n130.00\n140.00\n150.00\n04-Feb-22\n18-Feb-22\n04-Mar-22\n18-Mar-22\n01-Apr-22\n15-Apr-22\n29-Apr-22\n13-May-22\n27-May-22\n10-Jun-22\n24-Jun-22\n08-Jul-22\n22-Jul-22\n05-Aug-22\n19-Aug-22\n02-Sep-22\n16-Sep-22\n30-Sep-22\n14-Oct-22\n28-Oct-22\n11-Nov-22\n25-Nov-22\n09-Dec-22\n23-Dec-22\n06-Jan-23\n20-Jan-23\n \n \n10 \n \nFigure 7: Johannesburg Stock Exchange (JSE) All Share Index \n \n Source:https://www.jse.co.za/services/market-data/market-statistics,2023 \n \n \n \n \n \n \n \n \n \nRESERVE BANK OF ZIMBABWE \n \n \n \n 60.00\n 65.00\n 70.00\n 75.00\n 80.00\n 85.00\n4-Feb-22\n18-Feb-22\n4-Mar-22\n18-Mar-22\n1-Apr-22\n15-Apr-22\n29-Apr-22\n13-May-22\n27-May-22\n10-Jun-22\n24-Jun-22\n8-Jul-22\n22-Jul-22\n5-Aug-22\n19-Aug-22\n2-Sep-22\n16-Sep-22\n30-Sep-22\n14-Oct-22\n28-Oct-22\n11-Nov-22\n25-Nov-22\n9-Dec-22\n23-Dec-22\n6-Jan-23\n20-Jan-23\n \n \n11 \n APPENDIX 1: FOREIGN EXCHANGE AUCTION RESULTS FOR MAINFX5 AND SMEFX6 \n Source: Reserve Bank of Zimbabwe, 2023 \n*The first foreign currency auction for 2023 commenced on the 10th of January 2023. The last foreign currency auction for 2022 was on the 13th of December \n2022. \n \n5 Main Foreign Currency Auction \n6 Small and Medium Enterprises Foreign Currency Auction \n \nMAINFX \n 9-Dec-22 16-Dec-22 13-Jan-23 20-Jan-23 \n \n SMEFX \n 9-Dec-22 16-Dec-22 13-Jan-23 20-Jan23 \nTotal \nBids (US$ dollars) \n11,611,744.04 \n14,788,371.00 \n13,142,117.05 \n14,856,242.12 \n1,314,538.84 \n1,643,791.52 \n1,001,434.07 \n2,316,967.40 \nAmount Allotted \n(US$ dollars) \n10,266,799.53 \n14,031,231.84 \n10,019,285.89 \n12,722,908.28 \n1,284,863.86 \n1,451,144.38 \n786,897.36 \n1,748,201.30 \nHighest Rate \n678 \n690 \n740 \n765 \n675 \n690 \n740 \n790 \nLowest Bid \nRate \n655 \n665 \n690 \n711 \n655 \n665 \n690 \n711 \nLowest Bid Rate \nAllotted \n655 \n665 \n690 \n711 \n655 \n665 \n690 \n711 \nWeighted Average \nRate \n661.5605 \n671.4466 \n705.4164 \n732.0036 \n661.5605 \n671.4466 \n705.4164 \n732.0036 \nNumber of Bids \nReceived \n90 \n116 \n84 \n144 \n132 \n161 \n94 \n219 \nNumber of Bids \nRejected \n3 \n5 \n1 \n5 \n4 \n4 \n9 \n3 \n \n \n12 \n APPENDIX 2: SUMMARY OF FOREIGN CURRENCY AUCTION ALLOTMENTS BY PURPOSE \nSource: Reserve Bank of Zimbabwe, 2023 \n* The first foreign currency auction for 2023 commenced on the 10th of January 2023. The last foreign currency auction for 2022 was on the 13th \nof December 2022. \nPurpose \nMAINFX \n 9-Dec-22 16-Dec-22 13-Jan-23 20-Jan-23 \nSMEFX \n 9-Dec-22 16-Dec-22 13-Jan-23 20-Jan-23 \nRaw Materials \n \n5,632,710.55 \n7,415,722.05 \n6,210,826.16 \n7,938,975.10 \n495,619.80 \n440,768.32 \n275,169.00 \n564,441.68 \nMachinery and \nEquipment \n1,178,715.22 \n1,939,871.65 \n1,016,411.13 \n942,396.26 \n388,883.96 \n474,206.09 \n213,566.73 \n492,153.71 \nConsumables \n(Incl. Spares, \nTyres, \nPackaging) \n897,668.55 \n1,153,586.05 \n758,083.32 \n1,067,946.54 \n123,572.10 \n151,600.13 \n111,608.86 \n201,458.74 \nPharmaceuticals \nand Chemicals \n400,182.54 \n408,105.38 \n268,376.78 \n245,892.58 \n36,526.82 \n88,011.65 \n53,011.46 \n60,389.18 \nServices \n(Loans, \nDividends and \nDisinvestments) \n1,629,195.33 \n1,845,029.69 \n777,633.67 \n1,076,085.87 \n101,699.68 \n162,305.52 \n37,202.81 \n217,663.38 \nRetail and \nDistribution \n113,162.79 \n622,726.66 \n680,217.56 \n1,019,584.66 \n422,273.40 \n103,189.74 \n42,686.30 \n155,338.54 \nFuel, Electricity \nand Gas \n- \n- \n- \n- \n- \n- \n- \n- \nPaper and \nPackaging \n106,053.94 \n646,190.36 \n307,737.27 \n432,027.27 \n25,398.71 \n31,062.93 \n53,652.20 \n56,756.07 \nTOTAL \n10,266,799.53 14,031,231.84 10,019,285.89 12,722,908.28 \n1,284,863.86 \n1,451,144.38 \n786,897.36 \n1,748,201.30", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_20_January_2023_Volume_25_Number_03_SPM_FINAL.pdf"}
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+ {"doc_id": "0cf6aeea2e961ed2ed7b40a89f192875", "text": "Vol. 26 No. 19 \n \n \nWeek Ending \n10th May 2024 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 1 \n3. \nEQUITY MARKETS .............................................................. 3 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 5 \n5. \nPRICES .................................................................................... 5 \n6. \nMOSI-OA-TUNYA GOLD COINS AND GOLD BACKED \nDIGITAL TOKENS (GBDT) ................................................. 5 \n7. \nEXTERNAL SECTOR ........................................................... 6 \n8. \nTOBACCO SALES ................................................................. 7 \n \n \n \n 1 \n1. OVERVIEW \n \n \nDuring the week ending 10th May 2024, minimum and maximum local currency deposit rates for all \ntenors declined. However, local currency lending rates for both individual and corporate clients \nincreased. Foreign currency deposits rates for all tenors increased except for 1-month minimum \ndeposit rates. Furthermore, minimum, and maximum foreign currency lending rates for corporate \nand individual clients also increased. \nThe Zimbabwe Stock Exchange (ZSE) All share index declined by 4.35% to close at 94.01 points \nduring the week under review. The cumulative value of shares traded increased by 254.44% to close \nat ZiG24.74 million from ZiG6.98 million in the previous week. The Victoria Falls Stock Exchange \n(VFEX) continued a positive trajectory during the week under review. The VFEX All share index \nincreased from 99.15 points to close at 99.51 points. \nThe aggregate transactions processed in value terms through the National Payment Systems \nplatforms amounted to ZiG14.78 billion during the week under analysis, representing an increase of \n13.15% from ZiG13.06 billion registered in the previous week. \nThe interbank exchange rate appreciated by 1.14% from ZiG13.6757 per US$ at the beginning of the \nweek to ZiG13.5187 per US$ at the end of the week, mainly driven by an increase in the price of \ngold. \nAverage international commodity prices for gold, platinum, palladium, and nickel firmed during the \nweek ending 10th May 2024. However, crude oil prices declined while lithium prices remained \nunchanged. Gold prices strengthened during the week mainly driven by traders’ expectations of a \nFederal Reserve interest rate cut following recent US economic data. Similarly, platinum and \npalladium prices rose supported increasing demand for the metals. Nickel prices also increased \nbuoyed by prospects of tighter supplies. \nConversely, crude oil prices declined on account of a stronger dollar and a discouraging US consumer \nsentiment report. \nA cumulative total of 122 million kilograms of tobacco had been sold as of 10th May 2024. This \nreflected a 23.97% decrease from 160 million kilograms sold during the same period in 2023. The \ngolden leaf was sold at an average price of US$3.56 per kilogram, up from US$3.00 per kilogram \nrealised in the same period last year. \n \n \n \n \n \n \n 2 \n2. INTEREST RATES \n \nAverage commercial bank deposit rates (Local Currency (ZiG)) \nZiG Deposit rates \n 19 April 2024 \n 26 April 2024 \n 3 May 2024 \n 10 May 2024 \nSavings \n \n \n \n \nMinimum \n5.22 \n5.22 \n5.22 \n3.41 \nMaximum \n5.34 \n5.34 \n7.83 \n4.13 \n1-month deposit \n \n \n \n \nMinimum \n5.34 \n5.42 \n5.42 \n5.14 \nMaximum \n5.73 \n5.82 \n7.76 \n5.63 \n3-month deposit \n \n \n \n \nMinimum \n5.43 \n5.51 \n5.51 \n5.23 \nMaximum \n5.94 \n6.04 \n8.51 \n5.81 \n6-month deposit \n \n \n \n \nMinimum \n5.61 \n5.61 \n5.61 \n5.30 \nMaximum \n6.22 \n6.15 \n9.05 \n5.92 \n12-Month deposit \n \n \n \n \nMinimum \n5.65 \n5.65 \n5.65 \n5.34 \nMaximum \n6.25 \n6.17 \n9.09 \n6.02 \nOver 1 year \n \n \n \n \nMinimum \n5.65 \n5.65 \n5.65 \n5.34 \nMaximum \n6.28 \n6.22 \n9.26 \n6.06 \nSource: Reserve Bank of Zimbabwe, 2024 \n \nAverage commercial bank deposit rates (Foreign Currency (US$) \nUS$ Deposit rates \n 19 April 2024 \n 26 April 2024 \n 3 May 2024 \n 10 May 2024 \nSavings \n \n \n \n \nMinimum \n1.40 \n1.23 \n1.23 \n \n 1.40 \nMaximum \n1.86 \n1.68 \n1.68 \n 1.73 \n1-month deposit \n \n \n \n \nMinimum \n3.28 \n3.28 \n3.25 \n 3.19 \nMaximum \n4.38 \n4.68 \n4.68 \n 4.85 \n3-month deposit \n \n \n \n \nMinimum \n3.64 \n3.69 \n3.69 \n 3.77 \nMaximum \n4.85 \n5.21 \n5.21 \n 5.64 \n6-month deposit \n \n \n \n \nMinimum \n3.69 \n3.81 \n3.81 \n 3.88 \nMaximum \n5.23 \n5.68 \n5.68 \n 6.12 \n12-Month deposit \n \n \n \n \nMinimum \n3.93 \n4.00 \n3.97 \n 4.03 \nMaximum \n5.48 \n5.92 \n5.95 \n 6.38 \nOver 1 year \n \n \n \n \nMinimum \n4.05 \n4.18 \n4.18 \n 4.23 \nMaximum \n5.48 \n5.92 \n5.92 \n 6.35 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \n \n \n \n \n \n \n \n 3 \nCommercial bank weighted lending rates (Local Currency (ZiG)) \nZiG Lending rates \n 19 April 2024 \n 26 April 2024 \n 3 May 2024 \n 10 May 2024 \nIndividuals \n \n \n \n \nMinimum \n23.53 \n25.91 \n26.00 \n26.37 \nMaximum \n31.62 \n32.10 \n32.00 \n32.06 \nCorporates \n \n \n \n \nMinimum \n23.99 \n24.29 \n24.32 \n24.46 \nMaximum \n31.73 \n32.52 \n32.72 \n32.82 \nSource: Reserve Bank of Zimbabwe, 2024 \n \nCommercial bank weighted lending rates (Foreign Currency (US$) \nUS$ Lending rates \n 19 April 2024 \n 26 April 2024 \n 3 May 2024 \n 10 May 2024 \nIndividuals \n \n \n \n \nMinimum \n10.42 \n10.35 \n10.38 \n10.40 \nMaximum \n14.56 \n14.58 \n14.59 \n14.61 \nCorporates \n \n \n \n \nMinimum \n8.65 \n8.37 \n8.39 \n8.43 \nMaximum \n14.90 \n14.77 \n14.77 \n14.87 \nSource: Reserve Bank of Zimbabwe, 2024 \n \nCommercial banks and Building societies mortgage lending rates \nMortgage Lending rates \n 19 April 2024 \n 26 April 2024 \n 3 Mayl 2024 \n10 May 2024 \nZiG Lending rates \n \n \n \n \nMinimum \n20.00 \n20.00 \n20.00 \n20.00 \nMaximum \n30.00 \n30.00 \n30.00 \n30.00 \nUS$ Lending rates \n \n \n \n \nMinimum \n10.00 \n10.00 \n10.00 \n10.00 \nMaximum \n18.00 \n18.00 \n18.00 \n18.00 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n3. EQUITY MARKETS \n \nZSE Indicators \n \n \nAll \nShare \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 (ZiG \nbillion) \nMarket \nTurnover \n(ZiG \nmillion) \nVolume of \nShares \n(million) \n19-April-24 \n95.99 \n92.99 \n94.01 \n102.32 \n100.00 \n100.04 \n27.77 \n2.70 \n1.69 \n26-April-24 \n99.03 \n96.98 \n98.17 \n104.23 \n100.00 \n100.04 \n28.63 \n11.99 \n9.62 \n3-May-24 \n98.29 \n96.63 \n97.63 \n102.85 \n100.00 \n114.07 \n28.34 \n6.98 \n4.49 \n10-May-24 \n94.01 \n91.78 \n92.92 \n95.88 \n100.00 \n114.70 \n26.90 \n24.74 \n17.07 \nWeekly \nChange (%) \n-4.35 \n-5.02 \n-4.82 \n-6.78 \n0.00 \n0.55 \n-5.08 \n 254.44 \n280.17 \nSource: Zimbabwe Stock Exchange, 2024 \n \n \n \n \nVFEX Indicators \nDate \nAll Share Index \nPoints \nGrand Market \nCapitalisation \n(US$ billion) \nMarket Turnover \n(US$ million) \nVolume of Shares (million) \n19-April-24 \n95.94 \n1.16 \n0.68 \n2.16 \n26-April-24 \n97.49 \n1.18 \n0.58 \n4.59 \n3-May-24 \n99.15 \n1.20 \n0.52 \n0.16 \n10-May-24 \n99.51 \n1.20 \n0.32 \n7.08 \nWeekly Change (%) \n0.36 \n0.37 \n-38.45 \n 4325.00 \nSource: Victoria Falls Stock Exchange, 2024 \n \n \n 4 \nFigure 1: ZSE and VFEX Indicators \n \n \n \n \n \n \nSource: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange 2024 \n90\n95\n100\n105\n110\n115\n120\n21-Apr-24\n22-Apr-24\n23-Apr-24\n24-Apr-24\n25-Apr-24\n26-Apr-24\n27-Apr-24\n28-Apr-24\n29-Apr-24\n30-Apr-24\n01-May-24\n02-May-24\n03-May-24\n04-May-24\n05-May-24\n06-May-24\n07-May-24\n08-May-24\n09-May-24\n10-May-24\nIndices\nZSE Indices \nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n0\n2,000\n4,000\n6,000\n8,000\n10,000\n12,000\n21-Apr-24\n22-Apr-24\n23-Apr-24\n24-Apr-24\n25-Apr-24\n26-Apr-24\n27-Apr-24\n28-Apr-24\n29-Apr-24\n30-Apr-24\n01-May-24\n02-May-24\n03-May-24\n04-May-24\n05-May-24\n06-May-24\n07-May-24\n08-May-24\n09-May-24\n10-May-24\nZiG Thousands\nZSE Market Turnover \n25\n30\n35\n21-Apr-24\n22-Apr-24\n23-Apr-24\n24-Apr-24\n25-Apr-24\n26-Apr-24\n27-Apr-24\n28-Apr-24\n29-Apr-24\n30-Apr-24\n01-May-24\n02-May-24\n03-May-24\n04-May-24\n05-May-24\n06-May-24\n07-May-24\n08-May-24\n09-May-24\n10-May-24\nZiG Billion\nZSE Market Capitalisation \n0\n20\n40\n60\n80\n100\n120\n09-Feb-24\n16-Feb-24\n23-Feb-24\n01-Mar-24\n08-Mar-24\n15-Mar-24\n22-Mar-24\n29-Mar-24\n05-Apr-24\n12-Apr-24\n19-Apr-24\n26-Apr-24\n03-May-24\n10-May-24\nUS$ Bililon\nVFEX All Share Index \n0\n200\n400\n600\n800\n1000\n1200\n1400\n1600\n23-Feb-24\n01-Mar-24\n08-Mar-24\n15-Mar-24\n22-Mar-24\n29-Mar-24\n05-Apr-24\n12-Apr-24\n19-Apr-24\n26-Apr-24\n03-May-24\n10-May-24\nUS$ Thousand\nVFEX Market Turnover \n0.8\n0.9\n1\n1.1\n1.2\n1.3\n1.4\n1.5\n1.6\n09-Feb-24\n16-Feb-24\n23-Feb-24\n01-Mar-24\n08-Mar-24\n15-Mar-24\n22-Mar-24\n29-Mar-24\n05-Apr-24\n12-Apr-24\n19-Apr-24\n26-Apr-24\n03-May-24\n10-May-24\nUS$ Billion\nVFEX Market Capitalisation \n \n 5 \n4. CLEARING AND SETTLEMENT ACTIVITY \n Source: Reserve Bank of Zimbabwe, 2024 \n5. PRICES \nDomestic Energy Prices \nEnergy prices \n 19 April 2024 \n26 April 2024 \n3 May 2024 \n10 May 2024 \n \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.68 \n1.68 \n1.68 \n1.66 \nPetrol Blend E20/ litre \n1.69 \n1.69 \n1.69 \n1.58 \nLP Gas / kg \n1.87 \n1.87 \n1.87 \n1.86 \nSource: Zimbabwe Energy Regulatory Authority, 2024 \n \nInternational Energy Prices (Weekly average) \n Energy prices \n 19 April 2024 \n 26 April 2024 \n 3 May 2024 \n 10 May 2024 \n \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n88.88 \n88.20 \n84.75 \n83.41 \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 \n19 April 2024 \n26 April 2024 \n3 May 2024 \n10 May 2024 \n \nUS$/oz \nUS$/oz \nUS$/oz \nUS$/oz \nGold PM Fix \n2,380.75 \n2,318.70 \n2,288.85 \n2,325.70 \nSource: London Bullion Market Association, 2024 \n \n \nGold Backed Digital Token Price Per Milligram \nWeek Ending \nZiG Price per Mg \nUS$ Price per Mg \nBuy \nSell \nBuy \nSell \n30-April-24 \n0.96 \n1.06 \n0.0713 \n0.0788 \n2-May-24 \n0.94 \n1.04 \n0.0703 \n0.0777 \n3-May-24 \n0.95 \n1.05 \n0.0699 \n0.0773 \n10-May -24 \n0.96 \n1.06 \n0.0710 \n0.0785 \nSource: Reserve Bank of Zimbabwe, 2024 \n \nPAYMENT STREAM \nWEEK ENDING \n3 May 2024 \nWEEK ENDING \n10 May 2024 \nWEEKLY \nCHANGE (%) \n \nVALUES IN ZiG \n \nRTGS \n9,695,635,847.31 \n11,055,051,315.31 \n14.02% \nOf which ZiG \n3,183,600,033.05 \n4,391,063,844.45 \n \nOf which US$ \n483,872,535.22 \n488,517,636.08 \n \nPOS \n824,973,297.27 \n1,024,214,000.15 \n24.15% \nATM \n1,153,587,163.47 \n1,066,198,880.31 \n-7.58% \nMOBILE \n1,388,467,796.59 \n1,634,823,907.47 \n17.74% \nTOTAL \n13,062,664,104.63 \n14,780,288,103.24 \n13.15% \n \nVOLUMES \n \nRTGS \n264,902 \n211,311 \n-20.23% \nOf which ZiG \n119,896 \n91,877 \n \nOf which US$ \n145,006 \n119,434 \n \nPOS \n2,105,394 \n2,316,595 \n10.03% \nATM \n319,734 \n262,216 \n -17.99% \nMOBILE \n8,793,310 \n9,463,758 \n7.62% \nTOTAL \n11,483,340 \n12,253,880 \n6.71% \n \n 6 \nMosi-oa-Tunya Gold Coin Prices \nGold Coin Price \n30 April 2024 \n2 May 2024 \n3 May 2024 \n10 May 2024 \n1.00Oz \n \n \n \n \nUS$ \n2,450.23 \n2,417.47 \n2,403.29 \n2,441.99 \nZiG \n32,906.80 \n32,440.00 \n32,574.23 \n33,012.46 \n0.50Oz \n \n \n \n \nUS$ \n1,255.11 \n1,208.73 \n1,201.65 \n1,220.99 \nZiG \n16,453.40 \n16,220.00 \n16,287.11 \n16,506.23 \n0.25Oz \n \n \n \n \nUS$ \n612.56 \n604.37 \n600.82 \n610.50 \nZiG \n8,226.70 \n8,110.00 \n8,143.56 \n8,253.12 \n0.10Oz \n \n \n \n \nUS$ \n245.02 \n241.75 \n240.33 \n244.20 \nZiG \n3,290.68 \n3,244.00 \n3,257.42 \n3,301.25 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \n7. EXTERNAL SECTOR \nExchange Rate Developments (ZiG per Unit of foreign currency) \n \nUSD \nZAR \nGBP \nBWP \nEURO \n6-May \n13.6757 \n1.3555 \n17.1555 \n0.9724 \n14.7185 \n7-May \n13.6689 \n1.355 \n17.1586 \n1.0074 \n14.7174 \n8-May \n13.6653 \n1.3576 \n17.066 \n1.0031 \n14.6766 \n9-May \n13.5326 \n1.3733 \n16.903 \n0.9906 \n14.5395 \n10-May \n13.5187 \n1.3675 \n16.9235 \n0.9882 \n14.5678 \nWeekly Average \n(6– 10May) \n13.61 \n1.36 \n17.04 \n1.01 \n14.64 \nSource: Reserve Bank of Zimbabwe, 2024 \n \nInternational Commodity Price Developments \n \nPlatinum \nPalladium \nNickel \nLithium \n2024 \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nWeekly Average \n (29 April -3 May) \n 945.90 \n945.60 \n19,030.00 \n14,350.00 \n6-May \n967.00 \n963.00 \n19365.00 \n14350.00 \n7-May \n963.50 \n975.50 \n19256.00 \n14350.00 \n8-May \n967.50 \n959.00 \n18885.00 \n14350.00 \n9-May \n979.50 \n952.00 \n19033.00 \n14350.00 \n10-May \n992.50 \n991.50 \n18952.00 \n14350.00 \nWeekly Average \n (6-10 May) \n974.00 \n968.20 \n19,098.20 \n14,350.00 \nSource: BBC, KITCO and Bloomberg, 2024 \n \n \n \n \n \n \n \n \n \n \n \n 7 \nFigure 3: Weekly Precious Metals Price Developments (6th – 10th May 2024) \n \n \n \n \nSource: BBC, KITCO and Bloomberg, 2024 \n \n \n8. TOBACCO SALES \nWeekly Cumulative Tobacco Sales (10th May 2024) \n \n2023 \n2024 \nVariance (%) \nCumulative Quantity Sold (million kgs) \n160,458,310 \n121,990,975 \n-23.97 \nAverage Price (US$/kg) \n3.00 \n3.56 \n18.92 \nCumulative value (US$ million) \n480,692,757 \n434,589,821 \n-9.59 \nSource: Tobacco Industry and Marketing Board, 2024 \n910\n930\n950\n970\n990\n6-May\n7-May\n8-May\n9-May\n10-May\nUS$/tonne\nPlatinum\n900\n920\n940\n960\n980\n1,000\n6-May\n7-May\n8-May\n9-May\n10-May\nUS$/tonne\nPalladium\n18,600\n18,800\n19,000\n19,200\n19,400\n19,600\n6-May\n7-May\n8-May\n9-May\n10-May\nUS$/tonne\nNickel\n14,100\n14,200\n14,300\n14,400\n14,500\n6-May\n7-May\n8-May\n9-May\n10-May\nUS$/tonne\nLithium", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_10_MAY_2024_Volume_26_Number_19.pdf"}
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+ {"doc_id": "0f1e3ae0843bbc45055f4534a72922af", "text": "Vol. 27 No. 28 \n \n \nWeek Ending \n11th July 2025 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 2 \n3. \nEQUITY MARKETS .............................................................. 3 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 5 \n5. \nENERGY PRICES .................................................................. 5 \n6. \nGOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND \nGOLD BACKED DIGITAL TOKENS (GBDT) .................. 5 \n7. \nEXTERNAL SECTOR ........................................................... 6 \n8. \nTOBACCO SALES ................................................................. 8 \n \n \n \n \n1 \n1. OVERVIEW \nThis report offers an overview of key developments in the domestic monetary and financial sectors of the \neconomy for the week ending 11 July 2025. It includes updates on the money and capital markets, national \npayment systems, exchange rates, international commodity prices and tobacco marketing developments. \nDuring the week ending 11th July 2025 local currency deposit rates increased for all tenors. The foreign \ncurrency minimum deposits rates for 3 months, 6 months, 12 months, and over one-year declined, save for \nsavings rates which remained unchanged during the same week. However, maximum deposit rates for 1 \nmonth, 3 months, 12-month, and over one-year all increased \nMeanwhile, local currency lending rates increased. Foreign currency minimum lending rates for corporate \nclients declined while for individual clients remained the same. Maximum lending rates for both individual \nand corporate clients increased. \nDuring the same week, both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange \n(VFEX) exhibited bearish sentiments. The ZSE and VFEX All Share indices lost 0.60% and 1.25% to close \nat 195.90 points and 107.33 points, respectively. \nThe value of aggregate transactions processed through the National Payment Systems platforms decreased by \n12.89%, to ZiG36.26 billion from ZiG 41.63 billion recorded in the previous week. This decline was mainly \ndue to a fall in both transaction values and volumes of key platforms including POS, RTGS, ATMs, mobile \nbanking, mobile money, and ZIPIT mobile. \nDuring the week ending 11th July 2025, the Zimbabwe Gold (ZiG) marginally appreciated by 0.33% against \nthe US dollar on the interbank market, to ZiG26.87 per US$1, from ZiG26.96 per US$1 in the previous week \nThe average prices for most international commodities declined over the week, with the exception of \npalladium, which recorded an increase. Palladium prices strengthened on account of persistent disruptions in \nglobal supply, mainly from key producers (Russia and South Africa) which continue to face geopolitical \nuncertainties and limited spare capacity. \nGold prices fell amid easing geopolitical risks, particularly following the ceasefire announced between Isreal \nand Iran. Platinum prices also declined, largely driven by a stronger U.S. dollar. Lithium prices dropped amid \nconcerns of oversupply from major producers, particularly Chile, Mali, Argentina, and Australia, which \nincreased output, contributing to the market glut. \nAs of the 89th day of the 2025 tobacco selling season, a total of 341.84 million kilograms were sold, a 51.27% \nincrease from 225.98 million kilograms sold during the same period in 2024. Sales rose by 46.97% to US$1.14 \nbillion during the period under review, from US$0.78 billion recorded during the same period in 2024. During \nthe reporting period, the average price of the golden leaf was US$3.34 per kg, compared to US$3.43 per kg \nrealised in the same period in 2024. \n \n \n \n2 \n2. INTEREST RATES \n \nAverage commercial bank deposit rates (Local Currency (ZiG) (%) \nZiG Deposit rates \n20 June 2025 \n27 June 2025 \n04 July 2025 \n11 July 2025 \nSavings \n \n \n \n \nMinimum \n3.81 \n3.81 \n3.81 \n3.94 \nMaximum \n4.14 \n4.14 \n4.14 \n4.28 \n1-month deposit \n \n \n \n \nMinimum \n5.66 \n5.66 \n5.66 \n5.79 \nMaximum \n8.77 \n8.77 \n8.77 \n9.24 \n3-months deposit \n \n \n \n \nMinimum \n5.95 \n5.95 \n5.95 \n6.07 \nMaximum \n9.21 \n9.21 \n9.21 \n10.01 \n6-months deposit \n \n \n \n \nMinimum \n5.56 \n5.56 \n5.56 \n5.67 \nMaximum \n8.23 \n8.23 \n8.23 \n9.03 \n12-months deposit \n \n \n \n \nMinimum \n5.57 \n5.57 \n5.57 \n5.68 \nMaximum \n8.24 \n8.24 \n8.24 \n9.04 \nOver 1 year \n \n \n \n \nMinimum \n5.58 \n5.58 \n5.58 \n5.69 \nMaximum \n8.25 \n8.25 \n8.25 \n9.06 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nAverage commercial bank deposit rates (Foreign Currency (US$) (%) \nUS$ Deposit rates \n20 June 2025 \n27 June 2025 \n04 July 2025 \n11 July 2025 \nSavings \n \n \n \n \nMinimum \n1.67 \n1.67 \n1.67 \n1.67 \nMaximum \n1.86 \n1.86 \n1.86 \n1.86 \n1-month deposit \n \n \n \n \nMinimum \n3.72 \n3.72 \n3.72 \n3.78 \nMaximum \n5.72 \n5.75 \n5.75 \n6.11 \n3-month deposit \n \n \n \n \nMinimum \n4.38 \n4.38 \n4.38 \n4.32 \nMaximum \n6.70 \n6.53 \n6.53 \n6.92 \n6-month deposit \n \n \n \n \nMinimum \n4.18 \n4.18 \n4.18 \n4.12 \nMaximum \n6.71 \n6.82 \n6.82 \n6.60 \n12-Month deposit \n \n \n \n \nMinimum \n4.25 \n4.25 \n4.25 \n4.19 \nMaximum \n6.44 \n6.44 \n6.44 \n6.78 \nOver 1 year \n \n \n \n \nMinimum \n4.36 \n4.36 \n4.36 \n4.31 \nMaximum \n6.61 \n6.61 \n6.61 \n6.94 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n \n \n \n \n \n \n3 \nCommercial bank weighted lending rates (Local Currency (ZiG) (%) \nZiG Lending rates \n20 June 2025 \n27 June 2025 \n04 July 2025 \n11 July 2025 \nIndividuals \n \n \n \n \nMinimum \n42.34 \n42.28 \n42.25 \n42.34 \nMaximum \n48.06 \n48.03 \n48.01 \n48.08 \nCorporates \n \n \n \n \nMinimum \n40.51 \n40.58 \n40.53 \n40.52 \nMaximum \n46.77 \n46.87 \n46.65 \n46.80 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nCommercial bank weighted lending rates (Foreign Currency (US$) (%) \nUS$ Lending rates \n20 June 2025 \n27 June 2025 \n04 July 2025 \n11 July 2025 \nIndividuals \n \n \n \n \nMinimum \n13.33 \n13.35 \n13.43 \n13.43 \nMaximum \n17.48 \n17.49 \n17.52 \n17.61 \nCorporates \n \n \n \n \nMinimum \n10.31 \n10.26 \n10.26 \n10.29 \nMaximum \n15.86 \n15.86 \n15.84 \n15.81 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nCommercial banks and building societies mortgage lending rates (%) \nMortgage Lending rates \n20 June 2025 \n27 June 2025 \n04 July 2025 \n11 July 2025 \nZiG Lending rates \n \n \n \n \nMinimum \n25.00 \n25.00 \n25.00 \n25.00 \nMaximum \n50.00 \n50.00 \n50.00 \n50.00 \nUS$ Lending rates \n \n \n \n \nMinimum \n10.00 \n10.00 \n10.00 \n10.00 \nMaximum \n18.00 \n18.00 \n18.00 \n22.00 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n3. EQUITY MARKETS \n \n \nZSE Indicators \n \n \nAll \nShare \nIndex \n(points) \nTop 10 \nIndex \n(points) \nTop 15 \nIndex \n(points) \nMedium Cap \n(points) \nSmall Cap \n(points) \nMining \nIndex \n(points) \nGrand \nMarket Cap \n(ZiG \nbillion) \nMarket \nTurnover \n(ZiG \nmillion) \nVolume of \nShares \n(million) \n20-June-25 \n193.05 \n189.67 \n192.91 \n228.09 \n100.00 \n145.40 \n59.66 \n91.49 \n43.14 \n27-June-25 \n196.05 \n193.01 \n196.61 \n230.14 \n100.12 \n145.40 \n60.58 \n148.89 \n25.54 \n04-July-25 \n197.09 \n196.34 \n196.58 \n237.76 \n100.11 \n145.40 \n60.68 \n60.64 \n89.22 \n11-July-25 \n195.90 \n189.72 \n195.35 \n241.85 \n100.11 \n145.40 \n60.64 \n71.12 \n19.85 \nWeekly \nChange (%) \n(0.60) \n(3.37) \n(0.63) \n1.72 \n0.00 \n0.00 \n(0.07) \n17.28 \n(77.75) \nSource: Zimbabwe Stock Exchange, 2025 \n \nVFEX Indicators \nDate \n \nAll Share Index \nPoints \nGrand Market Capitalisation \n(US$ billion) \nMarket Turnover (US$ \nmillion) \nVolume of Shares (million) \n20-Jun-25 \n106.13 \n1.24 \n0.98 \n3.88 \n27-Jun-25 \n106.92 \n1.25 \n4.41 \n10.79 \n04-July-25 \n108.69 \n1.27 \n0.70 \n4.50 \n11-July-25 \n107.33 \n1.25 \n0.94 \n3.51 \nWeekly Change (%) \n(1.25) \n(1.57) \n 34.29 \n(22.00) \nSource: Victoria Falls Stock Exchange, 2025 \n \n \n \n \n \n4 \nFigure 1: ZSE and VFEX Indicators \n \n \n \n \n \n \nSource: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2025 \n \n \n \n0\n50 000\n100 000\n150 000\n200 000\n250 000\n21-Mar-25\n28-Mar-25\n04-Apr-25\n11-Apr-25\n18-Apr-25\n25-Apr-25\n02-May-25\n09-May-25\n16-May-25\n23-May-25\n30-May-25\n06-Jun-25\n13-Jun-25\n20-Jun-25\n27-Jun-25\n04-Jul-25\n11-Jul-25\nZiG Thousands\nZSE Market Turnover \nNotable\ntrade\ndeals:\n97.69\nmillion\nEconet\nWireless\nZimbabwe Limited shares,3.11\nmillion OK Zimbabwe Limited\nshares,\n3.06\nmillion\nshares\nexchanged hands at ZiG297.45\ncents/share,ZiG35.90cents/shar\ne and ZiG12.53 cents/share,\nrespectively\n90\n110\n130\n150\n170\n190\n210\n230\n250\n270\n21-Mar-25\n28-Mar-25\n04-Apr-25\n11-Apr-25\n18-Apr-25\n25-Apr-25\n02-May-25\n09-May-25\n16-May-25\n23-May-25\n30-May-25\n06-Jun-25\n13-Jun-25\n20-Jun-25\n27-Jun-25\n04-Jul-25\n11-Jul-25\nIndices\nZSE Indices \nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n95\n100\n105\n110\n115\n120\n21-Mar-25\n28-Mar-25\n04-Apr-25\n11-Apr-25\n18-Apr-25\n25-Apr-25\n02-May-25\n09-May-25\n16-May-25\n23-May-25\n30-May-25\n06-Jun-25\n13-Jun-25\n20-Jun-25\n27-Jun-25\n04-Jul-25\n11-Jul-25\nIndex\nVFEX All Share Index \n0\n200\n400\n600\n800\n1000\n1200\n1400\n1600\n1800\n2000\n21-Mar-25\n28-Mar-25\n04-Apr-25\n11-Apr-25\n18-Apr-25\n25-Apr-25\n02-May-25\n09-May-25\n16-May-25\n23-May-25\n30-May-25\n06-Jun-25\n13-Jun-25\n20-Jun-25\n27-Jun-25\n04-Jul-25\n11-Jul-25\nUS$ Thousand\nVFEX Market Turnover \n1,1\n1,15\n1,2\n1,25\n1,3\n1,35\n1,4\n14-Mar-25\n21-Mar-25\n28-Mar-25\n04-Apr-25\n11-Apr-25\n18-Apr-25\n25-Apr-25\n02-May-25\n09-May-25\n16-May-25\n23-May-25\n30-May-25\n06-Jun-25\n13-Jun-25\n20-Jun-25\n27-Jun-25\n04-Jul-25\n11-Jul-25\nUS$ Billion\nVFEX Market Capitalisation \n40\n45\n50\n55\n60\n65\n70\n75\n80\n21-Mar-25\n28-Mar-25\n04-Apr-25\n11-Apr-25\n18-Apr-25\n25-Apr-25\n02-May-25\n09-May-25\n16-May-25\n23-May-25\n30-May-25\n06-Jun-25\n13-Jun-25\n20-Jun-25\n27-Jun-25\n04-Jul-25\n11-Jul-25\nZiG Billion\nZSE Market Capitalisation \n \n \n5 \n4. CLEARING AND SETTLEMENT ACTIVITY \n Source: Reserve Bank of Zimbabwe, 2025 \n \n5. ENERGY PRICES \n \nEnergy Prices \n \n20 June 2025 \n27 June 2025 \n04-July 2025 \n11 July 2025 \nDomestic Energy Prices \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.50 \n1.50 \n1.55 \n1.55 \nPetrol Blend E5/ litre \n1.54 \n1.54 \n1.56 \n1.56 \nLP Gas / kg \n1.59 \n1.59 \n1.57 \n1.57 \n \n \n \n \n \nInternational Energy \nPrices (Weekly average) \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n75.79 \n67.14 \n67.55 \n69.34 \n Source: Zimbabwe Energy Regulatory Authority and BBC 2025 \n \n6. GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS \n(GBDT) \n \nGold PM Fix and Gold Backed Digital Token Prices \nDate \nGold PM Fix \nGBDT ZiG Price per Mg \nGBDT US$ Price per Mg \nUS$/oz \nBuy \nSell \nBuy \nSell \n07-July-25 \n3,331.90 \n2.74 \n3.02 \n0.1018 \n0.1125 \n08-July-25 \n3,315.35 \n2.72 \n3.01 \n0.1013 \n0.1119 \n09-July-25 \n3,314.75 \n2.72 \n3.01 \n0.1012 \n0.1119 \n10-July-25 \n3,300.15 \n2.71 \n2.99 \n0.1008 \n0.1114 \n11-July-25 \n3,312.60 \n2.72 \n3.00 \n0.1012 \n0.1118 \nSource: London Bullion Market Association and Reserve Bank of Zimbabwe, 2025 \n \n \n \n \nPAYMENT STREAM \nWEEK ENDING \n04 July 2025 \nWEEK ENDING \n11 July 2025 \nWEEKLY \nCHANGE (%) \n \nVALUES \n \nRTGS \n29,021,421,673.04 \n26,220,502,738.99 \n (9.65) \nOf which ZiG \n9,182,928,180.57 \n9,883,962,407.15 \n7.63 \nOf which US$ transactions \n(ZiG Equivalent) \n19,838,493,492.47 \n16,336,540,331.84 \n(17.65) \nPOS \n3,776,217,338.52 \n2,945,438,192.10 \n(22.00) \nATM \n3,088,366,649.28 \n2,242,270,403.49 \n(27.40) \nMOBILE BANKING \n348,912,975.16 \n308,586,012.46 \n(11.56) \nMOBILE MONEY \n4,975,575,781.14 \n4,203,165,814.25 \n(15.52) \nZIPIT MOBILE \n418,276,477.21 \n344,781,491.16 \n(17.57) \nTOTAL \n41,628,770,894.36 \n36,264,744,652.45 \n(12.89) \n \nVOLUMES \n \nRTGS \n233.719 \n161,372 \n(30.95) \nOf which ZiG \n99,098 \n64,768 \n(34.64) \nOf which US$ \n134.621 \n96,604 \n (28.24) \nPOS \n2,672,899 \n2,013,566 \n(24.67) \nATM \n371,308 \n256,006 \n(31.05) \nMOBILE BANKING \n403,692 \n381,665 \n (5.46) \nMOBILE MONEY \n12,877,522 \n12,063,366 \n (6.32) \nZIPIT MOBILE \n372,903 \n315,446 \n (15.41) \nTOTAL \n16,932,043 \n15,191,421 \n (10.28) \n \n \n6 \nMosi-oa-Tunya Gold Coin Prices \nGold Coin \nPrice \n7-July-25 \n8-July-25 \n9-July-25 \n10-July-25 \n11-July-25 \n1.00Oz \n \n \n \n \n \nUS$ \n3,498.50 \n3,481.12 \n3,480.49 \n3,465.16 \n3,478.23 \nZiG \n94,048.99 \n93,599.94 \n93,592.05 \n93,025.96 \n93,353.61 \n0.50Oz \n \n \n \n \n \nUS$ \n1,749.25 \n1,740.56 \n1,740.24 \n1,732.58 \n1,739.12 \nZiG \n47,024.50 \n46,799.97 \n46,796.02 \n46,512.98 \n46,676.80 \n0.25Oz \n \n \n \n \n \nUS$ \n874.62 \n870.28 \n870.12 \n866.29 \n869.56 \nZiG \n23,512.25 \n23,399.98 \n23,398.01 \n23,256.49 \n23,338.40 \n0.10Oz \n \n \n \n \n \nUS$ \n349.85 \n348.11 \n348.05 \n346.52 \n347.82 \nZiG \n9,404.90 \n9,359.99 \n9,359.20 \n9,302.60 \n9,335.36 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n7. EXTERNAL SECTOR \n \n \nExchange Rate Developments (ZiG per Unit of foreign currency) \n \n \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(30 Jun - 4 July) \n26.9392 \n1.5272 \n36.9252 \n2.0287 \n31.7280 \n7-July \n26.8827 \n1.5168 \n36.5982 \n2.0298 \n31.6289 \n8-July \n26.8879 \n1.5092 \n36.6430 \n2.0154 \n31.5570 \n9-July \n26.8905 \n1.5122 \n36.5443 \n2.0143 \n31.5050 \n10-July \n26.8461 \n1.5076 \n36.5350 \n2.0041 \n31.5160 \n11-July \n26.8394 \n1.5110 \n36.4037 \n2.0119 \n31.3565 \nWeekly Average \n(7 July – 11 July) \n26.8693 \n1.5114 \n36.5448 \n2.0151 \n31.5127 \nAppr (-)/Depr (+) (%) of the \nZWG \n(0.26) \n(1.03) \n(1.03) \n(0.67) \n(0.68) \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nInternational Commodity Prices \n \nGold \nPlatinum \nPalladium \nNickel \nLithium \n \nUS$/oz \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nWeekly Average \n(30 June –4 July) \n3,341.50 \n1,376.60 \n1,137.70 \n15,292.80 \n8,196.00 \n7-July \n3,334.67 \n1,376.50 \n1,126.00 \n15,177.00 \n8,140.00 \n8-July \n3,288.79 \n1,353.00 \n1,123.00 \n15,042.00 \n8,110.00 \n9-July \n3,320.69 \n1,353.00 \n1,117.00 \n14,979.00 \n8,070.00 \n10-July \n3,332.78 \n1,358.00 \n1,157.00 \n15,290.00 \n8,030.00 \n11-July \n3,358.00 \n1,393.00 \n1,229.00 \n15,198.00 \n8,020.00 \nWeekly Average \n(7 July – 11 July) \n3,326.99 \n1,366.70 \n1,150.40 \n15,137.20 \n8,074.00 \nWeekly change (%) \n(0.43) \n(0.72) \n1.12 \n(1.02) \n(1.49) \nSource: BBC, KITCO and Bloomberg, 2025 \n \n \n \n7 \n \nFigure 3: Weekly International Commodity Price Developments (25th April 2025– 11th July 2025) \n \n \n \n \n \nSource: BBC, KITCO and Bloomberg, 2025 \n \n \n \n0,00\n200,00\n400,00\n600,00\n800,00\n1000,00\n1200,00\n1400,00\n25-Apr\n2-May\n9-May\n16-May\n23-May\n30-May\n6-Jun\n13-Jun\n20-Jun\n27-Jun\n4-Jul\n11-Jul\nUS$/oz\nPalladium\n14200,00\n14400,00\n14600,00\n14800,00\n15000,00\n15200,00\n15400,00\n15600,00\n15800,00\n16000,00\n25-Apr\n2-May\n9-May\n16-May\n23-May\n30-May\n6-Jun\n13-Jun\n20-Jun\n27-Jun\n4-Jul\n11-Jul\nUS$/tonne\nNickel\n2 900\n3 150\n3 400\n3 650\n3 900\n25-Apr\n02-May\n09-May\n16-May\n23-May\n30-May\n06-Jun\n13-Jun\n20-Jun\n27-Jun\n04-Jul\n11-Jul\nUS$/oz\nGold\n50\n55\n60\n65\n70\n75\n80\n25-Apr\n2-May\n9-May\n16-May\n23-May\n30-May\n6-Jun\n13-Jun\n20-Jun\n27-Jun\n4-Jul\n11-Jul\nUS$/barrel\nCrude oil \n880\n930\n980\n1 030\n1 080\n1 130\n1 180\n1 230\n1 280\n1 330\n1 380\n1 430\n1 480\n25-Apr\n2-May\n9-May\n16-May\n23-May\n30-May\n6-Jun\n13-Jun\n20-Jun\n27-Jun\n4-Jul\n11-Jul\nUS$/tonne\nPlatinum\n8 000\n8 300\n8 600\n8 900\n9 200\n9 500\n9 800\n10 100\n25-Apr\n2-May\n9-May\n16-May\n23-May\n30-May\n6-Jun\n13-Jun\n20-Jun\n27-Jun\n4-Jul\n11-Jul\nUS$/tonne\nLithium \n \n \n8 \n8. TOBACCO SALES \n \nWeekly Cumulative Tobacco Sales: Day 89 (11th July 2025) \n \n2025 \n2024 \nVariance (%) \nCumulative Quantity Sold (Kgs) \n341,844,697 \n225,982,046 \n51.27 \nAverage Price (US$/kg) \n3.34 \n3.43 \n(2.62) \nCumulative value (US$) \n1,140,707,478 \n766,144,144 \n48.89 \nSource: Tobacco Industry and Marketing Board (TIMB), 2025 \n \n \n \nRESERVE BANK OF ZIMBABWE \nJULY 2025", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_11_July_2025_Volume_27_Number_28.pdf"}
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+ {"doc_id": "1147e94c740d92bcc926f0f8b1770e64", "text": "Vol. 26 No. 48 \n \n \nWeek Ending \n29th NOVEMBER 2024 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 2 \n3. \nEQUITY MARKETS .............................................................. 3 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 5 \n5. \nENERGY PRICES .................................................................. 5 \n6. \nGOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND \nGOLD BACKED DIGITAL TOKENS (GBDT) .................. 5 \n7. \nEXTERNAL SECTOR ........................................................... 6 \n \n \n \n 1 \n1. OVERVIEW \n \n \n \nThis report provides an overview of weekly monetary and financial developments from domestic and \ninternational markets including money and capital markets, national payment systems, commodity prices and \nexchange rates for the week ending 29th November 2024. \nDuring the week under review, local currency minimum and maximum savings deposit rates remained \nunchanged, compared to previous week’s level. Similarly, there were no changes on minimum deposit rates \nfor all other tenors while the maximum deposit rates increased, except for maximum deposit rates of 3-months \ntenor which declined. During the same week, foreign currency minimum savings deposit rates remained the \nsame at previous week’s levels, whilst the maximum savings deposit rates increased. Minimum and maximum \ndeposit rates for 3-months, 6-months, 1-year and over 1-year tenors increased during the reporting week. \nReflecting tight liquidity conditions in the market, both local and foreign currency lending rates increased \nduring the week under review. \nOn the capital markets, both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange \n(VFEX) exhibited bearish trends. Resultantly, the ZSE All-Share Index lost 2.75% to close at 265.10 points, \nwhile the VFEX All-Share Index decreased by 4%, to close at 104.04 points. \nThe value of transactions processed through the National Payment Systems platforms increased by 26.80% to \nZiG38.40 billion, from ZiG30.29 billion recorded in the previous week. \nOn the interbank market, the Zimbabwe Gold (ZiG) depreciated by 0.27% against the greenback, from an \naverage of ZiG25.29 per US$1 in the previous week to an average of ZiG25.36 per US$1, during the week \nunder review. \nInternational commodity prices for gold, platinum, palladium and crude oil declined, while prices for lithium \nand nickel increased, compared to the previous week. Lithium prices increased owing to stronger demand for \nthe metal, while prices for nickel were supported by concerns over potential supply disruptions as one of the \nworld’s largest nickel producers, China, tightened its mining policies. Gold prices, however, decreased as the \nUS dollar strengthened against other currencies. Similarly, prices for platinum and palladium declined, driven \nby a decrease in demand for the metals. Crude oil prices retreated due to easing supply concerns following \nceasefire talks between Israel and Hamas in Palestine. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2 \n2. INTEREST RATES \n \nAverage commercial bank deposit rates (Local Currency (ZiG) (%) \nZiG Deposit rates \n8 November 2024 \n15 November 2024 \n22 November 2024 \n29 November 2024 \nSavings \n \n \n \n \nMinimum \n3.75 \n3.75 \n3.75 \n3.75 \nMaximum \n3.88 \n3.88 \n3.88 \n3.88 \n1-month deposit \n \n \n \n \nMinimum \n5.21 \n4.91 \n4.63 \n4.63 \nMaximum \n6.61 \n6.36 \n5.75 \n5.98 \n3-months deposit \n \n \n \n \nMinimum \n5.41 \n5.09 \n4.82 \n4.82 \nMaximum \n7.58 \n7.27 \n6.63 \n6.19 \n6-months deposit \n \n \n \n \nMinimum \n4.74 \n4.42 \n4.14 \n4.14 \nMaximum \n6.11 \n6.07 \n5.24 \n5.51 \n12-months deposit \n \n \n \n \nMinimum \n4.76 \n4.43 \n4.16 \n4.16 \nMaximum \n6.13 \n6.08 \n5.25 \n5.53 \nOver 1 year \n \n \n \n \nMinimum \n4.77 \n4.44 \n4.16 \n4.16 \nMaximum \n6.17 \n6.11 \n5.28 \n5.83 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \nAverage commercial bank deposit rates (Foreign Currency (US$) (%) \nUS$ Deposit rates \n8 November 2024 \n15 November 2024 \n22 November 2024 \n29 November 2024 \nSavings \n \n \n \n \nMinimum \n1.43 \n1.38 \n1.24 \n1.24 \nMaximum \n1.65 \n1.54 \n1.29 \n1.40 \n1-month deposit \n \n \n \n \nMinimum \n3.17 \n2.94 \n2.83 \n2.81 \nMaximum \n4.81 \n4.71 \n4.49 \n4.54 \n3-month deposit \n \n \n \n \nMinimum \n3.85 \n3.57 \n3.29 \n3.38 \nMaximum \n5.68 \n5.53 \n5.14 \n5.33 \n6-month deposit \n \n \n \n \nMinimum \n3.61 \n3.30 \n2.99 \n3.08 \nMaximum \n5.81 \n5.61 \n5.08 \n5.39 \n12-Month deposit \n \n \n \n \nMinimum \n3.78 \n3.44 \n3.08 \n3.17 \nMaximum \n6.03 \n5.81 \n5.11 \n5.53 \nOver 1 year \n \n \n \n \nMinimum \n3.89 \n3.53 \n3.11 \n3.25 \nMaximum \n6.11 \n5.86 \n5.17 \n5.58 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \n \n \n \n \n 3 \nCommercial bank weighted lending rates (Local Currency (ZiG) (%) \nZiG Lending rates \n8 November 2024 \n15 November 2024 \n22 November 2024 \n29 November 2024 \nIndividuals \n \n \n \n \nMinimum \n38.23 \n37.97 \n38.02 \n39.25 \nMaximum \n44.58 \n43.47 \n43.52 \n45.63 \nCorporates \n \n \n \n \nMinimum \n36.89 \n33.01 \n33.05 \n34.29 \nMaximum \n45.16 \n38.83 \n39.15 \n43.88 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \nCommercial bank weighted lending rates (Foreign Currency (US$) (%) \nUS$ Lending rates \n8 November 2024 \n15 November 2024 \n22 November 2024 \n29 November 2024 \nIndividuals \n \n \n \n \nMinimum \n13.02 \n12.85 \n12.84 \n12.99 \nMaximum \n17.44 \n17.16 \n17.16 \n17.41 \nCorporates \n \n \n \n \nMinimum \n11.61 \n10.65 \n9.81 \n10.53 \nMaximum \n16.97 \n14.89 \n14.29 \n16.36 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \nCommercial banks and building societies mortgage lending rates (%) \nMortgage Lending rates \n8 November 2024 \n15 November 2024 \n22 November 2024 \n29 November 2024 \nZiG Lending rates \n \n \n \n \nMinimum \n20.00 \n20.00 \n20.00 \n20.00 \nMaximum \n30.00 \n30.00 \n30.00 \n30.00 \nUS$ Lending rates \n \n \n \n \nMinimum \n10.00 \n10.00 \n10.00 \n10.00 \nMaximum \n18.00 \n18.00 \n18.00 \n18.00 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \n3. EQUITY MARKETS \n \n \nZSE Indicators \n \n \nAll Share \nIndex \n(points) \nTop 10 \nIndex \n(points) \nTop 15 \nIndex \n(points) \nMedium Cap \n(points) \nSmall Cap \n(points) \nMining \nIndex \n(points) \nGrand \nMarket Cap \n(ZiG billion) \nMarket \nTurnover \n(ZiG million) \nVolume of \nShares \n(million) \n8-Nov-24 \n276.26 \n280.00 \n277.96 \n279.61 \n100.11 \n235.38 \n85.02 \n56.90 \n14.67 \n15-Nov-24 \n270.45 \n273.81 \n270.82 \n274.08 \n100.11 \n235.38 \n82.79 \n42.43 \n9.34 \n22-Nov-24 \n272.61 \n274.77 \n274.33 \n278.98 \n100.11 \n235.38 \n83.22 \n135.37 \n35.39 \n29-Nov-24 \n265.10 \n265.95 \n265.92 \n273.85 \n100.11 \n235.38 \n82.18 \n15.07 \n8.02 \nWeekly \nChange (%) \n(2.75) \n(3.21) \n(3.07) \n(1.84) \n0.00 \n0.00 \n(1.25) \n(88.87) \n(77.34) \nSource: Zimbabwe Stock Exchange, 2024 \n \nVFEX Indicators \nDate \nAll Share Index \nPoints \nGrand Market Capitalisation \n(US$ billion) \nMarket Turnover \n(US$ million) \nVolume of Shares \n(million) \n8-Nov-24 \n106.85 \n1.29 \n0.89 \n5.55 \n15-Nov-24 \n108.84 \n1.31 \n0.38 \n3.44 \n22-Nov-24 \n108.38 \n1.31 \n1.75 \n4.54 \n29-Nov-24 \n104.04 \n1.31 \n0.42 \n2.19 \nWeekly Change (%) \n(4.00) \n0.00 \n(76.00) \n(51.76) \nSource: Victoria Falls Stock Exchange, 2024 \n \n \n \n 4 \nFigure 1: ZSE and VFEX Indicators \n \n \n \n \n \n \nSource: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2024 \n \n \n \n \n \n \n140\n160\n180\n200\n220\n240\n260\n280\n300\n320\n30-Aug-24\n06-Sep-24\n13-Sep-24\n20-Sep-24\n27-Sep-24\n04-Oct-24\n11-Oct-24\n18-Oct-24\n25-Oct-24\n01-Nov-24\n08-Nov-24\n15-Nov-24\n22-Nov-24\n29-Nov-24\nIndices\nZSE Indices \nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n40\n50\n60\n70\n80\n90\n100\n30-Aug-24\n06-Sep-24\n13-Sep-24\n20-Sep-24\n27-Sep-24\n04-Oct-24\n11-Oct-24\n18-Oct-24\n25-Oct-24\n01-Nov-24\n08-Nov-24\n15-Nov-24\n22-Nov-24\n29-Nov-24\nZiG Billion\nZSE Market Capitalisation \n0\n200\n400\n600\n800\n1000\n30-Aug-24\n06-Sep-24\n13-Sep-24\n20-Sep-24\n27-Sep-24\n04-Oct-24\n11-Oct-24\n18-Oct-24\n25-Oct-24\n01-Nov-24\n08-Nov-24\n15-Nov-24\n22-Nov-24\n29-Nov-24\nUS$ Thousand\nVFEX Market Turnover \n1,2\n1,22\n1,24\n1,26\n1,28\n1,3\n1,32\n1,34\n1,36\n1,38\n1,4\n30-Aug-24\n06-Sep-24\n13-Sep-24\n20-Sep-24\n27-Sep-24\n04-Oct-24\n11-Oct-24\n18-Oct-24\n25-Oct-24\n01-Nov-24\n08-Nov-24\n15-Nov-24\n22-Nov-24\n29-Nov-24\nUS$ Billion\nVFEX Market Capitalisation \n95\n100\n105\n110\n115\n30-Aug-24\n06-Sep-24\n13-Sep-24\n20-Sep-24\n27-Sep-24\n04-Oct-24\n11-Oct-24\n18-Oct-24\n25-Oct-24\n01-Nov-24\n08-Nov-24\n15-Nov-24\n22-Nov-24\n29-Nov-24\nIndices\nVFEX All Share Index \n0\n20 0 000\n40 0 000\n60 0 000\n80 0 000\n100 0 000\n120 0 000\n30-Aug-24\n06-Sep-24\n13-Sep-24\n20-Sep-24\n27-Sep-24\n04-Oct-24\n11-Oct-24\n18-Oct-24\n25-Oct-24\n01-Nov-24\n08-Nov-24\n15-Nov-24\n22-Nov-24\n29-Nov-24\nZiG Thousands\nZSE Market Turnover \n \n 5 \n4. CLEARING AND SETTLEMENT ACTIVITY \n Source: Reserve Bank of Zimbabwe, 2024 \n \n \n5. ENERGY PRICES \n \nEnergy Prices \n \n8 November 2024 \n15 November 2024 \n22 November 2024 \n29 November 2024 \nDomestic Energy Prices \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.50 \n1.52 \n1.52 \n1.54 \nPetrol Blend E20/ litre \n1.49 \n1.51 \n1.51 \n1.48 \nLP Gas / kg \n1.81 \n1.83 \n1.83 \n1.86 \n \n \n \n \n \nInternational Energy Prices \n(Weekly average) \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n74.76 \n71.92 \n74.49 \n72.76 \n Source: Zimbabwe Energy Regulatory Authority and BBC 2024 \n \n \n6. GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS \n(GBDT) \n \n \n \nGold PM Fix and Gold Backed Digital Token Prices \nDate \nGold PM Fix \nGBDT ZiG Price per Mg \nGBDT US$ Price per Mg \nUS$/oz \nBuy \nSell \nBuy \nSell \n25-November-24 \n2,694.95 \n2.09 \n2.30 \n0.0823 \n0.0910 \n26-November-24 \n2,635.40 \n2.04 \n2.25 \n0.0805 \n0.0890 \n27-November-24 \n2,622.10 \n2.03 \n2.24 \n0.0801 \n0.0885 \n28-November-24 \n2,640.85 \n2.04 \n2.26 \n0.0807 \n0.0892 \n29-November-24 \n2,641.85 \n2.05 \n2.27 \n0.0807 \n0.0892 \nSource: London Bullion Market Association and Reserve Bank of Zimbabwe, 2024 \n \n \n \n \nPAYMENT STREAM \nWEEK ENDING \n22 November 2024 \nWEEK ENDING \n29 November 2024 \nWEEKLY \nCHANGE (%) \n \nVALUES \n \nRTGS (ZiG) \n24,109,430,787.77 \n30,270,119,216.63 \n25.55 \nOf which ZiG \n8,380,709,415.05 \n12,860,539,306.76 \n \nOf which US$ \n621,757,897.41 \n686,758,712.41 \n \nPOS \n2,273,641,083.02 \n3,332,912,749.53 \n46.59 \nATM \n1,239,937,460.22 \n1,954,037,914.15 \n57.59 \nMOBILE BANKING \n115,348,175.40 \n164,558,062.06 \n42.66 \nMOBILE MONEY \n2,353,457,480.37 \n2,472,617,605.84 \n5.06 \nZIPIT MOBILE \n195,128,979.13 \n208,824,563.35 \n7.02 \nTOTAL \n30,286,943,965.92 \n38,403,070,111.56 \n26.80 \n \nVOLUMES \n \nRTGS \n184,402 \n293,263 \n59.03 \nOf which ZiG \n87,547 \n137,398 \n \nOf which US$ \n96,855 \n155,865 \n \nPOS \n1,696,931 \n2,155,754 \n27.04 \nATM \n162,435 \n248,731 \n53.13 \nMOBILE BANKING \n256,827 \n346,245 \n34.82 \nMOBILE MONEY \n9,881,045 \n10,420,056 \n5.45 \nZIPIT MOBILE \n203,642 \n233,473 \n14.65 \nTOTAL \n12,385,282 \n13,697,522 \n10.60 \n \n 6 \nMosi-oa-Tunya Gold Coin Prices \nGold Coin \nPrice \n25-November-24 \n26-November-24 \n27-November-24 \n28-November-24 \n29-November-\n24 \n1.00Oz \n \n \n \n \n \nUS$ \n2,829.70 \n2.767.17 \n2,753.21 \n2,772.89 \n2,773.94 \nZiG \n71,686.99 \n70,093.52 \n69,745.84 \n70,248.74 \n70,600.44 \n0.50Oz \n \n \n \n \n \nUS$ \n1,414.85 \n1,383.59 \n1,376.60 \n1,386.45 \n1,386.97 \nZiG \n35,843.50 \n35,046.76 \n34,872.92 \n35,124.37 \n35,300.22 \n0.25Oz \n \n \n \n \n \nUS$ \n707.42 \n691.79 \n688.30 \n693.22 \n693.49 \nZiG \n17,921.75 \n17,523.38 \n17,436.46 \n17,562.12 \n17,650.11 \n0.10Oz \n \n \n \n \n \nUS$ \n282.97 \n276.72 \n275.32 \n277.29 \n277.39 \nZiG \n7,168.70 \n7,009.35 \n6,974.58 \n7,024.87 \n7,060.04 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n7. EXTERNAL SECTOR \n \n \nExchange Rate Developments (ZiG per Unit of foreign currency) \n \n \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(18-22 Nov) \n25.2876 \n1.3980 \n31.9801 \n1.8581 \n26.6749 \n25-November \n25.3326 \n1.3965 \n31.8457 \n1.8634 \n26.5094 \n26-November \n25.3304 \n1.3982 \n31.7883 \n1.8581 \n26.5362 \n27-November \n25.3326 \n1.3933 \n32.0908 \n1.8570 \n26.5473 \n28-November \n25.3326 \n1.3900 \n31.8457 \n1.8570 \n26.7427 \n29-November \n25.4513 \n1.4090 \n32.3474 \n1.8657 \n26.9033 \nWeekly Average \n(25-29 Nov) \n25.3559 \n1.3974 \n31.9836 \n1.8602 \n26.6478 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \nInternational Commodity Price Developments \n \nPlatinum \nPalladium \nNickel \nLithium \nCrude oil \n2024 \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nUS$/tonne \nWeekly Average \n(18-22 Nov) \n976.70 \n1,017.00 \n15,803.75 \n8,750.00 \n74.49 \n25-November \n952.00 \n997.50 \n16,203.00 \n8,950.00 \n73.24 \n26-November \n933.00 \n985.00 \n15,996.00 \n9,150.00 \n72.72 \n27-November \n931.00 \n982.50 \n15,883.00 \n9,300.00 \n72.88 \n28-November \n936.00 \n987.00 \n16,064.00 \n9,300.00 \n72.81 \n29-November \n942.50 \n988.00 \n15,903.00 \n9,300.00 \n72.16 \nWeekly Average \n(25-29 Nov) \n938.90 \n988.00 \n16,009.80 \n9,200.00 \n72.76 \nSource: BBC, KITCO and Bloomberg, 2024 \n \n \n \n \n \n \n \n \n \n \n 7 \n \nFigure 3: Weekly Precious Metals Price Developments (25th November -29th November 2024) \n \n \n \n \n \n \nSource: BBC, KITCO and Bloomberg, 2024 \n \n \n2 5 500\n2 5 550\n2 6 600\n2 6 650\n2 7 700\n2 7 750\n2 8 800\nUS$/oz\nGold\n70\n72\n74\n76\n78\n80\nUS$/barrel\nCrude oil \n920\n940\n960\n980\n1 0 000\n1 0 020\n1 0 040\n1 0 060\n27-Oct\n30-Oct\n2-Nov\n5-Nov\n8-Nov\n11-Nov\n14-Nov\n17-Nov\n20-Nov\n23-Nov\n26-Nov\n29-Nov\nUS$/tonne\nPlatinum\n900\n930\n960\n990\n1 0 020\n1 0 050\n1 0 080\n1 1 110\n1 1 140\n1 1 170\n1 2 200\n1 2 230\nUS$/tonne\nPalladium\n15 0 000\n15 5 500\n16 0 000\n16 5 500\n17 0 000\n17 5 500\n11-Oct\n18-Oct\n25-Oct\n1-Nov\n8-Nov\n15-Nov\n22-Nov\n29-Nov\nUS$/tonne\nNickel\n8 5 500\n8 6 600\n8 7 700\n8 8 800\n8 9 900\n9 0 000\n9 1 100\n9 2 200\n9 3 300\n9 4 400\n9 5 500\n9 6 600\n9 7 700\n27-Oct\n30-Oct\n2-Nov\n5-Nov\n8-Nov\n11-Nov\n14-Nov\n17-Nov\n20-Nov\n23-Nov\n26-Nov\n29-Nov\nUS$/tonne\nLithium", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_29_NOVEMBER_2024_Volume_26_Number_48.pdf"}
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+ {"doc_id": "127cebc8a295e793f60d5684d510c930", "text": "Vol. 26 No. 41 \n \n \nWeek Ending \n11th October 2024 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 2 \n3. \nEQUITY MARKETS .............................................................. 3 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 5 \n5. \nPRICES .................................................................................... 5 \n6. \nGOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND \nGOLD BACKED DIGITAL TOKENS (GBDT) .................. 5 \n7. \nEXTERNAL SECTOR ........................................................... 6 \n \n \n \n 1 \n1. OVERVIEW \n \n \n \nThis report provides an overview of weekly monetary and financial developments in domestic and \ninternational markets including money and capital markets, national payment systems, commodity prices and \nexchange rates for the week ending 11th October 2024. \nDuring the week under analysis, minimum and maximum savings deposit rates and minimum deposit rates on \ndeposits of 1 month tenor, remained unchanged. Maximum deposit rates on deposits of 1 month tenor, \nhowever, increased during the week under review. Minimum and maximum deposit rates for deposits of 6 \nmonths, 12 months and over 1 year tenor decreased, while those for 3 months tenor increased. Minimum and \nmaximum foreign currency deposit rates for deposits of all tenors registered a decrease during the same week. \nThe minimum and maximum lending rates in local currency for both individual and corporate clients rose, \nexcept for maximum lending rates for individual clients, which saw a decrease during the week under analysis. \nOn the other hand, minimum and maximum lending rates in foreign currency for both individual and corporate \nclients decreased, with the exception of maximum lending rates for corporate clients which remained \nunchanged during the same period. \nOn the capital markets, the Zimbabwe Stock Exchange (ZSE) exhibited bullish sentiments during the week \nunder analysis. As such, the ZSE All Share Index gained by 1.33% to close at 256.17 points. In contrast, the \nVictoria Falls Stock Exchange (VFEX) was characterised by negative trading during the same week, with its \nAll share index losing by 0.59% to close at 106.04 points. \nThe value of aggregate transactions processed through the National Payment Systems platforms rose by \n12.94% to close at ZiG29.78 billion, during the week under analysis. This was attributed to a rise in the value \nof transactions registered through the POS, RTGS and mobile money payment platforms. \nOn the interbank market, the Zimbabwe Gold (ZiG) depreciated by 2.4% against the greenback, from an \naverage of ZWG25.19 per US$1 in the previous week to ZWG25.79 per US$1, during the reporting week. \nDuring the week under review, international commodity prices for gold, platinum, nickel and lithium \ndecreased. Palladium and crude oil prices, however, registered an increase during the same week. The increase \nin palladium prices was driven by subdued supply and potential production cuts in major producing regions, \nwhile the rise in crude oil prices was driven by risks of supply-side disruptions in the Middle East.Gold prices \nretreated after strong U.S. employment data dampened investor expectations for a larger rate cut by the Federal \nReserve. Platinum prices decreased attributable to the market’s continued anticipation of an interest rate cut \nby the Federal Reserve, while nickel prices fell due to weak demand from stainless steel producers. Lithium \nprices continued in a negative trajectory, underpinned by excess supply. \n \n \n \n \n \n \n \n \n \n \n 2 \n2. INTEREST RATES \n \nAverage commercial bank deposit rates (Local Currency (ZiG) \nZiG Deposit rates \n20 September 2024 \n27 September 2024 \n4 October 2024 \n11 October 2024 \nSavings \n \n \n \n \nMinimum \n3.75 \n3.75 \n3.75 \n3.75 \nMaximum \n3.88 \n3.88 \n3.88 \n3.88 \n1-month deposit \n \n \n \n \nMinimum \n5.21 \n5.21 \n5.21 \n5.21 \nMaximum \n5.69 \n5.69 \n5.69 \n6.61 \n3-months deposit \n \n \n \n \nMinimum \n5.27 \n5.27 \n5.27 \n5.41 \nMaximum \n5.94 \n5.94 \n5.94 \n7.19 \n6-months deposit \n \n \n \n \nMinimum \n5.34 \n5.34 \n5.34 \n4.74 \nMaximum \n6.14 \n6.14 \n6.14 \n6.11 \n12-months deposit \n \n \n \n \nMinimum \n5.36 \n5.36 \n5.36 \n4.76 \nMaximum \n6.16 \n6.16 \n6.16 \n6.13 \nOver 1 year \n \n \n \n \nMinimum \n5.37 \n5.37 \n5.37 \n4.77 \nMaximum \n6.23 \n6.23 \n6.23 \n6.17 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \nAverage commercial bank deposit rates (Foreign Currency (US$) \nUS$ Deposit rates \n20 September 2024 \n27 September 2024 \n4 October 2024 \n11 October 2024 \nSavings \n \n \n \n \nMinimum \n1.53 \n1.53 \n1.53 \n1.22 \nMaximum \n1.86 \n1.86 \n1.86 \n1.50 \n1-month deposit \n \n \n \n \nMinimum \n3.28 \n3.28 \n3.28 \n3.14 \nMaximum \n5.31 \n5.42 \n5.42 \n5.14 \n3-month deposit \n \n \n \n \nMinimum \n4.02 \n4.04 \n4.04 \n3.88 \nMaximum \n5.87 \n6.22 \n6.22 \n6.02 \n6-month deposit \n \n \n \n \nMinimum \n4.21 \n4.24 \n4.24 \n3.61 \nMaximum \n6.70 \n7.10 \n7.10 \n6.06 \n12-Month deposit \n \n \n \n \nMinimum \n4.38 \n4.22 \n4.50 \n3.75 \nMaximum \n7.00 \n7.09 \n7.09 \n6.31 \nOver 1 year \n \n \n \n \nMinimum \n4.56 \n4.59 \n4.59 \n3.92 \nMaximum \n6.97 \n7.37 \n7.37 \n6.28 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \n \n \n \n \n 3 \n \n \nCommercial bank weighted lending rates (Local Currency (ZiG)) \nZiG Lending rates \n20 September 2024 \n27 September 2024 \n4 October 2024 \n11 October 2024 \nIndividuals \n \n \n \n \nMinimum \n24.31 \n24.27 \n24.24 \n24.31 \nMaximum \n30.45 \n30.31 \n30.48 \n30.45 \nCorporates \n \n \n \n \nMinimum \n23.99 \n23.92 \n23.98 \n23.99 \nMaximum \n32.78 \n32.76 \n32.66 \n32.78 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \nCommercial bank weighted lending rates (Foreign Currency (US$)) \nUS$ Lending rates \n20 September 2024 \n27 September 2024 \n4 October 2024 \n11 October 2024 \nIndividuals \n \n \n \n \nMinimum \n10.85 \n10.83 \n10.93 \n10.85 \nMaximum \n14.93 \n14.94 \n14.95 \n14.93 \nCorporates \n \n \n \n \nMinimum \n9.57 \n9.65 \n9.63 \n9.57 \nMaximum \n15.09 \n15.52 \n15.09 \n15.09 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \nCommercial banks and building societies mortgage lending rates \nMortgage Lending rates \n20 September 2024 \n27 September 2024 \n4 October 2024 \n11 October 2024 \nZiG Lending rates \n \n \n \n \nMinimum \n20.00 \n20.00 \n20.00 \n20.00 \nMaximum \n30.00 \n30.00 \n30.00 \n30.00 \nUS$ Lending rates \n \n \n \n \nMinimum \n10.00 \n10.00 \n10.00 \n10.00 \nMaximum \n18.00 \n18.00 \n18.00 \n18.00 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \n3. EQUITY MARKETS \n \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 (ZiG \nbillion) \nMarket \nTurnover \n(ZiG \nmillion) \nVolume of \nShares \n(million) \n20-Sep-24 \n259.05 \n279.69 \n275.11 \n198.96 \n100.11 \n251.68 \n80.78 \n33.91 \n7.37 \n27-Sep-24 \n244.74 \n262.35 \n259.22 \n191.84 \n100.11 \n251.68 \n74.87 \n38.77 \n10.31 \n4-Oct-24 \n252.81 \n271.77 \n266.89 \n211.82 \n100.11 \n251.68 \n77.24 \n95.00 \n17.83 \n11-Oct-24 \n256.17 \n278.33 \n272.17 \n207.39 \n100.11 \n251.68 \n78.56 \n61.80 \n24.66 \nWeekly \nChange (%) \n1.33 \n2.41 \n1.98 \n(2.09) \n0.00 \n0.00 \n1.71 \n(34.95) \n38.31 \nSource: Zimbabwe Stock Exchange, 2024 \n \n \n \n \n \n \n 4 \nVFEX Indicators \nDate \nAll Share Index \nPoints \nGrand Market Capitalisation \n(US$ billion) \nMarket Turnover \n(US$ million) \nVolume of Shares \n(million) \n20-Sep-24 \n105.29 \n1.27 \n0.34 \n1.05 \n27-Sep-24 \n105.65 \n1.28 \n0.27 \n1.33 \n4-Oct-24 \n106.67 \n1.29 \n0.19 \n6.15 \n11-Oct-24 \n106.04 \n1.28 \n0.24 \n0.72 \nWeekly Change (%) \n(0.59) \n(0.78) \n26.32 \n(88.29) \nSource: Victoria Falls Stock Exchange, 2024 \n \n \nFigure 1: ZSE and VFEX Indicators \n \n \n \n \n \n \nSource: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2024 \n \n100\n120\n140\n160\n180\n200\n220\n240\n260\n280\n300\n02-Aug-24\n09-Aug-24\n16-Aug-24\n23-Aug-24\n30-Aug-24\n06-Sep-24\n13-Sep-24\n20-Sep-24\n27-Sep-24\n04-Oct-24\n11-Oct-24\nIndices\nZSE Indices \nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n20\n30\n40\n50\n60\n70\n80\n90\n26-Jul-24\n02-Aug-24\n09-Aug-24\n16-Aug-24\n23-Aug-24\n30-Aug-24\n06-Sep-24\n13-Sep-24\n20-Sep-24\n27-Sep-24\n04-Oct-24\n11-Oct-24\nZiG Billion\nZSE Market Capitalisation \n0\n200\n400\n600\n800\n1000\n12-Jul-24\n19-Jul-24\n26-Jul-24\n02-Aug-24\n09-Aug-24\n16-Aug-24\n23-Aug-24\n30-Aug-24\n06-Sep-24\n13-Sep-24\n20-Sep-24\n27-Sep-24\n04-Oct-24\n11-Oct-24\nUS$ Thousand\nVFEX Market Turnover \n1,2\n1,22\n1,24\n1,26\n1,28\n1,3\n1,32\n1,34\n1,36\n1,38\n1,4\n12-Jul-24\n19-Jul-24\n26-Jul-24\n02-Aug-24\n09-Aug-24\n16-Aug-24\n23-Aug-24\n30-Aug-24\n06-Sep-24\n13-Sep-24\n20-Sep-24\n27-Sep-24\n04-Oct-24\n11-Oct-24\nUS$ Billion\nVFEX Market Capitalisation \n95\n100\n105\n110\n115\n05-Jul-24\n12-Jul-24\n19-Jul-24\n26-Jul-24\n02-Aug-24\n09-Aug-24\n16-Aug-24\n23-Aug-24\n30-Aug-24\n06-Sep-24\n13-Sep-24\n20-Sep-24\n27-Sep-24\n04-Oct-24\n11-Oct-24\nIndices\nVFEX All Share Index \n0\n20 000\n40 000\n60 000\n80 000\n100 000\n120 000\n02-Aug-24\n09-Aug-24\n16-Aug-24\n23-Aug-24\n30-Aug-24\n06-Sep-24\n13-Sep-24\n20-Sep-24\n27-Sep-24\n04-Oct-24\n11-Oct-24\nZiG Thousands\nZSE Market Turnover \n \n 5 \n4. CLEARING AND SETTLEMENT ACTIVITY \n Source: Reserve Bank of Zimbabwe, 2024 \n \n \n5. PRICES \n \nEnergy Prices \n \n 20 September 2024 \n27 September 2024 \n4 October 2024 \n11 October 2024 \nDomestic Energy Prices \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.63 \n1.63 \n1.50 \n1.50 \nPetrol Blend E20/ litre \n1.60 \n1.60 \n1.49 \n1.49 \nLP Gas / kg \n1.78 \n1.78 \n1.81 \n1.81 \n \n \n \n \n \nInternational Energy Prices \n(Weekly average) \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n71.30 \n73.92 \n73.11 \n78.31 \n Source: Zimbabwe Energy Regulatory Authority and BBC 2024 \n \n \n6. GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS \n(GBDT) \n \n \n \nGold PM Fix and Gold Backed Digital Token Prices \nDate \nGold PM Fix \nGBDT ZiG Price per Mg \nGBDT US$ Price per Mg \nUS$/oz \nBuy \nSell \nBuy \nSell \n7-October-24 \n 2,650.05 \n2.08 \n2.30 \n0.0809 \n0.0895 \n8-October-24 \n 2,640.95 \n2.09 \n2.31 \n0.0807 \n0.0892 \n9-October-24 \n 2,639.90 \n2.09 \n2.31 \n0.0806 \n0.0891 \n10-October-24 \n 2,610.70 \n2.08 \n2.30 \n0.0797 \n0.0881 \n 11-October-24 \n 2,628.95 \n2.11 \n2.34 \n0.0803 \n0.0887 \nSource: London Bullion Market Association and Reserve Bank of Zimbabwe, 2024 \n \n \n \n \nPAYMENT STREAM \nWEEK ENDING \n4 October 2024 \nWEEK ENDING \n11 October 2024 \nWEEKLY \nCHANGE (%) \n \nVALUES IN ZiG \n \nRTGS \n20,036,046,609.95 \n22,936,809,278.55 \n14.48% \nOf which ZiG \n 8,054,156,331.04 \n7,322,656,289.66 \n \nOf which US$ \n 476,549,152.27 \n600,909,165.59 \n \nPOS \n 1,141,807,271.81 \n1,762,763,011.44 \n54.38% \nATM \n 1,834,889,264.21 \n1,564,827,792.39 \n-14.72% \nMOBILE BANKING \n 117,054,481.00 \n99,534,693.41 \n-14.97% \nMOBILE MONEY \n 3,081,690,444.29 \n3,263,918,616.44 \n5.91% \nZIPIT MOBILE \n 160,579,968.50 \n156,127,467.18 \n-2.77% \nTOTAL \n 26,372,068,039.76 \n29,783,980,859.41 \n12.94% \n \nVOLUMES \n \nRTGS \n259,222 \n183,687 \n-29.14% \nOf which ZiG \n139,065 \n92,410 \n \nOf which US$ \n 120,157 \n91,277 \n \nPOS \n2,469,504 \n1,712,658 \n-30.65% \nATM \n286,377 \n192,915 \n-32.64% \nMOBILE BANKING \n435,676 \n301,110 \n-30.89% \nMOBILE MONEY \n11,353,383 \n11,557,380 \n1.80% \nZIPIT MOBILE \n313,078 \n249,570 \n-20.29% \nTOTAL \n15,117,240 \n14,197,320 \n-6.09% \n \n 6 \nMosi-oa-Tunya Gold Coin Prices \nGold Coin \nPrice \n7-October-24 \n8-October-24 \n9-October-24 \n10-October-24 \n11-October-24 \n1.00Oz \n \n \n \n \n \nUS$ \n2,782.55 \n2,773.00 \n2,771.90 \n2,741.24 \n2,760.40 \nZiG \n71,528.29 \n71,732.73 \n71,986.94 \n71,461.80 \n72,683.75 \n0.50Oz \n \n \n \n \n \nUS$ \n1,391.28 \n1,386.50 \n1,370.62 \n1,380.20 \n1,380.20 \nZiG \n35,764.15 \n35,866.37 \n35,993.47 \n35,730.90 \n36,341.88 \n0.25Oz \n \n \n \n \n \nUS$ \n695.64 \n693.25 \n692.97 \n685.31 \n690.10 \nZiG \n17,933.18 \n17,996.74 \n17,865.45 \n17,865.45 \n18,170.94 \n0.10Oz \n \n \n \n \n \nUS$ \n278.26 \n277.30 \n277.19 \n274.12 \n276.04 \nZiG \n7,152.83 \n7,173.27 \n7,198.69 \n7,146.18 \n7,268.38 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n7. EXTERNAL SECTOR \n \n \nExchange Rate Developments (ZiG per Unit of foreign currency) \n \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(30 September – 4 October) \n25.1870 \n1.4541 \n33.4298 \n1.9256 \n27.9179 \n7-October \n25.7060 \n1.4697 \n33.7070 \n1.9396 \n28.1879 \n8-October \n25.8683 \n1.4824 \n33.8681 \n1.9636 \n28.4124 \n9-October \n25.9703 \n1.4793 \n34.0148 \n1.9648 \n28.4907 \n10-October \n25.0692 \n1.4778 \n34.0792 \n1.9566 \n28.5184 \n 11-October \n26.3309 \n1.5031 \n34.3553 \n1.9882 \n28.7968 \nWeekly Average \n(7 – 11October) \n25.7889 \n1.4825 \n34.0049 \n1.9626 \n28.4812 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \n \nInternational Commodity Price Developments \n \nPlatinum \nPalladium \nNickel \nLithium \nCrude oil \n2024 \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nUS$/tonne \nWeekly Average \n(30 September - 4 \nOctober) \n989.60 \n1,000.20 \n17,791.80 \n9,780.00 \n75.02 \n7-October \n973.50 \n1,019.50 \n17,685.00 \n9,780.00 \n79.77 \n8-October \n965.00 \n1,008.50 \n17,776.00 \n9,724.00 \n77.54 \n9-October \n951.50 \n1,019.50 \n17,371.00 \n9,668.00 \n77.04 \n10-October \n956.00 \n1,050.50 \n17,541.00 \n9,612.00 \n79.05 \n11-October \n976.00 \n1,073.00 \n17,864.00 \n9,556.00 \n78.14 \nWeekly Average \n(7-11 October) \n964.40 \n1,034.20 \n17,647.40 \n9,668.00 \n78.31 \nSource: BBC, KITCO and Bloomberg, 2024 \n \n \n \n \n \n \n \n \n 7 \n Figure 3: Weekly Precious Metals Price Developments (7th – 11th October 2024) \n \n \n \n \n \n \nSource: BBC, KITCO and Bloomberg, 2024 \n \n \n \n2 510\n2 560\n2 610\n2 660\n2 710\n2 760\n07-Oct\n08-Oct\n09-Oct\n10-Oct\n11-Oct\nUS$/oz\nGold\n73\n75\n77\n79\n81\n7-Oct\n8-Oct\n9-Oct\n10-Oct\n11-Oct\nUS$/barrel\nCrude oil \n930\n940\n950\n960\n970\n980\n990\n1 000\n7-Oct\n8-Oct\n9-Oct\n10-Oct\n11-Oct\nUS$/tonne\nPlatinum\n970\n990\n1 010\n1 030\n1 050\n1 070\n1 090\n7-Oct\n8-Oct\n9-Oct\n10-Oct\n11-Oct\nUS$/tonne\nPalladium\n17 000\n17 200\n17 400\n17 600\n17 800\n18 000\n18 200\n7-Oct\n8-Oct\n9-Oct\n10-Oct\n11-Oct\nUS$/tonne\nNickel\n9 400\n9 500\n9 600\n9 700\n9 800\n9 900\n10 000\n7-Oct\n8-Oct\n9-Oct\n10-Oct\n11-Oct\nUS$/tonne\nLithium", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_11_OCTOBER_2024_Volume_26_Number_41.pdf"}
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+ {"doc_id": "135ea86721043468d7e513444fadf2bb", "text": "Vol. 25 No. 06 \n \n \nWeek Ending \n10th February 2023 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nINTEREST RATES .................................................................................... 1 \n2. \nCLEARING AND SETTLEMENT ACTIVITY ...................................... 2 \n3. \nINTERNATIONAL COMMODITY PRICE DEVELOPMENTS ......... 4 \n4. \nEXCHANGE RATE DEVELOPMENTS ................................................. 6 \n5. \nEQUITY MARKETS.................................................................................. 6 \n \n \n \n \n \n1 \n1. \nINTEREST RATES \n \nLocal Currency (ZWL) Deposit Rates \n \nMinimum deposits rates across all deposit classes softened during the week ending 10th February \n2023. During the same week, maximum deposits rates for savings deposits and deposits of 1-\nmonth tenor registered increases, while those for deposits of 3-month tenor declined, as shown \nin Table 1. \n \n \nTable 1: Average Deposit Rates (per annum) \nDate \nSavings deposits (%) \n1- Month deposit’s rates (%) \n \n3- Month deposit rates (%) \n \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n13-Jan-23 \n20.35 \n19.78 \n55.15 \n59.61 \n56.00 \n60.94 \n20-Jan-23 \n20.35 \n19.78 \n55.15 \n59.61 \n56.00 \n60.94 \n27-Jan-23 \n31.30 \n32.09 \n75.88 \n82.06 \n78.47 \n85.03 \n3-Feb-23 \n31.30 \n32.09 \n75.88 \n82.06 \n78.47 \n85.03 \n10-Feb-23 \n31.18 \n34.00 \n71.29 \n82.17 \n70.03 \n82.44 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \nLocal Currency (ZWL) Lending Rates \n \nCommercial bank minimum and maximum lending rates for both individual and corporate clients \nregistered declines during the week under analysis, as shown in Table 2. \n \nTable 2: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \n \n Corporate Clients \n13-Jan-23 \n92.41 \n130.35 \n112.77 \n242.11 \n20-Jan-23 \n92.41 \n130.35 \n112.77 \n242.11 \n27-Jan-23 \n90.05 \n128.63 \n116.03 \n205.86 \n3-Feb-23 \n90.05 \n128.63 \n116.03 \n205.86 \n10-Feb-23 \n74.14 \n115.32 \n106.68 \n184.89 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n \n \n2 \nForeign Currency (USD) Deposit Rates \n \nMinimum deposits rates for savings deposits, deposits of 1-month and 3-months tenor increased \nduring the week ending 10th February 2023. Maximum deposits rates for savings deposits and \ndeposits of 3-months tenor declined, while those for deposits of 1-month tenor remained \nunchanged during the week under review, as shown in Table 3. \n \n \nTable 3: Average Deposit Rates (per annum) \nDate \nSavings deposits (%) \n1- Month deposit’s rates (%) \n \n3- Month deposit rates (%) \n \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n27-Jan-23 \n5.44 \n8.48 \n2.68 \n4.28 \n2.88 \n4.33 \n3-Feb-23 \n5.44 \n8.48 \n2.68 \n4.28 \n2.88 \n4.33 \n10-Feb-23 \n5.50 \n6.09 \n2.94 \n4.28 \n2.90 \n4.22 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \nForeign Currency (USD) Lending Rates \n \nDuring the week under review, commercial bank minimum lending rates for individual clients \ndeclined, while those for corporate clients registered an increase. Maximum lending rates for \ncorporate and individual clients increased by 1.06 and 0.3 percentage points, respectively, during \nthe same week. \n \nTable 4: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \n \n Corporate Clients \n27-Jan-23 \n11.35 \n12.86 \n6.60 \n13.52 \n3-Feb-23 \n11.35 \n12.86 \n6.60 \n13.52 \n10-Feb-23 \n10.98 \n13.16 \n7.31 \n14.58 \nSource: Reserve Bank of Zimbabwe, 2023 \n2. \nCLEARING AND SETTLEMENT ACTIVITY \n \nThe aggregate value of transactions processed through the National Payment System (NPS) stood \nat ZW$648.41 billion, during the week 10th February 2023. This represented an increase of \n6.04%, compared to ZW$611.45 billion reported in the previous week. Real Time Gross \nSettlement (RTGS) transactions increased by 6.63% to ZW$520.78 billion, from ZW$488.40 \nbillion recorded in the preceding week. In proportions, the NPS transaction values were \ndistributed as follows: RTGS, 80.32%, POS, 9.60%; Mobile, 7.08%; and ATM, 3.01%. \n \n \n3 \n Figure 1: Composition of NPS Transactions in Value Terms \n \n Source: Reserve Bank of Zimbabwe, 2023 \n \n \n \nThe volume of NPS transactions increased by 1.75% to 12.39 million, during the week under \nreview, from 12.17 million recorded in the preceding week. Mobile based transactions dominated \nNPS transaction volumes at 74.99% of the total, followed by POS, 22.58%; RTGS, 1.65%; and \nATM, 0.79%, as shown in Figure 2. \n \n \n Figure 2: Composition of NPS Transactions in Volume Terms \n \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n \n \n \n \n \nRTGS\n80.32%\nPOS\n9.60%\nATM\n3.01%\nMOBILE\n7.08%\nRTGS\nPOS\nATM\nMOBILE\nRTGS, 1.65%\nPOS, 22.58%\nATM, 0.79%\nMOBILE, 74.99%\nRTGS\nPOS\nATM\nMOBILE\n \n \n4 \nTable 5: National Payment Systems Activity \nPAYMENT \nSTREAM \nWEEK ENDING \n3rd February 2023 \n \nWEEK ENDING \n10th February 2023 \n% CHANGE FROM \nLAST WEEK \nPROPORTION \n% \n \nValues in ZW$ Millions \n \n \nRTGS \n488,399.56 \n520,777.28 \n6.63% \n80.32% \nPOS \n66,130.27 \n62,235.05 \n-5.89% \n9.60% \nATM \n26,574.05 \n19,516.33 \n-26.56% \n3.01% \nMOBILE \n30,344.90 \n45,879.04 \n51.19% \n7.08% \nTOTAL \n611,448.77 \n648,407.70 \n6.04% \n100% \nVolumes \n \n \nRTGS \n251,237 \n204,030 \n-18.79% \n1.65% \nPOS \n3,206,525 \n2,796,818 \n-12.78% \n22.58% \nATM \n128,050 \n97,244 \n-24.06% \n0.79% \nMOBILE \n8,587,541 \n9,288,068 \n8.16% \n74.99% \nTOTAL \n12,173,353 \n12,386,160 \n1.75% \n100% \nSource: Reserve Bank of Zimbabwe, 2023 \n \n3. \nINTERNATIONAL COMMODITY PRICE DEVELOPMENTS \n \nDuring the week under review, international commodity prices for gold, platinum, palladium, \ncopper, and nickel retreated, while crude oil prices firmed. Commodity markets were largely \ninfluenced by a stronger US dollar, which made greenback denominated commodities more \nexpensive to holders of other currencies. The commodity price developments during the \nreporting week are shown in Table 6. \n \nTable 6: Metal and Crude Oil Prices for the week ending 10th February 2023 \n \nGold \nPlatinum \nPalladium \nCopper \nNickel \nCrude Oil \n2023 \nUS$/ounce US$/ounce US$/ounce US$/tonne US$/tonne US$/barrel \nWeekly Average (30 Jan – 3 Feb 23) \n1,921.13 \n1,008.40 \n1,658.60 \n9,128.90 \n29,357.00 \n83.06 \n6-Feb-23 \n1,889.30 \n978.00 \n1,582.50 \n8,891.00 \n27,400.00 \n82.71 \n7-Feb-23 \n1,875.30 \n977.00 \n1,640.50 \n8,863.00 \n26,810.00 \n83.72 \n8-Feb-23 \n1,876.60 \n981.50 \n1,656.00 \n9,006.00 \n27,250.00 \n85.18 \n9-Feb-23 \n1,875.00 \n967.00 \n1,629.50 \n8,953.00 \n27,010.00 \n84.35 \n10-Feb-23 \n1,861.90 \n960.50 \n1,581.00 \n8,858.00 \n27,450.00 \n85.58 \nWeekly Average (6-10 Feb 23) \n1,875.62 \n972.80 \n1,617.90 \n8,914.20 \n27,184.00 \n84.31 \nWeekly Change (%) \n-2.37 \n-3.53 \n-2.45 \n-2.35 \n-7.40 \n1.50 \nSource: BBC, KITCO and Bloomberg, 2023 \nGold \n \nGold prices continued on a negative trajectory, falling by 2.37% from US$1,921.13 per ounce in \nthe previous week to US$1,875.62 per ounce, during the week ending 10th February 2023. The \nprice of the yellow metal retreated on account of a stronger US dollar and as investors remained \nwary of future interest rate hikes by the U.S. Federal Reserve to tame high inflation. \n \n \n \n5 \nPlatinum \nPlatinum prices remained sluggish, shedding 3.53% to close the week under review at \nUS$972.80 per ounce, from US$1,008.40 recorded in the previous week. Prices continued to be \nweighed down by weak industrial demand, coupled with gloomy investment prospects as \ninvestors moved to interest bearing assets and the US dollar. \n \nPalladium \nThe negative trend in palladium prices persisted as the US dollar strengthened and the industry \nwhich relies heavily on palladium for the manufacturing of electronics weakened. Prices \nretreated by 2.45%, from US$1,658.60 per ounce in the prior week to US$1,617.90 per ounce, \nduring the week under review. \n \nCopper \nDuring the week ending 10th February 2023, copper prices decreased by 2.35%, from \nUS$9,128.90 per tonne recorded in the previous week to US$8,914.20 per tonne. Prices were \nweighed down by growing uncertainty over economic recovery in China, the largest user of \nindustrial metals. \n \nNickel \nNickel prices were subdued owing to a stronger US dollar, increasing stockpiles as well as \nslackening demand in China. Resultantly, prices retreated by 7.4%, from US$29,357.00 per \ntonne in the week ending 3rd February 2023 to US$27,184.00 per tonne, during the week under \nreview. \n \nBrent Crude Oil \n \nBrent crude oil prices rallied during the week ending 10th February 2023, spurred by concerns \nover supply after Russia announced plans to cut output in response to Western sanctions against \nRussian energy. Reflecting this development, weekly average crude oil prices increased by 1.5%, \nfrom US$83.06 per barrel in the previous week to US$84.31 per barrel, during the week ending \n10th February 2023. \n \n \n \n \n \n \n \n \n6 \n4. EXCHANGE RATE DEVELOPMENTS \n \n \nInterbank Market \nOn the interbank market, the Zimbabwe dollar (ZW$) depreciated by 3.5% against the US dollar, \nfrom ZW$798.7011 per US$1 in the previous week to ZW$826.9948 per US$1, during the week \nunder review, as shown in Table 7. \n \nTable 7: Interbank Market Exchange Rates1 \n \nUSD \nZAR \nGBP \nBWP \nEURO \n2023 \n \n \n \n \n \nWeekly Average (30 Jan-3 Feb 23) \n798.7011 \n46.4135 \n985.0623 \n62.2749 \n870.6324 \n6-Feb-23 \n812.1532 \n46.6200 \n979.9131 \n63.8855 \n876.8061 \n7-Feb-23 \n817.0563 \n46.4037 \n984.3500 \n62.8403 \n877.3608 \n8-Feb-23 \n831.8147 \n47.3934 \n1002.1301 \n63.9776 \n892.4595 \n9-Feb-23 \n835.0978 \n47.1698 \n1009.4721 \n64.1442 \n896.3163 \n10-Feb-23 \n838.8520 \n47.1698 \n1014.6431 \n64.5621 \n899.2549 \nWeekly Average (6-10 Feb 23 ) \n826.9948 \n46.9513 \n998.1016 \n63.8819 \n888.4395 \nAppr(-)/Depr(+) (%) of the ZWL \n3.5 \n1.2 \n1.3 \n2.6 \n2.0 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n5. EQUITY MARKETS \n \n \nZimbabwe Stock Exchange \nThe week ending 10th February 2023 saw the Zimbabwe Stock Exchange (ZSE) exhibit bullish \nsentiments for the third consecutive week. As a result, the ZSE All Share index rose by 20.83% \nto close at 29 944.34 points. The Top 10, Top 15, Small and Medium indices gained by 25.38%, \n24.24%, 9.64% and 2.73% to close at 19 085.82 points, 21 136.88 points, 55 596.86 points and \n518 724.23 points, respectively. \n \nThe increase in the mainstream index was a result of share price gains for Ecocash Holdings \nZimbabwe Limited (51.52%), Econet Wireless Zimbabwe Limited (50.14%), Africa Sun \nLimited (38.01%), Delta Corporation Limited (36.17%) and Nampak Zimbabwe Limited \n(32.86%). Partially offsetting the gains were losses in share prices of Mashonaland Holdings \nLimited (19.44%), Rainbow Tourism Group Limited (15.00%), Willdale Limited (10.77%), \nAriston Holdings Limited (9.35%) and General Beltings Holdings Limited (5.85%). The \nresources index2 added 14.16% to close at 29 116.96 points, during the week under review. \n \n \n1 Direct quote – the amount of domestic currency needed to exchange for 1 unit of foreign currency \n2 Resource Index – Comprise RioZim Limited Share Price \n \n \n7 \nTable 8: Zimbabwe Stock Exchange Statistics3 \n \nAll Share \nIndex \nPoints \nTop 10 \nindex3 \n(points) \n \n \n \nMining \nIndex \n(points) \nGrand \nMarket \nCapitaliz\nation \n(ZWL \nbillion) \nMarket \nTurnover \n(ZWL \nmillion) \nVolume \nof Shares \n(million) \nTop 15 \nIndex3 \npoints \nMedium \nCap3 \n(points) \nSmall Cap3 \n(points) \n \n \n \n6-Jan-23 \n21,303.44 \n13,619.02 \n14,880.57 \n39,041.60 \n454,198.51 \n25,466.86 \n2,250.89 \n2,194.26 \n25.55 \n13-Jan-23 \n21,981.41 \n13,860.17 \n15,293.15 \n41,929.97 \n457,148.25 \n25,496.86 \n2,356.79 \n2,269.90 \n24.44 \n20-Jan-23 \n21,665.00 \n13,349.26 \n14,851.04 \n43,623.29 \n469,419.34 \n25,496.86 \n2,341.88 \n3,088.23 \n18.99 \n27-Jan-23 \n22,142.52 \n13,612.50 \n15,166.91 \n45,157.58 \n474,766.97 \n25,496.86 \n2,392.19 \n3,308.22 \n24.51 \n3-Feb-23 \n24,782.89 \n15,222.34 \n17,012.45 \n50,707.50 \n504,953.31 \n25,505.95 \n2,673.14 \n5,166.00 \n69.29 \n10-Feb-23 \n29,944.34 \n19,085.82 \n21,136.88 \n55,596.86 \n518,724.23 \n29,116.96 \n3,226.91 \n9,865.72 \n56.27 \n% Change \n20.83 \n25.38 \n24.24 \n9.64 \n2.73 \n 14.16 \n20.72 \n90.97 \n-18.79 \nSource: Zimbabwe Stock Exchange (ZSE), 2023 \n \nFigure 3 shows the trend in daily market turnover for the period from 31st January 2022 to 10th \nFebruary 2023. \n \nFigure 3: Zimbabwe Stock Exchange All Share and Top 10 Indices \nSource: Zimbabwe Stock Exchange, 2023 \n \n \nMarket Turnover and Volume \n \nDuring the week ending 10th February 2023, the cumulative volume of shares traded on the ZSE \ndeclined by 18.79% to 56.27 million, from to 69.29 million recorded in the prior week. However, \nthe turnover value of shares traded increased by 90.97% to ZW$9.87 billion, as trading activity \n \n3 The Zimbabwe Stock Exchange (ZSE) adopted the Global Industry Classification Standards, effective from 1 January 2020.The ZSE indices \nconstitute the following categories; Top 10 Index; Top 15; Top 25; Medium cap and Small cap Indices. \n \n \n0\n4,000\n8,000\n12,000\n16,000\n20,000\n24,000\n28,000\n31-Jan-22\n15-Feb-22\n2-Mar-22\n17-Mar-22\n1-Apr-22\n16-Apr-22\n1-May-22\n16-May-22\n31-May-22\n15-Jun-22\n30-Jun-22\n15-Jul-22\n30-Jul-22\n14-Aug-22\n29-Aug-22\n13-Sep-22\n28-Sep-22\n13-Oct-22\n28-Oct-22\n12-Nov-22\n27-Nov-22\n12-Dec-22\n27-Dec-22\n11-Jan-23\n26-Jan-23\n10-Feb-23\nAll Share Index\nTop 10 Index\n \n \n8 \nwas concentrated in selected heavy-weight counters. Figure 4 shows the trend in daily market \nturnover for the period from 31st January 2022 to 10th February 2023. \n \n Figure 4: Daily Market Turnover \n \n \n Source: Zimbabwe Stock Exchange, 2023 \n \nMarket Capitalization \n \nThe local bourse added ZW$553.77 billion, or 20.72% worth of capitalization to close at \nZW$3,226.91 billion, during the week under review. Figure 5 shows the evolution of ZSE market \ncapitalization for the period from 31st January 2022 to 10th February 2023. \n \nFigure 5: Daily Market Capitalization in ZW$ billions \nSource: Zimbabwe Stock Exchange, 2023 \n \nVictoria Falls Stock Exchange \n \nThe Victoria Falls Stock Exchange (VFEX) traded on a negative trajectory for the fourth \nconsecutive week. Resultantly, the VFEX All Share index declined by 0.60% to close at 109.57 \n0\n2,000\n4,000\n6,000\n8,000\n10,000\n12,000\n14,000\n16,000\n18,000\n20,000\n31-Jan-22\n15-Feb-22\n02-Mar-22\n17-Mar-22\n01-Apr-22\n16-Apr-22\n01-May-22\n16-May-22\n31-May-22\n15-Jun-22\n30-Jun-22\n15-Jul-22\n30-Jul-22\n14-Aug-22\n29-Aug-22\n13-Sep-22\n28-Sep-22\n13-Oct-22\n28-Oct-22\n12-Nov-22\n27-Nov-22\n12-Dec-22\n27-Dec-22\n11-Jan-23\n26-Jan-23\n10-Feb-23\nZW$ millions\nNegotiated deal: 61.16 million Larfage\nCement\nZimbabwe\nLimited\nshares\nexchanged hands at ZW$312.65\n0\n400\n800\n1,200\n1,600\n2,000\n2,400\n2,800\n3,200\n3,600\n4,000\n31-Jan-22\n15-Feb-22\n02-Mar-22\n17-Mar-22\n01-Apr-22\n16-Apr-22\n01-May-22\n16-May-22\n31-May-22\n15-Jun-22\n30-Jun-22\n15-Jul-22\n30-Jul-22\n14-Aug-22\n29-Aug-22\n13-Sep-22\n28-Sep-22\n13-Oct-22\n28-Oct-22\n12-Nov-22\n27-Nov-22\n12-Dec-22\n27-Dec-22\n11-Jan-23\n26-Jan-23\n10-Feb-23\nBillions\n \n \n9 \npoints. The cumulative volume of shares traded on the VFEX decreased by 49.39% to 0.08 \nmillion, during the week ending 10th February 2023. Concomitantly, the value of shares traded \ndeclined by 16.08% to USD0.04 million, during the same week. VFEX market capitalization \nstood at US$0.62 billion, a decline of 0.60% or US$0.01 billion, from US$0.63 billion recorded \nin the previous week. Figure 6 shows the trend in the VFEX All Share Index (ASI) for the period \nfrom 31st January 2022 to 10th February 2023. \n \n \n \nFigure 6: Victoria Falls Stock Exchange All Share Index \n \nSource: Victoria Falls Stock Exchange, 2023 \n \n \nJohannesburg Stock Exchange (JSE) Developments \n \nThe Johannesburg Stock Exchange (JSE) All Share Index declined from 80,240.92 points in the \nprevious week to close at 78,985.35 points, during the week ending 10th February 2023. JSE \nmarket capitalization also decreased by 0.91% to ZAR22.87 trillion, during the same week. \n \nTable 9: Johannesburg Stock Exchange (JSE) Statistics \nPeriod \nAll Share Index \nMarket Capitalization \n(points) \n(ZAR trillions) \n6-Jan-23 \n76,858.94 \n22.30 \n13-Jan-23 \n79,333.72 \n22.88 \n20-Jan-23 \n79,269.77 \n23.02 \n27-Jan-23 \n80,791.36 \n23.28 \n3-Feb-23 \n80,240.92 \n23.08 \n10-Feb-23 \n78,985.35 \n22.87 \n% Change \n-1.56 \n-0.91 \nSource:https://www.jse.co.za/services/market-data/market-statistics, 2023 \n \n \n90.00\n100.00\n110.00\n120.00\n130.00\n140.00\n150.00\n31-Jan-22\n15-Feb-22\n02-Mar-22\n17-Mar-22\n01-Apr-22\n16-Apr-22\n01-May-22\n16-May-22\n31-May-22\n15-Jun-22\n30-Jun-22\n15-Jul-22\n30-Jul-22\n14-Aug-22\n29-Aug-22\n13-Sep-22\n28-Sep-22\n13-Oct-22\n28-Oct-22\n12-Nov-22\n27-Nov-22\n12-Dec-22\n27-Dec-22\n11-Jan-23\n26-Jan-23\n10-Feb-23\n \n \n10 \nFigure 7: Johannesburg Stock Exchange (JSE) All Share Index \nSource:https://www.jse.co.za/services/market-data/market-statistics,2023 \n \n \n \n \n \n \n \n \n \nRESERVE BANK OF ZIMBABWE \n \n \n \n 60.00\n 65.00\n 70.00\n 75.00\n 80.00\n 85.00\n31-Jan-22\n15-Feb-22\n2-Mar-22\n17-Mar-22\n1-Apr-22\n16-Apr-22\n1-May-22\n16-May-22\n31-May-22\n15-Jun-22\n30-Jun-22\n15-Jul-22\n30-Jul-22\n14-Aug-22\n29-Aug-22\n13-Sep-22\n28-Sep-22\n13-Oct-22\n28-Oct-22\n12-Nov-22\n27-Nov-22\n12-Dec-22\n27-Dec-22\n11-Jan-23\n26-Jan-23\n10-Feb-23\n \n \n11 \n APPENDIX 1: FOREIGN EXCHANGE AUCTION RESULTS FOR MAINFX4 AND SMEFX5 \n Source: Reserve Bank of Zimbabwe, 2023 \n \n \n4 Main Foreign Currency Auction \n5 Small and Medium Enterprises Foreign Currency Auction \n \nMAINFX \n 20-Jan-23 27-Jan-23 3-Feb-23 10-Feb-23 \n \n SMEFX \n 20-Jan-23 27-Jan-23 3-Feb-23 10-Feb-23 \nTotal \nBids (US$ dollars) \n14,856,242.12 \n21,082,463.27 \n23,950,602.74 \n20,220,645.23 \n2,316,967.40 \n2,846,970.79 \n2,898,898.05 \n2,735,597.08 \nAmount Allotted \n(US$ dollars) \n12,722,908.28 \n12,348,070.16 \n16,458,668.21 \n16,897,319.04 \n1,748,201.30 \n1,515,043.86 \n1,837,006.31 \n2,269,815.79 \nHighest Rate \n765 \n825 \n860 \n885 \n790 \n790 \n860 \n890 \nLowest Bid \nRate \n711 \n750 \n800 \n830 \n711 \n750 \n800 \n830 \nLowest Bid Rate \nAllotted \n711 \n750 \n800 \n830 \n711 \n750 \n800 \n830 \nWeighted Average \nRate \n732.0036 \n779.3101 \n801.6023 \n831.8147 \n732.0036 \n779.3101 \n801.6023 \n831.8147 \nNumber of Bids \nReceived \n144 \n190 \n215 \n223 \n219 \n267 \n289 \n305 \nNumber of Bids \nRejected \n5 \n8 \n4 \n8 \n3 \n4 \n7 \n4 \n \n \n12 \n APPENDIX 2: SUMMARY OF FOREIGN CURRENCY AUCTION ALLOTMENTS BY PURPOSE \nSource: Reserve Bank of Zimbabwe, 2023 \nPurpose \nMAINFX \n 20-Jan-23 27-Jan-23 3-Feb-23 10-Feb-23 \nSMEFX \n 20-Jan-23 27-Jan-23 3-Feb-23 10-Feb-23 \nRaw Materials \n \n7,938,975.10 \n6,885,424.64 \n9,031,988.33 \n9,293,740.16 \n564,441.68 \n502,062.29 \n539,931.64 \n706,607.35 \nMachinery and \nEquipment \n942,396.26 \n1,181,848.16 \n2,249,805.58 \n1,910,567.54 \n492,153.71 \n318,370.58 \n531,593.60 \n698,196.71 \nConsumables \n(Incl. Spares, \nTyres, \nPackaging) \n1,067,946.54 \n627,949.67 \n814,010.56 \n967,339.85 \n201,458.74 \n196,015.31 \n280,482.82 \n293,632.88 \nPharmaceuticals \nand Chemicals \n245,892.58 \n458,282.76 \n508,381.27 \n457,478.57 \n60,389.18 \n94,549.87 \n32,926.65 \n82,140.37 \nServices \n(Loans, \nDividends and \nDisinvestments) \n1,076,085.87 \n1,435,533.87 \n1,431,344.34 \n1,316,528.01 \n217,663.38 \n223,614.09 \n200,888.67 \n196,237.43 \nRetail and \nDistribution \n1,019,584.66 \n1,182,651.25 \n1,626,672.39 \n2,336,520.86 \n155,338.54 \n126,391.73 \n159,891.49 \n227,561.66 \nFuel, Electricity \nand Gas \n- \n- \n- \n- \n- \n- \n- \n- \nPaper and \nPackaging \n432,027.27 \n576,379.81 \n796,465.74 \n615,144.05 \n56,756.07 \n54,039.99 \n91,291.44 \n65,439.39 \nTOTAL \n12,722,908.28 12,348,070.16 16,458,668.21 16,897,319.04 \n1,748,201.30 \n1,515,043.86 \n1,837,006.31 \n2,269,815.79", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_10_February_2023_Volume_25_Number_06_SPM.pdf"}
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+ {"doc_id": "14100d7b3112e9b506c41c1bdc076606", "text": "Vol. 26 No. 14 \n \n \nWeek Ending \n5th April 2024 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 2 \n3. \nEQUITY MARKETS .............................................................. 3 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 5 \n5. \nPRICES .................................................................................... 5 \n6. \nMOSI-OA-TUNYA GOLD COINS AND GOLD BACKED \nDIGITAL TOKENS (GBDT) ................................................. 5 \n7. \nEXTERNAL SECTOR ........................................................... 6 \n8. \nTOBACCO SALES ................................................................. 7 \n \n \n 1 \n1. OVERVIEW \n \n \nSUMMARY OF THE MONETARY POLICY STATEMENT PRESENTED ON 5 APRIL 2024 \nThe Reserve Bank of Zimbabwe announced its first Monetary Policy Statement (MPS) for the year \n2024 on 5th April 2024. The new monetary policy measures that were announced are intended to \nachieve a solid and stable national currency, a stable and sustainable exchange rate, robust policy \ncredibility and restoration of market confidence and a stable and sustainable macroeconomy, as \nenshrined in Vision 2030 and the National Development Strategy 1 (NDS1). \nAs enunciated in the MPS, the Bank introduced a structured currency, the Zimbabwe Gold (ZiG). \nThe structured currency is backed by a composite basket of foreign currency and precious metals \n(mainly gold) held as reserves by the Bank. In this regard, the Bank will issue domestic notes and \ncoins that are fully backed by foreign currency and precious metals, which implies that the currency \nwill be fully convertible on demand. \nBanks were instructed to convert the Zimbabwe dollar (ZW$) balances into ZiG guided by the \nclosing interbank exchange rate and the price of gold as at 5th April 2024. Economic agents holding \nZW$ notes and coins would deposit the notes and coins into their bank accounts which would be \ncredited into their ZiG accounts, using the ZiG: ZW$ conversion factor of 2498.7242. The Bank \nmade special arrangements for individuals without bank accounts to swap their ZW$ notes and coins \nat the POSB and AFC Commercial Bank up to 30 April 2024. \nZiG notes and coins shall be issued in denominations made up of 1ZiG, 2ZiG, 5ZiG, 10ZiG, 20 ZiG, \n50ZiG, 100ZiG and 200 ZiG, to be distributed through normal banking channels. The notes and coins \nwill start circulating in the economy on 30th April 2024, to allow the Bank to undertake intensive \neducational and awareness campaign on the security features of the ZiG notes and coins. \nAccordingly, the Bank recalibrated the Bank policy rate from 130% per annum to 20% per annum \nconsistent with the new monetary policy framework. The overnight accommodation was set at 25% \nand the Bank deposit facility interest rate at 12.5%. Minimum savings and time deposits interest rates \non ZiG were set at 3.5% and 5%, respectively. Minimum interest rates on FCA deposits remain \nunchanged at 1% and 2.5% for savings and time deposits, respectively. \nThe structured currency and the accompanying policy measures are anticipated to restore confidence \nin the local currency and safeguard the multi-currency system, which to date, has served the country \nwell. This will go a long way in fostering simplicity, credibility, certainty, predictability in monetary \nand financial affairs and will bring price and exchange rate stability in the economy. \nThe rest of the weekly report summarizes the developments on the key money, capital, foreign \ncurrency, and commodity developments during the week ending 5th April 2024. \n \n 2 \n2. INTEREST RATES \n \nPolicy rates (Local currency (ZW$)) \nPolicy Rate (%) \n15 March 2024 \n22 March 2024 \n28 March 2024 \n5 April 2024 \nRBZ Policy Rate \n130 \n130 \n130 \n130 \nMBA Window \n75 \n75 \n75 \n75 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \nAverage commercial bank deposit rates (Local Currency (ZW$)) \nZWL Deposit rates (%) \n15 March 2024 \n22 March 2024 \n28 March 2024 \n5 April 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 \n67.72 \n67.72 \n67.72 \n67.72 \n3-month deposit \n \n \n \n \nMinimum \n56.28 \n56.28 \n56.28 \n56.28 \nMaximum \n64.78 \n64.78 \n64.78 \n64.78 \n6-month deposit \n \n \n \n \nMinimum \n54.03 \n54.03 \n54.03 \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 (%) \n15 March 2024 \n15 March 2024 \n22 March 2024 \n5 April 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 \n3.15 \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 3 \nCommercial bank weighted lending rates (Local Currency (ZW$)) \nZWL Lending rates (%) \n 15 March 2024 \n 22 March 2024 \n28 March 2024 \n5 April 2024 \nIndividuals \n \n \n \n \nMinimum \n72.68 \n72.71 \n73.43 \n74.41 \nMaximum \n98.73 \n98.48 \n98.46 \n98.92 \nCorporates \n \n \n \n \nMinimum \n92.00 \n91.50 \n91.40 \n92.58 \nMaximum \n167.88 \n166.55 \n165.42 \n164.81 \nSource: Reserve Bank of Zimbabwe, 2024 \n \nCommercial bank weighted lending rates (Foreign Currency (US$)) \nUS$ Lending rates (%) \n 15 March 2024 \n 22 March 2024 \n28 March 2024 \n5 April 2024 \nIndividuals \n \n \n \n \nMinimum \n10.32 \n10.33 \n10.32 \n10.36 \nMaximum \n13.71 \n13.72 \n13.73 \n13.72 \nCorporates \n \n \n \n \nMinimum \n8.29 \n8.25 \n8.32 \n8.38 \nMaximum \n14.14 \n14.17 \n14.10 \n14.13 \nSource: Reserve Bank of Zimbabwe, 2024 \n \nCommercial banks and Building societies mortgage lending rates \nMortgage Lending rates \n15 March 2024 \n 22 March 2024 \n28 March 2024 \n5 April 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 \n10.00 \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) \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 \n22-Mar-24 \n754,320.09 \n342,964.47 \n451,650.24 \n2,888,383.08 \n12,735,217.66 \n216,488.94 \n60,498.10 \n36,559.87 \n11.28 \n28-Mar-24 \n873,263.38 \n398,030.12 \n524,826.30 \n3,176,588.02 \n12,735,217.66 \n218,308.09 \n70,645.46 \n16,176.72 \n6.58 \n5-April-24 \n915,936.81 \n409,465.16 \n540,484.20 \n3,409,471.43 \n12,626,424.35 \n251,052.71 \n73,517.83 \n36,026.88 \n8.67 \nWeekly \nChange \n(%) \n4.89 \n2.87 \n2.98 \n7.33 \n-0.85 \n15.00 \n4.07 \n122.71 \n31.76 \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) \n15-March-24 \n95.51 \n1.15 \n0.45 \n1.74 \n22-March-24 \n97.88 \n1.18 \n0.55 \n2.31 \n28-March-24 \n101.06 \n1.22 \n1.38 \n3.96 \n5-April-24 \n97.54 \n1.18 \n0.46 \n1.35 \nWeekly Change (%) \n-3.48 \n-3.28 \n-66.67 \n-65.91 \nSource: Zimbabwe Stock Exchange, 2024 \n \n \n 4 \nFigure 1: ZSE and VFEX Indicators \n \n \n \n \n \n \nSource: Zimbabwe Stock Exchange, 2024 \n0\n150,000\n300,000\n450,000\n600,000\n750,000\n900,000\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\n22-Mar-24\n29-Mar-24\n05-Apr-24\nIndices\nZSE Indices \nAllshare index\nTop10 Index\nMining Index\n0\n15,000\n30,000\n45,000\n60,000\n75,000\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\n22-Mar-24\n29-Mar-24\n05-Apr-24\nZW$ Mililon\nZSE Market Turnover \n0\n10,000\n20,000\n30,000\n40,000\n50,000\n60,000\n70,000\n80,000\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\n22-Mar-24\n29-Mar-24\n05-Apr-24\nZW$ Mililon\nZSE Market Capitalisation \n0\n20\n40\n60\n80\n100\n120\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\n22-Mar-24\n29-Mar-24\n05-Apr-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\n22-Mar-24\n29-Mar-24\n05-Apr-24\nUS$ Thousand\nVFEX Market Turnover \n800\n900\n1000\n1100\n1200\n1300\n1400\n1500\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\n22-Mar-24\n29-Mar-24\n05-Apr-24\nUS$ Mililon\nVFEX Market Capitalisation \n \n 5 \n4. CLEARING AND SETTLEMENT ACTIVITY \nSource: Reserve Bank of Zimbabwe, 2024 \n5. PRICES \nDomestic Energy Prices \nEnergy prices \n15 Mar 2024 \n22 Mar 2024 \n28 March 2024 \n5 April 2024 \n \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.69 \n1.69 \n1.69 \n1.69 \nPetrol Blend E20/ litre \n1.68 \n1.68 \n1.68 \n1.68 \nLP Gas / kg \n1.87 \n1.87 \n1.87 \n1.87 \nSource: Zimbabwe Energy Regulatory Authority, 2024 \n \nInternational Energy Prices (Weekly average) \n Energy prices \n 15 Mar 2024 \n 22 Mar 2024 \n 28 Mar 2024 \n 5 April 2024 \n \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n84.02 \n86.31 \n86.16 \n89.83 \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 \n15 Mar 2024 \n22 Mar 2024 \n28 March 2024 \n5 April 2024 \n \nUS$/oz \nUS$/oz \nUS$/oz \nUS$/oz \nGold PM Fix \n2,160.80 \n2,170.50 \n2,192.70 \n2,293.50 \nSource: London Bullion Market Association, 2024 \n \nGold Backed Digital Token Price Per Milligram \nWeek Ending \nZW$ Price per Mg \nUS$ Price per Mg \nBuy \nSell \nBuy \nSell \n15-March-24 \n1,321.41 \n1,460.51 \n0.0660 \n0.0729 \n22-March-24 \n1,486.86 \n1,643.37 \n0.0663 \n0.0733 \n28-March-24 \n1,624.81 \n1,795.84 \n0.0670 \n0.0740 \n5 April -24 \n2,363.64 \n2,612.44 \n0.0701 \n0.0774 \nSource: Reserve Bank of Zimbabwe, 2024 \nPAYMENT STREAM \nWEEK ENDING \n28 MARCH 2024 \nWEEK ENDING \n5 April 2024 \nWEEKLY \nCHANGE (%) \n \nVALUES IN ZW$ \n \nRTGS \n18,997,514,138,620.20 \n16,848,136,909,353.40 \n-11.31% \nOf which ZW$ \n6,470,184,730,258.40 \n5,500,194,420,908.59 \n \nOf which US$ \n582,244,612.36 \n445,898,965.57 \n \nPOS \n1,156,772,099,969.19 \n1,314,647,019,870.50 \n13.65% \nATM \n1,312,059,356,084.96 \n1,778,653,128,854.45 \n35.56% \nMOBILE \n1,276,276,344,513.13 \n2,046,923,148,469.10 \n60.38% \nTOTAL \n22,742,621,939,187.50 \n21,988,360,206,547.40 \n-3.32% \n \nVOLUMES \n \nRTGS \n324,534 \n190,469 \n-41.31% \nOf which ZW$ \n164,313 \n87,244 \n \nOf which US$ \n160,221 \n103,225 \n \nPOS \n1,815,041 \n1,924,924 \n6.05% \nATM \n233,515 \n270,858 \n15.99% \nMOBILE \n13,046,978 \n13,564,167 \n3.96% \nTOTAL \n15,420,068 \n15,950,418 \n3.44% \n \n 6 \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 28-March \n1,138 \n462,338.61 \n462,338.61 \n917.278972 \nGBDT Issue No.45 2024 2-April \n5 \n19,429.99 \n19,429.99 \n10.526542 \nGBDT Issue No.46 2024 3-April \n14 \n8,606.48 \n8,606.48 \n4.466746 \nGBDT Issue No.47 2024 4-April \n18 \n18,304.26 \n18,304.26 \n8.063967 \nGBDT Issue No.48 2024 5-April \n5 \n6,408.99 \n6,408.99 \n2.453259 \nCumulative up to week ending 5-April \n1,180 \n515,088.33 \n515,088.33 \n942.789486 \nWeekly Change (%) \n3.69 \n11.41 \n11.41 \n2.78 \n Source: Reserve Bank of Zimbabwe, 2024 \n \nFigure 2: Cumulative KGs Purchased of GBDT \n \nSource: Reserve Bank of Zimbabwe, 2024 \n \nMosi-oa-Tunya Gold Coin Prices \nGold Coin Price \n 15 Mar 2024 \n 22 Mar 2024 \n 28 Mar 2024 \n 5 April2024 \n1.00Oz \n \n \n \n \nUS$ \n2,268.84 \n2,279.03 \n2,302.34 \n2,408.18 \nZW$ \n45,426,972.33 \n51,114,728.01 \n55,856,998.20 \n81,256,044.68 \n0.50Oz \n \n \n \n \nUS$ \n1,134.42 \n1,139.51 \n1,151.17 \n1,204.09 \nZW$ \n22,713,486.17 \n25,557,364.01 \n27,928,499.10 \n40,628,022.34 \n0.25Oz \n \n \n \n \nUS$ \n567.21 \n569.76 \n575.58 \n602.04 \nZW$ \n11,356,743.08 \n12,778,682.00 \n13,964,249.55 \n20,314,011.17 \n0.10Oz \n \n \n \n \nUS$ \n226.88 \n227.90 \n230.23 \n240.82 \nZW$ \n4,542,697.23 \n5,111,472.80 \n5,585,699.82 \n8,125,604.47 \nSource: Reserve Bank of Zimbabwe, 2024 \n7. EXTERNAL SECTOR \nExchange Rate Developments (ZW$ per Unit of foreign currency) \n \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(25 Mar - 28 Mar) \n21,507.94 \n1,111.11 \n27,156.37 \n1,572.07 \n23,288.77 \n2-April \n22,447.53 \n1,111.11 \n28,164.22 \n1,632.30 \n24,090.93 \n3-April \n22,913.44 \n1,250.00 \n28,824.37 \n1,671.71 \n24,694.05 \n4-April \n26,412.72 \n1,428.57 \n33,435.01 \n1,929.65 \n28,645.98 \n5-April \n30,674.32 \n1,666.67 \n38,723.65 \n2,251.69 \n33,211.48 \nWeekly Average \n(2 April – 5 April) \n25,612.00 \n1,364.09 \n32,286.81 \n1,871.34 \n27,660.61 \nAppr (-)/Depr (+) \n(%) of the ZWL \n19.08 \n22.77 \n18.89 \n19.04 \n18.77 \nSource: Reserve Bank of Zimbabwe, 2024 \n -\n 100\n 200\n 300\n 400\n 500\n 600\n 700\n 800\n 900\n18-May-23\n01-Jun-23\n15-Jun-23\n29-Jun-23\n13-Jul-23\n03-Aug-23\n31-Aug-23\n28-Sep-23\n18-Oct-23\n23-Nov-23\n21-Dec-23\n25-Jan-24\n31-Jan-24\n02-Feb-24\n06-Feb-24\n08-Feb-24\n12-Feb-24\n14-Feb-24\n16-Feb-24\n20-Feb-24\n23-Feb-24\n27-Feb-24\n29-Feb-24\n04-Mar-24\n06-Mar-24\n08-Mar-24\n12-Mar-24\n14-Mar-24\n18-Mar-24\n20-Mar-24\n22-Mar-24\n26-Mar-24\n28-Mar-24\n03-Apr-24\n05-Apr-24\n \n 7 \nInternational Commodity Price Developments \n \nPlatinum \nPalladium \nNickel \nLithium \n2024 \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nWeekly Average \n (25 March -28 March) \n905.38 \n1,008.50 \n16,680.88 \n13,269.00 \n2-April \n918.50 \n1,016.00 \n17,030.00 \n13,230.00 \n3-April \n925.50 \n1,003.50 \n17,339.00 \n13,210.00 \n4-April \n937.50 \n1,017.50 \n17,711.00 \n13,190.00 \n5-April \n923.00 \n1,004.00 \n17,804.00 \n13,170.00 \nWeekly Average \n (2 April -5 April) \n926.13 \n1,010.25 \n17,471.00 \n13,200.00 \nSource: BBC, KITCO and Bloomberg, 2024 \n \nFigure 3: Weekly Precious Metals Price Developments (2nd – 5th April 2024) \n \n \n \n \nSource: BBC, KITCO and Bloomberg, 2024 \n \n8. TOBACCO SALES \nWeekly Cumulative Tobacco Sales (5th April 2024) \n \n2023 \n2024 \nVariance (%) \nCumulative Quantity Sold (million kgs) \n28,942,449 \n38,360,074 \n32.54 \nAverage Price (US$/kg) \n3.00 \n3.48 \n16.26 \nCumulative value (US$ million) \n86,757,592 \n133,681,211 \n54.09 \nSource: Tobacco Industry and Marketing Board (TIMB), 2024 \n13,000\n13,100\n13,200\n13,300\n13,400\n13,500\n2-Apr\n3-Apr\n4-Apr\n5-Apr\nUS$/tonne\nLithium \n16,500\n17,000\n17,500\n18,000\n2-Apr\n3-Apr\n4-Apr\n5-Apr\nUS$/tonne\nNickel\n890\n900\n910\n920\n930\n940\n2-Apr\n3-Apr\n4-Apr\n5-Apr\nUS$/tonne\nPlatinum\n900\n920\n940\n960\n980\n1,000\n1,020\n1,040\n2-Apr\n3-Apr\n4-Apr\n5-Apr\nUS$/tonne\nPalladium", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_5_APRIL_2024_Volume_26_Number_14.pdf"}
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+ {"doc_id": "1420a4f9b910ad9a3d0479c6f28ecf8f", "text": "Vol. 25 No. 41 \n \n \nWeek Ending \n13th October 2023 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ................................................................................................ 1 \n2. \nINTEREST RATES .................................................................................... 1 \n3. \nCLEARING AND SETTLEMENT ACTIVITY ...................................... 3 \n4. \nINTERNATIONAL COMMODITY PRICE DEVELOPMENTS ......... 5 \n5. \nEQUITY MARKETS.................................................................................. 8 \n6. \nBEYOND INFLATION NUMBERS - THE CASE OF \nSHRINKFLATION ................................................................................... 12 \n \n \n \n \n 1 \n1. \nOVERVIEW \n \nThis report provides an analysis of the developments in the money and capital markets for the \nweek ending 13th October 2023. The report also covers developments in international commodity \nprices, during the same period. \n \n \nThe Zimbabwe Stock Exchange (ZSE) traded in a positive trajectory for the third consecutive \nweek, while the Victoria Falls Stock Exchange (VFEX) continued to exhibit bearish sentiments. \nThe National Payment System (NPS) processed transactions valued at ZW$5.10 trillion, down \nby 4.57% from ZW$5.34 trillion in the week ending 6th October 2023. \n \nOn the money market, minimum and maximum deposit rates for foreign currency deposits \nremained largely unchanged, during the week under review. In the same week, commodity prices \nfor gold, platinum, copper, nickel and brent crude oil increased, while those for palladium and \nlithium decreased. \n \n \n2. \nINTEREST RATES \n \nLocal Currency (ZW$) Deposit Rates \n \nDuring the week ending 13th October 2023, minimum and maximum ZW$ deposit rates for \nsavings deposits, deposits of 6-month and 12-month tenors remained largely unchanged. \nHowever, maximum deposit rates for deposits of 1-month tenor decreased, while those for \ndeposits of 3-month tenor increased, during the week under review. \n \nTable 1: Average Deposit Rates (per annum) \nDate \nSavings deposits (%) \n \n1- Month deposit \nrates (%) \n \n3- Month deposit \nrates (%) \n \n6- Month deposit \nrates (%) \n \n12- Month deposit \nrates (%) \n \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \n15-Sep-23 \n34.29 \n35.60 \n59.00 \n70.11 \n61.67 \n70.89 \n59.17 \n68.64 \n 59.33 \n68.79 \n22-Sep-23 \n38.14 \n38.80 \n59.00 \n70.11 \n65.59 \n61.67 \n \n59.17 \n68.64 \n 59.33 \n68.79 \n29-Sep-23 \n34.29 \n35.60 \n59.00 \n70.00 \n61.67 \n69.33 \n59.17 \n68.64 \n 59.33 \n68.79 \n6-Oct-23 \n34.29 \n35.60 \n59.00 \n \n70.00 \n61.17 \n69.33 \n59.17 \n68.64 \n59.33 \n68.79 \n13-Oct-23 \n34.29 \n35.60 \n59.00 \n69.33 \n61.67 \n70.35 \n59.17 \n68.64 \n59.33 \n68.79 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n 2 \n \nLocal Currency Lending Rates \n \nThe minimum ZW$ lending rates for both corporate and individual clients decreased, while \nmaximum lending rates for both categories of clients registered marginal increases, during the \nreporting week, as shown in Table 2. \n \n \nTable 2: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \n Individual Clients \n Corporate Clients \n \n15-Sep-23 \n76.71 \n99.96 \n91.58 \n165.85 \n22-Sep-23 \n76.59 \n100.04 \n92.67 \n167.36 \n29-Sep-23 \n76.49 \n100.20 \n92.69 \n166.00 \n6-Oct-23 \n75.58 \n100.41 \n94.51 \n164.75 \n13-Oct \n74.11 \n101.52 \n93.91 \n165.93 \nSource: Reserve Bank of Zimbabwe, 2023 \n \nForeign Currency (USD) Deposit Rates \n \nMinimum and maximum FCA deposit rates for deposits of all classes remained largely \nunchanged, during the week under review, as shown in Table 3. \n \nTable 3: Average Foreign Currency Deposit Rates (per annum) \n \nDate \nSavings deposits (%) \n1- Month deposit \nrates (%) \n \n3- Month deposit \nrates (%) \n \n6-Month deposit \nrates (%) \n \n12- Month deposit \nrates (%) \n \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \n15-Sep-23 \n1.27 \n1.81 \n3.15 \n4.62 \n3.33 \n5.00 \n3.35 \n5.27 \n3.43 \n5.50 \n22-Sep-23 \n1.27 \n1.81 \n3.15 \n4.62 \n3.33 \n5.00 \n3.35 \n5.27 \n3.43 \n5.50 \n29-Sep-23 \n1.27 \n1.81 \n3.15 \n4.62 \n \n3.33 \n5.00 \n3.35 \n5.27 \n3.43 \n5.50 \n6-Oct-23 \n1.27 \n1.81 \n3.15 \n4.56 \n3.33 \n5.00 \n3.35 \n5.27 \n3.43 \n5.50 \n13-Oct-23 \n1.27 \n1.81 \n3.15 \n4.56 \n3.33 \n5.00 \n3.35 \n5.27 \n3.43 \n5.50 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n \n 3 \nForeign Currency (USD) Lending Rates \n \nMinimum foreign currency lending rates for individual clients increased, while those for \ncorporate clients decreased marginally, during the week under analysis. Maximum foreign \ncurrency lending rates for individual clients registered a marginal decline, while those for \ncorporate clients increased, during the reporting week. \n \nTable 4: Lending Rates (per annum) \n \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \nCorporate Clients \n \n15-Sep-23 \n11.21 \n13.29 \n8.18 \n14.26 \n22-Sep-23 \n11.19 \n13.32 \n8.19 \n14.28 \n29-Sep-23 \n11.26 \n12.98 \n7.84 \n15.06 \n6-Oct-23 \n10.94 \n13.84 \n8.29 \n13.63 \n13-Oct-23 \n11.15 \n13.35 \n8.27 \n14.20 \nSource: Reserve Bank of Zimbabwe, 2023 \n3. \nCLEARING AND SETTLEMENT ACTIVITY \n \nThe National Payment Systems processed transactions valued at ZW$5.10 trillion, during the \nweek ending 13th October 2023. This represented a decrease of 4.57% from ZW$5.34 trillion in \nthe previous week. Real Time Gross Settlement (RTGS) transactions declined by 0.83% to ZW$ \n4.251 trillion, during the reporting week, from ZW$4. 287 trillion in the previous week. The \ndistribution of NPS transactions, in value terms, was as follows: RTGS, 83.38%; Mobile, 7.46%; \nPOS, 6.63% and ATM, 3.53%, as shown in Figure 1. \n \nFigure 1: Composition of NPS Transactions in Value Terms \n \n Source: Reserve Bank of Zimbabwe, 2023 \nRTGS\n83,38%\nPOS\n5,63%\nATM\n3,53%\nMOBILE\n7,46%\nRTGS\nPOS\nATM\nMOBILE\n \n 4 \n \nThe volume of transactions processed through the NPS decreased by 3.03% to close at 12.37 \nmillion, weighed down by decreases in RTGS, POS and ATM transactions volumes. The NPS \ntransaction volumes were distributed as follows: Mobile, 81.92%; POS, 15.56%; ATM, 1.08%; \nand RTGS, 1.44%, as shown in Figure 2. \n \n Figure 2: Composition of NPS Transactions in Volume Terms \n \nSource: Reserve Bank of Zimbabwe, 2023 \n \nTable 5: National Payment Systems Activity \nPAYMENT \nSTREAM \n WEEK ENDING \n06 OCTOBER 2023 \n WEEK ENDING \n13 OCTOBER 2023 \n% CHANGE \nFROM LAST \nWEEK \nPROPORTION \n \nVALUES IN ZW$ Millions \n \nRTGS \n4,287,417.50 \n4,251,805.05 \n-0.83% \n83.38% \nPOS \n362,595.37 \n287,266.25 \n-20.77% \n5.63% \nATM \n366,401.63 \n179,870.67 \n-50.91% \n3.53% \nMOBILE \n327,388.33 \n380,497.74 \n16.22% \n7.46% \nTOTAL \n5,343,802.83 \n5,099,439.71 \n-4.57% \n100% \n \nVOLUMES \nRTGS \n212,103 \n177,537 \n-16.30% \n1.44% \nPOS \n2,355,421 \n1,924,614 \n-18.29% \n15.56% \nATM \n232,279 \n133,743 \n-42.42% \n1.08% \nMOBILE \n9,954,166 \n10,131,581 \n1.78% \n81.92% \nTOTAL \n12,753,969 \n12,367,475 \n-3.03% \n100% \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n \n \n \nRTGS; 1,44%\nPOS; 15,56%\nATM; 1,08%\nMOBILE; 81,92%\nRTGS\nPOS\nATM\nMOBILE\n \n 5 \n \n4. \nINTERNATIONAL COMMODITY PRICE DEVELOPMENTS \n \n \nDuring the week of analysis, international average price dynamics for the selected commodities \nwere mixed, as shown in Table 6. \n \nTable 6: Metal and Crude Oil Prices for the week ending 13th October 2023 \n \nGold \nPlatinum \nPalladium \nCopper \nNickel \nCrude Oil \nLithium \n2023 \nUS$/ounce \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nUS$/barrel US$/tonne \n \nWeekly Average \n (02 - 06 Oct) \n1,824.16 \n876.50 \n1,180.50 \n7,991.90 \n18,632.00 \n87.66 \n24,660.00 \n9-Oct \n1,848.90 \n884.00 \n1,146.00 \n8,017.00 \n18,815.00 \n87.72 \n24,500.00 \n10-Oct \n1,858.35 \n888.50 \n1,134.50 \n8,186.00 \n18,635.00 \n88.01 \n24,500.00 \n11-Oct \n1,870.63 \n883.50 \n1,172.00 \n8,053.50 \n18,550.00 \n85.62 \n24,400.00 \n12-Oct \n1,877.58 \n883.50 \n1,164.50 \n7,996.50 \n18,750.00 \n86.62 \n24,300.00 \n13-Oct \n1,898.00 \n876.00 \n1,142.00 \n7,994.50 \n18,765.00 \n90.92 \n24,200.00 \nWeekly Average \n (09 - 13 Oct) \n1,870.69 \n884.00 \n1,151.80 \n8,049.50 \n18,703.00 \n87.78 \n24,380.00 \nWeekly Change \n(%) \n2.55 \n0.86 \n-2.43 \n0.72 \n0.38 \n0.14 \n-1.14 \nSource: BBC, KITCO and Bloomberg 2023 \n \nPrecious Metals \n \nThe prices of gold and platinum gained by 2.55% and 0.86%, respectively, while those of \npalladium and lithium fell by 2.43% and 1.14%, during the week under review. The gains in gold \nand platinum prices were attributed to their safe-haven status, amid the geopolitical tensions and \neconomic turmoil in the Middle East region. Palladium prices declined on account of softening \nindustrial demand, and similarly, lithium prices slipped, underpinned by a slowdown in China's \ndemand for fully electric cars. Figure 3 shows the trends in commodity prices for gold, platinum, \npalladium, and lithium for the week ending 13th October 2023. \n \n \n \n \n \n \n \n \n \n 6 \nFigure 3: Weekly Precious Metals Price Developments (07 Oct. 2023 - 13 Oct. 2023) \n \nSource: Kitco,2023 \n \nSource: Kitco,2023 \n \nSource: Kitco,2023 \n \nSource: London Metal Exchange,2023 \n \n \nBase Metals and Brent Crude Oil \nDuring the week ending 13th October 2023, copper, nickel and Brent crude oil prices rose by \n0.72%, 0.38% and 0.14%, respectively. Base metal prices rose amid high demand from China, \nwith investors focussing on upcoming crucial U.S. inflation data. Oil prices rose as investors \nremained on edge about escalating geopolitical tensions in the Middle East. Figure 4 shows daily \ncommodity price developments for copper, nickel and Brent crude oil for the week ending 13th \nOctober 2023. \n1 760\n1 780\n1 800\n1 820\n1 840\n1 860\n1 880\n1 900\n1 920\nUS$/ounce\nGold\nGold\nLinear (Gold)\n800\n820\n840\n860\n880\n900\n920\n940\nUS$/ounce\nPlatinum\nPlatinum\nLinear (Platinum)\n1 050\n1 100\n1 150\n1 200\n1 250\n1 300\nUS$/ounce\nPalladium\nPalladium\nLinear (Palladium)\n23 000\n23 500\n24 000\n24 500\n25 000\n25 500\n26 000\n26 500\nUS$/tonne\nLithium Hydroxide\nLithium Hydroxide\nLinear (Lithium Hydroxide)\n \n 7 \nFigure 4: Daily Commodity Price Developments for Copper, Nickel and Brent Crude Oil \n \nSource: London Metal Exchange,2023 \n \nSource: London Metal Exchange,2023 \n \nSource: BBC,2023 \n \n \n \n7 600\n7 800\n8 000\n8 200\n8 400\n7-Oct\n8-Oct\n9-Oct\n10-Oct\n11-Oct\n12-Oct\n13-Oct\nUS$/tonne\n2-Oct\n3-Oct\n4-Oct\n5-Oct\n6-Oct\n9-Oct\n10-Oct\n11-Oct\n12-Oct\n13-Oct\nCopper 8014,00 7945,50 7936,00 7946,00 8118,00 8017,00 8186,00 8053,50 7996,50 7994,50\nCopper\nCopper\nLinear (Copper)\n18 200\n18 400\n18 600\n18 800\n19 000\n7-Oct\n8-Oct\n9-Oct\n10-Oct\n11-Oct\n12-Oct\n13-Oct\nUS$/tonne\n2-Oct\n3-Oct\n4-Oct\n5-Oct\n6-Oct\n9-Oct\n10-Oct\n11-Oct\n12-Oct\n13-Oct\nNickel 18800,00 18635,00 18695,00 18445,00 18585,00 18815,00 18635,00 18550,00 18750,00 18765,00\nNickel\nNickel\nLinear (Nickel)\n80,00\n85,00\n90,00\n95,00\n7-Oct\n8-Oct\n9-Oct\n10-Oct\n11-Oct\n12-Oct\n13-Oct\nUS$/barrel\n2-Oct\n3-Oct\n4-Oct\n5-Oct\n6-Oct\n9-Oct\n10-Oct\n11-Oct\n12-Oct\n13-Oct\nBrent crude oil\n90,24\n90,87\n86,25\n83,96\n86,96\n87,72\n88,01\n85,62\n86,62\n90,92\nBrent crude oil\nBrent crude oil\nLinear (Brent crude oil)\n \n 8 \nExchange Rate Developments \nInterbank Market \nThe Zimbabwe dollar (ZW$) depreciated by 0.74% on the interbank market, from an average of \nZW$5,577.17 per US$1 in the previous week to ZW$5,618.18 per US$1, during the week under \nreview, as shown in Table 2. \n \nTable 2: Selected Exchange Rates (ZW$ per unit of foreign currency) \n2023 \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(02 - 06 Oct) \n5,577.1735 \n291.5854 \n6,766.324 \n403.0806 \n5,862.8719 \n09-Oct \n5,593.5629 \n294.1176 \n6,842.2525 \n403.8024 \n5,910.5254 \n10-Oct \n5,594.3774 \n303.0303 \n6,926.2345 \n410.7064 \n5,975.8064 \n11-Oct \n5,633.8332 \n303.0303 \n6,941.8329 \n410.7294 \n5,989.6628 \n12-Oct \n5,634.1480 \n303.0303 \n6,878.3515 \n410.7908 \n5,944.9152 \n13-Oct \n5,634.9908 \n303.0303 \n6,852.2373 \n410.8492 \n5,931.6708 \nWeekly Average \n(9 - 13 Oct) \n5,618.1825 \n301.2478 \n6,888.1899 \n409.5756 \n5,950.5162 \nAppr (-)/Depr (+) (%) of the \nZWL \n0.74 \n3.3 \n1.8 \n1.6 \n1.5 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n5. EQUITY MARKETS \n \nDuring the week ending 13th October 2023, trading on the Zimbabwe Stock Exchange (ZSE) \nremained positive for the third consecutive week, while bearish sentiments persisted on the \nVictoria Falls Stock Exchange (VFEX). As such, the ZSE All Share index rose by 5.57% to close \nthe reporting week at 138 620.74 points. The VFEX All Share index declined by 3.53% and \nclosed at 71.41 points by the end of the same week. \n \nZimbabwe Stock Exchange (ZSE) Developments \nThe Top 10, Top 15, Medium and Small Cap indices added 3.79%, 3.08%, 9.60 and 33.0% to \nclose at 61 119.06 points, 82 773.82 points, 566 226.72 points and 3 774 092.29 points, \nrespectively, during the week under review. \n \nFigure 3 shows developments on the ZSE’s All Share, Top 10 and Mining indices from 14th \nOctober 2022 to 13th October 2023. \n \n \n \n 9 \nFigure 3: ZSE All Share, Top 10 and Mining Indices \n \nSource: Zimbabwe Stock Exchange, 2023 \n \nThe increase in the mainstream index emanated from share price gains in CBZ Holdings Limited \n(51.16%), Truworths Limited (33.75%), NMBZ Holdings Limited (30.90%), Nampak \nZimbabwe Limited (25.90%) and First Mutual Properties Limited (11.25%). \n \nPartially offsetting the abovementioned increases were declines in the share prices of FBC \nHoldings Limited (15.70%), TSL Limited (9.93%), Ariston Holdings Limited (7.39%), British \nAmerican Tobacco Zimbabwe Limited (6.48%) and Ecocash Holdings Zimbabwe Limited \n(4.73%). The resource index remained unchanged at 125 531.67 points, during the week under \nreview. \n \nMarket Turnover \nDuring the week under review, the cumulative volume of shares traded on the ZSE declined by \n56.30% to 9.54 million shares, from 21.84 million shares traded in the previous week. \nConcomitantly, the value of shares traded went down by 39.64%, from ZW$8,335.02 million in \nthe prior week to ZW$5,031.41 million in the week ending 13th October 2023. \n \nFigure 4 shows the trend in daily market turnover for the period 14th October 2022 to 13th October \n2023. \n \n10 100\n20 100\n30 100\n40 100\n50 100\n60 100\n70 100\n80 100\n90 100\n100 100\n110 100\n120 100\n130 100\n0\n20 000\n40 000\n60 000\n80 000\n100 000\n120 000\n140 000\n160 000\n180 000\n200 000\n14-Oct-22\n28-Oct-22\n11-Nov-22\n25-Nov-22\n09-Dec-22\n23-Dec-22\n06-Jan-23\n20-Jan-23\n03-Feb-23\n17-Feb-23\n03-Mar-23\n17-Mar-23\n31-Mar-23\n14-Apr-23\n28-Apr-23\n12-May-23\n26-May-23\n09-Jun-23\n23-Jun-23\n07-Jul-23\n21-Jul-23\n04-Aug-23\n18-Aug-23\n01-Sep-23\n15-Sep-23\n29-Sep-23\n13-Oct-23\nMining Index\nAll Share and Top 10 Indices\nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n \n \n10 \nFigure 4: Market Turnover \n \nSource: Zimbabwe Stock Exchange, 2023 \n \nMarket Capitalization \nReflecting bullish trading activity on the local bourse during the week under review, the market \nadded 4.92%, or ZW$502.79 billion worth of capitalization to close at ZW$10,715.64 billion, \nfrom ZW$10,212.85 billion recorded in the previous week. \n \nFigure 5 shows market capitalization developments for the period from 14th October 2022 to 13th \nOctober 2023. \n \nFigure 5: Market Capitalization \n \nSource: Zimbabwe Stock Exchange, 2023 \n0\n5 000\n10 000\n15 000\n20 000\n25 000\n30 000\n35 000\n40 000\n45 000\n50 000\n14-Oct-22\n28-Oct-22\n11-Nov-22\n25-Nov-22\n09-Dec-22\n23-Dec-22\n06-Jan-23\n20-Jan-23\n03-Feb-23\n17-Feb-23\n03-Mar-23\n17-Mar-23\n31-Mar-23\n14-Apr-23\n28-Apr-23\n12-May-23\n26-May-23\n09-Jun-23\n23-Jun-23\n07-Jul-23\n21-Jul-23\n04-Aug-23\n18-Aug-23\n01-Sep-23\n15-Sep-23\n29-Sep-23\n13-Oct-23\nZW$ (Million)\nNegotiated Deal: 241 million \nFirst Mutual Holdings \nLimited shares exchanged \nhands at ZW$196/share\n0\n1 800\n3 600\n5 400\n7 200\n9 000\n10 800\n12 600\n14 400\n16 200\n14-Oct-22\n28-Oct-22\n11-Nov-22\n25-Nov-22\n09-Dec-22\n23-Dec-22\n06-Jan-23\n20-Jan-23\n03-Feb-23\n17-Feb-23\n03-Mar-23\n17-Mar-23\n31-Mar-23\n14-Apr-23\n28-Apr-23\n12-May-23\n26-May-23\n09-Jun-23\n23-Jun-23\n07-Jul-23\n21-Jul-23\n04-Aug-23\n18-Aug-23\n01-Sep-23\n15-Sep-23\n29-Sep-23\n13-Oct-23\n$ Billions\n \n \n11 \nVictoria Falls Stock Exchange (VFEX) Developments \nThe decline in the VFEX mainstream index emanated from share price losses for First Capital \nBank Limited (32.66%), Padenga Holdings Limited (16.61%), Axia Corporation Limited \n(6.40%), Bindura Nickel Corporation (BNC) (5.11%) and Innscor Africa Limited (1.40%). \nPartially offsetting the losses was a gain in the share price of Simbisa Brands Limited (0.08%). \n \nVFEX Market Turnover \nThe cumulative volume and value of shares traded on the VFEX rose by 100.98% and 43.05% \nto 2.26 million shares and US$0.54 million, respectively, during the week under review. This \ncompares to 1.13 million shares and US$0.38 million, respectively, recorded in the week ending \n6th October 2023. \n \nVFEX Market Capitalization \nOwing to dampened trading activity on the VFEX bourse during the week under review, the \nmarket lost 3.53% worth of capitalization to close at US$1.22 billion, compared to US$1.27 \nbillion recorded in the previous week. \n \nFigure 6 shows the trend in the VFEX All Share Index (ASI) for the period from 14th September \n2022 to 13th October 2023. \n \nFigure 6: VFEX All Share Index \n \n Source: Victoria Falls Stock Exchange (VFEX), 2023 \n \nRESERVE BANK OF ZIMBABWE \n \n40\n50\n60\n70\n80\n90\n100\n110\n120\n130\n140\n150\n \n \n12 \n6. BEYOND INFLATION NUMBERS - THE CASE OF SHRINKFLATION \n \nAnnual inflation has been elevated across the world, reflecting pent-up demand in the aftermath \nof Covid-19 pandemic and Russia-Ukraine war which caused supply chain disruptions. This in \nturn has led to monetary tightening by central banks in the quest to combat the high inflation. As \na result, global inflation is expected to decline from 8.7% in 2022 to 6.9% in 2023. While \ninflation has been moderating because of central bank monetary policy tightening, a trend of \nshrinkflation has been noticed. \nShrinkflation is a strategy in which companies reduce either the size or quantity of products \nwhilst maintaining prices. Shrinkflation is originally known as downsizing and it’s a term that \ncomes from the combination of the two words shrink and inflation. Precisely, shrinkflation \nmeans that consumers pay the same price for less. Generally, companies raise prices in response \nto increases in production costs to remain profitable, but they know that consumers are very \nconscious of price changes. As such, businesses do not want to lose sales, so they reduce quantity \ninstead of prices. As businesses are aware that consumers are more sensitive to changes in price \nthan to changes in quantity, and this tendency often allows companies to benefit from \nshrinkflation. An example is when a package of the loaf of bread may look the same and sell for \nthe same price, but instead of the standard 700 grams it is only 600 grams. \nThe nature of shrinkflation depends on the product and brand, which means it's important for \nconsumers to compare products and prices as they make their spending decisions. As such, \nconsumers have the responsibility to notice the changes in the size or quantity of a packaged item \nto guard against shrinkflation tendencies. The recent increased tendency of consumers in the \ncountry to buy from unregulated grocery stores make them vulnerable to shrinkflation \ntendencies. The challenge with unregulated markets, is that there is limited or no legal recourse \nand protection of consumer rights to short changed consumers. Shrinkflation has negative \nconsequences to consumers and should be minimised at all costs. While the Reserve Bank of \nZimbabwe is mandated to control inflation, consumers must be vigilant to shrinkflation. In \naddition, consumer protection bodies and standard associations should also remain vigilant to \nshrinkflation tendencies. \n \nRESERVE BANK OF ZIMBABWE\n \n \n APPENDIX 1: FOREIGN EXCHANGE AUCTION RESULTS FOR MAINFX1 AND WHOLESALEFX 2 \n \n \n \n \n \n \n \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n1 Main Foreign Currency Auction. The Auction is normally conducted every Tuesday every week. \n2 Wholesale Foreign Currency Auction (Wholesale FX). The RBZ MPC resolutions dated 6 June 2023 resolved that with effect from 7 June 2023, the Bank shall sell foreign currency at the market-determined exchange \nrate through banks to support and strengthen the foreign exchange interbank market, and banks shall in turn sell the foreign currency to their customers. \n \n \n \n \n19-Sep-23 \nWHOLESALE FX \n \n \n26-Sep-23 \n \n \n \n03-Oct-23 \n \n \n \n10-Oct-23 \nTotal \nBids (US$ dollars) \n \n19,232,100.00 \n \n 18,893,948.0 \n \n18,682,426.00 \n \n18,106,845.96 \nAmount Allotted (US$ \ndollars) \n \n18,250,000.00 \n \n18,693,948.80 \n \n 18,682,426.00 \n \n18,106,845.96 \nHighest Rate \n5,200.0000 \n5,305.0000 \n5,700.0000 \n5,780.00 \nLowest Bid Rate Allotted \n4,927.0000 \n5,200.000 \n5,562.0000 \n5,595.00 \nWeighted Average Rate \n5,015.4279 \n5,252.6558 \n5,591.9615 \n5,633.83 \nNumber of Bids Received \n20 \n20 \n20 \n17 \nNumber of Bids Rejected \n0 \n1 \n0 \n0 \n \n \nAPPENDIX 2: SUMMARY OF FOREIGN CURRENCY AUCTION ALLOTMENTS BY PURPOSE \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n19-Sep-23 \n \n26-Sep-23 \n \n03-Oct-23 \n \n10-Oct-23 \nRaw Materials \n45,391.75 \n391,921.75 \n367,723.31 \n552,534.69 \nMachinery and Equipment \n275,395.54 \n230,878.25 \n360,374.56 \n468,099.85 \nConsumables \n(Incl. Spares, Tyres, \nPackaging) \n121,390.64 \n157,183.97 \n68,499.06 \n209,539.75 \nPharmaceuticals and \nChemicals \n47,661.75 \n8,732.67 \n- \n41,647.17 \nServices (Loans, Dividends \nand Disinvestments) \n163,240.14 \n236,196.24 \n196,775.97 \n323,296.26 \nRetail and Distribution \n54,399.20 \n33,776.97 \n145,978.12 \n175,616.40 \nFuel, Electricity and Gas \n- \n- \n- \n- \nPaper and Packaging \n6471.32 \n14,445.74 \n63,521.36 \n48,423.39 \nTOTAL \n713,950.34 \n1,123,944.44 \n1,202,872.38 \n1,868,427.23", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_13_OCTOBER_2023_Volume_25_Number_41.pdf"}
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+ {"doc_id": "1494d62c7438c4842b0f20223656587d", "text": "Vol. 26 No. 7 \n \n \nWeek Ending \n16th February 2024 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 3 \n3. \nEQUITY MARKETS .............................................................. 5 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 7 \n5. \nPRICES .................................................................................... 7 \n6. \nMOSI-OA-TUNYA GOLD COINS AND GOLD BACKED \nDIGITAL TOKENS (GBDT) ................................................. 8 \n7. \nEXTERNAL SECTOR ........................................................... 9 \n \n \n 1 \n1. OVERVIEW \n \n \nDuring the week under review the Zimbabwe dollar (ZW$) weakened by 9.2% from \nZW$11,097.10 per US$ at the beginning of the week to ZW$12,116.45 per US$ at the end of the \nweek. Consequently, the parallel market exchange rate premium narrowed to 27% during the \nweek under review from 35.4% in the previous week. \n \nDeposit rates for local currency deposits remained largely unchanged, during the week. \nMinimum foreign currency deposit rates for 3-month, 6-month, 12-month and over 1 year tenor \nmarginally increased while, those for 1-month tenor remained unchanged during the same week. \n \nMaximum local currency lending rates for both individual clients and corporate clients \nmarginally increased from 99.58% and 165.20% to 99.72% and 166.02%, respectively. The \nmaximum foreign currency lending rates for individual and corporate clients increased by 0.02 \npercentage points and 0.16 percentage points to 13.65% and 14.23%, respectively. \n \nThe Zimbabwe Stock Exchange (ZSE) traded on a negative trajectory. The ZSE All Share index \nlost 10.05% to close at 508 228.16 points. The cumulative value of shares traded decreased by \n24.53% to ZW$20,456.43 million, from ZW$27,104.96 million in the previous week. Trading \non the Victoria Falls Stock Exchange (VFEX) was also bearish reflecting a decrease of 2.96% in \ncapitalisation to close at US$1.17 billion, compared to US$1.20 billion registered in the previous \nweek. \n \nThe aggregate transactions processed in value terms through the National Payment Systems \nplatforms amounted to ZW$11.37 trillion, representing an increase of 15.19%, from ZW$9.87 \ntrillion in the previous week. In value terms, the Real Time Gross Settlement (RTGS) system \nconstituted 86.23% of the aggregate NPS transactions. On the other hand, Mobile platforms at \n76.33% contributed the highest proportion in terms of NPS transaction volumes. \n \nInternational commodity prices were mixed with gold, platinum, and palladium declining, while \nprices for copper, nickel, and crude oil rose. Lithium prices remained unchanged at previous \nweek’s levels. Gold prices fell for a second straight week after hotter-than-expected U.S. \ninflation data prompted investors to lower bets for early Federal Reserve interest rate cuts. \n \n 2 \nPlatinum and palladium prices also retreated as demand for combustion engine vehicles dropped, \nunderpinned by the shift to electric vehicles. On the other hand, oil prices increased as simmering \ntensions in the Middle East overshadowed inflation in the U.S. and a slower demand outlook for \nthe year. Likewise, base metals prices increased as weaker-than-expected U.S. retail sales data \nrevived hopes for a forecasted interest rate cut from the Federal Reserve in June 2024 and lifted \nrisk sentiment among investors. \n \nThe key financial and monetary statistics including graphs are shown below. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 3 \n2. INTEREST RATES \n \nPolicy rates \nPolicy Rate \n26 Jan 2024 \n02 Feb 2024 \n09 Feb 2024 \n16 Feb 2024 \n \n \n \n \n \nRBZ Policy Rate \n130 \n130 \n130 \n130 \nMBA window \n75 \n75 \n75 \n75 \nSource: Reserve Bank of Zimbabwe \n \n \nAverage commercial bank deposit rates \nZWL Deposit rates \n26 Jan 2024 \n02 Feb 2024 \n09 Feb 2024 \n16 Feb 2024 \n \n \n \n \n \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 \n54.56 \n54.28 \n54.28 \nMaximum \n64.50 \n65.06 \n64.50 \n65.06 \n3-month deposit \n \n \n \n \nMinimum \n56.06 \n56.06 \n56.06 \n56.06 \nMaximum \n65.65 \n65.65 \n65.65 \n65.65 \n6-month deposit \n \n \n \n \nMinimum \n54.03 \n54.03 \n54.03 \n54.03 \nMaximum \n65.43 \n65.43 \n64.53 \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 \n \n \nUS$ Deposit rates \n26 Jan 2024 \n02 Feb 2024 \n09 Feb 2024 \n16 Feb 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 \n3.09 \n3.09 \n3.18 \n3.18 \nMaximum \n4.74 \n4.74 \n4.90 \n4.96 \n3-month deposits \n \n \n \n \nMinimum \n3.34 \n3.34 \n3.47 \n3.53 \nMaximum \n5.17 \n5.17 \n5.35 \n5.35 \n6-month deposits \n \n \n \n \nMinimum \n3.46 \n3.46 \n3.61 \n3.69 \nMaximum \n5.46 \n5.46 \n5.66 \n5.66 \n12-Month deposits \n \n \n \n \nMinimum \n3.67 \n3.67 \n3.83 \n3.93 \nMaximum \n5.75 \n5.75 \n5.95 \n5.95 \nOver 1 year \n \n \n \n \nMinimum \n3.80 \n3.80 \n3.98 \n4.09 \nMaximum \n5.75 \n5.75 \n5.95 \n5.95 \nSource: Reserve Bank of Zimbabwe \n \n \n 4 \nCommercial bank weighted lending rates (Local Currency (ZW$)) \nZWL Lending rates \n26 Jan 2024 \n02 Feb 2024 \n 09 Feb 2024 \n 16 Feb 2024 \nIndividuals \n \n \n \n \nMinimum \n70.18 \n69.23 \n74.37 \n70.34 \nMaximum \n100.81 \n98.36 \n99.58 \n99.72 \n \n \n \n \n \nCorporates \n \n \n \n \nMinimum \n95.24 \n93.67 \n93.51 \n93.88 \nMaximum \n164.86 \n164.31 \n165.20 \n166.02 \nSource: Reserve Bank of Zimbabwe \n \n \n \n \nCommercial bank weighted lending rates (Foreign Currency (US$) \nUS$ Lending rates \n26 Jan 2024 \n02 Feb 2024 \n 09 Feb 2024 \n 16 Feb 2024 \nIndividuals \n \n \n \n \nMinimum \n10.75 \n10.74 \n10.77 \n10.77 \nMaximum \n13.61 \n13.62 \n13.63 \n13.65 \n \n \n \n \n \nCorporates \n \n \n \n \nMinimum \n8.29 \n8.33 \n8.34 \n8.29 \nMaximum \n14.14 \n14.15 \n14.07 \n14.23 \nSource: Reserve Bank of Zimbabwe \n \n \n \n \nCommercial banks and Building societies mortgage lending rates \nMortgage Lending \nrates \n26 Jan 2024 \n02 Feb 2024 \n 09 Feb 2024 \n 16 Feb 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 \n \n \n \n \n \nUS$ Lending rates \n \n \n \n \nMinimum \n8.00 \n8.00 \n8.00 \n8.00 \nMaximum \n18.00 \n18.00 \n18.00 \n18.00 \nSource: Reserve Bank of Zimbabwe \n \n \n \n \n \n \n \n \n \n \n \n \n \n 5 \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 \nCap \n(points) \nSmall Cap \n(points) \nMining \nIndex \n(points) \nGrand \nMarket \nCap (ZWL \nbillion) \nMarket \nTurnover \n(ZWL \nmillion) \nVolume \nof Shares \n(million) \n26-Jan-24 \n429,924.86 \n193,020.96 \n261,129.96 \n1,506,962.42 \n9,939,773.26 \n187,716.59 \n34,645.31 \n35,682.43 \n14.89 \n02-Feb-24 \n584,266.23 \n261,619.92 \n351,519.56 \n2,043,762.44 \n9,947,030.87 \n163,733.73 \n47,316.74 \n68,964.42 \n23.14 \n09-Feb-24 \n565,042.99 \n256,423.20 \n335,671.65 \n2,145,807.60 \n9,851,268.27 \n216,534.42 \n45,507.85 \n27,104.96 \n19.05 \n16-Feb-24 \n508,228.16 \n224,876.50 \n293,392.65 \n2,130,746.05 \n10,547,667.9 \n216,534.42 \n39,998.89 \n20,456.43 \n35.74 \n% Change \n-10.05 \n-12.30 \n-12.60 \n-0.70 \n7.07 \n0.00 \n-12.11 \n-24.53 \n87.60 \n \nSource: Zimbabwe Stock Exchange, (ZSE) \n \n \n \nVFEX Indicators \nDate \nAll Share Index Points \nGrand Market \nCapitalization \n(US$ billion) \nMarket Turnover (US$ \nmillion) \nVolume of Shares \n(million) \n26-Jan-24 \n98.68 \n1.19 \n0.58 \n5.21 \n02-Feb-24 \n102.59 \n1.24 \n0.52 \n2.15 \n09-Feb-24 \n99.45 \n1.20 \n1.03 \n2.97 \n16-Feb-24 \n96.51 \n1.17 \n1.99 \n53.41 \n% Change \n-2.96 \n-2.96 \n92.55 \n1697.36 \n \nSource: Zimbabwe Stock Exchange, (ZSE) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 6 \nFigure 1: ZSE and VFEX Indicators \nSource: Zimbabwe Stock Exchange \n \n \n \n \nSource: Zimbabwe Stock Exchange, (ZSE) \n \n0\n100000\n200000\n300000\n400000\n500000\n600000\n700000\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\nIndices\nZSE Indices \nAllshare index\nTop10 Index\nMining Index\n0.00\n10,000.00\n20,000.00\n30,000.00\n40,000.00\n50,000.00\n60,000.00\n70,000.00\n80,000.00\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\nZW$ Mililon\nZSE Market Turnover \n \n0\n5,000\n10,000\n15,000\n20,000\n25,000\n30,000\n35,000\n40,000\n45,000\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\nZW$ Mililon\nZSE Market Capitalisation \n \n0\n20\n40\n60\n80\n100\n120\n140\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\nUS$ Bililon\nVFEX All Share Index \n \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\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\nUS$ Mililon\nVFEX Market Capitalisation \n \n 7 \n4. CLEARING AND SETTLEMENT ACTIVITY \n \n5. PRICES \n \nDomestic Energy Prices \nEnergy prices \n26 Jan 2024 \n02 Feb 2024 \n09 Feb 2024 \n16 Feb 2024 \n \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.66 \n1.66 \n1.67 \n1.67 \nPetrol Blend E20/ \nlitre \n1.57 \n1.57 \n1.64 \n1.64 \nLP Gas / kg \n1.85 \n1.85 \n1.86 \n1.86 \nSource: ZERA \n \n \nInternational Energy Prices \n Energy prices \n26 Jan 2024 \n02 Feb 2024 \n09 Feb 2024 \n16 Feb 2024 \n \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n84.02 \n80.01 \n79.91 \n82.35 \nSource: KITCO \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nPAYMENT STREAM \nWEEK \nENDING 09 FEBRUARY \n2024 \n WEEK \nENDING 16 FEBRUARY \n 2024 \nWEEKLY \nCHANGE \n(%) \n \nVALUES IN ZW$ \n \nRTGS \n7,933,467,185,319.33 \n9,804,324,904,714.03 \n23.58 \nOf which ZW$ \n3,266,111,212,968.47 \n3,671,219,301,031.05 \n \nOf which US$ \n420,368,772.91 \n507,064,851.57 \n \nPOS \n623,771,607,520.37 \n451,474,019,036.31 \n-27.62 \nATM \n602,656,849,746.83 \n408,540,989,474.75 \n-32.21 \nMOBILE \n711,148,437,718.74 \n706,186,909,261.93 \n-0.70 \nTOTAL \n9,871,044,080,305.27 \n11,370,526,822,487.00 \n15.19 \n \nVOLUMES \n \nRTGS \n188,600 \n160,609 \n-14.84 \nOf which ZW$ \n101,550 \n88,179 \n \nOf which US$ \n87,050 \n72,430 \n \nPOS \n2,086,820 \n1,420,434 \n-31.93 \nATM \n216,049 \n141,803 \n-34.37 \nMOBILE \n11,038,304 \n10,720,999 \n-2.87 \nTOTAL \n13,529,773 \n12,443,845 \n-8.03 \n \n 8 \n6. MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS \n(GBDT) \n \nPrevious day Gold PM Fix \nGold prices \n26 Jan 2024 \n02 Feb 2024 \n09 Feb 2024 \n16 Feb 2024 \n \nUS$/oz \nUS$/oz \nUS$/oz \nUS$/oz \nGold PM Fix \n2,023.75 \n2,045.85 \n2,028.65 \n2,004.05 \nSource: LBMA, (2024) \n \n \n \nGold Backed Digital Token Price Per Milligram \nWeek Ending \nZW$ Price per Mg \nUS$ Price per Mg \nBuy \nSell \nBuy \nSell \n26-Jan-24 \n608.74 \n672.82 \n0.0618 \n0.0683 \n2-Feb-24 \n656.77 \n725.9 \n0.0625 \n0.0691 \n09-Feb-24 \n780.45 \n862.60 \n0.0620 \n0.0685 \n16-Feb-24 \n848.21 \n937.49 \n0.0612 \n0.0677 \nSource: Reserve Bank of Zimbabwe \n \n \nRBZ Gold-Backed Digital Tokens Issuances (ZW$) \n \n2024 \nNumber of \nBids \nValue of Bids \n(ZW$ millions) \nAmount Allotted \n(ZW$ millions) \nKilograms of \nGold Purchased \nCumulative up to week ending \n896 \n278,966.39 \n278,966.39 \n701.205031 \n9-Feb \n12-Feb \nGBDT Issue No.7 2024 \n4 \n2,093.59 \n2,093.59 \n2.387299 \n13-Feb \nGBDT Issue No.8 2024 \n1 \n499.99 \n499.99 \n0.561148 \n14-Feb \nGBDT Issue No.9 2024 \n9 \n1,535.89 \n1,535.89 \n1.713357 \n15-Feb \nGBDT Issue No.10 2024 \n3 \n1,317.50 \n1,317.50 \n1.451550 \n16-Feb \nGBDT Issue No.10 2024 \n4 \n3,124.20 \n3,124.20 \n3.322513 \nCumulative up to week ending \n917 \n287,537.56 \n287,537.56 \n710.650898 \n16-Feb \nWeekly Change (%) \n2.34 \n3.07 \n3.07 \n1.34 \n Source: Reserve Bank of Zimbabwe \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 9 \n Figure 2: Cumulative KGs Purchased of GBDT \n \n Source: Reserve Bank of Zimbabwe \n \n \nMosi-oa-Tunya Gold Coin Prices \nGold Coin Price \n26 Jan 2024 \n02 Feb 2024 \n 09 Feb 2024 \n 16 Feb 2024 \n1.00Oz \n \n \n \n \nUS$ \n2,124.94 \n2,148.14 \n2,130.08 \n2,104.25 \nZW$ \n22,578,108.38 \n24,814,522.97 \n26,829,944.90 \n29,159,342.76 \n0.50Oz \n \n \n \n \nUS$ \n1,062.47 \n1,074.07 \n1,065.04 \n1,052.13 \nZW$ \n11,289,054.19 \n12,407,261.48 \n13,414,972.45 \n14,579,671.38 \n0.25Oz \n \n \n \n \nUS$ \n531.23 \n537.04 \n532.52 \n526.06 \nZW$ \n5,644,527.10 \n6,203,630.74 \n6,707,486.22 \n7,289,835.69 \n0.10Oz \n \n \n \n \nUS$ \n212.49 \n214.81 \n213.01 \n210.43 \nZW$ \n2,257,810.84 \n2,481,452.30 \n2,682,994.49 \n2,915,934.28 \nSource: Reserve Bank of Zimbabwe \n7. EXTERNAL SECTOR \nExchange Rate Developments \n \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(05 Feb - 9 Feb) \n11,097.102 \n602.944 \n13,986.554 \n811.886 \n11,950.954 \n12-Feb \n11,671.0291 \n625.0000 \n14,742.2923 \n849.7147 \n12,597.1572 \n13-Feb \n11,906.9172 \n625.0000 \n15,024.4048 \n868.0793 \n12,820.3079 \n14-Feb \n12,093.6596 \n625.0000 \n15,241.0672 \n886.6613 \n12,957.2776 \n15-Feb \n12,313.0448 \n666.6667 \n15,475.8809 \n893.9929 \n13,214.4914 \n16-Feb \n12,597.5820 \n666.6667 \n15,850.4041 \n917.8287 \n13,556.3844 \nWeekly Average \n(12 Feb –16 Feb) \n12,116.4465 \n641.6667 \n15,266.8106 \n \n883.2554 \n13,029.1237 \nAppr (-)/Depr \n(+) (%) of the \nZWL \n9.20 \n6.40 \n9.20 \n8.80 \n9.00 \nSource: Reserve Bank of Zimbabwe \n \n \n -\n 100.00\n 200.00\n 300.00\n 400.00\n 500.00\n 600.00\n 700.00\n 800.00\n18-May\n26-May\n1-Jun\n8-Jun\n15-Jun\n22-Jun\n29-Jun\n6-Jul\n13-Jul\n20-Jul\n3-Aug\n17-Aug\n31-Aug\n14-Sep\n28-Sep\n12-Oct\n18-Oct\n9-Nov\n23-Nov\n7-Dec\n21-Dec\n11-Jan\n25-Jan\n30-Jan\n31-Jan\n1-Feb\n2-Feb\n5-Feb\n6-Feb\n7-Feb\n8-Feb\n9-Feb\n12-Feb\n13-Feb\n14-Feb\n15-Feb\n16-Feb\n \n \n10 \nInternational commodity price developments \n \nPlatinum \nPalladium \nNickel \nLithium \n2024 \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nWeekly Average \n (05 Feb - 9 Feb) \n891.50 \n 916.20 \n15,985.00 \n13,250.00 \n12-Feb \n880.50 \n881.50 \n16,060.00 \n13,250.00 \n13-Feb \n890.00 \n894.50 \n16,261.00 \n13,250.00 \n14-Feb \n887.50 \n887.50 \n16,346.00 \n13,250.00 \n15-Feb \n898.50 \n960.00 \n16,258.00 \n13,250.00 \n16-Feb \n893.50 \n944.00 \n16,356.00 \n13,250.00 \nWeekly Average \n (12 Feb - 16 Feb) \n890.00 \n913.50 \n16,256.20 \n13,250.00 \nSource: KITC \n \nFigure 3: Weekly Precious Metals Price Developments (12th – 16th February 2024) \n \n \n \n \nSource: Kitco,2024 \n \n870\n875\n880\n885\n890\n895\n900\nUS$/tonne\nPlatinum\n840\n860\n880\n900\n920\n940\n960\n980\nUS$/tonne\nPalladium\n15,900.00\n15,950.00\n16,000.00\n16,050.00\n16,100.00\n16,150.00\n16,200.00\n16,250.00\n16,300.00\n16,350.00\n16,400.00\nUS$/tonne\nNickel\n0.00\n2,000.00\n4,000.00\n6,000.00\n8,000.00\n10,000.00\n12,000.00\n14,000.00\n16,000.00\nUS$/tonne\nLithium Hydroxide", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_16_February_2024_Volume_26_Number_7.pdf"}
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+ {"doc_id": "16c72021e6d3b3837b9c09eabe3a368b", "text": "Vol. 25 No. 37 \n \n \nWeek Ending \n15th September 2023 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ................................................................................................ 1 \n2. \nINTEREST RATES .................................................................................... 1 \n3. \nCLEARING AND SETTLEMENT ACTIVITY ...................................... 3 \n4. \nTOBACCO SALES ..................................................................................... 4 \n5. \nINTERNATIONAL COMMODITY PRICE DEVELOPMENTS ......... 5 \n6. \nEQUITY MARKETS.................................................................................. 7 \n7. \nA LOOK AT US DOLLAR INTEREST RATE MARGINS ................. 11 \n \n \n \n \n 1 \n1. \nOVERVIEW \n \nThis report provides an analysis of the developments in the money and capital markets for the \nweek ending 15th September 2023. The report also covers developments in the tobacco sales, \nmineral commodities, and stock markets during the week. The last section of the report presents \na look at US dollar interest rate margins. \n \n \nDuring the week under review, both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls \nStock Exchange (VFEX) exhibited bullish sentiments. Consecutively, the value of transactions \nprocessed through the National Payment System (NPS) were lower during the week under review \ncompared to the previous week. \n \nThe minimum deposit rates for both the domestic currency deposits and foreign currency \ndeposits remained largely unchanged during the week under review. \n \n \nThe volume and value of tobacco sales as at the end of the week under review were higher \ncompared to the corresponding period in 2022. Prices of the golden leaf, however, continued to \nbe lower compared to the same period in the previous year. \n \n2. \nINTEREST RATES \n \nLocal Currency (ZWL) Deposit Rates \n \nDuring the week ending 15th September 2023, minimum and maximum ZWL deposit rates for \nall classes of deposits remained largely unchanged. Maximum deposit rates for deposits of 3-\nmonth, 6-month and 12-month tenor, however, registered increases during the same week. \n \nTable 1: Average Deposit Rates (per annum) \nDate \nSavings deposits (%) \n \n1- Month deposit \nrates (%) \n \n3- Month deposit \nrates (%) \n \n6- Month deposit \nrates (%) \n \n12- Month deposit \nrates (%) \n \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \n18-Aug-23 \n34.29 \n35.60 \n59.00 \n70.11 \n57.67 \n70.35 \n59.17 \n68.64 \n59.33 \n68.79 \n25-Aug-23 \n \n34.29 \n34.29 \n59.00 \n70.11 \n57.67 \n70.35 \n59.17 \n68.64 \n59.33 \n68.79 \n01-Sep-23 \n34.29 \n 35.60 \n59.00 \n70.11 \n 57.67 \n70.35 \n59.17 \n68.64 \n 59.33 \n68.79 \n08-Sep-23 \n34.29 \n35.60 \n59.00 \n70.11 \n 61.67 \n69.22 \n59.17 \n67.40 \n 59.33 \n67.53 \n15-Sep-23 \n34.29 \n35.60 \n59.00 \n70.11 \n 61.67 \n70.89 \n59.17 \n68.64 \n 59.33 \n68.79 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n 2 \n \n \nLocal Currency Lending Rate \n \nThe minimum and maximum ZWL lending rates for individual clients registered an increase \nwhile those for corporate clients were marginally lower during the week under analysis. The \nZWL lending rates are shown in Table 2. \n \n \nTable 2: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \n \n Corporate Clients \n11-Aug-23 \n77.70 \n102.85 \n94.39 \n166.34 \n18-Aug-23 \n77.83 \n102.86 \n93.46 \n165.81 \n25-Aug-23 \n77.63 \n102.79 \n93.18 \n166.18 \n01-Sep-23 \n76.78 \n100.11 \n92.40 \n166.33 \n08-Sep-23 \n76.51 \n99.92 \n91.76 \n166.02 \n15-Sep-23 \n76.71 \n99.96 \n91.58 \n165.85 \nSource: Reserve Bank of Zimbabwe, 2023 \n \nForeign Currency (USD) Deposit Rates \n \nDuring the week under review, minimum and maximum FCA deposit rates for all classes of \ndeposits remained largely unchanged. Banks continue to actively take measures to attract long \nterm foreign currency deposits amid firm demand for foreign currency loans by individual and \ncorporate clients. Average foreign currency deposits rates are shown in Table 3. \n \nTable 3: Average Foreign Currency Deposit Rates (per annum) \n \nDate \nSavings deposits (%) \n1- Month deposit \nrates (%) \n \n3- Month deposit \nrates (%) \n \n6-Month deposit \nrates (%) \n \n12- Month deposit \nrates (%) \n \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \n18-Aug-23 \n1.27 \n1.81 \n3.15 \n4.62 \n3.33 \n5.00 \n3.35 \n5.27 \n3.43 \n5.50 \n25-Aug-23 \n1.27 \n1.81 \n3.15 \n4.62 \n3.33 \n5.00 \n3.35 \n5.27 \n3.43 \n5.50 \n01-Sep-23 \n1.27 \n1.81 \n3.15 \n4.62 \n3.33 \n5.00 \n3.35 \n5.27 \n3.43 \n5.50 \n08-Sep-23 \n1.27 \n1.81 \n3.15 \n4.62 \n3.33 \n5.00 \n3.35 \n5.27 \n3.43 \n5.50 \n15-Sep-23 \n1.27 \n1.81 \n3.15 \n4.62 \n3.33 \n5.00 \n3.35 \n5.27 \n3.43 \n5.50 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n 3 \nForeign Currency (USD) Lending Rates \n \n \nDuring the week ending 15th September 2023, minimum foreign currency lending rates (FCA) \nfor individuals increased by 0.08 percentage points while those for corporate lending rates \nregistered a decline of 0.07 percentage points during the same week. Maximum lending rates for \nboth individual and corporate clients registered an increased amid high demand for foreign \ncurrency credit in the economy. \n \nTable 4: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \nCorporate Clients \n \n18-Aug-23 \n11.29 \n13.15 \n8.03 \n14.38 \n25-Aug-23 \n11.28 \n13.19 \n8.03 \n14.36 \n01-Sep-23 \n11.22 \n13.23 \n7.12 \n14.92 \n08-Sep-23 \n11.29 \n13.16 \n8.25 \n14.20 \n15-Sep-23 \n11.21 \n13.29 \n8.18 \n14.26 \nSource: Reserve Bank of Zimbabwe, 2023 \n3. \nCLEARING AND SETTLEMENT ACTIVITY \n \nDuring the week under analysis, aggregate transactions processed in value terms through NPS \nplatforms stood at ZW$5.10 trillion, representing a decrease of 0.11% from ZW$5.11 trillion in \nthe previous week. The Real Time Gross Settlement (RTGS) system constituted 87.83% of the \ntotal value of transactions processed through the NPS. In value terms, NPS transactions were \ndistributed as shown in Figure1. \n \nFigure 1: Composition of NPS Transactions in Value Terms \n \n Source: Reserve Bank of Zimbabwe, 2023 \nRTGS\n87.83%\nPOS\n4.38%\nATM\n3.19%\nMOBILE\n4.60%\nRTGS\nPOS\nATM\nMOBILE\n \n 4 \n \n \nThe volume of transactions processed through the NPS decreased by 9.58% to close at 10.04 \nmillion driven by decreases in RTGS, Mobile, POS and ATM transactions volumes. NPS \ntransaction volumes were distributed as follows: Mobile, 79.44%; POS, 17.07%; ATM, 1.62%; \nand RTGS, 1.87%, as shown in Figure 2. \n \n Figure 2: Composition of NPS Transactions in Volume Terms \n \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \nTable 5: National Payment Systems Activity \nPAYMENT \nSTREAM \nWEEK ENDING \n08 September 2023 \nWEEK ENDING \n15 September 2023 \n% CHANGE \nFROM LAST \nWEEK \nPROPORTION \n% \nValues in ZW$ Millions \nRTGS \n4,243,909.60 \n4,484,949.05 \n5.68% \n87.83% \nPOS \n324,132.97 \n223,612.37 \n-31.01% \n 4.38% \nATM \n279,709.56 \n162,870.54 \n-41.77% \n3.19% \nMOBILE \n264,014.42 \n234,699.36 \n -11.10% \n4.60% \nTOTAL \n5,111,766.55 \n 5,106,131.33 \n-0.11% \n100% \nVolumes \nRTGS \n211,396 \n187,357 \n-11.37% \n1.87% \nPOS \n2,133,115 \n 1,713,368 \n-19.68% \n17.07% \nATM \n309,747 \n163,104 \n-47.34% \n1.62% \nMOBILE \n8,448,524 \n7,975,639 \n-5.60% \n79.44% \nTOTAL \n11,102,782 \n10,039,468 \n-9.58% \n100% \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n4. \nTOBACCO SALES \nAs at the 119th day of the tobacco selling season, a cumulative total of 296.14 million kilograms \nof tobacco had been sold, compared to a cumulative total of 207.73 million kilograms sold during \nRTGS, 1.87%\nPOS, 17.07%\nATM, 1.62%\nMOBILE, 79.44%\nRTGS\nPOS\nATM\nMOBILE\n \n 5 \nthe same period in 2022. The turnover realized from the sales amounted to US$896. 98 million, \na 41.17% increase, compared to US$635.37 million realized during the same period in 2022. \n \nTable 6: Weekly Cumulative Tobacco Sales: Day 119th (15th September 2023) \n \n2022 \n2023 \nVariance (%) \nCumulative Quantity Sold (million \nkgs) \n207,725,586 \n296,135,214 \n42.56 \nAverage Price (US$/kg) \n3.06 \n3.03 \n-0.97 \nCumulative value (US$ million) \n635,374,749 \n896,982,582 \n41.17 \n Source: Tobacco Industry and Marketing Board (TIMB), 2023 \n \nThe golden leaf continued to be sold at a lower average price of US$3.03/kg, during the week \nunder review, down from US$3.06/kg realized during the same period in 2022. \n \n5. \nINTERNATIONAL COMMODITY PRICE DEVELOPMENTS \n \n \nDuring the week under analysis, international commodity prices for gold, platinum and nickel \nfell, while prices for palladium, copper and crude oil increased. Table 7 shows commodity price \ndevelopments during the week under review. \n \nTable 7: Metal and Crude Oil Prices for the week ending 15th September 2023 \n \nGold \nPlatinum \nPalladium \nCopper \nNickel \nCrude Oil \n2023 \nUS$/ounce \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nUS$/barrel \nWeekly Average (4 - 8 Sep) \n1,927.42 \n926.00 \n1,213.50 \n8,362.20 \n20,576.60 \n90.03 \n11-Sep \n1,925.78 \n903.50 \n1,212.50 \n8,394.50 \n20,140.00 \n90.94 \n12-Sep \n1,913.73 \n901.00 \n1,214.50 \n8,366.50 \n19,830.00 \n92.18 \n13-Sep \n1,912.98 \n903.50 \n1,233.50 \n8,413.50 \n20,140.00 \n92.44 \n14-Sep \n1,904.10 \n902.00 \n1,259.50 \n8,487.50 \n20,305.00 \n94.33 \n15-Sep \n1,923.20 \n922.00 \n1,265.50 \n8,420.00 \n20,000.00 \n94.34 \nWeekly Average (11 - 15 Sep) \n1,915.96 \n906.40 \n1,237.10 \n8,416.40 \n20,083.00 \n92.85 \nWeekly Change (%) \n-0.59 \n-2.12 \n1.94 \n0.65 \n-2.40 \n3.13 \n \nSource: BBC, KITCO and Bloomberg 2023 \n \nGold \n \nGold prices eased by 0.59%, from an average of US$1,927.42 per ounce recorded in the previous \nweek to US$1,915.96 per ounce during the week under review. The price of the yellow metal \nfell as investors expected the U.S. Federal Reserve to maintain the interest rates unchanged. \n \n \n 6 \n \nPlatinum \nPlatinum prices continued on a negative trajectory, underpinned by a perceived glut in the market \nfor the precious metal relative to global demand. Prices decreased by 2.12%, from a weekly \naverage of US$926.00 per ounce reported in the previous week to US$906.40 per ounce during \nthe week under review. \n \nPalladium \nPalladium prices increased by 1.94% to US$1,237.10 per ounce during the week under review, \nfrom US$1,213.50 per ounce recorded in the previous week. Stronger-than-expected economic \nreports from China supported the rise in prices. \n \n \nCopper \nDuring the week ending 15th September 2023, copper prices rose by 0.65% to US$8,416.50 per \ntonne from US$8,362.20 per tonne recorded in the prior week. Prices rose after economic data \nfrom China, the top metals consumer, showed signs of a stabilising economy. \n \nNickel \nNickel prices were further reduced by 2.40% to close at US$20,083.00 per tonne during the week \nunder review, from US$20,576.60 per tonne reported in the previous week. The decline in prices \nwas mainly on account of a stronger U.S. dollar which is expected to dampen demand. \n \nBrent Crude Oil \nCrude oil prices improved by 3.13%, from US$90.03 per barrel reported in the previous week to \nUS$92.85 per barrel during the week under analysis. The increase in oil prices was primarily \ndriven by stronger-than-expected economic reports and increased demand from China, the \nworld's second-largest consumer of crude oil. \n \n \n \n \n \n \n 7 \nExchange Rate Developments \nInterbank Market \nThe Zimbabwe dollar (ZW$) depreciated by 1.95% on the interbank market, from an average of \nZW$4,633.01 per US$1 in the previous week to ZW$4,723.22 per US$1, during the week under \nreview as shown in Table 8. \n \nTable 8: Selected Exchange Rates (ZW$ per unit of foreign currency) \n2023 \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average (4 - 8 Sep) \n4,633.0058 \n244.5192 \n5,819.3283 \n316.8141 \n4,979.8968 \n11-Sep \n4,664.2710 \n250.0000 \n5,838.9676 \n338.6261 \n5,006.6285 \n12-Sep \n4,695.4502 \n250.0000 \n5,875.1820 \n344.1765 \n5,042.2092 \n13-Sep \n4,712.1675 \n253.1646 \n5,885.0436 \n345.6507 \n5,063.2328 \n14-Sep \n4,714.5341 \n253.1646 \n5,894.8223 \n347.2390 \n5,069.0852 \n15-Sep \n4,829.6830 \n259.7403 \n5,999.4502 \n354.0698 \n4,829.6830 \nWeekly Average (11 - 15 Sep) \n4,723.2212 \n253.2139 \n5,898.6931 \n345.9524 \n5,002.1677 \nAppr (-)/Depr (+) (%) of the ZWL \n1.95 \n3.6 \n1.4 \n9.2 \n0.4 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n \n6. EQUITY MARKETS \n \nDuring the week ending 15th September 2023, the Zimbabwe Stock Exchange (ZSE) and the \nVictoria Falls Stock Exchange (VFEX) were both on a bullish trend. Concomitantly, the ZSE \nAll Share index and the VFEX All Share index gained by 9.49% and 4.01% to close at 143 \n231.12 points and 70.79 points, respectively. \n \nZimbabwe Stock Exchange (ZSE) Developments \n \nThe Top 10, Top 15 and Medium Cap indices increased by 11.80%, 9.80% and 5.30% to close \nat 69 387.77 points, 93 084.44 points and 483 899.13 points, compared to previous week’s \npositions of 62 062.50 points, 84 773.55 points and 459 558.89 points, respectively. \n \nThe resource index gained 15% to close at 125 531.67 points from 109 159.36 points during the \nweek of analysis. \n \nFigure 3 shows developments on the ZSE’s All Share, Top 10 and Mining indices from 16th \nSeptember 2022 to 15th September 2023. \n \n \n 8 \nFigure 3: ZSE All Share, Top 10 and Mining Indices \n \nSource: Zimbabwe Stock Exchange, 2023 \n \n \nThe increase in the mainstream index emanated from share price gains in CBZ Holdings Limited \n(51.94%), Willdale Limited (46.36%), Zimre Holdings Limited (31.14%), Mashonaland \nHoldings Limited (23.99%) and Nmbz Holdings Limited (19.42%). \n \nLosses were registered in the share prices of Dairibord Holdings Limited (22.15%), SeedCo \nLimited (15.00%), Tanganda Tea Company Limited (3.54%), British American Tobacco \nZimbabwe Limited (2.38%) and Ok Zimbabwe Limited (0.04%). \n \nMarket Turnover \n \nDuring the week under analysis, cumulative volume of shares traded, and value of shares traded \ndeclined by 89.07% and 72.14% to 27.10 million shares and ZW$14,799.88 million. This \ncompares to 248.02 million shares and ZW$53,131.23 million recorded in the prior week, \nrespectively. \n \nFigure 4 shows the trend in daily market turnover for the period 16th September 2022 to 15th \nSeptember 2023. \n10,100\n20,100\n30,100\n40,100\n50,100\n60,100\n70,100\n80,100\n90,100\n100,100\n110,100\n120,100\n0\n20,000\n40,000\n60,000\n80,000\n100,000\n120,000\n140,000\n160,000\n180,000\n200,000\n16-Sep-22\n30-Sep-22\n14-Oct-22\n28-Oct-22\n11-Nov-22\n25-Nov-22\n09-Dec-22\n23-Dec-22\n06-Jan-23\n20-Jan-23\n03-Feb-23\n17-Feb-23\n03-Mar-23\n17-Mar-23\n31-Mar-23\n14-Apr-23\n28-Apr-23\n12-May-23\n26-May-23\n09-Jun-23\n23-Jun-23\n07-Jul-23\n21-Jul-23\n04-Aug-23\n18-Aug-23\n01-Sep-23\n15-Sep-23\nMining Index\nAll Share and Top 10 Indices\nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n \n 9 \nFigure 4: Market Turnover \nSource: Zimbabwe Stock Exchange, 2023 \n \nMarket Capitalization \n \nDue to the positive trading on the ZSE during the week under review, the market gained 9.33%, \nor ZW$973.93 billion worth of capitalization to close at ZW$11,409.03 billion, compared to \nZW$10,435.10 billion registered in the previous week. Figure 5 shows the evolution of market \ncapitalization for the period 16th September 2022 to 15th September 2023. \n \nFigure 5: Market Capitalization \n \nSource: Zimbabwe Stock Exchange, 2023 \n0\n5,000\n10,000\n15,000\n20,000\n25,000\n30,000\n35,000\n40,000\n45,000\n50,000\n16-Sep-22\n30-Sep-22\n14-Oct-22\n28-Oct-22\n11-Nov-22\n25-Nov-22\n09-Dec-22\n23-Dec-22\n06-Jan-23\n20-Jan-23\n03-Feb-23\n17-Feb-23\n03-Mar-23\n17-Mar-23\n31-Mar-23\n14-Apr-23\n28-Apr-23\n12-May-23\n26-May-23\n09-Jun-23\n23-Jun-23\n07-Jul-23\n21-Jul-23\n04-Aug-23\n18-Aug-23\n01-Sep-23\n15-Sep-23\nZW$ (Million)\nNegotiated Deal: 241 million \nFirst Mutual Holdings \nLimited shares exchanged \nhands at ZW$196/share\n0\n1,500\n3,000\n4,500\n6,000\n7,500\n9,000\n10,500\n12,000\n13,500\n15,000\n16,500\n18,000\n19,500\n16-Sep-22\n30-Sep-22\n14-Oct-22\n28-Oct-22\n11-Nov-22\n25-Nov-22\n09-Dec-22\n23-Dec-22\n06-Jan-23\n20-Jan-23\n03-Feb-23\n17-Feb-23\n03-Mar-23\n17-Mar-23\n31-Mar-23\n14-Apr-23\n28-Apr-23\n12-May-23\n26-May-23\n09-Jun-23\n23-Jun-23\n07-Jul-23\n21-Jul-23\n04-Aug-23\n18-Aug-23\n01-Sep-23\n15-Sep-23\n$ Billions\n \n \n10 \n \n \n \nVictoria Falls Stock Exchange (VFEX) Developments \n \nThe increase in the VFEX mainstream index was a result of share price gains in First Capital \nBank Limited (48.67%), Innscor Africa Limited (10.72%), Padenga Holdings Limited (3.67%), \nAxia Corporation Limited (3.38%) and Simbisa Brands Limited (2.53%). \n \nPartially offsetting the aforementioned gains were declines in the share prices of African Sun \nLimited (5.30%), Zimplow Holdings Limited (3.90%) and Seed Co International Vx (3.81%). \n \n \nVFEX Market Turnover \n \nThe VFEX cumulative volume of shares traded increased by 285.95% while the value of shares \ntraded declined by 6.55% to 5.70 million shares and US$0.42 million compared to 248.02 million \nshares and US$ 0.45 million, recorded in the previous week, respectively. \n \nVFEX Market Capitalization \n \nDue to the positive trading activity on the VFEX during the week under review, the market added \n4.00% worth of capitalization to close at US$1.21 billion. \n \nFigure 6 shows the trend in the VFEX All Share Index (ASI) for the period 16th September 2022 \nto 15th September 2023. \n \n \n \n \n \n \n \n \n \n \n11 \nFigure 6: VFEX All Share Index \n \n Source: Victoria Falls Stock Exchange (VFEX), 2023 \n \n7. \nA LOOK AT US DOLLAR INTEREST RATE MARGINS \n \nThe banks play an important role in mobilising savings; both foreign and domestic currency \ndenominated for purposes of investment. Precisely, banks play an important role in supporting \neconomic activities through maturity transformation from savings of various terms and \nmaturities to aggregated financial resources that can be invested in physical capital and funds \nwith different tenors. The foreign currency savings are earned on exports of goods and services, \ndeposits from free funds of individuals, corporates, and foreign organisations among others \nbefore they are channelled to deficit sectors, individuals and companies that need them for \ninvestment purposes. The efficiency and effectiveness of the banking system intermediation \nprocess is reflected by the banks’ lending margins. \nThe banking sector currently holds about US$1.2 billion worth of US dollar deposits. The cost \nof the US dollar savings in Zimbabwe is represented by the deposit rates paid to the different \nclasses of US dollar deposit and savings accounts. The interest rate margin between the USD \nlending and deposit rates is wider for the domestic market when compared to other offshore \nmarkets, especially in the more developed markets. Figures 7 shows the USD lending – deposit \nrate spread for Zimbabwe, which is at least 10 percent and higher than the benchmark US \nlending-deposit rate spread of up to 4 percent. The wider spread for Zimbabwe reflects low \n40\n50\n60\n70\n80\n90\n100\n110\n120\n130\n140\n150\n16-Sep-22\n30-Sep-22\n14-Oct-22\n28-Oct-22\n11-Nov-22\n25-Nov-22\n09-Dec-22\n23-Dec-22\n06-Jan-23\n20-Jan-23\n03-Feb-23\n17-Feb-23\n03-Mar-23\n17-Mar-23\n31-Mar-23\n14-Apr-23\n28-Apr-23\n12-May-23\n26-May-23\n09-Jun-23\n23-Jun-23\n07-Jul-23\n21-Jul-23\n04-Aug-23\n18-Aug-23\n01-Sep-23\n15-Sep-23\n \n \n12 \ndeposit rates on foreign currency deposits and higher lending rates on the US dollar loans in the \ncountry. \n Fig 7: Zimbabwe Foreign Currency Lending-Deposit Rate Spread \n \nSource: US Fed and Reserve Bank of Zimbabwe, 2023 \n \nThe US dollar interest rate spread for Zimbabwe remains wide notwithstanding the increase in \nthe country’s FCA deposits over time. The FCA deposits accounted for close to 88% of the \nbanking sector total deposits, while FCA loans accounted for 94% of the total banking sector \nloans, as of June 2023. The wider US interest rate margin for Zimbabwe is driven by the FED \nrate as the benchmark rate on which country specific factors are loaded, including the relatively \nlow domestic deposit interest rates due to limited sector competition compared to the situations \nin the more advanced markets, including the US. In addition, Zimbabwe faces higher bank \noperating, administration and intermediation costs, whose premia further raises the domestic US \ndollar lending rates over and above the effect of the exchange rate risk posed by the dual currency \nsystem of the county. \nNotwithstanding, the notable country challenges that drive the wide US dollar interest margins \nfor the country, the low foreign currency deposit interest rates present banks with some scope \nand leverage to raise the interest rates, especially on the longer-term US deposits and enhance \n0.00\n1.00\n2.00\n3.00\n4.00\n5.00\n6.00\n7.00\n8.00\n9.00\n10.00\n11.00\n12.00\n13.00\n14.00\n15.00\nBanking lending-deposit spread\nMinimum 12- Month deposit rate\nMaximum Corporate Clients Lending Rate\n \n \n13 \nintermediation and mobilization of foreign currency savings. Such measures are critical in \nensuring that the banks mobilize enough savings for on-lending to the productive sectors. \nThe Reserve Bank of Zimbabwe has taken proactive measures to enable the financial sector \nplayers to have additional information that assist in enhancing their lending efficiency, which in \nthe medium to long term should reduce the interest rate margin on the US dollar loans. \nSpecifically, the Bank has set up the credit registry data to enhance banks’ client risk assessment. \nThe operationalisation of the collateral registry will go a long way in assisting borrowers to \nregister various forms of collateral, including alternative collaterals and substitutes that can be \nused by lenders to make decisions on lending to individuals and corporates over and above the \nconventional collateral assets that are usually used by the banks. \n \nRESERVE BANK OF ZIMBABWE \n \n \n APPENDIX 1: FOREIGN EXCHANGE AUCTION RESULTS FOR MAINFX1 AND WHOLESALEFX 2 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n1 Main Foreign Currency Auction. The Auction is normally conducted every Tuesday every week. \n2 Wholesale Foreign Currency Auction (Wholesale FX). The RBZ MPC resolutions dated 6 June 2023 resolved that with effect from 7 June 2023, the Bank shall sell foreign currency at the market-determined exchange \nrate through banks to support and strengthen the foreign exchange interbank market, and banks shall in turn sell the foreign currency to their customers. \n \n \n \n 08-August-23 \nWHOLESALFX \n16- Aug-23 \n \n29-Aug-23 \n \n12-Sep-23 \nTotal \nBids (US$ dollars) \n17,518,500.00 \n18,854,776.00 \n 19,610,040.40 \n \n18,726,643.25 \nAmount Allotted (US$ dollars) \n17,518,500.00 \n18,854,776.00 \n19,610,040.40 \n \n19,610,040.40 \n \nHighest Rate \n4,584.45 \n4,600.00 \n4,650.00 \n4,800.00 \nLowest Bid \nRate \n4,550.00 \n4,559.00 \n4,570.00 \n4,650.00 \nLowest Bid Rate Allotted \n4,550.00 \n4,559.00 \n4,570.00 \n4,650.00 \nWeighted Average Rate \n4,559.74 \n4,577.50 \n4,604.62 \n4,712.17 \nNumber of Bids Received \n16 \n13 \n18 \n19 \nNumber of Bids Rejected \n0 \n0 \n0 \n0 \n \n \nAPPENDIX 2: SUMMARY OF FOREIGN CURRENCY AUCTION ALLOTMENTS BY PURPOSE \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n08-Aug-23 \n \n16-Aug-23 \n \n29-Aug-23 \n \n12-Sep-23 \nRaw Materials \n308,170.98 \n113,729.24 \n144,400.98 \n266,877.75 \nMachinery and Equipment \n287,094.68 \n345,440.82 \n123,873.61 \n303,210.76 \nConsumables \n(Incl. Spares, Tyres, \nPackaging) \n2,120.64 \n- \n47,224.00 \n136,003.85 \nPharmaceuticals and \nChemicals \n- \n- \n- \n- \nServices (Loans, Dividends \nand Disinvestments) \n232,795.36 \n58,000.00 \n220,379.23 \n303,084.29 \nRetail and Distribution \n54,648.06 \n30,000.00 \n10,000.00 \n152,687.33 \nFuel, Electricity and Gas \n- \n- \n- \n- \nPaper and Packaging \n- \n22,269.22 \n- \n- \nTOTAL \n884,829.72 \n569,439.28 \n545,877.82 \n1,161,863.98", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_15_SEPTEMBER_2023_Volume_25_Number_37.pdf"}
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+ {"doc_id": "170ec5f4ae72a0dc69c4ec1761410676", "text": "Vol. 26 No. 32 \n \n \nWeek Ending \n9th August 2024 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 2 \n3. \nEQUITY MARKETS .............................................................. 3 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 5 \n5. \nPRICES .................................................................................... 5 \n6. \nGOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND \nGOLD BACKED DIGITAL TOKENS (GBDT) .................. 5 \n7. \nEXTERNAL SECTOR ........................................................... 6 \n8. \nTOBACCO SALES ................................................................. 8 \n \n \n \n 1 \n1. OVERVIEW \n \n \n \nThis report provides an overview of weekly monetary and financial developments from domestic and \ninternational markets including money markets, capital markets, payment systems, commodity prices \nand exchange rates for the week ending 9th August 2024. \nDuring the week under review, both local currency and foreign currency deposits rates for deposits \nof all tenors remained unchanged at previous week levels. \nOn the other hand, minimum and maximum local currency lending rates for individual clients \ndecreased, while those for corporates clients increased. Minimum and maximum foreign currency \nlending rates for individual clients decreased by 0.12 percentage points and 0.18 percentage points, \nrespectively. Minimum foreign currency lending rates for corporate clients also decreased, while the \nmaximum lending rates marginally increased by 0.01perecentage points during the same week. \nThe Zimbabwe Stock Exchange (ZSE) exhibited bullish sentiments during the week under review. \nAs a result, the All-Share Index gained by 0.86% to close the week at 201.79 points. In contrast, the \nVictoria Falls Stock Exchange (VFEX) exhibited bearish sentiments. Resultantly, the VFEX All-\nShare Index fell by 0.40% to close the week at 104.64 points. \nThe value of transactions processed through the National Payment System (NPS) decreased by 6.16% \nfrom ZiG17.57 billion registered in the previous week to ZiG16.49 billion. This was largely due to a \ndecrease in the value of transactions registered for RTGS and ATM transactions during the period of \nanalysis. \nOn the local foreign exchange market, the ZiG/US$ exchange rate depreciated by 0.07%, from a \nweekly average of ZiG13.7885 per US$ recorded in the previous week, to ZiG13.7786 per US$ during \nthe week under review. \nDuring the week under analysis, international commodity prices for gold, platinum, palladium, \ncopper, lithium, and crude oil decreased. Gold prices fell due to a stronger dollar and rising bond \nyields. Platinum prices also declined amid a pessimistic demand outlook. Palladium prices decreased \nby 4.9% to $875.20 per ounce due to abundant stockpiles. Lithium prices decreased on concerns of \noversupply. Copper prices fell by 3.0% to $8,849.50/tonne driven by increasing stockpiles and weak \ndemand in China. In contrast, nickel prices increased due to higher demand in China, the world's top \nconsumer. \nA cumulative total of 231 million kilograms of tobacco was sold as at 9th of August 2024, representing \na 21.79% decrease from the 295 million kilograms sold during the same period in 2023. The golden \nleaf was, however, sold at a higher price of US$3.43 per kilogram, up from the US$3.03 per kilogram \nrealised in the comparable period in 2023. \n \n \n 2 \n2. INTEREST RATES \n \nAverage commercial bank deposit rates (Local Currency (ZiG) \nZiG Deposit rates \n19 July 2024 \n26 July 2024 \n2 August 2024 \n9 August 2024 \nSavings \n \n \n \n \nMinimum \n3.75 \n3.75 \n3.75 \n3.75 \nMaximum \n3.88 \n3.88 \n3.88 \n3.88 \n1-month deposit \n \n \n \n \nMinimum \n5.19 \n5.19 \n5.19 \n5.19 \nMaximum \n5.80 \n5.58 \n5.84 \n5.84 \n3-months deposit \n \n \n \n \nMinimum \n5.26 \n5.26 \n5.26 \n5.26 \nMaximum \n5.78 \n5.83 \n5.83 \n5.83 \n6-months deposit \n \n \n \n \nMinimum \n5.33 \n5.33 \n5.33 \n5.33 \nMaximum \n5.94 \n5.94 \n5.94 \n5.94 \n12-months deposit \n \n \n \n \nMinimum \n5.36 \n5.36 \n5.36 \n5.36 \nMaximum \n6.03 \n6.03 \n6.03 \n6.03 \nOver 1 year \n \n \n \n \nMinimum \n5.37 \n5.37 \n5.37 \n5.37 \nMaximum \n6.10 \n6.10 \n6.10 \n6.10 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \nAverage commercial bank deposit rates (Foreign Currency (US$) \nUS$ Deposit rates \n19 July 2024 \n26 July 2024 \n2 August 2024 \n9 August 2024 \nSavings \n \n \n \n \nMinimum \n1.53 \n1.53 \n1.53 \n1.53 \nMaximum \n1.86 \n1.86 \n1.86 \n1.86 \n1-month deposit \n \n \n \n \nMinimum \n3.28 \n3.28 \n3.28 \n3.28 \nMaximum \n5.14 \n5.14 \n5.31 \n5.31 \n3-month deposit \n \n \n \n \nMinimum \n3.66 \n3.88 \n4.02 \n4.02 \nMaximum \n5.38 \n5.75 \n5.87 \n5.87 \n6-month deposit \n \n \n \n \nMinimum \n3.19 \n4.06 \n4.21 \n4.21 \nMaximum \n5.87 \n6.37 \n6.70 \n6.70 \n12-Month deposit \n \n \n \n \nMinimum \n4.22 \n4.22 \n4.38 \n4.38 \nMaximum \n6.67 \n6.67 \n7.00 \n7.00 \nOver 1 year \n \n \n \n \nMinimum \n4.41 \n4.41 \n4.56 \n4.56 \nMaximum \n6.63 \n6.63 \n6.97 \n6.97 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \n \n \n \n \n \n 3 \nCommercial bank weighted lending rates (Local Currency (ZiG) \nZiG Lending rates \n19 July 2024 \n26 July 2024 \n2 August 2024 \n9 August 2024 \nIndividuals \n \n \n \n \nMinimum \n24.68 \n24.69 \n24.69 \n24.54 \nMaximum \n30.81 \n30.62 \n30.62 \n30.58 \nCorporates \n \n \n \n \nMinimum \n24.49 \n24.44 \n24.44 \n24.46 \nMaximum \n32.86 \n32.21 \n32.21 \n32.37 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \nCommercial bank weighted lending rates (Foreign Currency (US$) \nUS$ Lending rates \n19 July 2024 \n26 July 2024 \n2 August 2024 \n9 August 2024 \nIndividuals \n \n \n \n \nMinimum \n11.07 \n11.03 \n11.03 \n10.91 \nMaximum \n15.16 \n15.19 \n15.19 \n15.01 \nCorporates \n \n \n \n \nMinimum \n9.60 \n9.59 \n9.59 \n9.54 \nMaximum \n15.47 \n15.42 \n15.42 \n15.43 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \nCommercial banks and building societies mortgage lending rates \nMortgage Lending rates \n19 July 2024 \n26 July 2024 \n2 August 2024 \n9 August 2024 \nZiG Lending rates \n \n \n \n \nMinimum \n20.00 \n20.00 \n20.00 \n20.00 \nMaximum \n30.00 \n30.00 \n30.00 \n30.00 \nUS$ Lending rates \n \n \n \n \nMinimum \n10.00 \n10.00 \n10.00 \n10.00 \nMaximum \n18.00 \n18.00 \n18.00 \n18.00 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \n3. EQUITY MARKETS \n \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 (ZiG \nbillion) \nMarket \nTurnover \n(ZiG \nmillion) \nVolume of \nShares \n(million) \n19-July-24 \n199.83 \n211.35 \n208.12 \n162.12 \n100.11 \n162.99 \n61.73 \n68.22 \n25.57 \n26-July-24 \n202.04 \n211.78 \n208.70 \n173.24 \n100.11 \n197.36 \n62.47 \n79.82 \n24.52 \n2-Aug-24 \n200.07 \n206.96 \n204.85 \n176.78 \n100.11 \n253.49 \n61.08 \n62.31 \n15.38 \n9-Aug-24 \n201.79 \n208.71 \n206.90 \n176.08 \n100.11 \n253.42 \n61.68 \n45.67 \n12.75 \nWeekly \nChange (%) \n0.86 \n0.85 \n1.00 \n-0.40 \n0.00 \n-0.03 \n0.98 \n-26.71 \n-17.10 \nSource: Zimbabwe Stock Exchange, 2024 \n \n \n \n \n \n \n \n 4 \n \nVFEX Indicators \nDate \nAll Share Index \nPoints \nGrand Market Capitalisation \n(US$ billion) \nMarket Turnover \n(US$ million) \nVolume of Shares \n(million) \n19-July-24 \n106.44 \n1.29 \n0.53 \n1.72 \n26-July-24 \n106.70 \n1.29 \n0.35 \n5.19 \n2-Aug-24 \n105.06 \n1.27 \n0.60 \n9.70 \n9-Aug-24 \n104.64 \n1.26 \n0.50 \n1.75 \nWeekly Change (%) \n-0.40 \n-0.79 \n-16.67 \n-81.96 \nSource: Victoria Falls Stock Exchange, 2024 \n \n \nFigure 1: ZSE and VFEX Indicators \n \n \n \n \n \n \nSource: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2024 \n \n90\n110\n130\n150\n170\n190\n210\n230\n250\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\n12-Jul-24\n19-Jul-24\n26-Jul-24\n02-Aug-24\n09-Aug-24\nIndices\nZSE Indices \nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n0\n5,000\n10,000\n15,000\n20,000\n25,000\n30,000\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\n12-Jul-24\n19-Jul-24\n26-Jul-24\n02-Aug-24\n09-Aug-24\nZiG Thousands\nZSE Market Turnover \n25\n30\n35\n40\n45\n50\n55\n60\n65\n70\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\n12-Jul-24\n19-Jul-24\n26-Jul-24\n02-Aug-24\n09-Aug-24\nZiG Billion\nZSE Market Capitalisation \n80\n90\n100\n110\n120\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\n12-Jul-24\n19-Jul-24\n26-Jul-24\n02-Aug-24\n09-Aug-24\nUS$ Bililon\nVFEX All Share Index \n1.1\n1.15\n1.2\n1.25\n1.3\n1.35\n29-Mar-24\n05-Apr-24\n12-Apr-24\n19-Apr-24\n26-Apr-24\n03-May-24\n10-May-24\n17-May-24\n24-May-24\n31-May-24\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\n12-Jul-24\n19-Jul-24\n26-Jul-24\n02-Aug-24\n09-Aug-24\nUS$ Billion\nVFEX Market Capitalisation \n0\n200\n400\n600\n800\n1000\n17-May-24\n24-May-24\n31-May-24\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\n12-Jul-24\n19-Jul-24\n26-Jul-24\n02-Aug-24\n09-Aug-24\nUS$ Thousand\nVFEX Market Turnover \n \n 5 \n4. CLEARING AND SETTLEMENT ACTIVITY \n Source: Reserve Bank of Zimbabwe, 2024 \n \n \n5. PRICES \n \nEnergy Prices \n \n 19 July 2024 \n 26 July 2024 \n 2 August 2024 \n 9 August 2024 \nDomestic Energy Prices \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.62 \n1.62 \n1.62 \n1.63 \nPetrol Blend E20/ litre \n1.59 \n1.59 \n1.59 \n1.60 \nLP Gas / kg \n1.78 \n1.78 \n1.78 \n1.78 \n \n \n \n \n \nInternational Energy Prices \n(Weekly average) \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n84.27 \n81.73 \n79.20 \n77.91 \n Source: Zimbabwe Energy Regulatory Authority and BBC 2024 \n \n \n6. GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS \n(GBDT) \n \n \n \nGold PM Fix and Gold Backed Digital Token Prices \nDate \nGold PM Fix \nGBDT ZiG Price per Mg \nGBDT US$ Price per Mg \nUS$/oz \nBuy \nSell \nBuy \nSell \n5-August-24 \n 2,469.85 \n1.04 \n1.15 \n0.0754 \n0.0834 \n6-August-24 \n 2,393.85 \n1.01 \n1.11 \n0.0731 \n0.0808 \n7-August-24 \n 2,396.55 \n1.01 \n1.11 \n0.0732 \n0.0809 \n8-August-24 \n 2,400.45 \n1.01 \n1.12 \n0.0733 \n0.0810 \n9-August-24 \n 2,411.45 \n1.02 \n1.12 \n0.0737 \n0.0814 \nSource: London Bullion Market Association and Reserve Bank of Zimbabwe, 2024 \n \n \n \n \nPAYMENT STREAM \nWEEK ENDING \n2 August 2024 \nWEEK ENDING \n9 August 2024 \nWEEKLY \nCHANGE (%) \n \nVALUES IN ZiG \n \nRTGS \n13,949,805,796.29 \n12,069,365,264.35 \n -13.48% \nOf which ZiG \n 6,457,907,093.17 \n 5,023,971,411.27 \n \nOf which US$ \n 543,299,401.00 \n 511,274,390.27 \n \nPOS \n 584,699,835.05 \n 1,248,229,490.63 \n113.48% \nATM \n 1,286,021,185.70 \n 1,141,972,747.97 \n -11.20% \nMOBILE BANKING \n 90,483,419.56 \n 85,204,468.00 \n -5.83% \nMOBILE MONEY \n 1,558,155,537.53 \n 1,818,821,375.98 \n 16.73% \nZIPIT MOBILE \n 101,850,773.88 \n 125,681,239.87 \n 23.40% \nTOTAL \n 17,571,016,548.01 \n16,489,274,586.80 \n -6.16% \n \nVOLUMES \n \nRTGS \n 278,607 \n 215,849 \n -22.53% \nOf which ZiG \n 142,926 \n 113,058 \n \nOf which US$ \n 135,681 \n 102,791 \n \nPOS \n 2,328,673 \n 2,287,189 \n -1.78% \nATM \n 310,308 \n 268,931 \n -13.33% \nMOBILE BANKING \n 406,147 \n 359,791 \n -11.41% \nMOBILE MONEY \n 9,420,736 \n 10,060,646 \n 6.79% \nZIPIT MOBILE \n 240,709 \n 269,800 \n 12.09% \nTOTAL \n 12,985,180 \n 13,462,206 \n 3.67% \n \n 6 \nMosi-oa-Tunya Gold Coin Prices \nGold Coin Price \n30 July 2024 \n31 July 2024 \n1 August 2024 \n 2 August 2024 \n 9 August 2024 \n1.00Oz \n \n \n \n \n \nUS$ \n2,510.66 \n \n2,509.76 \n \n2,547.62 \n \n2,577.00 \n2,532.02 \nZiG \n34,637.50 \n \n34,599.33 \n \n35,144.60 \n \n35,499.16 \n34,894.81 \n0.50Oz \n \n \n \n \n \nUS$ \n1,255.33 \n \n1,254.88 \n \n1,273.81 \n \n1,288.64 \n1,266.01 \nZiG \n17,318.75 \n \n17,299.67 \n \n17,572.30 \n17,749.58 \n17,447.41 \n0.25Oz \n \n \n \n \n \nUS$ \n627.66 \n \n627.44 \n \n636.90 \n644.32 \n633.01 \nZiG \n8,659.37 \n \n8,649.83 \n \n8,786.15 \n8,874.79 \n8,723.70 \n0.10Oz \n \n \n \n \n \nUS$ \n251.07 \n \n250.98 \n \n254.76 \n257.73 \n253.20 \nZiG \n3,463.75 \n \n3,459.93 \n \n3,514.46 \n3,549.92 \n3,489.48 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n7. EXTERNAL SECTOR \n \n \nExchange Rate Developments (ZiG per Unit of foreign currency) \n \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(29 July – 2 August) \n13.7885 \n0.7529 \n17.6883 \n1.0154 \n14.9270 \n05-August \n13.7654 \n0.7476 \n17.6053 \n1.0194 \n15.0449 \n06-August \n13.7623 \n0.7447 \n17.5793 \n1.0143 \n15.0732 \n07-August \n13.7817 \n0.7487 \n17.5118 \n1.0164 \n15.0364 \n08-August \n13.8021 \n0.7519 \n17.5232 \n1.0214 \n15.0891 \n09-August \n13.7814 \n0.7507 \n17.5761 \n1.0158 \n15.0486 \nWeekly Average \n(5 – 9 August) \n13.7786 \n0.7487 \n17.5591 \n1.0175 \n15.0584 \nAppr (-)/Depr (+) (%) \n-0.07 \n-0.56 \n-0.74 \n0.21 \n0.87 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \nInternational Commodity Price Developments \n \nPlatinum \nPalladium \nNickel \nLithium \nCrude oil \n2024 \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nUS$/tonne \nWeekly Average \n (29 July-2 August) \n962.50 \n912.20 \n16,074.25 \n11,942.60 \n79.20 \n05-August \n922.50 \n861.50 \n16,276.00 \n11,530.00 \n77.78 \n06-August \n913.00 \n856.50 \n16,385.00 \n11,530.00 \n77.86 \n07-August \n913.00 \n856.50 \n16,296.00 \n11,300.91 \n76.60 \n08-August \n922.00 \n899.00 \n16,143.00 \n11,300.91 \n78.19 \n09-August \n922.50 \n902.50 \n16,180.00 \n11,300.91 \n79.10 \nWeekly Average \n(5-9 August) \n918.60 \n875.20 \n16,256.00 \n11,392.55 \n77.91 \nSource: BBC, KITCO and Bloomberg, 2024 \n \n \n \n 7 \nFigure 3: Weekly Precious Metals Price Developments (5th August – 9th August 2024) \n \n \n \n \n \n \nSource: BBC, KITCO and Bloomberg, 2024 \n \n \n \n \n15,800\n16,000\n16,200\n16,400\n16,600\n5-Aug\n6-Aug\n7-Aug\n8-Aug\n9-Aug\nUS$/tonne\nNickel\n11,220\n11,320\n11,420\n11,520\n11,620\n5-Aug\n6-Aug\n7-Aug\n8-Aug\n9-Aug\nUS$/tonne\nLithium \n907\n914\n921\n928\n5-Aug\n6-Aug\n7-Aug\n8-Aug\n9-Aug\nUS$/tonne\nPlatinum\n850\n865\n880\n895\n910\n5-Aug\n6-Aug\n7-Aug\n8-Aug\n9-Aug\nUS$/tonne\nPalladium\n2,395\n2,400\n2,405\n2,410\n5-Aug\n6-Aug\n7-Aug\n8-Aug\n9-Aug\nUS$/oz\nGold\n76\n78\n79\n81\n82\n5-Aug\n6-Aug\n7-Aug\n8-Aug\n9-Aug\nUS$/barrel\nCrude oil \n \n 8 \n8. TOBACCO SALES \n \nWeekly Cumulative Tobacco Sales (9th August 2024) \n \n2023 \n2024 \nVariance (%) \nCumulative Quantity Sold (million kgs) \n294 837 733 \n230 602 144 \n (21.79) \nAverage Price (US$/kg) \n3.03 \n3.43 \n13.23 \nCumulative value (US$ million) \n893 230 396 \n791 018 822 \n(11.44) \nSource: Tobacco Industry and Marketing Board, 2024", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_9_AUGUST_2024_Volume_26_Number_32.pdf"}
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+ {"doc_id": "19ac2a2e229a27ea3a0061d281c6c059", "text": "Vol. 26 No. 49 \n \n \nWeek Ending \n6th DECEMBER 2024 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 1 \n3. \nEQUITY MARKETS .............................................................. 3 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 5 \n5. \nENERGY PRICES .................................................................. 5 \n6. \nGOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND \nGOLD BACKED DIGITAL TOKENS (GBDT) .................. 5 \n7. \nEXTERNAL SECTOR ........................................................... 6 \n \n \n \n 1 \n1. OVERVIEW \n \n \n \nThis report provides an overview of weekly monetary and financial developments from domestic and \ninternational markets comprising money and capital markets, national payment systems, commodity prices \nand exchange rates for the week ending 6th December 2024. \nDuring the week under review, local currency minimum and maximum savings deposit rates remained \nunchanged, compared to previous week’s level, while deposit rates for all other tenors increased. Foreign \ncurrency minimum and maximum deposit rates for all tenors increased during the same week. \nReflecting tight liquidity conditions in the market, local and foreign currency lending rates for both individual \nand corporate clients increased during the week under review, except for foreign currency maximum lending \nrates for corporate clients which declined. \nOn the capital markets, both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange \n(VFEX) were in bearish mode for a second consecutive week. Against this backdrop, the ZSE All-Share Index \nlost 10.38% to close at 237.59 points, while the VFEX All-Share Index shed 3.01%, to close at 100.91 points. \nMeanwhile, market turnover surged 4,102.1 % during the week under review, driven by negotiated trade deals \nwhere 39.32 million Simbisa Brands Limited shares, 14.21 million Innscor Africa Limited shares and 1.39 \nmillion Axia Corporation Limited shares exchanged hands at US$0.29/share, US$0.08/share and \nUS$0.46/share. \n \nThe value of transactions processed through the National Payment Systems platforms fell by 5.52% to \nZiG36.28 billion, from ZiG38.40 billion recorded in the previous week. \nOn the interbank market, the Zimbabwe Gold (ZiG) depreciated by 0.95% against the greenback, from an \naverage of ZiG25.36 per US$1 in the previous week to an average of ZiG25.60 per US$1, during the week \nunder review. \nInternational commodity prices for gold, palladium, nickel and crude oil declined, while prices for lithium and \nplatinum increased, compared to the previous week. Gold prices decreased as investors awaited U.S payrolls \ndata for further clarity on the Federal Reserve’s monetary policy path. Weak demand prospects particularly in \nChina, the world’s top consumer of nickel and an oversupplied market, led to a decline in nickel prices. Prices \nfor palladium also declined during the same week, driven by a decrease in demand for the metal, whilst crude \noil prices retreated due to supply glut fears despite OPEC+ output cut extension. Following a surge in the \nproduction schedule of cathode material, demand for spot lithium carbonate procurement increased leading to \na surge in lithium prices. Similarly, platinum prices rose on account of increased demand for the metal. \n \n \n \n \n \n \n \n \n \n \n \n \n 2 \n \n \n \n2. INTEREST RATES \n \nAverage commercial bank deposit rates (Local Currency (ZiG) (%) \nZiG Deposit rates \n15 November 2024 \n22 November 2024 \n29 November 2024 \n6 December 2024 \nSavings \n \n \n \n \nMinimum \n3.75 \n3.75 \n3.75 \n3.75 \nMaximum \n3.88 \n3.88 \n3.88 \n3.88 \n1-month deposit \n \n \n \n \nMinimum \n4.91 \n4.63 \n4.63 \n5.21 \nMaximum \n6.36 \n5.75 \n5.98 \n7.11 \n3-months deposit \n \n \n \n \nMinimum \n5.09 \n4.82 \n4.82 \n5.41 \nMaximum \n7.27 \n6.63 \n6.19 \n7.33 \n6-months deposit \n \n \n \n \nMinimum \n4.42 \n4.14 \n4.14 \n4.74 \nMaximum \n6.07 \n5.24 \n5.51 \n6.67 \n12-months deposit \n \n \n \n \nMinimum \n4.43 \n4.16 \n4.16 \n4.76 \nMaximum \n6.08 \n5.25 \n5.53 \n6.69 \nOver 1 year \n \n \n \n \nMinimum \n4.44 \n4.16 \n4.16 \n4.77 \nMaximum \n6.11 \n5.28 \n5.83 \n7.00 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \nAverage commercial bank deposit rates (Foreign Currency (US$) (%) \nUS$ Deposit rates \n15 November 2024 \n22 November 2024 \n29 November 2024 \n6 December 2024 \nSavings \n \n \n \n \nMinimum \n1.38 \n1.24 \n1.24 \n1.35 \nMaximum \n1.54 \n1.29 \n1.40 \n1.57 \n1-month deposit \n \n \n \n \nMinimum \n2.94 \n2.83 \n2.81 \n3.17 \nMaximum \n4.71 \n4.49 \n4.54 \n5.06 \n3-month deposit \n \n \n \n \nMinimum \n3.57 \n3.29 \n3.38 \n3.79 \nMaximum \n5.53 \n5.14 \n5.33 \n5.89 \n6-month deposit \n \n \n \n \nMinimum \n3.30 \n2.99 \n3.08 \n3.52 \nMaximum \n5.61 \n5.08 \n5.39 \n6.00 \n12-Month deposit \n \n \n \n \nMinimum \n3.44 \n3.08 \n3.17 \n3.64 \nMaximum \n5.81 \n5.11 \n5.53 \n6.17 \nOver 1 year \n \n \n \n \nMinimum \n3.53 \n3.11 \n3.25 \n3.75 \nMaximum \n5.86 \n5.17 \n5.58 \n6.25 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n 3 \n \n \n \n \n \nCommercial bank weighted lending rates (Local Currency (ZiG) (%) \nZiG Lending rates \n15 November 2024 \n22 November 2024 \n29 November 2024 \n6 December 2024 \nIndividuals \n \n \n \n \nMinimum \n37.97 \n38.02 \n39.25 \n41.21 \nMaximum \n43.47 \n43.52 \n45.63 \n46.75 \nCorporates \n \n \n \n \nMinimum \n33.01 \n33.05 \n34.29 \n39.98 \nMaximum \n38.83 \n39.15 \n43.88 \n45.39 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \nCommercial bank weighted lending rates (Foreign Currency (US$) (%) \nUS$ Lending rates \n15 November 2024 \n22 November 2024 \n29 November 2024 \n6 December 2024 \nIndividuals \n \n \n \n \nMinimum \n12.85 \n12.84 \n12.99 \n13.02 \nMaximum \n17.16 \n17.16 \n17.41 \n17.42 \nCorporates \n \n \n \n \nMinimum \n10.65 \n9.81 \n10.53 \n10.67 \nMaximum \n14.89 \n14.29 \n16.36 \n16.35 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \nCommercial banks and building societies mortgage lending rates (%) \nMortgage Lending rates \n15 November 2024 \n22 November 2024 \n29 November 2024 \n6 December 2024 \nZiG Lending rates \n \n \n \n \nMinimum \n20.00 \n20.00 \n20.00 \n20.00 \nMaximum \n30.00 \n30.00 \n30.00 \n30.00 \nUS$ Lending rates \n \n \n \n \nMinimum \n10.00 \n10.00 \n10.00 \n10.00 \nMaximum \n18.00 \n18.00 \n18.00 \n18.00 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \n3. EQUITY MARKETS \n \n \nZSE Indicators \n \n \nAll Share \nIndex \n(points) \nTop 10 \nIndex \n(points) \nTop 15 \nIndex \n(points) \nMedium Cap \n(points) \nSmall Cap \n(points) \nMining \nIndex \n(points) \nGrand \nMarket Cap \n(ZiG billion) \nMarket \nTurnover \n(ZiG million) \nVolume of \nShares \n(million) \n15-Nov-24 \n270.45 \n273.81 \n270.82 \n274.08 \n100.11 \n235.38 \n82.79 \n42.43 \n9.34 \n22-Nov-24 \n272.61 \n274.77 \n274.33 \n278.98 \n100.11 \n235.38 \n83.22 \n135.37 \n35.39 \n29-Nov-24 \n265.10 \n265.95 \n265.92 \n273.85 \n100.11 \n235.38 \n82.18 \n15.07 \n8.02 \n6-Dec-24 \n237.59 \n233.62 \n232.71 \n254.74 \n100.11 \n235.38 \n72.60 \n42.52 \n12.37 \nWeekly \nChange (%) \n(10.38) \n(12.16) \n(12.49) \n(6.98) \n0.00 \n0.00 \n(11.66) \n182.15 \n54.24 \nSource: Zimbabwe Stock Exchange, 2024 \n \nVFEX Indicators \nDate \nAll Share Index \nPoints \nGrand Market Capitalisation \n(US$ billion) \nMarket Turnover \n(US$ million) \nVolume of Shares \n(million) \n15-Nov-24 \n108.84 \n1.31 \n0.38 \n3.44 \n22-Nov-24 \n108.38 \n1.31 \n1.75 \n4.54 \n29-Nov-24 \n104.04 \n1.31 \n0.42 \n2.19 \n \n 4 \n6-Dec-24 \n100.91 \n1.22 \n17.84 \n59.01 \nWeekly Change (%) \n(3.01) \n(6.87) \n4,147.62 \n2,594.52 \nSource: Victoria Falls Stock Exchange, 2024 \n \n \nFigure 1: ZSE and VFEX Indicators \n \n \n \n \n \n \nSource: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2024 \n \n \n \n140\n160\n180\n200\n220\n240\n260\n280\n300\n320\n06-Sep-24\n13-Sep-24\n20-Sep-24\n27-Sep-24\n04-Oct-24\n11-Oct-24\n18-Oct-24\n25-Oct-24\n01-Nov-24\n08-Nov-24\n15-Nov-24\n22-Nov-24\n29-Nov-24\n06-Dec-24\nIndices\nZSE Indices \nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n40\n50\n60\n70\n80\n90\n100\n06-Sep-24\n13-Sep-24\n20-Sep-24\n27-Sep-24\n04-Oct-24\n11-Oct-24\n18-Oct-24\n25-Oct-24\n01-Nov-24\n08-Nov-24\n15-Nov-24\n22-Nov-24\n29-Nov-24\n06-Dec-24\nZiG Billion\nZSE Market Capitalisation \n0\n2000\n4000\n6000\n8000\n10000\n12000\n14000\n16000\n18000\n20000\n06-Sep-24\n13-Sep-24\n20-Sep-24\n27-Sep-24\n04-Oct-24\n11-Oct-24\n18-Oct-24\n25-Oct-24\n01-Nov-24\n08-Nov-24\n15-Nov-24\n22-Nov-24\n29-Nov-24\n06-Dec-24\nUS$ Thousand\nVFEX Market Turnover \n1,15\n1,2\n1,25\n1,3\n1,35\n1,4\n06-Sep-24\n13-Sep-24\n20-Sep-24\n27-Sep-24\n04-Oct-24\n11-Oct-24\n18-Oct-24\n25-Oct-24\n01-Nov-24\n08-Nov-24\n15-Nov-24\n22-Nov-24\n29-Nov-24\n06-Dec-24\nUS$ Billion\nVFEX Market Capitalisation \n95\n100\n105\n110\n115\n06-Sep-24\n13-Sep-24\n20-Sep-24\n27-Sep-24\n04-Oct-24\n11-Oct-24\n18-Oct-24\n25-Oct-24\n01-Nov-24\n08-Nov-24\n15-Nov-24\n22-Nov-24\n29-Nov-24\n06-Dec-24\nIndices\nVFEX All Share Index \n0\n20 000\n40 000\n60 000\n80 000\n100 000\n120 000\n06-Sep-24\n13-Sep-24\n20-Sep-24\n27-Sep-24\n04-Oct-24\n11-Oct-24\n18-Oct-24\n25-Oct-24\n01-Nov-24\n08-Nov-24\n15-Nov-24\n22-Nov-24\n29-Nov-24\n06-Dec-24\nZiG Thousands\nZSE Market Turnover \nNegotiated trade deals Simbisa \nBrands Limited shares, Innscor \nAfrica Limited shares. \n \n 5 \n \n \n \n4. CLEARING AND SETTLEMENT ACTIVITY \n Source: Reserve Bank of Zimbabwe, 2024 \n \n \n5. ENERGY PRICES \n \nEnergy Prices \n \n15 November 2024 \n22 November 2024 \n29 November 2024 \n6 December 2024 \nDomestic Energy Prices \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.52 \n1.52 \n1.54 \n1.54 \nPetrol Blend E20/ litre \n1.51 \n1.51 \n1.48 \n1.48 \nLP Gas / kg \n1.83 \n1.83 \n1.86 \n1.86 \n \n \n \n \n \nInternational Energy Prices \n(Weekly average) \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n71.92 \n74.49 \n72.76 \n72.22 \n Source: Zimbabwe Energy Regulatory Authority and BBC 2024 \n \n \n6. GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS \n(GBDT) \n \n \n \nGold PM Fix and Gold Backed Digital Token Prices \nDate \nGold PM Fix \nGBDT ZiG Price per Mg \nGBDT US$ Price per Mg \nUS$/oz \nBuy \nSell \nBuy \nSell \n2-December-24 \n2,651.05 \n2.07 \n2.29 \n0.0810 \n0.0895 \n3-December-24 \n2,642.15 \n2.07 \n2.28 \n0.0807 \n0.0892 \n4-December-24 \n2,640.65 \n2.06 \n2.28 \n0.0807 \n0.0891 \n5-December-24 \n2,648.65 \n2.07 \n2.29 \n0.0809 \n0.0894 \n6-December-24 \n2,640.15 \n2.07 \n2.28 \n0.0806 \n0.0891 \nSource: London Bullion Market Association and Reserve Bank of Zimbabwe, 2024 \nPAYMENT STREAM \nWEEK ENDING \n29 November 2024 \nWEEK ENDING \n6 December 2024 \nWEEKLY \nCHANGE (%) \n \nVALUES \n \nRTGS (ZiG) \n30,270,119,216.63 \n27,081,833,154.06 \n(10.53) \nOf which ZiG \n12,860,539,306.76 \n8,882,108,887.31 \n \nOf which US$ \n686,758,712.41 \n711,213,931.65 \n \nPOS \n3,332,912,749.53 \n3,143,394,401.79 \n(5.69) \nATM \n1,954,037,914.15 \n2,436,793,004.22 \n24.71 \nMOBILE BANKING \n164,558,062.06 \n317,292,069.17 \n92.81 \nMOBILE MONEY \n2,472,617,605.84 \n3,050,381,437.57 \n23.37 \nZIPIT MOBILE \n208,824,563.35 \n251,926,085.48 \n20.64 \nTOTAL \n38,403,070,111.56 \n36,281,620,152.29 \n(5.52) \n \nVOLUMES \n \nRTGS \n293,263 \n217,456 \n(25.85) \nOf which ZiG \n137,398 \n97,776 \n \nOf which US$ \n155,865 \n119,680 \n \nPOS \n2,155,754 \n2,287,850 \n6.13 \nATM \n248,731 \n306,293 \n23.14 \nMOBILE BANKING \n346,245 \n490,229 \n41.58 \nMOBILE MONEY \n10,420,056 \n10,529,789 \n1.05 \nZIPIT MOBILE \n233,473 \n277,333 \n18.79 \nTOTAL \n13,697,522 \n14,108,950 \n3.00 \n \n 6 \n \n \n \n \nMosi-oa-Tunya Gold Coin Prices \nGold Coin \nPrice \n2-December-24 \n3-December-24 \n4-December-24 \n5-December-24 \n6-December-24 \n1.00Oz \n \n \n \n \n \nUS$ \n2,783.60 \n2,774.26 \n2,772.68 \n2,781.08 \n2,772.16 \nZiG \n71,168.92 \n71,024.88 \n70,880.58 \n71,209.62 \n71,003.82 \n0.50Oz \n \n \n \n \n \nUS$ \n1,391.80 \n1,387.13 \n1,386.34 \n1,390.54 \n1,386.08 \nZiG \n35,584.46 \n35,512.44 \n35,440.29 \n35,604.81 \n35,501.91 \n0.25Oz \n \n \n \n \n \nUS$ \n695.90 \n693.56 \n693.17 \n695.27 \n693.04 \nZiG \n17,792.23 \n17,756.22 \n17,720.14 \n17,802.40 \n17,750.96 \n0.10Oz \n \n \n \n \n \nUS$ \n278.36 \n277.43 \n277.27 \n278.11 \n277.22 \nZiG \n7,116.89 \n7,102.49 \n7,088.06 \n7,120.96 \n7,100.38 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n7. EXTERNAL SECTOR \n \n \nExchange Rate Developments (ZiG per Unit of foreign currency) \n \n \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(25-29 Nov) \n25.3559 \n1.3974 \n31.9836 \n1.8602 \n26.6478 \n2-December \n25.5672 \n1.4059 \n32.4334 \n1.8807 \n26.8967 \n3-December \n25.6014 \n1.4077 \n32.3731 \n1.8767 \n26.8482 \n4-December \n25.6014 \n1.4116 \n32.4522 \n1.8752 \n26.8882 \n5-December \n25.6014 \n1.4092 \n32.5478 \n1.8756 \n26.9519 \n6-December \n25.6132 \n1.4198 \n32.6427 \n1.8826 \n27.0796 \nWeekly Average \n(2-6 Dec) \n25.5969 \n1.4109 \n32.4898 \n1.8782 \n26.9329 \nAppr (-)/Depr (+) (%) of the \nZWG \n1.0 \n1.0 \n1.6 \n1.0 \n1.1 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \nInternational Commodity Price Developments \n \nPlatinum \nPalladium \nNickel \nLithium \n2024 \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nWeekly Average \n(25-29 Nov) \n938.90 \n988.00 \n16,009.80 \n9,200.00 \n2-December \n942.00 \n981.00 \n15,693.00 \n9,300.00 \n3-December \n955.00 \n994.50 \n16,015.00 \n9,300.00 \n4-December \n943.00 \n973.00 \n16,107.00 \n9,300.00 \n5-December \n936.25 \n980.25 \n16,107.00 \n9,300.00 \n6-December \n936.00 \n975.00 \n16,047.00 \n9,400.00 \nWeekly Average \n(2-6 Dec) \n942.45 \n980.75 \n15,993.80 \n9,320.00 \nWeekly Change (%) \n(0.38) \n(0.73) \n(0.10) \n1.30 \nSource: BBC, KITCO and Bloomberg, 2024 \n \n \n 7 \n \n \n \n \n \n \n \n \n \nFigure 3: Weekly International Commodity Price Developments (3rd November -6th December 2024) \n \n \n \n \n2 500\n2 550\n2 600\n2 650\n2 700\n2 750\n2 800\nUS$/oz\nGold\n70\n72\n74\n76\n78\n80\nUS$/barrel\nCrude oil \n920\n940\n960\n980\n1 000\n1 020\n1 040\n1 060\nUS$/tonne\nPlatinum\n900\n930\n960\n990\n1 020\n1 050\n1 080\n1 110\n1 140\n1 170\n1 200\n1 230\nUS$/tonne\nPalladium\n \n 8 \n \n \nSource: BBC, KITCO and Bloomberg, 2024 \n \n \nRESERVE BANK OF ZIMBABWE \nDECEMBER 2024 \n15 000\n15 500\n16 000\n16 500\n17 000\n17 500\n11-Oct\n18-Oct\n25-Oct\n1-Nov\n8-Nov\n15-Nov\n22-Nov\n29-Nov\n6-Dec\nUS$/tonne\nNickel\n8 500\n8 600\n8 700\n8 800\n8 900\n9 000\n9 100\n9 200\n9 300\n9 400\n9 500\n9 600\n9 700\n3-Nov\n6-Nov\n9-Nov\n12-Nov\n15-Nov\n18-Nov\n21-Nov\n24-Nov\n27-Nov\n30-Nov\n3-Dec\n6-Dec\nUS$/tonne\nLithium", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_6_DECEMBER_2024_Volume_26_Number_49.pdf"}
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+ {"doc_id": "1a611a9e8c7ebac6efda435dc58c5490", "text": "Vol. 26 No. 35 \n \n \nWeek Ending \n30th August 2024 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 2 \n3. \nEQUITY MARKETS .............................................................. 3 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 5 \n5. \nPRICES .................................................................................... 5 \n6. \nGOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND \nGOLD BACKED DIGITAL TOKENS (GBDT) .................. 5 \n7. \nEXTERNAL SECTOR ........................................................... 6 \n8. \nTOBACCO SALES ................................................................. 8 \n \n \n \n 1 \n1. OVERVIEW \n \n \n \nThis report provides an overview of weekly monetary and financial developments from domestic and \ninternational markets including money markets, capital markets, payment systems, commodity prices and \nexchange rates for the week ending 30th August 2024. \nDuring the week under review, minimum and maximum local currency deposits rates for savings deposits, \ndeposits of 3-month, 12-month and over 1 year tenor remained unchanged at previous week’s levels. \nMaximum local currency deposit rates for deposits of 1 month tenor decreased by 0.27 percentage points, \nwhile maximum deposit rates for deposits of 6-month tenor increased by 0.07 percentage points, during the \nsame week. Foreign currency deposits rates for savings deposits and deposits of all tenors were unchanged \nduring the week under analysis. \nThe minimum and maximum local currency lending rates for individual clients were lower during the week \nunder review. Similarly, minimum local currency lending rates for corporate clients registered a decline while \nmaximum lending rates for corporate clients increased during the same week. Foreign currency minimum and \nmaximum lending rates for both individual and corporate clients declined save for the maximum individual \nlending rates which remained unchanged during the week ending 30th August 2024. \nThe Zimbabwe Stock Exchange (ZSE) exhibited bearish sentiments during the week under review, with the \nAll-Share Index closing at 200.49 points, reflecting a decline of 1.76%, from the 204.09 points recorded last \nweek. On the other hand, the Victoria Falls Stock Exchange (VFEX) exhibited bullish sentiments. As a result, \nthe VFEX All-Share Index increased by 1.07% to close the week at 104.86 points. \nThe value of transactions processed through the National Payment System (NPS) was ZiG16.20 billion \nrepresenting a 3.56% decrease from ZiG16.80 billion registered in the previous week. This was largely due to \na decrease in the value of transactions registered through the POS and RTGS payment systems, during the \nweek under review. \nOn the local foreign exchange market, the ZiG/US$ exchange rate depreciated by 0.6%, from a weekly average \nof ZiG13.7437 per US$ recorded in the previous week, to ZiG13.8317 per US$ during the reporting week. \nGold prices rose driven by a weaker U.S dollar, lower treasury yields, and anticipation of a Fed rate cut. \nPlatinum and lithium prices fell due to excess supply in the market. In contrast, palladium prices rose, in part, \ndriven by increased demand in Europe, while nickel prices also increased amid strong demand from the \nstainless-steel industry. Crude oil prices also increased underpinned by supply disruptions in Libya which is \nlikely to contribute to the tightening of global crude supply. \nA cumulative total of 232 million kilograms of tobacco was sold as of the 30th of August 2024, representing a \n21.75% decline, from the 296 million kilograms sold during the same period in 2023. The golden leaf was \nsold at a higher price of US$3.43 per kilogram during the same period, up from the US$3.03 per kilogram \nrealised in the same period last year. \n \n \n \n \n \n \n \n 2 \n2. INTEREST RATES \n \nAverage commercial bank deposit rates (Local Currency (ZiG) \nZiG Deposit rates \n9 August 2024 \n16 August 2024 \n23 August 2024 \n30 August 2024 \nSavings \n \n \n \n \nMinimum \n3.75 \n3.75 \n3.75 \n3.75 \nMaximum \n3.88 \n3.88 \n3.88 \n3.88 \n1-month deposit \n \n \n \n \nMinimum \n5.19 \n5.19 \n5.21 \n5.21 \nMaximum \n5.84 \n5.84 \n5.96 \n5.69 \n3-months deposit \n \n \n \n \nMinimum \n5.26 \n5.26 \n5.27 \n5.27 \nMaximum \n5.83 \n5.83 \n5.89 \n5.89 \n6-months deposit \n \n \n \n \nMinimum \n5.33 \n5.33 \n5.34 \n5.34 \nMaximum \n5.94 \n5.94 \n6.07 \n6.14 \n12-months deposit \n \n \n \n \nMinimum \n5.36 \n5.36 \n5.36 \n5.36 \nMaximum \n6.03 \n6.03 \n6.16 \n6.16 \nOver 1 year \n \n \n \n \nMinimum \n5.37 \n5.37 \n5.37 \n5.37 \nMaximum \n6.10 \n6.10 \n6.23 \n6.23 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \nAverage commercial bank deposit rates (Foreign Currency (US$) \nUS$ Deposit rates \n9 August 2024 \n16 August 2024 \n 23 August 2024 \n30 August 2024 \nSavings \n \n \n \n \nMinimum \n1.53 \n1.53 \n1.53 \n1.53 \nMaximum \n1.86 \n1.86 \n1.86 \n1.86 \n1-month deposit \n \n \n \n \nMinimum \n3.28 \n3.28 \n3.28 \n3.28 \nMaximum \n5.31 \n5.31 \n5.31 \n5.31 \n3-month deposit \n \n \n \n \nMinimum \n4.02 \n4.02 \n4.02 \n4.02 \nMaximum \n5.87 \n5.87 \n6.22 \n6.22 \n6-month deposit \n \n \n \n \nMinimum \n4.21 \n4.21 \n4.21 \n4.21 \nMaximum \n6.70 \n6.70 \n7.10 \n7.10 \n12-Month deposit \n \n \n \n \nMinimum \n4.38 \n4.38 \n4.38 \n4.38 \nMaximum \n7.00 \n7.00 \n7.40 \n7.40 \nOver 1 year \n \n \n \n \nMinimum \n4.56 \n4.56 \n4.56 \n4.56 \nMaximum \n6.97 \n6.97 \n7.37 \n7.37 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \n \n \n \n \n \n 3 \nCommercial bank weighted lending rates (Local Currency (ZiG) \nZiG Lending rates \n9 August 2024 \n16 August 2024 \n23 August 2024 \n30 August 2024 \nIndividuals \n \n \n \n \nMinimum \n24.54 \n24.57 \n24.54 \n24.42 \nMaximum \n30.58 \n30.60 \n30.59 \n30.51 \nCorporates \n \n \n \n \nMinimum \n24.46 \n24.34 \n24.29 \n24.15 \nMaximum \n32.37 \n32.33 \n32.28 \n32.43 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \nCommercial bank weighted lending rates (Foreign Currency (US$) \nUS$ Lending rates \n9 August 2024 \n16 August 2024 \n23 August 2024 \n30 August 2024 \nIndividuals \n \n \n \n \nMinimum \n10.91 \n \n10.91 \n \n 10.89 \n10.82 \nMaximum \n15.01 \n 15.00 \n 14.97 \n14.97 \nCorporates \n \n \n \n \nMinimum \n9.54 \n 9.57 \n 9.63 \n9.56 \nMaximum \n15.43 \n 15.47 \n 15.54 \n15.16 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \nCommercial banks and building societies mortgage lending rates \nMortgage Lending rates \n9 August 2024 \n16 August 2024 \n23 August 2024 \n30 August 2024 \nZiG Lending rates \n \n \n \n \nMinimum \n20.00 \n 20.00 \n 20.00 \n20.00 \nMaximum \n30.00 \n 30.00 \n 30.00 \n30.00 \nUS$ Lending rates \n \n \n \n \nMinimum \n10.00 \n10.00 \n 10.00 \n10.00 \nMaximum \n18.00 \n 18.00 \n 18.00 \n18.00 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \n3. EQUITY MARKETS \n \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 (ZiG \nbillion) \nMarket \nTurnover \n(ZiG \nmillion) \nVolume of \nShares \n(million) \n9-Aug-24 \n201.79 \n208.71 \n206.90 \n176.08 \n100.11 \n253.42 \n61.68 \n45.67 \n12.75 \n16-Aug-24 \n204.86 \n209.92 \n208.74 \n181.91 \n100.12 \n253.42 \n62.62 \n10.81 \n3.32 \n23-Aug-14 \n204.09 \n211.87 \n209.92 \n177.59 \n100.11 \n253.42 \n62.63 \n31.65 \n26.75 \n30-Aug-24 \n200.49 \n207.53 \n204.63 \n171.61 \n100.11 \n253.42 \n61.45 \n46.56 \n66.20 \nWeekly \nChange (%) \n(1.76) \n(2.05) \n(2.52) \n(3.37) \n0.00 \n0.00 \n(1.88) \n47.11 \n147.48 \nSource: Zimbabwe Stock Exchange, 2024 \n \n \n \n \n \n \n \n 4 \nVFEX Indicators \nDate \nAll Share Index \nPoints \nGrand Market Capitalisation \n(US$ billion) \nMarket Turnover \n(US$ million) \nVolume of Shares \n(million) \n9-Aug-24 \n104.64 \n1.26 \n0.50 \n1.75 \n16-Aug-24 \n105.35 \n1.27 \n0.70 \n3.06 \n23-Aug-24 \n103.75 \n1.25 \n0.29 \n0.76 \n30-Aug-24 \n104.86 \n1.27 \n0.44 \n1.43 \nWeekly Change (%) \n1.07 \n1.60 \n51.72 \n88.16 \nSource: Victoria Falls Stock Exchange, 2024 \n \n \nFigure 1: ZSE and VFEX Indicators \n \n \n \n \n \n \nSource: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2024 \n \n90\n110\n130\n150\n170\n190\n210\n230\n250\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\n12-Jul-24\n19-Jul-24\n26-Jul-24\n02-Aug-24\n09-Aug-24\n16-Aug-24\n23-Aug-24\n30-Aug-24\nIndices\nZSE Indices \nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n0\n5,000\n10,000\n15,000\n20,000\n25,000\n30,000\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\n12-Jul-24\n19-Jul-24\n26-Jul-24\n02-Aug-24\n09-Aug-24\n16-Aug-24\n23-Aug-24\n30-Aug-24\nZiG Thousands\nZSE Market Turnover \n95\n105\n115\n125\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\n12-Jul-24\n19-Jul-24\n26-Jul-24\n02-Aug-24\n09-Aug-24\n16-Aug-24\n23-Aug-24\n30-Aug-24\nUS$ Bililon\nVFEX All Share Index \n1.1\n1.15\n1.2\n1.25\n1.3\n1.35\n26-Apr-24\n03-May-24\n10-May-24\n17-May-24\n24-May-24\n31-May-24\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\n12-Jul-24\n19-Jul-24\n26-Jul-24\n02-Aug-24\n09-Aug-24\n16-Aug-24\n23-Aug-24\n30-Aug-24\nUS$ Billion\nVFEX Market Capitalisation \n0\n200\n400\n600\n800\n1000\n17-May-24\n24-May-24\n31-May-24\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\n12-Jul-24\n19-Jul-24\n26-Jul-24\n02-Aug-24\n09-Aug-24\n16-Aug-24\n23-Aug-24\n30-Aug-24\nUS$ Thousand\nVFEX Market Turnover \n25\n30\n35\n40\n45\n50\n55\n60\n65\n70\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\n12-Jul-24\n19-Jul-24\n26-Jul-24\n02-Aug-24\n09-Aug-24\n16-Aug-24\n23-Aug-24\n30-Aug-24\nZiG Billion\nZSE Market Capitalisation \n \n 5 \n4. CLEARING AND SETTLEMENT ACTIVITY \n Source: Reserve Bank of Zimbabwe, 2024 \n \n \n5. PRICES \n \nEnergy Prices \n \n 9 August 2024 \n 16 August 2024 \n 23 August 2024 \n 30 August 2024 \nDomestic Energy Prices \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.63 \n1.63 \n1.63 \n1.63 \nPetrol Blend E20/ litre \n1.60 \n1.60 \n1.60 \n1.60 \nLP Gas / kg \n1.78 \n1.78 \n1.78 \n1.78 \n \n \n \n \n \nInternational Energy Prices \n(Weekly average) \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n77.91 \n80.42 \n77.40 \n78.80 \n Source: Zimbabwe Energy Regulatory Authority and BBC 2024 \n \n \n \n6. GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS \n(GBDT) \n \n \n \nGold PM Fix and Gold Backed Digital Token Prices \nDate \nGold PM Fix \nGBDT ZiG Price per Mg \nGBDT US$ Price per Mg \nUS$/oz \nBuy \nSell \nBuy \nSell \n26-August-24 \n 2,511.20 \n1.06 \n1.17 \n0.0767 \n0.0848 \n27-August-24 \n 2,511.20 \n1.06 \n1.17 \n0.0767 \n0.0848 \n28-August-24 \n 2,508.55 \n1.06 \n1.17 \n0.0766 \n0.0847 \n29-August-24 \n 2,505.25 \n1.06 \n1.17 \n0.0765 \n0.0846 \n30-August-24 \n 2,518.10 \n1.07 \n1.18 \n0.0769 \n 0.0850 \nSource: London Bullion Market Association and Reserve Bank of Zimbabwe, 2024 \n \n \n \nPAYMENT STREAM \nWEEK ENDING \n23 August 2024 \nWEEK ENDING \n30 August 2024 \nWEEKLY \nCHANGE (%) \n \nVALUES IN ZiG \n \nRTGS \n 14,086,448,256.98 \n 13,195,267,556.49 \n-6.33% \nOf which ZiG \n 5,456,103,081.22 \n 5,498,536,035.10 \n \nOf which US$ \n 625,230,342.27 \n 556,518,057.62 \n \nPOS \n 997,833,097.46 \n 718,103,723.14 \n -28.03% \nATM \n 645,763,585.54 \n 993,125,907.72 \n53.79% \nMOBILE BANKING \n 55,479,671.00 \n 84,406,945.06 \n 52.14% \nMOBILE MONEY \n 925,441,875.61 \n 1,105,209,710.90 \n 19.43% \nZIPIT MOBILE \n 89,385,981.40 \n 106,349,488.83 \n 18.98% \nTOTAL \n 16,800,352,467.99 \n 16,202,463,332.14 \n -3.56% \n \nVOLUMES \n \nRTGS \n 216,327 \n 314,706 \n45.48% \nOf which ZiG \n 104,643 \n 185,433 \n \nOf which US$ \n 111,684 \n 156,273 \n \nPOS \n 1,990,605 \n 2,666,577 \n 33.96% \nATM \n 172,743 \n 258,427 \n 49.60% \nMOBILE BANKING \n 223,092 \n 335,102 \n 50.21% \nMOBILE MONEY \n 8,404,168 \n 8,913,432 \n 6.06% \nZIPIT MOBILE \n 188,806 \n 274,186 \n 45.22% \nTOTAL \n 11,195,741 \n 12,789,430 \n 14.23% \n \n 6 \nMosi-oa-Tunya Gold Coin Prices \nGold Coin Price \n 26 August 2024 \n 27 August 2024 \n28 August 2024 \n29 August 2024 \n30 August 2024 \n1.00Oz \n \n \n \n \n \nUS$ \n2,636.76 \n2,636.76 \n2,633.98 \n2,630.51 \n2,644.01 \nZiG \n36,441.34 \n36,464.02 \n36,389.98 \n36,403.14 \n36,631.63 \n0.50Oz \n \n \n \n \n \nUS$ \n1,318.38 \n1,318.38 \n1,316.99 \n1,315.26 \n1,322.00 \nZiG \n18,220.67 \n18,232.01 \n18,194.99 \n18,201.57 \n18,315.82 \n0.25Oz \n \n \n \n \n \nUS$ \n659.19 \n659.19 \n658.49 \n657.63 \n661.00 \nZiG \n9,110.34 \n9,116.00 \n9,097.49 \n9,100.78 \n9,157.91 \n0.10Oz \n \n \n \n \n \nUS$ \n263.68 \n263.68 \n263.40 \n263.05 \n264.40 \nZiG \n3,644.13 \n3,646.40 \n3,639.00 \n3,640.31 \n3,663.16 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n7. EXTERNAL SECTOR \n \n \nExchange Rate Developments (ZiG per Unit of foreign currency) \n \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(19 – 23 August) \n13.7437 \n0.7735 \n17.9874 \n1.0343 \n15.3235 \n26-August \n13.8205 \n0.7778 \n18.2424 \n1.0345 \n15.4561 \n27-August \n13.8291 \n0.7802 \n18.2495 \n1.0420 \n15.4477 \n28-August \n13.8156 \n0.7766 \n18.2732 \n1.0407 \n15.3940 \n29-August \n13.8388 \n0.7769 \n18.2900 \n1.0407 \n15.4116 \n30-August \n13.8546 \n0.7798 \n18.2417 \n1.0412 \n15.3447 \nWeekly Average \n(26 – 30 August) \n13.8317 \n0.7783 \n18.2594 \n1.0398 \n15.4108 \nAppr (-)/Depr (+) (%) \n0.6 \n0.6 \n1.5 \n0.5 \n0.57 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \nInternational Commodity Price Developments \n \nPlatinum \nPalladium \nNickel \nLithium \nCrude oil \n2024 \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nUS$/tonne \nWeekly Average \n (19 - 23 August) \n957.20 \n942.10 \n16,794.40 \n10,706.00 \n77.40 \n26-August \n951.00 \n939.00 \n16,758.00 \n10,590.00 \n81.34 \n27-August \n961.00 \n972.00 \n17,136.00 \n10,560.00 \n79.50 \n28-August \n944.00 \n953.50 \n17,019.00 \n10,550.00 \n77.75 \n29-August \n941.00 \n954.00 \n17,003.00 \n10,550.00 \n79.06 \n30-August \n942.00 \n983.00 \n16,766.00 \n10,550.00 \n76.33 \nWeekly Average \n(26 - 30 August) \n947.80 \n960.30 \n16,936.40 \n10,560.00 \n78.80 \nSource: BBC, KITCO and Bloomberg, 2024 \n \n \n \n \n \n \n \n \n 7 \n Figure 3: Weekly Precious Metals Price Developments (26th August – 30th August 2024) \n \n \n \n \n \n \nSource: BBC, KITCO and Bloomberg, 2024 \n \n \n \n16,700\n16,800\n16,900\n17,000\n17,100\n17,200\n26-Aug\n27-Aug\n28-Aug\n29-Aug\n30-Aug\nUS$/tonne\nNickel\n10,510\n10,530\n10,550\n10,570\n10,590\n10,610\n26-Aug\n27-Aug\n28-Aug\n29-Aug\n30-Aug\nUS$/tonne\nLithium \n930\n940\n950\n960\n970\n26-Aug\n27-Aug\n28-Aug\n29-Aug\n30-Aug\nUS$/tonne\nPlatinum\n935\n945\n955\n965\n975\n985\n26-Aug 27-Aug 28-Aug 29-Aug 30-Aug\nUS$/tonne\nPalladium\n2,500\n2,510\n2,520\n2,530\n26-Aug\n27-Aug\n28-Aug\n29-Aug\n30-Aug\nUS$/oz\nGold\n75\n76\n77\n78\n79\n80\n81\n82\n26-Aug\n27-Aug\n28-Aug\n29-Aug\n30-Aug\nUS$/barrel\nCrude oil \n \n 8 \n8. TOBACCO SALES \n \nWeekly Cumulative Tobacco Sales (30th August 2024) \n \n2023 \n2024 \nVariance (%) \nCumulative Quantity Sold (million kgs) \n296 057 664 \n231 654 087 \n (21.75) \nAverage Price (US$/kg) \n3.03 \n3.43 \n13.10 \nCumulative value (US$ million) \n896 698 361 \n793 547 959 \n(11.50) \nSource: Tobacco Industry and Marketing Board, 2024", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_30_AUGUST_2024_Volume_26_Number_35.pdf"}
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+ {"doc_id": "1a813fa47d4ba3d8e6f5f2d3265626fd", "text": "Vol. 26 No. 34 \n \n \nWeek Ending \n23rd August 2024 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 2 \n3. \nEQUITY MARKETS .............................................................. 3 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 5 \n5. \nPRICES .................................................................................... 5 \n6. \nGOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND \nGOLD BACKED DIGITAL TOKENS (GBDT) .................. 5 \n7. \nEXTERNAL SECTOR ........................................................... 6 \n8. \nTOBACCO SALES ................................................................. 8 \n \n \n \n 1 \n1. OVERVIEW \n \n \n \nThis report provides an overview of weekly monetary and financial developments from domestic and \ninternational markets including money markets, capital markets, payment systems, commodity prices \nand exchange rates for the week ending 23rd August 2024. \nDuring the week under review, deposit rates for savings accounts for both local and foreign currency \nremained unchanged. The minimum and maximum local currency deposit rates for deposits of all \ntenors increased, during the same week. On the other hand, minimum foreign currency deposit rates \nfor deposits of all tenors remained largely unchanged whilst maximum deposit rates for deposits of \n3-months, 6-months, 12-months and over 1 year tenor increased. \nMinimum and maximum local currency lending rates for individual clients were lower during the \nperiod under review, while minimum and maximum foreign currency lending rates for corporates \nregistered an increase during the same week. \nThe Zimbabwe Stock Exchange (ZSE) exhibited bearish sentiments, with the All-Share Index closing \nthe week at 204.09 points, down by 0.38% from the 204.86 points recorded last week. Similarly, the \nVictoria Falls Stock Exchange (VFEX) was characterized by bearish sentiments. As a result, the \nVFEX All-Share Index decreased by 1.52% to close the week at 103.75 points. \nThe value of transactions processed through the National Payment System (NPS) increased by \n21.35% from ZiG13.84 billion registered in the previous week to ZiG16.80 billion during the \nreporting week. This was largely due to an increase in the value of transactions registered through the \nRTGS payment system during the period of analysis. \nOn the local foreign exchange market, the ZiG/US$ exchange rate depreciated by 0.13%, from a \nweekly average of ZiG13.7856 per US$ recorded in the previous week, to ZiG13.8037 per US$ during \nthe reporting week. \nGold prices strengthened as the dollar and Treasury yields retreated following comments from the \nFederal Reserve Chair that signalled an interest rate cut in September 2024. Platinum prices also \nincreased amid expectations of a U.S rate cut, while palladium prices increased on the back of \nanticipated supply deficits in the market. Nickel prices increased, in part, on account of improved \ndemand in the steel sector. Lithium prices slumped on account of excess supply concerns. Crude oil \nprices also slumped amid fears of weaker demand in China, the top oil importer. \nA cumulative total of 231 million kilograms of tobacco was sold as of the 23rd of August 2024, \nrepresenting a 21.82% decline from the 296 million kilograms sold during the same period in 2023. \nThe golden leaf was, however, sold at a higher price of US$3.43 per kilogram during the same period, \nup from the US$3.03 per kilogram realised in the same period last year. \n \n 2 \n2. INTEREST RATES \n \nAverage commercial bank deposit rates (Local Currency (ZiG) \nZiG Deposit rates \n2 August 2024 \n9 August 2024 \n16 August 2024 \n23 August 2024 \nSavings \n \n \n \n \nMinimum \n3.75 \n3.75 \n3.75 \n3.75 \nMaximum \n3.88 \n3.88 \n3.88 \n3.88 \n1-month deposit \n \n \n \n \nMinimum \n5.19 \n5.19 \n5.19 \n5.21 \nMaximum \n5.84 \n5.84 \n5.84 \n5.96 \n3-months deposit \n \n \n \n \nMinimum \n5.26 \n5.26 \n5.26 \n5.27 \nMaximum \n5.83 \n5.83 \n5.83 \n5.89 \n6-months deposit \n \n \n \n \nMinimum \n5.33 \n5.33 \n5.33 \n5.34 \nMaximum \n5.94 \n5.94 \n5.94 \n6.07 \n12-months deposit \n \n \n \n \nMinimum \n5.36 \n5.36 \n5.36 \n5.36 \nMaximum \n6.03 \n6.03 \n6.03 \n6.16 \nOver 1 year \n \n \n \n \nMinimum \n5.37 \n5.37 \n5.37 \n5.37 \nMaximum \n6.10 \n6.10 \n6.10 \n6.23 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \nAverage commercial bank deposit rates (Foreign Currency (US$) \nUS$ Deposit rates \n2 August 2024 \n9 August 2024 \n 16 August 2024 \n23 August 2024 \nSavings \n \n \n \n \nMinimum \n1.53 \n1.53 \n1.53 \n1.53 \nMaximum \n1.86 \n1.86 \n1.86 \n1.86 \n1-month deposit \n \n \n \n \nMinimum \n3.28 \n3.28 \n3.28 \n3.28 \nMaximum \n5.31 \n5.31 \n5.31 \n5.31 \n3-month deposit \n \n \n \n \nMinimum \n4.02 \n4.02 \n4.02 \n4.02 \nMaximum \n5.87 \n5.87 \n5.87 \n6.22 \n6-month deposit \n \n \n \n \nMinimum \n4.21 \n4.21 \n4.21 \n4.21 \nMaximum \n6.70 \n6.70 \n6.70 \n7.10 \n12-Month deposit \n \n \n \n \nMinimum \n4.38 \n4.38 \n4.38 \n4.38 \nMaximum \n7.00 \n7.00 \n7.00 \n7.40 \nOver 1 year \n \n \n \n \nMinimum \n4.56 \n4.56 \n4.56 \n4.56 \nMaximum \n6.97 \n6.97 \n6.97 \n7.37 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \n \n \n \n \n \n 3 \nCommercial bank weighted lending rates (Local Currency (ZiG) \nZiG Lending rates \n2 August 2024 \n9 August 2024 \n16 August 2024 \n23 August 2024 \nIndividuals \n \n \n \n \nMinimum \n24.69 \n24.54 \n24.57 \n24.54 \nMaximum \n30.62 \n30.58 \n30.60 \n30.59 \nCorporates \n \n \n \n \nMinimum \n24.44 \n24.46 \n24.34 \n24.29 \nMaximum \n32.21 \n32.37 \n32.33 \n32.28 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \nCommercial bank weighted lending rates (Foreign Currency (US$) \nUS$ Lending rates \n2 August 2024 \n9 August 2024 \n16 August 2024 \n23 August 2024 \nIndividuals \n \n \n \n \nMinimum \n11.03 \n10.91 \n \n10.91 \n \n 10.89 \nMaximum \n15.19 \n15.01 \n 15.00 \n 14.97 \nCorporates \n \n \n \n \nMinimum \n9.59 \n9.54 \n 9.57 \n 9.63 \nMaximum \n15.42 \n15.43 \n 15.47 \n 15.54 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \nCommercial banks and building societies mortgage lending rates \nMortgage Lending rates \n2 August 2024 \n9 August 2024 \n16 August 2024 \n23 August 2024 \nZiG Lending rates \n \n \n \n \nMinimum \n20.00 \n20.00 \n 20.00 \n 20.00 \nMaximum \n30.00 \n30.00 \n 30.00 \n 30.00 \nUS$ Lending rates \n \n \n \n \nMinimum \n10.00 \n10.00 \n10.00 \n 10.00 \nMaximum \n18.00 \n18.00 \n 18.00 \n 18.00 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n3. EQUITY MARKETS \n \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 (ZiG \nbillion) \nMarket \nTurnover \n(ZiG \nmillion) \nVolume of \nShares \n(million) \n2-Aug-24 \n200.07 \n206.96 \n204.85 \n176.78 \n100.11 \n253.49 \n61.08 \n62.31 \n15.38 \n9-Aug-24 \n201.79 \n208.71 \n206.90 \n176.08 \n100.11 \n253.42 \n61.68 \n45.67 \n12.75 \n16-Aug-24 \n204.86 \n209.92 \n208.74 \n181.91 \n100.12 \n253.42 \n62.62 \n10.81 \n3.32 \n23-Aug-14 \n204.09 \n211.87 \n209.92 \n177.59 \n100.11 \n253.42 \n62.63 \n31.65 \n26.75 \nWeekly \nChange (%) \n(0.38) \n0.93 \n0.57 \n(2.37) \n(0.01) \n0.00 \n0.02 \n192.78 \n705.72 \nSource: Zimbabwe Stock Exchange, 2024 \n \n \n \n \n \n \n \n \n 4 \nVFEX Indicators \nDate \nAll Share Index \nPoints \nGrand Market Capitalisation \n(US$ billion) \nMarket Turnover \n(US$ million) \nVolume of Shares \n(million) \n2-Aug-24 \n105.06 \n1.27 \n0.60 \n9.70 \n9-Aug-24 \n104.64 \n1.26 \n0.50 \n1.75 \n16-Aug-24 \n105.35 \n1.27 \n0.70 \n3.06 \n23-Aug-24 \n103.75 \n1.25 \n0.29 \n0.76 \nWeekly Change (%) \n(1.52) \n(1.57) \n(58.57) \n(75.16) \nSource: Victoria Falls Stock Exchange, 2024 \n \n \nFigure 1: ZSE and VFEX Indicators \n \n \n \n \n \n \nSource: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2024 \n \n \n90\n110\n130\n150\n170\n190\n210\n230\n250\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\n12-Jul-24\n19-Jul-24\n26-Jul-24\n02-Aug-24\n09-Aug-24\n16-Aug-24\n23-Aug-24\nIndices\nZSE Indices \nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n0\n5,000\n10,000\n15,000\n20,000\n25,000\n30,000\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\n12-Jul-24\n19-Jul-24\n26-Jul-24\n02-Aug-24\n09-Aug-24\n16-Aug-24\n23-Aug-24\nZiG Thousands\nZSE Market Turnover \n25\n30\n35\n40\n45\n50\n55\n60\n65\n70\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\n12-Jul-24\n19-Jul-24\n26-Jul-24\n02-Aug-24\n09-Aug-24\n16-Aug-24\n23-Aug-24\nZiG Billion\nZSE Market Capitalisation \n80\n90\n100\n110\n120\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\n12-Jul-24\n19-Jul-24\n26-Jul-24\n02-Aug-24\n09-Aug-24\n16-Aug-24\n23-Aug-24\nUS$ Bililon\nVFEX All Share Index \n1.1\n1.15\n1.2\n1.25\n1.3\n1.35\n26-Apr-24\n03-May-24\n10-May-24\n17-May-24\n24-May-24\n31-May-24\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\n12-Jul-24\n19-Jul-24\n26-Jul-24\n02-Aug-24\n09-Aug-24\n16-Aug-24\n23-Aug-24\nUS$ Billion\nVFEX Market Capitalisation \n0\n200\n400\n600\n800\n1000\n17-May-24\n24-May-24\n31-May-24\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\n12-Jul-24\n19-Jul-24\n26-Jul-24\n02-Aug-24\n09-Aug-24\n16-Aug-24\n23-Aug-24\nUS$ Thousand\nVFEX Market Turnover \n \n 5 \n4. CLEARING AND SETTLEMENT ACTIVITY \n Source: Reserve Bank of Zimbabwe, 2024 \n \n \n5. PRICES \n \nEnergy Prices \n \n 2 August 2024 \n 9 August 2024 \n 16 August 2024 \n 23 August 2024 \nDomestic Energy Prices \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.62 \n1.63 \n1.63 \n1.63 \nPetrol Blend E20/ litre \n1.59 \n1.60 \n1.60 \n1.60 \nLP Gas / kg \n1.78 \n1.78 \n1.78 \n1.78 \n \n \n \n \n \nInternational Energy Prices \n(Weekly average) \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n79.20 \n77.91 \n80.42 \n77.40 \n Source: Zimbabwe Energy Regulatory Authority and BBC 2024 \n \n6. GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS \n(GBDT) \n \n \n \nGold PM Fix and Gold Backed Digital Token Prices \nDate \nGold PM Fix \nGBDT ZiG Price per Mg \nGBDT US$ Price per Mg \nUS$/oz \nBuy \nSell \nBuy \nSell \n19-August-24 \n 2,4985.80 \n1.05 \n1.16 \n0.0759 \n0.0839 \n20-August-24 \n 2,2494.55 \n1.05 \n1.16 \n0.0762 \n0.0842 \n21-August-24 \n 2,529.75 \n1.07 \n1.18 \n0.0773 \n0.0854 \n22-August-24 \n 2,497.95 \n1.05 \n1.16 \n0.0763 \n0.0843 \n23-August-24 \n 2,483.00 \n1.05 \n1.16 \n0.0758 \n0.0838 \nSource: London Bullion Market Association and Reserve Bank of Zimbabwe, 2024 \n \n \n \n \n \nPAYMENT STREAM \nWEEK ENDING \n16 August 2024 \nWEEK ENDING \n23 August 2024 \nWEEKLY \nCHANGE (%) \n \nVALUES IN ZiG \n \nRTGS \n 10,678,523,383.30 \n 14,086,448,256.98 \n31.91% \nOf which ZiG \n 4,552,658,251.66 \n 5,456,103,081.22 \n \nOf which US$ \n 444,364,519.69 \n 625,230,342.27 \n \nPOS \n 998,239,877.40 \n 997,833,097.46 \n -0.04% \nATM \n 761,667,334.80 \n 645,763,585.54 \n-15.22% \nMOBILE BANKING \n 68,767,341.40 \n 55,479,671.00 \n -19.32% \nMOBILE MONEY \n 1,250,393,882.33 \n 925,441,875.61 \n -25.99% \nZIPIT MOBILE \n 86,554,897.93 \n 89,385,981.40 \n 3.27% \nTOTAL \n 13,844,146,717.16 \n 16,800,352,467.99 \n 21.35% \n \nVOLUMES \n \nRTGS \n 105,749 \n 216,327 \n104.57% \nOf which ZiG \n 53,587 \n 104,643 \n \nOf which US$ \n 52,162 \n 111,684 \n \nPOS \n 1,892,254 \n 1,990,605 \n 5.198% \nATM \n 202,602 \n 172,743 \n -14.74% \nMOBILE BANKING \n 257,055 \n 223,092 \n -13.21% \nMOBILE MONEY \n 9,151,056 \n 8,404,168 \n -8.16% \nZIPIT MOBILE \n 184,255 \n 188,806 \n 2.47% \nTOTAL \n 11,792,971 \n 11,195,741 \n -5.06% \n \n 6 \nMosi-oa-Tunya Gold Coin Prices \nGold Coin Price \n 19 August 2024 \n 20 August 2024 \n21 August 2024 \n22 August 2024 \n23 August 2024 \n1.00Oz \n \n \n \n \n \nUS$ \n2,610.09 \n2,619.28 \n2,656.24 \n2,622.85 \n2,607.15 \nZiG \n35,997.84 \n36,149.70 \n36,667.76 \n36,215.23 \n36,013.61 \n0.50Oz \n \n \n \n \n \nUS$ \n1,305.05 \n1,309.64 \n1,328.12 \n1,311.42 \n1,303.58 \nZiG \n17,998.92 \n18,074.85 \n18,333.88 \n18,107.61 \n18,006.80 \n0.25Oz \n \n \n \n \n \nUS$ \n625.52 \n654.82 \n664.06 \n655.71 \n651.79 \nZiG \n8,999.46 \n9,037.42 \n9,166.94 \n9,053.81 \n9,003.40 \n0.10Oz \n \n \n \n \n \nUS$ \n261.01 \n261.93 \n265.62 \n262.28 \n260.72 \nZiG \n3,599.78 \n3,614.97 \n3,666.78 \n3,621.52 \n3,601.36 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n7. EXTERNAL SECTOR \n \n \nExchange Rate Developments (ZiG per Unit of foreign currency) \n \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(14 – 16 August) \n13.7856 \n0.7633 \n17.7281 \n1.0261 \n15.1581 \n19-August \n13.7918 \n0.7718 \n17.8707 \n1.0289 \n15,2333 \n20-August \n13.8014 \n0.7704 \n17.9135 \n1.0317 \n15,2851 \n21-August \n13.8044 \n0.7678 \n 17.9790 \n1.0367 \n15,3484 \n22-August \n13.8076 \n0.7644 \n18.0624 \n1.0384 \n15,3824 \n23-August \n13.8134 \n0.7627 \n18.1114 \n1.036 \n15,3681 \nWeekly Average \n(19 – 23 August) \n13.8037 \n0.7674 \n17.9874 \n1.0343 \n15.3235 \nAppr (-)/Depr (+) (%) \n0.1 \n0.5 \n1.5 \n0.8 \n1.1 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \nInternational Commodity Price Developments \n \nPlatinum \nPalladium \nNickel \nLithium \nCrude oil \n2024 \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nUS$/tonne \nWeekly Average \n (12 - 16 August) \n941.50 \n938.20 \n16,328.80 \n11,153.64 \n80.42 \n19-August \n950.00 \n929.00 \n16,666.00 \n10,870.00 \n77.08 \n20-August \n962.50 \n940.50 \n17,035.00 \n10,760.00 \n77.08 \n21-August \n962.50 \n950.50 \n16,910.00 \n10,690.00 \n76.04 \n22-August \n960.00 \n951.50 \n16,603.00 \n10,620.00 \n77.28 \n23-August \n951.00 \n939.00 \n16,758.00 \n10,590.00 \n79.53 \nWeekly Average \n(19 - 23 August) \n957.20 \n942.10 \n16,794.40 \n10,706.00 \n77.40 \nSource: BBC, KITCO and Bloomberg, 2024 \n \n \n \n \n \n \n \n \n \n 7 \n Figure 3: Weekly Precious Metals Price Developments (19th August – 23rd August 2024) \n \n \n \n \n \n \nSource: BBC, KITCO and Bloomberg, 2024 \n \n \n \n16,500\n16,600\n16,700\n16,800\n16,900\n17,000\n17,100\n19-Aug\n20-Aug\n21-Aug\n22-Aug\n23-Aug\nUS$/tonne\nNickel\n10,550\n10,650\n10,750\n10,850\n10,950\n19-Aug\n20-Aug\n21-Aug\n22-Aug\n23-Aug\nUS$/tonne\nLithium \n940\n950\n960\n970\n19-Aug\n20-Aug\n21-Aug\n22-Aug\n23-Aug\nUS$/tonne\nPlatinum\n925\n935\n945\n955\n19-Aug 20-Aug 21-Aug 22-Aug 23-Aug\nUS$/tonne\nPalladium\n2,490\n2,500\n2,510\n2,520\n2,530\n19-Aug\n20-Aug\n21-Aug\n22-Aug\n23-Aug\nUS$/oz\nGold\n75\n76\n77\n78\n79\n80\n19-Aug\n20-Aug\n21-Aug\n22-Aug\n23-Aug\nUS$/barrel\nCrude oil \n \n 8 \n8. TOBACCO SALES \n \nWeekly Cumulative Tobacco Sales (23rd August 2024) \n \n2023 \n2024 \nVariance (%) \nCumulative Quantity Sold (million kgs) \n295 680 035 \n231 161 328 \n (21.82) \nAverage Price (US$/kg) \n3.03 \n3.43 \n13.18 \nCumulative value (US$ million) \n895 609 907 \n792 486 198 \n(11.51) \nSource: Tobacco Industry and Marketing Board, 2024", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_23_AUGUST_2024_Volume_26_Number_34.pdf"}
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+ {"doc_id": "1aaafa8cb9477a690c6eef7ea0facade", "text": "Vol. 25 No. 33 \n \n \nWeek Ending \n18th August 2023 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ................................................................................................ 1 \n2. \nINTEREST RATES .................................................................................... 1 \n3. \nCLEARING AND SETTLEMENT ACTIVITY ...................................... 3 \n4. \nTOBACCO SALES ..................................................................................... 4 \n5. \nINTERNATIONAL COMMODITY PRICE DEVELOPMENTS ......... 5 \n6. \nEQUITY MARKETS.................................................................................. 7 \n7. \nBANK POLICY RATE, EXCHANGE RATE AND INFLATION \nSTABILITY ............................................................................................... 10 \n \n \n \n \n 1 \n1. \nOVERVIEW \n \nThis report provides an analysis of the developments in the money and capital markets for the \nweek ending 18th August 2023. The report also covers developments in the tobacco, mineral \ncommodities, and stock markets during the week. The last section of the report presents a review \nof the policy rate, exchange rate premium and inflation. \n \n \nThe Zimbabwe Stock Exchange (ZSE) and Victoria Falls Stock Exchange (VEFX) traded in a \npositive trajectory during the week under analysis. The value of transactions processed through \nthe National Payment System (NPS) were lower during the week under review compared to the \nprevious week, largely reflecting declines in RTGS and POS transactions. \n \nThe deposit rates for the domestic currency deposits mostly remained largely unchanged except \nfor 1 month and 3 months maximum deposit rates which increased marginally. \n \n \nThe volume and value of tobacco sales increased during the week under review. The the golden \nleaf was sold at a lower price during the same week of analysis. \n \n2. \nINTEREST RATES \n \nLocal Currency (ZWL) Deposit Rates \n \nDuring the week ending 18th August 2023, minimum and maximum deposit rates for all classes \nof deposits were unchanged save for maximum ZWL deposit rates for deposits of 1 month and \n3 month tenor which registered an increases on the back of tight liquidity conditions in the \neconomy. \n \nTable 1: Average Deposit Rates (per annum) \nDate \nSavings deposits (%) \n \n1- Month deposit \nrates (%) \n \n3- Month deposit \nrates (%) \n \n6- Month deposit \nrates (%) \n \n12- Month deposit \nrates (%) \n \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \n28-Jul-23 \n34.29 \n33.29 \n59.00 \n69.33 \n59.22 \n67.89 \n59.17 \n68.64 \n57.53 \n68.79 \n04-Aug-23 \n \n34.29 \n36.00 \n59.00 \n69.33 \n57.67 \n69.44 \n59.17 \n68.64 \n59.53 \n68.79 \n11-Aug-23 \n34.29 \n35.60 \n59.00 \n69.33 \n57.67 \n69.44 \n59.17 \n68.64 \n59.33 \n68.79 \n18-Aug-23 \n \n34.29 \n35.60 \n59.00 \n70.11 \n57.67 \n70.35 \n59.17 \n68.64 \n59.33 \n68.79 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n 2 \nLocal Currency Lending Rates \n \nThe minimum ZWL lending rates for individual clients registered an increase while those for \ncorporate clients registered a decline during the week under analysis. Minimum and maximum \nZWL lending rates for individuals and corporates were higher during the same week. The ZWL \nlending rates are shown in Table 2. \n \nTable 2: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \n \n Corporate Clients \n21-July-23 \n77.80 \n104.12 \n94.60 \n167.29 \n28-Jul-23 \n77.82 \n103.56 \n94.80 \n166.24 \n04-Aug-23 \n77.59 \n102.81 \n94.41 \n166.02 \n11-Aug-23 \n77.70 \n102.85 \n94.39 \n166.34 \n18-Aug-23 \n77.83 \n102.86 \n93.46 \n165.81 \nSource: Reserve Bank of Zimbabwe, 2023 \n \nForeign Currency (USD) Deposit Rates \n \nDuring the week under review, minimum and maximum FCA deposit rates for all classes of \ndeposits remained largely unchanged. Maximum deposit rates for deposits of 1 month and 3 \nmonth tenor increased as banks took measures to attract long term deposits amid demand for \nforeign currency by clients. Average foreign currency deposits rates are shown in Table 3. \n \nTable 3: Average Foreign Currency Deposit Rates (per annum) \n \nDate \nSavings deposits (%) \n1- Month deposit \nrates (%) \n \n3- Month deposit \nrates (%) \n \n6-Month deposit \nrates (%) \n \n12- Month deposit \nrates (%) \n \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \n28-July-23 \n1.27 \n1.86 \n3.15 \n4.50 \n3.36 \n5.00 \n3.35 \n5.27 \n3.43 \n5.50 \n04-Aug-23 \n1.27 \n1.81 \n3.15 \n4.50 \n3.33 \n5.00 \n3.35 \n5.27 \n3.86 \n5.04 \n11-Aug-23 \n1.27 \n1.81 \n3.15 \n4.50 \n3.33 \n5.00 \n3.35 \n5.27 \n3.86 \n5.04 \n18-Aug-23 \n1.27 \n1.81 \n3.15 \n4.62 \n3.33 \n5.00 \n3.35 \n5.27 \n3.43 \n5.50 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n \n \n \n \n \n 3 \nForeign Currency (USD) Lending Rates \n \n \nMinimum foreign currency lending rates (FCA) for individuals fell by 0.01 percentage points \nwhile minimum foreign currency lending rates for corporate clients increased by 0.01 percentage \npoints during the week under review. Maximum lending rates for both individual and corporate \nclients were higher during the week under review. The increase in FCA lending rates may \nincrease borrowing costs for the productive sectors. \nTable 4: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \n \n Corporate Clients \n14-July-23 \n11.35 \n13.07 \n7.99 \n14.36 \n21-July-23 \n11.33 \n13.06 \n7.97 \n14.35 \n28-Jul-23 \n11.32 \n13.09 \n7.97 \n14.19 \n04-Aug-23 \n11.32 \n13.09 \n7.98 \n14.61 \n11-Aug-23 \n11.30 \n13.14 \n8.02 \n14.33 \n18-Aug-23 \n11.29 \n13.15 \n8.03 \n14.38 \nSource: Reserve Bank of Zimbabwe, 2023 \n3. \nCLEARING AND SETTLEMENT ACTIVITY \n \nDuring the week under analysis, aggregate transactions processed in value terms through \nNational Payment Systems (NPS) platforms was ZW$3.7 trillion, representing a decrease of \n24.55% from ZW$4.9 trillion in the previous week. The Real Time Gross Settlement (RTGS) \nsystem constituted 84.34% of the total value of transactions processed through the NPS. In value \nterms, NPS transactions were distributed as shown in Figure1. \n Figure 1: Composition of NPS Transactions in Value Terms \n \n Source: Reserve Bank of Zimbabwe, 2023 \n \n \n \nRTGS\n84.34%\nPOS\n5.10%\nATM\n3.67%\nMOBILE\n6.88%\nRTGS\nPOS\nATM\nMOBILE\n \n 4 \nThe volume of transactions processed through the NPS declined by 10.27% to close at 9.78 \nmillion driven by decreases in Mobile, RTGS, POS and ATM transactions volumes. NPS \ntransaction volumes were distributed as follows: Mobile, 80.86%; POS, 16.74%; ATM, 1.15%; \nand RTGS, 1.25%, as shown in Figure 2. \n \n Figure 2: Composition of NPS Transactions in Volume Terms \n \nSource: Reserve Bank of Zimbabwe, 2023 \n \nTable 5: National Payment Systems Activity \nPAYMENT \nSTREAM \nWEEK ENDING \n 11 August 2023 \nWEEK ENDING \n \n18 August 2023 \n% CHANGE FROM \nLAST WEEK \nPROPORTION \n% \nValues in ZW$ Millions \nRTGS \n4,302,197.55 \n3,123,293.74 \n-27.40% \n84.34% \nPOS \n235,696,24 \n188,993.59 \n-19.81% \n5.10% \nATM \n135,750.06 \n135,924.88 \n0.13% \n3.67% \nMOBILE \n234,397.26 \n254,918.61 \n 8.75% \n6.88% \nTOTAL \n4,908,041.11 \n3,703,130.82 \n-24.55% \n100% \nVolumes \nRTGS \n183,016 \n122,361 \n-33.16% \n1.25% \nPOS \n2,017,432 \n1,636,795 \n-18.87% \n16.74% \nATM \n 134,862 \n112,791 \n-16.37% \n1.15% \nMOBILE \n8,562,838 \n7,907,018 \n-7.66% \n80.86% \nTOTAL \n10,898,193 \n9,778,965 \n-10.27% \n100% \nSource: Reserve Bank of Zimbabwe, 2023 \n \n4. \nTOBACCO SALES \nAs at the 109th day of the tobacco selling season, a cumulative total of 295.64 million kilograms \nof tobacco had been sold, compared to a cumulative total of 205.98 million kilograms sold during \nthe same period in 2022. The turnover realized from the sales amounted to US$895.45 million, \na 42.03% increase, compared to US$630.47 million realized during the same period in 2022. \n \n \nRTGS, 1.25%\nPOS, 16.74%\nATM, 1.15%\nMOBILE, 80.86%\nRTGS\nPOS\nATM\nMOBILE\n \n 5 \n \n \nTable 6: Weekly Cumulative Tobacco Sales: Day 109th (18th August 2023) \n \n2022 \n2023 \nVariance (%) \nCumulative Quantity Sold (million \nkgs) \n205,979,249 \n295,635,420 \n43,53 \nAverage Price (US$/kg) \n3.06 \n3.03 \n-1.04 \nCumulative value (US$ million) \n630,471,612 \n895,451,649 \n42,03 \n Source: Tobacco Industry and Marketing Board (TIMB), 2023 \n \nThe golden leaf continued to be sold at a lower average price of US$3.03/kg, during the week \nunder review, down from US$3.06/kg realized during the same period in 2022. \n \n5. \nINTERNATIONAL COMMODITY PRICE DEVELOPMENTS \n \n \nDuring the week ending 18th August 2023, international commodity prices for gold, platinum, \ncopper, nickel, and crude oil retreated, whilst palladium price increased. Table 7 shows \ndevelopments in prices for selected commodities, during the week under review. \n \nTable 7: Metals and Crude Oil Prices: Week ending 18th August 2023 \n \nGold \nPlatinum \nPalladium \nCopper \nNickel \nCrude Oil \n2023 \nUS$/ounce \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nUS$/barrel \nWeekly Average \n(7 - 11 Aug) \n1,925.58 \n910.80 \n1,244.40 \n8,411.73 \n20,751.40 \n86.38 \n14-Aug \n1,908.63 \n909.00 \n1,292.00 \n8,200.18 \n19,768.00 \n84.89 \n15-Aug \n1,903.98 \n894.00 \n1,254.00 \n8,201.00 \n20,000.00 \n84.86 \n16-Aug \n1,905.50 \n891.00 \n1,230.00 \n8,190.50 \n20,025.00 \n83.66 \n17-Aug \n1,895.15 \n900.50 \n1,223.00 \n8,262.00 \n20,405.00 \n84.20 \n18-Aug \n1,892.73 \n902.00 \n1,227.00 \n8,270.00 \n20,175.00 \n85.44 \nWeekly Average \n(14 - 18 Aug) \n1,901.20 \n899.30 \n1,245.20 \n8,224.74 \n20,074.60 \n84.61 \nWeekly Change \n(%) \n-1.27 \n-1.26 \n0.06 \n-2.22 \n-3.26 \n-2.05 \nSource: BBC, KITCO and Bloomberg 2023 \n \nGold \n \nGold prices decreased by 1.27% to US$1,901.20 per ounce from US$1,925.58 per ounce \nrecorded in the previous week. Prices receded after optimistic U.S. economic data reinforced \nexpectations that the Federal Reserve would continue raising interest rates. \n \n \n 6 \n \nPlatinum \nDuring the week under analysis, platinum prices declined by 1.26%, from a weekly average of \nUS$910.80 per ounce in the week ending 11 August 2023 to a weekly average of US$899.30 per \nounce. This was due to weak industrial demand and gloomy investment prospects as investors \nrekindled their appetite for riskier assets. \nPalladium \nPalladium prices traded positively on account of picking demand from the electronics industry. \nThe prices increased by 0.06%, from a weekly average of US$1,244.40 per ounce in the previous \nweek to US$1,245.20 per ounce during the week under review. \n \nCopper \nCopper prices retreated during the week under review following disappointing economic data \nfrom China, the world’s top consumer of industrial metals and fears of further U.S. interest rate \nhikes. Prices fell by 2.22%, from an average of US$8,411.73 per tonne in the prior week to \nUS$8,224.74 per tonne, during the week under review. \nNickel \nDuring the week under analysis, nickel prices slumped by 3.26% to close at US$20,074.60 per \ntonne, from US$20,751.40 per tonne reported in the previous week. Prices retreated as the \nmarket grew wary of further cooling of the Chinese economy, undercutting demand in the \nconstruction sector. \nBrent Crude Oil \nBrent crude oil prices declined by 2.05%, from US$86.38 per barrel in the prior week to \nUS$84.61 per barrel during the week under review. Prices fell as hopes for an increase in Chinese \ndemand faded despite reduced supply from OPEC+ members. \n \n \nExchange Rate Developments \n \nInterbank Market \nThe Zimbabwe dollar (ZW$) depreciated by 0.33% on the interbank market, from an average of \nZW$4,554.55 per US$1 in the previous week to ZW$4,569.46 per US$1 during the week under \nreview, as shown in Table 8. \n \n 7 \nTable 8: Selected Exchange Rates (ZW$ per unit of foreign currency) \n2023 \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average (7- 11 August) \n4,554.5471 \n245.7091 \n5,798.7335 \n338.4493 \n5,003.8725 \n16-Aug \n4,557.1128 \n240.9639 \n5,789.8473 \n334.0895 \n4,974.1063 \n17-Aug \n4,577.5024 \n240.9639 \n5,822.3689 \n336.5349 \n4,973.7000 \n18-Aug \n4,573.7730 \n240.9639 \n5,827.4726 \n335.8002 \n4,976.0506 \nWeekly Average (14- 18 August) \n4,569.4627 \n240.9639 \n5,813.2296 \n335.4749 \n4,974.6189 \nAppr (-)/Depr (+) (%) of the ZWL \n0.3 \n-1.9 \n0.2 \n-0.9 \n-0.6 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n6. EQUITY MARKETS \n \nDuring the week ending 18th August 2023, the Zimbabwe Stock Exchange (ZSE) and the Victoria \nFalls Stock Exchange (VFEX) traded in a positive trajectory. Concomitantly, the ZSE and VFEX \nAll Share indices gained 1.34% and 0.93% to close the week at 120 504.79 points and 71.26 \npoints, respectively. \n \nZimbabwe Stock Exchange (ZSE) Developments \n \nThe Top 10 and Top 15 indices gained 2.16% and 1.47% to 56 507.49 points and 77 070.41 \npoints, compared to previous week’s positions of 55 314.05 points and 77 070.41 points, \nrespectively. The resource index, however, remained unchanged at 94 942.74 points, during the \nweek under analysis. Figure 3 shows developments on the ZSE’s All Share, Top 10 and Mining \nindices from 19th August 2022 to 18th August 2023. \n \nFigure 3: ZSE All Share, Top 10 and Mining Indices \nSource: Zimbabwe Stock Exchange, 2023 \n10,100\n16,600\n23,100\n29,600\n36,100\n42,600\n49,100\n55,600\n62,100\n68,600\n75,100\n81,600\n88,100\n94,600\n0\n20,000\n40,000\n60,000\n80,000\n100,000\n120,000\n140,000\n160,000\n180,000\n200,000\n19-Aug-22\n02-Sep-22\n16-Sep-22\n30-Sep-22\n14-Oct-22\n28-Oct-22\n11-Nov-22\n25-Nov-22\n09-Dec-22\n23-Dec-22\n06-Jan-23\n20-Jan-23\n03-Feb-23\n17-Feb-23\n03-Mar-23\n17-Mar-23\n31-Mar-23\n14-Apr-23\n28-Apr-23\n12-May-23\n26-May-23\n09-Jun-23\n23-Jun-23\n07-Jul-23\n21-Jul-23\n04-Aug-23\n18-Aug-23\nMining Index\nAll Share and Top 10 Indices\nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n \n 8 \n \nThe increase in the mainstream index was attributed to share price gains in Dairiboard Holdings \nLimited (22.22%), Nampak Zimbabwe Limited (14.75%), Turnall Holdings Limited (11.67%), \nOk Zimbabwe Limited (10.83%) and Delta Corporation Limited (9.01%). \n \nPartially offsetting the aforementioned increase were losses in the share prices of CBZ Holdings \nLimited (15.00%), Masimba Holdings Limited (13.42%), Afdis Distillers Limited (11.11%), \nEdgars Store Limited (7.65%) and Econet Wireless Zimbabwe Limited (7.05%). The resource \nindex, however, remained unchanged at 94 942.74 points, during the week under analysis. \n \nMarket Turnover \nDue to the holiday shortened week, cumulative volume and value of shares traded decreased by \n90.80% and 83.85% to 2.87 million shares and ZW$1 650.75 million, compared to 31.19 million \nshares and ZW$10 219.66 million recorded in the prior week, respectively. \n \nFigure 4 shows the trend in daily market turnover for the period 19th August 2022 to 18th August \n2023. \nFigure 4: Market Turnover \nSource: Zimbabwe Stock Exchange, 2023 \n \n \n \n0\n2,200\n4,400\n6,600\n8,800\n11,000\n13,200\n15,400\n17,600\n19,800\n19-Aug-22\n02-Sep-22\n16-Sep-22\n30-Sep-22\n14-Oct-22\n28-Oct-22\n11-Nov-22\n25-Nov-22\n09-Dec-22\n23-Dec-22\n06-Jan-23\n20-Jan-23\n03-Feb-23\n17-Feb-23\n03-Mar-23\n17-Mar-23\n31-Mar-23\n14-Apr-23\n28-Apr-23\n12-May-23\n26-May-23\n09-Jun-23\n23-Jun-23\n07-Jul-23\n21-Jul-23\n04-Aug-23\n18-Aug-23\nZW$ (Million)\nNotable Trades: 31.45 million \nAriston Holdings Limited \nshares and 4.26 million Delta \nHoldings Limited shares \nexchanged hands at \nZW$15.02/share and \nZW$4077/share, respectively.\nNegotiated deal: 61.16 \nmillion Lafarge Cement \nZimbabwe Limited \nshares exchanged hands \nat ZW$312.65/share\n \n 9 \nMarket Capitalisation \nOwing to improved trading activity on the ZSE during the week under review, the market gained \n0.95%, or ZW$89.96 billion worth of capitalization to close at ZW$9 568.62 billion, compared \nto ZW$9 478.66 billion registered in the previous week. Figure 5 shows the evolution of market \ncapitalization for the period 19th August 2022 to 18th August 2023. \n \nFigure 5: Market Capitalization \n \nSource: Zimbabwe Stock Exchange, 2023 \n \n \nVictoria Falls Stock Exchange (VFEX) Developments \nThe rise in the VFEX mainstream index was a result of share price increases in Axia Corporation \nLimited (7.69%), First Capital Bank Limited (3.41%), Innscor Africa Limited (3.25%) and \nSimbisa Brands Limited (2.68%). Partially offsetting the abovementioned increases were \ndeclines in the share prices of National Foods Holdings (3.66%), Zimplow Holdings Limited \n(0.25%) and Seed Co International VX (0.11%). \n \nVFEX Market Turnover \nThe VFEX cumulative volume and value of shares traded declined by 63.31% and 74.14% to \n0.64 million shares and US$0.12 million. This compares to 1.75 million shares and US$0.46 \nmillion, recorded in the previous week, respectively. \n \n0\n1,500\n3,000\n4,500\n6,000\n7,500\n9,000\n10,500\n12,000\n13,500\n15,000\n16,500\n19-Aug-22\n02-Sep-22\n16-Sep-22\n30-Sep-22\n14-Oct-22\n28-Oct-22\n11-Nov-22\n25-Nov-22\n09-Dec-22\n23-Dec-22\n06-Jan-23\n20-Jan-23\n03-Feb-23\n17-Feb-23\n03-Mar-23\n17-Mar-23\n31-Mar-23\n14-Apr-23\n28-Apr-23\n12-May-23\n26-May-23\n09-Jun-23\n23-Jun-23\n07-Jul-23\n21-Jul-23\n04-Aug-23\n18-Aug-23\n$ Billions\n \n \n10 \nVFEX Market Capitalization \nReflecting the positive momentum on the VFEX during the week under analysis, the market \ngained 0.92% worth of capitalization to close at US$1.22 billion, compared to US$1.21 billion \nregistered in the previous week. Figure 6 shows the trend in the VFEX All Share Index for the \nperiod 19th August 2022 to 18th August 2023 \n \nFigure 6: VFEX All Share Index \nSource: Victoria Falls Stock Exchange (VFEX), 2023 \n \n7. BANK POLICY RATE, EXCHANGE RATE AND INFLATION STABILITY \n \nThe monetary policy stance has remained tight since the last half of 2022 following the major \nhike in the Reserve Bank of Zimbabwe’s policy interest rate to 200% per annum in July 2022. \nSince then, the bank policy rate has been reviewed in line with prevailing macroeconomic \nconditions, especially inflation and exchange rate developments. The first review on the policy \nrate was in February 2023, when the policy rate was reduced to 150% per annum followed by a \nfurther downward review to 140% per annum in March 2023. The re-emergence of inflation and \nexchange rate pressures since mid-April led to the policy rate being raised back to 150% per \nannum. The economy has witnessed sustained price and exchange rate stability under the current \ntight monetary policy stance. \n \nTo ensure that the current tight monetary policy conditions do not hurt the productive sectors \nand negate the performance of the productive sectors, the Bank has been maintaining a relatively \n0\n10\n20\n30\n40\n50\n60\n70\n80\n90\n100\n110\n120\n130\n140\n150\n \n \n11 \nlow interest rate profile on the Medium-Term Bank Accommodation interest rates, which is the \nwindow through which the productive sectors, including the Micro Small to Medium Enterprises \naccess concessionary credit. The window, together with the foreign currency auction system has \nmanaged to keep production and industry capacity utilization elevated even in an environment \nof tight monetary conditions. The interest rate on the accommodation facility is currently at 75% \nper annum. \n \nThe transmission from the Bank policy rate to the key lending rates by banks is an important \nmarket-based mechanism to control speculative borrowing and excessive expansion of credit that \nmay exert pressure on the exchange rate and inflation in the economy. The policy rate plays a \npivotal role in influencing borrowing, saving and investment decisions by corporates and \nindividuals as well as influencing lending decisions by financial institutions which in turn \ninfluences aggregate demand conditions in the economy. An increase in interest rates also \ncurtails speculative behavior and foreign currency demand and brings inflation under control. As \nsuch, the Bank seeks to align the policy rate to current and expected inflation pressures. \n \nThe cross plot of interest rates and the parallel exchange rate premium below clearly shows the \nstrong relationship between the policy interest rate and the bank lending rates. The figure also \nshows the strong relationship between the changes in the money market interest rates and the \nparallel exchange rate premium and monthly inflation. The relationships are critical for effective \ntransmission of the Bank interest rate policy to the wider economy, which is channelled through \nchanges in credit and composition and structure of domestic expenditure. \n \nFigure 7: The Policy Rate, Bank Lending Rates and the Parallel Exchange Rate Premium\n \n-20.00\n-10.00\n0.00\n10.00\n20.00\n30.00\n40.00\n50.00\n60.00\n70.00\n80.00\n0\n50\n100\n150\n200\n250\n300\nJan-22\nFeb-22\nMar-22\nApr-22\nMay-22\nJun-22\nJul-22\nAug-22\nSep-22\nOct-22\nNov-22\nDec-22\nJan-23\nFeb-23\nMar-23\nApr-23\nMay-23\nJun-23\nJul-23\nAug-23\nPercent (%) RHS\nPercent (%) LHS\nExhange Rate Premium (LHS)\n Policy Rate (LHS)\nMaximum lending rate for corporates (LHS)\nMonth-on-month inflation (RHS)\n \n \n12 \nThe increase in the Bank policy rate from 80% to 200% per annum in July 2022 resulted in the \nbanks increasing the retail minimum lending rates for corporate clients from 48% to 165% per \nannum and the maximum rates from 80% to 220% per annum in the same month. The lending \nrates to individual clients were also hiked significantly in the same month. Consequently, the \ngrowth in broad money supply slowed down from about 15% per month in June 2022 to less \nthan 10% in July 2022 as the increase in the policy rate restrained growth in bank reserves. The \ndomestic monetary conditions have remained tight through to the second half of 2023. This has \nkept speculative borrowing subdued and the economy has seen the policy pay-offs that have been \nrealized through falling parallel exchange rate premium and inflation since 2022. \nThe parallel exchange rate premium which had widened to more than 80% in June 2022 has been \non the decline due to the prevailing tight monetary conditions. The premium immediately fell \nafter the hike in the Bank policy rate to 200% per annum in July 2023, reaching about 20% by \nSeptember 2022 before regaining momentum to reach about 120% in April 2023 following the \ntransitory turbulences on the economy that came with some temporary shocks on the demand \nand supply of foreign currency in the economy. The upward revision in the Bank policy rate to \n150% per annum in April 2023, however, reversed the upward surge in the parallel exchange \nrate premium, which has since fallen to within 20%. The current mix of policies, which includes \na more liberalized foreign currency market, foreign currency supply measures, increased fiscal \nausterity, liquidity mopping, the introduction of the gold and gold backed tokens and the high \ninterest rates have seen the parallel and official exchange rates moving towards convergence with \nthe parallel exchange rate premium or gap falling to within the 20% benchmark. \nThe decline in the parallel exchange rate premium in the current tight monetary environment has \nbeen mirrored in a concomitant decline in inflation. Annual inflation declined from a high of \n106.3% in August 2022 when the Bank embarked on the current tight monetary policy stance to \nthe current rate of 77.2% as of August 2023. Similarly, monthly inflation declined from 18% to \na negative rate of 6.2% in August 2023. \nThe Bank policy has proved to be an effective instrument of monetary policy. Its combination \nwith the right mix of fiscal and other macro-policies has yielded sustained stability in the \neconomy. Going ahead, the Bank will continue to be guided by current and expected inflation \ndevelopments to align both the policy rate and the medium-term bank accommodation rate with \nother key macroeconomic fundamentals and developments in the economy. \nRESERVE BANK OF ZIMBABWE \n \n \n APPENDIX 1: FOREIGN EXCHANGE AUCTION RESULTS FOR MAINFX1 AND WHOLESALEFX 2 \n Source: Reserve Bank of Zimbabwe, 2023 \n \n1 Main Foreign Currency Auction. The Auction is normally conducted every Tuesday every week. \n2 Wholesale Foreign Currency Auction (Wholesale FX). The RBZ MPC resolutions dated 6 June 2023 resolved that with effect from 7 June 2023, the Bank shall sell foreign currency at the market-determined exchange \nrate through banks to support and strengthen the foreign exchange interbank market, and banks shall in turn sell the foreign currency to their customers. \n \n \nWHOLESALEFX \n 01-August-23 03- Aug-23 08-Aug-23 16-Aug-23 \nTotal \nBids (US$ dollars) \n17,076,095.00 \n13,823,820.00 \n17,518,500.00 \n18,854,776.00 \nAmount Allotted (US$ dollars) \n15,969,095.56 \n12,498,820.00 \n17,518,500.00 \n18,854,776.00 \nHighest Rate \n4,570.00 \n4,573.00 \n4,584.45 \n4,600.00 \nLowest Bid \nRate \n4,515.00 \n4,535.00 \n4,550.00 \n4,559.00 \nLowest Bid Rate Allotted \n4,515.00 \n4,535.00 \n4,550.00 \n4,559.00 \nWeighted Average Rate \n4,542.37 \n4,556.16 \n4,559.74 \n4,577.50 \nNumber of Bids Received \n15 \n13 \n16 \n13 \nNumber of Bids Rejected \n0 \n0 \n0 \n0 \n \n \n \nAPPENDIX 2: SUMMARY OF FOREIGN CURRENCY AUCTION ALLOTMENTS BY PURPOSE \nSource: Reserve Bank of Zimbabwe, 2023 \n \nPurpose \nMAINFX \n 25-July-23 01-Aug-23 08-Aug-23 \n 16-Aug-23 \nRaw Materials \n179,672.32 \n128,132.37 \n308,170.98 \n113,729.24 \nMachinery and Equipment \n96,841.77 \n232,872.55 \n287,094.68 \n345,440.82 \nConsumables \n(Incl. Spares, Tyres, \nPackaging) \n18,497.02 \n- \n2,120.64 \n- \nPharmaceuticals and \nChemicals \n46,093.30 \n- \n- \n- \nServices (Loans, Dividends \nand Disinvestments) \n210,545.60 \n69,961.27 \n232,795.36 \n58,000.00 \nRetail and Distribution \n50,000.00 \n49,618.06 \n54,648.06 \n30,000.00 \nFuel, Electricity and Gas \n- \n- \n- \n- \nPaper and Packaging \n- \n17,308.81 \n- \n22,269.22 \nTOTAL \n601,650.01 \n497,893.08 \n884,829.72 \n569,439.28", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_18_AUGUST_2023_Volume_25_Number_33_1.pdf"}
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+ {"doc_id": "1d51998d866bd2cee79fe36a13b2c04d", "text": "Vol. 27 No. 43 \n \nWeek Ending \n24th October 2025 \n \nWeekly Economic \nHighlights \nVol. 27 No. 37 \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 2 \n3. \nEQUITY MARKETS .............................................................. 3 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 5 \n5. \nENERGY PRICES .................................................................. 5 \n6. \nGOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND \nGOLD BACKED DIGITAL TOKENS (GBDT) .................. 5 \n7. \nEXTERNAL SECTOR ........................................................... 6 \n \n \n \n \n1 \n1. OVERVIEW \nThis report summarises major developments in the monetary and financial sectors of the economy during the \nweek ending 24th October 2025. It includes updates on domestic money and capital markets, national payment \nsystems, exchange rates, and global commodity prices. \nDuring the week under review, both local and foreign currency deposits rates remained unchanged across all \ntenors. Local currency lending rates increased for all maturities, save for minimum individuals rates which \ndeclined. Foreign currency lending rates decreased for all maturities, save for maximum individual rates which \nincreased. The minimum lending rates for corporate clients in foreign currency remained unchanged. \nDuring the week ending 24th October 2025 both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls \nStock Exchange (VFEX) exhibited bullish sentiments. As such, the ZSE and VFEX All share indices added \n2.67% and 2.5% to close at 205.93 points and 160.12 points, respectively. \nThe total value of transactions processed through the National Payment Systems platforms decreased by \n2.46% to ZiG37.91 billion from ZiG38.86 billion in the previous week. This decrease is highly attributed to \nReal-Time Gross Settlement (RTGS) system. The volume of transactions processed, however, increased by \n11.84% from 15.17 million to 16.96 million during the same period. \nThe Zimbabwe Gold Currency (ZiG) appreciated by 0.34% to ZiG26.55 per US dollar during the week ending \n24th October 2025, from an average of ZiG26.64 per 1US dollar recorded in the prior week. \nInternational commodity prices for gold, platinum and palladium retreated during the week ending 24th \nOctober 2025, while lithium prices remained unchanged from the previous week level. Prices for nickel and \nBrent crude oil, however, increased during the same week. \nGold price fell on account of renewed optimism over a potential breakthrough in the US-China trade war, \nwhich reduced safe-haven demand for the yellow metal. Platinum prices fell amid a strengthening U.S. dollar, \nshifting expectations around monetary policy tightening and lessened safe-haven demand. For palladium, a \nstronger US dollar and shifting expectations about Fed policy weighed on all dollar-denominated \ncommodities, including palladium, supporting the price decline. However, nickel prices increased due to \nexpectations of a more favourable monetary policy such as a possible Fed rate cut has prompted speculative \nbuying in base metals. \n \n \n \n \n \n \n \n \n \n \n \n \n2 \n2. INTEREST RATES \n \nAverage commercial bank deposit rates (Local Currency (ZiG) (%) \nZiG Deposit rates \n03 Oct 2025 \n10 Oct 2025 \n17 Oct 2025 \n24 Oct 2025 \nSavings \n \n \n \n \nMinimum \n3.75 \n3.75 \n3.75 \n3.75 \nMaximum \n4.08 \n4.08 \n4.08 \n4.08 \n1-month deposit \n \n \n \n \nMinimum \n6.63 \n6.63 \n6.63 \n6.63 \nMaximum \n11.04 \n11.04 \n11.04 \n11.04 \n3-months deposit \n \n \n \n \nMinimum \n6.90 \n6.90 \n6.90 \n6.90 \nMaximum \n10.79 \n10.79 \n10.79 \n10.79 \n6-months deposit \n \n \n \n \nMinimum \n6.51 \n6.51 \n6.51 \n6.51 \nMaximum \n10.39 \n10.39 \n10.39 \n10.39 \n12-months deposit \n \n \n \n \nMinimum \n6.52 \n6.52 \n6.52 \n6.52 \nMaximum \n11.10 \n11.10 \n11.10 \n11.10 \nOver 1 year \n \n \n \n \nMinimum \n6.53 \n6.53 \n6.53 \n6.53 \nMaximum \n11.11 \n11.11 \n11.11 \n11.11 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nAverage commercial bank deposit rates (Foreign Currency (US$) (%) \nUS$ Deposit rates \n03 Oct 2025 \n10 Oct 2025 \n17 Oct 2025 \n24 Oct 2025 \nSavings \n \n \n \n \nMinimum \n1.61 \n1.61 \n1.61 \n1.61 \nMaximum \n1.94 \n1.94 \n1.94 \n1.94 \n1-month deposit \n \n \n \n \nMinimum \n3.92 \n3.92 \n3.92 \n3.92 \nMaximum \n6.67 \n6.67 \n6.67 \n6.67 \n3-month deposit \n \n \n \n \nMinimum \n4.46 \n4.46 \n4.46 \n4.46 \nMaximum \n7.70 \n7.70 \n7.70 \n7.70 \n6-month deposit \n \n \n \n \nMinimum \n4.26 \n4.26 \n4.26 \n4.26 \nMaximum \n7.65 \n7.65 \n7.65 \n7.65 \n12-Month deposit \n \n \n \n \nMinimum \n4.56 \n4.56 \n4.56 \n4.56 \nMaximum \n8.00 \n8.00 \n8.00 \n8.00 \nOver 1 year \n \n \n \n \nMinimum \n4.67 \n4.67 \n4.67 \n4.67 \nMaximum \n7.72 \n7.72 \n7.72 \n7.72 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n \n \n \n \n \n \n3 \nCommercial bank weighted lending rates (Local Currency (ZiG) (%) \nZiG Lending rates \n03 Oct 2025 \n10 Oct 2025 \n17 Oct 2025 \n24 Oct 2025 \nIndividuals \n \n \n \n \nMinimum \n43.52 \n43.53 \n43.52 \n43.50 \nMaximum \n49.08 \n49.08 \n49.13 \n49.16 \nCorporates \n \n \n \n \nMinimum \n40.40 \n40.43 \n40.42 \n40.46 \nMaximum \n46.22 \n46.80 \n46.34 \n46.35 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nCommercial bank weighted lending rates (Foreign Currency (US$) (%) \nUS$ Lending rates \n03 Oct 2025 \n10 Oct 2025 \n17 Oct 2025 \n24 Oct 2025 \nIndividuals \n \n \n \n \nMinimum \n13.69 \n13.68 \n13.69 \n13.68 \nMaximum \n17.81 \n17.80 \n17.85 \n17.86 \nCorporates \n \n \n \n \nMinimum \n10.50 \n10.29 \n10.22 \n10.22 \nMaximum \n16.23 \n16.09 \n16.05 \n16.04 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nCommercial banks and building societies mortgage lending rates (%) \nMortgage Lending \nrates \n03 Oct 2025 \n10 Oct 2025 \n17 Oct 2025 \n24 Oct 2025 \nZiG Lending rates \n \n \n \n \nMinimum \n25.00 \n25.00 \n25.00 \n25.00 \nMaximum \n50.00 \n50.00 \n50.00 \n50.00 \nUS$ Lending rates \n \n \n \n \nMinimum \n10.00 \n10.00 \n10.00 \n10.00 \nMaximum \n18.00 \n18.00 \n18.00 \n18.00 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n3. EQUITY MARKETS \n \nZSE Indicators \n \n \nAll Share \nIndex \n(points) \nTop 10 \nIndex \n(points) \nTop 15 \nIndex \n(points) \nMedium Cap \n(points) \nSmall Cap \n(points) \nMining \nIndex \n(points) \nGrand \nMarket Cap \n(ZiG billion) \nMarket \nTurnover \n(ZiG million) \nVolume of \nShares \n(million) \n03-Oct-25 \n205.16 \n203.87 \n208.11 \n228.45 \n100.11 \n123.58 \n63.89 \n58.44 \n12.54 \n10-Oct-25 \n197.85 \n194.45 \n200.61 \n229.82 \n100.11 \n108.64 \n60.85 \n102.34 \n61.37 \n17-Oct-25 \n200.58 \n197.76 \n203.42 \n230.23 \n100.11 \n108.64 \n62.38 \n149.44 \n30.00 \n24-Oct-25 \n205.93 \n202.05 \n209.26 \n240.75 \n100.11 \n108.64 \n65.19 \n80.48 \n9.06 \nWeekly \nChange (%) \n2.67 \n2.17 \n2.87 \n4.57 \n0.00 \n0.00 \n4.50 \n(46.15) \n(69.80) \nSource: Zimbabwe Stock Exchange, 2025 \n \nVFEX Indicators \nDate \n \nAll Share Index \nPoints \nGrand Market Capitalisation \n(US$ billion) \nMarket Turnover (US$ \nmillion) \nVolume of Shares (million) \n03-Oct-25 \n147.38 \n1.75 \n2.87 \n22.28 \n10-Oct-25 \n156.10 \n1.86 \n1.45 \n4.20 \n17-Oct-25 \n156.11 \n1.86 \n1.86 \n4.84 \n24-Oct-25 \n160.12 \n1.91 \n1.86 \n14.89 \nWeekly Change (%) \n2.57 \n2.69 \n0.00 \n207.64 \nSource: Victoria Falls Stock Exchange, 2025 \n \n \n \n \n \n \n4 \n \nFigure 1: ZSE and VFEX Indicators \n \n \n \n \n \n \nSource: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2025 \n \n \n0\n50,000\n100,000\n150,000\n200,000\n250,000\n300,000\n18-Jul-25\n25-Jul-25\n01-Aug-25\n08-Aug-25\n15-Aug-25\n22-Aug-25\n29-Aug-25\n05-Sep-25\n12-Sep-25\n19-Sep-25\n26-Sep-25\n03-Oct-25\n10-Oct-25\n17-Oct-25\n24-Oct-25\nZiG Thousands\nZSE Market Turnover \n40\n45\n50\n55\n60\n65\n70\n75\n80\n18-Jul-25\n25-Jul-25\n01-Aug-25\n08-Aug-25\n15-Aug-25\n22-Aug-25\n29-Aug-25\n05-Sep-25\n12-Sep-25\n19-Sep-25\n26-Sep-25\n03-Oct-25\n10-Oct-25\n17-Oct-25\n24-Oct-25\nZiG Billion\nZSE Market Capitalisation \n100\n105\n110\n115\n120\n125\n130\n135\n140\n145\n150\n155\n160\n165\n18-Jul-25\n25-Jul-25\n01-Aug-25\n08-Aug-25\n15-Aug-25\n22-Aug-25\n29-Aug-25\n05-Sep-25\n12-Sep-25\n19-Sep-25\n26-Sep-25\n03-Oct-25\n10-Oct-25\n17-Oct-25\n24-Oct-25\nIndex\nVFEX All Share Index \n0\n500\n1000\n1500\n2000\n2500\n18-Jul-25\n25-Jul-25\n01-Aug-25\n08-Aug-25\n15-Aug-25\n22-Aug-25\n29-Aug-25\n05-Sep-25\n12-Sep-25\n19-Sep-25\n26-Sep-25\n03-Oct-25\n10-Oct-25\n17-Oct-25\n24-Oct-25\nUS$ Thousand\nVFEX Market Turnover \n1.2\n1.3\n1.4\n1.5\n1.6\n1.7\n1.8\n1.9\n2\n18-Jul-25\n25-Jul-25\n01-Aug-25\n08-Aug-25\n15-Aug-25\n22-Aug-25\n29-Aug-25\n05-Sep-25\n12-Sep-25\n19-Sep-25\n26-Sep-25\n03-Oct-25\n10-Oct-25\n17-Oct-25\n24-Oct-25\nUS$ Billion\nVFEX Market Capitalisation \n90\n110\n130\n150\n170\n190\n210\n230\n250\n270\n18-Jul-25\n25-Jul-25\n01-Aug-25\n08-Aug-25\n15-Aug-25\n22-Aug-25\n29-Aug-25\n05-Sep-25\n12-Sep-25\n19-Sep-25\n26-Sep-25\n03-Oct-25\n10-Oct-25\n17-Oct-25\n24-Oct-25\nIndices\nZSE Indices \nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n \n \n5 \n4. CLEARING AND SETTLEMENT ACTIVITY \n Source: Reserve Bank of Zimbabwe, 2025 \n \n5. ENERGY PRICES \n \nEnergy Prices \n \n03-Sept 2025 \n10-Oct 2025 \n17-Oct 2025 \n24-Oct 2025 \nDomestic Energy Prices \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.55 \n1.55 \n1.57 \n1.57 \nPetrol Blend E5/ litre \n1.55 \n1.55 \n1.57 \n1.57 \nLP Gas / kg \n1.45 \n1.45 \n1.48 \n1.48 \n \n \n \n \n \nInternational Energy Prices \n(Weekly average) \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n65.66 \n65.10 \n61.88 \n63.78 \n Source: Zimbabwe Energy Regulatory Authority and BBC 2025 \n \n6. GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS \n(GBDT) \n \nGold PM Fix and Gold Backed Digital Token Prices \nDate \nGold PM Fix \nGBDT ZiG Price per Mg \nGBDT US$ Price per Mg \nUS$/oz \nBuy \nSell \nBuy \nSell \n20-Oct-25 \n4,224.75 \n3.43 \n3.80 \n0.1290 \n0.1426 \n21-Oct-25 \n4,294.35 \n3.49 \n3.85 \n0.1312 \n0.1450 \n22-Oct-25 \n4,169.60 \n3.38 \n3.73 \n0.1274 \n0.1408 \n23-Oct-25 \n4,070.00 \n3.30 \n3.64 \n0.1243 \n0.1374 \n24-Oct-25 \n4,143.75 \n3.36 \n3.71 \n0.1266 \n0.1399 \nSource: London Bullion Market Association and Reserve Bank of Zimbabwe, 2025 \n \n \n \n \nPAYMENT STREAM \nWEEK ENDING \n17 October 2025 \nWEEK ENDING \n24 October 2025 \nWEEKLY \nCHANGE (%) \n \nVALUES \n \nRTGS \n32,083,469,073.86 \n29,291,915,118.28 \n(8.70) \nOf which ZiG \n10,345,014,339.10 \n 7,692,601,213.40 \n(25.64) \nOf which US$ transactions \n(ZiG Equivalent) \n21,738,454,734.76 \n21,599,313,904.88 \n(0.64) \nPOS \n1,453,419,139.32 \n2,365,721,635.59 \n62.77 \nATM \n1,247,173,888.67 \n1,769,001,711.52 \n41.84 \nMOBILE BANKING \n182,846,494.66 \n389,140,557.14 \n112.82 \nMOBILE MONEY \n3,693,888,021.15 \n3,772,756,893.55 \n2.14 \nZIPIT MOBILE \n202,769,607.63 \n318,228,781.67 \n56.94 \nTOTAL \n38,863,566,225.29 \n37,906,764,697.75 \n(2.46) \n \nVOLUMES \n \nRTGS \n162,250 \n242,840 \n49.67 \nOf which ZiG \n63,288 \n91,874 \n45.17 \nOf which US$ \n98,962 \n150,966 \n52.55 \nPOS \n1,431,685 \n2,112,797 \n47.57 \nATM \n140,517 \n248,827 \n77.08 \nMOBILE BANKING \n207,822 \n440,380 \n111.90 \nMOBILE MONEY \n13,025,562 \n13,620,097 \n4.56 \nZIPIT MOBILE \n200,750 \n299,617 \n49.25 \nTOTAL \n15,168,586 \n16,964,558 \n11.84 \n \n \n6 \nMosi-oa-Tunya Gold Coin Prices \nGold Coin \nPrice \n20-Oct-25 \n21-Oct-25 \n22-Oct-25 \n23-Oct-25 \n24-Oct-25 \n1.00Oz \n \n \n \n \n \nUS$ \n4,435.99 \n4,509.07 \n4,378.08 \n4,273.50 \n4,350.94 \nZiG \n118,045.56 \n119,843.35 \n116,115.00 \n113,306.72 \n115,384.52 \n0.50Oz \n \n \n \n \n \nUS$ \n2,217.99 \n2,254.53 \n2,189.04 \n2,136.75 \n2,175.47 \nZiG \n59,022.78 \n59,921.67 \n58,057.50 \n56,653.36 \n57,692.26 \n0.25Oz \n \n \n \n \n \nUS$ \n1,109.00 \n1,127.27 \n1,094.52 \n1,068.38 \n1,087.73 \nZiG \n29,511.39 \n29,960.84 \n29,028.75 \n28,326.68 \n28,846.13 \n0.10Oz \n \n \n \n \n \nUS$ \n443.60 \n450.91 \n437.81 \n427.35 \n435.09 \nZiG \n11,804.56 \n11,984.33 \n11,611.50 \n11,330.67 \n11,538.45 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n7. EXTERNAL SECTOR \n \n \nExchange Rate Developments (ZiG per Unit of foreign currency) \n \n \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(13 Oct – 17 Oct) \n26.6401 \n1.5349 \n35.6619 \n1.8724 \n31.0097 \n20-Oct \n26.6109 \n1.5340 \n35.7610 \n1.8631 \n31.0643 \n21-Oct \n26.5783 \n1.5401 \n35.5790 \n1.8635 \n30.9172 \n22-Oct \n26.5219 \n1.5253 \n35.5011 \n1.8595 \n30.8039 \n23-Oct \n26.5138 \n1.5193 \n35.3734 \n1.8510 \n30.7534 \n24-Oct \n26.5195 \n1.5284 \n35.3095 \n1.8526 \n30.7719 \nWeekly Average \n(20 Oct – 24 Oct) \n \n26.5489 \n \n \n1.5294 \n \n35.5048 \n \n1.8579 \n \n30.8621 \nAppr (-)/Depr (+) (%) of the \nZWG \n(0.34) \n(0.36) \n(0.44) \n(0.77) \n(0.48) \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nInternational Commodity Prices \n \nGold \nPlatinum \nPalladium \nNickel \nLithium \n \nUS$/oz \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nWeekly Average \n(13 Oct – 17 Oct) \n4,237.89 \n1,654.80 \n1,531.40 \n15,185.60 \n9,600.00 \n20-Oct \n4,323.80 \n1,610.00 \n1,479.00 \n15,222.00 \n9,600.00 \n21-Oct \n4,131.70 \n1,540.00 \n1,429.00 \n15,175.00 \n9,600.00 \n22-Oct \n4,085.40 \n1,601.00 \n1,430.00 \n15,163.00 \n9,600.00 \n23-Oct \n4,108.50 \n1,629.00 \n1,431.00 \n15,363.00 \n9,600.00 \n24-Oct \n4,081.20 \n1,615.00 \n1,448.00 \n15,361.00 \n9,600.00 \nWeekly Average \n(20 Oct – 24 Oct) \n4,146.12 \n1,599.00 \n1,443.40 \n15,256.80 \n9,600.00 \nWeekly change (%) \n(2.17) \n(3.37) \n(5.75) \n0.47 \n0.00 \nSource: BBC, KITCO and Bloomberg, 2025 \n \n \n \n \n7 \nFigure 3: Weekly International Commodity Price Developments (18th July 2025– 24th October 2025) \n \n \n \n \n \nSource: BBC, KITCO and Bloomberg, 2025 \n \nRESERVE BANK OF ZIMBABWE \nOCTOBER 2025 \n800.00\n1000.00\n1200.00\n1400.00\n1600.00\n1800.00\n18-Jul\n25-Jul\n1-Aug\n8-Aug\n15-Aug\n22-Aug\n29-Aug\n5-Sep\n12-Sep\n19-Sep\n26-Sep\n3-Oct\n10-Oct\n17-Oct\n24-Oct\nUS$/oz\nPalladium\n7,600\n7,900\n8,200\n8,500\n8,800\n9,100\n9,400\n9,700\n18-Jul\n25-Jul\n1-Aug\n8-Aug\n15-Aug\n22-Aug\n29-Aug\n5-Sep\n12-Sep\n19-Sep\n26-Sep\n3-Oct\n10-Oct\n17-Oct\n24-Oct\nUS$/tonne\nLithium \n14,600\n14,800\n15,000\n15,200\n15,400\n15,600\n15,800\n16,000\n18-Jul\n25-Jul\n1-Aug\n8-Aug\n15-Aug\n22-Aug\n29-Aug\n5-Sep\n12-Sep\n19-Sep\n26-Sep\n3-Oct\n10-Oct\n17-Oct\n24-Oct\nUS$/tonne\nNickel\n50\n55\n60\n65\n70\n75\n80\n18-Jul\n25-Jul\n1-Aug\n8-Aug\n15-Aug\n22-Aug\n29-Aug\n5-Sep\n12-Sep\n19-Sep\n26-Sep\n3-Oct\n10-Oct\n17-Oct\n24-Oct\nUS$/barrel\nCrude oil \n3,000\n3,250\n3,500\n3,750\n4,000\n4,250\n4,500\n18-Jul\n25-Jul\n01-Aug\n08-Aug\n15-Aug\n22-Aug\n29-Aug\n05-Sep\n12-Sep\n19-Sep\n26-Sep\n03-Oct\n10-Oct\n17-Oct\n24-Oct\nUS$/oz\nGold\n1,100\n1,200\n1,300\n1,400\n1,500\n1,600\n1,700\n1,800\n18-Jul\n25-Jul\n1-Aug\n8-Aug\n15-Aug\n22-Aug\n29-Aug\n5-Sep\n12-Sep\n19-Sep\n26-Sep\n3-Oct\n10-Oct\n17-Oct\n24-Oct\nUS$/tonne\nPlatinum", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_24_OCTOBER_2025_Volume_27_Number_43.pdf"}
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+ {"doc_id": "1d8664bcaeea38045a9918958d814e69", "text": "Vol. 26 No. 26 \n \n \nWeek Ending \n28th June 2024 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 2 \n3. \nEQUITY MARKETS .............................................................. 3 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 5 \n5. \nPRICES .................................................................................... 5 \n6. \nGOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND \nGOLD BACKED DIGITAL TOKENS (GBDT) .................. 5 \n7. \nEXTERNAL SECTOR ........................................................... 6 \n8. \nTOBACCO SALES ................................................................. 8 \n \n \n \n 1 \n1. OVERVIEW \n \n \n \nThis report provides an overview of weekly monetary and financial developments from domestic and \ninternational markets including money markets, capital markets, payment systems, commodity prices \nand exchange rates during the week under review. \nDuring the week ending 28th June 2024, local currency minimum and maximum deposit rates for \nsavings deposits remained unchanged at the previous week’s level. The minimum and maximum \ndeposit rates for all the other tenors registered increases save for minimum deposit rates for deposits \nof 12 month and over 1 year tenor which remained unchanged at the previous week’s level. Foreign \ncurrency deposit rates were largely unchanged, except for maximum deposit rates for deposits of 6-\nmonth tenor, which closed the week higher at 6.25%, from 5.86% recorded in the previous week. \nMaximum local currency lending rates for both individual and corporate clients increased during the \nweek under analysis. Maximum foreign currency lending rates for individual clients decreased by \n0.01 percentage points to end the week at 14.96%, while maximum foreign currency lending rates for \ncorporate clients increased by 0.02 percentage points to end the week at 15.53%. \nThe local currency and foreign currency-denominated stock markets were bullish during the week \nending 28th June 2024. The Zimbabwe Stock Exchange (ZSE) All Share Indices gained 11.75% to \nclose the week at 128.64 points while the Victoria Falls Stock Exchange (VFEX) index increased by \n2.12% to close at 128.64 points, during the week under review. \nThe National Payment System processed transactions amounted to ZiG18.18 billion during the week \nunder analysis, representing a 26.6% increase, from the ZiG14.36 billion recorded in the previous \nweek. This was largely due to increases in transaction values processed through ATM and RTGS \npayment systems. \nOn the foreign exchange market, the ZiG/US$ exchange rate registered a marginal depreciation of \n0.8%, from a weekly average of ZiG13.5284 per US$ registered in the prior week, to ZiG13.6327 per \nUS$, during the reporting week. \nAverage weekly international commodity prices for platinum, palladium and gold decreased during \nthe week under analysis. Weekly average prices of nickel, lithium and crude oil, however, firmed over \nthe same period. \nA cumulative total of 212 million kilograms of tobacco was sold as at 28th June 2024, representing a \n23.73% decline from 278 million kilograms sold during the same period in 2023. The golden leaf \nwas, however, sold at a higher price of US$3.45 per kilogram during the period under analysis, up \nfrom the US$3.02 per kilogram realised in the same period in 2023. \n \n \n \n 2 \n \n2. INTEREST RATES \n \nAverage commercial bank deposit rates (Local Currency (ZiG) \nZiG Deposit rates \n7 June 2024 \n14 June 2024 \n21 June 2024 \n28 June 2024 \nSavings \n \n \n \n \nMinimum \n3.75 \n3.75 \n3.75 \n3.75 \nMaximum \n4.13 \n3.88 \n3.88 \n3.88 \n1-month deposit \n \n \n \n \nMinimum \n5.19 \n5.19 \n5.19 \n5.21 \nMaximum \n5.68 \n5.58 \n5.58 \n5.69 \n3-month deposit \n \n \n \n \nMinimum \n5.26 \n5.26 \n5.26 \n5.27 \nMaximum \n5.50 \n5.83 \n5.83 \n5.94 \n6-month deposit \n \n \n \n \nMinimum \n5.33 \n5.33 \n5.33 \n5.34 \nMaximum \n5.94 \n5.94 \n5.94 \n6.07 \n12-Month deposit \n \n \n \n \nMinimum \n5.36 \n5.36 \n5.36 \n5.36 \nMaximum \n6.03 \n6.03 \n6.03 \n6.16 \nOver 1 year \n \n \n \n \nMinimum \n5.37 \n5.37 \n5.37 \n5.37 \nMaximum \n6.10 \n6.10 \n6.10 \n6.23 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \nAverage commercial bank deposit rates (Foreign Currency (US$) \nUS$ Deposit rates \n7 June 2024 \n14 June 2024 \n21 June 2024 \n28 June 2024 \nSavings \n \n \n \n \nMinimum \n1.53 \n1.53 \n1.53 \n1.53 \nMaximum \n1.86 \n1.86 \n1.86 \n1.86 \n1-month deposit \n \n \n \n \nMinimum \n3.36 \n3.28 \n3.28 \n3.28 \nMaximum \n5.01 \n5.07 \n5.07 \n5.07 \n3-month deposit \n \n \n \n \nMinimum \n3.96 \n3.88 \n3.88 \n3.88 \nMaximum \n5.36 \n5.36 \n5.36 \n5.36 \n6-month deposit \n \n \n \n \nMinimum \n4.13 \n4.03 \n4.03 \n4.03 \nMaximum \n5.86 \n5.86 \n5.86 \n6.25 \n12-Month deposit \n \n \n \n \nMinimum \n4.30 \n4.19 \n4.19 \n4.19 \nMaximum \n6.55 \n6.55 \n6.55 \n6.55 \nOver 1 year \n \n \n \n \nMinimum \n4.53 \n4.41 \n4.41 \n4.41 \nMaximum \n6.55 \n6.55 \n6.55 \n6.55 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \n \n 3 \n \n \n \nCommercial bank weighted lending rates (Local Currency (ZiG) \nZiG Lending rates \n7 June 2024 \n14 June 2024 \n21 June 2024 \n28 June 2024 \nIndividuals \n \n \n \n \nMinimum \n24.86 \n24.45 \n25.02 \n24.89 \nMaximum \n31.53 \n31.27 \n31.15 \n31.19 \nCorporates \n \n \n \n \nMinimum \n24.53 \n24.49 \n24.49 \n24.46 \nMaximum \n32.85 \n32.82 \n32.58 \n33.04 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \nCommercial bank weighted lending rates (Foreign Currency (US$) \nUS$ Lending rates \n7 June 2024 \n14 June 2024 \n21 June 2024 \n28 June 2024 \nIndividuals \n \n \n \n \nMinimum \n10.48 \n10.48 \n10.92 \n10.86 \nMaximum \n15.11 \n14.74 \n14.97 \n14.96 \nCorporates \n \n \n \n \nMinimum \n8.95 \n8.95 \n9.63 \n9.72 \nMaximum \n14.98 \n14.60 \n15.51 \n15.53 \nSource: Reserve Bank of Zimbabwe, 2024 \n \nCommercial banks and building societies mortgage lending rates \nMortgage Lending rates \n7 June 2024 \n14 June 2024 \n21 June 2024 \n28 June 2024 \nZiG Lending rates \n \n \n \n \nMinimum \n20.00 \n20.00 \n20.00 \n20.00 \nMaximum \n30.00 \n30.00 \n30.00 \n30.00 \nUS$ Lending rates \n \n \n \n \nMinimum \n10.00 \n10.00 \n10.00 \n10.00 \nMaximum \n18.00 \n18.00 \n18.00 \n18.00 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n3. EQUITY MARKETS \n \n \nZSE Indicators \n \n \nAll \nShare \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 (ZiG \nbillion) \nMarket \nTurnover \n(ZiG \nmillion) \nVolume of \nShares \n(million) \n7-June-24 \n106.10 \n108.94 \n108.19 \n105.28 \n100.00 \n114.07 \n31.08 \n12.49 \n7.59 \n14-June-24 \n110.70 \n114.62 \n113.92 \n109.53 \n100.00 \n114.07 \n32.35 \n23.65 \n38.17 \n21-June-24 \n115.11 \n120.19 \n118.78 \n110.82 \n100.00 \n114.07 \n34.49 \n22.48 \n45.09 \n28-June-24 \n128.64 \n135.92 \n133.71 \n115.80 \n100.09 \n114.16 \n38.71 \n41.20 \n91.66 \nWeekly \nChange (%) \n11.75 \n13.09 \n12.57 \n4.49 \n0.09 \n0.08 \n12.24 \n83.27 \n103.28 \nSource: Zimbabwe Stock Exchange, 2024 \n \n \nVFEX Indicators \nDate \nAll Share Index \nPoints \nGrand Market Capitalisation \n(US$ billion) \nMarket Turnover \n(US$ million) \nVolume of Shares \n(million) \n7-June-24 \n101.60 \n1.22 \n1.59 \n10.24 \n14-June-24 \n102.22 \n1.23 \n0.73 \n4.19 \n21-June-24 \n101.58 \n1.23 \n0.78 \n6.70 \n28-June-24 \n103.73 \n1.25 \n0.44 \n1.40 \nWeekly Change (%) \n2.12 \n1.63 \n-43.59 \n-79.10 \nSource: Victoria Falls Stock Exchange, 2024 \n \n 4 \n \nFigure 1: ZSE and VFEX Indicators \n \n \n \n \n \n \nSource: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n90\n100\n110\n120\n130\n140\n17-May-24\n24-May-24\n31-May-24\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\nIndices\nZSE Indices \nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n0\n2,000\n4,000\n6,000\n8,000\n10,000\n12,000\n14,000\n10-May-24\n17-May-24\n24-May-24\n31-May-24\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\nZiG Thousands\nZSE Market Turnover \n25\n30\n35\n40\n10-May-24\n17-May-24\n24-May-24\n31-May-24\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\nZiG Billion\nZSE Market Capitalisation \n80\n90\n100\n110\n120\n10-May-24\n17-May-24\n24-May-24\n31-May-24\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\nUS$ Bililon\nVFEX All Share Index \n0.8\n0.9\n1\n1.1\n1.2\n1.3\n1.4\n1.5\n1.6\n08-Mar-24\n15-Mar-24\n22-Mar-24\n29-Mar-24\n05-Apr-24\n12-Apr-24\n19-Apr-24\n26-Apr-24\n03-May-24\n10-May-24\n17-May-24\n24-May-24\n31-May-24\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\nUS$ Billion\nVFEX Market Capitalisation \n0\n200\n400\n600\n800\n15-Mar-24\n22-Mar-24\n29-Mar-24\n05-Apr-24\n12-Apr-24\n19-Apr-24\n26-Apr-24\n03-May-24\n10-May-24\n17-May-24\n24-May-24\n31-May-24\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\nUS$ Thousand\nVFEX Market Turnover \n \n 5 \n4. CLEARING AND SETTLEMENT ACTIVITY \n Source: Reserve Bank of Zimbabwe, 2024 \n5. PRICES \n \nEnergy Prices \n \n 7 June 2024 \n 14 June 2024 \n 21 June 2024 \n 28 June 2024 \nDomestic Energy Prices \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.61 \n1.61 \n1.69 \n1.61 \nPetrol Blend E20/ litre \n1.59 \n1.59 \n1.59 \n1.59 \nLP Gas / kg \n1.78 \n1.78 \n1.78 \n1.78 \n \n \n \n \n \nInternational Energy Prices \n(Weekly average) \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n79.82 \n82.25 \n85.12 \n85.36 \n Source: Zimbabwe Energy Regulatory Authority and BBC 2024 \n \n6. GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS \n(GBDT) \n \n \n \nGold PM Fix and Gold Backed Digital Token Prices \nDate \nGold PM Fix \nGBDT ZiG Price per Mg \nGBDT US$ Price per Mg \nUS$/oz \nBuy \nSell \nBuy \nSell \n24-June-24 \n 2,328.75 \n0.96 \n1.06 \n0.0713 \n0.0788 \n25-June-24 \n 2,325.05 \n0.96 \n1.06 \n0.0711 \n0.0786 \n26-June-24 \n 2,299.65 \n0.96 \n1.06 \n0.0710 \n0.0785 \n27-June-24 \n 2,323.60 \n0.96 \n1.07 \n0.0702 \n0.0776 \n28-June-24 \n 2,330.90 \n0.97 \n1.07 \n0.0710 \n0.0784 \nSource: London Bullion Market Association and Reserve Bank of Zimbabwe, 2024 \n \n \n \n \n \n \n \n \n \nPAYMENT STREAM \nWEEK ENDING \n21 June 2024 \nWEEK ENDING \n28 June 2024 \nWEEKLY \nCHANGE (%) \n \nVALUES IN ZiG \n \nRTGS \n11,715,567,788.63 \n15,734,726,830.31 \n34.31% \nOf which ZiG \n 4,144,628,559.24 \n 5,919,926,442.49 \n \nOf which US$ \n 559,464,995.42 \n 720,305,190.29 \n \n POS \n877,8448,991.55 \n445,716,158.98 \n49.20% \nATM \n 672,822,218.05 \n942,509,977.19 \n40.08% \nMOBILE BANKING \n 51,063,512.32 \n68,292,708.87 \n33.74% \nMOBILE MONEY \n 970,338,574.79 \n916,293,427.91 \n-5.57% \nZIPIT MOBILE \n 69,878,446.01 \n69,160,423.70 \n-1.03% \nTOTAL \n14,357,119,531.34 \n18,176,699,526.96 \n26.60% \n \nVOLUMES \n \nRTGS \n \n197,418 \n 366,818 \n85.81% \nOf which ZiG \n 92,427 \n 184,548 \n \nOf which US$ \n 104,991 \n 182,270 \n \nPOS \n 1,834,994 \n 1,979,196 \n7.86% \nATM \n 190,307 \n 261,137 \n37.22% \nMOBILE BANKING \n 249,440 \n 323,249 \n29.59% \nMOBILE MONEY \n 7,416,659 \n 7,598,165 \n2.45% \nZIPIT MOBILE \n 169,265 \n 177,420 \n4.82% \nTOTAL \n 10,058,083 \n 10,705,985 \n6.44% \n \n 6 \nMosi-oa-Tunya Gold Coin Prices \nGold Coin Price \n24 June 2024 \n25 June 2024 \n26 June 2024 \n27 June 2024 \n28 June 2024 \n1.00Oz \n \n \n \n \n \nUS$ \n2,451.80 \n2,445.19 \n2,441.30 \n2,414.63 \n2,439.78 \nZiG \n33,298.42 \n33,247.09 \n33,204.16 \n33,035.55 \n33,432.43 \n0.50Oz \n \n \n \n \n \nUS$ \n1,225.90 \n \n1,222.59 \n1,220.65 \n1,207.32 \n1,219.89 \nZiG \n16,649.21 \n16,623.55 \n16,602.08 \n16,517.78 \n16,716.21 \n0.25Oz \n \n \n \n \n \nUS$ \n612.95 \n611.3 \n610.33 \n603.66 \n609.95 \nZiG \n8,324.61 \n8,311.77 \n8,301.04 \n8,258.89 \n8,358.11 \n0.10Oz \n \n \n \n \n \nUS$ \n245.18 \n244.52 \n244.13 \n241.46 \n243.98 \nZiG \n3,329.84 \n3,324.71 \n3,320.42 \n3,303.56 \n3,343.24 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n7. EXTERNAL SECTOR \n \n \nExchange Rate Developments (ZiG per Unit of foreign currency) \n \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(17-21 June) \n13.5283 \n0.7463 \n17.1704 \n0.9965 \n14.5079 \n24-June \n13.5812 \n0.7535 \n17.1755 \n1.0050 \n14.5265 \n25-June \n13.5970 \n0.7512 \n17.2662 \n1.0035 \n14.6072 \n26-June \n13.6010 \n0.7455 \n17.2516 \n1.0024 \n14.5613 \n27-June \n13.6814 \n0.7534 \n17.2857 \n1.0070 \n14.6316 \n28-June \n13.7031 \n0.7409 \n17.3056 \n1.0065 \n14.6499 \nWeekly Average \n(24 – 28 June) \n13.6327 \n0.7489 \n17.2569 \n1.0049 \n14.5953 \nAppr (-)/Depr (+) (%) \n0.77 \n0.35 \n0.50 \n0.84 \n0.60 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \nInternational Commodity Price Developments \n \nPlatinum \nPalladium \nNickel \nLithium \nGold \nCrude Oil \n2024 \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nUS$/oz (PM Fix) \nUS$/barrel \nWeekly \nAverage \n (17-21 June) \n1,001.90 \n958.10 \n17,188.40 \n13,376.00 \n \n2,343.03 \n \n85.12 \n24-June \n1,002.50 \n1,003.50 \n17,325.00 \n13,500.00 \n2,328.75 \n86.00 \n25-June \n994.50 \n971.00 \n17,167.00 \n13,460.00 \n2,325.05 \n85.39 \n26-June \n999.50 \n947.00 \n17,056.00 \n13,420.00 \n2,299.65 \n84.32 \n27-June \n1,005.00 \n933.50 \n17,103.00 \n13,320.00 \n2,323.60 \n85.72 \n28-June \n1,008.00 \n935.50 \n17,291.00 \n13,180.00 \n2,330.90 \n85.36 \nWeekly \nAverage \n (24-28 June) \n975.40 \n910.40 \n17,377.80 \n13,500.00 \n \n2,321.59 \n \n85.36 \nSource: BBC, KITCO and Bloomberg, 2024 \n \n \n \n \n \n \n 7 \nFigure 3: Weekly Precious Metals Price Developments (24th – 28th June 2024) \nSource: BBC, KITCO and Bloomberg, 2024 \n \n \n \n \n \n \n \n \n \n980\n990\n1,000\n1,010\n24-Jun\n25-Jun\n26-Jun\n27-Jun\n28-Jun\nUS$/tonne\nPlatinum\n920\n940\n960\n980\n1,000\n1,020\n24-Jun\n25-Jun\n26-Jun\n27-Jun\n28-Jun\nUS$/tonne\nPalladium\n17,000\n17,100\n17,200\n17,300\n17,400\n24-Jun\n25-Jun\n26-Jun\n27-Jun\n28-Jun\nUS$/tonne\nNickel\n13,100\n13,200\n13,300\n13,400\n13,500\n13,600\n24-Jun\n25-Jun\n26-Jun\n27-Jun\n28-Jun\nUS$/tonne\nLithium \n2,280\n2,300\n2,320\n2,340\n24-Jun\n25-Jun\n26-Jun\n27-Jun\n28-Jun\nUS$/oz\nGold\n82\n83\n84\n85\n86\n87\n24-Jun\n25-Jun\n26-Jun\n27-Jun\n28-Jun\nUS$/barrel\nCrude oil \n \n 8 \n8. TOBACCO SALES \n \nWeekly Cumulative Tobacco Sales (28th June 2024) \n \n2023 \n2024 \nVariance (%) \nCumulative Quantity Sold (million kgs) \n278,274,910 \n \n212,231,116 \n-23.73 \nAverage Price (US$/kg) \n3.02 \n3.45 \n14.09 \nCumulative value (US$ million) \n841,506,480 \n732,248,158 \n-12.98 \nSource: Tobacco Industry and Marketing Board, 2024", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_28_JUNE_2024_Volume_26_Number_26.pdf"}
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+ {"doc_id": "1db7a7fef9f00976ed3e3747f4e7cbe4", "text": "Vol. 25 No. 27 \n \n \nWeek Ending \n7th July 2023 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ................................................................................................ 1 \n2. \nINTEREST RATES .................................................................................... 1 \n3. \nCLEARING AND SETTLEMENT ACTIVITY ...................................... 3 \n4. \nTOBACCO SALES ..................................................................................... 5 \n5. \nINTERNATIONAL COMMODITY PRICE DEVELOPMENTS ......... 5 \n6. \nEQUITY MARKETS.................................................................................. 7 \n7. \nTRENDS IN ZIMBABWE IMPORTS ................................................... 11 \n \n \n \n \n1. \nOVERVIEW \n \nThis report provides an analysis of the developments in the money and capital markets for the \nweek ending 7 July 2023. The report also covers developments in the tobacco, mineral \ncommodities, gold coins and stock markets during the week. The last section of the report \npresents an analysis of import trends in Zimbabwe. \n \nThe value of transactions processed through the National Payment System (NPS) significantly \ndecreased during the week under review, reflecting the effects of the current tight monetary \nconditions on domestic demand. The Zimbabwe Stock Exchange (ZSE) and the Victoria Falls \nStock Exchange (VEFX) traded on a negative trajectory during the period, due to exchange rate \nuncertainties among other factors. This was on the back of tight liquidity conditions in the \nmarket. \n \nDemand for the local currency continues to remain strong amid continued appreciation of the \nofficial exchange rate of the local unit against major foreign currencies. The deposit rates on both \nthe domestic currency and foreign currency deposits remained generally unchanged, while the \nlending rates on the ZWL loans marginally tightened during the week under review. \n \nThe volume and value of tobacco sales as at the end of the week under review were higher \ncompared to the corresponding period in 2022. Prices of the golden leaf prices were, however, \nlower during the same period under analysis. \n \n2. \nINTEREST RATES \n \nLocal Currency (ZWL) Deposit Rates \n \nThe deposit rates remained generally unchanged during the week under review across all the \nsavings and deposit tenors, except for marginal declines on the minimum savings deposit rate \nand the 1-month maximum deposit rates. Commercial banks continued to offer higher deposit \nrates for long term deposits as banks seek to encourage more long-term deposits amid the tight \nmarket liquidity conditions. \n \n \n \n \n \nTable 1: Average Deposit Rates (per annum) \nDate \nSavings deposits (%) \n \n1- Month deposit \nrates (%) \n \n3- Month deposit \nrates (%) \n \n6- Month deposit \nrates (%) \n \n12- Month deposit \nrates (%) \n \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \n16-Jun-23 \n35.33 \n36.27 \n57.78 \n66.72 \n56.72 \n67.28 \n58.00 \n66.00 \n58.71 \n65.40 \n23-Jun-23 \n36.00 \n34.27 \n57.72 \n63.39 \n55.11 \n65.11 \n58.07 \n65.36 \n58.79 \n64.47 \n30-Jun-23 \n34.67 \n33.86 \n59.00 \n69.17 \n59.00 \n68.00 \n59.17 \n68.64 \n61.64 \n66.00 \n7-July-23 \n \n35.00 \n33.86 \n59.00 \n68.06 \n59.00 \n68.00 \n59.17 \n68.64 \n61.64 \n66.00 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \nLocal Currency (ZWL) Lending Rates \n \nThe minimum ZWL lending rates for individual clients reduced while those for corporate clients \nwere raised during the week under review. Maximum ZWL lending rates for individuals were \nmarginally increased while the ZWL maximum lending rates for corporate clients softened \nduring the week. The downward review of the corporate lending rates is necessary to support \nindustry activity. The ZWL lending rates are shown in Table 2. \n \n \nTable 2: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \n \n Corporate Clients \n9-Jun-23 \n72.49 \n102.12 \n88.01 \n167.75 \n16-Jun-23 \n94.55 \n115.97 \n93.43 \n167.36 \n23-Jun-23 \n76.22 \n103.85 \n92.19 \n167.80 \n30-Jun-23 \n \n76.33 \n103.82 \n92.64 \n168.45 \n7-July-23 \n75.87 \n104.03 \n93.19 \n167.52 \nSource: Reserve Bank of Zimbabwe, 2023 \n \nForeign Currency (USD) Deposit Rates \n \nThe minimum and maximum deposits rates on foreign currency deposits of all tenors remained \nlargely unchanged during the week under review, except for the minimum FCA deposit rates on \n1-month tenor deposits, which were lower during the same period. \n \n \n \n \n \nTable 3: Average Foreign Currency Deposit Rates (per annum) \n \nDate \nSavings deposits (%) \n1- Month deposit \nrates (%) \n \n3- Month deposit \nrates (%) \n \n6-Month deposit \nrates (%) \n \n12- Month deposit \nrates (%) \n \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \n16-Jun-23 \n1.27 \n1.69 \n3.12 \n4.44 \n3.45 \n4.93 \n3.43 \n5.19 \n3.50 \n5.42 \n23-Jun-23 \n1.27 \n1.69 \n3.12 \n4.44 \n3.45 \n4.93 \n3.32 \n4.77 \n3.39 \n4.85 \n30-June-23 \n1.27 \n1.81 \n3.19 \n4.50 \n3.36 \n5.00 \n3.35 \n5.27 \n3.43 \n5.50 \n7-July-23 \n1.27 \n1.81 \n3.15 \n4.50 \n3.36 \n5.00 \n3.35 \n5.27 \n3.43 \n5.50 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \nForeign Currency (USD) Lending Rates \n \n \nThe minimum FCA lending rates for commercial banks for individuals increased marginally \nduring the period under review while those for corporate clients softened during the same period. \nThe maximum lending rates for individuals and corporates declined during the week under \nanalysis. The reduction in FCA lending rates for corporates should complement the reduction in \ncorporate lending rates on ZWL loans in supporting industry and production. \n \nTable 4: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \n \n Corporate Clients \n2-Jun-23 \n11.37 \n13.04 \n8.02 \n14.60 \n9-Jun-23 \n11.39 \n12.96 \n8.48 \n14.79 \n16-Jun-23 \n11.51 \n13.06 \n8.03 \n14.19 \n23-Jun-23 \n11.35 \n13.06 \n8.02 \n14.31 \n 30-Jun-23 \n11.33 \n13.09 \n8.05 \n14.39 \n7-July-23 \n11.38 \n13.06 \n8.01 \n14.35 \nSource: Reserve Bank of Zimbabwe, 2023 \n3. \nCLEARING AND SETTLEMENT ACTIVITY \n \nThe value of transactions processed through the National Payment System (NPS) declined during \nthe week under review from ZW$4.99 trillion in the previous week to ZW$4.60 trillion during \nthe week under analysis. The Real Time Gross Settlement RTGS transaction values were 12% \nlower to close at ZW$3.75 trillion during the week under review amid prevailing tight liquidity \n \nconditions in the market as stabilisation measures put in place by the Bank and government \ncontinue to take effect. The value of NPS transactions during the week were distributed as shown \nin Figure 1. \n \n Figure 1: Composition of NPS Transactions in Value Terms \n \n Source: Reserve Bank of Zimbabwe, 2023 \n \n \n \nThe volume of transactions processed through the NPS during the week under review increased \n6.53% to 10.50 million. In volume terms, the NPS transactions were distributed as follows: \nMobile, 76.97%; POS, 18.92%; RTGS, 2.51%; and ATM, 1.60%, shown in Figure 2. \n \n \n Figure 2: Composition of NPS Transactions in Volume Terms \n \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n \n \nRTGS\n81.48%\nPOS\n6.50%\nATM\n5.87%\nMOBILE\n6.14%\nRTGS\nPOS\nATM\nMOBILE\nRTGS, 2.51%\nPOS, 18.92%\nATM, 1.60%\nMOBILE, 76.97%\nRTGS\nPOS\nATM\nMOBILE\n \nTable 5: National Payment Systems Activity \nPAYMENT \nSTREAM \nWEEK ENDING \n 30 June 2023 \n \nWEEK ENDING \n \n07 July 2023 \n% CHANGE FROM \nLAST WEEK \nPROPORTION \n% \n \nValues in ZW$ Millions \n \n \nRTGS \n4,278,265.58 \n3,749,967.63 \n-12.35% \n81.48% \nPOS \n237,307.50 \n299,255.46 \n26.10% \n6.50% \nATM \n225,568.01 \n270,315.46 \n19.84% \n5.87% \nMOBILE \n244,724.09 \n282,738.10 \n15.53% \n6.14% \nTOTAL \n4,985,864.53 \n4,602,276.65 \n-7.69% \n100% \nVolumes \n \n \nRTGS \n279,884 \n263,982 \n-5.68% \n2.51% \nPOS \n1,857,150 \n1,985,573 \n7.40% \n18.92% \nATM \n161,218 \n167,871 \n8.04% \n1.60% \nMOBILE \n7,569,437 \n8,079,337 \n6.74% \n76.97% \nTOTAL \n9,867,689 \n10,496,763 \n6.53% \n100% \nSource: Reserve Bank of Zimbabwe, 2023 \n \n4. \nTOBACCO SALES \nA cumulative total of 286.09 million kilograms of tobacco had been sold as at 7th July 2023, the \n83rd day of the tobacco selling season. The volume of tobacco sales stood at 286 million during \nthe week under analysis, compared to the 193.09 million kilograms sold during the same period \nin 2022. The turnover realized from the sales amounted to US$868.86 million compared to \nUS$587.99 million realized during the same period in 2022, as shown in Table 6. \n \nTable 6: Weekly Cumulative Tobacco Sales: Day 83 (7th July 2023) \n \n2022 \n2023 \nVariance (%) \nCumulative Quantity Sold (million \nkgs) \n193,094,428 \n286,872,954 \n48.57 \nAverage Price (US$/kg) \n3.05 \n3.03 \n-0.70 \nCumulative value (US$ million) \n587,985,329 \n868,864,119 \n47.77 \n Source: Tobacco Industry and Marketing Board (TIMB), 2023 \n \nThe golden leaf was sold at an average price of US$3.03/kg, during the week under review, down \nfrom US$3.05/kg realized during the same period in 2022. \n5. \nINTERNATIONAL COMMODITY PRICE DEVELOPMENTS \n \nDuring the week ending 7th July 2023, commodity prices for gold, nickel, and crude oil rose, \nwhilst platinum, palladium, and copper prices retreated, as shown in Table 7. \n \n \n \n \nTable 7: Metals and Crude Oil Prices: Week ending 7th July 2023 \n \nGold \nPlatinum \nPalladium \nCopper \nNickel \nCrude Oil \n2023 \nUS$/ounc\ne \nUS$/ounc\ne \nUS$/ounc\ne \nUS$/tonn\ne \nUS$/tonne \nUS$/barre\nl \nWeekly Average (26 - 30 \nJune) \n1,913.40 \n914.40 \n1,268.20 \n8,331.80 \n20,538.00 \n74.22 \n3-July \n1,921.25 \n904.50 \n1,230.00 \n8,384.00 \n20,630.00 \n75.53 \n4-July \n1,928.75 \n920.00 \n1,246.00 \n8,306.00 \n20,460.00 \n75.89 \n5-July \n1,926.48 \n917.50 \n1,241.00 \n8,319.00 \n21,207.00 \n76.42 \n6-July \n1,913.98 \n912.50 \n1,254.50 \n8,273.00 \n20,855.00 \n76.76 \n7-July \n1918.98 \n907.50 \n1,233.50 \n8,316.00 \n20,620.00 \n77.93 \nWeekly Average (3 - 7 July) \n1,921.89 \n912.40 \n1,241.00 \n8,319.60 \n20,754.40 \n76.51 \nWeekly Change (%) \n0.44 \n-0.22 \n-2.14 \n-0.15 \n1.05 \n3.08 \nSource: BBC, KITCO and Bloomberg 2023 \n \nGold \n \nGold prices increased by 0.44% to close the week ending 7th July at US$1,921.89 per ounce, \nfrom US$1,913.40 per ounce recorded in the previous week. Prices were supported by investor \nspeculation that the Federal Reserve would be ending its tight monetary policy stance. \n \nPlatinum \nPlatinum prices declined by 0.22%, from a weekly average of US$914.40 per ounce in the \nprevious week to US$912.40 per ounce, during the week under review. The anticipated \nslowdown in China's economic growth largely weighed down platinum prices. \n \nPalladium \nPalladium prices declined by 2.14%, from US$1,268.20 per ounce in the prior week to \nUS$1,241.00 per ounce, during the week under review. The decline was mainly attributed to \nweak global industrial demand, particularly in the automotive industry. \n \nCopper \nThe price of copper declined by 0.15%, from an average of US$8,331.80 per tonne in the \nprevious week to US$8,319.60 per tonne, during the week under review. This followed weak \ndemand from China, the world's largest consumer of metals. \n \nNickel \nNickel prices rose by 1.05%, from US$20,538.00 per tonne recorded in the previous week to \nUS$20,754.40 per tonne, during the week under analysis. Nickel inventories fell to historically \nlow levels, against the background of stable demand, boosting prices. \n \nBrent Crude Oil \nThe average price of crude oil rose by 3.08% to US$76.51 per barrel, compared to the previous \nweek average of US$74.22 per barrel, on account of supply constraints following output cuts in \nkey producing countries, such as Russia and Saudi Arabia, as well as the anticipated rebound in \ndemand in the US, the world's largest oil consumer. \nExchange Rate Developments \nInterbank Market \nThe Zimbabwe dollar (ZW$) appreciated by 14.1% on the interbank market, from an average of \nZW$6,435.24 per US$1 in the previous week to ZW$5,528.17 per US$1, during the week under \nreview, as shown in Table 2. \nTable 2: Selected Exchange Rates (ZW$ per unit of foreign currency) \n2023 \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average (26-30 June) \n6,435.4244 \n350.2055 \n8,169.9405 \n478.9766 \n7,021.6609 \n3-July \n5,769.1253 \n312.5000 \n7,328.5382 \n426.3934 \n6,298.7677 \n4-July \n5,812.1353 \n312.5000 \n7,372.9936 \n430.4170 \n6,332.3592 \n5-July \n5,395.9619 \n294.1176 \n6,859.0845 \n402.0445 \n5,868.6784 \n6-July \n5,412.5484 \n294.1176 \n6,878.5450 \n401.6582 \n5,869.1204 \n7-July \n5,251.064 \n281.6901 \n6,691.1787 \n388.1160 \n5,719.5005 \nWeekly Average (3-7 July) \n5,528.1670 \n298.9851 \n7,026.0680 \n409.7258 \n6,017.6852 \nAppr (-)/Depr (+) (%) of the ZWL \n-14,1 \n-14,6 \n-14,0 \n-14,5 \n-14,3 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n6. EQUITY MARKETS \n \n \nDuring the week ending 7th July 2023, the Zimbabwe Stock Exchange (ZSE) and the Victoria \nFalls Stock Exchange (VFEX) traded on a negative trajectory. As such, the ZSE All Share and \nVFEX All Share indices lost 9.39% and 2.29% to close the week at 155 307.10 points and \n74.43 points, respectively. \n \nZimbabwe Stock Exchange (ZSE) Developments \nThe Top 10 and Top 15 indices lost 15.32% and 12.42% to close at 78 782.22 and 104 068.57 \npoints compared to 93 034.57 points and 118 830.20 points in the previous week, respectively. \nThe Small Cap and the medium Cap indices, however, gained by 13.32% and 8.71% to close the \nweek at 2 165 867.69 points and 474 390.67 points, respectively. \n \n \nThe resources index gained by 13.12% to close the week at 87 058.77 points compared to 76 \n960.49 points recorded in the previous week. Figure 3 shows developments on the ZSE’s All \nShare, Top 10 and mining indices from 8th July 2022 to 7th June 2023. \n \nFigure 3: ZSE All Share, Top 10 and Mining Indices \nSource: Zimbabwe Stock Exchange, 2023 \n \n \nThe decline in the mainstream index emanated from losses in share prices of CBZ Holdings \nLimited (55.62%), Meikles Limited (33.08%), Dairibord Holdings Limited (15.89%), Econet \nWireless Zimbabwe Limited (14.88%) and FBC Holdings Limited (14.31%). \n \nPartially offsetting the abovementioned losses were share price increases in First Mutual \nHoldings Limited (91.15%), Nampak Zimbabwe Limited (72.47%), CAFCA Limited (63.52%), \nRainbow Tourism Group Limited (39.84%) and Masimba Holdings Limited (33.62 %). The \nincrease in the resource index emanated from a 13.12% gain in RioZim Limited counter. \n \nMarket Turnover \nDuring the week under analysis, trading activity was largely concentrated in low-tier counters. \nTherefore, cumulative value of shares traded declined by 1.04%, despite a 689.25% increase in \nvolume of shares traded, amounting to 96.95 million shares. Figure 4 shows the trend in daily \nmarket turnover for the period 8th July 2022 to 7th July 2023. \n10,100\n16,600\n23,100\n29,600\n36,100\n42,600\n49,100\n55,600\n62,100\n68,600\n75,100\n81,600\n88,100\n0\n20,000\n40,000\n60,000\n80,000\n100,000\n120,000\n140,000\n160,000\n180,000\n08-Jul-22\n22-Jul-22\n05-Aug-22\n19-Aug-22\n02-Sep-22\n16-Sep-22\n30-Sep-22\n14-Oct-22\n28-Oct-22\n11-Nov-22\n25-Nov-22\n09-Dec-22\n23-Dec-22\n06-Jan-23\n20-Jan-23\n03-Feb-23\n17-Feb-23\n03-Mar-23\n17-Mar-23\n31-Mar-23\n14-Apr-23\n28-Apr-23\n12-May-23\n26-May-23\n09-Jun-23\n23-Jun-23\n07-Jul-23\nMining Index\nAll Share and Top 10 Indices\nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n \nFigure 4: Market Turnover \nSource: Zimbabwe Stock Exchange, 2023 \n \nMarket Capitalisation \nReflecting the developments on the local bourse during the week under review, the market lost \n9.73%, or ZW$1 361.24 billion worth of capitalization to close at ZW$12 626.24 billion, \ncompared to the previous week’s position of ZW$13 987.48 billion. Figure 5 shows the evolution \nof market capitalization for the period 8th July 2022 to 7th July 2023 \n \nFigure 5: Market Capitalization \n \n Source: Zimbabwe Stock Exchange, 2023 \n \n \nVictoria Falls Stock Exchange (VFEX) Developments \n0\n2,200\n4,400\n6,600\n8,800\n11,000\n13,200\n15,400\n17,600\n19,800\n08-Jul-22\n22-Jul-22\n05-Aug-22\n19-Aug-22\n02-Sep-22\n16-Sep-22\n30-Sep-22\n14-Oct-22\n28-Oct-22\n11-Nov-22\n25-Nov-22\n09-Dec-22\n23-Dec-22\n06-Jan-23\n20-Jan-23\n03-Feb-23\n17-Feb-23\n03-Mar-23\n17-Mar-23\n31-Mar-23\n14-Apr-23\n28-Apr-23\n12-May-23\n26-May-23\n09-Jun-23\n23-Jun-23\n07-Jul-23\nZW$ (Million)\nNotable Trades: 31.45 million \nAriston Holdings Limited \nshares and 4.26 million Delta \nHoldings Limited shares \nexchanged hands at \nNegotiated deal: 61.16 million \nLafarge Cement Zimbabwe \nLimited shares exchanged \n0\n1,500\n3,000\n4,500\n6,000\n7,500\n9,000\n10,500\n12,000\n13,500\n15,000\n16,500\n18,000\n19,500\n08-Jul-22\n22-Jul-22\n05-Aug-22\n19-Aug-22\n02-Sep-22\n16-Sep-22\n30-Sep-22\n14-Oct-22\n28-Oct-22\n11-Nov-22\n25-Nov-22\n09-Dec-22\n23-Dec-22\n06-Jan-23\n20-Jan-23\n03-Feb-23\n17-Feb-23\n03-Mar-23\n17-Mar-23\n31-Mar-23\n14-Apr-23\n28-Apr-23\n12-May-23\n26-May-23\n09-Jun-23\n23-Jun-23\n07-Jul-23\n$ Billions\n \nThe decline in the VFEX mainstream index stemmed from share price decreases in Axia \nCorporation Limited (22.48%), Bindura Nickel Corporation (BNC) (20.00%), African Sun \nLimited (11.81%), Padenga Holdings Limited (7.17%) and Seed Co International Vx (1.67). \nPartially offsetting the abovementioned losses was a gain in share price of First Capital Bank \nLimited (11.11%). \n \nVFEX Market Turnover \nThe VFEX cumulative volume of shares traded declined by 31.18% to 4.12 million shares from \n5.98 million shares recorded in the previous week. The value of shares traded, however, \nincreased by 3.82% to ZW$0.99 million compared to ZW$0.95 million recorded in the previous \nweek. \n \nVFEX Market Capitalization \nReflecting the bearish trading activity on the VFEX during the week under analysis, the market \nlost 2.29%, or US$29.39 million worth of capitalization to close at US$1.26 billion, compared \nto US$1.29 billion registered in the previous week. Figure 6 shows the trend in the VFEX All \nShare Index (ASI) for the period 8th July 2022 to 7th June 2023. \n \nFigure 6: VFEX All Share Index \n \n Source: Victoria Falls Stock Exchange (VFEX), 2023 \n \n \n70\n80\n90\n100\n110\n120\n130\n140\n150\n \n7. TRENDS IN ZIMBABWE IMPORTS \n \nZimbabwe remains import intensive, with imports constituting at least 40% of domestic \nmanufacturing sector production. The country imports machinery and capital components, \nenergy, raw materials, finished products and services, which are all important for supporting \ndomestic production or augmenting locally produced and supplied products. The current increase \nin production, reflected by growth in industry capacity utilization, which grew from 47% in 2021 \nto 63% in 20221 resulted in increased demand for imports. However, to the extent that the country \nbecomes more inward-looking and embarking on higher import substitution to sustain the \nincrease in industry capacity utilization, the increase in production and capacity utilization \nshould lead to reduced demand for imports in the medium to long term, thus enabling the country \nto start building on its foreign currency reserves. \nThe country imported a total of US$4.8 billion worth of goods in 2019, which increased by 78% \nto US$8.63 billion in 2022, with the foreign currency auction system contributing significantly \ntowards the increase. Intermediate goods imports such as capital components and semi-processed \ngoods dominate the import mix, accounting for between 45% and 50% of total imports between \n2019 and 2022, while the proportion of imports for raw materials, which had fallen to 6% in \n2019 increased to a peak of 14% in 2020 before moderating to 9% in 2022. Figure 8 shows the \ntrends of imports of goods by broad category. \nTable 8: Imports of Goods by Broad Economic Categories (BECs) \nSource: Reserve Bank of Zimbabwe 2023 \n \n1 According to ZNCC report 2023 \n -\n 1.00\n 2.00\n 3.00\n 4.00\n 5.00\n 6.00\n 7.00\n 8.00\n 9.00\n 10.00\n2017\n2018\n2019\n2020\n2021\n2022\nBillions\nRaw materials\nCapital goods\nConsumer Goods\nOther\nIntermediate Goods\n \nThe moderation in the demand for raw materials amid growing economic activity, reflects \nincreased efforts by industry to rely more on local raw material as a coping strategy during and \nafter the supply disruptions associated with Covid-19. The demand for imported capital goods \nhas been increasing steadily over the years. It increased from an average of 14% before 2018 to \nmore than 20% by 2022, reflecting the growing demand for imports of machinery, equipment, \nand technology, which is critical for industry re-tooling and re-capitalization in support of the \nincreasing economic activity in the economy. \nThe proportion of consumer goods imports in total imports has been gradually falling over the \nrecent years, falling from an average of over 13% before 2018 to about 10% by 2022, reflecting \ngreater substitute of locally produced goods for imports by the consumers. The increase in import \nsubstitution both at production and consumption levels is important not only in terms of \nsupporting the domestic producers and employment, but also in easing pressure on the demand \nfor foreign currency. The support for such industrialization strategy through appropriate policies \nis important for the sustenance of a health external position for the country. \n \nThe recent import trends suggest that the country is increasingly relying on locally manufactured \nmaterials and consumption goods. The increase in import substitution by the economy is both a \nresult of the disruptions of the traditional supply-chain disruptions during Covid-19 as well as \nthe effects of deliberate policy measures and interventions by Government, including industry \nsupport through the foreign currency auction, well-structured import taxes and appropriate forex \nmarket reforms. \n \n \nRESERVE BANK OF ZIMBABWE \n \n APPENDIX 1: FOREIGN EXCHANGE AUCTION RESULTS FOR MAINFX2 AND WHOLESALEFX 3 \n Source: Reserve Bank of Zimbabwe, 2023 \n \n2 Main Foreign Currency Auction. The Auction is normally conducted every Tuesday every week. \n3 Wholesale Foreign Currency Auction (Wholesale FX). The RBZ MPC resolutions dated 6 June 2023 resolved that with effect from 7 June 2023, the Bank shall sell foreign currency at the market-determined exchange \nrate through banks to support and strengthen the foreign exchange interbank market, and banks shall in turn sell the foreign currency to their customers. \n \n \nMAINFX \n 9-June-23 13-June-23 20-June-23 27-June-23 \n WHOLESALEFX \n 29-June-23 04-July-23 06-July-23 \nTotal \nBids (US$ dollars) \n 22,581,743.16 \n 7,779,994.45 \n1,850,618.23 \n797,323.53 \n 2,940,000.00 \n 4,327,000.00 \n4,460,100.00 \nAmount Allotted \n(US$ dollars) \n4,158,013.57 \n2,945,406.28 \n1,135,542.46 \n797,323,53 \n2,940,000.00 \n 4,127,000.00 \n4,460,100.00 \nHighest Rate \n4,100.00 \n7,000.00 \n7,300.00 \n7,261.58 \n6,000.00 \n5,550.00 \n5,400.00 \nLowest Bid \nRate \n3,555.00 \n5,200.00 \n6,600.00 \n6,620.00 \n5,263.16 \n5,200.00 \n5,000.00 \nLowest Bid Rate \nAllotted \n3,555.00 \n5,200.00 \n6,600.00 \n6,620.00 \n5,263.16 \n5,200.00 \n5,000.00 \nWeighted Average \nRate \n3,673.77 \n5,978.68 \n6,926.58 \n6,326.59 \n5,739.80 \n5,395.96 \n5,251.06 \nNumber of Bids \nReceived \n210 \n297 \n73 \n23 \n8 \n11 \n10 \nNumber of Bids \nRejected \n5 \n3 \n0 \n0 \n0 \n0 \n0 \n \n \nAPPENDIX 2: SUMMARY OF FOREIGN CURRENCY AUCTION ALLOTMENTS BY PURPOSE \nSource: Reserve Bank of Zimbabwe, 2023 \n \nPurpose \nMAINFX \n 13-June-23 20-June-23 27-June-23 04-July-23 \nRaw Materials \n1,353,246.86 \n251,242.51 \n263,556.10 \n205,209.91 \nMachinery and Equipment \n850,335.53 \n576,203.62 \n126,774.66 \n64,869.77 \nConsumables \n(Incl. Spares, Tyres, \nPackaging) \n121,735.54 \n69,339.17 \n5,000.00 \n- \nPharmaceuticals and \nChemicals \n63,406.00 \n- \n \n- \n- \nServices (Loans, Dividends \nand Disinvestments) \n355,375.24 \n28,486.66 \n205,064.31 \n183,004.64 \nRetail and Distribution \n142,263.37 \n188,370.50 \n177,411.76 \n127,837.25 \nFuel, Electricity and Gas \n- \n- \n- \n- \nPaper and Packaging \n59,043.74 \n21,900.00 \n19,516.90 \n- \nTOTAL \n2,945,406.28 \n1,135,542.46 \n797,323.53 \n580,921.57", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_7_JULY_2023_Volume_25_Number_27.pdf"}
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1
+ {"doc_id": "1fa7429d2e884d68b7fa548c9e9c710f", "text": "Vol. 28 No. 8 \n \nWeek Ending \n20th February 2026 \n \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 2 \n3. \nEQUITY MARKETS .............................................................. 3 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 5 \n5. \nENERGY PRICES .................................................................. 5 \n6. \nGOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND \nGOLD BACKED DIGITAL TOKENS (GBDT) .................. 5 \n7. \nEXTERNAL SECTOR ........................................................... 6 \n \n \n \n \n1 \n1. OVERVIEW \nThis report provides an overview of key developments in the monetary and financial sectors of the economy \nduring the week ending 20th February 2026. It includes updates on domestic money and capital markets, \nnational payment systems, exchange rates, and global commodity prices \nDomestic money market developments were mixed during the week under review. Both the local and foreign \ncurrency deposit rates increased across most tenors, apart from saving rates, which remained unchanged. \nRegarding lending, local and foreign currency lending rates declined across most clients’ segments, except for \nminimum lending rates for local currency individual borrowers which recorded an increase. \nCapital markets performance weakened during the week ending 20th February 2026, with both the Zimbabwe \nStock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX) losing traction. The ZSE and VFEX \ndeclined by 1.14% and 4.13% to close at 360.19 points and 208.59 points, respectively. \nActivity in the National Payment Systems reflected mixed trends over the same period. The total value of \ntransactions processed increased by 12.10% from ZiG34.84 billion reported in the previous week to ZiG39.05 \nbillion while transaction volumes decreased by 3.54% from 16.87 million to 16.30 million. The largest share \nof transactional values was processed through the Real-Time Gross Settlement (RTGS) system, accounting \nfor 82.54%, while mobile money accounted for 88.36% of the transaction volumes. \nIn the interbank foreign currency exchange market, the Zimbabwe Gold currency (ZiG) depreciated by 0.02%, \nfrom an average of ZiG25.5688 per US$1 in the previous week to ZiG25.5746 per US$1, during the week \nunder review. \nGlobal commodities recorded mixed price movements during the week ending 20th February 2026. \nInternational weekly average prices for gold, platinum and nickel declined, while prices for palladium, Brent \ncrude oil and lithium increased. \nGold prices fell on account of the strengthened U.S. dollar, reducing demand for the yellow metal Platinum \nprices declined as large stockpiles and steady recycling eased supply pressures, while low car production and \nthe shift toward electric vehicles reduced demand. Nickel prices decreased due to policy uncertainty, including \nIndonesia’s quota adjustment, combined with lingering concerns over the potential 2026 global supply glut. \nPalladium prices rose due to market uncertainty, strong industrial demand and supply concerns tied to \nconcentrated mining production. For lithium, the increase was largely driven by growing optimism around \ndemand for electric vehicles (EVs) and energy storage systems (ESS), which are major consumers of lithium-\nion batteries. \n \n \n \n \n \n2 \n2. INTEREST RATES \n \nAverage commercial bank deposit rates (Local Currency (ZiG) (%) \nZiG Deposit rates \n30-Jan-2026 \n06-Feb-2026 \n13-Feb-2026 \n20-Feb-2026 \nSavings \n \n \n \n \nMinimum \n3.81 \n3.81 \n3.81 \n3.81 \nMaximum \n4.14 \n4.14 \n4.14 \n4.14 \n1-month deposit \n \n \n \n \nMinimum \n6.49 \n6.49 \n6.49 \n6.69 \nMaximum \n11.02 \n11.02 \n11.02 \n11.22 \n3-months deposit \n \n \n \n \nMinimum \n6.62 \n6.62 \n6.62 \n6.87 \nMaximum \n10.51 \n10.51 \n10.51 \n10.76 \n6-months deposit \n \n \n \n \nMinimum \n6.64 \n6.64 \n6.64 \n6.93 \nMaximum \n10.53 \n10.53 \n10.53 \n10.82 \n12-months deposit \n \n \n \n \nMinimum \n6.66 \n6.66 \n6.66 \n6.99 \nMaximum \n11.24 \n11.24 \n11.24 \n11.58 \nOver 1 year \n \n \n \n \nMinimum \n6.67 \n6.67 \n6.67 \n7.00 \nMaximum \n11.25 \n11.25 \n11.25 \n11.58 \nSource: Reserve Bank of Zimbabwe, 2026 \n \n \nAverage commercial bank deposit rates (Foreign Currency (US$) (%) \nUS$ Deposit rates \n30-Jan-2026 \n06-Feb-2026 \n13-Feb-2026 \n20-Feb-2026 \nSavings \n \n \n \n \nMinimum \n1.75 \n1.75 \n1.75 \n1.75 \nMaximum \n2.08 \n2.08 \n2.08 \n2.08 \n1-month deposit \n \n \n \n \nMinimum \n3.69 \n3.69 \n3.69 \n3.92 \nMaximum \n6.56 \n6.56 \n6.56 \n6.76 \n3-month deposit \n \n \n \n \nMinimum \n4.18 \n4.18 \n4.18 \n4.40 \nMaximum \n7.45 \n7.45 \n7.45 \n7.66 \n6-month deposit \n \n \n \n \nMinimum \n4.31 \n4.31 \n4.31 \n4.54 \nMaximum \n7.77 \n7.77 \n7.77 \n7.96 \n12-Month deposit \n \n \n \n \nMinimum \n4.61 \n4.61 \n4.61 \n4.83 \nMaximum \n8.17 \n8.17 \n8.17 \n8.36 \nOver 1 year \n \n \n \n \nMinimum \n4.72 \n4.72 \n4.72 \n4.92 \nMaximum \n8.34 \n8.34 \n8.34 \n8.50 \nSource: Reserve Bank of Zimbabwe, 2026 \n \n \n \n \n \n \n \n \n3 \nCommercial bank weighted lending rates (Local Currency (ZiG) (%) \nZiG Lending rates \n30-Jan-2026 \n06-Feb-2026 \n13-Feb-2026 \n20-Feb-2026 \nIndividuals \n \n \n \n \nMinimum \n43.57 \n43.34 \n43.34 \n43.66 \nMaximum \n49.46 \n49.45 \n49.57 \n49.59 \nCorporates \n \n \n \n \nMinimum \n40.43 \n40.38 \n40.34 \n40.33 \nMaximum \n47.43 \n47.47.3939 \n46.82 \n46.50 \nSource: Reserve Bank of Zimbabwe, 2026 \n \n \nCommercial bank weighted lending rates (Foreign Currency (US$) (%) \nUS$ Lending rates \n30-Jan-2026 \n06-Feb-2026 \n13-Feb-2026 \n20-Feb-2026 \nIndividuals \n \n \n \n \nMinimum \n13.56 \n14.07 \n13.58 \n13.54 \nMaximum \n18.64 \n17.37 \n18.64 \n18.62 \nCorporates \n \n \n \n \nMinimum \n10.27 \n10.27 \n10.35 \n10.33 \nMaximum \n15.73 \n15.75 \n15.72 \n15.71 \nSource: Reserve Bank of Zimbabwe, 2026 \n \n \nCommercial banks and building societies mortgage lending rates (%) \nMortgage Lending \nrates \n30-Jan-2026 \n06-Feb-2026 \n13-Feb-2026 \n20-Feb-2026 \nZiG Lending rates \n \n \n \n \nMinimum \n25.00 \n25.00 \n25.00 \n25.00 \nMaximum \n50.00 \n50.00 \n50.00 \n50.00 \nUS$ Lending rates \n \n \n \n \nMinimum \n10.00 \n10.00 \n10.00 \n10.00 \nMaximum \n18.00 \n18.00 \n18.00 \n18.00 \nSource: Reserve Bank of Zimbabwe, 2026 \n \n \nEQUITY MARKETS \n \nZSE Indicators \n \n \nAll \nShare \nIndex \n(points) \nTop 10 \nIndex \n(points) \nTop 15 \nIndex \n(points) \nMedium \nCap (points) \nSmall Cap \n(points) \nMining \nIndex \n(points) \nGrand \nMarket \nCap (ZiG \nbillion) \nMarket \nTurnover \n(ZiG \nmillion) \nVolume of \nShares \n(million) \n30-Jan 26 \n356.04 \n366.68 \n379.65 \n325.78 \n100.11 \n122.53 \n110.65 \n116.45 \n173.55 \n06-Feb 26 \n360.71 \n372.71 \n386.51 \n323.84 \n100.11 \n122.53 \n112.39 \n98.21 \n 31.45 \n13-Feb 26 \n364.36 \n375.12 \n389.00 \n333.99 \n100.11 \n122.53 \n113.29 \n701.15 \n 65.13 \n20-Feb 26 \n360.19 \n372.12 \n385.66 \n333.47 \n100.11 \n122.53 \n111.66 \n1,008.82 \n 79.07 \nWeekly \nChange (%) \n(1,14) \n(0,80) \n(0,86) \n(0,16) \n0,00 \n0,00 \n(1,44) \n43,88 \n21.40 \nSource: Zimbabwe Stock Exchange, 2026 \n \nVFEX Indicators \nDate \n \nAll Share Index \nPoints \nGrand Market Capitalisation \n(US$ billion) \nMarket Turnover (US$ \nmillion) \nVolume of Shares (million) \n30-Jan-26 \n211.36 \n2.50 \n2.19 \n4.44 \n06-Feb-26 \n207.33 \n2.44 \n0.73 \n16.78 \n13-Feb-26 \n217.58 \n2.56 \n2.88 \n3.97 \n20-Feb-26 \n208.59 \n2.47 \n1.56 \n2.53 \nWeekly Change (%) \n(4,13) \n(3,52) \n(45,83) \n(36,27) \nSource: Victoria Falls Stock Exchange, 2026 \n \n \n \n \n \n4 \nFigure 1: ZSE and VFEX Indicators \n \n \n \n \n \n \nSource: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2026 \n \n \n1.8\n1.9\n2\n2.1\n2.2\n2.3\n2.4\n2.5\n2.6\n2.7\n2.8\n17-Oct-25\n24-Oct-25\n31-Oct-25\n07-Nov-25\n14-Nov-25\n21-Nov-25\n28-Nov-25\n05-Dec-25\n12-Dec-25\n19-Dec-25\n26-Dec-25\n02-Jan-26\n09-Jan-26\n16-Jan-26\n23-Jan-26\n30-Jan-26\n06-Feb-26\n13-Feb-26\n20-Feb-26\nUS$ Billion\nVFEX Market Capitalisation \n150\n155\n160\n165\n170\n175\n180\n185\n190\n195\n200\n205\n210\n215\n220\n225\n17-Oct-25\n24-Oct-25\n31-Oct-25\n07-Nov-25\n14-Nov-25\n21-Nov-25\n28-Nov-25\n05-Dec-25\n12-Dec-25\n19-Dec-25\n26-Dec-25\n02-Jan-26\n09-Jan-26\n16-Jan-26\n23-Jan-26\n30-Jan-26\n06-Feb-26\n13-Feb-26\n20-Feb-26\nIndex\nVFEX All Share Index \n0\n500\n1000\n1500\n2000\n2500\n17-Oct-25\n24-Oct-25\n31-Oct-25\n07-Nov-25\n14-Nov-25\n21-Nov-25\n28-Nov-25\n05-Dec-25\n12-Dec-25\n19-Dec-25\n26-Dec-25\n02-Jan-26\n09-Jan-26\n16-Jan-26\n23-Jan-26\n30-Jan-26\n06-Feb-26\n13-Feb-26\n20-Feb-26\nUS$ Thousand\nVFEX Market Turnover \n55\n60\n65\n70\n75\n80\n85\n90\n95\n100\n105\n110\n115\n120\n125\n17-Oct-25\n24-Oct-25\n31-Oct-25\n07-Nov-25\n14-Nov-25\n21-Nov-25\n28-Nov-25\n05-Dec-25\n12-Dec-25\n19-Dec-25\n26-Dec-25\n02-Jan-26\n09-Jan-26\n16-Jan-26\n23-Jan-26\n30-Jan-26\n06-Feb-26\n13-Feb-26\n20-Feb-26\nZiG Billion\nZSE Market Capitalisation \n90\n140\n190\n240\n290\n340\n390\n17-Oct-25\n24-Oct-25\n31-Oct-25\n07-Nov-25\n14-Nov-25\n21-Nov-25\n28-Nov-25\n05-Dec-25\n12-Dec-25\n19-Dec-25\n26-Dec-25\n02-Jan-26\n09-Jan-26\n16-Jan-26\n23-Jan-26\n30-Jan-26\n06-Feb-26\n13-Feb-26\n20-Feb-26\nIndices\nZSE Indices \nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n0\n100,000\n200,000\n300,000\n400,000\n500,000\n600,000\n700,000\n800,000\n17-Oct-25\n24-Oct-25\n31-Oct-25\n07-Nov-25\n14-Nov-25\n21-Nov-25\n28-Nov-25\n05-Dec-25\n12-Dec-25\n19-Dec-25\n26-Dec-25\n02-Jan-26\n09-Jan-26\n16-Jan-26\n23-Jan-26\n30-Jan-26\n06-Feb-26\n13-Feb-26\n20-Feb-26\nZiG Thousands\nZSE Market Turnover \nNotable trade deals: A combined total\nof\n60.54\nmillion\nEconet\nWireless\nZimbabwe Limited shares at an average\nprice ZiG903.63 cents/share.\nNotable\ntrade\ndeals:\nA\ncombined\n53.03\nmillion Econet Wireless Zimbabwe Limited\nshares at\nan average\nprice of ZiG908.67\ncents/share and 2.51 million NMBZ Holdings\nLimited shares at ZiG500.05 cents/share.\n \n \n5 \n3. CLEARING AND SETTLEMENT ACTIVITY \n Source: Reserve Bank of Zimbabwe, 2026 \n \n4. ENERGY PRICES \n \nEnergy Prices \n \n30-Jan-2026 \n06-Feb-2026 \n13-Feb-2026 \n20-Feb-2026 \nDomestic Energy Prices \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.52 \n1.52 \n1.52 \n1.52 \nPetrol Blend E5/ litre \n1.57 \n1.57 \n1.56 \n1.56 \nLP Gas / kg \n1.51 \n1.51 \n1.55 \n1.55 \n \n \n \n \n \nInternational Energy Prices \n(Weekly average) \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n(US$/barrel) \n67.26 \n67.42 \n68.36 \n69.60 \n Source: Zimbabwe Energy Regulatory Authority and BBC 2026 \n \n5. GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS \n(GBDT) \n \nGold PM Fix and Gold Backed Digital Token Prices \nDate \nGold PM Fix \nGBDT ZiG Price per Mg \nGBDT US$ Price per Mg \nUS$/oz \nBuy \nSell \nBuy \nSell \n16-Feb-26 \n4,994.95 \n3.90 \n4.31 \n0.1526 \n0.1686 \n17-Feb-26 \n4,972.10 \n3.89 \n4.30 \n0.1519 \n0.1678 \n18-Feb-26 \n4,861.45 \n3.80 \n4.20 \n0.1485 \n0.1641 \n19-Feb-26 \n5,003.30 \n3.91 \n4.32 \n0.1528 \n0.1689 \n20-Feb-26 \n5,004.80 \n3.90 \n4.31 \n0.1529 \n0.1690 \nSource: London Bullion Market Association and Reserve Bank of Zimbabwe, 2026 \n \n \n \nPAYMENT STREAM \nWEEK ENDING \n13 February 2026 \nWEEK ENDING \n20 February 2026 \nWEEKLY \nCHANGE (%) \n \nVALUES \n \nRTGS \n26,181,572,531.75 \n32,236,184,487.45 \n23.13 \nOf which ZiG \n7,778,726,455.91 \n11,805,509,212.40 \n51.77 \nOf which US$ transactions \n(ZiG Equivalent) \n18,402,846,075.84 \n \n20,430,675,275.05 \n \n11.02 \nPOS \n1,834,757,424.68 \n1,291,817,512.69 \n(29.59) \nATM \n1,837,374,703.65 \n1,024,740,319.33 \n(44.23) \nMOBILE BANKING \n253,651,732.86 \n180,699,762.00 \n(28.76) \nMOBILE MONEY \n4,452,360,090.72 \n4,139,438,198.77 \n(7.03) \nZIPIT MOBILE \n278,199,008.26 \n181,418,156.87 \n(34.79) \nTOTAL \n34,837,915,491.92 \n39,054,298,437.11 \n12.10 \n \nVOLUMES \n \nRTGS \n166,610 \n166,758 \n0.09 \nOf which ZiG \n59,335 \n53,958 \n(9.06) \nOf which US$ \n107,275 \n112,800 \n5.15 \nPOS \n1,435,082 \n1,176,187 \n(18.04) \nATM \n199,301 \n131,903 \n(33.82) \nMOBILE BANKING \n240,012 \n217,507 \n(9.38) \nMOBILE MONEY \n14,567,092 \n14,375,620 \n(1.31) \nZIPIT MOBILE \n258,699 \n201,675 \n(22.04) \nTOTAL \n16,866,796 \n16,269,650 \n(3.54) \n \n \n6 \nMosi-oa-Tunya Gold Coin Prices \nGold Coin \nPrice \n16-Feb-2026 \n17-Feb-2026 \n18-Feb-2026 \n19-Feb-2026 \n20-Feb-2026 \n1.00Oz \n \n \n \n \n \nUS$ \n5,244.70 \n5,220.71 \n5,104.52 \n5,253.47 \n5,255.04 \nZiG \n134,091.18 \n133,597.84 \n130,693.64 \n134,353.69 \n134,205.31 \n0.50Oz \n \n \n \n \n \nUS$ \n2,622.35 \n2,610.35 \n2,552.26 \n2,626.73 \n2,627.52 \nZiG \n67,045.59 \n66,798.92 \n65,346.82 \n67,176.84 \n67,102.66 \n0.25Oz \n \n \n \n \n \nUS$ \n1,311.17 \n1,305.18 \n1,276.13 \n1,313.37 \n1,313.76 \nZiG \n33,522.80 \n33,399.46 \n32,673.41 \n33,588.42 \n33,551.33 \n0.10Oz \n \n \n \n \n \nUS$ \n524.47 \n522.07 \n510.45 \n525.35 \n525.50 \nZiG \n13,409.12 \n13,359.78 \n13,069.36 \n13,435.37 \n13,420.53 \nSource: Reserve Bank of Zimbabwe, 2026 \n \n \n6. EXTERNAL SECTOR \n \nExchange Rate Developments (ZiG per Unit of Foreign Currency) \n \n \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(09 Feb – 13 Feb) \n25.5688 \n1.6043 \n34.8710 \n1.8808 \n30.3641 \n16-Feb-26 \n25.5670 \n1.6044 \n34.8659 \n1.8655 \n30.3289 \n17-Feb-26 \n25.5900 \n1.5957 \n34.8192 \n1.8658 \n30.2973 \n18-Feb-26 \n25.6035 \n1.5987 \n34.7096 \n1.9523 \n30.3236 \n19-Feb-26 \n25.5743 \n1.5891 \n34.4819 \n1.8647 \n30.1483 \n20-Feb-26 \n25.5384 \n1.5785 \n34.3288 \n1.8595 \n30.0192 \nWeekly Average \n(16 Feb – 20 Feb) \n \n25.5746 \n \n1.5933 \n \n34.6411 \n \n1.8816 \n \n30.2235 \n \nAppr (-)/Depr (+) (%) of the \nZiG \n+0.02 \n-0.69 \n-0.66 \n+0.04 \n-0.46 \nSource: Reserve Bank of Zimbabwe, 2026 \n \n \nInternational Commodity Prices \n \nGold \nPlatinum \nPalladium \nNickel \nLithium \n \nUS$/oz \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nWeekly Average \n(09 Feb – 13 Feb) \n5,017.92 \n2,085.40 \n1,704.40 \n17,426.20 \n16,672.00 \n16-Feb-26 \n4,900.50 \n1,988.00 \n1,676.00 \n17,115.00 \n17,115.00 \n17-Feb-26 \n4,937.50 \n2,054.00 \n1,724.00 \n16,861.00 \n16,861.00 \n18-Feb-26 \n4,990.70 \n2,075.00 \n1,717.00 \n17,275.00 \n17,275.00 \n19-Feb-26 \n5,001.70 \n2,073.00 \n1,684.00 \n17,287.00 \n17,287.00 \n20-Feb-26 \n5,158.70 \n2,163.00 \n1,750.00 \n17,350.00 \n17,350.00 \nWeekly Average \n(16 Feb – 20 Feb) \n4,997.82 \n2,070.60 \n1,710.20 \n17,177.60 \n16,798.00 \nWeekly change (%) \n(0.40) \n(0.71) \n0.34 \n(1.43) \n0.76 \nSource: BBC, KITCO and Bloomberg, 2026 \n \n \n \n \n7 \nFigure 3: Average Weekly International Commodity Price Developments (31st October 2025– 20th February 2026) \n \n \n \n \n \nSource: BBC, KITCO and Bloomberg, 2026 \n \nRESERVE BANK OF ZIMBABWE \nFEBRUARY 2026 \n3,700\n3,900\n4,100\n4,300\n4,500\n4,700\n4,900\n5,100\n31-Oct\n7-Nov\n14-Nov\n21-Nov\n28-Nov\n5-Dec\n12-Dec\n19-Dec\n26-Dec\n2-Jan\n9-Jan\n16-Jan\n23-Jan\n30-Jan\n6-Feb\n13-Feb\n20-Feb\nUS$/oz\nGold\n60\n61\n62\n63\n64\n65\n66\n67\n68\n69\n70\n31-Oct\n7-Nov\n14-Nov\n21-Nov\n28-Nov\n5-Dec\n12-Dec\n19-Dec\n26-Dec\n2-Jan\n9-Jan\n16-Jan\n23-Jan\n30-Jan\n6-Feb\n13-Feb\n20-Feb\nUS$/oz\nCrude Oil \n1300\n1500\n1700\n1900\n2100\n2300\n2500\n2700\n2900\n31-Oct\n7-Nov\n14-Nov\n21-Nov\n28-Nov\n5-Dec\n12-Dec\n19-Dec\n26-Dec\n2-Jan\n9-Jan\n16-Jan\n23-Jan\n30-Jan\n6-Feb\n13-Feb\n20-Feb\nUS$/oz\nPlatinum\n1100\n1300\n1500\n1700\n1900\n31-Oct\n7-Nov\n14-Nov\n21-Nov\n28-Nov\n5-Dec\n12-Dec\n19-Dec\n26-Dec\n2-Jan\n9-Jan\n16-Jan\n23-Jan\n30-Jan\n6-Feb\n13-Feb\n20-Feb\nUS$/oz\nPalladium\n14,300\n14,800\n15,300\n15,800\n16,300\n16,800\n17,300\n17,800\n18,300\n31-Oct\n7-Nov\n14-Nov\n21-Nov\n28-Nov\n5-Dec\n12-Dec\n19-Dec\n26-Dec\n2-Jan\n9-Jan\n16-Jan\n23-Jan\n30-Jan\n6-Feb\n13-Feb\n20-Feb\nUS$/oz\nNickel \n9,000\n11,000\n13,000\n15,000\n17,000\n19,000\n21,000\n31-Oct\n7-Nov\n14-Nov\n21-Nov\n28-Nov\n5-Dec\n12-Dec\n19-Dec\n26-Dec\n2-Jan\n9-Jan\n16-Jan\n23-Jan\n30-Jan\n6-Feb\n13-Feb\n20-Feb\nUS$/oz\nLithium", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/Weekly_Economic_Higlights_for_Week_Ending_20_February_2026_Volume_28_Number_8_1.pdf"}
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+ {"doc_id": "2250c681ad1c57effa4ac328de22b3b1", "text": "Vol. 26 No. 29 \n \n \nWeek Ending \n19th July 2024 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 2 \n3. \nEQUITY MARKETS .............................................................. 3 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 5 \n5. \nPRICES .................................................................................... 5 \n6. \nGOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND \nGOLD BACKED DIGITAL TOKENS (GBDT) .................. 5 \n7. \nEXTERNAL SECTOR ........................................................... 6 \n8. \nTOBACCO SALES ................................................................. 8 \n \n \n \n 1 \n1. OVERVIEW \n \n \n \nThis report provides an overview of weekly monetary and financial data from domestic and \ninternational markets including money markets, capital markets, payment systems, commodity prices \nand exchange rates for the week ending 19th July 2024. \nLocal currency minimum and maximum deposit rates for savings deposits remained unchanged at \nprevious week’s levels. Minimum deposit rates for deposits of 3 months, 6 months and over a year \ntenor registered an increase, while those for deposits of 12 months tenor were lower during the period \nunder analysis. Maximum deposit rates for deposits of 3 months, 6 months, 12 months and over 1 \nyear tenor registered increases during the same week. \nDuring the week ending 19th July 2024, foreign currency minimum and maximum deposit rates for \ndeposits of all tenors increased save for those for savings deposit rates which remained unchanged at \nthe previous week’s levels. \nCommercial bank minimum and maximum local currency lending rates for individuals softened while \nthose for corporates registered increases during the week under review. \nThe Zimbabwe Stock Exchange (ZSE) exhibited bullish sentiments during the reporting week. \nConsequently, the All-Share Index gained 13.61% to close the week at 199.83 points. Similarly, the \nVictoria Falls Stock Exchange (VFEX) stock market, All-Share Index, increased by 1.53% to close \nthe week at 106.44 points. \nThe National Payment System processed transactions worth ZiG15.66 billion, during the week ending \n19th July 2024, representing a 1.62% increase, from the ZiG15.41 billion recorded in the previous \nweek. This was, largely underpinned by an increase in RTGS transactions, during the period of \nanalysis. \nOn the local foreign exchange market, the ZiG/US$ exchange rate appreciated by 0.2%, from a \nweekly average of ZiG13.7664 per US$ registered in the prior week, to close at ZiG13.7362 per US$ \nduring the reporting week. \nThe weekly average international prices for platinum, palladium, copper, nickel, crude oil, and lithium \ndecreased during the week under review on the back of lower demand. Gold prices, however, \nregistered an increase during the same week. \nA cumulative total of 226 million kilograms of tobacco was sold as of 19th July 2024, representing a \n22.07% decrease from the 290 million kilograms sold during the same period in 2023. The golden \nleaf was, however, sold at a higher price of US$3.43 per kilogram during the same period, up from \nthe US$3.03 per kilogram realised in the same period last year. \n \n 2 \n2. INTEREST RATES \n \nAverage commercial bank deposit rates (Local Currency (ZiG) \nZiG Deposit rates \n28 June 2024 \n05 July 2024 \n12 July 2024 \n19 July 2024 \nSavings \n \n \n \n \nMinimum \n3.75 \n3.75 \n3.75 \n3.75 \nMaximum \n3.88 \n3.88 \n3.88 \n3.88 \n1-month deposit \n \n \n \n \nMinimum \n5.21 \n5.19 \n5.19 \n5.19 \nMaximum \n5.69 \n5.80 \n5.81 \n5.80 \n3-month deposit \n \n \n \n \nMinimum \n5.27 \n5.26 \n5.24 \n5.26 \nMaximum \n5.94 \n5.82 \n5.77 \n5.78 \n6-month deposit \n \n \n \n \nMinimum \n5.34 \n5.33 \n5.31 \n5.33 \nMaximum \n6.07 \n5.94 \n5.93 \n5.94 \n12-Month deposit \n \n \n \n \nMinimum \n5.36 \n5.36 \n5.93 \n5.36 \nMaximum \n6.16 \n6.03 \n6.01 \n6.03 \nOver 1 year \n \n \n \n \nMinimum \n5.37 \n5.37 \n5.34 \n5.37 \nMaximum \n6.23 \n6.10 \n6.06 \n6.10 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \nAverage commercial bank deposit rates (Foreign Currency (US$) \nUS$ Deposit rates \n28 June 2024 \n05 July 2024 \n12 July 2024 \n19 July 2024 \nSavings \n \n \n \n \nMinimum \n1.53 \n1.53 \n1.53 \n1.53 \nMaximum \n1.86 \n1.86 \n1.86 \n1.86 \n1-month deposit \n \n \n \n \nMinimum \n3.28 \n3.28 \n3.19 \n3.28 \nMaximum \n5.07 \n5.07 \n5.04 \n5.14 \n3-month deposit \n \n \n \n \nMinimum \n3.88 \n3.88 \n3.77 \n3.91 \nMaximum \n5.36 \n5.80 \n5.72 \n5.87 \n6-month deposit \n \n \n \n \nMinimum \n4.03 \n4.03 \n3.88 \n4.06 \nMaximum \n6.25 \n6.25 \n6.12 \n6.37 \n12-Month deposit \n \n \n \n \nMinimum \n4.19 \n4.19 \n4.03 \n4.22 \nMaximum \n6.55 \n6.55 \n6.38 \n6.67 \nOver 1 year \n \n \n \n \nMinimum \n4.41 \n4.41 \n4.23 \n4.41 \nMaximum \n6.55 \n6.55 \n6.35 \n6.63 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \n \n \n \n \n 3 \n \nCommercial bank weighted lending rates (Local Currency (ZiG) \nZiG Lending rates \n28 June 2024 \n05 July 2024 \n12 July 2024 \n19 July 2024 \nIndividuals \n \n \n \n \nMinimum \n24.89 \n24.83 \n24.76 \n24.68 \nMaximum \n31.19 \n31.03 \n30.91 \n30.81 \nCorporates \n \n \n \n \nMinimum \n24.46 \n24.43 \n24.47 \n24.49 \nMaximum \n33.04 \n32.90 \n32.82 \n32.86 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \nCommercial bank weighted lending rates (Foreign Currency (US$) \nUS$ Lending rates \n28 June 2024 \n05 July 2024 \n12 July 2024 \n19 July 2024 \nIndividuals \n \n \n \n \nMinimum \n10.86 \n10.93 \n10.92 \n11.07 \nMaximum \n14.96 \n14.99 \n14.99 \n15.16 \nCorporates \n \n \n \n \nMinimum \n9.72 \n9.60 \n9.56 \n9.60 \nMaximum \n15.53 \n15.38 \n15.29 \n15.47 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \nCommercial banks and building societies mortgage lending rates \nMortgage Lending rates \n28 June 2024 \n05 July 2024 \n12 July 2024 \n19 July 2024 \nZiG Lending rates \n \n \n \n \nMinimum \n20.00 \n20.00 \n20.00 \n20.00 \nMaximum \n35.00 \n30.00 \n30.00 \n30.00 \nUS$ Lending rates \n \n \n \n \nMinimum \n10.00 \n10.00 \n10.00 \n10.00 \nMaximum \n18.00 \n18.00 \n18.00 \n18.00 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n \n3. EQUITY MARKETS \n \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 (ZiG \nbillion) \nMarket \nTurnover \n(ZiG \nmillion) \nVolume of \nShares \n(million) \n28-June-24 \n128.64 \n135.92 \n133.71 \n115.80 \n100.09 \n114.16 \n38.71 \n41.20 \n91.66 \n5-July-24 \n147.23 \n155.71 \n152.13 \n128.34 \n100.84 \n149.92 \n44.94 \n48.60 \n12.01 \n12-July-24 \n175.89 \n188.75 \n183.87 \n141.68 \n100.84 \n150.28 \n54.04 \n66.34 \n28.58 \n19-July-24 \n199.83 \n211.35 \n208.12 \n162.12 \n100.11 \n162.99 \n61.73 \n68.22 \n25.57 \nWeekly \nChange (%) \n13.61 \n11.97 \n13.19 \n14.43 \n-0.72 \n8.46 \n14.23 \n2.83 \n-10.53 \nSource: Zimbabwe Stock Exchange, 2024 \n \n \n \n \n \n \n \n \n \n 4 \nVFEX Indicators \nDate \nAll Share Index \nPoints \nGrand Market Capitalisation \n(US$ billion) \nMarket Turnover \n(US$ million) \nVolume of Shares \n(million) \n28-June-24 \n103.73 \n1.25 \n0.44 \n1.40 \n05-July-24 \n105.97 \n1.28 \n1.54 \n88.99 \n12-July-24 \n104.84 \n1.27 \n0.17 \n1.97 \n19-July-24 \n106.44 \n1.29 \n0.53 \n1.72 \nWeekly Change (%) \n1.53 \n1.53 \n211.76 \n-12.69 \nSource: Victoria Falls Stock Exchange, 2024 \n \nFigure 1: ZSE and VFEX Indicators \n \n \n \n \n \n \nSource: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2024 \n \n \n \n90\n104\n118\n132\n146\n160\n174\n188\n202\n216\n230\n31-May-24\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\n12-Jul-24\n19-Jul-24\nIndices\nZSE Indices \nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n0\n6,000\n12,000\n18,000\n24,000\n30,000\n36,000\n42,000\n48,000\n54,000\n60,000\n24-May-24\n31-May-24\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\n12-Jul-24\n19-Jul-24\nZiG Thousands\nZSE Market Turnover \n25\n30\n35\n40\n45\n50\n55\n60\n65\n70\n24-May-24\n31-May-24\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\n12-Jul-24\n19-Jul-24\nZiG Billion\nZSE Market Capitalisation \n80\n90\n100\n110\n120\n24-May-24\n31-May-24\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\n12-Jul-24\n19-Jul-24\nUS$ Bililon\nVFEX All Share Index \n1.1\n1.15\n1.2\n1.25\n1.3\n1.35\n15-Mar-24\n22-Mar-24\n29-Mar-24\n05-Apr-24\n12-Apr-24\n19-Apr-24\n26-Apr-24\n03-May-24\n10-May-24\n17-May-24\n24-May-24\n31-May-24\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\n12-Jul-24\n19-Jul-24\nUS$ Billion\nVFEX Market Capitalisation \n0\n200\n400\n600\n800\n1000\n05-Apr-24\n12-Apr-24\n19-Apr-24\n26-Apr-24\n03-May-24\n10-May-24\n17-May-24\n24-May-24\n31-May-24\n07-Jun-24\n14-Jun-24\n21-Jun-24\n28-Jun-24\n05-Jul-24\n12-Jul-24\n19-Jul-24\nUS$ Thousand\nVFEX Market Turnover \n \n 5 \n4. CLEARING AND SETTLEMENT ACTIVITY \n Source: Reserve Bank of Zimbabwe, 2024 \n \n \n5. PRICES \n \nEnergy Prices \n \n 28 June 2024 \n 5 July 2024 \n 12 July 2024 \n 19 July 2024 \nDomestic Energy Prices \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.61 \n1.62 \n1.62 \n1.62 \nPetrol Blend E20/ litre \n1.59 \n1.59 \n1.59 \n1.59 \nLP Gas / kg \n1.78 \n1.78 \n1.78 \n1.78 \n \n \n \n \n \nInternational Energy Prices \n(Weekly average) \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n85.36 \n87.57 \n85.28 \n84.22 \n Source: Zimbabwe Energy Regulatory Authority and BBC 2024 \n6. GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS \n(GBDT) \n \n \n \nGold PM Fix and Gold Backed Digital Token Prices \nDate \nGold PM Fix \nGBDT ZiG Price per Mg \nGBDT US$ Price per Mg \nUS$/oz \nBuy \nSell \nBuy \nSell \n15-July-24 \n 2 406.85 \n1.01 \n1.12 \n0.0735 \n0.0813 \n16-July-24 \n 2 421.25 \n1.02 \n1.12 \n0.0740 \n0.0817 \n17-July-24 \n 2 443.20 \n1.02 \n1.13 \n0.0746 \n0.0825 \n18-July-24 \n 2 480.25 \n1.04 \n1.15 \n0.0758 \n0.0837 \n19-July-24 \n 2 463.80 \n1.03 \n1.14 \n0.0753 \n0.0832 \nSource: London Bullion Market Association and Reserve Bank of Zimbabwe, 2024 \n \n \n \n \n \n \nPAYMENT STREAM \nWEEK ENDING \n12 July 2024 \nWEEK ENDING \n19 July 2024 \nWEEKLY \nCHANGE (%) \n \nVALUES IN ZiG \n \nRTGS \n 12,218,094,436.65 \n13,587,371,742.90 \n11.21% \nOf which ZiG \n 5,158,307,377.66 \n 5,228,998,809.91 \n \nOf which US$ \n 513,570,869.54 \n 608,359,160.51 \n \nPOS \n 468,456,815.90 \n 330,749,482.41 \n-29.40% \nATM \n 896,678,834.57 \n 592,531,777.28 \n-33.92% \nMOBILE BANKING \n 66,072,975.50 \n 41,922,522.39 \n-36.55% \nMOBILE MONEY \n 1,673,277,608.01 \n 1,045,676,914.49 \n-37.51% \nZIPIT MOBILE \n 88,680,864.22 \n 62,598,161.46 \n-29.41% \nTOTAL \n 15,411,261,534.86 \n 15,660,850,600.93 \n 1.62% \n \nVOLUMES \n \nRTGS \n 180,587 \n 183,122 \n 1.40% \nOf which ZiG \n 90,962 \n 85,010 \n \nOf which US$ \n 89,625 \n 98,112 \n \nPOS \n 1,927,570 \n 1,528,756 \n-20.69% \nATM \n 211,523 \n 153,355 \n-27.50% \nMOBILE BANKING \n 275,382 \n 197,645 \n-28.23% \nMOBILE MONEY \n 8,968,806 \n 7,950,470 \n-11.35% \nZIPIT MOBILE \n 194,790 \n 134,899 \n-30.75% \nTOTAL \n 11,758,658 \n 10,148,247 \n-13.70% \n \n 6 \nMosi-oa-Tunya Gold Coin Prices \nGold Coin Price \n9 July2024 \n10 July 2024 \n11 July 2024 \n12 July 2024 \n19 July 2024 \n1.00Oz \n \n \n \n \n \nUS$ \n2,495.48 \n \n2,486.30 \n \n2,503.57 \n \n2,529.66 \n \n2,586.99 \nZiG \n34,288.18 \n \n34,142.05 \n \n34,388.50 \n \n34,816.72 \n \n35,484.19 \n0.50Oz \n \n \n \n \n \nUS$ \n1,247.74 \n \n1,243.15 \n \n1,251.78 \n \n1,264.83 \n \n1,293.50 \nZiG \n17,144.09 \n \n17,071.03 \n \n17,194.25 \n \n17,408.36 \n \n17,742.09 \n0.25Oz \n \n \n \n \n \nUS$ \n623.87 \n \n621.57 \n \n625.89 \n \n632.42 \n \n646.75 \nZiG \n8,572.04 \n \n8,535.51 \n \n8,597.13 \n \n8,704.18 \n \n8,871.05 \n0.10Oz \n \n \n \n \n \nUS$ \n249.55 \n \n248.63 \n \n250.36 \n \n252.97 \n \n258.70 \nZiG \n3,428.82 \n \n3,414.21 \n \n3,438.85 \n \n3,481.67 \n \n3,548.42 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \n7. EXTERNAL SECTOR \n \n \nExchange Rate Developments (ZiG per Unit of foreign currency) \n \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(8 – 12 July) \n13.7664 \n0.7585 \n17.6443 \n1.1734 \n14.8950 \n15-July \n13.7501 \n0.7642 \n17.8455 \n1.0210 \n14.9822 \n16-July \n13.7562 \n0.7536 \n17.8267 \n1.0181 \n14.9792 \n17-July \n13.7340 \n0.7599 \n17.8111 \n1.0204 \n14.9756 \n18-July \n13.7241 \n0.7541 \n17.8586 \n1.0156 \n15.0101 \n19-July \n13.7164 \n0.7500 \n17.7483 \n1.0134 \n14.9358 \nWeekly Average \n(15 – 19 July) \n13.7362 \n0.7564 \n17.8180 \n1.0177 \n14.9766 \nAppr (-)/Depr (+) (%) \n-0.2 \n-0.3 \n1.0 \n-13.3 \n0.5 \nSource: Reserve Bank of Zimbabwe, 2024 \n \n \nInternational Commodity Price Developments \n \nPlatinum \nPalladium \nNickel \nLithium \nCrude oil \n2024 \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nUS$/tonne \nWeekly Average \n (8-12 July) \n998.40 \n994.30 \n17,034.20 \n11,982.00 \n85.28 \n15-July \n998.00 \n962.50 \n16,701.00 \n11,850.00 \n84.56 \n16-July \n985.50 \n942.50 \n16,594.00 \n11,850.00 \n83.61 \n17-July \n1,018.00 \n974.50 \n16,457.00 \n11,850.00 \n85.42 \n18-July \n1,001.00 \n955.00 \n16,423.00 \n11,900.00 \n84.42 \n19-July \n965.50 \n921.00 \n16,256.00 \n11,930.00 \n83.08 \nWeekly Average \n (15-19 July) \n993.60 \n951.10 \n16,486.20 \n11,876.00 \n84.22 \nSource: BBC, KITCO and Bloomberg, 2024 \n \n \n \n 7 \nFigure 3: Weekly Precious Metals Price Developments (15th – 19th July 2024) \n \n \n \n \n \n \nSource: BBC, KITCO and Bloomberg, 2024 \n \n \n \n \n16,200\n16,350\n16,500\n16,650\n16,800\n15-Jul\n16-Jul\n17-Jul\n18-Jul\n19-Jul\nUS$/tonne\nNickel\n11,830\n11,860\n11,890\n11,920\n11,950\n15-Jul\n16-Jul\n17-Jul\n18-Jul\n19-Jul\nUS$/tonne\nLithium \n960\n970\n980\n990\n1,000\n1,010\n1,020\n15-Jul\n16-Jul\n17-Jul\n18-Jul\n19-Jul\nUS$/tonne\nPlatinum\n920\n930\n940\n950\n960\n970\n980\n15-Jul\n16-Jul\n17-Jul\n18-Jul\n19-Jul\nUS$/tonne\nPalladium\n2,400\n2,420\n2,440\n2,460\n2,480\n15-Jul\n16-Jul\n17-Jul\n18-Jul\n19-Jul\nUS$/oz\nGold\n83\n84\n85\n86\n15-Jul\n16-Jul\n17-Jul\n18-Jul\n19-Jul\nUS$/barrel\nCrude oil \n \n 8 \n8. TOBACCO SALES \n \nWeekly Cumulative Tobacco Sales (19th July 2024) \n \n2023 \n2024 \nVariance (%) \nCumulative Quantity Sold (million kgs) \n289 966 857 \n225 982 046 \n (22.07) \nAverage Price (US$/kg) \n3.03 \n3.43 \n13.33 \nCumulative value (US$ million) \n878 769 217 \n776 144 144 \n(11.68) \nSource: Tobacco Industry and Marketing Board, 2024", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_19_JULY_2024_Volume_26_Number_29.pdf"}
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+ {"doc_id": "23bb585e9ed016f9215624f8209cfe0f", "text": "` \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nVol. 27 No. 7 \n \n \nWeek Ending \n14th February 2025 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 2 \n3. \nEQUITY MARKETS .............................................................. 3 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 5 \n5. \nENERGY PRICES .................................................................. 5 \n6. \nGOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND \nGOLD BACKED DIGITAL TOKENS (GBDT) .................. 5 \n7. \nEXTERNAL SECTOR ........................................................... 6 \n \n \n \n 1 \n1. OVERVIEW \n \n \n \nThis report provides a synopsis of the monetary and financial developments for the week ending 14th February \n2025. It encompasses updates on domestic money and capital markets, national payment systems, international \ncommodity prices and exchange rates. \nDuring the week under review, local currency savings deposit rates decreased, compared to the previous week \nlevels. Deposit rates of 1 month and 3 months tenors increased. Similarly, local currency minimum deposit \nrates of 6 months, 12 months and over 1 year tenors increased, while the maximums remained unchanged. \nDuring the same week, foreign currency deposit rates increased, except for minimum deposit rates for savings \nand 1 month tenor, which remained the same compared to the previous week. \nLocal currency lending rates for both individual and corporate clients increased, during the week ending 14th \nFebruary 2025, reflecting the current tight monetary policy stance pursued by the Reserve Bank. Foreign \ncurrency lending rates for both individual and corporate clients also increased, except for maximum lending \nrates for corporate clients, which declined. \n \nThe Zimbabwe Stock Exchange (ZSE) exhibited bearish trends, resulting in ZSE All Share Index losing 1.31% \nto close at 189.38 points, during the week under review. In contrast, the Victoria Falls Stock Exchange \n(VFEX) exhibited a bullish trend, resulting in the VFEX All Share Index gaining 0.78%, to close at 102.52 \npoints. \n \nThe aggregate transactions processed through the National Payment System (NPS) platforms increased by \n7.59% to ZiG30.77 billion in value terms, from ZiG28.60 billion recorded in the previous week. The surge in \nNPS transactions was driven by increases in values processed through the RTGS payment platform. \n \nThe Zimbabwe Gold (ZiG) currency marginally depreciated by 0.10% on the interbank market, from an \naverage of ZiG26.39 per US$1 in the previous week to ZiG26.42 per US$1, during the week under review. \n \nDuring the week ending 14th February 2025, weekly average international prices for gold, platinum and crude \noil increased, whilst prices for palladium and nickel retreated. Weekly average prices for lithium remained \nunchanged during the same week. Gold prices increased by 2.13%, on account of the United States (US) \nadministration’s tariffs threats and the Federal Reserve’s monetary policy outlook, which continue to increase \nthe safe haven status of the metal. Platinum prices rose, underpinned by investors’ fear of disruptions of supply \nfor the metal. \nIn response to U.S. administration’s decision to renew trade war on China and threats of tariffs on other \ncountries, prices for crude oil surged. Palladium prices decreased due to subdued demand for the metal. As \nfears of nickel output restrictions by Indonesia proved to be insufficient to offset the prevailing sentiment of \nan oversupplied market, prices for the metal decreased. \n \n \n \n \n 2 \n2. INTEREST RATES \n \nAverage commercial bank deposit rates (Local Currency (ZiG)) (%) \nZiG Deposit rates \n24 January 2025 \n31 January 2025 \n07 February 2025 \n14 February 2025 \nSavings \n \n \n \n \nMinimum \n3.54 \n3.54 \n3.78 \n3.56 \nMaximum \n3.38 \n3.38 \n4.11 \n3.89 \n1-month deposit \n \n \n \n \nMinimum \n5.38 \n5.38 \n5.79 \n5.93 \nMaximum \n7.94 \n7.94 \n8.22 \n8.72 \n3-months deposit \n \n \n \n \nMinimum \n5.67 \n5.67 \n6.09 \n6.23 \nMaximum \n8.15 \n8.15 \n8.43 \n9.15 \n6-months deposit \n \n \n \n \nMinimum \n5.00 \n5.00 \n5.42 \n5.56 \nMaximum \n7.48 \n7.48 \n7.76 \n7.76 \n12-months deposit \n \n \n \n \nMinimum \n5.01 \n5.01 \n5.43 \n5.57 \nMaximum \n7.49 \n7.49 \n7.77 \n7.77 \nOver 1 year \n \n \n \n \nMinimum \n5.02 \n5.02 \n5.44 \n5.58 \nMaximum \n7.78 \n7.78 \n8.06 \n8.06 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nAverage commercial bank deposit rates (Foreign Currency (US$)) (%) \nUS$ Deposit rates \n24 January 2024 \n 31 January 2025 \n07 February 2025 \n14 February 2025 \nSavings \n \n \n \n \nMinimum \n1.35 \n1.35 \n1.39 \n1.39 \nMaximum \n1.57 \n1.57 \n1.61 \n1.78 \n1-month deposit \n \n \n \n \nMinimum \n3.31 \n3.31 \n3.64 \n3.64 \nMaximum \n5.17 \n5.17 \n5.19 \n5.36 \n3-month deposit \n \n \n \n \nMinimum \n3.99 \n3.99 \n4.21 \n4.29 \nMaximum \n6.01 \n6.01 \n6.01 \n6.17 \n6-month deposit \n \n \n \n \nMinimum \n3.66 \n3.66 \n3.87 \n3.95 \nMaximum \n6.06 \n6.06 \n5.99 \n6.15 \n12-Month deposit \n \n \n \n \nMinimum \n3.75 \n3.75 \n3.94 \n4.03 \nMaximum \n6.19 \n6.19 \n6.17 \n6.33 \nOver 1 year \n \n \n \n \nMinimum \n3.86 \n3.86 \n4.06 \n4.14 \nMaximum \n6.28 \n6.28 \n6.25 \n6.42 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n \n \n \n \n \n 3 \nCommercial bank weighted lending rates (Local Currency (ZiG)) (%) \nZiG Lending rates \n24 January 2024 \n31 January 2025 \n07 February 2025 \n14 February 2025 \nIndividuals \n \n \n \n \nMinimum \n41.64 \n41.82 \n42.91 \n42.98 \nMaximum \n47.25 \n47.35 \n48.48 \n48.56 \nCorporates \n \n \n \n \nMinimum \n40.16 \n40.13 \n40.43 \n40.45 \nMaximum \n45.74 \n46.08 \n45.55 \n45.93 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nCommercial bank weighted lending rates (Foreign Currency (US$)) (%) \nUS$ Lending rates \n24 January 2024 \n31 January 2025 \n07 February 2025 \n14 February 2025 \nIndividuals \n \n \n \n \nMinimum \n12.80 \n12.82 \n12.79 \n12.87 \nMaximum \n17.38 \n17.40 \n17.37 \n17.38 \nCorporates \n \n \n \n \nMinimum \n10.70 \n10.74 \n10.85 \n10.90 \nMaximum \n16.26 \n16.18 \n16.16 \n16.02 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nCommercial banks and building societies mortgage lending rates (%) \nMortgage Lending rates \n24 January 2025 \n31 January 2025 \n07 January 2025 \n14 February 2025 \nZiG Lending rates \n \n \n \n \nMinimum \n20.00 \n20.00 \n20.00 \n20.00 \nMaximum \n30.00 \n30.00 \n30.00 \n30.00 \nUS$ Lending rates \n \n \n \n \nMinimum \n10.00 \n10.00 \n10.00 \n10.00 \nMaximum \n18.00 \n18.00 \n18.00 \n18.00 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n \n3. EQUITY MARKETS \n \n \nZSE Indicators \n \n \nAll Share \nIndex \n(points) \nTop 10 \nIndex \n(points) \nTop 15 \nIndex \n(points) \nMedium Cap \n(points) \nSmall Cap \n(points) \nMining \nIndex \n(points) \nGrand \nMarket Cap \n(ZiG billion) \nMarket \nTurnover \n(ZiG million) \nVolume of \nShares \n(million) \n24-Jan-25 \n206.01 \n206.37 \n208.14 \n228.93 \n100.11 \n229.61 \n62.39 \n50.16 \n50.45 \n31-Jan-25 \n195.57 \n192.72 \n194.81 \n230.14 \n100.11 \n229.61 \n58.79 \n20.44 \n55.84 \n07-Feb-25 \n191.90 \n188.35 \n190.46 \n224.61 \n100.11 \n195.19 \n57.80 \n308.22 \n128.18 \n14-Feb-25 \n189.38 \n185.68 \n189.02 \n222.90 \n100.11 \n195.19 \n56.96 \n126.54 \n33.00 \nWeekly \nChange (%) \n(1.31) \n(1.42) \n(0.76) \n(0.76) \n00 \n00 \n(1.45) \n(58.94) \n(74.25) \nSource: Zimbabwe Stock Exchange, 2025 \n \nVFEX Indicators \nDate \nAll Share Index \nPoints \nGrand Market Capitalisation \n(US$ billion) \nMarket Turnover \n(US$ million) \nVolume of Shares \n(million) \n24-Jan-25 \n104.76 \n1.27 \n0.77 \n9.35 \n31-Jan-25 \n103.04 \n1.28 \n9.97 \n9.66 \n07-Feb-25 \n101.73 \n1.14 \n1.34 \n4.99 \n14-Feb-25 \n102.52 \n1 .15 \n2.21 \n13.24 \nWeekly Change (%) \n0.78 \n0.88 \n64.93 \n165.33 \nSource: Victoria Falls Stock Exchange, 2025 \n \n \n 4 \nFigure 1: ZSE and VFEX Indicators \n \n \n \n \n \n \nSource: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2025 \n \n \n \n140\n160\n180\n200\n220\n240\n260\n280\n300\n320\n15-Nov-24\n22-Nov-24\n29-Nov-24\n06-Dec-24\n13-Dec-24\n20-Dec-24\n27-Dec-24\n03-Jan-25\n10-Jan-25\n17-Jan-25\n24-Jan-25\n31-Jan-25\n07-Feb-25\n14-Feb-25\nIndices\nZSE Indices \nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n40\n50\n60\n70\n80\n90\n100\n15-Nov-24\n22-Nov-24\n29-Nov-24\n06-Dec-24\n13-Dec-24\n20-Dec-24\n27-Dec-24\n03-Jan-25\n10-Jan-25\n17-Jan-25\n24-Jan-25\n31-Jan-25\n07-Feb-25\n14-Feb-25\nZiG Billion\nZSE Market Capitalisation \n0\n2000\n4000\n6000\n8000\n10000\n12000\n14000\n16000\n18000\n20000\n15-Nov-24\n22-Nov-24\n29-Nov-24\n06-Dec-24\n13-Dec-24\n20-Dec-24\n27-Dec-24\n03-Jan-25\n10-Jan-25\n17-Jan-25\n24-Jan-25\n31-Jan-25\n07-Feb-25\n14-Feb-25\nUS$ Thousand\nVFEX Market Turnover \n1.1\n1.15\n1.2\n1.25\n1.3\n1.35\n1.4\n15-Nov-24\n22-Nov-24\n29-Nov-24\n06-Dec-24\n13-Dec-24\n20-Dec-24\n27-Dec-24\n03-Jan-25\n10-Jan-25\n17-Jan-25\n24-Jan-25\n31-Jan-25\n07-Feb-25\n14-Feb-25\nUS$ Billion\nVFEX Market Capitalisation \n95\n100\n105\n110\n115\n15-Nov-24\n22-Nov-24\n29-Nov-24\n06-Dec-24\n13-Dec-24\n20-Dec-24\n27-Dec-24\n03-Jan-25\n10-Jan-25\n17-Jan-25\n24-Jan-25\n31-Jan-25\n07-Feb-25\n14-Feb-25\nIndices\nVFEX All Share Index \n0\n20 0 000\n40 0 000\n60 0 000\n80 0 000\n100 0 000\n120 0 000\n140 0 000\n160 0 000\n15-Nov-24\n22-Nov-24\n29-Nov-24\n06-Dec-24\n13-Dec-24\n20-Dec-24\n27-Dec-24\n03-Jan-25\n10-Jan-25\n17-Jan-25\n24-Jan-25\n31-Jan-25\n07-Feb-25\n14-Feb-25\nZiG Thousands\nZSE Market Turnover \nLump-sum deals: Econet Wireless \nZimbabwe Limited, OK Zimbabwe \nLimited, Delta Corporation Limited\nNegotiated \ntrade \ndeals \nSimbisa Brands Limited \nshares, \nInnscor \nAfrica \nLimited shares. \n \n 5 \n4. CLEARING AND SETTLEMENT ACTIVITY \n Source: Reserve Bank of Zimbabwe, 2025 \n \n \n5. ENERGY PRICES \n \nEnergy Prices \n \n24 January \n31 January 2025 \n07 February 2025 \n14 February 2025 \nDomestic Energy Prices \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.53 \n1.53 \n1.58 \n1.58 \nPetrol Blend E20/ litre \n1.48 \n1.48 \n1.53 \n1.53 \nLP Gas / kg \n1.58 \n1.58 \n1.61 \n1.61 \n \n \n \n \n \nInternational Energy Prices \n(Weekly average) \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n78.09 \n76.15 \n74.94 \n75.31 \n Source: Zimbabwe Energy Regulatory Authority and BBC 2025 \n \n \n6. GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS \n(GBDT) \n \n \n \nGold PM Fix and Gold Backed Digital Token Prices \nDate \nGold PM Fix \nGBDT ZiG Price per Mg \nGBDT US$ Price per Mg \nUS$/oz \nBuy \nSell \nBuy \nSell \n10-February-25 \n2,874.65 \n2.32 \n2.56 \n0.0878 \n0.0970 \n11-February-25 \n2,904.45 \n2.34 \n2.59 \n0.0887 \n0.0980 \n12-February-25 \n2,895.40 \n2.34 \n2.58 \n0.0884 \n0.0977 \n13-February-25 \n2,891.50 \n2.23 \n2.58 \n0.0883 \n0.0976 \n14-February-25 \n2,915.30 \n2.35 \n2.40 \n0.0890 \n0.0980 \nSource: London Bullion Market Association and Reserve Bank of Zimbabwe, 2025 \n \n \n \nPAYMENT STREAM \nWEEK ENDING \n07 February 2025 \nWEEK ENDING \n14 February 2025 \nWEEKLY \nCHANGE (%) \n \nVALUES \n \nRTGS \n19,991,379,726.79 \n24,505,758,307.49 \n22.58 \nOf which ZiG \n6,061,990,995.42 \n8,368,051,519.82 \n \nOf which US$ transactions \n(ZiG Equivalent) \n13,929,388,731.37 \n16,137,706,787.67 \n \nPOS \n2,707,523,984.41 \n1,566,901,528.74 \n(42.13) \nATM \n2,314,320,556.97 \n1,468,903,972.14 \n(36.53) \nMOBILE BANKING \n321,382,932.76 \n185,824,253.86 \n(42.18) \nMOBILE MONEY \n3,067,380,407.40 \n2,907,608,994.60 \n(5.21) \nZIPIT MOBILE \n194,119,334.91 \n131,213,971.17 \n(32.41) \nTOTAL \n28,596,106,943.25 \n30,766,211,027.99 \n7.59 \n \nVOLUMES \n \nRTGS \n197,076 \n166,061 \n(15.74) \nOf which ZiG \n74,984 \n75,280 \n \nOf which US$ \n122,092 \n90,781 \n \nPOS \n2,224,062 \n1,399,840 \n(37.06) \nATM \n297,497 \n180,675 \n(39.27) \nMOBILE BANKING \n442,401 \n245,131 \n(44.59) \nMOBILE MONEY \n9,721,074 \n9,829,979 \n1.12 \nZIPIT MOBILE \n188,202 \n132,404 \n(29.65) \nTOTAL \n13,070,312 \n11,954,090 \n(8.54) \n \n 6 \n \nMosi-oa-Tunya Gold Coin Prices \nGold Coin \nPrice \n10-February -25 \n11-February-25 \n12-February-25 \n13-February-25 \n14-February-25 \n1.00Oz \n \n \n \n \n \nUS$ \n3,018.38 \n3,049.67 \n3,040.17 \n3.036.08 \n3,061.07 \nZiG \n79,723.33 \n80,568.38 \n80,324.33 \n80,249.23 \n8,0923.84 \n0.50Oz \n \n \n \n \n \nUS$ \n1,509.19 \n1,524.84 \n1,520.09 \n1,518.04 \n1,530.53 \nZiG \n39,861.66 \n40,284.19 \n40,162.17 \n40,124.62 \n40,461.92 \n0.25Oz \n \n \n \n \n \nUS$ \n754.60 \n762.42 \n760.04 \n759.02 \n7,65.27 \nZiG \n19,930.83 \n20,142.10 \n20,081.08 \n20,062.31 \n20,239.96 \n0.10Oz \n \n \n \n \n \nUS$ \n301.84 \n304.97 \n304.02 \n302.61 \n306.11 \nZiG \n7,972.33 \n8,056.84 \n8,032.43 \n8,024.92 \n8,092.38 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n7. EXTERNAL SECTOR \n \n \nExchange Rate Developments (ZiG per Unit of foreign currency) \n \n \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(03 Feb -07 Feb) \n26.3941 \n1.4106 \n \n32.7471 \n \n1.8958 \n27.2721 \n10-Feb \n26.4126 \n1.4271 \n32.7729 \n1.9152 \n27.2618 \n11-Feb \n26.4187 \n1.4308 \n32.6563 \n1.9103 \n27.2232 \n12-Feb \n26.421 \n1.4251 \n32.8771 \n1.9026 \n27.3643 \n13-Feb \n26.4319 \n1.4304 \n33.0241 \n1.9112 \n27.5817 \n14-Feb \n26.4365 \n1.4292 \n33.1832 \n1.9062 \n27.6248 \nWeekly Average \n(10 Feb -14 Feb) \n26.4241 \n1.4285 \n32.9027 \n1.9091 \n27.4112 \nAppr (-)/Depr (+) (%) of the \nZWG \n0.1 \n1.3 \n0.5 \n0.7 \n0.5 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nInternational Commodity Prices \n \nGold \nPlatinum \nPalladium \nNickel \nLithium \n \nUS$/oz \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nWeekly Average (03 – \n07 Feb) \n2,846.32 \n966.20 \n995.20 \n15,516.00 \n10,350.00 \n10-Feb \n2,900.00 \n988.00 \n982.00 \n15,522.00 \n10,350.00 \n11-Feb \n2,901.13 \n982.50 \n979.00 \n15,538.00 \n10,350.00 \n12-Feb \n2,887.43 \n988.50 \n974.50 \n15,420.00 \n10,350.00 \n13-Feb \n2,916.38 \n1,000.00 \n987.00 \n15,374.00 \n10,350.00 \n14-Feb \n2,929.65 \n1,003.00 \n998.00 \n15,468.00 \n10,350.00 \nWeekly Average (10 – \n14 Feb) \n2,906.92 \n992.40 \n984.10 \n15,464.40 \n10,350.00 \n \nWeekly Change (%) \n2.13 \n2.71 \n(1.12) \n(0.33) \n0.00 \nSource: BBC, KITCO and Bloomberg, 2025 \n \n \n \n \n \n 7 \nFigure 3: Weekly International Commodity Price Developments (17th January 2025– 14h February 2025) \n \n \n \n \n \n \nSource: BBC, KITCO and Bloomberg, 2025 \n \nRESERVE BANK OF ZIMBABWE \nFEBRUARY 2025 \n2 5 500\n2 5 550\n2 6 600\n2 6 650\n2 7 700\n2 7 750\n2 8 800\n2 8 850\n2 9 900\n2 9 950\n3 0 000\n17-Jan\n24-Jan\n31-Jan\n07-Feb\n14-Feb\nUS$/oz\nGold\n70\n72\n74\n76\n78\n80\n82\n17-Jan\n24-Jan\n31-Jan\n7-Feb\n14-Feb\nUS$/barrel\nCrude oil \n820\n840\n860\n880\n900\n920\n940\n960\n980\n1 0 000\n1 0 020\n17-Jan\n24-Jan\n31-Jan\n7-Feb\n14-Feb\nUS$/tonne\nPlatinum\n15 0 000\n15 2 200\n15 4 400\n15 6 600\n15 8 800\n16 0 000\n16 2 200\n16 4 400\n17-Jan\n24-Jan\n31-Jan\n7-Feb\n14-Feb\nUS$/tonne\nNickel\n9 6 600\n9 7 700\n9 8 800\n9 9 900\n10 0 000\n10 1 100\n10 2 200\n10 3 300\n10 4 400\n17-Jan\n24-Jan\n31-Jan\n7-Feb\n14-Feb\nUS$/tonne\nLithium \n900\n910\n920\n930\n940\n950\n960\n970\n980\n990\n1 0 000\n1 0 010\n1 0 020\n17-Jan\n24-Jan\n31-Jan\n7-Feb\n14-Feb\nUS$/tonne\nPalladium", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_14_FEBRUARY_2025_Volume_27_Number_7.pdf"}
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+ {"doc_id": "25479c66252ba824ef182866caeb9430", "text": "Vol. 27 No. 39 \n \nWeek Ending \n26th September 2025 \n \nWeekly Economic \nHighlights \nVol. 27 No. 37 \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 2 \n3. \nEQUITY MARKETS .............................................................. 3 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 5 \n5. \nENERGY PRICES .................................................................. 5 \n6. \nGOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND \nGOLD BACKED DIGITAL TOKENS (GBDT) .................. 5 \n7. \nEXTERNAL SECTOR ........................................................... 6 \n \n \n \n \n1 \n1. OVERVIEW \nThis report provides an overview of key developments in the monetary and financial sectors during the week \nending 26th September 2025. It covers updates on domestic money and capital markets, national payment \nsystems, exchange rates, and global commodity prices. \nMinimum deposit rates for local currency remained unchanged across all tenors during the review period, \nwhile maximum deposit rates rose for all tenors except savings deposits, which remained the same. Foreign \ncurrency minimum deposit rates also remained unchanged, whilst the maximum deposit rates for savings, 3-\nmonth, and 12-month tenors increased. Foreign currency maximum deposit rate for 1-month rate decreased, \nwhilst for the 6-month and over 1-year tenors remained unchanged during the same period. \nThe local currency lending rates declined for all clients except for the individual minimum lending rates, \nwhich rose. Foreign currency lending rates increased across all tenors, except for corporate minimum lending \nrates, which remained unchanged. \nDuring the week ending 26th September, the Zimbabwe Stock Exchange (ZSE) recovered from the previous \nweek’s loss while the Victoria Falls Stock Exchange (VFEX) continued to trade on a positive trajectory. As \nsuch, the ZSE and VFEX All Share indices gained 1.03% and 10.56% to close at 208.72 points and 148.72 \npoints, respectively. The surge in the VFEX turnover volume and value of shares was largely on account of \nInnscor Africa Limited which traded a combined 2 million shares at US$0.73/share, during the period under \nreview. \nThe total value of transactions processed through the National Payment Systems platforms decreased by \n6.48% from ZiG39.94 billion in the previous week to ZiG37.35 billion during the week under review. The \nvolume of transactions processed, however, increased by 13.40% from 14.23 million to 16.14 million during \nthe same period. \nThe Zimbabwe Gold Currency (ZiG) appreciated by 0.27% to ZiG26.58 per US dollar, from an average of \nZiG26.65 per US dollar recorded in the previous week. \nDuring the week ending 26 September 2025, global prices for gold, platinum, palladium, crude oil, and \nlithium, rose, while nickel prices fell. The gold price increase was driven by the safe-haven demand, amid \nheightened global economic uncertainty and growing expectations of further U.S. interest rate cuts. Platinum \nprices were boosted by tight supply and growing demand from the jewellery, automotive, and investment. \nPalladium prices benefitted from high industrial and automotive demand, particularly in Asia and Europe, \ndriven by stricter emissions standards. Lithium prices increased due to heightened demand. Brent crude oil \nprices continued to trend upward amid disruptions to Russian exports. Nickel prices fell due to a persistent \nglobal surplus, mainly from expanded production in Indonesia. \n \n \n \n \n2 \n2. INTEREST RATES \n \nAverage commercial bank deposit rates (Local Currency (ZiG) (%) \nZiG Deposit rates \n05 Sept 2025 \n12 Sept 2025 \n19 Sept 2025 \n26 Sept 2025 \nSavings \n \n \n \n \nMinimum \n3.75 \n3.75 \n3.75 \n3.75 \nMaximum \n4.08 \n4.08 \n4.08 \n4.08 \n1-month deposit \n \n \n \n \nMinimum \n6.63 \n6.63 \n6.63 \n6.63 \nMaximum \n10.49 \n10.49 \n10.49 \n11.04 \n3-months deposit \n \n \n \n \nMinimum \n6.90 \n6.90 \n6.90 \n6.90 \nMaximum \n10.68 \n10.68 \n10.68 \n10.79 \n6-months deposit \n \n \n \n \nMinimum \n6.51 \n6.51 \n6.51 \n6.51 \nMaximum \n10.28 \n10.28 \n10.28 \n10.39 \n12-months deposit \n \n \n \n \nMinimum \n6.52 \n6.52 \n6.52 \n6.52 \nMaximum \n10.99 \n10.99 \n10.99 \n11.10 \nOver 1 year \n \n \n \n \nMinimum \n6.53 \n6.53 \n6.53 \n6.53 \nMaximum \n11.00 \n11.00 \n11.00 \n11.11 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nAverage commercial bank deposit rates (Foreign Currency (US$) (%) \nUS$ Deposit rates \n05 Sept 2025 \n12 Sept 2025 \n19 Sept 2025 \n26 Sept 2025 \nSavings \n \n \n \n \nMinimum \n1.61 \n1.61 \n1.61 \n1.61 \nMaximum \n1.81 \n1.81 \n1.81 \n1.94 \n1-month deposit \n \n \n \n \nMinimum \n3.92 \n3.92 \n3.92 \n3.92 \nMaximum \n6.59 \n6.59 \n6.59 \n6.50 \n3-month deposit \n \n \n \n \nMinimum \n4.46 \n4.46 \n4.46 \n4.46 \nMaximum \n7.45 \n7.45 \n7.45 \n7.56 \n6-month deposit \n \n \n \n \nMinimum \n4.26 \n4.26 \n4.26 \n4.26 \nMaximum \n7.57 \n7.57 \n7.57 \n7.57 \n12-Month deposit \n \n \n \n \nMinimum \n4.56 \n4.56 \n4.56 \n4.56 \nMaximum \n7.47 \n7.47 \n7.47 \n7.92 \nOver 1 year \n \n \n \n \nMinimum \n4.67 \n4.67 \n4.67 \n4.67 \nMaximum \n7.64 \n7.64 \n7.64 \n7.64 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n \n \n \n \n \n \n3 \nCommercial bank weighted lending rates (Local Currency (ZiG) (%) \nZiG Lending rates \n05 Sept 2025 \n12 Sept 2025 \n19 Sept 2025 \n26 Sept 2025 \nIndividuals \n \n \n \n \nMinimum \n43.38 \n43.41 \n43.44 \n43.45 \nMaximum \n48.98 \n49.03 \n49.08 \n49.06 \nCorporates \n \n \n \n \nMinimum \n40.38 \n40.42 \n40.46 \n40.45 \nMaximum \n46.37 \n46.34 \n46.57 \n46.22 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nCommercial bank weighted lending rates (Foreign Currency (US$) (%) \nUS$ Lending rates \n05 Sept 2025 \n12 Sept 2025 \n19 Sept 2025 \n26 Sept 2025 \nIndividuals \n \n \n \n \nMinimum \n13.59 \n13.61 \n13.62 \n13.64 \nMaximum \n17.56 \n17.56 \n17.55 \n17.87 \nCorporates \n \n \n \n \nMinimum \n10.46 \n10.53 \n10.55 \n10.55 \nMaximum \n16.17 \n15.89 \n15.94 \n16.26 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nCommercial banks and building societies mortgage lending rates (%) \nMortgage Lending \nrates \n05 Sept 2025 \n12 Sept 2025 \n19 Sept 2025 \n26 Sept 2025 \nZiG Lending rates \n \n \n \n \nMinimum \n25.00 \n25.00 \n25.00 \n25.00 \nMaximum \n50.00 \n50.00 \n50.00 \n50.00 \nUS$ Lending rates \n \n \n \n \nMinimum \n10.00 \n10.00 \n10.00 \n10.00 \nMaximum \n18.00 \n18.00 \n18.00 \n18.00 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n3. EQUITY MARKETS \n \nZSE Indicators \n \n \nAll Share \nIndex \n(points) \nTop 10 \nIndex \n(points) \nTop 15 \nIndex \n(points) \nMedium Cap \n(points) \nSmall Cap \n(points) \nMining \nIndex \n(points) \nGrand \nMarket Cap \n(ZiG billion) \nMarket \nTurnover \n(ZiG million) \nVolume of \nShares \n(million) \n05-Sept-25 \n208.27 \n206.49 \n209.17 \n233.50 \n100.11 \n145.31 \n65.29 \n202.23 \n48.45 \n12-Sept-25 \n208.19 \n206.05 \n209.02 \n235.34 \n100.11 \n123.67 \n65.32 \n85.34 \n15.55 \n19-Sept-25 \n206.59 \n205.45 \n208.35 \n236.14 \n100.11 \n123.58 \n64.79 \n114.05 \n21.30 \n26-Sept-25 \n208.72 \n205.28 \n211.04 \n242.02 \n100.11 \n123.58 \n64.95 \n26.39 \n5.41 \nWeekly \nChange (%) \n1.03 \n(0.08) \n1.29 \n2.49 \n0.00 \n0.00 \n0.25 \n(76.86) \n(74.60) \nSource: Zimbabwe Stock Exchange, 2025 \n \nVFEX Indicators \nDate \n \nAll Share Index \nPoints \nGrand Market Capitalisation \n(US$ billion) \nMarket Turnover (US$ \nmillion) \nVolume of Shares (million) \n05-Sept-25 \n127.69 \n1.49 \n0.16 \n0.48 \n12-Sept-25 \n120.77 \n1.43 \n0.66 \n5.75 \n19-Sept-25 \n134.52 \n1.59 \n0.58 \n2.67 \n26-Sept-25 \n148.72 \n1.77 \n5.17 \n10.30 \nWeekly Change (%) \n10.56 \n11.32 \n791.38 \n285.77 \nSource: Victoria Falls Stock Exchange, 2025 \n \n \n \n \n \n \n4 \nFigure 1: ZSE and VFEX Indicators \n \n \n \n \n \n \nSource: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2025 \n \n \n40\n45\n50\n55\n60\n65\n70\n75\n80\n27-Jun-25\n04-Jul-25\n11-Jul-25\n18-Jul-25\n25-Jul-25\n01-Aug-25\n08-Aug-25\n15-Aug-25\n22-Aug-25\n29-Aug-25\n05-Sep-25\n12-Sep-25\n19-Sep-25\n26-Sep-25\nZiG Billion\nZSE Market Capitalisation \n100\n105\n110\n115\n120\n125\n130\n135\n140\n145\n150\n27-Jun-25\n04-Jul-25\n11-Jul-25\n18-Jul-25\n25-Jul-25\n01-Aug-25\n08-Aug-25\n15-Aug-25\n22-Aug-25\n29-Aug-25\n05-Sep-25\n12-Sep-25\n19-Sep-25\n26-Sep-25\nIndex\nVFEX All Share Index \n0\n200\n400\n600\n800\n1000\n1200\n1400\n1600\n1800\n27-Jun-25\n04-Jul-25\n11-Jul-25\n18-Jul-25\n25-Jul-25\n01-Aug-25\n08-Aug-25\n15-Aug-25\n22-Aug-25\n29-Aug-25\n05-Sep-25\n12-Sep-25\n19-Sep-25\n26-Sep-25\nUS$ Thousand\nVFEX Market Turnover \n1.2\n1.3\n1.4\n1.5\n1.6\n1.7\n1.8\n27-Jun-25\n04-Jul-25\n11-Jul-25\n18-Jul-25\n25-Jul-25\n01-Aug-25\n08-Aug-25\n15-Aug-25\n22-Aug-25\n29-Aug-25\n05-Sep-25\n12-Sep-25\n19-Sep-25\n26-Sep-25\nUS$ Billion\nVFEX Market Capitalisation \n0\n50,000\n100,000\n150,000\n200,000\n250,000\n300,000\n27-Jun-25\n04-Jul-25\n11-Jul-25\n18-Jul-25\n25-Jul-25\n01-Aug-25\n08-Aug-25\n15-Aug-25\n22-Aug-25\n29-Aug-25\n05-Sep-25\n12-Sep-25\n19-Sep-25\n26-Sep-25\nZiG Thousands\nZSE Market Turnover \n90\n110\n130\n150\n170\n190\n210\n230\n250\n270\n27-Jun-25\n04-Jul-25\n11-Jul-25\n18-Jul-25\n25-Jul-25\n01-Aug-25\n08-Aug-25\n15-Aug-25\n22-Aug-25\n29-Aug-25\n05-Sep-25\n12-Sep-25\n19-Sep-25\n26-Sep-25\nIndices\nZSE Indices \nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n \n \n5 \n4. CLEARING AND SETTLEMENT ACTIVITY \n Source: Reserve Bank of Zimbabwe, 2025 \n \n5. ENERGY PRICES \n \nEnergy Prices \n \n05-Sept 2025 \n12-Sept 2025 \n19-Sept 2025 \n26-Sept 2025 \nDomestic Energy Prices \nUS$ \nUS$ \nUS$ \n \nDiesel 50/ litre \n1.55 \n1.55 \n1.55 \n1.55 \nPetrol Blend E5/ litre \n1.55 \n1.55 \n1.55 \n1.55 \nLP Gas / kg \n1.45 \n1.45 \n1.45 \n1.45 \n \n \n \n \n \nInternational Energy Prices \n(Weekly average) \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n67.35 \n66.56 \n67.24 \n67.76 \n Source: Zimbabwe Energy Regulatory Authority and BBC 2025 \n \n6. GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS \n(GBDT) \n \nGold PM Fix and Gold Backed Digital Token Prices \nDate \nGold PM Fix \nGBDT ZiG Price per Mg \nGBDT US$ Price per Mg \nUS$/oz \nBuy \nSell \nBuy \nSell \n22-Sept-25 \n3,663.15 \n2.97 \n3.29 \n0.1119 \n0.1237 \n23-Sept-25 \n3,719.70 \n3.02 \n3.34 \n0.1136 \n0.1256 \n24-Sept-25 \n3,783.80 \n3.08 \n3.40 \n0.1156 \n0.1277 \n25-Sept-25 \n3,761.60 \n3.05 \n3.37 \n0.1149 \n0.1270 \n26-Sept-25 \n3,730.75 \n3.03 \n3.35 \n0.1139 \n0.1259 \nSource: London Bullion Market Association and Reserve Bank of Zimbabwe, 2025 \n \n \n \n \nPAYMENT STREAM \nWEEK ENDING \n19 September 2025 \nWEEK ENDING \n26 September 2025 \nWEEKLY \nCHANGE (%) \n \nVALUES \n \nRTGS \n33,385,715,327.31 \n29,341,603,451.88 \n(12.11) \nOf which ZiG \n11,593,131,175.84 \n9,513,254,737.01 \n(17.94) \nOf which US$ transactions \n(ZiG Equivalent) \n21,792,584,151.47 \n19,828,348,714.87 \n \n(9.01) \nPOS \n1,423,249,836.61 \n2,296,074,361.62 \n61.33 \nATM \n1,158,740,964.29 \n1,508,070,766.05 \n30.15 \nMOBILE BANKING \n188,401,885.37 \n379,810,303.91 \n101.60 \nMOBILE MONEY \n3,642,518,397.12 \n3,515,219,742.47 \n(3.49) \nZIPIT MOBILE \n144,439,304.78 \n313,989,228.19 \n117.38 \nTOTAL \n39,943,065,715.49 \n37,354,767,854.12 \n(6.48) \n \nVOLUMES \n \nRTGS \n168,039 \n309,726 \n84.32 \nOf which ZiG \n65,067 \n124,288 \n91.02 \nOf which US$ \n102,972 \n185,438 \n80.09 \nPOS \n1,243,847 \n1,962,853 \n57.81 \nATM \n136,013 \n210,632 \n54.86 \nMOBILE BANKING \n210,768 \n426,112 \n102.17 \nMOBILE MONEY \n12,321,617 \n12,940,851 \n5.03 \nZIPIT MOBILE \n151,615 \n288,585 \n90.34 \nTOTAL \n14,231,899 \n16,138,759 \n13.40 \n \n \n6 \nMosi-oa-Tunya Gold Coin Prices \nGold Coin \nPrice \n22-Sept-25 \n23-Sept-25 \n24-Sept-25 \n25-Sept-25 \n26-Sept-25 \n1.00Oz \n \n \n \n \n \nUS$ \n3,846.31 \n3,905.69 \n3,972.99 \n3,949.68 \n3,917.29 \nZiG \n102,202.16 \n103,794.36 \n105,716.10 \n104,922.06 \n104,085.46 \n0.50Oz \n \n \n \n \n \nUS$ \n1,923.15 \n1,952.84 \n1,986.50 \n1,974.84 \n1,958.64 \nZiG \n51,101.08 \n51,897.18 \n52,858.05 \n52,461.03 \n52,042.73 \n0.25Oz \n \n \n \n \n \nUS$ \n961.58 \n976.42 \n993.25 \n987.42 \n979.32 \nZiG \n25,550.54 \n25,948.59 \n26,429.02 \n26,230.52 \n26,021.37 \n0.10Oz \n \n \n \n \n \nUS$ \n384.63 \n390.57 \n397.30 \n394.97 \n391.73 \nZiG \n10,220.22 \n10,379.44 \n10,571.61 \n10,492.21 \n10,408.55 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n7. EXTERNAL SECTOR \n \n \nExchange Rate Developments (ZiG per Unit of foreign currency) \n \n \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(15 Sept – 19 Sept) \n26.6503 \n1.5327 \n36.2342 \n1.8747 \n31.4118 \n22-Sept-25 \n26.5715 \n1.5305 \n35.7814 \n1.8737 \n31.1804 \n23-Sept-25 \n26.5752 \n1.5307 \n35.9087 \n1.8726 \n31.3654 \n24-Sept-25 \n26.6087 \n1.5430 \n35.9390 \n1.8762 \n31.3930 \n25-Sept-25 \n26.5647 \n1.5316 \n35.7457 \n1.8677 \n31.1976 \n26-Sept-25 \n26.5708 \n1.5230 \n35.4893 \n1.9992 \n31.0387 \nWeekly Average \n(22 Sept – 26 Sept) \n26.5782 \n1.5317 \n35.7728 \n1.8979 \n31.2350 \nAppr (-)/Depr (+) (%) of the \nZWG \n(0.27) \n(0.06) \n(1.27) \n1.24 \n(0.56) \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nInternational Commodity Prices \n \nGold \nPlatinum \nPalladium \nNickel \nLithium \n \nUS$/oz \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nWeekly Average \n(15 Sept – 19 Sept) \n3,671.23 \n1,396.80 \n1,175.00 \n15,362.40 \n9,506.00 \n22-Sep \n3,747.84 \n1,418.35 \n1,195.30 \n15,213.00 \n9,560.00 \n23-Sep \n3,782.00 \n1,458.50 \n1,216.50 \n15,354.00 \n9,590.00 \n24-Sep \n3,761.60 \n1,479.00 \n1,207.50 \n15,417.00 \n9,620.00 \n25-Sep \n3,747.40 \n1,543.50 \n1,266.00 \n15,279.00 \n9,650.00 \n26-Sep \n3,814.05 \n1,625.00 \n1,290.00 \n15,175.00 \n9,640.00 \nWeekly Average \n(22 Sept – 26 Sept) \n3,770.58 \n \n1,504.87 \n \n1,235.06 \n \n15,287.60 \n \n9,612.00 \n \nWeekly change (%) \n2.71 \n7.74 \n5.11 \n(0.49) \n1.12 \nSource: BBC, KITCO and Bloomberg, 2025 \n \n \n \n \n7 \nFigure 3: Weekly International Commodity Price Developments (27th June 2025– 26th September 2025) \n \n \n \n \n \nSource: BBC, KITCO and Bloomberg, 2025 \n \nRESERVE BANK OF ZIMBABWE \nSEPTEMBER 2025 \n400.00\n600.00\n800.00\n1000.00\n1200.00\n1400.00\n27-Jun\n4-Jul\n11-Jul\n18-Jul\n25-Jul\n1-Aug\n8-Aug\n15-Aug\n22-Aug\n29-Aug\n5-Sep\n12-Sep\n19-Sep\n26-Sep\nUS$/oz\nPalladium\n7,500\n7,800\n8,100\n8,400\n8,700\n9,000\n9,300\n9,600\n27-Jun\n4-Jul\n11-Jul\n18-Jul\n25-Jul\n1-Aug\n8-Aug\n15-Aug\n22-Aug\n29-Aug\n5-Sep\n12-Sep\n19-Sep\n26-Sep\nUS$/tonne\nLithium \n14,400\n14,600\n14,800\n15,000\n15,200\n15,400\n15,600\n15,800\n16,000\n16,200\n16,400\n27-Jun\n4-Jul\n11-Jul\n18-Jul\n25-Jul\n1-Aug\n8-Aug\n15-Aug\n22-Aug\n29-Aug\n5-Sep\n12-Sep\n19-Sep\n26-Sep\nUS$/tonne\nNickel\n50\n55\n60\n65\n70\n75\n80\n27-Jun\n4-Jul\n11-Jul\n18-Jul\n25-Jul\n1-Aug\n8-Aug\n15-Aug\n22-Aug\n29-Aug\n5-Sep\n12-Sep\n19-Sep\n26-Sep\nUS$/barrel\nCrude oil \n2,900\n3,150\n3,400\n3,650\n3,900\n27-Jun\n04-Jul\n11-Jul\n18-Jul\n25-Jul\n01-Aug\n08-Aug\n15-Aug\n22-Aug\n29-Aug\n05-Sep\n12-Sep\n19-Sep\n26-Sep\nUS$/oz\nGold\n980\n1,080\n1,180\n1,280\n1,380\n1,480\n1,580\n1,680\n27-Jun\n4-Jul\n11-Jul\n18-Jul\n25-Jul\n1-Aug\n8-Aug\n15-Aug\n22-Aug\n29-Aug\n5-Sep\n12-Sep\n19-Sep\n26-Sep\nUS$/tonne\nPlatinum", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_26_September_2025_Volume_27_Number_39.pdf"}
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+ {"doc_id": "26894a7d4cd59528947c75777fd65ad4", "text": "MONETARY POLICY STATEMENT \n \n \nISSUED \nIN TERMS OF THE RESERVE BANK OF ZIMBABWE ACT \nCHAPTER 22:15, SECTION 46 \n \nBY \nDR. G. GONO \nGOVERNOR \n \nRESERVE BANK OF ZIMBABWE \n \n31 JANUARY 2013 \n2 \n \nTable of Contents \n1. \nINTRODUCTION AND BACKGROUND ....................................................................................... 5 \nLack of Progress in Resolving Economic Challenges .............................................................................. 6 \n3. \nINTERNATIONAL ECONOMIC DEVELOPMENTS .................................................................. 9 \nCommodity Price Developments ............................................................................................................ 12 \n4. \nBALANCE OF PAYMENTS DEVELOPMENTS ......................................................................... 16 \nFinancing of Current Account Deficit .................................................................................................... 18 \n5. \nINFLATION DEVELOPMENTS ................................................................................................... 20 \n6. \nFINANCIAL SECTOR DEVELOPMENTS .................................................................................. 21 \nBanking Sector Deposits, Loans and Advances ...................................................................................... 21 \nBanking Sector Overview ....................................................................................................................... 24 \nInterest Rate Developments .................................................................................................................... 24 \nArchitecture of the Banking Sector ......................................................................................................... 25 \nRecent Developments in the Banking Sector .......................................................................................... 26 \nTROUBLED BANKS ............................................................................................................................. 27 \nBarbican Bank ......................................................................................................................................... 27 \nInterfin Bank (Under Curatorship) .......................................................................................................... 27 \nGenesis Investment Bank (Under Liquidation)....................................................................................... 27 \nRoyal Bank.............................................................................................................................................. 28 \nEnhanced Troubled Bank Resolution Policy Framework Roll- Out ....................................................... 29 \nBASEL II/III Implementation ................................................................................................................. 30 \nStress Testing .......................................................................................................................................... 30 \nACCREDITATION OF CREDIT REFERENCE BUREAUS ............................................................... 31 \nBANKING SECTOR CAPITALIZATION ............................................................................................ 32 \nBANKING SECTOR VISION 2020 ...................................................................................................... 36 \n7. \nOTHER POLICY ISSUES AND ADVICE .................................................................................... 37 \nRating of Banks ....................................................................................................................................... 37 \nBank Charges and Interest Rates ............................................................................................................ 37 \nENHANCED CORPORATE GOVERNANCE ..................................................................................... 38 \nCross-Border Banking Supervision ........................................................................................................ 39 \nFinancial Sector Consumer Protection Regulations ................................................................................ 44 \nBanking Amendment Bill, 2013 ............................................................................................................. 44 \n3 \n \nBroad Objectives ..................................................................................................................................... 45 \nSynopsis of the provision ........................................................................................................................ 46 \n8. \nISSUANCE OF GOVERNMENT SHORT TERM INSTRUMENTS ......................................... 48 \nTreasury Bill Issuances ........................................................................................................................... 48 \nLender of Last Resort .............................................................................................................................. 48 \nShort-term Trade Facilities ..................................................................................................................... 49 \n8. \nMOBILE FINANCIAL SERVICES (MFS) DEVELOPMENTS ................................................. 51 \nReview of Legal and Regulatory Framework ......................................................................................... 52 \nInternational Best Practices ..................................................................................................................... 53 \nInteroperability and Infrastructure Sharing ............................................................................................. 54 \nPayment Systems Pricing Strategy ......................................................................................................... 55 \nRisk Management ................................................................................................................................... 56 \nExchange Control Measures to Enforce Timeous acquittal of forms CD1/CD3/TR2 ............................ 57 \nLOAN CONTRACTION PROCEDURES ............................................................................................. 58 \nMONEY LAUNDERING ....................................................................................................................... 59 \nCounterfeit Money .................................................................................................................................. 59 \nSuspicious Transactions .......................................................................................................................... 60 \nIndigenization and Economic Empowerment ......................................................................................... 61 \nEngagement of the International Community ......................................................................................... 62 \nBilateral Investment Protection and Promotion Agreements (BIPPAS) ................................................. 62 \n9. \nCONCLUSION ................................................................................................................................. 63 \n \nFigures \nFigure 1: Global Economic Growth (%) ..................................................................................................... 11 \nFigure 2: Economic Growth (China, India & Sub-Saharan Africa) ............................................................ 12 \nFigure 3: Gold Deliveries 2011 and 2012 ................................................................................................... 14 \nFigure 4: Imports and Exports 2012 (US$M) ............................................................................................. 17 \nFigure 5: Trade and Current Account Balances (1990-2012) ..................................................................... 18 \nFigure 6: Balance of Payments (US$M) ..................................................................................................... 19 \nFigure 7: Annual Inflation Profile (%) ........................................................................................................ 21 \nFigure 8: Bank Deposits, Loans and Advances (US$M) ............................................................................ 22 \nFigure 9: Composition of Credit to the Private Sector ................................................................................ 23 \nFigure 10: Average Deposit and Lending Rates (%) .................................................................................. 25 \n4 \n \nTables \nTable 1: International Commodity Prices 2012 .......................................................................................... 13 \nTable 2: Architecture of Zimbabwe's Banking Sector ................................................................................ 26 \nTable 3: Capitalization Levels – Compliant Banks..................................................................................... 33 \nTable 4: Capitalization Levels: Significant Progress Towards Compliance ............................................... 34 \nTable 5: Capitalization levels: Recapitalization Plans in Need of Improvement ........................................ 34 \nTable 6: Characteristics of SMEs ................................................................................................................ 43 \nTable 7: Approved ELCC Short-term Facilities Year (2011 and 2012) ..................................................... 50 \n \n5 \n \n \n1. \nINTRODUCTION AND BACKGROUND \n \n1.1 We meet once again in the context of this Monetary Policy \nStatement which is issued in terms of Section 46 of the Reserve \nBank Act (Chapter 22:15), and is presented against the \nbackground of a slowdown in economic activity, not just in \nZimbabwe but the world over. \n \n1.2 Distinguished colleagues, the deterioration in global economic \nconditions coupled with constraints in the domestic economy, \nnotably the negative effects of sanctions, adverse weather \nconditions and underlying liquidity shortages imposed constraints \non the growth of the Zimbabwean economy. \n \n1.3 As a result of these adverse developments, significant steam has \nbeen taken off the economic growth momentum attained between \n2009 and 2011 and all signs at hand point to a very difficult 2013 if \nwe continue to operate on a “business as usual” mode.. \n \n1.4 The emerging risks are heavily inclined towards the downside, \nthereby significantly dimming the country’s economic growth \nprospects. The situation has further been compounded by \n6 \n \nperennial lingering challenges which have remained deep-\nseated in the economy over the past decade or so. \nLack of Progress in Resolving Economic Challenges \n \n1.5 Most of you will recall participating in the shaping up of my \nmaiden Monetary Policy Statement issued in December 2003. \nIn that statement, I outlined the economic challenges that we \nsaw as affecting sustained growth and prospects of the \nZimbabwean economy at that time (please refer to Appendix 1) \n \n1.6 It is instructive that these challenges have not changed much as \nat 1 January 2013 except in the area of politics where the \ncountry now enjoys greater peace and tranquility than then, a \nproduct of the Inclusive Government of the last 4 years. \nAdmittedly, lack of progress in addressing the bulk of these \nunderlying challenges, is visible. \n \n1.7 Notwithstanding, these attendant challenges, great scope still exist to \nleverage on the same strengths and advantages which I pointed out \nin that maiden Monetary Policy Statement in December 2003: \n \n7 \n \n1.8 The strengths and positives are outlined in Appendix 2 still remain \nvalid today and we should take advantage of them in order to \nmove our economy to emerging market status. \n \n1.9 Turning to the present and, on the external sector front, the Euro-\nzone sovereign debt crisis that has plunged the global economy \ninto a recession has also resulted in the dwindling of trade \nopportunities. These negative developments have precipitated the \nvolatility of international commodity prices. Consequently, the \nglobal economic slow-down has magnified the country’s external \nsector vulnerabilities through declining export prices, particularly \nfor some primary commodities. \n \n1.10 These adverse commodity price developments combined with \nlimited access to offshore lines of credit, compound the country’s \nexternal sector position with serious ramification on the \nvulnerability of banks. \n \n1.11 For the upteenth time, let me state the usual and dare I say major \nsources of liquidity for us are: \n \na. Exports; \nb. Diaspora inflows; \nc. Foreign direct investment; \n8 \n \nd. Lines of credit; and \ne. Portofolio inflows. \n \n1.12 The stability of the country’s banking sector has, thus remained \nsusceptible to adverse liquidity conditions that are inextricably \nlinked to external sector developments, particularly under the \nmultiple currency system. Most importantly, the cost of capital has \nremained high as evidenced by high lending rates as well as high \nbank charges. \n \n1.13 If follows, therefore, ladies and gentleman that any internal attack \non any of the five major sources of liquidity will continue to \nimpose considerable adverse effects on the recovery of the \neconomy hence the need for stakeholders to take heed when we \nspeak from a point of knowledge. \n \n1.14 High lending rates have also discouraged borrowing by the key \nproductive sectors of the economy, while high bank charges have \nmilitated against initiatives to meaningfully mobilize savings. It is \nagainst this background that the intermediary role played by the \nfinancial sector has been severely undermined, thereby, further \nconstraining the country’s economic growth prospects. \n \n9 \n \n2. \nIt is further against this background that the attainment of the \noverarching objective of maintaining financial sector stability in a \nmanner that is promotive of sustained economic growth and \ndevelopment remain central to pronouncements embodied in this \nMonetary Policy Statement. \n3. \nINTERNATIONAL ECONOMIC DEVELOPMENTS \n \n3.1 In the aftermath of the negative repercussions of the slow-down in \nglobal economic activity, precipitated by the Euro-zone sovereign \ndebt crisis, relative stability has been restored in international \nfinancial markets. This largely reflects the impact of policy \nmeasures enunciated by major central banks and governments \nparticularly in the Euro-area including what they refer to as \nquantitative easing, company bail outs and subsidies. \n \n3.2 Notwithstanding these positive strides, global economic recovery \nremains weak and fragile on the back of lingering policy \nuncertainty, coupled with on-going economic and fiscal adjustment \ninitiatives in advanced countries, and the unwinding of credit \nbooms in emerging economies. \n \n3.3 Despite extra-ordinary ameliorative measures geared at combating \nthe recession that has gripped advanced economies, such as \n10 \n \nquantitative easing, company bailouts, (BACOSSI operations) and \ncompany subsidies, re-acceleration of economic activity in \nadvanced economies still remains elusive. This reflects the adverse \neffects of lingering uncertainty about the course of policy coupled \nwith tight financial conditions, and ongoing fiscal consolidation. \n \n3.4 The aversion of the destabilizing effects of the fiscal cliff in the US \nis expected to provide marginal growth impetus to the US \neconomy and global economic activity at large. The US fiscal cliff \nentailed the anticipated sharp decline in the budget deficit that \ncould have occurred in January 2013 due to increased taxes and \nspending cuts as required by the US Budget Control Act of 2011. \n \n3.5 Admittedly, such a move, however, could have resulted in a deeper \nrecession in the US economy than is the case now, with dampening \neffects on global economic recovery. \n \n3.6 Against this background, economic activity in advanced economies \nis projected to marginally grow from 1.3% in 2012 to 1.5% in \n2013. \n \n3.7 In turn, the negative spill-over effects of subdued activity in \nadvanced economies coupled with deteriorating macroeconomic \nconditions, depressed economic activity in emerging market \n11 \n \neconomies in 2012. Accordingly, growth in global economic \nactivity is projected to modestly improve from 3.3% in 2012 to \n3.6% in 2013 as shown in Figure 1 below. \n \nFigure 1: Global Economic Growth (%) \n \nSource: World Economic Outlook, October 2012 \n \n3.8 Subdued import demand from both advanced and emerging market \neconomies, imposed constraints on economic activity in \ndeveloping countries in the Sub-Saharan African region as shown \nin Figure 2 below. \n \n \n \n \n12 \n \nFigure 2: Economic Growth (China, India & Sub-Saharan Africa) \n \nSource: World Economic Outlook, October 2012 \n \n3.9 The decline in world trade growth has also manifested itself \nthrough the volatility in international commodity prices for \nplatinum, nickel and copper, among others. This notwithstanding, \nwidespread diversification of exports cushioned some countries in \nSub-Saharan Africa from the negative effects of weak demand. In \nconsequence, economic growth in Sub-Saharan Africa is projected \nto expand from 5% in 2012 to 5.7% in 2013. \n \nCommodity Price Developments \n \n3.10 \nCommodity prices increased slightly in early 2012 on the back \nof recovering market confidence as well as better-than expected \n13 \n \nglobal growth in the first quarter. Nonetheless, the renewed \nsetbacks to global recovery in the second quarter of 2012, \nparticularly in a number of major emerging market economies, \nnotably China and India, affected commodity prices through \ncontraction in current and prospective demand as well as the cost \nof shipping inventories. \n \n3.11 Commodity prices for Zimbabwe’s major mineral export \ncommodities, notably gold and platinum performed relatively well \nduring 2012. This notwithstanding, nickel and copper prices \nremained largely subdued in 2012 as shown in Table 1 below. \n \nTable 1: International Commodity Prices 2012 \n \nJan \nMarch \nJune \nSept \nDec \nGold (US$/ounce) \n1,656 \n1,676 \n1,595 \n1,743 \n1,696 \n \nNickel (US$/tonne) \n19,849 \n18,664 \n16,510 \n17,294 \n17,830 \n \nCopper \n(US$/tonne) \n8,054 \n8,459 \n7,422 \n8,090 \n8,041 \n \nPlatinum \n(US$/ounce) \n1,507 \n1,657 \n1,444 \n1,621 \n1,613 \n \nOil (US$/barrel) \n112 \n124 \n96 \n113 \n109 \n \nSource: BBC and KITCO \n14 \n \n3.12 On the other hand, gold prices firmed by 2.2% from an average of \nUS$1,656/oz in January 2012, to an average of US$1,696/oz in \nDecember 2012. Gold prices continue to benefit from the metal’s \nsafe haven status, particularly in view of global economic \nturbulences that characterized the greater part of 2012. \n \n3.13 Against the backdrop of buoyant gold prices, gold deliveries to \nFidelity Printers and Refiners in Zimbabwe, improved by 15.7% \nfrom 11,645.26 kgs in 2011 to 13,474.31 kgs in 2012 as shown in \nFigure 3 below. \n \nFigure 3: Gold Deliveries 2011 and 2012 \n \nSource: Fidelity Printers and Refiners \n \n15 \n \n3.14 This notwithstanding, gold deliveries in 2012, fell short of the \ninitial target of 15 tonnes. \n \n3.15 Similarly, platinum prices firmed markedly by 7% from an average \nof US$1,507/oz in January 2012, to US$1,613/oz in December \n2012. The temporary firming of platinum prices in 2012 is also \nattributed to supply disruptions in South Africa, on account of the \nindustrial action that affected the country’s platinum mining \nindustry. \n \n3.16 Conversely, nickel and copper prices remained subdued in 2012, \non the back of accumulated inventories coupled with weak demand \nby China. Global commodity markets were adversely affected by \nthe faltering economic growth and weakening import demand in \nChina, which absorbs over 40% of the world’s base metal \nconsumption. \n \n3.17 \nOn the other hand, oil prices which peaked at US$126/barrel in \nMarch 2010, due to geopolitical tensions in the Middle East, \nretreated to US$109/barrel in the third quarter of 2012. \n \n3.18 Oil prices declined in response to depressed demand in the wake of \nthe global economic slow-down, rising supply, especially in non-\n16 \n \nOPEC countries and the accumulation of commercial stocks in \nOECD countries. \n4. \nBALANCE OF PAYMENTS DEVELOPMENTS \n \n4.1 Reflecting the negative repercussions of commodity price \nvolatility, the Zimbabwe’s external sector position has remained \nunder considerable pressure. Moreover, the growing import \ndependence that the country has continued to experience on the \nback of persistent supply gaps occasioned by industrial under-\ncapacity utilization, has undermined external sector performance. \n \n4.2 In contrast, the recovery in exports has remained anemic reflecting \nlimited foreign direct investment inflows as well as volatile \ninternational commodity prices for nickel, platinum, copper, and \ndiamonds among others. \n \n4.3 It is against this background that merchandise trade remained \nheavily inclined towards imports of finished consumer goods and \nvehicles. In consequence, exports realized over the period January \nto December 2012 amounted to US$3,884 million, which \ncompares unfavourably with imports of US$7,484 million1 realized \nover the comparable period as shown in Figure 4 below. \n                                                           \n1 Import statistics as reported by Zimstat include freight and insurance. \n17 \n \nFigure 4: Imports and Exports 2012 (US$M) \n \n \nSource: Zimstat \n \n4.4 This negative development has culminated in the incurrence of a \nsubstantial trade deficit amounting to US$3,600 million in 2012 as \nshown in Figure 4 above. \n \n4.5 The excessive reliance on imports, particularly of a finished nature, \nagainst subdued export performance, has resulted in the incurrence \nof unsustainably high current account deficits as shown in Figure 5 \nbelow. \n \n \n \n \n18 \n \nFigure 5: Trade and Current Account Balances (1990-2012) \n‐0.35\n‐0.3\n‐0.25\n‐0.2\n‐0.15\n‐0.1\n‐0.05\n0\n0.05\n0.1\n1990\n1991\n1992\n1993\n1994\n1995\n1996\n1997\n1998\n1999\n2000\n2001\n2002\n2003\n2004\n2005\n2006\n2007\n2008\n2009\n2010\n2011\n2012\nCurrent Account\nTrade Balance\n \nSource: Reserve Bank of Zimbabwe and Zimstat \n \nFinancing of Current Account Deficit \n \n4.6 Financing of the current account deficit has remained a challenge, \nas the capital inflows are inadequate to finance the burgeoning \ncurrent account deficit. The country is relying mostly on non-\nconcessional debt flows to finance current account transactions, \nwhich exacerbates the country’s already precarious external debt \nposition. \n \n4.7 Non-debt creating capital inflows, notably Foreign Direct \nInvestment (FDI) and portfolio investment have remained subdued \non the back of the intensification of the Indigenization initiatives \nthat gathered substantial momentum in 2012. As a result, the \n19 \n \ncountry’s overall balance of payments has remained in deficit \nestimated at US$498.1 million in 2012 as shown in Figure 6 \nbelow. \n \nFigure 6: Balance of Payments (US$M) \n \nSource: RBZ and Zimstat \n \n4.8 Admittedly, the subdued global economic performance projected \nfor 2013, is envisaged to depress international commodity prices \nwith adverse effects on the country’s external sector position. \n \n4.9 These adverse balance of payments developments will continue to \nundermine efforts to expand the country’s bank deposit base which \n20 \n \nsupports lending activities and the attainment of sustained \neconomic growth at large. \n \n5. \nINFLATION DEVELOPMENTS \n \n5.1 Economic stability as indicated by price movements has an \nimportant bearing on production costs, export competitiveness, the \nbalance of payments developments and economic activity at large. \n \n5.2 Adverse inflationary pressures have remained subdued on the back \nof tight liquidity conditions, depressed aggregate demand and \nstable international oil and world food prices. Against this \nbackground the country’s year on year inflation closed the year at \n2.91% in 2012 as shown in the Figure 7 below. \n \n5.3 The inflation outturn of 2.91% realized in December 2012 \ncompares favourably with initial projections of 4%. In the medium \nto long term, inflation developments in the domestic economy will \nremain inextricably bound to evolution in international oil prices, \nworld food prices, the US$/rand exchange rate, import tariffs and \nthe level of aggregate demand in the economy. \n \n21 \n \n \nFigure 7: Annual Inflation Profile (%) \n \n \n6. \nFINANCIAL SECTOR DEVELOPMENTS \n \nBanking Sector Deposits, Loans and Advances \n \n6.1 Despite adverse external sector developments, banking sector \ndeposits gradually increased in 2012. Expansion in the deposit base \nis attributed to improvements in financial intermediation realized \nsince the inception of the multicurrency system as shown the \nFigure 8 below: \n \n22 \n \n \nFigure 8: Bank Deposits, Loans and Advances (US$M) \n \n \n6.2 In consequence, deposits in the banking sector increased \nappreciably by 30.7% from US$3,376 million in 2011 to US$4,411 \nmillion in 2012. Concomitantly, loans and advances increased by \n27.5% from US$2,761 million in 2011 to US$3,519 million in \n2012. The loans to deposits ratio, however, marginally declined \nfrom 81.79% to 79.79% during the comparative period. \n \n6.3 \nNotably, loans and advances remained largely short term in \nnature and channeled towards the financing of working capital \nwith limited funding going towards capital investments. \n23 \n \nFigure 9: Composition of Credit to the Private \nSector\n \n \n6.4 As depicted in Figure 9 above, the lion’s share of loans and \nadvances were deployed towards financing agriculture (19%), \nmanufacturing (18%), distribution (17%), households (16%) and \nservices (11%). Regrettably, the mining, construction, transport \nand communications sub-sectors, accessed relatively smaller \nproportions of loans and advances extended by banks in 2012. \n \n24 \n \nBanking Sector Overview \n \n6.5 Attendant liquidity shortages coupled with the absence of an active \ninter-bank market, limited access to affordable external credit lines \nand absence of Lender of Last Resort compounded the domestic \noperating environment for banks. This notwithstanding, the \ncountry’s banking sector remains generally safe and sound. This is \ndespite the challenges faced by Royal Bank and Genesis \nInvestment Bank. \n \n6.6 Admittedly, \nunderlying \nrisks \nassociated \nwith \nadverse \nmacroeconomic developments and mismanagement at some banks \nprovided fertile ground for potential liquidity challenges and \ncapital insolvency. Against this background, the Reserve Bank \ncontinues to vigilantly monitor and rigorously apply risk based \nsupervisory techniques geared at facilitating the early detection of \npotential bank fragilities. \n \nInterest Rate Developments \n \n6.7 Lending rates quoted by banks in 2012 remained high, in the \nbackdrop of deep-seated liquidity shortages as a consequence of \nlimited access to external credit lines and adverse balance of \n25 \n \npayments developments. The lending rates also reflected high \npremiums charged by some banks, irrespective of their cost \nstructures. \n \n \nFigure 10: Average Deposit and Lending Rates (%) \n \n \n6.8 Against this background, lending rates charged by banks in 2012 \naveraged over 22% per annum as shown in Figure 10 above. This \ncompares unfavourably with deposit rates which averaged below \n4% per annum in 2012. \n \nArchitecture of the Banking Sector \n \n6.9 As at 31 December 2012, there were 22 operating banking \ninstitutions, (excluding Interfin which is under curatorship, Royal \n26 \n \nBank which is under liquidation), 16 asset management companies \nand 150 microfinance institutions under the supervisory purview of \nthe Reserve Bank. The structure of the banking sector is shown in \nthe Table 2 below. \n \nTable 2: Architecture of Zimbabwe's Banking Sector \nType of Institution \nNumber \nCommercial Banks \n16 \nBuilding Societies \n3 \nMerchant Banks \n2 \nSavings Banks \n1 \nTotal Banking Institutions \n22 \nAssets Management Companies\n16 \nMicrofinance Institutions \n150 \n \nRecent Developments in the Banking Sector \n \n6.10 Although the banking sector as a whole has been adversely \naffected by the aforementioned two or so weak and troubled banks, \nthese institutions are small and of low systemic importance, in \nterms of the volume of assets, loans and deposits falling under their \nambit. Their troubled status did not, therefore, affect the entire \nbanking sector as would have been the case if they were large \nbanks. \n27 \n \nTROUBLED BANKS \n \nBarbican Bank \n \n6.11 Barbican Bank failed to meet the extended deadline of 31 July \n2012 for recapitalization and resumption of banking business. \nAccordingly, the Reserve Bank made a recommendation in terms \nof section 14 (1)(i) of the Banking Act [Chapter 24:20] to the \nMinister of Finance for cancellation of Barbican Bank’s licence. \n \nInterfin Bank (Under Curatorship) \n \n6.12 Following the placement of Interfin Bank under recuperative \ncuratorship last year, and the subsequent expiration of the initial \ncuratorship period, the Interfin Bank Curatorship was extended by \na further six (6) months to 11 June 2013. The extension was \nnecessitated by the compelling need to enable the Curator to \nconclude potential recapitalization deals and corporate governance \nissues at the bank. \nGenesis Investment Bank (Under Liquidation) \n \n6.13 Subsequent to the surrender of its licence on 11 June 2012 in line \nwith Section 14(4) of the Banking Act [Chapter 24:20] after failing \nto meet minimum capital requirements, Genesis Investment Bank \n28 \n \nis now under liquidation. This follows the granting of a Final Order \nby the High Court on 8 November 2012. Suffice to state that its \ndeposit base of $1.6 million accounted for an insignificant 0.04% \nof total banking sector deposits as at 8 June 2012. \nRoyal Bank \n \n6.14 Similarly, Royal Bank surrendered its licence on 27 July 2012 after \nfailing to navigate around operational challenges emanating from \nthe following: \n \na) Undercapitalisation; \nb) Chronic liquidity challenges; \nc) High levels of non-performing loans; \nd) Persistent losses; \ne) Poor management information systems; \nf) Poor board and senior management oversight; and \ng) Gross violation of laws and regulations. \n \n6.15 The bank’s total deposits amounted to $5.6 million which \nconstituted 0.13 % of total banking sector deposits of $4.18 billion \nas at 27 July 2012. \n \n29 \n \n6.16 Notwithstanding the surrender of Royal Bank’s licence, the \nReserve Bank allowed it to follow through a recapitalization deal \nwith external parties. The protracted nature and eventual collapse \nof the recapitalization initiatives, however, left Royal bank in an \nawkward position, where it was neither under curatorship nor \nunder liquidation, at a time when the creditors’ funds remained \nlocked up in the bank. \n \n6.17 In view of this and the need to ensure an orderly exit of the bank, \nthe Reserve Bank has since appointed a Provisional Liquidator and \nduly lodged an application with the High Court to this effect. \n \n \nEnhanced Troubled Bank Resolution Policy Framework Roll- Out \n \n6.18 In view of the need to enhance financial stability, the Reserve \nBank will be rolling out to the sector the Enhanced Troubled and \nInsolvent Bank Policy (TIBP) Framework during the first half of \n2013. \n \n6.19 The Policy provides a framework, underpinned by fair, consistent, \ntransparent, cost effective and timely problem resolution principles \nto be followed by any troubled banking institutions. \n \n30 \n \n6.20 The process of rolling out the TIBP Framework is integral in \nefforts geared at creating a comprehensive understanding of the \npillars underpinning a framework, of supervisory assessment \nmethodology, as well as the benchmarks to be used when effecting \nvarious corrective options. \n BASEL II/III Implementation \n \n6.21 Following a market wide assessment of the state of preparedness \nand implementation progress undertaken at the end of 2012 the \nReserve Bank noted that banking institutions have made significant \nprogress towards compliance with Basel II/III requirements and \nany weaknesses found are being addressed. \nStress Testing \n \n6.22 The Reserve Bank has noted significant improvement in banking \ninstitutions stress testing frameworks over the last two quarters in \nterms of coverage, depth and analysis. As Monetary Authorities, \nwe encourage boards and senior management to continue to refine \ntheir stress testing tools for assessing vulnerabilities as well as for \nearly warning purposes. \n \n31 \n \n6.23 This is particularly so, as stress tests are proven to be effective risk \nmanagement tools and as such should be pro-actively embedded in \nbusiness processes rather than merely as a regulatory formality. \nACCREDITATION OF CREDIT REFERENCE BUREAUS \n \n6.24 Following receipt of numerous expressions of interest by private \nsector players to establish credit bureaus, the Reserve Bank is \ncurrently seized with the development of an accreditation \nframework. The completion of the framework which is targeted \nfor March 2013, will pave way for the commencement of \noperations by accredited bureaus. \n \n6.25 Credit bureaus are an important element of a financial system \nand in Zimbabwe, the following immense benefits are expected: \n \ni. \nOvercoming existence of asymmetric information between \nborrowers and lenders; \nii. \nGathering reliable information on potential borrowers, notably past \nrepayment behavior which is key in the determination of credit \nrisks, thereby reducing problems of adverse selection; and \niii. \nReduction of default rates through the development of payment \nhistories or “reputation collateral” used in securing more \ncompetitive loan rates. \n32 \n \n6.26 In the medium term, Authorities will put in place a legal \nframework providing for regulation and supervision of credit \nreference bureaus. \n \nBANKING SECTOR CAPITALIZATION \n \n6.27 Consistent with pronouncements enshrined in the 2012 Mid Term \nMonetary Policy Statement, all banking institutions submitted their \ndetailed recapitalization plans to the Reserve Bank by 30 \nSeptember 2012, which were evaluated for credibility. \n \n6.28 Subsequently, the Reserve Bank engaged the respective banking \ninstitutions on the feasibility of their recapitalization plans. \nGenerally, the recapitalization plans hinged on rights issues, \nmergers and consolidations, organic growth and fresh capital \ninjections from both local and foreign investors. \n \n6.29 In the interest of transparency and accountability, I am pleased to \nreport that a total of 14 banking institutions met the 31 December \n2012 minimum threshold, as shown in the table below: \n \n \n \n \n33 \n \nTable 3: Capitalization Levels – Compliant Banks \nBANK \nLEVEL OF CAPITALISATION \nCBZ Bank Limited \n$111.79 million \nStandard Bank \n$56.50 million \nStanbic Bank \n$45.62 million \nBancABC \n$38.42 million \nBarclays Bank \n$34.30 million \nZB Bank \n$32.34 million \nKingdom Bank \n$28.79 million \nEcobank \n$28.18 million \nFBC Bank \n$27.97 million \nMBCA Bank \n$27.14 million \nTN Bank \n$26.90 million \nCABS \n$26.76 million \nTetrad \n$25.19 million \nNMB Bank \n$25.01 million \n \n6.30 Five (5) banking institutions with significant progress towards \ncompliance, in terms of the credibility of their capitalization plans, \nare as tabulated hereunder: \n \n34 \n \n \nTable 4: Capitalization Levels: Significant Progress Towards \nCompliance \n \n6.31 Two (2) banking institutions have recapitalization plans in need \nof further improvement to render them credible as stated in the \nTable 5 below: \n \nTable 5: Capitalization levels: Recapitalization Plans in Need of \nImprovement \nBANK \nLEVEL OF CAPITALISATION \nZABG Bank \n$15.80 million \nCapital Bank \n$7.50 million \n \n6.32 The recapitalization plans were considered credible and are \nexpected to come to fruition post the 31 December 2012 deadline. \nBANK \nLEVEL OF CAPITALISATION \nAgribank \n$22.64 million \nFBC Building Society \n$18.97 million \nTrust Bank \n$18.70 million \nMetbank \n$17.70 million \nZB Building Society \n$14.56 million \n35 \n \nNonetheless, recapitalization plans for two banking institutions \nrequire further refinements to render them credible. \n \n6.33 To this end and in line with the decision taken by Cabinet last year, \nthe Reserve Bank has authority to deal with the situation pertaining \nto individual banks on a case by case basis. \n \n6.34 As regulatory Authorities, however, we have noted with concern \nself praise pronouncements of compliance in the press by banking \ninstitutions. \n \n6.35 Forthwith, banking institutions should cease making unilateral \nself exaltations in any media as regards compliance with \nprudential requirements including minimum capital, without \nseeking prior Reserve Bank approval. Any such unsanctioned \ndeclarations will attract appropriate regulatory action. \n \n6.36 At all times, banking institutions will be required to comply with \nthe applicable minimum prudential requirements in respect of \nAsset Quality, Management and Corporate Governance; Liquidity, \nand Earnings. \n \n6.37 Additionally, \nbanking \ninstitutions \nthat \nexhibit \nsignificant \nweaknesses in their overall or any CAMEL component i.e. rated \n36 \n \n“5” (critical); will automatically be put on an accelerated \ncapitalization program, and will be subjected to a higher \nprudential capital ratio (PCR). \nBANKING SECTOR VISION 2020 \n \n6.38 The Reserve Bank has finalized a blue print of its Banking Sector \nVision 2020. The vision is centered around the pursuance of \nbanking sector solvency and stability to anchor sustained economic \ngrowth and development. Within this context, the Reserve Bank \nenvisions a banking sector by December 2020 with the following \nkey features, characteristics and capabilities:  \n \na. A thriving banking sector with functional Lender of Last Resort \nand active interbank market; \nb. The establishment of universal banks and an integrated framework; \nc. Adequately capitalized and competitive banking sector with the \nability to support the funding needs of the economy; \nd. Banks with ability to attract significant financial resources from \nboth local and international sources; \ne. More inclusive banking sector with improved outreach to the \ncurrently un-banked and under banked sections of the population; \nf. Increased interoperability of banking platforms, mobile networks, \nand other key national information databases; \n37 \n \ng. Robust legal and regulatory framework benchmarked to \ninternational best practice; and \nh. Cashless society characterized by electronic and mobile banking; \n \n7. \nOTHER POLICY ISSUES AND ADVICE \n \nRating of Banks \n \n7.1 As provided in our regulation, banking institutions should subject \nthemselves to annual external credit rating assessments by Credit \nRating Agencies accredited by the Reserve Bank. \n \nBank Charges and Interest Rates \n \n7.2 Zimbabweans across the board are agreed that the level of bank \ncharges is out of line with international best practice. In this \nregard, the Central Bank has been pre-occupied with the designing \nof a framework that ensures self-regulation by the banks. As the \ncustodians of information on banks, the role of the Central Bank in \nthe designing of this framework was integral. \n \n7.3 It is heartening to note that after 75 days of negotiations, the \nReserve Bank and the banking sector came up with an agreed \n38 \n \nframework which will see substantial reduction in bank charges. \nThe agreed Memorandum of Understanding (MOU) is due for \nsigning today 31 January 2013. \n \nENHANCED CORPORATE GOVERNANCE \n \n7.4 The global financial crisis and its dampening effects on global \neconomic activity, which almost brought the international financial \nsystem to a screeching halt, was largely attributed to failures and \nweaknesses in corporate governance arrangements. \n \n7.5 While the targets of the governance related enhancements that \nfollowed are primarily financial institutions in developed countries, \nthe principles being promoted are beneficial and instructive to \nemerging economies such as Zimbabwe. \n \n7.6 This is particularly so, as the banking sector in Zimbabwe \ncontinues to witness flawed corporate governance practices and \narrangements designed to undermine efforts by the regulatory \nauthorities to ensure sustained financial sector stability. \n \n7.7 Some, particularly local banking institutions continue to show total \ndisregard for sound corporate governance practices resulting in \nsome founding directors ‘dipping their fingers’ into depositors’ \n39 \n \nfunds. The problem has been compounded by the existence of \ncomplex corporate structures within banking groups and financial \nconglomerates which are used as conduits for regulatory arbitrage \nand siphoning of depositors’ funds. \n \n7.8 It is against the background of these negative developments that \nthe Reserve Bank will continue to reinforce the adoption of sound \ncorporate governance practices. \n \n7.9 Moreover, any standards on corporate governance issued by the \nCentral Bank will be periodically reviewed to ensure continued \nrelevance. In this regard, the Reserve Bank will shortly be issuing \nCorporate Governance Standards which will replace the Guideline \nNo. 01 -2004 /BSD on Corporate Governance in its entirety. \n \nCross-Border Banking Supervision \n \n7.10 The emergence of regional banks with significant market share \nacross Africa, coupled with experiences from the global financial \ncrises, call for adequate and effective supervision of cross-border \nbanking groups. \n7.11 \n In response to these developments, regulatory authorities on the \ncontinent have already embraced a regional approach to \nsupervision and regulation, in order to strengthen cross-border \n40 \n \nsupervision and supervisory cooperation. As such, efforts are \ncurrently underway to formalize the requisite implementation \nstructures. \n \n7.12 Within this context, the Reserve Bank will continue to strengthen \nits supervisory capacity and cooperate with other regulators on the \ncontinent in the adoption of international best practices and \nensuring that all cross border banking groups are effectively \nsupervised. \n \nMicrofinance Sector \n \n7.13 Microfinance institutions are once again reminded that the Reserve \nBank will not hesitate to cancel operating licenses and to \n‘blacklist’ directors of institutions that fail to comply with laws and \nregulations governing the conduct of their businesses, including \ndirectives and instructions issued by the Reserve Bank. \n \n7.14 Members of the public are also reminded that currently, all \nregistered microfinance institutions are non-deposit taking. As \nsuch, institutions and members of the banking public are advised to \ndesist from dealing with unscrupulous microfinance institutions as \n41 \n \nthey risk losing their hard earned savings to corrupt and greedy \nindividuals. \n \n7.15 Going forward, all microfinance institutions are required to \njustify interest rates and all other charges levied on borrowed \nfunds as well as adequately disclose their business conditions. \nThe following additional measures will also be instituted in the \nMicrofinance sector by 31 March 2013: \n \ni. \nFinalization of Microfinance Bill; \nii. \nConsumer Awareness programs; and \niii. \nEstablishment of the Microfinance Advisory Council. \n \nFinancial Inclusion \n \n7.16 Access to financial services remains a challenge for the \nmarginalized Zimbabwean communities, particularly in remote \nparts of the country. In this regard, the Reserve Bank created \nscope for the operation of Micro-Finance Banks to provide \ncredit lines to marginalized borrowers at the lower end of the \nmarket. \n7.17 The realization of the over-arching objective of financial inclusion, \nhowever, requires that investors both domestic and foreign take \n42 \n \nadvantage of this window and invest in Micro-finance banks. This \nwill undoubtedly accelerate our goal to mainstream the previously \nmarginalized communities into the formal banking system. \n \nSUPPORT TO SMALL TO MEDIUM SCALE ENTERPRISES \n(SMES) \n \n7.18 The contraction of economic activity and the accompanying de-\nindustrialization has been experienced since the turn of the century \nhas occasioned the proliferation of SMEs. SMEs contribute to \noutput and employment creation and they are also a nursery for the \nlarger firms of the future. The most successful developing country \nover the last 50 years, Taiwan is built on a dynamic SME sector. \n \n7.19 The SMEs sector requires adequate funding to unlock its potential \nas a source of rapid economic growth, poverty reduction, bridging \ncurrent supply gaps in the economy, and uplifting living standards \nin Zimbabwe. The take off of the SMEs sector in the mining, \nmanufacturing and services sector requires that the banking sector \nre-align its loan portfolio to accommodate the SMEs sector. \n \n7.20 Given the benefits of a vibrant SME sector to the economy, it is \nimperative that banks are supportive of this sector through tailored \n43 \n \nproducts including loans and advances especially supply contract \nand order financing. \n \n7.21 Generally, SMEs are defined on the basis of three characteristics as \nshown in table 4 below: \n \nTable 6: Characteristics of SMEs \nFactor\nIndicator\nAsset base\n$10,000 to $2m\nEmployment\n5 to 20 people\nAnnual Turnover\n$30,000 to $5m\n \n7.22 Given the foregoing banking institutions are required to re-\norient their portfolios such that loans to the SME sector should \nconstitute at least 30% of the total loan book. The Reserve Bank \nwill conduct monthly assessments to monitor compliance and any \ninstitution found wanting, will face severe penalties. \n \n7.23 Given the current banking sector loans of $3.5 billion as at 31 \nDecember 2012, an allocation of 30% to the SME sector will \ntranslate to loans of $1.05 billion. Assuming $40,000 is granted to \neach SME borrower, a total of between 25,000-30,000 clients \nwould benefit thus creating or sustaining more than half a million \n44 \n \njobs per annum. As the loans grow each year, we envisage \ncorresponding increases in the number of jobs created or people \nempowered by the banking sector. \n \nFinancial Sector Consumer Protection Regulations \n \n7.24 The Reserve Bank will, in liaison with the proposed Banking \nSector Ombudsman, issue financial sector Consumer Protection \nregulations before 30 June, 2013. \n \n7.25 The regulations will ensure that consumers receive information \nthat will allow them to make informed decisions, are not subject to \nunfair and deceptive practices, and have access to recourse \nmechanisms to resolve disputes when transactions go wrong. \n \nBanking Amendment Bill, 2013 \n \n7.26 I am pleased to report that the proposals to amend the current \nbanking laws have culminated in the Banking Amendment Bill \n2013, which will be implemented by 31 March, 2013. We, \ntherefore urge all stakeholders to familiarize themselves with the \nprovisions of this Bill. \n45 \n \n \nBroad Objectives \n \n7.27 Briefly, the proposed new law seeks to amend the Banking Act \n[Chapter 24:20] to enable it to deal more effectively with \ndevelopments in the banking sector and, in particular, to achieve \nthe following objects: \n \na) \nto improve the corporate governance of banking institutions; \nb) \nto make banking institutions more responsive to their customers’ \nneeds and to encourage the resolution of disputes between banks \nand their customers; \nc) \nto introduce greater transparency in the shareholding and \noperations of banking institutions; \nd) \nto allow banking regulators to monitor and regulate bank holding \ncompanies; \ne) \nto increase co-operation between the different financial \nregulatory authorities; and \nf) \nto provide for the establishment of an international financial \ncentre. \n \n46 \n \n \nSynopsis of the provision \n \n7.28 The proposed new law sets out the responsibilities of directors and \nsenior management of banking institutions and controlling \ncompanies in relation to banking institutions. These accountable \npersons will have a fiduciary duty, and will be obliged to act in \ngood faith, with due care, efficiently and free of any conflicting \ninterests. \n \n7.29 In the event of reckless, negligent, or fraudulent conduct/omission, \nlegal action may be taken against them on behalf of depositors and \ncreditors who may have suffered loss. \n \n7.30 In terms of the amendments, companies that have control over \nbanks (controlling companies) will now require registration by the \nReserve Bank. \n \n7.31 The new law will provide legal support to formalised cooperation \nand information sharing between the Reserve Bank with other \nregulatory bodies such as the Securities Commission, Insurance \nand Pensions Commission and the Deposit Protection Corporation. \n47 \n \nThis is key in facilitating effective supervision of systemically \nimportant financial institutions and minimise regulatory arbitrage. \n \n7.32 The amendments also propose the establishment of a Financial \nSector Development Council, consisting of representatives from all \nfinancial regulatory authorities. The Council’s function will be to \nensure proper collaboration between the regulatory bodies. \n \n7.33 Consistent with consumer protection initiatives, the new law will \nestablish the office of a financial ombudsperson to mediate and \nresolve disputes between financial institutions and their customers. \nThe function will be carried out by the Reserve Bank. In addition, \nthe new law seeks to provide for enhanced disclosure of terms and \nconditions of business by banking institutions. \n \n7.34 In terms of the proposed law, the Minister may issue regulations on \nthe registration and supervision of credit reference bureaux. The \nestablishment of credit reference bureaux is critical in the \nmanagement of credit risk by banking institutions and minimise \nover-indebtedness by members of the borrowing public. \n \n7.35 It is anticipated that the legislative process will be completed \nexpeditiously in order to give effect to the proposed provisions. \n48 \n \n8. \nISSUANCE \nOF \nGOVERNMENT \nSHORT \nTERM \nINSTRUMENTS \n \nTreasury Bill Issuances \n \n7.1. In line with the pronouncements embodied in the July 2012 Mid-\nTerm Fiscal Policy Review, Government issued short-dated \nTreasury instruments. The issuance of short dated instruments was \naimed at addressing persistent systemic liquidity challenges, \nunequal distribution of liquidity and the shortage of appropriate \ninstruments for use as collateral in inter-bank trading. The short-\ndated paper was also expected to be instrumental in determining \nthe money market reference interest rate. \n \n7.2. Despite the vigorous lobbying by banks, participation in all the \nfive auctions was very low. This notwithstanding, Government will \nundertake additional Treasury Bill auctions in 2013 on dates to be \nannounced soon. \nLender of Last Resort \n \n7.3. To enable the Central Bank to function effectively in the \ndevelopment of the money market, the lender of last resort facility \nhas to be in place to facilitate the smooth functioning of money \nmarkets. To date, Treasury has been unable to provide the Central \n49 \n \nBank with this fund despite several promises to do so. It is \nanticipated though, that this matter will be resolved soon. \n \nShort-term Trade Facilities \n \n7.4. During the year 2012, the External Loans Coordinating Committee \n(ELCC) approved short-term facilities amounting to US$3.3 billion \nas compared US$2.69 billion approved in 2011 as shown in Table \n4 below. \n \n7.5. Approvals during the year 2012 were spread across nine sectors of \nthe economy, with the financial and agricultural sectors accounting \nfor the highest values of US$1.13 billion and US$976.8 million \nrespectively. \n \n7.6. Regrettably, the utilization of approved facilities remained low at \n33% in 2012. This compares unfavourably with utilization figures \nof US$1.28 billion or 47% of total approved facilities realized in \n2011. \n \n50 \n \n \nTable 7: Approved ELCC Short-term Facilities Year (2011 and \n2012) \nSector \nNo. of \nCompanies \n2011 \nNo. of \nCompanies \n2012 \nAmount \nApproved \n(US$ Million) \n2011 \nAmount \nApproved \n(US$ Million) \n2012 \nUtilized \nAmount (US$ \nMillion) 2011 \nUtilized \nAmount (US$ \nMillion) 2012 \nAgriculture \n16 \n42 \n457.4 \n976.8 \n293.8 \n446.5 \nFinancial \n31 \n34 \n955.5 \n1130.7 \n377 \n366.6 \nMining \n16 \n25 \n295.8 \n340.5 \n122.7 \n105.3 \nTourism \n7 \n5 \n22.9 \n14.7 \n3.6 \n2.8 \nManufacturing \n26 \n61 \n386 \n101.5 \n60 \n20.3 \nTelecommunication \n9 \n5 \n474.9 \n286.4 \n394.9 \n91.2 \nDistribution \n60 \n74 \n97.8 \n159 \n28.6 \n50.8 \nTransport \nNil \n2 \nNil \n0.9 \nNil \nNil \nEnergy \nNil \n2 \nNil \n319 \nNil \nNil \nTotal \n165 \n250 \n2690.3 \n3329.5 \n1280.6 \n1083.5 \n \n7.7. The decline in utilization levels reflects the effects of failure by the \nborrowers to meet stringent conditions precedent on the facilities \nand availability of alternative sources of financing. \n \n7.8. Stringent borrowing requirements are also prompted by the \ncountry’s external debt overhang. In this regard, the expeditious \nresolution of the country’s external debt should continue to rank \nhigh on Government’s priorities. \n \n51 \n \n8. MOBILE FINANCIAL SERVICES (MFS) DEVELOPMENTS \n \n8.1. The Zimbabwean economy has benefited immensely from the \nintroduction of mobile banking services. Evidently, the customer \nbase has expanded appreciably. This positive development has \nbeen accompanied by greater access to products such as remittance \ntransfers, which may prompt existing customers to increase their \nuse of banking services. \n \n8.2. As Monetary Authorities we advise that mobile money transfers \nservices are merely a payment system or delivery channel which \ndoes not amount to deposit taking. Accordingly, mobile money \ntransfers should operate on a credit push principle where all e-\nmoney value is backed by pre-funded balances which are held in \nbanking institutions. \n \n8.3. Notwithstanding the bold strides attained in the provision of mobile \nbanking services, immense opportunities for growth in mobile \npayments abounds, particularly in view of the rapid rise in \npenetration rates. \n \n8.4. As such, banks are urged to leverage on this impelling \ndevelopment in the area of mobile banking as an effective \n52 \n \ndistribution network for financial products to various segments of \nthe transacting public. \nReview of Legal and Regulatory Framework \n \n8.5. In the line with the provisions of the National Payment Systems \nAct [Chapter 24:23] as well as the need for alignment with best \ninternational practices, the need to review the legal and regulatory \nframework cannot be over-emphasized. In this regard, as Monetary \nAuthorities, we are currently seized with the drafting of \nappropriate guidelines and policies in the following areas: \n \na. Payment systems oversight guideline to be finalised by 30 June \n2013; \nb. E-money and electronic payments guideline to be issued by end of \nSeptember 2013.; and \nc. Agency banking guideline to be finalized by 31 December 2013. \n \n8.6. The finalization and operationalisation of these guidelines is \nenvisaged to provide strong impetus to current efforts aimed at \nfostering financial stability and effective payment systems \noversight. \n \n53 \n \n8.7. In line with these developments, the Central Bank will continue to \nconsult widely with other regulatory bodies and relevant \nstakeholders including Ministry of Finance, Ministry of Transport \nand \nCommunications, \nMinistry \nof \nICT, \nPost \nand \nTelecommunication \nRegulatory \nAuthority \nof \nZimbabwe \n(POTRAZ) and Bankers Association of Zimbabwe (BAZ) in the \ndevelopment of payment systems in the country. Meanwhile, a \nmemorandum of understanding between the RBZ and POTRAZ \nwill be finalized by end of first quarter 2013. \n \nInternational Best Practices \n \n8.8. The negative effects of the global financial crises have necessitated \nincreased collaboration among regulators in the adoption of \ncommon standards across financial market infrastructures \nworldwide. \n \n8.9. In this regard, the Bank for International Settlements (BIS) through \nthe Committee on Payment and Settlement Systems (CPSS) and \nInternational Organisation for the Securities Commission (IOSCO) \nstrengthened and harmonized the standards which culminated in \ntwenty four (24) Financial Market Infrastructures (FMIs) \n54 \n \nPrinciples issued in April 2012. The 24 FMI principles include the \nfollowing among others: \n \ni. \nLegal and Governance; \nii. \nRisk Management; \niii. \nClearing and Settlement; and \niv. \nEfficiency and Transparency. \n \n8.10. The Central Bank will guide the market on the implementation of \nthe principles to ensure full compliance as well as adherence. As \nsuch, we urge banks and other critical infrastructure providers to \nfamiliarize themselves with the principles availed on the BIS \nwebsite (http://www.bis.org/publ/cpss101a.pdf).  .  \n \n8.11. As overseers of payment systems we are fully committed to the \nimplementation of the revised principles which should ensure that \nour payment systems remain consistent with international best \npractices. \nInteroperability and Infrastructure Sharing \n \n8.12. Interoperability is defined as the ability of different systems, \nnetworks, applications and other infrastructure of different entities \nto interlink and work in congruence effectively and efficiently. \n55 \n \n8.13. Patently, one of the major setbacks in the development of \nelectronic means of payment and financial inclusion is the limited \nculture of sharing payment systems infrastructure. \n \n8.14. In this regard, we continue to encourage interoperability and \nsharing of infrastructure across various institutions. Shared \ninfrastructure is an avenue that has potential to bridge the cost and \naccess gaps that hinder the efficient delivery of financial service. \n \n8.15. Essentially, relationships between financial institutions and \npayment system providers should be complimentary rather \nthan acrimonious. \n \n8.16. In this regard, payment system providers including mobile \nnetwork operators are implored to accommodate all banking \ninstitutions on their platforms to ensure that interoperability \nand sharing of infrastructure across various institutions is \nachieved. \nPayment Systems Pricing Strategy \n \n8.17. The promotion of greater financial inclusion and stability entails \nthe adoption of realistic pricing strategies in order to increase \nconfidence levels in the payment systems. The ultimate objective \n56 \n \nin the development of payment systems is to ensure that financial \nservices are affordable, safe, accessible, and convenient to \nconsumers. \n \n8.18. As such, an intricate balance has to be struck between the pricing \npolicies within our oligopolistic market structures and building a \nsustainable confidence level in the services offered. Accordingly, \npayment system providers such as mobile network operators \nare directed to review their charges by end of March 2013. \n \nRisk Management \n \n8.19. The Central Bank remains vigilant to the challenges that come with \ndevelopments in retail payment systems including mobile financial \nservices. \n \n8.20. In order to address the concerns regarding possible money \nlaundering activities in mobile money transfers a number of \nmeasures are already in place including the requirement of sim \ncard registration. \n \n57 \n \n8.21. To further mitigate the risks mobile money transfer services also \nhave approved transactional limits which are in line with risk and \nmarket developments. \n \n8.22. The Central Bank encourages all payment and financial services \nproviders to continue developing risk management processes that \nare rigorous and comprehensive to respond to current and future \nrisks brought about by the rapid pace of technological innovations. \n \nExchange Control Measures to Enforce Timeous acquittal of \nforms CD1/CD3/TR2 \n \n8.23. Export receipts remain a critical component of the country’s \nforeign exchange generating avenues. In the absence of sustainable \nforeign investment flows, moderate remittances and limited foreign \naid, the mobilization and full accounting of exports becomes a \ncritical component of the country’s strategies. \n \n8.24. Failure to fully account for such receipts compounds the country’s \nliquidity situation. As such, all exporters must, therefore, obligate \nthemselves towards timeous acquittal of their export proceeds. \n \n58 \n \n8.25. In this regard, a penalty regime for failure to timely acquit export \nproceeds, and also other banking sector misdemeanors, shall be \nannounced in due course. \n \n8.26. Additionally, Government has requested the Central Bank to come \nup with an applicable legislation to ensure that cash based exports, \nnamely, tobacco and other crops and minerals are regulated. \nAccordingly, pronouncements on these regulations will also be \nmade in due course. \n \nLOAN CONTRACTION PROCEDURES \n \n8.27. The contraction of credit lines and loans in Zimbabwe are \nundertaken through the External Loans Coordination Committee \n(ELCC). The ELCC has been empowered by Government to use \nstipulated guidelines in debt contraction with a view to monitor the \ncountry’s indebtedness to the rest of the world. \n \n8.28. Notwithstanding laid down procedures in the contraction of credit \nlines which strictly requires prior ELCC approval, there are \nincidences where credit lines are contracted on behalf of \nGovernment outside the purview of the ELCC or involvement of \nthe Reserve Bank of Zimbabwe. \n \n59 \n \n8.29. Against this background, all institutions both in the private and \npublic sectors need to send their loan applications through the \nELCC for prior approval. This will ensure that residence of \nZimbabwe contract debt in a structured and coordinated way to \navoid the continued contraction of non-concessionary debt which \nwill sink the country deeper into a debt trap. \n \n8.30. This also applies to the various vendor financing schemes that have \nemerged over the recent past as well as Indigenization and \nEconomic Empowerment Loans contracted outside the country \nwhich are above US$5 million. \n \nMONEY LAUNDERING \n \nCounterfeit Money \n \n8.31. Under the multiple currency system, the proliferation of counterfeit \nnotes has gathered pace in a worrisome manner. Mostly, fake notes \nin United States Dollars and South African rands are circulating in \nHarare, Bulawayo and other parts of the country. \n \n8.32. In this regard, we urge the transacting public and retailers alike, to \nbe on the constant look out for fake notes. Against this \nbackground, there is need for the general public to familiarize \n60 \n \nthemselves with the security features of all the currencies presently \naccepted as media of exchange in Zimbabwe. On the other hand, \ncorporates and retailers should adopt the requisite technology that \nassist in note detection. \n \n8.33. As Monetary Authorities, we sternly warn those who are in this \nillegal business of printing fake notes that the long arm of the law \nwill definitely catch up with them. The circulation of fake notes \naffects business transactions as the acceptability of higher \ndenominations becomes compromised. \n \nSuspicious Transactions \n \n8.34. As embodied in the Reserve Bank Act, our functions are confined \nto monetary and financial matters of the economy. Additionally, \nthe conduct of financial transactions the world over, are also \ngoverned by the United Nations Convention on Suppression of \nFinancing of Terrorism (1999), and the Convention Against \nTransnational Organised Crime, otherwise known as the Palermo \nConvention. \n \n8.35. In the Zimbabwean context, the following pieces of legislation \ngovern legitimacy of money and its uses: \n \n61 \n \na. The Bank Use Promotion and Suppression of Money-Laundering \nAct (Chapter 24:24); \nb. The Serious Offences (Confiscation of Profits) Act (Chapter 9:17); \nand \nc. The Suppression of Foreign and International Terrorism Act \n(Chapter 11:21). \n \n8.36. Within this context, the general public is warned against \nundertaking suspicious transactions that are in direct violation of \nthe above international and domestic legislative provisions.  \n \n8.37. We acknowledge that all conventions have been signed and that \nthe country is compliant with all conventions on anti-money \nlaundering and financing of terrorism. \n \nIndigenization and Economic Empowerment \n \n8.38. All banks should observe the laws of the country including the \nIndigenization and Economic Empowerment laws. In this regard, \nthe Reserve Bank is working together with the Ministry of \nIndigenization and Economic Empowerment to ensure that \ncompliance with appropriate laws is done in an orderly manner. \n \n62 \n \n8.39. The process to indigenize the banks should, however, take \ncognizance of the sensitivities around the operation of the banks to \nrestore confidence, trust and stability in the sector. \n \nEngagement of the International Community \n \n8.40. As Monetary Authorities, we appreciate efforts to come on board \nthe Zimbabwean ship by the Multilateral and regional financial \ninstitutions. In this respect the IMF has since lifted suspension of \ntechnical assistance to the country, while the country’s relations \nwith the World Bank, the African Development Bank (AfDB) and \nof late the European Investment Bank (EIB) continue to \nstrengthen. \n \nBilateral Investment Protection and Promotion Agreements \n(BIPPAS) \n \n8.41. The restoration of respect for the sanctity of Bilateral Investment \nProtection and Promotion agreements (BIPPAS) is a welcome \ndevelopment. This positive development will undoubtedly enhance \nthe country’s appeal as a safe and prime investment destination in \nthe sub-region. \n \n63 \n \n9. \nCONCLUSION \n \n9.1. The financial sector remains the prime mover of meaningful and \ninclusive \neconomic \ndevelopment \nprocesses \nthrough \nits \nindispensable intermediary role. Within this context, the \nmaintenance of a sound, efficient and safe banking sector remains \ncritical in effective financial intermediation in Zimbabwe. \n \n9.2. As such, the policy measures embodied in this statement are \nenvisaged to situate the banking sector in its rightful position as the \nfulcrum of economic growth and development, through strong and \nadequately capitalized operations. The ultimate objective is to \nensure the efficient mobilization and redeployment of investible \nfunds to support key productive sectors whose survival is \ncontingent upon the availability of loanable funds. \n \n9.3. The efficient mechanism of mobilizing and allocating investible \nfunds will undoubtedly accelerate economic growth, create \nemployment opportunities and invariably enhance the living \nstandards of the generality of the citizenry. \n \n9.4. Additionally, adequately capitalized and sound banks provide \nimportant positive externalities, as mobilizers of surplus funds, \nefficient allocators of resources, and providers of liquidity and \n64 \n \npayment services. It is against this background that the Reserve \nBank remains engrossed and pre-occupied with fostering capital \nadequacy and the avoidance of an undercapitalized banking sector. \n \n9.5. Most importantly, the building of adequate capital buffers by banks \nwill enable them to build confidence in the banking public, mop up \nsubstantial liquidity circulating outside the banking system and \nsupport the meaningful re-orientation of the economy onto a \nsustained growth path. \n \n9.6. Moreover, the Sub-region has gathered substantial momentum \ntowards deepening regional integration within the auspices of \nSADC and COMESA. Against this background, the country’s \nfinancial sector will be more susceptible to adverse regional and \nglobal economic developments as the Sub-region and the African \ncontinent, converges towards a global village. \n \n9.7. The effects of regional integration and increased susceptibility to \nglobal challenges, coupled with the envisaged recovery of the \nZimbabwean economy in the foreseeable future requires that \nAuthorities be pro-active in the adoption of measures that \nimprove capital adequacy, liquidity, solvency, and the safety \nand soundness of the country’s banking sector. \n65 \n \n9.8. Undoubtedly, the amalgamation of these factors, points to the \nunbridled need to strengthen the country’s banking sector and \narrest the further collapse of financial institutions and the \nunnecessary loss of depositors’ funds. \n \n9.9. This coupled with the increased use of well-regulated mobile \nbanking services will propel the Zimbabwean economy onto a \nsustainable growth trajectory. \n \n9.10. Under the envisaged Vision 2020, the country’s banking sector is \nexpected to be vibrant, viable, strong and stable enough to anchor \nsustained economic growth and development. \n \n \nI THANK YOU \n \nDR. G. GONO \nGOVERNOR \nRESERVE BANK OF ZIMBABWE \n31 JANUARY 2013 \n66 \n \n \nAPPENDIX 1 \nTHE CHALLENGES … \n \na) \nHyper-inflation 525.8% (October 2003) and 619.5% (November \n2003); \nb) \nShortage of foreign currency for critical imports; \nc) \nPrice, interest and exchange rate distortions in the economy; \nd) \nReduced corporate sector viability due to high interest rates, \ndistorted exchange rates and supply bottlenecks; \ne) \nDeclining levels of both local and foreign investment; \nf) \nIndustrial production capacity under-utilization and diminished \nexport performance; \ng) \nLow savings and “short-termism” in investment decisions; \nh) \nHigh unemployment levels; \ni) \nNegative economic growth rates, de-industrialization, and the \naccelerated informalization of the formal sector; \nj) \nReduced confidence among investors and the citizenry of this \ncountry; \nk) \nWeaker economic empowerment, especially of the poor and \nmarginalized, accompanied by worsening poverty levels; \nl) \nContradictions between official policies and actions on the ground; \nm) \nThe HIV/Aids pandemic; \n67 \n \nn) \nStructural weaknesses at policy implementation levels; \no) \nUnstable energy supplies; \np) \nPersistent high Government budget deficits and debt overhang; \nq) \nGrowing incidents of public and private sector corruption; \nr) \nHigh \nperceived \ncountry \nrisk \nand \nreduced \ninternational \ncreditworthiness; \ns) \nDeteriorating and over-burdened urban and rural infrastructure; \nt) \nStrained relations with some countries, the international donor and \nfinancial community; \nu) \nStrained transport, telecoms and housing infrastructure; \nv) \nUnpredictable weather patterns and related droughts; \nw) \nQuasi-fiscal indebtedness with their side-kick effects on the budget \ndeficit; \nx) \nUnder-utilization of some acquired land due to resource \nconstraints; \ny) \nBran-drain; and \nz) \nDisintegration of social structures and norms of existence due to \nvarious pressures. \n \n \n \n \n \n \n68 \n \n \nAPPENDIX 2 \n \na. Zimbabweans are a very resilient people, tolerant, hard working, \nhighly literate and resourceful \nb. The country has a resilient economy which is still working, albeit, \nat a lower capacity than its full potential; \nc. Save for their frustrations with resource constraints, a strong \nagrarian culture and love for the soil has gripped the country and \nits people; \nd. There is a strong and growing high level business mentality and \nentrepreneurial spirit amongst the local population; \ne. The country has a highly educated population and most able \nworkforce; \nf. \nThere exists a functional infrastructure base in need of some \nminimal investment to raise its standard; \ng. Ingredients exist for a strong, tigerish economic base founded on \nintellectual capital, a diverse mineral base, tourism, banking, and \nmanufacturing sectors with unparalleled potential; \nh. Zimbabweans are a generally peaceful and highly tolerant people \nwho have often displayed incredible ability to solve their own \nsocial and political challenges, whatever the magnitude; \n69 \n \ni. \nDespite high levels of HIV/Aids infections, the country’s \nHIV/Aids prevention programs remain effective and credible \ninternationally; \nj. \n A sound financial sector with strong regional and international \nlinks; \nk. A reputation of quality as a country – from our climate to the \nquality of our tobacco/sugar/coffee/beef/flowers and many other \nproducts; \nl. \nA determined and growing indigenous private sector; and \nm. A committed, vibrant and principled political, business, academic, \nlabour and civil society leadership. \n \n \n \n \n \n \n \n \n \n \n \n \n \n70 \n \nAPPENDIX 3 \n \n \n \n \nMEMORANDUM OF UNDERSTANDING \n \n \n \nBETWEEN \n \n \n \nRESERVE BANK OF ZIMBABWE \n \nAND \n \nPARTICIPATING FINANCIAL INSTITUTIONS \n \n \n71 \n \nPREAMBLE \n \na) Whereas in the absence of a functional lender of last resort and \nprimary instruments to use as reference points for the setting of \ninterest rates, Participating Financial Institutions have relied on their \nrespective varying cost structures, in order to determine \nappropriate levels of fees and charges for their various banking \nservices; \n \nb) Whereas the Parties hereto hold the mutual interest and intention to \nrationalise, on the basis of and subject to the considerations expressed \nhereunder, certain of the bank charges and interest rates prevailing in \nthe market for purposes of ensuring that bank charges and interest \nrates promote financial inclusion, stability and economic growth; \n \nc) Whereas cognisant of the need to consult and seek a participatory \nresolution of the issue, Participating Financial Institutions engaged \nthe Reserve Bank of Zimbabwe; and \n \nd) Whereas the Participating Financial Institutions and the Reserve \nBank of Zimbabwe (the Parties) have reached a consensus on the \nframework for determining bank charges and interest rates margins. \n72 \n \nNOW THEREFORE: \nThe Parties agree as follows:- \n1. Interpretation \n \n1.1 Unless the context requires otherwise, the following terms used \nherein shall have the meanings ascribed to them below: \ni. \n“Agreement” shall mean this Memorandum of Understanding \n(MoU) and any schedules and/or annexures as may be \nincluded and/or attached to it. \nii. \n“Cost of Funds” refers to a bank’s cost of each component of \nfunding, which includes, but is not limited to the reward paid \nto depositors and shareholders in respect of shareholders’ \nfunds and the cost of attracting such deposits as reflected in \nclause 4.3(f); \niii. \n“Business day” means a day on which banking institutions are \nopen for business in Zimbabwe; \niv. \n “Participating Financial Institutions” means clearing and \nnon clearing financial institutions in Zimbabwe which are \nparty to this agreement; \nv. \n“RTGS” means the real time gross settlement system used for \nelectronic funds transfers; and \n73 \n \nvi. \n“EFTPOS” means electronic funds transfer on point of sale, \nor point of sale (POS) in short. \nvii. \n“Savings Account” refers to a deposit account held at a \nParticipating Financial Institution which does not have any \nmaturity date, from which withdrawals can be made, interest \naccrues on the account balance, and usually does not require a \nminimum balance. \n2 \nCOMMENCEMENT AND TERM \n \n2.1 This Agreement shall commence with effect from 1 February \n2013, with the exception of the issuance of debit cards to all \naccount holders which shall commence on 1 March 2013, \nnotwithstanding the date of signature by both or any of the Parties, \n(“the Effective Date”) and shall endure for a period of one (1) year, \nrenewable by mutual consent unless terminated by the Parties. \n2.2 The Agreement shall not apply in retrospect. \n3 \nDUTIES AND OBLIGATIONS OF THE RESERVE BANK OF \nZIMBABWE \n \n3.1 The Reserve Bank of Zimbabwe shall communicate directly with \neach Participating Financial Institution and shall request whatever \ninformation it deems fit from Participating Financial Institutions, \n74 \n \nindividually or collectively, in order to fully execute the terms and \nconditions of this agreement. \n3.2 The Reserve Bank of Zimbabwe in line with its supervisory \nmandate, shall engage Participating Financial Institutions operating \noutside the agreed framework for bank charges and interest rates, \nand shall notify the concerned institution in writing of the need to \ncomply with the terms and conditions of this Agreement. \n3.3 The Parties have agreed that appropriate supervisory action shall be \ntaken against any defaulting Participating Financial Institution, \nincluding any sanctions deemed necessary which may constitute any \nof the following: \ni. Monetary sanctions against the institution concerned; or \nii. Suspension of the banking licence; or \niii. Cancellation of licence. \n \nprovided that any such supervisory action shall be in line with \nthe provisions of section 73 of the Banking Act [Chapter 24:20] \nand the aggrieved Party shall be afforded the right to be heard in \nline with the principles of natural justice. \n \n3.4 The Reserve Bank of Zimbabwe and Participating Financial \nInstitutions shall develop a standardised format of disclosure \n75 \n \nrequirements to ensure that Participating Financial Institutions \nclearly disclose all their fees and charges in a uniform manner to \nenable customers to easily make informed choices and comparisons \namong banks. \n4 \nDUTIES \nAND \nOBLIGATIONS \nOF \nPARTICIPATING \nFINANCIAL INSTITUTIONS \n \nDisclosure Requirements \n4.1 Participating Financial Institutions shall disclose all business \nconditions which include the following: \na) The rate of interest payable by the Participating Financial \nInstitution on different types of deposit/investment accounts; \nb) The rate of interest charged by the Participating Financial \nInstitution on overdrafts, loans and advances; and \nc) The standard terms and conditions under which it accepts \ndeposits, allows overdrafts and offer loans and advances; and \nany other services. \n4.2 Participating Financial Institutions shall display on an on-going \nbasis, their conditions of business including all charges and rates of \ninterest, in prominent places in banking halls, websites, and publish \nthe same on a quarterly basis in two national newspapers widely \ncirculated in Zimbabwe. \n \n76 \n \nInterest Rates on Deposit/Investment \n4.3 The following conditions shall apply in respect of Participating \nFinancial Institutions’ relationships with their customers: \na) A Participating Financial Institution shall, in respect of a \nfourteen day call or fixed deposit account, pay interest accruing \nto the account on agreed contractual terms provided that such \ninterest may be reduced, in terms of the agreement signed by the \ncustomer, which terms of the agreement shall consistent with \nthe letter and spirit of this MoU, where the deposit is withdrawn \nbefore the maturity date. \nb) Any term deposit by individual customers of one thousand \nUnited States of America Dollars (US$1 000.00) and above held \nover a period of at least 30 days shall attract an interest rate of at \nleast 4% per annum provided that such deposit has been placed \nin a term deposit account in accordance with the terms and \nconditions applying to such account at a Participating Financial \nInstitution; which terms shall be consistent with the letter and \nspirit of this MoU. \nc) A Participating Financial Institution shall, in respect of a \nSavings Account, pay interest accruing to that account provided \nthat each Participating Financial Institution is at liberty to create \nits own various types of Savings Accounts whose terms and \n77 \n \nconditions shall be consistent with the letter and spirit of this \nMoU. \nd) A Participating Financial Institution that is required to pay \ninterest in terms of Clause 4.2(c) above shall calculate and \naccrue interest daily and credit interest to the account concerned \nat the end of each calendar month subject to the deposit held in \nthe Savings Account meeting the applicable terms and \nconditions on such account. \n \nLending Rates \ne) Lending rates will be subject to a maximum rate of not more \nthan 12.5 percentage points above a Participating Financial \nInstitution’s weighted average cost of funds. \nf) It was agreed that the weighted average cost of funds shall be \ncalculated as follows: \nDeposit class(a) /total deposit base X class (a) Deposit Rate + \nDeposit class(b) /total deposit base X class (b) Deposit Rate \n+…+ Deposit class (n) /total deposit base X class (n) Deposit \nRate \n(where Deposit classes are: Demand, Time, NCDs, Savings, \nForeign Currency) \n \n78 \n \ng) If a loan or other advance made to a customer, fails to operate \nwithin agreed parameters as set out in the loan agreement, the \nParticipating Financial Institution may charge a penalty interest \nrate not exceeding ten per cent per annum above the contractual \nlending rate, excluding associated collection costs including, but \nnot limited to, legal costs at the legal practitioner-client scale. \n \n Banking Charges \n4.4 The following conditions shall apply in respect of Participating \nFinancial Institutions’ relationships with their individual customers \nwith monthly deposits that less than or equal to $800: \n \nAgreed Charges \nCash Withdrawal fees \nup to 0.5% of cash withdrawal \namount subject to minimum charge of \n$2.50 \nDebit Card fee \nFirst debit card free and thereafter up \nto $3.50. The issuing of Debit cards \nwill be mandatory to every account \nholder \nLedger \nfees, \nMaintenance & Service \nfees, by whatever name \nthey may be called \nup to $4 per account \n79 \n \nATM Withdrawal fee \n$2 per transaction \nPOS \nBetween \n$0.10 \nand \n$0.50 \nper \ntransaction \nRequest for Statement \nFirst statement request free per month. \nSubsequent requests during the same \nmonth, will attract current charges. \nCash Deposits \nno charges shall be levied on cash \ndeposits \n \n4.5 It was agreed that Participating Financial Institutions currently \nlevying bank charges/fees below the levels proposed in the MoU \nshould maintain the charges/fees at the levels currently obtaining; \nand that charges/fees not specified in the MoU should not be \nincreased. \n4.6 The Parties agreed that the lending rates and the bank charges are \nsubject to a review after 6 months from the Effective Date. \n4.7 During the 6 months of the subsistence of the MoU, Participating \nFinancial Institutions shall undertake extensive review and adopt \npossible ways of reducing operational expenses which tend to be a \nhigh contributor to the high interest rate spread. \n \n80 \n \nPensioners \n4.8 Every Participating Financial Institutions shall exempt pensioners \naged above 60 years from all bank charges including account \nmaintenance fees except where such accounts are used for \nconducting business related activities. \nPromotion of Electronic Means of Payment and Plastic Money \n4.9 Every Participating Financial Institution shall promote the use of \nplastic money through the introduction of more e-channels, more \npoint of sale devices, increasing the interoperability of systems and \nsharing of service delivery infrastructure for the convenience of the \ntransacting public. \n5 \nSTANDING COMMITTEE \n5.1 The Parties hereto shall form a standing committee which shall also \nincorporate officers of the Ministry of Finance. \n5.2 The standing committee shall meet regularly to discuss and review \nissues covered by this MOU. \n5.3 The standing committee shall make recommendations regarding \nparticipation and related matters pertaining to mobile network \noperators, including the liberalization of the gateway. \n \n \n81 \n \n6 \nDISPUTE RESOLUTION \n \n6.1 Without prejudice to rights and remedies available at law, the \nParties hereto, shall use all reasonable endeavours to resolve any \ndisputes arising out of the operation or implementation of this \nagreement amicably. Any dispute that is not resolved amicably \nbetween the Parties within fourteen (14) days shall be referred to the \nMinister of Finance who may resort, amongst other possible \nmeasures, to the issuance of a statutory instrument. \n6.2 This Agreement shall be governed by, and construed in accordance \nwith, the laws of Zimbabwe. \n \n \n \n \n \n \n \n \n \n \n82 \n \n \n \nSIGNED on this day of \n \n \n2013 \nFor and on behalf of BancABC Limited \n \n__________________ \n \n \n_______________________ \nCHIEF EXECUTIVE OFFICER \nFINANCE DIRECTOR \n \n \n \n \nSIGNED on this day of \n \n \n2013 \nFor and on behalf of Agricultural Development Bank of Zimbabwe \n \n__________________ \n \n \n_______________________ \nCHIEF EXECUTIVE OFFICER \nFINANCE DIRECTOR \n \n \nSIGNED on this day of \n \n \n2013 \n83 \n \nFor and on behalf of Barclays Bank of Zimbabwe Limited \n \n__________________ \n \n \n_______________________ \nCHIEF EXECUTIVE OFFICER \nFINANCE DIRECTOR \n \n \nSIGNED on this day of \n \n \n2013 \nFor and on behalf of Capital Bank Limited \n \n__________________ \n \n \n_______________________ \nCHIEF EXECUTIVE OFFICER \nFINANCE DIRECTOR \n \n \nSIGNED on this day of \n \n \n2013 \nFor and on behalf of Central Africa Building Society \n \n__________________ \n \n \n_______________________ \nCHIEF EXECUTIVE OFFICER \nFINANCE DIRECTOR \n \n84 \n \n \nSIGNED on this day of \n \n \n2013 \nFor and on behalf of CBZ Bank Limited \n \n__________________ \n \n \n_______________________ \nCHIEF EXECUTIVE OFFICER \nFINANCE DIRECTOR \n \n \nSIGNED on this day of \n \n \n2013 \nFor and on behalf of CBZ Building Society \n \n__________________ \n \n \n_______________________ \nCHIEF EXECUTIVE OFFICER \nFINANCE DIRECTOR \n \nSIGNED on this day of \n \n \n2013 \nFor and on behalf of Ecobank Zimbabwe Limited \n \n__________________ \n \n \n_______________________ \nCHIEF EXECUTIVE OFFICER \nFINANCE DIRECTOR \n85 \n \nSIGNED on this day of \n \n \n2013 \nFor and on behalf of FBC Bank Limited \n \n__________________ \n \n \n_______________________ \nCHIEF EXECUTIVE OFFICER \nFINANCE DIRECTOR \n \nSIGNED on this day of \n \n \n2013 \nFor and on behalf of FBC Building Society Limited \n \n__________________ \n \n \n_______________________ \nCHIEF EXECUTIVE OFFICER \nFINANCE DIRECTOR \n \n \nSIGNED on this day of \n \n \n2013 \nFor and on behalf of Infrastructure Development Bank of Zimbabwe \n \n__________________ \n \n \n_______________________ \nCHIEF EXECUTIVE OFFICER \nFINANCE DIRECTOR \n \n86 \n \n \nSIGNED on this day of \n \n \n2013 \nFor and on behalf of Interfin Bank Limited (Under Curatorship) \n \n__________________ \n \n \n_______________________ \nCHIEF EXECUTIVE OFFICER \nFINANCE DIRECTOR \n \n \nSIGNED on this day of \n \n \n2013 \nFor and on behalf of Kingdom Bank Limited \n \n__________________ \n \n \n_______________________ \nCHIEF EXECUTIVE OFFICER \nFINANCE DIRECTOR \n \nSIGNED on this day of \n \n \n2013 \nFor and on behalf of MBCA Bank Limited \n \n__________________ \n \n \n_______________________ \nCHIEF EXECUTIVE OFFICER \nFINANCE DIRECTOR \n87 \n \nSIGNED on this day of \n \n \n2013 \nFor and on behalf of MetBank Limited \n \n__________________ \n \n \n_______________________ \nCHIEF EXECUTIVE OFFICER \nFINANCE DIRECTOR \n \n \nSIGNED on this day of \n \n \n2013 \nFor and on behalf of NMB Bank Limited \n \n__________________ \n \n \n_______________________ \nCHIEF EXECUTIVE OFFICER \nFINANCE DIRECTOR \n \n \nSIGNED on this day of \n \n \n2013 \nFor and on behalf of People's Own Savings Bank \n \n__________________ \n \n \n_______________________ \nCHIEF EXECUTIVE OFFICER \nFINANCE DIRECTOR \n88 \n \n \nSIGNED on this day of \n \n \n2013 \nFor and on behalf of Stanbic Bank Zimbabwe Limited \n \n__________________ \n \n \n_______________________ \nCHIEF EXECUTIVE OFFICER \nFINANCE DIRECTOR \n \n \nSIGNED on this day of \n \n \n2013 \nFor and on behalf of Standard Chartered Bank Zimbabwe Limited \n \n__________________ \n \n \n_______________________ \nCHIEF EXECUTIVE OFFICER \nFINANCE DIRECTOR \n \nSIGNED on this day of \n \n \n2013 \nFor and on behalf of Tetrad Investment Bank Limited \n \n__________________ \n \n \n_______________________ \nCHIEF EXECUTIVE OFFICER \nFINANCE DIRECTOR \n89 \n \nSIGNED on this day of \n \n \n2013 \nFor and on behalf of Trust Banking Corporation Limited \n \n__________________ \n \n \n_______________________ \nCHIEF EXECUTIVE OFFICER \nFINANCE DIRECTOR \n \n \nSIGNED on this day of \n \n \n2013 \nFor and on behalf of ZB Bank Limited \n \n__________________ \n \n \n_______________________ \nCHIEF EXECUTIVE OFFICER \nFINANCE DIRECTOR \n \nSIGNED on this day of \n \n \n2013 \nFor and on behalf of ZB Building Society \n \n__________________ \n \n \n_______________________ \nCHIEF EXECUTIVE OFFICER \nFINANCE DIRECTOR \nSIGNED on this day of \n \n \n2013 \n90 \n \nFor and on behalf of Zimbabwe Allied Banking Group \n \n__________________ \n \n \n_______________________ \nCHIEF EXECUTIVE OFFICER \nFINANCE DIRECTOR \n \nSIGNED on this day of \n \n \n2013 \nFor and on behalf of TN Bank Limited \n \n__________________ \n \n \n_______________________ \nCHIEF EXECUTIVE OFFICER \nFINANCE DIRECTOR \n \nSIGNED on this day of \n \n \n2013 \nFor and on Behalf of the Reserve Bank of Zimbabwe \n \n__________________ \n \n \n \n \nGOVERNOR OF THE RESERVE BANK", "source": "RBZ", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///RBZ/Monetary_Policy_Statements/mpsjan2013Zim.pdf"}
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+ {"doc_id": "26b5b9d21af46b5f386b5d1c3cfdba3f", "text": "Vol. 26 No. 6 \n \n \nWeek Ending \n9th February 2024 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 3 \n3. \nEQUITY MARKETS .............................................................. 5 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 7 \n5. \nPRICES .................................................................................... 7 \n6. \nMOSI-OA-TUNYA GOLD COINS AND GOLD BACKED \nDIGITAL TOKENS (GBDT) ................................................. 8 \n7. \nEXTERNAL SECTOR ........................................................... 9 \n \n \n 1 \n1. OVERVIEW \n \n \nThe interbank market exchange rate depreciated from ZW$10,706.87 per US$ at the beginning \nof the week ending 9th February 2024, and closed the week at ZW$11,097.102 per US. As a \nresult, the parallel market exchange rate premium narrowed from 42.8% in the previous week to \n35.4%, during the week under review. \n \nLocal currency minimum and maximum deposit rates for deposits of 1-month tenor decreased, \nwhilst those for all the other deposit tenors remained unchanged. The minimum and maximum \ndeposit rates for deposits of 1-month tenor decreased by 0.28 and 0.56 percentage points, \nrespectively. Deposit rates on foreign currency deposits for other tenors moderately increased, \nwhile savings rates remained unchanged during the week under review. \n \nMinimum and maximum lending rates for individual clients of commercial banks increased from \n69.23% and 98.36% during the week ending 2nd February 2024 to 74.37% and 99.58%, \nrespectively, during the week under review. The minimum lending rates in local currency for \ncorporate clients of commercial banks slightly decreased from 93.67% to 93.51%, during the \nweek under review. The minimum lending rates on foreign currency loans for individuals and \ncorporates increased by 0.03 percentage points and 0.01 percentage points, respectively. \n \nTrading on both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange \n(VFEX) was bearish, as reflected by the decrease in the volume of shares traded. The ZSE lost \n3.29% of the all-share index to close at 565,042.99 points, from 584,266.23 in the previous week. \nSimilarly, the VFEX all-share index declined by 3.06%, from 102.59 points to 99.45 points. \n \nThe total value of transactions processed through the National Payment Systems (NPS) platforms \nincreased by 12.43% in the previous week to ZW$9.87 trillion, during the week under analysis. \nIn value terms, the Real Time Gross Settlement (RTGS) system constituted 69.78% of the \naggregate transactions. On the other hand, Mobile platforms at 55.96% contributed the highest \nproportions in terms of NPS volumes. \n \nInternational commodity prices for gold, platinum, palladium, copper, nickel, and crude oil were \nsubdued mainly on account of the strengthening US dollar, during the reporting week. Rising US \n \n 2 \nbond yields weighed down the price of gold, while platinum prices fell on account of the \nslowdown in industrial activities. Lithium weekly average prices declined from \nUS$13,396.00/tonne in the week ending 2nd February 2024 to US$13,250.00/tonne in the \nreporting week mainly due to China’s slowing demand for electric vehicles (EVs). Energy \nprices, however, rose as reflected by increases in diesel, petrol, and liquid petroleum (LP) gas, \nfrom $1.66, $1.57 per litre and $1.85 per kg in the previous week to $1.67, $1.64 per litre and \n$1.86 per kg, respectively, during the week under review. \n \n \nThe key financial and monetary statistics including graphs are shown below. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 3 \n2. INTEREST RATES \n \nPolicy rates \nPolicy Rate \n19 Jan 2024 \n26 Jan 2024 \n02 Feb 2024 \n09 Feb 2024 \n \n \n \n \n \nRBZ Policy Rate \n130 \n130 \n130 \n130 \nMBA window \n75 \n75 \n75 \n75 \nSource: Reserve Bank of Zimbabwe \n \n \nAverage commercial bank deposit rates \nZWL Deposit rates \n19 Jan 2024 \n26 Jan 2024 \n02 Feb 2024 \n09 Feb 2024 \n \n \n \n \n \nSavings \n \n \n \n \nMinimum \n33.75 \n33.75 \n33.75 \n33.75 \nMaximum \n37.13 \n37.13 \n37.13 \n37.13 \n1-month deposit \n \n \n \n \nMinimum \n54.28 \n54.28 \n54.56 \n54.28 \nMaximum \n64.50 \n64.50 \n65.06 \n64.50 \n3-month deposit \n \n \n \n \nMinimum \n56.06 \n56.06 \n56.06 \n56.06 \nMaximum \n65.65 \n65.65 \n65.65 \n65.65 \n6-month deposit \n \n \n \n \nMinimum \n54.03 \n54.03 \n54.03 \n54.03 \nMaximum \n65.43 \n65.43 \n65.43 \n64.53 \n12-Month deposits \n \n \n \n \nMinimum \n54.20 \n54.20 \n54.20 \n54.20 \nMaximum \n65.57 \n65.57 \n65.57 \n65.57 \nOver 1 year \n \n \n \n \nMinimum \n54.47 \n54.47 \n54.47 \n54.47 \nMaximum \n66.07 \n66.07 \n66.07 \n66.07 \nSource: Reserve Bank of Zimbabwe \n \n \nUS$ Deposit rates \n19 Jan 2024 \n26 Jan 2024 \n02 Feb 2024 \n09 Feb 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 \n3.09 \n3.09 \n3.09 \n3.18 \nMaximum \n4.74 \n4.74 \n4.74 \n4.90 \n3-month deposits \n \n \n \n \nMinimum \n3.34 \n3.34 \n3.34 \n3.47 \nMaximum \n5.17 \n5.17 \n5.17 \n5.35 \n6-month deposits \n \n \n \n \nMinimum \n3.46 \n3.46 \n3.46 \n3.61 \nMaximum \n5.46 \n5.46 \n5.46 \n5.66 \n12-Month deposits \n \n \n \n \nMinimum \n3.67 \n3.67 \n3.67 \n3.83 \nMaximum \n5.75 \n5.75 \n5.75 \n5.95 \nOver 1 year \n \n \n \n \nMinimum \n3.80 \n3.80 \n3.80 \n3.98 \nMaximum \n5.75 \n5.75 \n5.75 \n5.95 \nSource: Reserve Bank of Zimbabwe \n \n \n 4 \nCommercial bank weighted lending rates (Local Currency (ZW$)) \nZWL Lending rates \n19 Jan 2024 \n26 Jan 2024 \n02 Feb 2024 \n 09 Feb 2024 \nIndividuals \n \n \n \n \nMinimum \n70.14 \n70.18 \n69.23 \n74.37 \nMaximum \n100.51 \n100.81 \n98.36 \n99.58 \n \n \n \n \n \nCorporates \n \n \n \n \nMinimum \n95.14 \n95.24 \n93.67 \n93.51 \nMaximum \n165.37 \n164.86 \n164.31 \n165.20 \nSource: Reserve Bank of Zimbabwe \n \n \n \n \nCommercial bank weighted lending rates (Foreign Currency (US$) \nUS$ Lending rates \n19 Jan 2024 \n26 Jan 2024 \n02 Feb 2024 \n 09 Feb 2024 \nIndividuals \n \n \n \n \nMinimum \n10.82 \n10.75 \n10.74 \n10.77 \nMaximum \n13.56 \n13.61 \n13.62 \n13.63 \n \n \n \n \n \nCorporates \n \n \n \n \nMinimum \n8.28 \n8.29 \n8.33 \n8.34 \nMaximum \n14.20 \n14.14 \n14.15 \n14.07 \nSource: Reserve Bank of Zimbabwe \n \n \n \n \nCommercial banks and Building societies mortgage lending rates \nMortgage Lending \nrates \n19 Jan 2024 \n26 Jan 2024 \n02 Feb 2024 \n 09 Feb 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 \n \n \n \n \n \nUS$ Lending rates \n \n \n \n \nMinimum \n8.00 \n8.00 \n8.00 \n8.00 \nMaximum \n18.00 \n18.00 \n18.00 \n18.00 \nSource: Reserve Bank of Zimbabwe \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 5 \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 \nCap \n(points) \nSmall Cap \n(points) \nMining \nIndex \n(points) \nGrand \nMarket \nCap (ZWL \nbillion) \nMarket \nTurnover \n(ZWL \nmillion) \nVolume \nof Shares \n(million) \n19-Jan-24 \n330,362.83 \n150,496.3 \n200,543.55 \n1,142,891.53 \n5,622,095.52 \n163,733.73 \n26,873.26 \n23,291.38 \n23.27 \n26-Jan-24 \n429,924.86 \n193,020.96 \n261,129.96 \n1,506,962.42 \n9,939,773.26 \n187,716.59 \n34,645.31 \n35,682.43 \n14.89 \n02-Feb-24 \n584,266.23 \n261,619.92 \n351,519.56 \n2,043,762.44 \n9,947,030.87 \n163,733.73 \n47,316.74 \n68,964.42 \n23.14 \n09-Feb-24 \n565,042.99 \n256,423.20 \n335,671.65 \n2,145,807.60 \n9,851,268.27 \n216,534.42 \n45,507.85 \n27,104.96 \n19.05 \n% Change \n-3.29 \n-1.99 \n-4.51 \n4.99 \n-0.96 \n32.25 \n-3.82 \n-60.70 \n-17.69 \n \nSource: Zimbabwe Stock Exchange, (ZSE) \n \n \n \nVFEX Indicators \n Date \nAll Share Index Points \nGrand Market \nCapitalization \n(US$ billion) \nMarket Turnover \n (US$ million) \nVolume of Shares \n(million) \n19-Jan-24 \n95.81 \n1.16 \n1.48 \n4.92 \n26-Jan-24 \n98.68 \n1.19 \n0.58 \n5.21 \n02-Feb-24 \n102.59 \n1.24 \n0.52 \n2.15 \n09-Feb-24 \n99.45 \n1.20 \n1.03 \n2.97 \n% Change \n-3.06 \n-3.06 \n99.00 \n38.21 \n \nSource: Zimbabwe Stock Exchange, (ZSE) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 6 \nFigure 1: ZSE and VFEX Indicators \nSource: Zimbabwe Stock Exchange \n \n \n \n \nSource: Zimbabwe Stock Exchange, (ZSE) \n \n0\n100000\n200000\n300000\n400000\n500000\n600000\n700000\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\nIndices\nZSE Indices \nAll share Index (ZSE)\nTop 10 Index\nMining Index\n0.00\n10,000.00\n20,000.00\n30,000.00\n40,000.00\n50,000.00\n60,000.00\n70,000.00\n80,000.00\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\nZW$ Mililon\nZSE Market Turnover \n \n0\n5,000\n10,000\n15,000\n20,000\n25,000\n30,000\n35,000\n40,000\n45,000\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\nZW$ ililon\nZSE Market Capitalisation \n \n0\n20\n40\n60\n80\n100\n120\n140\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\nUS$ Bililon\nVFEX All Share Index \n \n0\n200\n400\n600\n800\n1000\n1200\n1400\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\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\nUS$ Mililon\nVFEX Market Capitalisation \n \n 7 \n4. CLEARING AND SETTLEMENT ACTIVITY \nSource: Reserve Bank of Zimbabwe \n \n5. PRICES \n \nDomestic Energy Prices \nEnergy prices \n19 Jan 2024 \n26 Jan 2024 \n02 Feb 2024 \n09 Feb 2024 \n \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.66 \n1.66 \n1.66 \n1.67 \nPetrol Blend E20/ \nlitre \n1.57 \n1.57 \n1.57 \n1.64 \nLP Gas / kg \n1.85 \n1.85 \n1.85 \n1.86 \nSource: ZERA \n \n \nInternational Energy Prices \n Energy prices \n19 Jan 2024 \n26 Jan 2024 \n02 Feb 2024 \n09 Feb 2024 \n \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n78.37 \n84.02 \n80.01 \n79.91 \nSource: KITCO \n \n \n \n \n \n \n \n \n \n \n \n \n \nPAYMENT STREAM \nWEEK \nENDING 02 FEBRUARY \n2024 \n WEEK \nENDING 09 FEBRUARY \n 2024 \nWEEKLY \nCHANGE \n(%) \n \nVALUES IN ZW$ \n \nRTGS \n6,985,259,525,287.49 \n7,933,467,185,319.33 \n13.57 \nOf which ZW$ \n2,825,824,995,374.92 \n3,266,111,212,968.47 \n \nOf which US$ \n410,420,705.48 \n420,368,772.91 \n \nPOS \n553,786,476,606.63 \n623,771,607,520.37 \n12.64 \nATM \n592,894,409,824.54 \n602,656,849,746.83 \n1.64 \nMOBILE \n647,725,307,699.92 \n711,148,437,718.74 \n9.79 \nTOTAL \n8,779,665,719,418.58 \n9,871,044,080,305.27 \n12.43 \n \nVOLUMES \n \nRTGS \n250,733 \n188,600 \n-24.78 \nOf which ZW$ \n131,446 \n101,550 \n \nOf which US$ \n119,287 \n87,050 \n \nPOS \n1,890,462 \n2,086,820 \n10.39 \nATM \n198,313 \n216,049 \n8.94 \nMOBILE \n10,714,386 \n11,038,304 \n3.02 \nTOTAL \n13,053,894 \n13,529,773 \n3.65 \n \n 8 \n6. MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS \n(GBDT) \n \nPrevious day Gold PM Fix \nGold prices \n19 Jan 2024 \n26 Jan 2024 \n02 Feb 2024 \n09 Feb 2024 \n \nUS$/oz \nUS$/oz \nUS$/oz \nUS$/oz \nGold PM Fix \n2,013.20 \n2,023.75 \n2,045.85 \n2,028.65 \nSource: LBMA, (2024) \n \n \n \nGold Backed Digital Token Price Per Milligram \nWeek Ending \nZW$ Price per Mg \nUS$ Price per Mg \nBuy \nSell \nBuy \nSell \n19-Jan-24 \n568.00 \n627.79 \n0.0615 \n0.0680 \n26-Jan-24 \n608.74 \n672.82 \n0.0618 \n0.0683 \n2-Feb-24 \n656.77 \n725.9 \n0.0625 \n0.0691 \n09-Feb-24 \n780.45 \n862.60 \n0.0620 \n0.0685 \nSource: Reserve Bank of Zimbabwe \n \n \nRBZ Gold-Backed Digital Tokens Issuances (ZW$) \n \n2024 \nNumber of \nBids \nValue of Bids \n(ZW$ millions) \nAmount Allotted \n(ZW$ millions) \nKilograms \nof Gold \nPurchased \nCumulative up to week ending \n862 \n207,885.69 \n207,885.69 \n616.770964 \n2-Feb \n5-Feb \nGBDT Issue No.7 2024 \n6 \n10,797.00 \n10,797.00 \n13.350065 \n6-Feb \nGBDT Issue No.8 2024 \n6 \n3,503.60 \n3,503.60 \n4.278576 \n7-Feb \nGBDT Issue No.9 2024 \n9 \n23,815.00 \n23,815.00 \n28.428011 \n8-Feb \nGBDT Issue No.10 2024 \n8 \n18,150.70 \n18,150.70 \n21.202597 \n9-Feb \nGBDT Issue No.10 2024 \n5 \n14,815.00 \n14,815.00 \n17.174818 \nCumulative up to week ending \n896 \n 278,966.39 \n278,966.39 \n701.205031 \n9-Feb \nWeekly Change (%) \n3.79 \n34.21 \n34.21 \n13.69 \n Source: Reserve Bank of Zimbabwe \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 9 \n \n Figure 2: Cumulative KGs Purchased of GBDT \n \n Source: Reserve Bank of Zimbabwe \n \n \nMosi-oa-Tunya Gold Coin Prices \nGold Coin Price \n19 Jan 2024 \n26 Jan 2024 \n02 Feb 2024 \n 09 Feb 2024 \n1.00Oz \n \n \n \n \nUS$ \n2,113.86 \n2,124.94 \n2,148.14 \n2,130.08 \nZW$ \n20,927,050.54 \n22,578,108.38 \n24,814,522.97 \n26,829,944.90 \n0.50Oz \n \n \n \n \nUS$ \n1,056.93 \n1,062.47 \n1,074.07 \n1,065.04 \nZW$ \n10,463,525.27 \n11,289,054.19 \n12,407,261.48 \n13,414,972.45 \n0.25Oz \n \n \n \n \nUS$ \n528.47 \n531.23 \n537.04 \n532.52 \nZW$ \n5,231,762.63 \n5,644,527.10 \n6,203,630.74 \n6,707,486.22 \n0.10Oz \n \n \n \n \nUS$ \n211.39 \n212.49 \n214.81 \n213.01 \nZW$ \n2,092,705.05 \n2,257,810.84 \n2,481,452.30 \n2,682,994.49 \nSource: Reserve Bank of Zimbabwe \n \n7. EXTERNAL SECTOR \nInternational commodity price developments \n \nPlatinum \nPalladium \nNickel \nLithium \n2024 \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nWeekly Average \n (29 Jan - 2 Feb) \n918.80 \n965.20 \n16,288.40 \n13,396.00 \n5-Feb \n897.50 \n938.00 \n16,005.00 \n13,250.00 \n6-Feb \n903.50 \n951.00 \n15,927.00 \n13,250.00 \n7-Feb \n893.50 \n935.50 \n16,012.00 \n13,250.00 \n8-Feb \n881.00 \n881.50 \n16,060.00 \n13,250.00 \n9-Feb \n882.00 \n875.00 \n15,921.00 \n13,250.00 \nWeekly Average \n (05 Feb - 9 Feb) \n891.50 \n 916.20 \n15,985.00 \n13,250.00 \nSource: KITC \n -\n 100.00\n 200.00\n 300.00\n 400.00\n 500.00\n 600.00\n 700.00\n 800.00\n18-May\n26-May\n1-Jun\n8-Jun\n15-Jun\n22-Jun\n29-Jun\n6-Jul\n13-Jul\n20-Jul\n3-Aug\n17-Aug\n31-Aug\n14-Sep\n28-Sep\n12-Oct\n18-Oct\n9-Nov\n23-Nov\n7-Dec\n21-Dec\n11-Jan\n25-Jan\n30-Jan\n31-Jan\n1-Feb\n2-Feb\n5-Feb\n6-Feb\n7-Feb\n8-Feb\n9-Feb\n \n \n10 \nFigure 3: Weekly Precious Metals Price Developments (05th – 09th February 2024) \n \n \n \n \n \n \nSource: Kitco,2024 \nExchange Rate Developments \n \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(29 Jan - 2 Feb) \n10,150.6806 \n556.2434 \n12,893.6891 \n747.5167 \n10,996.8217 \n5-Feb \n10,706.87 \n588.24 \n13,504.08 \n788.21 \n11,541.06 \n6-Feb \n10,927.53 \n588.24 \n13,719.00 \n795.07 \n11,748.31 \n7-Feb \n11,108.74 \n588.24 \n13,997.13 \n813.33 \n11,954.17 \n8-Feb \n11,291.71 \n625.00 \n14,264.46 \n826.73 \n12,175.97 \n9-Feb \n11,450.66 \n625.00 \n14,448.10 \n836.09 \n12,335.26 \nWeekly Average \n(05 Feb – 9 Feb) \n11,097.102 \n602.944 \n13,986.554 \n811.886 \n11,950.954 \nAppr (-)/Depr \n(+) (%) of the \nZWL \n9.32 \n8.40 \n8.48 \n8.8 \n8.68 \nSource: Reserve Bank of Zimbabwe \n865\n870\n875\n880\n885\n890\n895\n900\n905\n910\n5-Feb-24\n6-Feb-24\n7-Feb-24\n8-Feb-24\n9-Feb-24\nUS$/tonne\nPlatinum\n820\n840\n860\n880\n900\n920\n940\n960\n5-Feb-24\n6-Feb-24\n7-Feb-24\n8-Feb-24\n9-Feb-24\nUS$/tonne\nPalladium\n15850\n15900\n15950\n16000\n16050\n16100\n5-Feb-24\n6-Feb-24\n7-Feb-24\n8-Feb-24\n9-Feb-24\nUS$/tonne\nNickel\n0\n2000\n4000\n6000\n8000\n10000\n12000\n14000\n5-Feb-24\n6-Feb-24\n7-Feb-24\n8-Feb-24\n9-Feb-24\nUS$/tonne\nLithium Hydroxide", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_9_February_2024_Volume_26_Number_6.pdf"}
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+ {"doc_id": "2726273fea5865e2eded88445e4f6710", "text": "Vol. 25 No. 19 \n \n \nWeek Ending \n12th May 2023 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nINTEREST RATES .................................................................................... 1 \n2. \nCLEARING AND SETTLEMENT ACTIVITY ...................................... 3 \n3. \nTOBACCO SALES ..................................................................................... 4 \n4. \nINTERNATIONAL COMMODITY PRICE DEVELOPMENTS ......... 4 \n5. \nEXCHANGE RATE DEVELOPMENTS ................................................. 6 \n6. \nEQUITY MARKETS.................................................................................. 7 \n \n \n \n \n \n1 \n1. \nINTEREST RATES \n \nLocal Currency (ZWL) Deposit Rates \n \nThe week ending 12th May 2023 saw average minimum deposits rates for savings deposits and \ndeposits of 1-month tenor decreasing while those for 3-months tenor registered an increase. \nAverage maximum deposits rates for deposits of all classes quoted by commercial banks were \nlower during the same week, as shown in Table 1. \n \n \n \nTable 1: Average Deposit Rates (per annum) \nDate \nSavings deposits (%) \n1- Month deposit rates (%) \n \n3- Month deposit rates (%) \n \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n14-Apr-23 \n34.01 \n35.26 \n63.72 \n74.28 \n64.72 \n73.61 \n21-Apr-23 \n33.34 \n34.01 \n62.06 \n73.17 \n63.06 \n71.94 \n28-Apr-23 \n36.00 \n36.50 \n62.06 \n73.17 \n63.06 \n71.72 \n5-May-23 \n36.00 \n36.50 \n62.06 \n73.17 \n63.06 \n71.72 \n12-May-23 \n35.33 \n35.88 \n60.39 \n71.50 \n63.33 \n70.33 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \nLocal Currency (ZWL) Lending Rates \n \nDuring the week under review, commercial bank minimum lending rates for both individual and \ncorporate clients increased while commercial bank maximum lending rates for both individual \nand corporate clients registered declines, as shown in Table 2. \n \nTable 2: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \n \n Corporate Clients \n14-Apr-23 \n75.02 \n110.60 \n81.36 \n167.90 \n21-Apr-23 \n74.11 \n105.67 \n87.16 \n167.82 \n28-Apr-23 \n74.48 \n105.75 \n86.96 \n167.31 \n5-May-23 \n74.44 \n107.78 \n96.87 \n173.38 \n12-May-23 \n74.48 \n103.66 \n102.75 \n161.96 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n2 \n \n \nForeign Currency (USD) Deposit Rates \n \nAverage minimum and maximum deposits rates for deposits of all classes quoted by commercial \nbanks were unchanged during the week ending 12th May 2023, as shown in Table 3. \n \n \nTable 3: Average Deposit Rates (per annum) \nDate \nSavings deposits (%) \n1- Month deposit rates (%) \n \n3- Month deposit rates (%) \n \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n14-Apr-23 \n1.27 \n1.69 \n3.12 \n4.32 \n3.45 \n4.77 \n21-Apr-23 \n1.27 \n1.69 \n3.12 \n4.32 \n3.45 \n4.77 \n28-Apr-23 \n1.27 \n1.69 \n3.12 \n4.32 \n3.45 \n4.77 \n5-May-23 \n1.27 \n1.69 \n3.12 \n4.44 \n3.45 \n4.93 \n12-May-23 \n1.27 \n1.69 \n3.12 \n4.44 \n3.45 \n4.93 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \nForeign Currency (USD) Lending Rates \n \nThe week ending 12th May 2023, saw a decrease in commercial bank minimum lending rates for \nboth individual and corporate clients, while maximum lending rates firmed during the week \nunder review, as shown in Table 4. \n \nTable 4: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \n \n Corporate Clients \n14-Apr-23 \n11.29 \n13.28 \n7.76 \n14.76 \n21-Apr-23 \n11.33 \n13.25 \n7.75 \n14.76 \n28-Apr-23 \n11.37 \n13.24 \n7.96 \n14.50 \n5-May-23 \n11.91 \n12.95 \n8.28 \n14.44 \n12-May-23 \n11.32 \n13.34 \n7.65 \n14.48 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n \n \n3 \n2. \nCLEARING AND SETTLEMENT ACTIVITY \n \nThe value of transactions processed through the National Payment Systems (NPS) amounted to \nZW$1.69 trillion, during the week under review, from ZW$1.18 trillion reported during the \nprevious week. Real Time Gross Settlement (RTGS) transactions rose from $0.95 trillion in the \nprevious week to $1.47 billion, during the week under review. In proportions, the NPS \ntransaction values were distributed as follows: RTGS, 87.11%, POS, 7.17%; Mobile, 4.80%; and \nATM, 0.91%. \n \n \nFigure 1: Composition of NPS Transactions in Value Terms \n \n Source: Reserve Bank of Zimbabwe, 2023 \n \n \n \nThe volume of NPS transactions declined by 2.71%, from 13,408,643 million recorded in the \npreceding week to 13,045,614 million, during the week under review. Mobile based transactions \ndominated NPS transaction volumes at 71.12% of the total; followed by POS, 26.15%; RTGS, \n1.83%; and ATM, 0.90%, as shown in Figure 2. \n \n \n Figure 2: Composition of NPS Transactions in Volume Terms \n \nSource: Reserve Bank of Zimbabwe, 2023 \n \nRTGS\n87.11%\nPOS\n7.17%\nATM\n0.91%\nMOBILE\n4.80%\nRTGS\nPOS\nATM\nMOBILE\nRTGS, 1.83%\nPOS, 26.15%\nATM, 0.90%\nMOBILE, 75.12%\nRTGS\nPOS\nATM\nMOBILE\n \n \n4 \nTable 5: National Payment Systems Activity \nPAYMENT \nSTREAM \nWEEK ENDING \n5th May 2023 \n \nWEEK ENDING \n \n12th May 2023 \n% CHANGE FROM \nLAST WEEK \nPROPORTION \n% \n \nValues in ZW$ Millions \n \n \nRTGS \n948,078.79 \n1,468,142.56 \n54.85% \n87.11% \nPOS \n121,994.35 \n120,918.10 \n-0.88% \n7.17% \nATM \n36,588.60 \n15,293.82 \n-58.20% \n0.91% \nMOBILE \n76,670.88 \n80,963.53 \n5.60% \n4.80% \nTOTAL \n1,183,332.62 \n1,685,318.02 \n42.42% \n100% \nVolumes \n \n \nRTGS \n230,981 \n238,243 \n3.14% \n1.83% \nPOS \n3,878,607 \n3,412,017 \n-12.03% \n26.15% \nATM \n200,069 \n117,329 \n-41.36% \n0.90% \nMOBILE \n9,098,986 \n9,278,025 \n1.97% \n71.12% \nTOTAL \n13,408,643 \n13,045,614 \n-2.71% \n100% \nSource: Reserve Bank of Zimbabwe, 2023 \n \n3. \nTOBACCO SALES \nA cumulative total of 186.83 million kilograms of tobacco had been sold as at day 44 of the \ntobacco selling season. This was a 46.39% higher than the 127.63 million kilograms sold during \nthe same period in 2022, in part, on account of higher production anticipated during the 2022/23 \nseason. In value terms, tobacco sales registered a 46.71% increase to US$560.47 million, from \nUS$382.04 million realized during the corresponding period in 2022, as shown in Table 6. \n \nTable 6: Weekly Cumulative Tobacco Sales: Day 44 (12th May 2023) \n \n2022 \n2023 \nVariance (%) \nCumulative Quantity Sold (million kgs) \n127,627,997 \n186,830,365 \n46.39 \nAverage Price (US$/kg) \n2.99 \n \n3.00 \n0.33 \nCumulative value (US$ million) \n382,036,510 \n560,472,380 \n46.71 \n Source: Tobacco Industry and Marketing Board (TIMB), 2022 \n \nThe golden leaf was sold at an average price of US$3.00 per kilogram, up from US$2.99 per \nkilogram realised in the same period in 2022. \n4. \nINTERNATIONAL COMMODITY PRICE DEVELOPMENTS \n \nDuring week ending 12th May 2023, weekly average prices for gold, platinum and crude oil \nsurged from the previous week values on the back of tight market conditions. Copper and nickel, \nhowever, declined during the same week. The developments in prices for selected commodities \nduring the week under analysis are as shown in Table 7. \n \n \n \n5 \nTable 7: Metal and Crude Oil Prices for the week ending 12th May 2023 \n \nGold \nPlatinum \nPalladium \nCopper \nNickel \nCrude Oil \n2023 \nUS$/ounce US$/ounce US$/ounce US$/tonne \nUS$/tonne \nUS$/barrel \nWeekly Average (2-5 May 23) \n2,015.90 \n1,052.38 \n1,444.25 \n8,546.88 \n24,637.50 \n74.24 \n8-May-23 \n2,029.72 \n1,061.00 \n1,451.00 \n8,589.00 \n23,900.00 \n76.66 \n9-May-23 \n2,027.90 \n1,078.50 \n1,554.00 \n8,585.50 \n23,640.00 \n76.92 \n10-May-23 \n2,033.38 \n1,113.00 \n1,596.50 \n8,484.00 \n22,355.00 \n77.10 \n11-May-23 \n2,020.85 \n1,111.50 \n1,589.00 \n8,217.50 \n21,970.00 \n74.54 \n12-May-23 \n2,013.28 \n1,090.00 \n1,559.50 \n8,212.00 \n22,080.00 \n73.56 \nWeekly Average (8-12 May 23) \n2,025.02 \n1,090.80 \n1,550.00 \n8,417.60 \n22,789.00 \n75.76 \nWeekly Change (%) \n0.45 \n3.65 \n7.32 \n-1.51 \n-7.50 \n2.05 \nSource: BBC, KITCO and Bloomberg, 2023 \nGold \n \nGold prices increased by 0.45%, from US$2,015.90 per ounce in the previous week to \nUS$2,025.02 per ounce, during the week ending 12th May 2023. Gold prices registered a \nmarginal increase as investors waited for U.S. inflation data, which could have a bearing on the \nFederal Reserve's interest rate policy. \n \nPlatinum \nPlatinum prices recovered by 3.65%, from US$1,052.38 per ounce in the prior week to \nUS$1,090.00 per ounce during the reporting week. Price was buoyed by fears of supply shortages \nowing to sustained power related supply disruptions in South Africa, the world’s largest producer \nof the metals. \n \nPalladium \nPalladium prices increased by 7.32% from US$1,444.25 per ounce in the prior week to \nUS$1,550.00 per ounce during the reporting week. The price was also buoyed fears of supply \nshortages owing to sustained power related supply disruptions in South Africa, the world’s \nlargest producer of the metals. \n \nCopper \nCopper prices sustained a negative trajectory, shrinking by 1.51%, from a weekly average of \nUS$8,546.88 per tonne recorded in the previous week, to US$8,417.60 per tonne. The decrease \nin the red metal prices was underpinned by slowing demand in China coupled with signs of rising \nstockpiles. This followed reports which showed that China’s industrial output and retail sales \nwere growing at a slower pace than initially projected. \n \n \n6 \n \nNickel \nIn the same vein, nickel prices receded by 7.50% from a weekly average of US$24,637.50 per \ntonne to US$22,789.00 per tonne during the week under analysis. The pullback in prices was \nattributable to slackening demand in China, the largest consumer of base metals. \n \nBrent Crude Oil \n \nDuring the week ending 12th May 2023, crude oil weekly average prices increased by 2.05% \nfrom US$74.24 per barrel to US$75.76 per barrel during the week under analysis. Oil prices \nincreased as investors expect an increasingly tighter market following implementation of \nproduction cuts by the OPEC. The gains were, however, limited by continued concerns over the \nhealth of the U.S. economy and the slower recovery in China. \n \n5. EXCHANGE RATE DEVELOPMENTS \n \n \nInterbank Market \nOn the interbank market, the Zimbabwe dollar (ZW$) depreciated by 9.5%, from an average of \nZW$1,078.9975 per US$1 in the previous week to ZW$1,181.7121 per US$1, during the week \nending 12th May 2023, as is shown in Table 8. \n \nTable 8: Interbank Market Exchange Rates1 \n \nUSD \nZAR \nGBP \nBWP \nEURO \n2023 \n \n \n \n \n \nWeekly Average (2-5 May 23) \n1,078.9975 \n58.9297 \n1,353.9395 \n81.7222 \n1,190.7789 \n \n8-May-23 \n1,112.7253 \n60.4230 \n1,407.6030 \n84.1388 \n1,228.6824 \n \n 9-May-23 \n1,125.6671 \n61.5385 \n1,419.9282 \n85.3432 \n1,237.3450 \n10-May-23 \n1,212.5448 \n65.1466 \n1,529.6884 \n90.9559 \n1,329.4391 \n 11-May-23 \n1,222.2740 \n64.7249 \n1,542.6960 \n91.9327 \n1,341.8182 \n12-May-23 \n1,235.3493 \n64.3087 \n1,547.0415 \n91.3194 \n1,350.0033 \nWeekly Average (8-12 May 23 ) \n1,181.7121 \n63.2283 \n1,489.3914 \n88.7380 \n1,297.4576 \nAppr(-)/Depr(+) (%) of the ZWL \n9.5 \n7.3 \n10.0 \n8.6 \n9.0 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n \n \n1 Direct quote – the amount of domestic currency needed to exchange for 1 unit of foreign currency \n \n \n7 \n6. EQUITY MARKETS \n \n \nZimbabwe Stock Exchange \nDuring the week ending 12th May 2023, the Zimbabwe Stock Exchange (ZSE) was bullish for \nthe fourth consecutive week. As a result, the ZSE All Share index gained 27.05% to close at 63 \n129.96 points. The Top 10, Top 15, Medium Cap and Small Cap indices increased by 29.56%, \n29.38%, 19.49% and 9.19% to close the week at 38 273.52 points, 44 713.63 points, 118 695.93 \npoints and 814 159.49 points, respectively. \n \nThe increase in the mainstream index was a result of share price gains in First Capital Bank \nLimited (58.40%), Zimplow Holdings Limited (55.32%), First Mutual Properties Limited \n(54.86%), Ecocash Holdings Zimbabwe Limited (49.84%) and OK Zimbabwe Limited \n(45.19%). Partially offsetting the above-mentioned increases were declines in share prices of \nStarafrica Corporation Limited (11.06%), British American Tobacco (BAT) Zimbabwe Limited \n(7.50%) and Willdale Limited (2.69%). The resources index2 also added 15% to close the week \nat 41 850.98 points, compared to 36 393.55 points recorded in the prior week. \n \nTable 9: Zimbabwe Stock Exchange Statistics3 \n \nAll Share \nIndex \nPoints \nTop 10 \nindex3 \n(points) \n \n \n \nMining \nIndex \n(points) \nGrand \nMarket \nCapitaliz\nation \n(ZWL \nbillion) \nMarket \nTurnover \n(ZWL \nmillion) \nVolume \nof Shares \n(million) \nTop 15 \nIndex3 \npoints \nMedium \nCap3 \n(points) \nSmall Cap3 \n(points) \n \n \n \n06-Apr-23 \n38,375.64 \n22,587.87 \n26,699.66 \n78,928.41 \n667,752.24 \n37,359.78 \n3,151.23 \n2,825.00 \n13.52 \n14-Apr-23 \n36,174.67 \n20,710.73 \n24,671.27 \n80,404.08 \n667,752.24 \n37,359.78 \n2,970.77 \n3,308.51 \n9.88 \n21-Apr-23 \n36,894.04 \n21,387.56 \n25,315.78 \n79,094.87 \n764,280.19 \n31,763.82 \n3,072.77 \n4,533.80 \n17.53 \n28-Apr-23 \n41,391.62 \n23,764.03 \n28,301.73 \n91,349.20 \n739,049.37 \n36,393.55 \n3,482.41 \n6,089.54 \n33.55 \n5-May-23 \n49,689.11 \n29,541.33 \n34,558.62 \n99,331.49 \n745,613.66 \n36,393.55 \n4,243.78 \n2,851.78 \n19.35 \n12-May-23 \n63,129.96 \n38,273.52 \n44,713.63 \n118,695.93 \n814,159.49 \n41,850.98 \n5,352.11 \n5,847.96 \n69.79 \n% Change \n 27.05 \n29.56 \n 29.38 \n19.49 \n \n9.19 \n15.00 \n 26.12 \n105.06 \n260.75 \nSource: Zimbabwe Stock Exchange (ZSE), 2023 \n \nFigure 3 shows the trend in daily market turnover for the period from 4th March 2022 to 12th May \n2023. \n \n \n2 Resource Index – Comprise RioZim Limited Share Price \n3 The Zimbabwe Stock Exchange (ZSE) adopted the Global Industry Classification Standards, effective from 1 January 2020.The ZSE indices \nconstitute the following categories; Top 10 Index; Top 15; Top 25; Medium cap and Small cap Indices. \n \n \n \n \n8 \nFigure 3: Zimbabwe Stock Exchange All Share and Top 10 Indices \nSource: Zimbabwe Stock Exchange, 2023 \n \n \n \nMarket Turnover and Volume \n \nThe cumulative volume of shares traded on the ZSE rose by 260.75% to 69.79 million during \nthe week ending 12th May 2023, from 19.35 million recorded in the prior week. The value of \nshares traded amounted to ZW$5.85 billion, representing an increase of 105.06% from ZW$2.85 \nbillion recorded in the previous week. Figure 4 shows the trend in daily market turnover for the \nperiod from 6th March 2022 to 12th May 2023. \n \n Figure 4: Daily Market Turnover \nSource: Zimbabwe Stock Exchange, 2023 \n \n \nMarket Capitalization \n \n0\n5,000\n10,000\n15,000\n20,000\n25,000\n30,000\n35,000\n40,000\n45,000\n50,000\n55,000\n60,000\n65,000\n6-Mar-22\n30-Mar-22\n23-Apr-22\n17-May-22\n10-Jun-22\n4-Jul-22\n28-Jul-22\n21-Aug-22\n14-Sep-22\n8-Oct-22\n1-Nov-22\n25-Nov-22\n19-Dec-22\n12-Jan-23\n5-Feb-23\n1-Mar-23\n25-Mar-23\n18-Apr-23\n12-May-23\nAll Share Index\nTop 10 Index\n0\n2,000\n4,000\n6,000\n8,000\n10,000\n12,000\n14,000\n16,000\n18,000\n20,000\n06-Mar-22\n30-Mar-22\n23-Apr-22\n17-May-22\n10-Jun-22\n04-Jul-22\n28-Jul-22\n21-Aug-22\n14-Sep-22\n08-Oct-22\n01-Nov-22\n25-Nov-22\n19-Dec-22\n12-Jan-23\n05-Feb-23\n01-Mar-23\n25-Mar-23\n18-Apr-23\n12-May-23\nZW$ millions\nNegotiated deal: 61.16 million Larfage\nCement\nZimbabwe\nLimited\nshares\nexchanged hands at ZW$312.65\n \n \n9 \nReflecting heightened trading activity on the ZSE, market capitalization increased by 26.12% or \nZW$1.11 trillion to close at ZW$5.35 trillion, from ZW$4.24 trillion, recorded in the preceding \nweek. Figure 5 shows ZSE market capitalization development for the period from 6th March \n2022 to 12th May 2023. \n \nFigure 5: Daily Market Capitalization in ZW$ billions \nSource: Zimbabwe Stock Exchange, 2023 \n \nVictoria Falls Stock Exchange \n \n \nThe Victoria Falls Stock Exchange (VFEX) was characterised by bullish trading during the week \nending 12th May 2023. Resultantly, the VFEX All Share index gained 4.02% to close at 89.18 \npoints, compared to 85.74 points recorded in the previous week. The rise in the VFEX \nmainstream index emanated from share price gains for National Foods Holdings Limited \n(19.38%), Innscor Africa Limited (5.93%), Padenga Holdings Limited (5.10%) and Bindura \nNickel Corporation (BNC) (0.98%). Partially offsetting the share price gains were losses in share \nprice of SeedCo International (6.67%), Axia Corporations Limited (4.86%), African Sun Limited \n(2.73%) and Simbisa Brands Limited (0.97%). \n \nThe VFEX cumulative volume and value of shares traded both declined by 68.15% and 67.78% \nto close at 0.46 million shares and US$0.12 million, respectively. However, the listing of West \nProperties Limited on VFEX contributed to the increase of market capitalization by 38.04%, or \nUS$0.39 billion worth of capitalisation to US$1.41 billion, compared to US$1.02 billion \nrecorded in the \nprevious week. Figure 6 shows the trend in the VFEX All Share Index (ASI) for the period from \n6th March 2022 to 12th May 2023. \n0\n400\n800\n1,200\n1,600\n2,000\n2,400\n2,800\n3,200\n3,600\n4,000\n4,400\n4,800\n5,200\n5,600\n6,000\n06-Mar-22\n30-Mar-22\n23-Apr-22\n17-May-22\n10-Jun-22\n04-Jul-22\n28-Jul-22\n21-Aug-22\n14-Sep-22\n08-Oct-22\n01-Nov-22\n25-Nov-22\n19-Dec-22\n12-Jan-23\n05-Feb-23\n01-Mar-23\n25-Mar-23\n18-Apr-23\n12-May-23\nBillions\n \n \n10 \n \nFigure 6: Victoria Falls Stock Exchange All Share Index \nSource: Victoria Falls Stock Exchange, 2023 \n \n \nJohannesburg Stock Exchange (JSE) Developments \n \nThe Johannesburg Stock Exchange (JSE) All Share Index increased from 78,132.77 points in the \nprevious week to close at 78,330.20 points, during the week ending 12th May 2023. JSE market \ncapitalization also increased by 0.04% to ZAR22.35 trillion, during the same week. \n \nTable 10: Johannesburg Stock Exchange (JSE) Statistics \nPeriod \nAll Share Index \nMarket Capitalization \n(points) \n(ZAR trillions) \n06-Apr-23 \n77,113.70 \n22.38 \n14-Apr-23 \n78,870.36 \n22.56 \n21-Apr-23 \n77,910.96 \n22.35 \n28-Apr-23 \n78,021.87 \n22.36 \n5-May-23 \n78,132.77 \n22.34 \n12-May-23 \n78,330.20 \n22.35 \n% Change \n \n 0.25 \n \n \n0.04 \nSource:https://www.jse.co.za/services/market-data/market-statistics, 2023 \n \n \n \n \n \n \n \n \n \n \n \n80.00\n90.00\n100.00\n110.00\n120.00\n130.00\n140.00\n150.00\n06-Mar-22\n30-Mar-22\n23-Apr-22\n17-May-22\n10-Jun-22\n04-Jul-22\n28-Jul-22\n21-Aug-22\n14-Sep-22\n08-Oct-22\n01-Nov-22\n25-Nov-22\n19-Dec-22\n12-Jan-23\n05-Feb-23\n01-Mar-23\n25-Mar-23\n18-Apr-23\n12-May-23\n \n \n11 \nFigure 7: Johannesburg Stock Exchange (JSE) All Share Index \nSource:https://www.jse.co.za/services/market-data/market-statistics,2023 \n \n \n \nRESERVE BANK OF ZIMBABWE \n 60.00\n 65.00\n 70.00\n 75.00\n 80.00\n 85.00\n6-Mar-22\n30-Mar-22\n23-Apr-22\n17-May-22\n10-Jun-22\n4-Jul-22\n28-Jul-22\n21-Aug-22\n14-Sep-22\n8-Oct-22\n1-Nov-22\n25-Nov-22\n19-Dec-22\n12-Jan-23\n5-Feb-23\n1-Mar-23\n25-Mar-23\n18-Apr-23\n12-May-23\n \n \n12 \n APPENDIX 1: FOREIGN EXCHANGE AUCTION RESULTS FOR MAINFX4 AND SMEFX5 \n Source: Reserve Bank of Zimbabwe, 2023 \n \n \n4 Main Foreign Currency Auction \n5 Small and Medium Enterprises Foreign Currency Auction \n \nMAINFX \n 21-Apr-23 28-Apr-23 5-May-23 12-May-23 \n \n SMEFX \n 21-Apr-23 28-Apr-23 5-May-23 12-May-23 \nTotal \nBids (US$ dollars) \n19,061,728.12 \n19,737,187.33 \n22,810,988.28 \n23,534,849.06 \n1,874,240.77 \n1,880,263.39 \n2,574,369.18 \n2,701,090.14 \nAmount Allotted \n(US$ dollars) \n17,173,332.97 \n19,034,711.96 \n16,772,580.66 \n14,773,230.18 \n1,731,764.97 \n1,707,854.70 \n2,280,785.72 \n1,576,700.13 \nHighest Rate \n1,100 \n1,200 \n1,300 \n1,400 \n1,125 \n1,200 \n1,300 \n1,400 \nLowest Bid \nRate \n978 \n1,000 \n1,055 \n1,151 \n978 \n1,000 \n1,055 \n1,155 \nLowest Bid Rate \nAllotted \n978 \n1,000 \n1,055 \n1,151 \n978 \n1,000 \n1,055 \n1,155 \nWeighted Average \nRate \n1,000.0227 \n1,021.2072 \n1,070.4171 \n1,212.5448 \n1,000.0227 \n1,021.2072 \n1,070.4171 \n1,212.5448 \nNumber of Bids \nReceived \n330 \n335 \n441 \n450 \n322 \n332 \n466 \n495 \nNumber of Bids \nRejected \n3 \n2 \n5 \n8 \n6 \n7 \n7 \n9 \n \n \n13 \n APPENDIX 2: SUMMARY OF FOREIGN CURRENCY AUCTION ALLOTMENTS BY PURPOSE \nSource: Reserve Bank of Zimbabwe, 2023 \nPurpose \nMAINFX \n 21-Apr-23 28-Apr-23 5-May-23 12-May-23 \nSMEFX \n 21-Apr-23 28-Apr-23 5-May-23 12-May-23 \nRaw Materials \n \n9,101,791.90 \n9,575,766.95 \n7,504,908.11 \n7,017,237.67 \n616,821.49 \n552,438.20 \n607,706.75 \n392,511.03 \nMachinery and \nEquipment \n3,439,887.52 \n2,739,872.27 \n3,212,928.08 \n3,047,072.03 \n537,029.59 \n581,017.60 \n858,356.28 \n590,158.96 \nConsumables \n(Incl. Spares, \nTyres, \nPackaging) \n1,077,195.49 \n1,885,282.66 \n1,139,123.93 \n963,868.44 \n213,005.13 \n200,791.74 \n210,240.59 \n200,611.76 \nPharmaceuticals \nand Chemicals \n517,726.37 \n2,172,326.50 \n404,336.92 \n407,331.35 \n54,055.63 \n32,943.09 \n74,941.02 \n57,666.08 \nServices \n(Loans, \nDividends and \nDisinvestments) \n1,033,601.13 \n1,356,613.01 \n1,119,089.13 \n854,682.24 \n115,342.95 \n170,760.73 \n210,240.59 \n170,312.82 \nRetail and \nDistribution \n1,183,168.54 \n2,172,326.50 \n2,624,559.22 \n1,390,864.07 \n168,605.61 \n132,432.47 \n208,569.60 \n111,545.24 \nFuel, Electricity \nand Gas \n50,000.00 \n31,874.40 \n37,507.60 \n50,000.00 \n- \n- \n- \n- \nPaper and \nPackaging \n769,962.02 \n655,463.70 \n730,127.67 \n1,042,174.38 \n26,904.57 \n37,470.87 \n48,753.05 \n53,894.24 \nTOTAL \n17,173,332.97 19,034,711.96 16,772,580.66 14,773,230.18 \n1,731,764.97 \n1,707,854.70 \n2,280,785.72 \n1,576,700.13", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_12_May_2023_Volume_25_Number_19_1.pdf"}
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+ {"doc_id": "2794d8c7ed2f93783368c49e02299df4", "text": "Vol. 27 No. 23 \n \n \nWeek Ending \n6th June 2025 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 1 \n3. \nEQUITY MARKETS .............................................................. 3 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 5 \n5. \nENERGY PRICES .................................................................. 5 \n6. \nGOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND \nGOLD BACKED DIGITAL TOKENS (GBDT) .................. 5 \n7. \nEXTERNAL SECTOR ........................................................... 6 \n \n \n \n 1 \n1. OVERVIEW \n \nThis report provides a snapshot of the developments in the domestic monetary and financial sectors during the \nweek ending 06 June 2025. It features updates on the money and capital markets, national payment systems, \nexchange rates, and international commodity prices. \nSavings deposit rates for both local and foreign currencies remained unchanged during the week under review. \nMeanwhile, local and foreign currency deposit rates for all tenors decreased, save for foreign currency deposit \nrates for 3-months tenor which increased during the same week. \nDuring the review week, the minimum and maximum local currency lending rates for individual clients \ndecreased, while those for corporate clients increased. Additionally, the minimum and maximum foreign \ncurrency lending rates for both individual and corporate clients increased. \nThe Zimbabwe Stock Exchange (ZSE) traded in a positive trajectory, while the Victoria Falls Stock Exchange \n(VFEX) recovered from the previous week’s losses. As such, both the ZSE and VFEX All-Share indices \ngained 0.36% and 0.34 % to close at 197.56 points and 107.60 points, respectively. \nThe value of the aggregate transactions processed through the National Payment Systems platforms increased \nby 23.50% from the previous week to ZiG43.53 billion. The increase in NPS transactions was a result of the \nimprovement in values processed through RTGS, POS, mobile banking, mobile money and ZIPIT mobile \npayment platforms. \nOn the interbank market, the Zimbabwe Gold (ZiG) depreciated by 0.10% against the US dollar, reaching an \naverage rate of ZiG26.93 per US$1 during the week ending 6th June 2025, from ZiG26.90 per US$1 recorded \nduring the previous week. \nInternational average prices for gold, platinum, palladium, nickel, and Brent crude oil increased, while lithium \nprices declined. Gold prices rose due to increased safe-haven demand amid escalating global geopolitical \nuncertainty. Platinum prices surged, driven by China's automotive market recovery and stricter emissions \nregulations in Europe, leading to a tighter supply outlook. \nPalladium prices edged up due to fears of supply disruptions amid the escalating Russia-Ukraine conflict. \nConversely, lithium prices continued to decline due to excess supply. Nickel prices rose as the May 2025 U.S. \njobs report showed resilience in the job market, alleviating fears of an economic slowdown that would dampen \ndemand for the metal. Crude oil prices strengthened as the U.S. and Chinese administrations resumed trade \nnegotiations, boosting optimism for economic growth in the world's two largest economies. \nA total of 272.75 million kilograms were sold as of 64th day of the 2025 tobacco marketing season, surging \nby 41.02% from 193.41 million kilograms sold during the same period in 2024. Similarly, the value of sales \nincreased to US$917.59 million in the current reporting week, a 36.61% rise from US$671.71 million reported \nin the same period of the previous year. During the reporting week, the average price of the golden leaf \ndropped by 3.17%, to US$3.36 per kg compared from US$3.47 per kg recorded in the same period in 2024. \n \n \n 2 \n2. INTEREST RATES \n \nAverage commercial bank deposit rates (Local Currency (ZiG) (%) \nZiG Deposit rates \n16 May 2025 \n23 May 2025 \n30 May 2025 \n06 June 2025 \nSavings \n \n \n \n \nMinimum \n3.81 \n3.81 \n3.81 \n3.81 \nMaximum \n4.14 \n4.14 \n4.14 \n4.14 \n1-month deposit \n \n \n \n \nMinimum \n5.66 \n5.66 \n5.68 \n5.66 \nMaximum \n8.61 \n8.61 \n9.30 \n8.61 \n3-months deposit \n \n \n \n \nMinimum \n5.95 \n5.95 \n6.09 \n5.95 \nMaximum \n8.93 \n8.93 \n9.62 \n8.93 \n6-months deposit \n \n \n \n \nMinimum \n5.56 \n5.56 \n5.69 \n5.56 \nMaximum \n8.23 \n8.23 \n8.92 \n8.23 \n12-months deposit \n \n \n \n \nMinimum \n5.57 \n5.57 \n5.71 \n5.57 \nMaximum \n8.24 \n8.24 \n8.93 \n8.24 \nOver 1 year \n \n \n \n \nMinimum \n5.58 \n5.58 \n5.72 \n5.58 \nMaximum \n8.25 \n8.25 \n8.94 \n8.25 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nAverage commercial bank deposit rates (Foreign Currency (US$) (%) \nUS$ Deposit rates \n16 May 2025 \n23 May 2025 \n30 May 2025 \n06 June 2025 \nSavings \n \n \n \n \nMinimum \n1.67 \n1.67 \n1.67 \n1.67 \nMaximum \n1.86 \n1.86 \n1.86 \n1.86 \n1-month deposit \n \n \n \n \nMinimum \n3.72 \n3.72 \n3.94 \n3.72 \nMaximum \n5.67 \n5.67 \n5.94 \n5.67 \n3-month deposit \n \n \n \n \nMinimum \n4.38 \n4.38 \n4.33 \n4.38 \nMaximum \n6.53 \n6.53 \n6.32 \n6.53 \n6-month deposit \n \n \n \n \nMinimum \n4.18 \n4.18 \n4.47 \n4.18 \nMaximum \n6.71 \n6.71 \n7.11 \n6.71 \n12-Month deposit \n \n \n \n \nMinimum \n4.25 \n4.25 \n4.53 \n4.25 \nMaximum \n6.44 \n6.44 \n6.83 \n6.44 \nOver 1 year \n \n \n \n \nMinimum \n4.36 \n4.36 \n4.64 \n4.36 \nMaximum \n6.61 \n6.61 \n7.00 \n6.61 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n \n \n \n \n \n 3 \nCommercial bank weighted lending rates (Local Currency (ZiG) (%) \nZiG Lending rates \n16 May 2025 \n23 May 2025 \n30 May 2025 \n06 June 2025 \nIndividuals \n \n \n \n \nMinimum \n44.54 \n42.23 \n43.66 \n42.25 \nMaximum \n48.81 \n47.94 \n48.93 \n47.98 \nCorporates \n \n \n \n \nMinimum \n41.41 \n40.27 \n40.27 \n40.42 \nMaximum \n47.49 \n46.69 \n46.51 \n46.68 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nCommercial bank weighted lending rates (Foreign Currency (US$) (%) \nUS$ Lending rates \n16 May 2025 \n23 May 2025 \n30 May 2025 \n06 June 2025 \nIndividuals \n \n \n \n \nMinimum \n12.62 \n13.33 \n12.91 \n13.28 \nMaximum \n16.95 \n17.43 \n17.32 \n17.47 \nCorporates \n \n \n \n \nMinimum \n9.73 \n10.33 \n10.32 \n10.32 \nMaximum \n15.31 \n15.82 \n15.79 \n15.82 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nCommercial banks and building societies mortgage lending rates (%) \nMortgage Lending rates \n16 May 2025 \n23 May 2025 \n30 May 2025 \n06 June 2025 \nZiG Lending rates \n \n \n \n \nMinimum \n25.00 \n25.00 \n25.00 \n25.00 \nMaximum \n50.00 \n50.00 \n50.00 \n50.00 \nUS$ Lending rates \n \n \n \n \nMinimum \n10.00 \n10.00 \n10.00 \n10.00 \nMaximum \n22.00 \n22.00 \n22.00 \n18.00 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n3. EQUITY MARKETS \n \n \nZSE Indicators \n \n \nAll \nShare \nIndex \n(points) \nTop 10 \nIndex \n(points) \nTop 15 \nIndex \n(points) \nMedium Cap \n(points) \nSmall Cap \n(points) \nMining \nIndex \n(points) \nGrand \nMarket Cap \n(ZiG \nbillion) \nMarket \nTurnover \n(ZiG \nmillion) \nVolume of \nShares \n(million) \n16-May-25 \n192.95 \n185.85 \n191.26 \n242.03 \n100.11 \n144.85 \n58.59 \n121.50 \n71.24 \n23-May-25 \n194.56 \n186.78 \n191.77 \n246.38 \n100.11 \n145.31 \n59.17 \n124.22 \n54.94 \n30-May-25 \n196.85 \n189.81 \n194.22 \n246.15 \n100.11 \n145.40 \n60.00 \n286.33 \n112.80 \n06-Jun-25 \n197.56 \n193.50 \n196.91 \n235.68 \n100.11 \n145.40 \n60.91 \n163.57 \n231.38 \nWeekly \nChange (%) \n0.36 \n1.94 \n1.39 \n-4.25 \n0.00 \n0.00 \n1.52 \n(42.87) \n105.12 \nSource: Zimbabwe Stock Exchange, 2025 \n \n \nVFEX Indicators \nDate \n \nAll Share Index \nPoints \nGrand Market Capitalisation \n(US$ billion) \nMarket Turnover (US$ \nmillion) \nVolume of Shares (million) \n16-May-25 \n110.60 \n1.29 \n0.85 \n6.00 \n23-May-25 \n109.74 \n1.28 \n0.59 \n1.95 \n30-May-25 \n107.24 \n1.25 \n1.47 \n13.23 \n06-Jun-25 \n107.60 \n1.25 \n0.23 \n1.37 \nWeekly \nChange (%) \n0.34 \n0.00 \n(84.35) \n(89.64) \nSource: Victoria Falls Stock Exchange, 2025 \n \n \n 4 \n \nFigure 1: ZSE and VFEX Indicators \n \n \n \n \n \n \n \nSource: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2025 \n \n \n \n10\n5010\n10010\n15010\n20010\n25010\n30010\n35010\n40010\n45010\n14-Feb-25\n21-Feb-25\n28-Feb-25\n07-Mar-25\n14-Mar-25\n21-Mar-25\n28-Mar-25\n04-Apr-25\n11-Apr-25\n18-Apr-25\n25-Apr-25\n02-May-25\n09-May-25\n16-May-25\n23-May-25\n30-May-25\n06-Jun-25\nUS$ Thousand\nVFEX Market Turnover \nTrade\ndeal:\nFirst\nCapital Bank Limited\n(1,134.27\nmillion\nshares\nsold\nat\n(US$0.04\ncents\nper\nshare)\n1,1\n1,15\n1,2\n1,25\n1,3\n1,35\n1,4\n14-Feb-25\n21-Feb-25\n28-Feb-25\n07-Mar-25\n14-Mar-25\n21-Mar-25\n28-Mar-25\n04-Apr-25\n11-Apr-25\n18-Apr-25\n25-Apr-25\n02-May-25\n09-May-25\n16-May-25\n23-May-25\n30-May-25\n06-Jun-25\nUS$ Billion\nVFEX Market Capitalisation \n0\n20 000\n40 000\n60 000\n80 000\n100 000\n120 000\n140 000\n160 000\n14-Feb-25\n21-Feb-25\n28-Feb-25\n07-Mar-25\n14-Mar-25\n21-Mar-25\n28-Mar-25\n04-Apr-25\n11-Apr-25\n18-Apr-25\n25-Apr-25\n02-May-25\n09-May-25\n16-May-25\n23-May-25\n30-May-25\n06-Jun-25\nZiG Thousands\nZSE Market Turnover \nNotable trade deals: 97.69 million\nEconet Wireless Zimbabwe Limited\nshares,3.11 million OK Zimbabwe\nLimited shares, 3.06 million shares\nexchanged\nhands\nat\nZiG297.45\ncents/share,ZiG35.90cents/share\nand\nZiG12.53\ncents/share,\nrespectively\n90\n110\n130\n150\n170\n190\n210\n230\n250\n270\n14-Feb-25\n21-Feb-25\n28-Feb-25\n07-Mar-25\n14-Mar-25\n21-Mar-25\n28-Mar-25\n04-Apr-25\n11-Apr-25\n18-Apr-25\n25-Apr-25\n02-May-25\n09-May-25\n16-May-25\n23-May-25\n30-May-25\n06-Jun-25\nIndices\nZSE Indices \nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n40\n50\n60\n70\n80\n90\n100\n14-Feb-25\n21-Feb-25\n28-Feb-25\n07-Mar-25\n14-Mar-25\n21-Mar-25\n28-Mar-25\n04-Apr-25\n11-Apr-25\n18-Apr-25\n25-Apr-25\n02-May-25\n09-May-25\n16-May-25\n23-May-25\n30-May-25\n06-Jun-25\nZiG Billion\nZSE Market Capitalisation \n95\n100\n105\n110\n115\n14-Feb-25\n21-Feb-25\n28-Feb-25\n07-Mar-25\n14-Mar-25\n21-Mar-25\n28-Mar-25\n04-Apr-25\n11-Apr-25\n18-Apr-25\n25-Apr-25\n02-May-25\n09-May-25\n16-May-25\n23-May-25\n30-May-25\n06-Jun-25\nIndex\nVFEX All Share Index \n \n 5 \n4. CLEARING AND SETTLEMENT ACTIVITY \n Source: Reserve Bank of Zimbabwe, 2025 \n \n5. ENERGY PRICES \n \nEnergy Prices \n \n16 May 2025 \n23 May 2025 \n30 May 2025 \n06 June 2025 \nDomestic Energy Prices \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.52 \n1.52 \n1.50 \n1.50 \nPetrol Blend E20/ litre \n1.53 \n1.53 \n1.54 \n1.54 \nLP Gas / kg \n1.60 \n1.60 \n1.60 \n1.59 \n \n \n \n \n \nInternational Energy \nPrices (Weekly average) \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n64.62 \n64.53 \n64.38 \n \n65.00 \n Source: Zimbabwe Energy Regulatory Authority and BBC 2025 \n \n6. GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS \n(GBDT) \n \nGold PM Fix and Gold Backed Digital Token Prices \nDate \nGold PM Fix \nGBDT ZiG Price per Mg \nGBDT US$ Price per Mg \nUS$/oz \nBuy \nSell \nBuy \nSell \n02-Jun-25 \n3,277.55 \n2.70 \n2.98 \n0.1001 \n0.1106 \n03-Jun-25 \n3,539.39 \n2.77 \n3.06 \n0.1030 \n0.1138 \n04-Jun-25 \n3,334.75 \n2.74 \n3.03 \n0.1019 \n0.1126 \n05-Jun-25 \n3,364.60 \n2.77 \n3.06 \n0.1028 \n0.1136 \n06-Jun-25 \n3,374.60 \n2.78 \n3.07 \n0.1031 \n0.1139 \nSource: London Bullion Market Association and Reserve Bank of Zimbabwe, 2025 \n \n \n \nPAYMENT STREAM \nWEEK ENDING \n30 May 2025 \nWEEK ENDING \n06 June 2025 \nWEEKLY \nCHANGE (%) \n \nVALUES \n \nRTGS \n25,705,701,802.50 \n33,315,836,532.78 \n29.60 \nOf which ZiG \n11,116,173,304.84 \n13,571,095,496.40 \n22.08 \nOf which US$ transactions \n(ZiG Equivalent) \n14,589,528,497.66 \n19,744,741,036.38 \n35.34 \nPOS \n3,334,773,471.51 \n3,678,145,996.94 \n10.30 \nATM \n2,159,947,692.45 \n2,262,243,973.25 \n4.74 \nMOBILE BANKING \n132,265,546.72 \n124,240,481.87 \n(6.07) \nMOBILE MONEY \n3,657,191,313.18 \n3,800,221,298.60 \n3.91 \nZIPIT MOBILE \n256,067,613.85 \n348,889,216.03 \n36.25 \nTOTAL \n35,245,947,440.20 \n43,529,577,499.47 \n23.50 \n \nVOLUMES \n \nRTGS \n262,547 \n206,064 \n(21.51) \nOf which ZiG \n114,738 \n82,664 \n(27.95) \nOf which US$ \n147,809 \n123,400 \n(16.51) \nPOS \n2,013,491 \n2,271,393 \n12.81 \nATM \n246,830 \n256,681 \n3.99 \nMOBILE BANKING \n258,907 \n248,624 \n(3.97) \nMOBILE MONEY \n11,537,669 \n11,735,294 \n1.71 \nZIPIT MOBILE \n260,174 \n322,884 \n24.10 \nTOTAL \n14,579,618 \n15,040,940 \n3.16 \n \n 6 \n \n \nMosi-oa-Tunya Gold Coin Prices \nGold Coin \nPrice \n02-June-25 \n03-June-25 \n04-June-25 \n05-June-25 \n06-June-25 \n1.00Oz \n \n \n \n \n \nUS$ \n3,441.43 \n3,539.39 \n3,501.49 \n3,532.83 \n3,543.33 \nZiG \n92,647.70 \n95,294.25 \n94,299.26 \n95,156.78 \n95,457.66 \n0.50Oz \n \n \n \n \n \nUS$ \n1,720.71 \n1,769.70 \n1,750.74 \n1,766.42 \n1,771.67 \nZiG \n46,323.85 \n47,647.12 \n47,149.63 \n47,578.39 \n47,728.83 \n0.25Oz \n \n \n \n \n \nUS$ \n860.36 \n884.85 \n875.37 \n883.21 \n885.83 \nZiG \n23,161.93 \n23,823.56 \n23,574.82 \n23,789.19 \n23,864.42 \n0.10Oz \n \n \n \n \n \nUS$ \n344.14 \n353.94 \n350.15 \n353.28 \n354.33 \nZiG \n9,264.77 \n9,529.42 \n9,429.93 \n9,515.68 \n9,545.77 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n7. EXTERNAL SECTOR \n \n \nExchange Rate Developments (ZiG per Unit of foreign currency) \n \n \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(26 – 30 May) \n26.9044 \n1.5012 \n36.2730 \n1.9974 \n30.4454 \n02-June \n26.9213 \n1.4986 \n36.3198 \n2.0032 \n30.6095 \n03-June \n26.9239 \n1.5060 \n36.3933 \n2.0034 \n30.7391 \n04-June \n26.9312 \n1.5065 \n36.3896 \n2.0053 \n30.6140 \n05-June \n26.9350 \n1.5090 \n36.4890 \n2.0055 \n30.7342 \n06-June \n26.9401 \n1.5163 \n36.5456 \n2.0167 \n30.7993 \nWeekly Average \n(02 – 06 June) \n26.9303 \n1.5073 \n36.4275 \n2.0068 \n30.6992 \nAppr (-)/Depr (+) (%) of the \nZWG \n0.10 \n0.40 \n0.43 \n0.47 \n0.83 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nInternational Commodity Prices \n \nGold \nPlatinum \nPalladium \nNickel \nLithium \n \nUS$/oz \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nWeekly Average \n(26 – 30 May) \n3,305.09 \n1,082.70 \n981.00 \n15,246.90 \n8,718.86 \n02-June \n3,357.98 \n1,049.50 \n982.00 \n15,337.00 \n8,360.00 \n03-June \n3,346.48 \n1,059.50 \n998.00 \n15,438.00 \n8,340.00 \n04-June \n3,372.30 \n1,099.00 \n1,000.50 \n15,395.00 \n8,320.00 \n05-June \n3,363.85 \n1,085.50 \n1,005.00 \n15,523.00 \n8,290.00 \n06-June \n3,380.10 \n1,127.50 \n1,016.00 \n15,487.00 \n8,280.00 \nWeekly Average \n(02 – 06 June) \n3,364.14 \n1,084.20 \n1000.30 \n15,436.00 \n8,318.00 \nWeekly change (%) \n1.79 \n0.14 \n1.97 \n1.24 \n(4.60) \nSource: BBC, KITCO and Bloomberg, 2025 \n \n \n 7 \n \n \nFigure 3: Weekly International Commodity Price Developments (21st March 2025– 6th June 2025) \n \n \n \n \n \n \nSource: BBC, KITCO and Bloomberg, 2025 \n \n \n \n2 900\n2 950\n3 000\n3 050\n3 100\n3 150\n3 200\n3 250\n3 300\n3 350\n3 400\n3 450\n3 500\n21-Mar\n28-Mar\n04-Apr\n11-Apr\n18-Apr\n25-Apr\n02-May\n09-May\n16-May\n23-May\n30-May\n06-Jun\nUS$/oz\nGold\n50\n55\n60\n65\n70\n75\n80\n21-Mar\n28-Mar\n4-Apr\n11-Apr\n18-Apr\n25-Apr\n2-May\n9-May\n16-May\n23-May\n30-May\n6-Jun\nUS$/barrel\nCrude oil \n880\n900\n920\n940\n960\n980\n1 000\n1 020\n1 040\n1 060\n1 080\n1 100\n1 120\n1 140\n21-Mar\n28-Mar\n4-Apr\n11-Apr\n18-Apr\n25-Apr\n2-May\n9-May\n16-May\n23-May\n30-May\n6-Jun\nUS$/tonne\nPlatinum\n14 000\n14 200\n14 400\n14 600\n14 800\n15 000\n15 200\n15 400\n15 600\n15 800\n16 000\n16 200\n16 400\n16 600\n16 800\n21-Mar\n28-Mar\n4-Apr\n11-Apr\n18-Apr\n25-Apr\n2-May\n9-May\n16-May\n23-May\n30-May\n6-Jun\nUS$/tonne\nNickel\n8 300\n8 600\n8 900\n9 200\n9 500\n9 800\n10 100\n21-Mar\n28-Mar\n4-Apr\n11-Apr\n18-Apr\n25-Apr\n2-May\n9-May\n16-May\n23-May\n30-May\n6-Jun\nUS$/tonne\nLithium \n900\n910\n920\n930\n940\n950\n960\n970\n980\n990\n1 000\n1 010\n1 020\n1 030\n21-Mar\n28-Mar\n4-Apr\n11-Apr\n18-Apr\n25-Apr\n2-May\n9-May\n16-May\n23-May\n30-May\n6-Jun\nUS$/tonne\nPalladium\n \n 8 \n \n8. TOBACCO SALES \n \nWeekly Cumulative Tobacco Sales: Day 64 (6th June 2025) \n \n2024 \n2025 \nVariance (%) \nCumulative Quantity Sold (Kgs) \n193,406,132 \n272,745,220 \n41.02 \nAverage Price (US$/kg) \n3.47 \n3.36 \n(3.17) \nCumulative value (US$) \n671,706,557 \n917,593,309 \n36.61 \nSource: Tobacco Industry and Marketing Board (TIMB), 2025 \n \n \n \nRESERVE BANK OF ZIMBABWE \nJUNE 2025", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_06_June_2025_Volume_27_Number_23_.pdf"}
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+ {"doc_id": "27f37fe550bbc9d565ee97fdced25932", "text": "Vol. 27 No. 34 \n \nWeek Ending \n22nd August 2025 \n \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 2 \n3. \nEQUITY MARKETS .............................................................. 3 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 5 \n5. \nENERGY PRICES .................................................................. 5 \n6. \nGOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND \nGOLD BACKED DIGITAL TOKENS (GBDT) .................. 5 \n7. \nEXTERNAL SECTOR ........................................................... 6 \n8. \nTOBACCO SALES ................................................................. 8 \n \n \n \n \n1 \n1. OVERVIEW \nThis report provides an overview of monetary and financial developments for the week ending 22nd August \n2025, focusing on domestic money and capital markets, national payment systems, exchange rates and \ninternational commodity prices. \nLocal currency savings and deposit rates increased for all tenors during the week ending 22 August 2025, \nexcept for maximum rates on savings, which declined. Foreign currency savings and deposit rates also \nincreased for all tenors. During the same week, individual lending rates in local currency increased, while \nmaximum corporate rates declined. Foreign currency lending rates increased for all clients, save for maximum \nindividual rates which declined, and minimum corporate rates which remained unchanged. \nThe Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX) experienced bullish \nsentiments. Resultantly, the ZSE and VFEX All share Indices added 2.15% and 0.11% to close at 205.16 \npoints and 122.90 points, respectively. \nThe total value of transactions processed through the National Payment Systems platforms decreased by \n10.25%, from ZiG33.46 billion reported in the previous week to ZiG30.03 billion. This was attributable to the \ndecline in values of transactions processed through RTGS, POS, ATM Mobile banking, Mobile money and \nZIPIT mobile systems. In tandem, the volume of transactions processed decreased by 7.68%, from 14.99 \nmillion in the previous week to 13.83 million during the week under review. \nOn the interbank market, the average ZiG/US$ exchange rate appreciated by 0.05%, from ZiG26.77/US$1 in \nthe prior week to ZiG26.76/US$1, during the week ending 22nd of August 2025. \nThe week under analysis saw the average prices for gold, platinum and palladium decline, while prices for \nnickel and lithium firmed. Gold and platinum prices fell amid a strengthening US dollar. The decline in \npalladium prices was influenced by the weakening industrial demand, especially from the automotive sector, \ncoupled with the potential easing of supply constraints. \nThe surge in the price of lithium was on account of supply disruptions in China, the top producer of the energy \ntransition metal. Nickel prices rose owing to stabilisation or minor reductions in the London Metal Exchange \n(LME) warehouse inventories. \nAs of the 117th day of the 2025 tobacco selling season, total sales stood at 354.52 million kilograms, up from \n231.65 million kilograms sold during the same period in 2024. Sales revenue rose by 48.39% to US$1.18 \nbillion during the period under analysis, from US$0.79 billion recorded for the corresponding period in 2024. \nThe average price of the golden leaf stood at US$3.32 per kg in the reporting period, down from US$3.43 per \nkg recorded in the same period in 2024. \n \n \n \n \n \n \n2 \n2. INTEREST RATES \n \nAverage commercial bank deposit rates (Local Currency (ZiG) (%) \nZiG Deposit rates \n01 August 2025 \n08 August 2025 \n15 August 2025 \n22 August 2025 \nSavings \n \n \n \n \nMinimum \n3.94 \n3.75 \n3.75 \n3.91 \nMaximum \n4.28 \n4.08 \n4.08 \n4.03 \n1-month deposit \n \n \n \n \nMinimum \n5.79 \n6.63 \n6.63 \n7.46 \nMaximum \n9.24 \n10.49 \n10.49 \n11.52 \n3-months deposit \n \n \n \n \nMinimum \n6.07 \n6.90 \n6.90 \n7.73 \nMaximum \n9.43 \n10.68 \n10.68 \n11.65 \n6-months deposit \n \n \n \n \nMinimum \n5.67 \n6.51 \n6.51 \n7.34 \nMaximum \n9.03 \n10.28 \n10.28 \n11.26 \n12-months deposit \n \n \n \n \nMinimum \n5.68 \n6.52 \n6.52 \n7.35 \nMaximum \n9.04 \n10.99 \n10.99 \n12.66 \nOver 1 year \n \n \n \n \nMinimum \n5.69 \n6.53 \n6.53 \n7.36 \nMaximum \n9.06 \n11.00 \n11.00 \n12.67 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nAverage commercial bank deposit rates (Foreign Currency (US$) (%) \nUS$ Deposit rates \n01 August 2025 \n08 August 2025 \n15 August 2025 \n22 August 2025 \nSavings \n \n \n \n \nMinimum \n1.67 \n1.61 \n1.61 \n1.75 \nMaximum \n1.86 \n1.81 \n1.81 \n1.84 \n1-month deposit \n \n \n \n \nMinimum \n3.78 \n3.92 \n3.92 \n4.08 \nMaximum \n6.18 \n6.59 \n6.59 \n6.93 \n3-month deposit \n \n \n \n \nMinimum \n4.32 \n4.46 \n4.46 \n4.52 \nMaximum \n6.92 \n7.45 \n7.45 \n7.78 \n6-month deposit \n \n \n \n \nMinimum \n4.12 \n4.26 \n4.26 \n4.83 \nMaximum \n7.04 \n7.57 \n7.57 \n7.75 \n12-Month deposit \n \n \n \n \nMinimum \n4.19 \n4.56 \n4.56 \n4.83 \nMaximum \n6.78 \n7.47 \n7.47 \n7.75 \nOver 1 year \n \n \n \n \nMinimum \n4.31 \n4.67 \n4.67 \n4.89 \nMaximum \n6.94 \n7.64 \n7.64 \n7.92 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n \n \n \n \n \n \n3 \nCommercial bank weighted lending rates (Local Currency (ZiG) (%) \nZiG Lending rates \n01 August 2025 \n08 August 2025 \n15 August 2025 \n22 August 2025 \nIndividuals \n \n \n \n \nMinimum \n42.50 \n43.05 \n43.05 \n43.22 \nMaximum \n48.23 \n48.84 \n48.84 \n48.90 \nCorporates \n \n \n \n \nMinimum \n40.46 \n40.36 \n40.36 \n40.36 \nMaximum \n46.43 \n46.23 \n46.23 \n46.20 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nCommercial bank weighted lending rates (Foreign Currency (US$) (%) \nUS$ Lending rates \n01 August 2025 \n08 August 2025 \n15 August 2025 \n22 August 2025 \nIndividuals \n \n \n \n \nMinimum \n13.45 \n13.49 \n13.49 \n13.52 \nMaximum \n17.65 \n17.58 \n17.58 \n17.55 \nCorporates \n \n \n \n \nMinimum \n10.27 \n10.36 \n10.36 \n10.36 \nMaximum \n15.80 \n15.81 \n15.81 \n15.83 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nCommercial banks and building societies mortgage lending rates (%) \nMortgage Lending \nrates \n01 August 2025 \n08 August 2025 \n15 August 2025 \n22 August 2025 \nZiG Lending rates \n \n \n \n \nMinimum \n25.00 \n25.00 \n25.00 \n25.00 \nMaximum \n50.00 \n50.00 \n50.00 \n50.00 \nUS$ Lending rates \n \n \n \n \nMinimum \n10.00 \n10.00 \n10.00 \n10.00 \nMaximum \n18.00 \n18.00 \n18.00 \n18.00 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n3. EQUITY MARKETS \n \nZSE Indicators \n \n \nAll Share \nIndex \n(points) \nTop 10 \nIndex \n(points) \nTop 15 \nIndex \n(points) \nMedium Cap \n(points) \nSmall Cap \n(points) \nMining \nIndex \n(points) \nGrand \nMarket Cap \n(ZiG billion) \nMarket \nTurnover \n(ZiG million) \nVolume of \nShares \n(million) \n01-Aug-25 \n208.42 \n203.47 \n209.32 \n248.00 \n100.11 \n144.85 \n64.88 \n69.66 \n503.32 \n08-Aug-25 \n203.32 \n199.20 \n203.84 \n238.62 \n100.12 \n145.31 \n63.70 \n60.76 \n236.80 \n15-Aug-25 \n200.84 \n196.22 \n200.89 \n238.18 \n100.12 \n145.31 \n62.94 \n58.84 \n10.624 \n22-Aug-25 \n205.16 \n201.33 \n205.06 \n239.29 \n100.12 \n145.31 \n64.29 \n161.76 \n39.28 \nWeekly \nChange (%) \n2.15 \n2.60 \n2.08 \n0.47 \n0.00 \n0.00 \n2.14 \n174.92 \n269.73 \nSource: Zimbabwe Stock Exchange, 2025 \n \nVFEX Indicators \nDate \n \nAll Share Index \nPoints \nGrand Market Capitalisation \n(US$ billion) \nMarket Turnover (US$ \nmillion) \nVolume of Shares (million) \n01-Aug-25 \n121.25 \n1.41 \n1.03 \n0.73 \n08-Aug-25 \n122.87 \n1.43 \n0.65 \n2.21 \n15-Aug-25 \n122.76 \n1.43 \n0.37 \n1.90 \n22-Aug-25 \n122.90 \n1.43 \n1.32 \n5.01 \nWeekly Change (%) \n0.11 \n0.00 \n256.76 \n163.68 \nSource: Victoria Falls Stock Exchange, 2025 \n \n \n \n \n \n \n4 \nFigure 1: ZSE and VFEX Indicators \n \n \n \n \n \n \nSource: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2025 \n \n \n \n90\n110\n130\n150\n170\n190\n210\n230\n250\n270\n23-May-25\n30-May-25\n06-Jun-25\n13-Jun-25\n20-Jun-25\n27-Jun-25\n04-Jul-25\n11-Jul-25\n18-Jul-25\n25-Jul-25\n01-Aug-25\n08-Aug-25\n15-Aug-25\n22-Aug-25\nIndices\nZSE Indices \nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n40\n45\n50\n55\n60\n65\n70\n75\n80\n23-May-25\n30-May-25\n06-Jun-25\n13-Jun-25\n20-Jun-25\n27-Jun-25\n04-Jul-25\n11-Jul-25\n18-Jul-25\n25-Jul-25\n01-Aug-25\n08-Aug-25\n15-Aug-25\n22-Aug-25\nZiG Billion\nZSE Market Capitalisation \n100\n105\n110\n115\n120\n125\n130\n135\n140\n23-May-25\n30-May-25\n06-Jun-25\n13-Jun-25\n20-Jun-25\n27-Jun-25\n04-Jul-25\n11-Jul-25\n18-Jul-25\n25-Jul-25\n01-Aug-25\n08-Aug-25\n15-Aug-25\n22-Aug-25\nIndex\nVFEX All Share Index \n0\n200\n400\n600\n800\n1000\n1200\n1400\n1600\n1800\n23-May-25\n30-May-25\n06-Jun-25\n13-Jun-25\n20-Jun-25\n27-Jun-25\n04-Jul-25\n11-Jul-25\n18-Jul-25\n25-Jul-25\n01-Aug-25\n08-Aug-25\n15-Aug-25\n22-Aug-25\nUS$ Thousand\nVFEX Market Turnover \n1,15\n1,2\n1,25\n1,3\n1,35\n1,4\n1,45\n1,5\n23-May-25\n30-May-25\n06-Jun-25\n13-Jun-25\n20-Jun-25\n27-Jun-25\n04-Jul-25\n11-Jul-25\n18-Jul-25\n25-Jul-25\n01-Aug-25\n08-Aug-25\n15-Aug-25\n22-Aug-25\nUS$ Billion\nVFEX Market Capitalisation \n0\n50 000\n100 000\n150 000\n200 000\n250 000\n300 000\n23-Jun-25\n30-Jun-25\n07-Jul-25\n14-Jul-25\n21-Jul-25\n28-Jul-25\n04-Aug-25\n11-Aug-25\n18-Aug-25\nZiG Thousands\nZSE Market Turnover \n \n \n5 \n4. CLEARING AND SETTLEMENT ACTIVITY \n Source: Reserve Bank of Zimbabwe, 2025 \n \n5. ENERGY PRICES \n \nEnergy Prices \n \n01 Aug 2025 \n08-Aug 2025 \n15-Aug 2025 \n22-Aug 2025 \nDomestic Energy Prices \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.55 \n1.55 \n1.55 \n1.55 \nPetrol Blend E5/ litre \n1.56 \n1.56 \n1.55 \n1.55 \nLP Gas / kg \n1.57 \n1.57 \n1.51 \n1.51 \n \n \n \n \n \nInternational Energy \nPrices (Weekly average) \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n70.86 \n67.34 \n66.01 \n66.56 \n Source: Zimbabwe Energy Regulatory Authority and BBC 2025 \n \n6. GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS \n(GBDT) \n \nGold PM Fix and Gold Backed Digital Token Prices \nDate \nGold PM Fix \nGBDT ZiG Price per Mg \nGBDT US$ Price per Mg \nUS$/oz \nBuy \nSell \nBuy \nSell \n18-Aug-25 \n3,335.50 \n2.73 \n3.01 \n0.1019 \n0.1126 \n19-Aug-25 \n3,332.40 \n2.72 \n3.01 \n0.1018 \n0.1125 \n20-Aug-25 \n3,334.45 \n2.73 \n3.01 \n0.1018 \n0.1126 \n21-Aug-25 \n3,344.65 \n2.73 \n3.02 \n0.1022 \n0.1129 \n22-Aug-25 \n3,338.30 \n2.73 \n3.01 \n0.1020 \n0.1127 \nSource: London Bullion Market Association and Reserve Bank of Zimbabwe, 2025 \n \n \n \n \nPAYMENT STREAM \nWEEK ENDING \n15 Aug 2025 \nWEEK ENDING \n22 August 2025 \nWEEKLY \nCHANGE (%) \n \nVALUES \n \nRTGS \n25,981,996,779.80 \n23,709,639,049.56 \n(8.75) \nOf which ZiG \n8,266,525,822.69 \n6,607,334,531.76 \n(20.07) \nOf which US$ transactions \n(ZiG Equivalent) \n17,715,470,957.11 \n \n17,102,304,517.80 \n \n(3.46) \nPOS \n1,886,769,692.86 \n1,648,908,901.44 \n(12.61) \nATM \n1,426,010,324.96 \n1,238,041,639.10 \n(13.18) \nMOBILE BANKING \n294,161,456.02 \n235,204,263.00 \n(20.02) \nMOBILE MONEY \n3,664,032,223.31 \n3,002,452,015.64 \n(18.06) \nZIPIT MOBILE \n209,262,520.13 \n198,359,004.52 \n(5.21) \nTOTAL \n33,462,232,997.09 \n30,032,604,873.25 \n(10.25) \n \nVOLUMES \n \nRTGS \n107,585 \n171,657 \n59.55 \nOf which ZiG \n36,265 \n62,258 \n71.68 \nOf which US$ \n71,320 \n109,399 \n53.39 \nPOS \n1,618,504 \n1,436,909 \n(11.22) \nATM \n170,905 \n162,202 \n(5.09) \nMOBILE BANKING \n356,835 \n277,805 \n(22.15) \nMOBILE MONEY \n12,518,248 \n11,591,825 \n(7.40) \nZIPIT MOBILE \n213,280 \n193,719 \n(9.17) \nTOTAL \n14,985,357 \n13,834,117 \n(7.68) \n \n \n6 \nMosi-oa-Tunya Gold Coin Prices \nGold Coin \nPrice \n18-Aug-25 \n19-Aug-25 \n20-Aug-25 \n21-Aug-25 \n22-Aug-25 \n1.00Oz \n \n \n \n \n \nUS$ \n3,502.28 \n3,499.02 \n3,501.17 \n3,511.88 \n3,505.22 \nZiG \n93,749.95 \n93,636.22 \n93,684.72 \n93,990.27 \n93,766.60 \n0.50Oz \n \n \n \n \n \nUS$ \n1,751.14 \n1,749.51 \n1,750.59 \n1,755.94 \n1,752.61 \nZiG \n46,874.97 \n46,818.11 \n \n46,842.36 \n46,995.13 \n46,883.30 \n0.25Oz \n \n \n \n \n \nUS$ \n875.57 \n874.76 \n875.29 \n877.97 \n876.30 \nZiG \n23,437.49 \n23,409.06 \n23,421.18 \n23,497.57 \n23,441.65 \n0.10Oz \n \n \n \n \n \nUS$ \n350.23 \n349.90 \n350.12 \n351.19 \n350.52 \nZiG \n9,374.99 \n9,363.62 \n9,368.47 \n9,399.03 \n9,376.66 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n7. EXTERNAL SECTOR \n \n \nExchange Rate Developments (ZiG per Unit of foreign currency) \n \n \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(13 Aug – 15 Aug) \n \n26.7734 \n \n1.5208 \n \n36.2352 \n \n1.8829 \n \n31.2539 \n18-Aug \n26.7683 \n1.5232 \n36.3006 \n1.8837 \n31.3323 \n19-Aug \n26.7607 \n1.5152 \n36.1486 \n1.8805 \n31.2150 \n20-Aug \n26.7581 \n1.5101 \n36.0700 \n1.8804 \n31.1370 \n21-Aug \n26.7635 \n1.5101 \n36.0037 \n1.8755 \n31.1715 \n22-Aug \n26.7506 \n1.5072 \n35.8366 \n1.8772 \n30.9999 \nWeekly Average \n(18 Aug – 22 Aug) \n26.7602 \n1.5132 \n36.0719 \n1.8795 \n31.1711 \nAppr (-)/Depr (+) (%) of the \nZWG \n(0.05) \n(0.50) \n(0.45) \n(0.18) \n(0.26) \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nInternational Commodity Prices \n \nGold \nPlatinum \nPalladium \nNickel \nLithium \n \nUS$/oz \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nWeekly Average \n(11 Aug – 15 Aug) \n3,352.53 \n1,343.74 \n1,146.30 \n14,466.60 \n8,172.60 \n18-Aug \n3,335.10 \n1,333.00 \n1,125.00 \n15,151.00 \n8,500.00 \n19-Aug \n3,324.30 \n1,320.00 \n1,118.00 \n15,006.00 \n8,560.00 \n20-Aug \n3,337.60 \n1,337.00 \n1,123.00 \n15,008.00 \n8,620.00 \n21-Aug \n3,329.50 \n1,350.00 \n1,128.00 \n14,929.00 \n8,680.00 \n22-Aug \n3,367.00 \n1,363.00 \n1,132.00 \n15,100.00 \n8,740.00 \nWeekly Average \n(18 Aug – 22 Aug) \n3,338.70 \n \n1,340.60 \n1,125.20 \n15,038.80 \n8,620.00 \nWeekly change (%) \n(0.41) \n(0.23) \n(1.84) \n3.96 \n5.47 \nSource: BBC, KITCO and Bloomberg, 2025 \n \n \n \n \n7 \nFigure 3: Weekly International Commodity Price Developments (13th June 2025– 22nd August 2025) \n \n \n \n \n \nSource: BBC, KITCO and Bloomberg, 2025 \n \n \n400,00\n600,00\n800,00\n1000,00\n1200,00\n1400,00\n13-Jun\n20-Jun\n27-Jun\n4-Jul\n11-Jul\n18-Jul\n25-Jul\n1-Aug\n8-Aug\n15-Aug\n22-Aug\nUS$/oz\nPalladium\n980\n1 080\n1 180\n1 280\n1 380\n1 480\n1 580\n13-Jun\n20-Jun\n27-Jun\n4-Jul\n11-Jul\n18-Jul\n25-Jul\n1-Aug\n8-Aug\n15-Aug\n22-Aug\nUS$/tonne\nPlatinum\n7 500\n7 800\n8 100\n8 400\n8 700\n9 000\n9 300\n9 600\n13-Jun\n20-Jun\n27-Jun\n4-Jul\n11-Jul\n18-Jul\n25-Jul\n1-Aug\n8-Aug\n15-Aug\n22-Aug\nUS$/tonne\nLithium \n14 400\n14 600\n14 800\n15 000\n15 200\n15 400\n15 600\n15 800\n16 000\n16 200\n16 400\n13-Jun\n20-Jun\n27-Jun\n4-Jul\n11-Jul\n18-Jul\n25-Jul\n1-Aug\n8-Aug\n15-Aug\n22-Aug\nUS$/tonne\nNickel\n50\n55\n60\n65\n70\n75\n80\n13-Jun\n20-Jun\n27-Jun\n4-Jul\n11-Jul\n18-Jul\n25-Jul\n1-Aug\n8-Aug\n15-Aug\n22-Aug\nUS$/barrel\nCrude oil \n2 900\n3 150\n3 400\n3 650\n3 900\n13-Jun\n20-Jun\n27-Jun\n04-Jul\n11-Jul\n18-Jul\n25-Jul\n01-Aug\n08-Aug\n15-Aug\n22-Aug\nUS$/oz\nGold\n \n \n8 \n8. TOBACCO SALES \n \nWeekly Cumulative Tobacco Sales: Day 117 (22nd August 2025) \n \n2025 \n2024 \nVariance (%) \nCumulative Quantity Sold (Kgs) \n 354,520,303 \n231,654,087 \n53.04 \nAverage Price (US$/kg) \n 3.32 \n 3.43 \n(3.21) \nCumulative value (US$) \n1,177,538,793 \n793,547,959 \n48.39 \nSource: Tobacco Industry and Marketing Board (TIMB), 2025 \n \n \n \nRESERVE BANK OF ZIMBABWE \nAUGUST 2025", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_22_August_2025_Volume_27_Number_34.pdf"}
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+ {"doc_id": "2cec9f1e4292eaf63088d5a39f442843", "text": "Vol. 27 No. 35 \n \nWeek Ending \n29th August 2025 \n \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 2 \n3. \nEQUITY MARKETS .............................................................. 3 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 5 \n5. \nENERGY PRICES .................................................................. 5 \n6. \nGOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND \nGOLD BACKED DIGITAL TOKENS (GBDT) .................. 5 \n7. \nEXTERNAL SECTOR ........................................................... 6 \n8. \nTOBACCO SALES ................................................................. 8 \n \n \n \n \n1 \n1. OVERVIEW \nThis report outlines key trends in monetary and financial indicators for the week ending 29th August 2025. It \ncovers developments in domestic money and capital markets, national payment systems, exchange rates, \ninternational commodity prices and the tobacco market. \nDuring the week under review, local currency deposit rates decreased for all tenors. Conversely, foreign \ncurrency deposit rates registered decreases across all maturities. The lending rates for both individual and \ncorporate clients in local currency, however, increased, while foreign currency lending rates increased across \nall client categories during the same week. \nThe Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX) sustained their upward \nmomentum, marking a second consecutive week of positive performance. As such, the ZSE and VFEX All \nshare indices added 1.74% and 3.15% to close at 208.72 points and 126.77 points, respectively. \nThe total value of transactions processed through the National Payment Systems platforms increased by \n35.13%, from ZiG30.03 billion reported in the previous week to ZiG40.58 billion, during the week under \nanalysis. This was largely attributable to the increase in values of transactions processed through RTGS, POS, \nATM, Mobile money and ZPIT mobile. The volume of transactions processed also increased by 10.69%, from \n13.83 million in the prior week to 15.31 million during the week under review. \nThe interbank market saw the average ZIG/USD exchange rate appreciate by 0.02% from ZiG26.76 per dollar \nrecorded in the previous week to ZiG26.75 per dollar, during the week ending 29th August 2025, \nInternational average prices for gold, platinum, nickel and lithium firmed during the week ending 29th August \n2025. Prices for palladium, however, retreated during the same week, despite the supply constraints on the \nglobal market. \nGold prices increased mainly due to heightened expectations that the U.S. Federal Reserve would implement \ninterest rate cuts in its upcoming September 2025 meeting. Platinum prices rose amid the ongoing supply \nconstraints in major platinum-producing regions. Supply disruptions in China, particularly the suspension of \noperations at CATL's Jianxiawo mine led to a surge in lithium prices. Similarly, nickel prices increased due \nto concerns about potential supply disruptions from Indonesia, the world's largest nickel producer \nTotal tobacco sales rose by 53.12% to 354.80 million kilograms as of the 122nd day of the 2025 tobacco selling \nseason, from 231.71 million kilograms sold during the same period in 2024. Concomitantly, sales revenues \nincreased by 48.43% to US$1.18 billion during the period under analysis, from US$0.79 billion realised during \nthe same period in 2024. The average price, however, decreased to US$3.32 per kg, from US$3.43 per kg \nrecorded in the comparable period in 2024. \n \n \n \n \n \n \n2 \n2. INTEREST RATES \n \nAverage commercial bank deposit rates (Local Currency (ZiG) (%) \nZiG Deposit rates \n08 August 2025 \n15 August 2025 \n22 August 2025 \n29 August \nSavings \n \n \n \n \nMinimum \n3.75 \n3.75 \n3.91 \n3.75 \nMaximum \n4.08 \n4.08 \n4.03 \n3.86 \n1-month deposit \n \n \n \n \nMinimum \n6.63 \n6.63 \n7.46 \n6.63 \nMaximum \n10.49 \n10.49 \n11.52 \n10.38 \n3-months deposit \n \n \n \n \nMinimum \n6.90 \n6.90 \n7.73 \n6.90 \nMaximum \n10.68 \n10.68 \n11.65 \n10.48 \n6-months deposit \n \n \n \n \nMinimum \n6.51 \n6.51 \n7.34 \n6.51 \nMaximum \n10.28 \n10.28 \n11.26 \n10.01 \n12-months deposit \n \n \n \n \nMinimum \n6.52 \n6.52 \n7.35 \n6.52 \nMaximum \n10.99 \n10.99 \n12.66 \n10.71 \nOver 1 year \n \n \n \n \nMinimum \n6.53 \n6.53 \n7.36 \n6.53 \nMaximum \n11.00 \n11.00 \n12.67 \n10.72 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nAverage commercial bank deposit rates (Foreign Currency (US$) (%) \nUS$ Deposit rates \n08 August 2025 \n15 August 2025 \n22 August 2025 \n29 August \nSavings \n \n \n \n \nMinimum \n1.61 \n1.61 \n1.75 \n1.61 \nMaximum \n1.81 \n1.81 \n1.84 \n1.69 \n1-month deposit \n \n \n \n \nMinimum \n3.92 \n3.92 \n4.08 \n3.92 \nMaximum \n6.59 \n6.59 \n6.93 \n6.51 \n3-month deposit \n \n \n \n \nMinimum \n4.46 \n4.46 \n4.52 \n4.46 \nMaximum \n7.45 \n7.45 \n7.78 \n7.35 \n6-month deposit \n \n \n \n \nMinimum \n4.26 \n4.26 \n4.83 \n4.26 \nMaximum \n7.57 \n7.57 \n7.75 \n7.35 \n12-Month deposit \n \n \n \n \nMinimum \n4.56 \n4.56 \n4.83 \n4.56 \nMaximum \n7.47 \n7.47 \n7.75 \n7.14 \nOver 1 year \n \n \n \n \nMinimum \n4.67 \n4.67 \n4.89 \n4.67 \nMaximum \n7.64 \n7.64 \n7.92 \n7.36 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n \n \n \n \n \n3 \nCommercial bank weighted lending rates (Local Currency (ZiG) (%) \nZiG Lending rates \n08 August 2025 \n15 August 2025 \n22 August 2025 \n29 August \nIndividuals \n \n \n \n \nMinimum \n43.05 \n43.05 \n43.22 \n43.33 \nMaximum \n48.84 \n48.84 \n48.90 \n48.96 \nCorporates \n \n \n \n \nMinimum \n40.36 \n40.36 \n40.36 \n40.39 \nMaximum \n46.23 \n46.23 \n46.20 \n46.34 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nCommercial bank weighted lending rates (Foreign Currency (US$) (%) \nUS$ Lending rates \n08 August 2025 \n15 August 2025 \n22 August 2025 \n29 August \nIndividuals \n \n \n \n \nMinimum \n13.49 \n13.49 \n13.52 \n13.54 \nMaximum \n17.58 \n17.58 \n17.55 \n17.58 \nCorporates \n \n \n \n \nMinimum \n10.36 \n10.36 \n10.36 \n10.47 \nMaximum \n15.81 \n15.81 \n15.83 \n15.88 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nCommercial banks and building societies mortgage lending rates (%) \nMortgage Lending \nrates \n08 August 2025 \n15 August 2025 \n22 August 2025 \n29 August \nZiG Lending rates \n \n \n \n \nMinimum \n25.00 \n25.00 \n25.00 \n25.00 \nMaximum \n50.00 \n50.00 \n50.00 \n50.00 \nUS$ Lending rates \n \n \n \n \nMinimum \n10.00 \n10.00 \n10.00 \n10.00 \nMaximum \n18.00 \n18.00 \n18.00 \n18.00 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n3. EQUITY MARKETS \n \nZSE Indicators \n \n \nAll Share \nIndex \n(points) \nTop 10 \nIndex \n(points) \nTop 15 \nIndex \n(points) \nMedium Cap \n(points) \nSmall Cap \n(points) \nMining \nIndex \n(points) \nGrand \nMarket Cap \n(ZiG billion) \nMarket \nTurnover \n(ZiG million) \nVolume of \nShares \n(million) \n08-Aug-25 \n203.32 \n199.20 \n203.84 \n238.62 \n100.12 \n145.31 \n63.70 \n60.76 \n236.80 \n15-Aug-25 \n200.84 \n196.22 \n200.89 \n238.18 \n100.12 \n145.31 \n62.94 \n58.84 \n10.624 \n22-Aug-25 \n205.16 \n201.33 \n205.06 \n239.29 \n100.12 \n145.31 \n64.29 \n161.76 \n39.28 \n29-Aug-25 \n208.72 \n205.89 \n209.73 \n238.92 \n100.11 \n145.31 \n65.35 \n371.96 \n78.10 \nWeekly \nChange (%) \n1.74 \n2.26 \n2.28 \n(0.15) \n(0.01) \n0.00 \n1.65 \n129.95 \n98.83 \nSource: Zimbabwe Stock Exchange, 2025 \n \nVFEX Indicators \nDate \n \nAll Share Index \nPoints \nGrand Market Capitalisation \n(US$ billion) \nMarket Turnover (US$ \nmillion) \nVolume of Shares (million) \n08-Aug-25 \n122.87 \n1.43 \n0.65 \n2.21 \n15-Aug-25 \n122.76 \n1.43 \n0.37 \n1.90 \n22-Aug-25 \n122.90 \n1.43 \n1.32 \n5.01 \n29-Aug-25 \n126.77 \n1.48 \n1.24 \n3.56 \nWeekly Change (%) \n3.15 \n3.50 \n(6,06) \n(28.94) \nSource: Victoria Falls Stock Exchange, 2025 \n \n \n \n \n \n \n4 \nFigure 1: ZSE and VFEX Indicators \n \n \n \n \n \n \nSource: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2025 \n \n \n \n90\n110\n130\n150\n170\n190\n210\n230\n250\n270\n06-Jun-25\n13-Jun-25\n20-Jun-25\n27-Jun-25\n04-Jul-25\n11-Jul-25\n18-Jul-25\n25-Jul-25\n01-Aug-25\n08-Aug-25\n15-Aug-25\n22-Aug-25\n29-Aug-25\nIndices\nZSE Indices \nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n40\n45\n50\n55\n60\n65\n70\n75\n80\n06-Jun-25\n13-Jun-25\n20-Jun-25\n27-Jun-25\n04-Jul-25\n11-Jul-25\n18-Jul-25\n25-Jul-25\n01-Aug-25\n08-Aug-25\n15-Aug-25\n22-Aug-25\n29-Aug-25\nZiG Billion\nZSE Market Capitalisation \n100\n105\n110\n115\n120\n125\n130\n135\n140\n06-Jun-25\n13-Jun-25\n20-Jun-25\n27-Jun-25\n04-Jul-25\n11-Jul-25\n18-Jul-25\n25-Jul-25\n01-Aug-25\n08-Aug-25\n15-Aug-25\n22-Aug-25\n29-Aug-25\nIndex\nVFEX All Share Index \n0\n200\n400\n600\n800\n1000\n1200\n1400\n1600\n1800\n06-Jun-25\n13-Jun-25\n20-Jun-25\n27-Jun-25\n04-Jul-25\n11-Jul-25\n18-Jul-25\n25-Jul-25\n01-Aug-25\n08-Aug-25\n15-Aug-25\n22-Aug-25\n29-Aug-25\nUS$ Thousand\nVFEX Market Turnover \n1,2\n1,25\n1,3\n1,35\n1,4\n1,45\n1,5\n1,55\n1,6\n06-Jun-25\n13-Jun-25\n20-Jun-25\n27-Jun-25\n04-Jul-25\n11-Jul-25\n18-Jul-25\n25-Jul-25\n01-Aug-25\n08-Aug-25\n15-Aug-25\n22-Aug-25\n29-Aug-25\nUS$ Billion\nVFEX Market Capitalisation \n0\n50 000\n100 000\n150 000\n200 000\n250 000\n300 000\n06-Jun-25\n13-Jun-25\n20-Jun-25\n27-Jun-25\n04-Jul-25\n11-Jul-25\n18-Jul-25\n25-Jul-25\n01-Aug-25\n08-Aug-25\n15-Aug-25\n22-Aug-25\n29-Aug-25\nZiG Thousands\nZSE Market Turnover \n \n \n5 \n4. CLEARING AND SETTLEMENT ACTIVITY \n Source: Reserve Bank of Zimbabwe, 2025 \n \n5. ENERGY PRICES \n \nEnergy Prices \n \n08-Aug 2025 \n15-Aug 2025 \n22-Aug 2025 \n29-Aug 2025 \nDomestic Energy Prices \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.55 \n1.55 \n1.55 \n1.55 \nPetrol Blend E5/ litre \n1.56 \n1.55 \n1.55 \n1.55 \nLP Gas / kg \n1.57 \n1.51 \n1.51 \n1.51 \n \n \n \n \n \nInternational Energy \nPrices (Weekly average) \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n67.34 \n66.01 \n66.56 \n67.21 \n Source: Zimbabwe Energy Regulatory Authority and BBC 2025 \n \n6. GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS \n(GBDT) \n \nGold PM Fix and Gold Backed Digital Token Prices \nDate \nGold PM Fix \nGBDT ZiG Price per Mg \nGBDT US$ Price per Mg \nUS$/oz \nBuy \nSell \nBuy \nSell \n25-Aug-25 \n3,334.25 \n2.73 \n3.01 \n0.1018 \n0.1126 \n26-Aug-25 \n3,334.25 \n2.73 \n3.01 \n0.1018 \n0.1126 \n27-Aug-25 \n3,367.10 \n2.75 \n3.04 \n0.1028 \n0.1137 \n28-Aug-25 \n3,376.35 \n2.76 \n3.05 \n0.1031 \n0.1140 \n29-Aug-25 \n3,407.65 \n2.78 \n3.08 \n0.1041 \n0.1150 \nSource: London Bullion Market Association and Reserve Bank of Zimbabwe, 2025 \n \n \n \n \nPAYMENT STREAM \nWEEK ENDING \n22 Aug 2025 \nWEEK ENDING \n29 August 2025 \nWEEKLY \nCHANGE (%) \n \nVALUES \n \nRTGS \n23,709,639,049.56 \n32,645,901,636.64 \n37.69 \nOf which ZiG \n6,607,334,531.76 \n10,401,322,547.83 \n57.42 \nOf which US$ transactions \n(ZiG Equivalent) \n17,102,304,517.80 \n \n22,244,579,089.81 \n \n30.07 \nPOS \n1,648,908,901.44 \n2,416,568,906.80 \n46.56 \nATM \n1,238,041,639.10 \n1,985,760,973.98 \n60.40 \nMOBILE BANKING \n235,204,263.00 \n223,174,240.00 \n(5.11) \nMOBILE MONEY \n3,002,452,015.64 \n3,063,534,858.80 \n2.03 \nZIPIT MOBILE \n198,359,004.52 \n248,786,310.95 \n25.42 \nTOTAL \n30,032,604,873.25 \n40,583,726,927.17 \n35.13 \n \nVOLUMES \n \nRTGS \n171,657 \n316,408 \n84.33 \nOf which ZiG \n62,258 \n135,108 \n117.01 \nOf which US$ \n109,399 \n 181,300 \n65.72 \nPOS \n1,436,909 \n1,828,657 \n27.26 \nATM \n162,202 \n249,263 \n53.67 \nMOBILE BANKING \n277,805 \n318,481 \n14.64 \nMOBILE MONEY \n11,591,825 \n12,354,491 \n6.58 \nZIPIT MOBILE \n193,719 \n245,452 \n26.71 \nTOTAL \n13,834,117 \n15,312,752 \n10.69 \n \n \n6 \nMosi-oa-Tunya Gold Coin Prices \nGold Coin \nPrice \n25-Aug-25 \n26-Aug-25 \n27-Aug-25 \n28-Aug-25 \n29-Aug-25 \n1.00Oz \n \n \n \n \n \nUS$ \n3,500.96 \n3,500.96 \n3,535.46 \n3,545.17 \n3,578.03 \nZiG \n93,694.08 \n93,716.25 \n94,556.10 \n94,832.36 \n95,729.56 \n0.50Oz \n \n \n \n \n \nUS$ \n1,750.48 \n1,750.48 \n1,767.73 \n1,772.58 \n1,789.02 \nZiG \n46,847.04 \n46,858.13 \n47,278.05 \n47,416.18 \n47,864.78 \n0.25Oz \n \n \n \n \n \nUS$ \n875.24 \n875.24 \n883.86 \n886.29 \n894.51 \nZiG \n23,423.52 \n23,429.06 \n23,639.02 \n23,708.09 \n23,932.39 \n0.10Oz \n \n \n \n \n \nUS$ \n350.10 \n350.10 \n353.55 \n354.52 \n357.80 \nZiG \n9,369.41 \n9,371.63 \n9,455.61 \n9,483.24 \n9,572.96 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n7. EXTERNAL SECTOR \n \n \nExchange Rate Developments (ZiG per Unit of foreign currency) \n \n \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(18 Aug – 22 Aug) \n26.7602 \n1.5132 \n36.0719 \n1.8795 \n31.1711 \n25-Aug \n26.7624 \n1.5314 \n36.1521 \n1.8847 \n31.3160 \n26-Aug \n26.7687 \n1.5193 \n36.0214 \n1.8852 \n31.1333 \n27-Aug \n26.7451 \n1.5149 \n35.9762 \n1.8835 \n31.0725 \n28-Aug \n26.7498 \n1.5129 \n36.1242 \n1.8512 \n31.1367 \n29-Aug \n26.7548 \n1.5090 \n36.1084 \n1.8585 \n31.2015 \nWeekly Average \n(25 Aug – 29 Aug) \n26,7561 \n1.5175 \n36.0764 \n1.8726 \n31.1720 \nAppr (-)/Depr (+) (%) of the \nZWG \n(0.02) \n0.28 \n0,01 \n(0.37) \n0.003 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nInternational Commodity Prices \n \nGold \nPlatinum \nPalladium \nNickel \nLithium \n \nUS$/oz \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nWeekly Average \n(18 Aug – 22 Aug) \n3,338.70 \n \n1,340.60 \n1,125.20 \n15,038.80 \n8,620.00 \n25-Aug \n3,375.00 \n1,343.00 \n1,105.00 \n15,100.00 \n8,740.00 \n26-Aug \n3,379.20 \n1,357.00 \n1,109.00 \n15,285.00 \n8,740.00 \n27-Aug \n3,392.40 \n1,353.00 \n1,107.00 \n15,131.00 \n8,880.00 \n28-Aug \n3,411.50 \n1,357.00 \n1,112.00 \n15,263.00 \n9,020.00 \n29-Aug \n3,477.00 \n1,385.00 \n1,132.00 \n15,421.00 \n9,176.00 \nWeekly Average \n(25Aug – 29 Aug) \n3,407.02 \n1,359.00 \n1,113.00 \n15,240.00 \n8,911.20 \nWeekly change (%) \n2.05 \n1.37 \n(1.08) \n1.34 \n3.38 \nSource: BBC, KITCO and Bloomberg, 2025 \n \n \n \n \n7 \nFigure 3: Weekly International Commodity Price Developments (6th June 2025– 29th August 2025) \n \n \n \n \n \nSource: BBC, KITCO and Bloomberg, 2025 \n \n \n400,00\n600,00\n800,00\n1000,00\n1200,00\n1400,00\n6-Jun\n13-Jun\n20-Jun\n27-Jun\n4-Jul\n11-Jul\n18-Jul\n25-Jul\n1-Aug\n8-Aug\n15-Aug\n22-Aug\n29-Aug\nUS$/oz\nPalladium\n980\n1 080\n1 180\n1 280\n1 380\n1 480\n1 580\n6-Jun\n13-Jun\n20-Jun\n27-Jun\n4-Jul\n11-Jul\n18-Jul\n25-Jul\n1-Aug\n8-Aug\n15-Aug\n22-Aug\n29-Aug\nUS$/tonne\nPlatinum\n7 500\n7 800\n8 100\n8 400\n8 700\n9 000\n9 300\n9 600\n6-Jun\n13-Jun\n20-Jun\n27-Jun\n4-Jul\n11-Jul\n18-Jul\n25-Jul\n1-Aug\n8-Aug\n15-Aug\n22-Aug\n29-Aug\nUS$/tonne\nLithium \n14 400\n14 600\n14 800\n15 000\n15 200\n15 400\n15 600\n15 800\n16 000\n16 200\n16 400\n6-Jun\n13-Jun\n20-Jun\n27-Jun\n4-Jul\n11-Jul\n18-Jul\n25-Jul\n1-Aug\n8-Aug\n15-Aug\n22-Aug\n29-Aug\nUS$/tonne\nNickel\n50\n55\n60\n65\n70\n75\n80\n6-Jun\n13-Jun\n20-Jun\n27-Jun\n4-Jul\n11-Jul\n18-Jul\n25-Jul\n1-Aug\n8-Aug\n15-Aug\n22-Aug\n29-Aug\nUS$/barrel\nCrude oil \n2 900\n3 150\n3 400\n3 650\n3 900\n06-Jun\n13-Jun\n20-Jun\n27-Jun\n04-Jul\n11-Jul\n18-Jul\n25-Jul\n01-Aug\n08-Aug\n15-Aug\n22-Aug\n29-Aug\nUS$/oz\nGold\n \n \n8 \n8. TOBACCO SALES \n \nWeekly Cumulative Tobacco Sales: Day 122 (29th August 2025) \n \n2025 \n2024 \nVariance (%) \nCumulative Quantity Sold (Kgs) \n 354,802,138 \n231,709,675 \n53.12 \nAverage Price (US$/kg) \n 3.32 \n 3.43 \n(3.21) \nCumulative value (US$) \n1,178,183,226 \n793,774,288 \n48.43 \nSource: Tobacco Industry and Marketing Board (TIMB), 2025 \n \n \n \nRESERVE BANK OF ZIMBABWE \nAUGUST 2025", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_29_August_2025_Volume_27_Number_35_2.pdf"}
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+ {"doc_id": "2ec97cd49fe21fb685497ada9e83641d", "text": "Vol. 25 No. 46 \n \n \nWeek Ending \n17th November 2023 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ................................................................................................ 1 \n2. \nINTEREST RATES .................................................................................... 1 \n3. \nCLEARING AND SETTLEMENT ACTIVITY ...................................... 3 \n4. \nINTERNATIONAL COMMODITY PRICE DEVELOPMENTS ......... 5 \n5. \nEQUITY MARKETS.................................................................................. 8 \n \n \n \n \n \n 1 \n1. OVERVIEW \n \nThis report provides an analysis of the developments in the money and capital markets for the \nweek ending 17th November 2023. The report also covers developments in mineral commodity \nprices and stock markets during the week under review. \n \nThe Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX) were both \non a bullish trend during the week under analysis. National Payment Systems (NPS) processed \ntransactions valued at ZW$7.11 trillion, representing an increase of 26.38% from the previous \nweek’s levels. \n \nMinimum savings deposit rates for both local currency and foreign currency deposits were \nhigher, during the week ending 17th November 2023. In addition, international commodity prices \nfor gold, platinum, palladium, crude oil, nickel, and lithium decreased while copper prices \nincreased during the week under review. \n \n2. INTEREST RATES \n \n \nLocal Currency (ZW$) Deposit Rates \n \nCommercial bank minimum and maximum savings deposit rates increased during the week under \nreview. Minimum and maximum deposits for deposits of 1 month, 3 month, 6 month and 12 \nmonth tenors, however, decreased during the same week. \n \nTable 1: Average Deposit Rates (per annum) \nDate \nSavings deposits \n \n1- Month deposit \nrates \n \n3- Month deposit \nrates \n \n6- Month deposit \nrates \n \n12- Month deposit \nrates \n \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \n20-Oct-23 \n34.29 \n35.60 \n59.00 \n69.33 \n61.67 \n70.35 \n59.17 \n68.64 \n59.33 \n68.79 \n27-Oct-23 \n34.29 \n35.60 \n59.00 \n69.33 \n61.67 \n70.35 \n59.17 \n68.64 \n59.33 \n68.79 \n3-Nov-23 \n34.29 \n35.60 \n59.00 \n69.33 \n61.67 \n70.35 \n59.17 \n68.64 \n59.33 \n68.79 \n10-Nov-23 \n34.29 \n35.60 \n59.00 \n69.33 \n61.67 \n70.35 \n59.17 \n68.64 \n59.33 \n68.79 \n17-Nov-23 \n35.33 \n38.27 \n57.33 \n64.78 \n57.67 \n \n67.12 \n57.70 \n67.21 \n57.87 \n67.36 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n 2 \nLocal Currency (ZW$) Lending Rates \nDuring the week ending 17th November 2023, minimum lending rates for individuals and \ncorporate clients registered declines. Maximum deposit rates for individuals were lower, while \nthose for corporates registered an increase during the period of analysis. Local currency lending \nrates are shown in Table 2. \n \n \nTable 2: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \n \n Corporate Clients \n \n20-Oct-23 \n71.66 \n101.61 \n93.37 \n165.53 \n27-Oct-23 \n71.72 \n102.10 \n92.43 \n167.77 \n3-Nov-23 \n71.54 \n101.77 \n92.27 \n167.70 \n10-Nov-23 \n70.58 \n101.56 \n93.43 \n166.07 \n17-Nov-23 \n71.09 \n101.72 \n92.36 \n168.04 \nSource: Reserve Bank of Zimbabwe, 2023 \n \nForeign Currency (USD) Deposit Rates \n \nAverage minimum deposit rates for savings deposits, deposits of 3-month, 6-month and 12-\nmonth tenors increased during the week under analysis. Minimum deposit rates for deposits of \n1-month tenor, were, however, lower during the same week. Maximum deposits rates for savings \ndeposits and deposits of all tenors increased as shown in Table 3. \n \nTable 3: Average Foreign Currency Deposit Rates (per annum) \nDate \nSavings deposits (%) \n1- Month deposit \nrates \n \n3- Month deposit rates \n \n6-Month deposit rates \n \n12- Month deposit \nrates \n \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \n20-Oct-23 \n1.27 \n1.81 \n3.15 \n4.56 \n3.33 \n5.00 \n3.35 \n5.27 \n3.43 \n5.50 \n27-Oct-23 \n1.27 \n1.81 \n3.15 \n4.56 \n3.33 \n5.00 \n3.35 \n5.27 \n3.43 \n5.50 \n3-Nov-23 \n1.27 \n1.81 \n3.15 \n4.56 \n3.33 \n5.00 \n3.35 \n5.27 \n3.43 \n5.50 \n10-Nov-23 \n1.27 \n1.81 \n3.15 \n4.56 \n3.33 \n5.00 \n3.35 \n5.27 \n3.43 \n5.50 \n17-Nov-23 \n1.36 \n1.86 \n2.97 \n4.94 \n3.43 \n5.53 \n3.56 \n5.86 \n3.70 \n6.21 \nSource: Reserve Bank of Zimbabwe, 2023 \n \nForeign Currency (USD) Lending Rates \n \n 3 \nMinimum foreign currency lending rates for individual clients decreased by 0.03 percentage \npoints while maximum lending rates for individual clients increased by 0.05 percentage points \nduring the week under analysis. Minimum lending rates for corporate clients registered a \nmarginal increase, while maximum lending rates for corporate clients decreased by 0.01 \npercentage points during the same period. \n \nTable 4: Lending Rates (per annum) \n \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \nCorporate Clients \n \n13-Oct-23 \n11.15 \n13.35 \n8.27 \n14.20 \n20-Oct-23 \n11.16 \n13.36 \n8.24 \n14.28 \n27-Oct-23 \n11.12 \n13.39 \n8.72 \n15.31 \n3-Nov-23 \n11.10 \n13.40 \n8.26 \n14.20 \n10-Nov-23 \n11.10 \n13.37 \n8.28 \n14.18 \n17-Nov-23 \n11.07 \n13.42 \n8.30 \n14.17 \nSource: Reserve Bank of Zimbabwe, 2023 \n3. CLEARING AND SETTLEMENT ACTIVITY \n \nThe aggregate transactions processed in value terms through the National Payment Systems \nplatforms amounted to ZW$7.11 trillion, representing an increase of 26.38% from the previous \nweek’s levels. In value terms, the distribution of NPS transactions was as follows: Real Time \nGross Settlement (RTGS) 89.71%, Mobile, 4.37%, Point of Sale (POS), 3.70% and Automated \nTeller Machines (ATM), 2.22%, as shown in Figure 1. \n \nFigure 1: Composition of NPS Transactions in Value Terms\n \n Source: Reserve Bank of Zimbabwe, 2023 \n \n \n \nRTGS\n89.71%\nPOS\n3.70%\nATM\n2.22%\nMOBILE\n4.37%\nRTGS\nPOS\nATM\nMOBILE\n \n 4 \nThe volume of transactions processed through the NPS decreased by 3.68% to close at 12.97 \nmillion, largely due to the decline in ATM and RTGS volumes. NPS transaction volumes were \ndistributed as follows: Mobile, 82.05%; POS, 16.01%; ATM, 0.72%; and RTGS, 1.21%, as \nshown in Figure 2. \n \n Figure 2: Composition of NPS Transactions in Volume Terms \n \n Source: Reserve Bank of Zimbabwe, 2023 \n \nTable 5: National Payment Systems Activity \nPAYMENT \nSTREAM \n WEEK ENDING \n10 NOVEMBER \n2023 \n WEEK ENDING \n17 NOVEMBER \n2023 \n% CHANGE \nFROM LAST \nWEEK \nPROPORTION \n \nVALUES IN ZW$MILLIONS \n \nRTGS \n4,666,174.19 \n6,375,829.42 \n36.64% \n89.71% \nPOS \n321,492.67 \n262,855.08 \n-18.24% \n3.70% \nATM \n264,818.12 \n157,780.98 \n-40.42% \n2.22% \nMOBILE \n370,910.98 \n310,447.73 \n-16.30% \n4.37% \nTOTAL \n5,623,395.94 \n7,106,913.22 \n26.38% \n100% \n \nVOLUMES \n \nRTGS \n186,732 \n157,536 \n-15.64% \n1.21% \nPOS \n1,878,848 \n2,076,348 \n10.512% \n16.01% \nATM \n153,718 \n93,604 \n-39.11% \n0.72% \nMOBILE \n11,243,246 \n10,639,891 \n-5.37% \n82.05% \nTOTAL \n13,462,544 \n12,967,379 \n-3.68% \n100% \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n \n \n \nRTGS, 1.21%\nPOS, 16.01%\nATM, 0.72%\nMOBILE, 82.05%\nRTGS\nPOS\nATM\nMOBILE\n \n 5 \n4. INTERNATIONAL COMMODITY PRICE DEVELOPMENTS \n \n \nDuring the week under review, prices for gold, platinum, palladium, crude oil, nickel, and lithium \ndecelerated while prices of copper rose as shown in Table 6. \n \nTable 6: Metal and Crude Oil Prices for the week ending 17th November 2023 \n \nGold \nPlatinum \nPalladium \nCopper \nNickel \nCrude Oil \nLithium \n2023 \nUS$/ounce \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nUS$/barrel \nUS$/tonne \n \nWeekly Average (06 \n- 10 November) \n1,961.90 \n889.40 \n1,040.90 \n8,126.00 \n17,857.60 \n81.35 \n21,960.00 \n13-Nov \n1,934.30 \n851.00 \n967.50 \n8,146.00 \n17,280.00 \n82.83 \n21,700.00 \n14-Nov \n1,946.55 \n875.50 \n875.50 \n8,235.00 \n17,405.00 \n82.70 \n21,550.00 \n15-Nov \n1,965.80 \n894.00 \n1,023.00 \n8,250.00 \n17,345.00 \n80.41 \n21,400.00 \n16-Nov \n1,973.30 \n902.00 \n1,036.50 \n8,250.50 \n17,195.00 \n77.48 \n21,250.00 \n17-Nov \n1,986.60 \n902.00 \n1,040.00 \n8,321.50 \n16,980.00 \n81.26 \n21,100.00 \nWeekly Average (13 \n- 17 Nov) \n1,961.31 \n884.90 \n988.50 \n8,240.60 \n17,241.00 \n80.94 \n21,400.00 \nWeekly Change (%) \n-0.03 \n-0.51 \n-5.03 \n1.41 \n-3.45 \n-0.51 \n-2.55 \nSource: BBC, KITCO and Bloomberg 2023 \n \nPrecious Metals \nDuring the week under review, prices of precious metals, namely gold, platinum, palladium, and \nlithium, declined by 0.03%, 0.51%, 5.03%, and 2.55%, respectively. Gold prices decreased \nslightly in response to the release of U.S. economic data, which suggested a reduction in \ninflationary pressures. The decline in platinum prices was attributed to concerns regarding \ndiminished demand prospects for the precious metal after China, a major metal consumer, \npublished mixed economic data. \n \nThe decrease in lithium prices was, in large part, due to the cooling-off of electric vehicle sales \nin China, coupled with an increase in overall supply on the market. The price trends for the \nprecious metals for the period from 13 November to November 2023, are shown in Figure 3. \n \n \n \n \n \n \n \n \n \n 6 \nFigure 3: Weekly Precious Metals Price Developments (13 - 17 November. 2023) \n \nSource: Kitco,2023 \n \nSource: Kitco,2023 \n \nSource: Kitco,2023 \n \nSource: London Metal Exchange,2023 \n \n \nBase Metals and Brent Crude Oil \n \nCrude oil and nickel prices fell by 0.51% and 3.45%, respectively, while copper prices increased \nby 1.41%. The rise in copper prices was attributed to solid demand, coupled with a decrease in \ninventories. Nickel prices declined due to a surplus in supply against the mooted demand for the \nbase metal. Oil prices fell as supply continued to grow, amidst demand concerns. \n \n1,900\n1,910\n1,920\n1,930\n1,940\n1,950\n1,960\n1,970\n1,980\n1,990\n2,000\nUS$/ ounce\nGold\nGold\nLinear (Gold)\n780\n800\n820\n840\n860\n880\n900\n920\n940\nUS$/ounce\nPlatinum\nPlatinum\nLinear (Platinum)\n100\n300\n500\n700\n900\n1,100\n1,300\nUS$/ounce\nPalladium\nPalladium\nLinear (Palladium)\n20,800\n20,900\n21,000\n21,100\n21,200\n21,300\n21,400\n21,500\n21,600\n21,700\n21,800\nUS$/tonne\nLithium Hydroxide\nLithium Hydroxide\nLinear (Lithium Hydroxide)\n \n 7 \nFigure 4: Daily commodity price developments for copper, nickel, and Brent crude oil \n(11 Nov. 2023 - 17 Nov. 2023) \n \nSource: London Metal Exchange,2023 \n \nSource: London Metal Exchange,2023 \n \nSource: BBC,2023 \n7,600\n7,800\n8,000\n8,200\n8,400\n11-Nov\n12-Nov\n13-Nov\n14-Nov\n15-Nov\n16-Nov\n17-Nov\nUS$/tonne\nCopper\nLinear (Copper)\n16,600\n16,800\n17,000\n17,200\n17,400\n17,600\n11-Nov\n12-Nov\n13-Nov\n14-Nov\n15-Nov\n16-Nov\n17-Nov\nUS$/tonne\n10-Nov\n13-Nov\n14-Nov\n15-Nov\n16-Nov\n17-Nov\nNickel\n17460.00\n17280.00\n17405.00\n17345.00\n17195.00\n16980.00\nNickel\nLinear (Nickel)\n74.00\n76.00\n78.00\n80.00\n82.00\n84.00\n11-Nov\n12-Nov\n13-Nov\n14-Nov\n15-Nov\n16-Nov\n17-Nov\nUS$/barrel\n10-Nov\n13-Nov\n14-Nov\n15-Nov\n16-Nov\n17-Nov\nBrent crude oil\n80.62\n82.83\n82.70\n80.41\n77.48\n81.26\nBrent crude oil\nLinear (Brent crude oil)\n \n 8 \nExchange Rate Developments \n \nInterbank Market \nDuring the week ending 17th November 2023, the Zimbabwe dollar (ZW$) marginally \ndepreciated by 0.33% against the US dollar on the interbank market. The average exchange rate \nmoved from ZW$ 5,731.52 per US$1 in the previous week to ZW$ 5,750.48 per US$1, during \nthe week under analysis. \n \nTable 7: Selected Exchange Rates (ZW$ per unit of foreign currency) \n2023 \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n (06 - 10 November) \n5,731.5216 \n315.4762 \n7,049.1042 \n424.1741 \n6,420.0696 \n13-Nov \n5,740.5731 \n312.5000 \n7,019.6345 \n424.3209 \n6,133.8640 \n14-Nov \n5,741.8883 \n312.5000 \n7,045.0253 \n421.5474 \n6141.0114 \n15-Nov \n5,755.7081 \n317.4603 \n7,189.7583 \n429.1345 \n6,260.7870 \n16-Nov \n5,755.7081 \n317.4603 \n7,136.3453 \n430.6962 \n6,240.3568 \n17-Nov \n5,758.5317 \n317.4603 \n7,143.8551 \n427.6175 \n6,248.0380 \nWeekly Average (13-17 Nov) \n5,750.4819 \n315.4762 \n7,106.9237 \n426.6633 \n6,204.8114 \nAppr (-)/Depr (+) (%) of the \nZWL \n0.33 \n0.0 \n0.8 \n0.6 \n-3.4 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n5. EQUITY MARKETS \n \nThe Zimbabwe Stock Exchange (ZSE) continued a bullish trend during the week ending 17th \nNovember 2023 with the ZSE and VFEX All Share indices increasing by 2.02% and 1.05% to \nclose the week at 177 395.02 points and 68.78 points, respectively. \n \nZimbabwe Stock Exchange (ZSE) Developments \n \nZSE Top 10, Top 15 and medium cap indices increased by 0.64%, 0.75% and 4.97% to close at \n77 093.46 points, 105 130.31 points and 748 580.34 points, respectively. \n \n \nFigure 5 shows developments on the ZSE’s All Share, Top 10 and Mining indices from 18th \nNovember 2022 to 17th November 2023. \n \n \n \n 9 \nFigure 5: ZSE All Share, Top 10 and Mining Indices \n \nSource: Zimbabwe Stock Exchange, 2023 \n \n \nThe increase in the mainstream index resulted from share price gains in First Mutual Holdings \nLimited (24.52%), Econet Wireless Zimbabwe Limited (18.64%), General Beltings Holdings \nLimited (16.70%), Meikles Limited (15.06%) and Fidelity Life Assurance Limited (15.00%). \n \nSeedCo Limited (14.63%), Mashonaland Holdings Limited (8.50%), Hippo Valley Estates \nLimited (7.50%), Turnall Holdings Limited (4.40%) and Unifreight Africa Limited (3.08%), \nhowever, recorded share price losses which weighted down the mainstream index. \n \nThe resource index added 8.11% to close at 145 542.27 points compared to 134 627.40 points \nrecorded in the prior week. \n \nMarket Turnover \nDuring the week under review, the cumulative volume and value of shares traded increased by \n50.71% and 43.99% to close at 69.57 million shares and ZW$20.33 billion, respectively. This \ncompares to 46.16 million shares and ZW$14.12 billion, recorded in the previous week \nrespectively. \n \nFigure 6 shows the trend in daily market turnover for the period 18th November 2022 to 17th \nNovember 2023. \n10,100\n30,100\n50,100\n70,100\n90,100\n110,100\n130,100\n150,100\n170,100\n190,100\n0\n20,000\n40,000\n60,000\n80,000\n100,000\n120,000\n140,000\n160,000\n180,000\n200,000\n18-Nov-22\n02-Dec-22\n16-Dec-22\n30-Dec-22\n13-Jan-23\n27-Jan-23\n10-Feb-23\n24-Feb-23\n10-Mar-23\n24-Mar-23\n07-Apr-23\n21-Apr-23\n05-May-23\n19-May-23\n02-Jun-23\n16-Jun-23\n30-Jun-23\n14-Jul-23\n28-Jul-23\n11-Aug-23\n25-Aug-23\n08-Sep-23\n22-Sep-23\n06-Oct-23\n20-Oct-23\n03-Nov-23\n17-Nov-23\nMining Index\nAll Share and Top 10 Indices\nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n \n \n10 \nFigure 6: Market Turnover \n \nSource: Zimbabwe Stock Exchange, 2023 \n \nMarket Capitalization \nThe ZSE added 2.70%, or ZW$375.32 billion worth of capitalization to close at ZW$14 301.48 \nbillion during the week under review, from ZW$13 926.15 billion registered in the prior week. \n \nFigure 7 shows the evolution of market capitalization for the period 18th November 2022 to 17th \nNovember 2023. \n \n \n \n \n \n \n \n \n \n \n \n \n0\n5,000\n10,000\n15,000\n20,000\n25,000\n30,000\n35,000\n40,000\n45,000\n50,000\n18-Nov-22\n02-Dec-22\n16-Dec-22\n30-Dec-22\n13-Jan-23\n27-Jan-23\n10-Feb-23\n24-Feb-23\n10-Mar-23\n24-Mar-23\n07-Apr-23\n21-Apr-23\n05-May-23\n19-May-23\n02-Jun-23\n16-Jun-23\n30-Jun-23\n14-Jul-23\n28-Jul-23\n11-Aug-23\n25-Aug-23\n08-Sep-23\n22-Sep-23\n06-Oct-23\n20-Oct-23\n03-Nov-23\n17-Nov-23\nZW$ (Million)\nNegotiated Deal: 241 million \nFirst Mutual Holdings \nLimited shares exchanged \nhands at ZW$196/share\n \n \n11 \nFigure 7: Market Capitalization \n \nSource: Zimbabwe Stock Exchange, 2023 \n \nVictoria Falls Stock Exchange (VFEX) Developments \n \nThe VFEX mainstream index increased, in part, on account of share price gains in Axia \nCorporation Limited (24.07%), Bindura Nickel Corporation (BNC) (15.79%), Innscor Africa \nLimited (6.66%), Simbisa Brands Limited (2.87%) and African Sun Limited (2.40%). \n \nLosses were, however, registered in the share prices of Padenga Holdings Limited (14.29%) and \nFirst Capital Bank (14.16%). \n \nVFEX Market Turnover \n \nThe VFEX volume of shares traded increased by 87.63% to close at 4.58 million shares while \nturnover value of shares declined by 47.49% amounting to US$0.40 million during the week \nunder review. \n \nVFEX Market Capitalization \n \n0\n1,800\n3,600\n5,400\n7,200\n9,000\n10,800\n12,600\n14,400\n16,200\n18-Nov-22\n02-Dec-22\n16-Dec-22\n30-Dec-22\n13-Jan-23\n27-Jan-23\n10-Feb-23\n24-Feb-23\n10-Mar-23\n24-Mar-23\n07-Apr-23\n21-Apr-23\n05-May-23\n19-May-23\n02-Jun-23\n16-Jun-23\n30-Jun-23\n14-Jul-23\n28-Jul-23\n11-Aug-23\n25-Aug-23\n08-Sep-23\n22-Sep-23\n06-Oct-23\n20-Oct-23\n03-Nov-23\n17-Nov-23\n$ Billions\n \n \n12 \nVFEX market capitalisation added 1.05% worth of capitalization to close at US$1.18 billion \ncompared to US$1.16 billion, recorded in the preceding week. Figure 8 shows the trend in the \nVFEX All Share Index (ASI) for the period 18th November 2022 to 17th November 2023. \n \nFigure 8: VFEX All Share Index \n \nSource: Victoria Falls Stock Exchange (VFEX), 2023 \n \n \nRESERVE BANK OF ZIMBABWE\n40\n50\n60\n70\n80\n90\n100\n110\n120\n130\n140\n150\n18-Nov-22\n02-Dec-22\n16-Dec-22\n30-Dec-22\n13-Jan-23\n27-Jan-23\n10-Feb-23\n24-Feb-23\n10-Mar-23\n24-Mar-23\n07-Apr-23\n21-Apr-23\n05-May-…\n19-May-…\n02-Jun-23\n16-Jun-23\n30-Jun-23\n14-Jul-23\n28-Jul-23\n11-Aug-23\n25-Aug-23\n08-Sep-23\n22-Sep-23\n06-Oct-23\n20-Oct-23\n03-Nov-23\n17-Nov-23\n \n \n \n APPENDIX 1: FOREIGN EXCHANGE AUCTION RESULTS FOR WHOLESALEFX1 \n \n \n \n \n \n \n \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n \n \n1 Wholesale Foreign Currency Auction (Wholesale FX) is normally conducted on Tuesday every week. The RBZ MPC resolutions dated 6 June 2023 resolved that with effect \nfrom 7 June 2023, the Bank shall sell foreign currency at the market-determined exchange rate through banks to support and strengthen the foreign exchange interbank market, \nand banks shall in turn sell the foreign currency to their customers. \n \n \n \n24-Oct-23 \nWHOLESALE FX \n \n \n30-Oct-23 \n \n \n \n07-Nov-23 \n \n \n \n14-Nov-23 \nTotal \nBids (US$ dollars) \n17,273,839.00 \n17,798,011.00 \n17,460,100.00 \n17,343,660.00 \nAmount Allotted (US$ \ndollars) \n17,273,839.00 \n17,798,011.00 \n17,460,100.00 \n17,343,660.00 \nHighest Rate \n5,780.00 \n5,775.00 \n5,775.00 \n5,781.00 \nLowest Bid Rate Allotted \n5,674.36 \n5,700.00 \n5,722.00 \n5,745.00 \nWeighted Average Rate \n5,693.78 \n5,718.41 \n5,738.7217 \n5,755.7081 \nNumber of Bids Received \n20 \n19 \n20 \n19 \nNumber of Bids Rejected \n0 \n0 \n0 \n0 \n \n \nAPPENDIX 2: SUMMARY OF FOREIGN CURRENCY AUCTION ALLOTMENTS BY PURPOSE \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n24-Oct-23 \n \n30-Oct-23 \n \n07-Nov-23 \n \n14-Nov-23 \nRaw Materials \n739,962.84 \n456,015.48 \n582,700.58 \n598,523.02 \nMachinery and Equipment \n442,614.68 \n493,100.95 \n610,987.82 \n612,285.63 \nConsumables \n(Incl. Spares, Tyres, \nPackaging) \n202,096.27 \n170,113.52 \n153,558.13 \n123,770.73 \nPharmaceuticals and \nChemicals \n79,817.80 \n39,851.54 \n2,753.86 \n27,527.50 \nServices (Loans, Dividends \nand Disinvestments) \n234,174.10 \n217,908.52 \n340,875.92 \n249,383.83 \nRetail and Distribution \n215,586.10 \n167,960.99 \n179,261.41 \n315,518.12 \nFuel, Electricity and Gas \n- \n- \n- \n- \nPaper and Packaging \n43,915.88 \n37,773.27 \n29,201.90 \n72,709.08 \nTOTAL \n1,958,167.67 \n1,582,724.27 \n1,899,339.62 \n1,999,717.91", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_17_NOVEMBER_2023_Volume_25_Number_46_1.pdf"}
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+ {"doc_id": "2f1158c46db28874d26b5dfeff4635fb", "text": "Vol. 25 No. 26 \n \n \nWeek Ending \n30th June 2023 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ................................................................................................ 1 \n2. \nINTEREST RATES .................................................................................... 1 \n3. \nCLEARING AND SETTLEMENT ACTIVITY ...................................... 3 \n4. \nTOBACCO SALES ..................................................................................... 4 \n5. \nINTERNATIONAL COMMODITY PRICE DEVELOPMENTS ......... 5 \n6. \nEXCHANGE RATE DEVELOPMENTS ................................................. 6 \n7. \nEQUITY MARKETS.................................................................................. 7 \n \n \n \n \n \n1 \n1. \nOVERVIEW \n \nThis report provides an analysis of the developments in the money and capital markets for the \nweek ending 30th of June 2023. The report also covers developments in the tobacco, mineral \ncommodities, gold coins and stock markets during the week. The last section of the report \npresents an analysis of the cost of remittances for Zimbabwe. \n \nThe money market interest rates remained high during the week as the Reserve Bank continued \nwith the tight monetary policy stance during the week under review. \n \nThe value of transactions processed through the National Payment System (NPS) increased \nduring the week under review as both inflation and the exchange rate stabilize. In addition, the \nZimbabwe Stock Exchange (ZSE) rebounded to positive trading in line with positive confidence \non improved economic activity in the wake of the current stabilization measures by the Bank and \nGovernment. The Victoria Falls Stock Exchange (VFEX), however, continued in the negative \ntrajectory during the week as the official exchange rate appreciates. \n \nThe volume of tobacco sales as at the end of the week was 50.40% higher than the volume sold \nduring the same period in 2022. The turnover realized from the tobacco sales was 49.66% higher \nthan the US$572.33 million realized during the same period in 2022. \n \n2. \nINTEREST RATES \n \nLocal Currency (ZWL) Deposit Rates \n \nCommercial bank minimum and maximum ZWL saving deposit rates decreased, while minimum \nand maximum deposit interest rates for 1 month and 3 months tenor increased during the week \nunder review, amid tight monetary conditions which continue to take effect. \nTable 1: Average Deposit Rates (per annum) \nDate \nSavings deposits (%) \n1- Month deposit rates (%) \n \n3- Month deposit rates (%) \n \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n2-Jun-23 \n35.33 \n35.88 \n60.39 \n71.50 \n63.33 \n70.33 \n9-Jun-23 \n35.33 \n35.88 \n60.39 \n71.50 \n63.33 \n70.33 \n16-Jun-23 \n35.33 \n36.27 \n57.78 \n66.72 \n56.72 \n67.28 \n23-Jun-23 \n36.00 \n34.27 \n57.72 \n63.39 \n55.11 \n65.11 \n30-Jun-23 \n34.67 \n33.86 \n59.00 \n69.17 \n59.00 \n68.00 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n2 \n \nLocal Currency (ZWL) Lending Rates \n \nThe minimum and maximum ZWL lending rates for corporate borrowers were adjusted upwards \nduring the week under analysis, in part reflecting the effects of tights liquidity conditions in the \nmarket. Similarly, the minimum ZWL lending rates for the individual clients were adjusted \nupwardly while the maximum lending rates for the individual clients were marginally reduced. \nThe ZWL lending rates are shown in Table 2. \n \nTable 2: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \n \n Corporate Clients \n2-Jun-23 \n70.87 \n103.16 \n86.45 \n168.78 \n9-Jun-23 \n72.49 \n102.12 \n88.01 \n167.75 \n16-Jun-23 \n94.55 \n115.97 \n93.43 \n167.36 \n23-Jun-23 \n76.22 \n103.85 \n92.19 \n167.80 \n30-Jun-23 \n76.33 \n103.82 \n92.64 \n168.45 \nSource: Reserve Bank of Zimbabwe, 2023 \n \nForeign Currency (USD) Deposit Rates \n \nThe minimum savings deposits of FCA deposits remained unchanged. 1-month tenor deposits \nincreased while 3-months tenor decreased. Maximum deposits rates for all classes of FCA \ndeposits increased during the week under review. Commercial banks continued to offer higher \ndeposit rates on longer-term FCA deposits to attract long-term foreign currency deposits needed \nto support longer-term lending. \nTable 3: Average Foreign Currency Deposit Rates (per annum) \nDate \nSavings deposits (%) \n1- Month deposit rates (%) \n \n3- Month deposit rates (%) \n \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n2-Jun-23 \n1.27 \n1.69 \n3.12 \n4.44 \n3.45 \n4.93 \n9-Jun-23 \n1.27 \n1.69 \n3.12 \n4.44 \n3.45 \n4.93 \n16-Jun-23 \n1.27 \n1.69 \n3.12 \n4.44 \n3.45 \n4.93 \n23-Jun-23 \n1.27 \n1.69 \n3.12 \n4.44 \n3.45 \n4.93 \n30-June-23 \n1.27 \n1.81 \n3.19 \n4.50 \n3.36 \n5.00 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n3 \n \n \nForeign Currency (USD) Lending Rates \n \n \nCommercial banks foreign currency minimum lending rates were lower for the individual clients \nwhile higher for corporate clients during the week ending 30th June 2023. Maximum lending \nrates increased for both individual clients and corporate clients during the week under analysis. \n \nTable 4: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \n \n Corporate Clients \n26-May-23 \n11.34 \n13.12 \n7.95 \n14.52 \n2-Jun-23 \n11.37 \n13.04 \n8.02 \n14.60 \n9-Jun-23 \n11.39 \n12.96 \n8.48 \n14.79 \n16-Jun-23 \n11.51 \n13.06 \n8.03 \n14.19 \n23-Jun-23 \n11.35 \n13.06 \n8.02 \n14.31 \n 30-Jun-23 \n11.33 \n13.09 \n8.05 \n14.39 \nSource: Reserve Bank of Zimbabwe, 2023 \n3. \nCLEARING AND SETTLEMENT ACTIVITY \n \nThe value of transactions processed through the National Payment System (NPS) marginally \nincreased during the week under review from ZW$4.78 trillion in the previous week to ZW$4.99 \ntrillion. The Real Time Gross Settlement (RTGS) increased by 4.10% to ZW$4.28 trillion, during \nthe week, reflecting the effects of increases in the volume of transactions and prices. The value \nof NPS transactions during the week were distributed as shown in Figure 1. \n \n Figure 1: Composition of NPS Transactions in Value Terms \n \n Source: Reserve Bank of Zimbabwe, 2023 \n \nRTGS\n85.81%\nPOS\n4.76%\nATM\n4.52%\nMOBILE\n4.91%\nRTGS\nPOS\nATM\nMOBILE\n \n \n4 \n \n \nThe volume of transactions processed through the NPS during the week under review decreased \nby 6.51% to 9.85 million, on the back of tight liquidity conditions. In volume terms, the NPS \ntransactions were distributed as shown in Figure 2. \n \n \n Figure 2: Composition of NPS Transactions in Volume Terms \n \nSource: Reserve Bank of Zimbabwe, 2023 \n \nTable 5: National Payment Systems Activity \nPAYMENT \nSTREAM \nWEEK ENDING \n 23 June 2023 \n \nWEEK ENDING \n \n30 June 2023 \n% CHANGE FROM \nLAST WEEK \nPROPORTION \n% \n \nValues in ZW$ Millions \n \n \nRTGS \n4,109,921.79 \n4,278,265.58 \n4.10% \n85.81% \nPOS \n229,102.46 \n237,307.50 \n3.58% \n4.76% \nATM \n198,978.62 \n225,568.01 \n13.36% \n4.52% \nMOBILE \n239,049.45 \n244,724.09 \n2.37% \n4.91% \nTOTAL \n4,777,052.33 \n4,985,864.53 \n4.37% \n100% \nVolumes \n \n \nRTGS \n206,719 \n279,884 \n35.39% \n2.84% \nPOS \n2,202,377 \n1,848,759 \n-16.06% \n18.76% \nATM \n189,198 \n155,382 \n-17.87% \n1.58% \nMOBILE \n7,941,538 \n7,569,429 \n-4.69% \n76.82% \nTOTAL \n10,539,832 \n9,853,454 \n-6.51% \n100% \nSource: Reserve Bank of Zimbabwe, 2023 \n \n4. \nTOBACCO SALES \nA cumulative total of 283.01 million kilograms of tobacco had been sold as of 30 June 2023, the \n78th day of the tobacco selling season. The volume of tobacco sales represented a 50.40% \nincrease, compared to the 188.18 million kilograms sold during the same period in 2022. The \nturnover realized from the sales amounted to US$856.52 million and was 49.66% higher than \nthe US$572.33 million realized during the same period in 2022, as shown in Table 6. \nRTGS, 2.84%\nPOS, 18.76%\nATM, 1.58%\nMOBILE, 76.82%\nRTGS\nPOS\nATM\nMOBILE\n \n \n5 \n \nTable 6: Weekly Cumulative Tobacco Sales: Day 78 (30th June 2023) \n \n2022 \n2023 \nVariance (%) \nCumulative Quantity Sold (million kgs) \n188,179,330 \n283,018,513 \n50.40 \nAverage Price (US$/kg) \n3.04 \n3.03 \n-0.49 \nCumulative value (US$ million) \n572,331,023 \n856,524,129 \n49.66 \n Source: Tobacco Industry and Marketing Board (TIMB), 2023 \n \nThe golden leaf was sold at an average price of US$3.03/kg, during the week under review, down \nfrom US$3.04/kg realized during the same period in 2022. \n5. \nINTERNATIONAL COMMODITY PRICE DEVELOPMENTS \n \nDuring the week ending 30th June 2023, prices for most commodities retreated, largely pulled \nback by a strengthening US dollar. The dollar appreciated against other currencies as upbeat U.S. \neconomic data cemented expectations of more rate hikes this year. Table 1 shows developments \nin prices for selected commodities, during the week under review. \n \nTable 7: Metals and Crude Oil Prices: Week ending 30th June 2023 \n \nGold \nPlatinum \nPalladium \nCopper \nNickel \nCrude Oil \n2023 \nUS$/ounce \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nUS$/barrel \nWeekly Average (19- 23 June) \n1,936.68 \n954.10 \n1,351.50 \n8,517.30 \n21,954.00 \n75.24 \n26-June \n1,926.73 \n928.50 \n1,306.00 \n8,460.50 \n20,800.00 \n74.60 \n27-June \n1,921.43 \n927.00 \n1,316.50 \n8,364.00 \n20,850.00 \n72.48 \n28-June \n1,909.13 \n912.00 \n1,244.00 \n8,237.50 \n20,040.00 \n73.91 \n29-June \n1,901.83 \n908.50 \n1,235.00 \n8,245.00 \n20,385.00 \n74.86 \n30-June \n1,907.90 \n896.00 \n1,239.50 \n8,352.00 \n20,615.00 \n75.27 \nWeekly Average (26- 30 June) \n1,913.40 \n914.40 \n1,268.20 \n8,331.80 \n20,538.00 \n74.22 \nWeekly Change (%) \n-1.20 \n-4.16 \n-6.16 \n-2.18 \n-6.45 \n-1.35 \nSource: BBC, KITCO, and Bloomberg, 2023 \n \nGold \n \nGold prices exhibited bearish sentiments during the week under review, sliding by 1.20% to \nUS$1,913.40 per ounce, from US$1,936.68 per ounce in the previous week. Prices were \ndampened by a stronger U.S. dollar and hawkish remarks by the Chairman of the US Federal \nReserve, which reinforced the case for further interest rates hikes. These developments \noutweighed the safe-haven demand prospects for the precious metal owing to geopolitical \nconcerns emanating from the Russian-Ukrainian conflict. \n \n \n \n \n6 \nPlatinum \nPlatinum prices decreased by 4.16%, from a weekly average of US$954.10 per ounce in the prior \nweek to US$914.40 per ounce, during the reporting week. The slowdown was largely attributable \nto weaker-than-expected economic growth in China, which affected the demand for the precious \nmetal. The demand for platinum is mainly from the industrial and motor industry. \n \nPalladium \nPalladium prices remained on a negative trajectory, declining by 6.16% from a weekly average \nof US$1,351.50 per ounce in the previous week to US$1,268.20 per ounce, during the week \nunder analysis. Prices remained bearish owing to weak global industrial demand, particularly in \nthe auto manufacturing sector. \n \nCopper \nCopper prices declined, as weak data from China, the top metals consumer, weighed down the \ndemand outlook for the red metal. Resultantly, prices of the red metal decreased by 2.18%, from \nan average of 8,517.30 per tonne in the week ending 23rd June 2023 to US$8,331.80 per tonne, \nduring the week ending 30th June 2023. \nNickel \nNickel prices weakened by 6.45%, from US$21,954.00 per tonne in the prior week to \nUS$20,538.00 per tonne, during the reporting week, amid weaker-than-expected economic \ngrowth in China, which affected the demand sentiment for the metal. \nBrent Crude Oil \nDuring the week under review, crude oil average prices declined by 1.35% to US$74.22 per \nbarrel, from US$75.24 per barrel recorded in the previous week. Crude oil prices retreated on \naccount of a stronger US dollar and concerns that sluggish global economic activity could curtail \nfuel demand. \n \n6. EXCHANGE RATE DEVELOPMENTS \nInterbank Market \nThe Zimbabwe dollar (ZW$) appreciated by 5.7% on the interbank market, from an average of \nZW$6,826.20 per US$1 in the previous week to ZW$6,435.42 per US$1, during the week under \nreview, as shown in Table 8. \n \n \n7 \nTable 8: Selected Exchange Rates (ZW$ per unit of foreign currency) \n2023 \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average (19-23 June) \n6,826.2048 \n377.4122 \n8,712.4215 \n512.5041 \n7,465.2899 \n26-June \n6,862.2782 \n377.3585 \n8,741.5196 \n509.9066 \n7,486.0855 \n27-June \n6,949.1382 \n377.3585 \n8,851.4704 \n517.7444 \n7,591.2610 \n28-June \n6,326.5877 \n344.8276 \n8,052.1753 \n473.2331 \n6,927.6178 \n29-June \n6,299.3218 \n338.9831 \n7,952.5832 \n468.3680 \n6,861.8691 \n30-June \n5,739.7961 \n312.5000 \n7,251.9539 \n425.6313 \n6,241.4712 \nWeekly Average (26-30 June) \n6,435.4244 \n350.2055 \n8,169.9405 \n478.9766 \n7,021.6609 \nAppr (-)/Depr (+) (%) of the ZWL \n-5.7 \n-7.2 \n-6.2 \n-6.5 \n-5.9 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n7. EQUITY MARKETS \n \n \nDuring the week ending 30th June 2023, the Zimbabwe Stock Exchange (ZSE) rebounded to \npositive trading whilst the Victoria Falls Stock Exchange (VFEX) continued in the negative \ntrajectory. As such, the ZSE All Share Index gained 2.13% and VFEX All Share Index lost 2.61% \nto close the week at 171 408.90 points and 76.17 points, respectively \n \nDespite recording somewhat positive trading on the ZSE, the volume and value of shares traded \nwent down as a result of the prevailing liquidity shortages in the market. \n \nZimbabwe Stock Exchange (ZSE) Developments \nThe big counters which are in the Top 10 index, lost 1.21% to 93 034.57 points. However, the \nsmall Cap, medium Cap and the Top 15 indices went up by 30.95%, 10.24% and 0.71% to close \nthe week at 1 911 327.14 points, 436 363.92 points and 118 830.20 points, respectively. This \ncompares to 1 459 547.02 points, 395 826.93 points and 117 988.69 points recorded in the prior \nweek respectively. The resource index went down by 0.05% to close the week at 76 960.49 points \ncompared to 76 996.87 points recorded in the previous week. \n \nFigure 3 shows developments on the ZSE’s All Share, Top 10 and mining indices from 1st July \n2022 to 30th June 2023.2 \n \n \n \n \n \n \n \n8 \n \nFigure 3: ZSE All Share, Top 10 and Mining Indices \nSource: Zimbabwe Stock Exchange, 2023 \n \n \nThe gains in the mainstream index emanated from share price increases in First Mutual Holdings \nLimited (75.94%), Cafca Limited (74.82%), Nmbz Holdings Limited (66.21%), British \nAmerican Tobacco Zimbabwe Limited (64.77 %) and Willdale Limited (36.91%) \n \nPartially offsetting the aforementioned gains were losses in share prices of Cbz Holdings Limited \n(38.64%), Meikles Limited (3.70%), SeedCo Limited (2.76%), Proplastics Limited (1.56%) and \nZb Financial Holdings Limited (0.27%). The decline in the resource index emanated from a \n0.05% loss in the Riozim limited counter, during the week under analysis. \n \nMarket Turnover \nDuring the week under analysis, cumulative volume and value of shares traded waned by 75.03% \nand 42.08% to 12.28 million shares and ZW$8.13 billion, respectively. This compares to 49.20 \nmillion shares and ZW$14.04 billion recorded in the prior week. \n \nFigure 4 shows the trend in daily market turnover for the period 1st 2022 to 30th June 2023. \n \n10,100\n16,600\n23,100\n29,600\n36,100\n42,600\n49,100\n55,600\n62,100\n68,600\n75,100\n81,600\n88,100\n0\n20,000\n40,000\n60,000\n80,000\n100,000\n120,000\n140,000\n160,000\n180,000\n01-Jul-22\n15-Jul-22\n29-Jul-22\n12-Aug-22\n26-Aug-22\n09-Sep-22\n23-Sep-22\n07-Oct-22\n21-Oct-22\n04-Nov-22\n18-Nov-22\n02-Dec-22\n16-Dec-22\n30-Dec-22\n13-Jan-23\n27-Jan-23\n10-Feb-23\n24-Feb-23\n10-Mar-23\n24-Mar-23\n07-Apr-23\n21-Apr-23\n05-May-23\n19-May-23\n02-Jun-23\n16-Jun-23\n30-Jun-23\nMining Index\nAll Share and Top 10 Indices\nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n \n \n9 \nFigure 4: Market Turnover \nSource: Zimbabwe Stock Exchange, 2023 \n \nMarket Capitalisation \nReflecting developments on the ZSE, market capitalization increased by 2.24%, or ZW$305.88 \nbillion worth of capitalization to close at ZW$13 987.48 billion, compared to the previous week’s \nposition of ZW$13 681.60 billion. \n \nFigure 5 shows the evolution of market capitalization for the period 1st July 2022 to 30th June \n2023 \nFigure 5: Market Capitalization \n \n0\n2,200\n4,400\n6,600\n8,800\n11,000\n13,200\n15,400\n17,600\n19,800\n01-Jul-22\n15-Jul-22\n29-Jul-22\n12-Aug-22\n26-Aug-22\n09-Sep-22\n23-Sep-22\n07-Oct-22\n21-Oct-22\n04-Nov-22\n18-Nov-22\n02-Dec-22\n16-Dec-22\n30-Dec-22\n13-Jan-23\n27-Jan-23\n10-Feb-23\n24-Feb-23\n10-Mar-23\n24-Mar-23\n07-Apr-23\n21-Apr-23\n05-May-23\n19-May-23\n02-Jun-23\n16-Jun-23\n30-Jun-23\nZW$ (Million)\nNotable Trades: 31.45 million \nAriston Holdings Limited \nshares and 4.26 million Delta \nHoldings Limited shares \nexchanged hands at \nZW$15.02/share and \nZW$4077/share, respectively.\nNegotiated deal: 61.16 million \nLafarge Cement Zimbabwe \nLimited shares exchanged \nhands at ZW$312.65/share\n0\n1,500\n3,000\n4,500\n6,000\n7,500\n9,000\n10,500\n12,000\n13,500\n15,000\n16,500\n18,000\n19,500\n01-Jul-22\n15-Jul-22\n29-Jul-22\n12-Aug-22\n26-Aug-22\n09-Sep-22\n23-Sep-22\n07-Oct-22\n21-Oct-22\n04-Nov-22\n18-Nov-22\n02-Dec-22\n16-Dec-22\n30-Dec-22\n13-Jan-23\n27-Jan-23\n10-Feb-23\n24-Feb-23\n10-Mar-23\n24-Mar-23\n07-Apr-23\n21-Apr-23\n05-May-23\n19-May-23\n02-Jun-23\n16-Jun-23\n30-Jun-23\n$ Billions\n \n \n10 \nSource: Zimbabwe Stock Exchange, 2023 \n \n \nVictoria Falls Stock Exchange (VFEX) Developments \nThe decline in the VFEX mainstream index emanated from share price declines in Africa Sun \nLimited (10.70%), National Foods Holdings Limited (7.41%), First Capital Bank Limited \n(5.26%) and Simbisa Brands Limited (4.98%). Partially offsetting the abovementioned losses \nwere gains in share prices of Bindura Nickel Corporation (BNC) (6.67%), and Innscor Africa \nLimited (0.33%). \nVFEX Market Turnover \nDespite the negative trajectory as indicated by the major indices, the VFEX cumulative volume \nand value of shares traded increased by 151.23% and 22.73% to 5.98 million shares and US$0.95 \nmillion, respectively. This is in comparison to 2.38 million shares and US$0.78 million registered \nin the previous week, respectively. \nVFEX Market Capitalization \nOwing to subdued trading activity on the VFEX during the week under analysis, the market lost \n2.61%, or US$34.38 million worth of capitalization to close at US$1.29 billion, compared to \nUS$1.32 billion registered in the previous week \n \nFigure 6 shows the trend in the VFEX All Share Index (ASI) for the period 1st July 2022 to 30th \nJune 2023. \nFigure 6: VFEX All Share Index \n \n Source: Victoria Falls Stock Exchange (VFEX), 2023 \n \n \n70\n80\n90\n100\n110\n120\n130\n140\n150\n01-…\n15-…\n29-…\n12-…\n26-…\n09-…\n23-…\n07-…\n21-…\n04-…\n18-…\n02-…\n16-…\n30-…\n13-…\n27-…\n10-…\n24-…\n10-…\n24-…\n07-…\n21-…\n05-…\n19-…\n02-…\n16-…\n30-…\n \n \n11 \nJohannesburg Stock Exchange (JSE) Developments \n \nThe Johannesburg Stock Exchange (JSE) All-share index was 2.18% higher to close at 76,027.83 \npoints during the week under analysis. JSE market capitalization also rebounded by 2.91% to \nclose at ZAR21.92 billion during the same period. \n \n \nTable 7: Johannesburg Stock Exchange (JSE) Statistics \nPeriod \nAll Share Index \nMarket Capitalization \n(points) \n(ZAR billions) \n31-May-23 \n75067.47 \n22.35 \n1-June-23 \n75783.25 \n22.49 \n2-June-23 \n77,126.06 \n21.97 \n9-June-23 \n76,936.11 \n21.65 \n16-June-23 \n78,531.81 \n22.16 \n23-Jun-23 \n74,402.90 \n21.30 \n30-Jun-23 \n76,027.83 \n21.92 \n% Change \n2.18 \n2.91 \nSource:https://www.jse.co.za/services/market-data/market-statistics, 2023 \n \n \n Figure 3: Johannesburg Stock Exchange (JSE) All Share Index \nSource:https://www.jse.co.za/services/market-data/market-statistics,2023 \n \n \n \n \n8. THE COST OF REMITTANCES \n \nThe cost of sending remittances remains one of the hinderances constraining their potential to \nfacilitate development and enhance livelihoods in most developing and emerging countries, \nespecially in Sub-Saharan Africa. Despite the high cost of sending and receiving remittances for \nthe low-income countries, they have remained a crucial source of income for households and a \ncontributor to the economic development of the countries. They have played a significant \n 60.00\n 65.00\n 70.00\n 75.00\n 80.00\n 85.00\n5-Jul-22\n29-Jul-22\n22-Aug-22\n15-Sep-22\n9-Oct-22\n2-Nov-22\n26-Nov-22\n20-Dec-22\n13-Jan-23\n6-Feb-23\n2-Mar-23\n26-Mar-23\n19-Apr-23\n13-May-23\n6-Jun-23\n30-Jun-23\n \n \n12 \ncushioning role against the Covid-19 pandemic and other negative shocks that threatened \nexternal sustainability and incomes in the developing countries. \n \nDiaspora remittances are sent using both formal and informal channels, which determine the \neffective cost of sending and receiving the remittances. The formal channels are largely \nconstituted by the systems of banks and authorized dealers while the informal channels involve \nsending the remittances by relatives, friends, and cross boarder transporters. While the global \naverage cost of sending and receiving remittances stands at about 6% of the transacted amount, \nthe average cost for Sub-Saharan African countries is about 7.9%. South Asia has the lowest cost \nof 4% for diaspora remittances and closer to the UN target of 3% by the year 2030. \n \nFigure 8: Average Cost for Remitting US$200 \n \nSource: World Bank 2022 \n \nDespite efforts to reduce the cost of remittances in the SADC region at both country and regional \nlevels, the costs remain relatively high. In the year 2019 the SADC regional average prices for \nremittances were 9.4%, which is higher than the average for SSA. However, regional efforts, \nwhich include increased digitalisation, modernisation and harmonisation of the regional payment \nsystems to increase the speed of financial transactions have started to bear fruits that have seen \nthe average cost for remittances in the region declining from 9.4% in 2019 to 7.1% by 2021. \n \n \n13 \nFigure 9 shows the intra SADC region costs for remittances between South Africa and some \nselected countries in the region. \n \nFigure 9: Intra SADC Regional Costs for Remittances \n \nSource: FINMARK TRUST & UKAID \n \nThe cost for remittances between Zimbabwe and South Africa, which is the leading source \ncountry for remittance flows into Zimbabwe, accounting for at least 33% of the country’s total \ninward remittances declined from 10.3% to 7.1% between 2019 and 2021. The cost for \nremittances for the country, however, remain relatively high compared to other regional countries \nthat include Eswatini, Lesotho and Namibia which enjoy the advantages of being part of the \nCommon Monetary Area with South Africa. The remittances cost on the UK-Zimbabwe corridor \nalso remains relatively high at 6.14% and above the 3% UN target, which calls for concerted \nefforts to reduce the costs for the country to enjoy maximum benefits for the diaspora \nremittances. The high costs associated with sending remittances between Zimbabwe and source \ncountries such as South Africa have led to some remittance senders resorting to using informal \nchannels for receiving funds, which is both risky and an implicit cost for the country in terms of \nthe utilization of the resources for national development and upliftment of livelihoods. \n \nThe gap between the current costs for sending remittances in the SADC region and Zimbabwe \nin particular in relation to both the global average and the average for the least cost regions such \n0\n2\n4\n6\n8\n10\n12\n14\n16\n2019\n2021\n \n \n14 \nas Asia clearly shows that there is still great unexploited room for growth and more contribution \ntowards development for the remittances for the country. The Government and Reserve Bank, \ntherefore, seek to continuously implement measures and policies that are earmarked to promote \ninward remittances into the country, including creating a more competitive and sounder domestic \nfinancial sector that is capable of competitive pricing. \n \nThe country currently has a wide range of sectors that serve as safe and profitable areas into \nwhich Zimbabweans in the diaspora can invest. The sectors include mining, energy and mineral \nvalue addition, including lithium-based manufactures and semi-manufactures. Zimbabweans \nliving and working in the diaspora together with local and foreign investment companies are \nchallenged to innovate around the diaspora resources into investible funds. \n \n \nRESERVE BANK OF ZIMBABWE \n \n \n15 \n APPENDIX 1: FOREIGN EXCHANGE AUCTION RESULTS FOR MAINFX1 AND WHOLESALEFX 2 \n Source: Reserve Bank of Zimbabwe, 2023 \n \n \n1 Main Foreign Currency Auction. The Auction is normally conducted every Tuesday every week. \n2 Wholesale Foreign Currency Auction (Wholesale FX). The RBZ MPC resolutions dated 6 June 2023 resolved that with effect from 7 June 2023, the Bank shall sell foreign currency at the market-determined exchange \nrate through banks to support and strengthen the foreign exchange interbank market, and banks shall in turn sell the foreign currency to their customers. \n \nMAINFX \n 9-June-23 13-June-23 20-June-23 27-June-23 \n WHOLESALEFX \n 20-June-23 27-June-23 29-June-23 \nTotal \nBids (US$ dollars) \n 22,581,743.16 \n 7,779,994.45 \n1,850,618.23 \n797,323.53 \n10,614,000.00 \n 10,107,000.00 \n2 940 000,00 \nAmount Allotted \n(US$ dollars) \n4,158,013.57 \n2,945,406.28 \n1,135,542.46 \n797,323,53 \n10,614,000.00 \n10,107,000.00 \n2 940 000,00 \nHighest Rate \n4,100.00 \n7,000.00 \n7,300.00 \n7,261.58 \n7,350.00 \n7,155.00 \n6,000.00 \nLowest Bid \nRate \n3,555.00 \n5,200.00 \n6,600.00 \n6,620.00 \n6,600.00 \n5,500.00 \n5,263.16 \nLowest Bid Rate \nAllotted \n3,555.00 \n5,200.00 \n6,600.00 \n6,620.00 \n6,600.00 \n5,500.00 \n5,263.16 \nWeighted Average \nRate \n3,673.77 \n5,978.6794 \n6,926.5764 \n6,326.5877 \n6,926.58 \n6,326.59 \n5,739.80 \nNumber of Bids \nReceived \n210 \n297 \n73 \n23 \n12 \n8 \n8 \nNumber of Bids \nRejected \n5 \n3 \n0 \n0 \n0 \n0 \n0 \n \n \n16 \nAPPENDIX 2: SUMMARY OF FOREIGN CURRENCY AUCTION ALLOTMENTS BY PURPOSE \nSource: Reserve Bank of Zimbabwe, 2023 \n \nPurpose \nMAINFX \n 9-June-23 16-June-23 23June-23 27-June-23 \nRaw Materials \n2,252,804.85 \n1,353,246.86 \n251,242.51 \n263,556.10 \nMachinery and Equipment \n254,261.37 \n850,335.53 \n576,203.62 \n126,774.66 \nConsumables \n(Incl. Spares, Tyres, \nPackaging) \n105,661.54 \n121,735.54 \n69,339.17 \n5,000.00 \nPharmaceuticals and \nChemicals \n149,967.54 \n63,406.00 \n- \n \n- \nServices (Loans, Dividends \nand Disinvestments) \n812,609.16 \n355,375.24 \n28,486.66 \n205,064.31 \nRetail and Distribution \n200,497.47 \n142,263.37 \n188,370.50 \n177,411.76 \nFuel, Electricity and Gas \n- \n- \n- \n- \nPaper and Packaging \n381,211.65 \n59,043.74 \n21,900.00 \n19,516.90 \nTOTAL \n4,158,013.57 \n2,945,406.28 \n 1,135,542.46 \n 797,323.53", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_REPORT_for_30_June_2023_Volume_25_No_26.pdf"}
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+ {"doc_id": "3119917d8db504ef383f73ab3be01630", "text": "Vol. 27 No. 36 \n \nWeek Ending \n5th September 2025 \n \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 2 \n3. \nEQUITY MARKETS .............................................................. 3 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 5 \n5. \nENERGY PRICES .................................................................. 5 \n6. \nGOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND \nGOLD BACKED DIGITAL TOKENS (GBDT) .................. 5 \n7. \nEXTERNAL SECTOR ........................................................... 6 \n8. \nTOBACCO SALES ................................................................. 8 \n \n \n \n \n1 \n1. OVERVIEW \nThis report provides a synopsis of key developments in the monetary and financial sectors of the economy for \nthe week ending 5th September 2025. It encompasses updates on domestic money and capital markets, national \npayment systems, exchange rates, international commodity prices and tobacco sales. \nDuring the week under review, foreign and local currency deposit rates largely remained unchanged, except \nfor the maximum deposits rates for all tenors which increased. The local currency lending rates increased for \nall clients save for corporate clients’ minimum rates which declined. Foreign currency minimum lending rates \nfor individual clients increased while those for corporate clients declined during the same week. Maximum \nforeign currency lending rates for individual clients decreased while those for corporates clients increased, \nduring the same week. \nOn the capital markets, the Zimbabwe Stock Exchange (ZSE) exhibited bearish trends during the week under \nreview. Consequently, the ZSE All Share Index fell by 0.22% to close at 208.27 points. However, the Victoria \nFalls Stock Exchange (VFEX), had a bullish performance, with the VFEX All Share Index adding 0.92% to \nclose at 127.69 points. \nThe total value of transactions processed through the National Payment Systems platforms decreased by \n7.04% from ZiG40.58 billion reported the previous week to ZiG37.73 billion, during the week under review. \nThe decline was due to the decline in values of transactions processed through the RTGS systems. The volume \nof transactions processed increased by 7.31% from 15.31 million in the previous week to 16.43 million during \nthe week ending 5 September 2025. \nDuring the week under analysis, the average ZiG/US$ exchange rate appreciated by 0.12% on the interbank \nmarket, from ZiG26.76/US$1 recorded in the previous week to ZiG26,73/US$1. \nOn the external front, international average prices for all selected commodities increased. The increase in gold \nand platinum prices was primarily supported by growing investor expectations for a US Federal Reserve \ninterest rate cut, following weak labour market data. Lithium prices rose due to supply concerns following the \nshutdown of China’s Jianxiawo mine, which reduced global supply by about 3%. \nThe price surge in palladium was on account of growing risks of U.S. tariffs on Russian palladium imports, \ncoupled with the escalating geopolitical tensions. Nickel prices increased amid declining inventory levels in \nthe London Metal Exchange (LME) warehouses, especially in regions with high consumption, which indicated \na tightening market. \nAs the 2025 tobacco selling season draws to a close, cumulative tobacco sales rose by 53.04%, to 354.85 \nmillion kilograms as of 4 September 2025, from 231.87 million kilograms sold during the same period in \n2024. Sales revenue rose by 48.40% to US$1.18 billion this year, from US$0.79 billion in 2024. The average \nprice of the golden leaf decreased by 2.92% to US$3.32 per kg, during the period under review, from US$3.42 \nper kg recorded in the same period last year. \n \n \n \n \n2 \n2. INTEREST RATES \n \nAverage commercial bank deposit rates (Local Currency (ZiG) (%) \nZiG Deposit rates \n15 August 2025 \n22 August 2025 \n29 August \n05 Sept 2025 \nSavings \n \n \n \n \nMinimum \n3.75 \n3.91 \n3.75 \n3.75 \nMaximum \n4.08 \n4.03 \n3.86 \n4.08 \n1-month deposit \n \n \n \n \nMinimum \n6.63 \n7.46 \n6.63 \n6.63 \nMaximum \n10.49 \n11.52 \n10.38 \n10.49 \n3-months deposit \n \n \n \n \nMinimum \n6.90 \n7.73 \n6.90 \n6.90 \nMaximum \n10.68 \n11.65 \n10.48 \n10.68 \n6-months deposit \n \n \n \n \nMinimum \n6.51 \n7.34 \n6.51 \n6.51 \nMaximum \n10.28 \n11.26 \n10.01 \n10.28 \n12-months deposit \n \n \n \n \nMinimum \n6.52 \n7.35 \n6.52 \n6.52 \nMaximum \n10.99 \n12.66 \n10.71 \n10.99 \nOver 1 year \n \n \n \n \nMinimum \n6.53 \n7.36 \n6.53 \n6.53 \nMaximum \n11.00 \n12.67 \n10.72 \n11.00 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nAverage commercial bank deposit rates (Foreign Currency (US$) (%) \nUS$ Deposit rates \n15 August 2025 \n22 August 2025 \n29 August \n05 Sept 2025 \nSavings \n \n \n \n \nMinimum \n1.61 \n1.75 \n1.61 \n1.61 \nMaximum \n1.81 \n1.84 \n1.69 \n1.81 \n1-month deposit \n \n \n \n \nMinimum \n3.92 \n4.08 \n3.92 \n3.92 \nMaximum \n6.59 \n6.93 \n6.51 \n6.59 \n3-month deposit \n \n \n \n \nMinimum \n4.46 \n4.52 \n4.46 \n4.46 \nMaximum \n7.45 \n7.78 \n7.35 \n7.45 \n6-month deposit \n \n \n \n \nMinimum \n4.26 \n4.83 \n4.26 \n4.26 \nMaximum \n7.57 \n7.75 \n7.35 \n7.57 \n12-Month deposit \n \n \n \n \nMinimum \n4.56 \n4.83 \n4.56 \n4.56 \nMaximum \n7.47 \n7.75 \n7.14 \n7.47 \nOver 1 year \n \n \n \n \nMinimum \n4.67 \n4.89 \n4.67 \n4.67 \nMaximum \n7.64 \n7.92 \n7.36 \n7.64 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n \n \n \n \n \n \n3 \nCommercial bank weighted lending rates (Local Currency (ZiG) (%) \nZiG Lending rates \n15 August 2025 \n22 August 2025 \n29 August \n05 Sept 2025 \nIndividuals \n \n \n \n \nMinimum \n43.05 \n43.22 \n43.33 \n43.38 \nMaximum \n48.84 \n48.90 \n48.96 \n48.98 \nCorporates \n \n \n \n \nMinimum \n40.36 \n40.36 \n40.39 \n40.38 \nMaximum \n46.23 \n46.20 \n46.34 \n46.37 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nCommercial bank weighted lending rates (Foreign Currency (US$) (%) \nUS$ Lending rates \n15 August 2025 \n22 August 2025 \n29 August \n05 Sept 2025 \nIndividuals \n \n \n \n \nMinimum \n13.49 \n13.52 \n13.54 \n13.59 \nMaximum \n17.58 \n17.55 \n17.58 \n17.56 \nCorporates \n \n \n \n \nMinimum \n10.36 \n10.36 \n10.47 \n10.46 \nMaximum \n15.81 \n15.83 \n15.88 \n16.17 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nCommercial banks and building societies mortgage lending rates (%) \nMortgage Lending \nrates \n15 August 2025 \n22 August 2025 \n29 August \n05 Sept 2025 \nZiG Lending rates \n \n \n \n \nMinimum \n25.00 \n25.00 \n25.00 \n25.00 \nMaximum \n50.00 \n50.00 \n50.00 \n50.00 \nUS$ Lending rates \n \n \n \n \nMinimum \n10.00 \n10.00 \n10.00 \n10.00 \nMaximum \n18.00 \n18.00 \n18.00 \n18.00 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n3. EQUITY MARKETS \n \nZSE Indicators \n \n \nAll Share \nIndex \n(points) \nTop 10 \nIndex \n(points) \nTop 15 \nIndex \n(points) \nMedium Cap \n(points) \nSmall Cap \n(points) \nMining \nIndex \n(points) \nGrand \nMarket Cap \n(ZiG billion) \nMarket \nTurnover \n(ZiG million) \nVolume of \nShares \n(million) \n15-Aug-25 \n200.84 \n196.22 \n200.89 \n238.18 \n100.12 \n145.31 \n62.94 \n58.84 \n10.624 \n22-Aug-25 \n205.16 \n201.33 \n205.06 \n239.29 \n100.12 \n145.31 \n64.29 \n161.76 \n39.28 \n29-Aug-25 \n208.72 \n205.89 \n209.73 \n238.92 \n100.11 \n145.31 \n65.35 \n371.96 \n78.10 \n05-Sept-25 \n208.27 \n206.49 \n209.17 \n233.50 \n100.11 \n145.31 \n65.29 \n202.23 \n48.45 \nWeekly \nChange (%) \n(0.22) \n0.29 \n(0.27) \n(2.27) \n0.00 \n0.00 \n(0.09) \n(45.63) \n(37.96) \nSource: Zimbabwe Stock Exchange, 2025 \n \nVFEX Indicators \nDate \n \nAll Share Index \nPoints \nGrand Market Capitalisation \n(US$ billion) \nMarket Turnover (US$ \nmillion) \nVolume of Shares (million) \n15-Aug-25 \n122.76 \n1.43 \n0.37 \n1.90 \n22-Aug-25 \n122.90 \n1.43 \n1.32 \n5.01 \n29-Aug-25 \n126.77 \n1.48 \n1.24 \n3.56 \n05-Sept-25 \n127.69 \n1.49 \n0.16 \n0.48 \nWeekly Change (%) \n0.73 \n0.68 \n(87.10) \n(86.52) \nSource: Victoria Falls Stock Exchange, 2025 \n \n \n \n \n \n \n4 \nFigure 1: ZSE and VFEX Indicators \n \n \n \n \n \n \nSource: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2025 \n \n \n \n90\n110\n130\n150\n170\n190\n210\n230\n250\n270\n13-Jun-25\n20-Jun-25\n27-Jun-25\n04-Jul-25\n11-Jul-25\n18-Jul-25\n25-Jul-25\n01-Aug-25\n08-Aug-25\n15-Aug-25\n22-Aug-25\n29-Aug-25\n05-Sep-25\nIndices\nZSE Indices \nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n40\n45\n50\n55\n60\n65\n70\n75\n80\n13-Jun-25\n20-Jun-25\n27-Jun-25\n04-Jul-25\n11-Jul-25\n18-Jul-25\n25-Jul-25\n01-Aug-25\n08-Aug-25\n15-Aug-25\n22-Aug-25\n29-Aug-25\n05-Sep-25\nZiG Billion\nZSE Market Capitalisation \n100\n105\n110\n115\n120\n125\n130\n135\n140\n13-Jun-25\n20-Jun-25\n27-Jun-25\n04-Jul-25\n11-Jul-25\n18-Jul-25\n25-Jul-25\n01-Aug-25\n08-Aug-25\n15-Aug-25\n22-Aug-25\n29-Aug-25\n05-Sep-25\nIndex\nVFEX All Share Index \n0\n200\n400\n600\n800\n1000\n1200\n1400\n1600\n1800\n13-Jun-25\n20-Jun-25\n27-Jun-25\n04-Jul-25\n11-Jul-25\n18-Jul-25\n25-Jul-25\n01-Aug-25\n08-Aug-25\n15-Aug-25\n22-Aug-25\n29-Aug-25\n05-Sep-25\nUS$ Thousand\nVFEX Market Turnover \n1.2\n1.25\n1.3\n1.35\n1.4\n1.45\n1.5\n1.55\n1.6\n06-Jun-25\n13-Jun-25\n20-Jun-25\n27-Jun-25\n04-Jul-25\n11-Jul-25\n18-Jul-25\n25-Jul-25\n01-Aug-25\n08-Aug-25\n15-Aug-25\n22-Aug-25\n29-Aug-25\n05-Sep-25\nUS$ Billion\nVFEX Market Capitalisation \n0\n50,000\n100,000\n150,000\n200,000\n250,000\n300,000\n13-Jun-25\n20-Jun-25\n27-Jun-25\n04-Jul-25\n11-Jul-25\n18-Jul-25\n25-Jul-25\n01-Aug-25\n08-Aug-25\n15-Aug-25\n22-Aug-25\n29-Aug-25\n05-Sep-25\nZiG Thousands\nZSE Market Turnover \n \n \n5 \n4. CLEARING AND SETTLEMENT ACTIVITY \n Source: Reserve Bank of Zimbabwe, 2025 \n \n5. ENERGY PRICES \n \nEnergy Prices \n \n15-Aug 2025 \n22-Aug 2025 \n29-Aug 2025 \n05-Sept 2025 \nDomestic Energy Prices \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.55 \n1.55 \n1.55 \n1.55 \nPetrol Blend E5/ litre \n1.55 \n1.55 \n1.55 \n1.55 \nLP Gas / kg \n1.51 \n1.51 \n1.51 \n1.45 \n \n \n \n \n \nInternational Energy Prices \n(Weekly average) \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n66.01 \n66.56 \n67.21 \n67.35 \n Source: Zimbabwe Energy Regulatory Authority and BBC 2025 \n \n6. GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS \n(GBDT) \n \nGold PM Fix and Gold Backed Digital Token Prices \nDate \nGold PM Fix \nGBDT ZiG Price per Mg \nGBDT US$ Price per Mg \nUS$/oz \nBuy \nSell \nBuy \nSell \n1-Sept-25 \n3,429.15 \n2.80 \n3.10 \n0.1047 \n0.1158 \n2-Sept-25 \n3,474.90 \n2.84 \n3.14 \n0.1061 \n0.1173 \n3-Sept-25 \n3,490.00 \n2.85 \n3.15 \n0.1066 \n0.1178 \n4-Sept-25 \n3,556.20 \n2.90 \n3.20 \n0.1086 \n0.1201 \n5-Sept-25 \n3,546.30 \n2.89 \n3.20 \n0.1083 \n0.1197 \nSource: London Bullion Market Association and Reserve Bank of Zimbabwe, 2025 \n \n \n \n \nPAYMENT STREAM \nWEEK ENDING \n29 Aug 2025 \nWEEK ENDING \n5 September 2025 \nWEEKLY \nCHANGE (%) \n \nVALUES \n \nRTGS \n32,645,901,636.64 \n26,824,544,036.56 \n(17.83) \nOf which ZiG \n10,401,322,547.83 \n 8,239,031,988.87 \n(20.79) \nOf which US$ transactions \n(ZiG Equivalent) \n22,244,579,088.81 \n18,585,512,047.69 \n(16.45) \nPOS \n2,416,568,906.80 \n3,291,087,406.51 \n36.19 \nATM \n1,985,760,973.98 \n2,815,124,559.54 \n41.77 \nMOBILE BANKING \n223,174,240.00 \n372,371,767.97 \n66.85 \nMOBILE MONEY \n3,063,534,858.80 \n4,080,761,728.18 \n33.20 \nZIPIT MOBILE \n248,786,310.95 \n343,189,416.08 \n37.95 \nTOTAL \n40,583,726,927.17 \n37,727,078,914.84 \n(7.04) \n \nVOLUMES \n \nRTGS \n316,408 \n218,570 \n(30.92) \nOf which ZiG \n135,108 \n84,453 \n(37.49) \nOf which US$ \n181,300 \n134,117 \n(26.02) \nPOS \n1,828,657 \n2,360,640 \n29.09 \nATM \n249,263 \n340,211 \n36.49 \nMOBILE BANKING \n318,481 \n426,706 \n33.98 \nMOBILE MONEY \n12,354,491 \n12,759,841 \n3.28 \nZIPIT MOBILE \n245,452 \n325,917 \n32.78 \nTOTAL \n15,312,752 \n16,431,885 \n7.31 \n \n \n6 \nMosi-oa-Tunya Gold Coin Prices \nGold Coin \nPrice \n1-Sept-25 \n2-Sept-25 \n3-Sept-25 \n4-Sept-25 \n5-Sept-25 \n1.00Oz \n \n \n \n \n \nUS$ \n3,600.61 \n3,648.65 \n3,664.50 \n3,734.01 \n3,723.62 \nZiG \n96,284.93 \n97,549.08 \n98,073.38 \n99,662.97 \n99,472.65 \n0.50Oz \n \n \n \n \n \nUS$ \n1,800.30 \n1,824.32 \n1,832.25 \n1,867.01 \n1,861.81 \nZiG \n48,142.46 \n48,774.54 \n49,036.69 \n49,831.48 \n49,736.33 \n0.25Oz \n \n \n \n \n \nUS$ \n900.15 \n912.16 \n916.13 \n933.50 \n930.90 \nZiG \n24,071.23 \n24,387.27 \n24,518.34 \n24,915.74 \n24,868.16 \n0.10Oz \n \n \n \n \n \nUS$ \n360.06 \n364.86 \n366.45 \n373.40 \n372.36 \nZiG \n9,628.49 \n9,754.91 \n9,807.34 \n9,966.30 \n9,947.27 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n7. EXTERNAL SECTOR \n \n \nExchange Rate Developments (ZiG per Unit of foreign currency) \n \n \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(25Aug – 29 Aug) \n26.7602 \n1.5132 \n36.0719 \n1.8795 \n31.1711 \n1-Sept-25 \n26.7413 \n1.5154 \n36.1664 \n1.8615 \n31.3221 \n2-Sept-25 \n26.7357 \n1.5145 \n36.1522 \n1.872 \n31.2500 \n3-Sept-25 \n26.7631 \n1.5090 \n35.7850 \n1.8603 \n31.1349 \n4-Sept-25 \n26.6906 \n1.5058 \n35.8402 \n1.8553 \n31.1026 \n5-Sept-25 \n26.7140 \n1.5053 \n35.9386 \n1.8569 \n31.1753 \nWeekly Average \n(01 Sept – 05 Sept) \n \n26.7289 \n \n \n1.5100 \n \n35.9765 \n \n1.8612 \n \n31.1970 \nAppr (-)/Depr (+) (%) of the \nZWG \n(0.12) \n(0.21) \n(0.26) \n(0.97) \n0.08 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nInternational Commodity Prices \n \nGold \nPlatinum \nPalladium \nNickel \nLithium \n \nUS$/oz \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nWeekly Average \n(25Aug – 29 Aug) \n3,407.02 \n1,359.00 \n1,113.00 \n15,240.00 \n8,911.20 \n01-Sep \n3,494.30 \n1,419.00 \n1,142.00 \n15,439.00 \n9,252.00 \n02-Sep \n3,530.20 \n1,400.00 \n1,146.00 \n15,232.00 \n9,328.00 \n03-Sep \n3,526.90 \n1,410.50 \n1,145.00 \n15,304.00 \n9,354.00 \n04-Sep \n3,555.65 \n1,389.00 \n1,140.00 \n15,236.00 \n9,404.00 \n05-Sep \n3,583.20 \n1,381.00 \n1,123.00 \n15,235.00 \n9,428.00 \nWeekly Average \n(01 Sept – 05 Sept) \n3,538.05 \n1,399.90 \n1,139.20 \n15,289.20 \n9,353.20 \nWeekly change (%) \n3.85 \n3.01 \n2.35 \n0.32 \n4.96 \nSource: BBC, KITCO and Bloomberg, 2025 \n \n \n \n7 \n \nFigure 3: Weekly International Commodity Price Developments (13th June 2025– 05th September 2025) \n \n \n \n \n \nSource: BBC, KITCO and Bloomberg, 2025 \n \n \n400.00\n600.00\n800.00\n1000.00\n1200.00\n1400.00\n13-Jun\n20-Jun\n27-Jun\n4-Jul\n11-Jul\n18-Jul\n25-Jul\n1-Aug\n8-Aug\n15-Aug\n22-Aug\n29-Aug\n5-Sep\nUS$/oz\nPalladium\n980\n1,080\n1,180\n1,280\n1,380\n1,480\n1,580\n13-Jun\n20-Jun\n27-Jun\n4-Jul\n11-Jul\n18-Jul\n25-Jul\n1-Aug\n8-Aug\n15-Aug\n22-Aug\n29-Aug\n5-Sep\nUS$/tonne\nPlatinum\n7,500\n7,800\n8,100\n8,400\n8,700\n9,000\n9,300\n9,600\n13-Jun\n20-Jun\n27-Jun\n4-Jul\n11-Jul\n18-Jul\n25-Jul\n1-Aug\n8-Aug\n15-Aug\n22-Aug\n29-Aug\n5-Sep\nUS$/tonne\nLithium \n14,400\n14,600\n14,800\n15,000\n15,200\n15,400\n15,600\n15,800\n16,000\n16,200\n16,400\n13-Jun\n20-Jun\n27-Jun\n4-Jul\n11-Jul\n18-Jul\n25-Jul\n1-Aug\n8-Aug\n15-Aug\n22-Aug\n29-Aug\n5-Sep\nUS$/tonne\nNickel\n50\n55\n60\n65\n70\n75\n80\n13-Jun\n20-Jun\n27-Jun\n4-Jul\n11-Jul\n18-Jul\n25-Jul\n1-Aug\n8-Aug\n15-Aug\n22-Aug\n29-Aug\n5-Sep\nUS$/barrel\nCrude oil \n2,900\n3,150\n3,400\n3,650\n3,900\n13-Jun\n20-Jun\n27-Jun\n04-Jul\n11-Jul\n18-Jul\n25-Jul\n01-Aug\n08-Aug\n15-Aug\n22-Aug\n29-Aug\n05-Sep\nUS$/oz\nGold\n \n \n8 \n8. TOBACCO SALES \n \nWeekly Cumulative Tobacco Sales (4th September 2025) \n \n2025 \n2024 \nVariance (%) \nCumulative Quantity Sold (Kgs) \n 354,849,895 \n231,873,082 \n53.04 \nAverage Price (US$/kg) \n 3.32 \n 3.42 \n(2.92) \nCumulative value (US$) \n1,178,377,719 \n794,071,022 \n48.40 \nSource: Tobacco Industry and Marketing Board (TIMB), 2025 \n \n \n \nRESERVE BANK OF ZIMBABWE \nAUGUST 2025", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_5_September_2025_Volume_27_Number_36_3.pdf"}
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+ {"doc_id": "3225d5853a47584621ace8c9b1426c01", "text": "Vol. 25 No. 45 \n \n \nWeek Ending \n10th November 2023 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ................................................................................................ 1 \n1. \nINTEREST RATES .................................................................................... 1 \n2. \nCLEARING AND SETTLEMENT ACTIVITY ...................................... 3 \n3. \nINTERNATIONAL COMMODITY PRICE DEVELOPMENTS ......... 4 \n4. \nEQUITY MARKETS.................................................................................. 8 \n5. \nINFLATION EXPECTATIONS IN ZIMBABWE ................................ 11 \n \n \n \n \n 1 \n1. OVERVIEW \n \nThis report provides an analysis of the developments in the money and capital markets for the \nweek ending 10th November 2023. The report also covers developments in mineral commodity \nprices and stock markets, during the same week. The last section of the report presents a brief on \ninflation expectations in Zimbabwe. \n \nThe Zimbabwe Stock Exchange (ZSE) and Victoria Falls Stock Exchange (VFEX) registered \ngains, during the week under analysis. The country’s National Payment Systems (NPS) \nprocessed transactions valued at ZW$5.62 trillion during the reporting week, reflecting a \ndecrease of 6.64% compared to the previous week. \n \nMinimum and maximum deposit rates for foreign currency deposits remained unchanged, during \nthe week ending 10th November 2023. In the same week, international commodity prices for \ngold, platinum, palladium, copper, crude oil, nickel, and lithium declined. \n \n1. INTEREST RATES \n \n \nLocal Currency (ZW$) Deposit Rates \n \nDuring the week ending 10th November 2023, minimum and maximum deposit rates for all \ndeposit classes remained largely unchanged, as is shown in Table 1. \n \nTable 1: Average Deposit Rates (per annum) \nDate \nSavings deposits \n \n1- Month deposit \nrates \n \n3- Month deposit \nrates \n \n6- Month deposit \nrates \n \n12- Month deposit \nrates \n \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \n13-Oct-23 \n34.29 \n35.60 \n59.00 \n69.33 \n61.67 \n70.35 \n59.17 \n68.64 \n59.33 \n68.79 \n20-Oct-23 \n34.29 \n35.60 \n59.00 \n69.33 \n61.67 \n70.35 \n59.17 \n68.64 \n59.33 \n68.79 \n27-Oct-23 \n34.29 \n35.60 \n59.00 \n69.33 \n61.67 \n70.35 \n59.17 \n68.64 \n59.33 \n68.79 \n3-Nov-23 \n34.29 \n35.60 \n59.00 \n69.33 \n61.67 \n70.35 \n59.17 \n68.64 \n59.33 \n68.79 \n10-Nov-23 \n34.29 \n35.60 \n59.00 \n69.33 \n61.67 \n70.35 \n59.17 \n68.64 \n59.33 \n68.79 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n 2 \nLocal Currency (ZW$) Lending Rates \nDuring the week under analysis minimum lending rates for individual clients declined while \nthose for corporate clients registered increases. Maximum lending rates for both individuals and \ncorporates, however, registered declines. The commercial lending rates were as shown in Table \n2. \n \nTable 2: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \n \n Corporate Clients \n \n13-Oct-23 \n74.11 \n101.52 \n93.91 \n165.93 \n20-Oct-23 \n71.66 \n101.61 \n93.37 \n165.53 \n27-Oct-23 \n71.72 \n102.10 \n92.43 \n167.77 \n3-Nov-23 \n71.54 \n101.77 \n92.27 \n167.70 \n10-Nov-23 \n70.58 \n101.56 \n93.43 \n166.07 \nSource: Reserve Bank of Zimbabwe, 2023 \n \nForeign Currency (USD) Deposit Rates \n \nDuring the week under review, minimum and maximum foreign currency deposit rates for all \ndeposit classes remained unchanged, as is shown in Table 3. \n \nTable 3: Average Foreign Currency Deposit Rates (per annum) \nDate \nSavings deposits (%) \n1- Month deposit \nrates \n \n3- Month deposit rates \n \n6-Month deposit rates \n \n12- Month deposit \nrates \n \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \n13-Oct-23 \n1.27 \n1.81 \n3.15 \n4.56 \n3.33 \n5.00 \n3.35 \n5.27 \n3.43 \n5.50 \n20-Oct-23 \n1.27 \n1.81 \n3.15 \n4.56 \n3.33 \n5.00 \n3.35 \n5.27 \n3.43 \n5.50 \n27-Oct-23 \n1.27 \n1.81 \n3.15 \n4.56 \n3.33 \n5.00 \n3.35 \n5.27 \n3.43 \n5.50 \n3-Nov-23 \n1.27 \n1.81 \n3.15 \n4.56 \n3.33 \n5.00 \n3.35 \n5.27 \n3.43 \n5.50 \n10-Nov-23 \n1.27 \n1.81 \n3.15 \n4.56 \n3.33 \n5.00 \n3.35 \n5.27 \n3.43 \n5.50 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \nForeign Currency (USD) Lending Rates \nMinimum foreign currency lending rates for individual clients remained unchanged at previous \nweek levels, while those for corporates were lower during the week under analysis. Maximum \n \n 3 \nlending rates for individual clients and corporate clients decreased by 0.03 and 0.02 percentage \npoints, respectively, during the same week. \n \nTable 4: Lending Rates (per annum) \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \nCorporate Clients \n \n6-Oct-23 \n10.94 \n13.84 \n8.29 \n13.63 \n13-Oct-23 \n11.15 \n13.35 \n8.27 \n14.20 \n20-Oct-23 \n11.16 \n13.36 \n8.24 \n14.28 \n27-Oct-23 \n11.12 \n13.39 \n8.72 \n15.31 \n3-Nov-23 \n11.10 \n13.40 \n8.26 \n14.20 \n10-Nov-23 \n11.10 \n13.37 \n8.28 \n14.18 \nSource: Reserve Bank of Zimbabwe, 2023 \n2. CLEARING AND SETTLEMENT ACTIVITY \n \nThe total value of transactions processed through the National Payment Systems (NPS) platforms \ndeclined by 6.64% to close at ZW$5.62 trillion, during the week ending 10th November 2023. \nTransactions processed through the Real Time Gross Settlement (RTGS) system also decreased \nby 5.78% to close at ZW$4.66 trillion, during the reporting week. In value terms, the distribution \nof NPS transactions was as follows: Real Time Gross Settlement (RTGS), 82.98%; Mobile, \n6.60%, Point of Sale (POS), 5.72% and Automated Teller Machines (ATM), 4.71%, as shown \nin Figure 1. \n Figure 1: Composition of NPS Transactions in Value Terms\n \n Source: Reserve Bank of Zimbabwe, 2023 \n \n \n \nThe volume of transactions processed through the NPS decreased by 0.75% to close at 13.46 \nmillion, largely due to increases in mobile transaction volumes. The NPS transaction volumes \nRTGS\n82.98%\nPOS\n5.72%\nATM\n4.71%\nMOBILE\n6.60%\nRTGS\nPOS\nATM\nMOBILE\n \n 4 \nwere distributed as follows: Mobile, 83.52%; POS, 13.96%; ATM, 1.14%; and RTGS, 1.39%, \nas shown in Figure 2. \n \n Figure 2: Composition of NPS Transactions in Volume Terms \n \nSource: Reserve Bank of Zimbabwe, 2023 \n \nTable 5: National Payment Systems Activity \nPAYMENT \nSTREAM \n WEEK ENDING \n03 NOVEMBER \n2023 \n WEEK ENDING \n10 NOVEMBER \n2023 \n% CHANGE \nFROM LAST \nWEEK \nPROPORTION \n \nVALUES IN ZW$MILLIONS \n \nRTGS \n4,952,182.94 \n4,666,174.19 \n-5.78% \n82.98% \nPOS \n349,281.43 \n321,492.67 \n-7.96% \n5.72% \nATM \n358,909.85 \n264,818.12 \n-26.22% \n4.71% \nMOBILE \n362,914.43 \n370,910.98 \n2.20% \n6.60% \nTOTAL \n6,023,288.65 \n5,623,395.94 \n-6.64% \n100% \n \nVOLUMES \n \nRTGS \n246,329 \n186,732 \n-24.19% \n1.39% \nPOS \n2,160,981 \n1,878,848 \n-13.06% \n13.96% \nATM \n176,333 \n153,718 \n-12.83% \n1.14% \nMOBILE \n10,980,735 \n11,243,246 \n2.39% \n83.52% \nTOTAL \n13,564,378 \n13,462,544 \n0.75% \n100% \nSource: Reserve Bank of Zimbabwe, 2023 \n \n3. INTERNATIONAL COMMODITY PRICE DEVELOPMENTS \n \n \nDuring the week ending 10th November 2023, international commodity prices for gold, platinum, \npalladium, crude oil, nickel and lithium declined as is shown in Table 6. International commodity \nmarkets were largely weighed down by a relatively stronger US dollar and the poor demand \noutlook triggered by fears of further monetary and financial tightening, during the trading week. \n \nRTGS, 1.39%\nPOS, 13.96%\nATM, 1.14%\nMOBILE, 83.52%\nRTGS\nPOS\nATM\nMOBILE\n \n 5 \nTable 6: Metal and Crude Oil Prices for the week ending 10th November 2023 \n \nGold \nPlatinum \nPalladium \nCopper \nNickel \nCrude Oil \nLithium \n2023 \nUS$/ounce \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nUS$/barrel \nUS$/tonne \n \nWeekly Average \n(30 Oct – 03Nov) \n1,991.04 \n928.80 \n1,124.60 \n8,150.00 \n18,092.80 \n85.93 \n22,210.00 \n6-Nov \n1,985.85 \n929.50 \n1,126.00 \n8,175.50 \n18,223.00 \n84.58 \n22,000.00 \n7-Nov \n1,964.25 \n899.50 \n1,079.50 \n8,192.00 \n17,870.00 \n81.58 \n22,000.00 \n8-Nov \n1,959.73 \n882.00 \n1,017.00 \n8,101.50 \n17,990.00 \n79.65 \n22,000.00 \n9-Nov \n1,952.10 \n882.00 \n1,017.00 \n8,108.50 \n17,745.00 \n80.31 \n21,900.00 \n10-Nov \n1,947.55 \n854.00 \n965.00 \n8,052.50 \n17,460.00 \n80.62 \n21,900.00 \nWeekly Average \n (06 - 10 Nov) \n1,961.90 \n889.40 \n1,040.90 \n8,126.00 \n17,857.60 \n81.35 \n21,960.00 \nWeekly Change \n(%) \n-1.46 \n-4.24 \n-7.44 \n-0.29 \n-1.30 \n-5.33 \n-1.13 \nSource: BBC, KITCO and Bloomberg 2023 \n \nPrecious Metals \n \nDuring the week under review, gold, platinum, palladium, and lithium prices declined by 1.46%, \n4.24%, 7.44%, and 1.13%, respectively, as indicated in Table 6. The downward trend in platinum \nprices was attributable to a stronger dollar, coupled with concerns regarding future demand, \ntriggered by the release of mixed economic data from China, the leading consumer of platinum. \nThe decrease in gold prices can be primarily attributed to the reduction in safe-haven demand, \ncoupled with the more cautious outlook expressed by the Federal Reserve, which further \ncontributed to the downward trend. \n \nPalladium prices significantly decreased to their lowest levels in five years, falling below $1,000 \nper ounce. The decline was accelerated by a slowdown in automobile sales and car manufacturers \nopting for more affordable platinum in their catalytic converters. Similarly, lithium prices faced \na downturn due to the decline in demand from the electric vehicle industry. Figure 3 shows the \ntrend in precious metal prices from 6 November 2023 to 10 November 2023. \n \n \n \n \n \n \n \n \n \n \n 6 \nFigure 3: Weekly Precious Metals Price Developments (06 Nov. 2023 - 10 Nov. 2023) \n \nSource: Kitco,2023 \n \nSource: Kitco,2023 \n \nSource: Kitco,2023 \n \nSource: London Metal Exchange,2023 \n \n \nBase Metals and Brent Crude Oil \nPrices for copper, nickel and crude oil fell by 0.29%, 1.30% and 5.33%, respectively, during the \nweek ending 10 November 2023. This was on account of uncertainty over economic recovery in \nChina, the world’s top metal consumer. In addition, the interest rate outlook weighed down on \ninvestor sentiments. Crude oil prices declined as weak global economic data overshadowed \nconcerns that the Israel-Hamas war could erupt into a broader regional conflict. \n \n1920.00\n1930.00\n1940.00\n1950.00\n1960.00\n1970.00\n1980.00\n1990.00\n6-Nov 7-Nov 8-Nov 9-Nov 10-Nov\nAxis Title\nGold\nGold\nLinear (Gold)\n800.00\n820.00\n840.00\n860.00\n880.00\n900.00\n920.00\n940.00\n6-Nov 7-Nov 8-Nov 9-Nov 10-Nov\nAxis Title\nPlatinum\nPlatinum\nLinear (Platinum)\n850.00\n900.00\n950.00\n1000.00\n1050.00\n1100.00\n1150.00\n6-Nov 7-Nov 8-Nov 9-Nov 10-Nov\nAxis Title\nPalladium\nPalladium\nLinear (Palladium)\n21840.00\n21880.00\n21920.00\n21960.00\n22000.00\n22040.00\n6-Nov 7-Nov 8-Nov 9-Nov 10-Nov\nAxis Title\nLithium Hydroxide\nLithium Hydroxide\nLinear (Lithium Hydroxide)\n \n 7 \nFigure 4: Daily Commodity Price Developments for Copper, Nickel and Brent Crude Oil \n(03 Nov. 2023 - 10 Nov. 2023) \n \nSource: London Metal Exchange,2023 \n \nSource: London Metal Exchange,2023 \n \nSource: BBC,2023 \n7,600\n7,800\n8,000\n8,200\n8,400\n6-Nov\n7-Nov\n8-Nov\n9-Nov\n10-Nov\nUS$/tonne\n6-Nov\n7-Nov\n8-Nov\n9-Nov\n10-Nov\nCopper\n8175.50\n8192.00\n8101.50\n8108.50\n8052.50\nCopper\nCopper\nLinear (Copper)\n17000.00\n17500.00\n18000.00\n18500.00\n6-Nov\n7-Nov\n8-Nov\n9-Nov\n10-Nov\n6-Nov\n7-Nov\n8-Nov\n9-Nov\n10-Nov\nNickel\n18223.00\n17870.00\n17990.00\n17745.00\n17460.00\nNickel\nNickel\nLinear (Nickel)\n76.00\n78.00\n80.00\n82.00\n84.00\n86.00\n6-Nov\n7-Nov\n8-Nov\n9-Nov\n10-Nov\n6-Nov\n7-Nov\n8-Nov\n9-Nov\n10-Nov\nBrent crude oil\n84.58\n81.58\n79.65\n80.31\n80.62\nBrent crude oil\nBrent crude oil\nLinear (Brent crude oil)\n \n 8 \nExchange Rate Developments \nInterbank Market \n \nThe Zimbabwe dollar (ZW$) marginally depreciated by 0.15% on the interbank market, from an \naverage of ZW$5,723.22 per US$1 in the prior week to ZW$5,731.52 per US$1 during the week \nunder analysis, as shown in Table 7. \n \nTable 7: Selected Exchange Rates (ZW$ per unit of foreign currency) \n2023 \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average (30 Oct – 03 Nov) \n5,723.2199 \n302.1257 \n6,941.2252 \n418.5341 \n6,047.7289 \n6-Nov \n5719,9977 \n317,4603 \n7077,0828 \n425,5993 \n6140,4490 \n7-Nov \n5720,3066 \n317,4603 \n7055,1559 \n423,9063 \n6125,3674 \n8-Nov \n5738,7212 \n317,4603 \n7046,0643 \n425,2701 \n6133,0337 \n9-Nov \n5739,0607 \n312,5000 \n7050,2572 \n424,2092 \n6145,4171 \n10-Nov \n5739,5220 \n312,5000 \n7016,9607 \n421,8857 \n7556,0807 \nWeekly Average (06 – 10 Nov) \n5,731.5216 \n315.4762 \n7,049.1042 \n424.1741 \n6,420.0696 \nAppr (-)/Depr (+) (%) of the ZWL \n0.15 \n2.2 \n1.6 \n1.3 \n6.2 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n4. EQUITY MARKETS \n \n \nDuring the week ending 10th November 2023, both the Zimbabwe Stock Exchange (ZSE) and \nVictoria Falls Stock Exchange (VFEX) were bullish. Resultantly, the ZSE and VFEX All Share \nIndices added 7.97% and 0.70% to close at 173 883.74 points and 68.06 points, respectively. \n \nZimbabwe Stock Exchange (ZSE) Developments \n \nThe Top 10, Top 15, Medium and Small Cap indices added 7.09%, 8.26%, 9.95% and 0.01% to \nclose at 76 606.36 points, 104 347.52 points 713 116.49 points and 5 343 533.69 points, \nrespectively. \n \nFigure 5 shows developments on the ZSE’s All Share, Top 10 and Mining indices from 11th \nNovember 2022 to 10th November 2023. \n \n \n \n \n 9 \nFigure 5: ZSE All Share, Top 10 and Mining Indices \n \nSource: Zimbabwe Stock Exchange, 2023 \n \n \nThe gains in the mainstream index resulted from share price increases for TSL Limited (74.87%), \nZimbabwe Newspapers (1980) Limited (32.14%), ZECO Holdings Limited (20.85%), First \nMutual Holdings Limited (15.33%) and Fidelity Life Assurance Limited (13.51%). \n \nLosses were recorded in share prices of General Beltings Holdings Limited (7.85%), CAFCA \nLimited (6.38%), Ecocash Holdings Zimbabwe Limited (5.85%), SeedCo Limited (2.36%) and \nNampack Zimbabwe Limited Limited (0.07%). The resource index added 7.25% to close at 134 \n627.40 points, compared to 125 531.67 points recorded in the prior week. \n \nMarket Turnover \nThe cumulative volume and value of shares traded on the ZSE increased by 195.29% and 51.27% \nto 46.16 million shares and ZW$9 332.16, respectively. This compares to 15.65 million shares \nand ZW$8 365.97 million, recorded in the previous week, respectively. The increase in turnover \nvolumes and values was largely informed by notable trade deals where 19.65 million OK \nZimbabwe Limited shares and 6.6 million Econet Wireless Zimbabwe shares exchanged hands \nat ZW$500 and ZW$170, respectively. \n \nFigure 6 shows the trend in daily market turnover for the period from 11th November 2022 to \n10th November 2023. \n10,100\n20,100\n30,100\n40,100\n50,100\n60,100\n70,100\n80,100\n90,100\n100,100\n110,100\n120,100\n130,100\n0\n20,000\n40,000\n60,000\n80,000\n100,000\n120,000\n140,000\n160,000\n180,000\n200,000\n11-Nov-22\n25-Nov-22\n09-Dec-22\n23-Dec-22\n06-Jan-23\n20-Jan-23\n03-Feb-23\n17-Feb-23\n03-Mar-23\n17-Mar-23\n31-Mar-23\n14-Apr-23\n28-Apr-23\n12-May-23\n26-May-23\n09-Jun-23\n23-Jun-23\n07-Jul-23\n21-Jul-23\n04-Aug-23\n18-Aug-23\n01-Sep-23\n15-Sep-23\n29-Sep-23\n13-Oct-23\n27-Oct-23\n10-Nov-23\nMining Index\nAll Share and Top 10 Indices\nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n \n \n10 \nFigure 6: Market Turnover \nSource: Zimbabwe Stock Exchange, 2023 \n \nMarket Capitalization \n \nOwing to the positive sentiments on the ZSE during the week under review, the market gained \n8.09%, or ZW$1 042.55 billion worth of capitalization to close at ZW$13 926.15 billion, from \nZW$12 883.61 billion recorded in the prior week. Figure 7 shows the evolution of market \ncapitalization for the period from 11th November 2022 to 10th November 2023. \nFigure 7: Market Capitalization \n \nSource: Zimbabwe Stock Exchange, 2023 \n \n \n0\n5,000\n10,000\n15,000\n20,000\n25,000\n30,000\n35,000\n40,000\n45,000\n50,000\n11-Nov-22\n25-Nov-22\n09-Dec-22\n23-Dec-22\n06-Jan-23\n20-Jan-23\n03-Feb-23\n17-Feb-23\n03-Mar-23\n17-Mar-23\n31-Mar-23\n14-Apr-23\n28-Apr-23\n12-May-23\n26-May-23\n09-Jun-23\n23-Jun-23\n07-Jul-23\n21-Jul-23\n04-Aug-23\n18-Aug-23\n01-Sep-23\n15-Sep-23\n29-Sep-23\n13-Oct-23\n27-Oct-23\n10-Nov-23\nZW$ (Million)\nNegotiated Deal: 241 million \nFirst Mutual Holdings \nLimited shares exchanged \nhands at ZW$196/share\n0\n1,800\n3,600\n5,400\n7,200\n9,000\n10,800\n12,600\n14,400\n16,200\n11-Nov-22\n25-Nov-22\n09-Dec-22\n23-Dec-22\n06-Jan-23\n20-Jan-23\n03-Feb-23\n17-Feb-23\n03-Mar-23\n17-Mar-23\n31-Mar-23\n14-Apr-23\n28-Apr-23\n12-May-23\n26-May-23\n09-Jun-23\n23-Jun-23\n07-Jul-23\n21-Jul-23\n04-Aug-23\n18-Aug-23\n01-Sep-23\n15-Sep-23\n29-Sep-23\n13-Oct-23\n27-Oct-23\n10-Nov-23\n$ Billions\n \n \n11 \nVictoria Falls Stock Exchange (VFEX) Developments \nThe rise in the VFEX mainstream index emanated from share price gains for First Capital Bank \nLimited (13.66%), African Sun Limited (6.50%), Axia Corporation Limited (5.88%), Padenga \nHoldings Limited (2.94%) and Bindura Nickel Corporation (BNC) (0.89%). Partially offsetting \nthe gains were declines in share prices of SeedCo International VX (4.89%) and Simbisa Brands \nLimited (2.57%). \n \n VFEX Market Turnover \n \nThe volume and value of shares traded on the VFEX declined by 70.84% and 35.51% to 2.44 \nmillion shares and US$0.77 million, respectively. This compares to 8.37 million shares and \nUS$1.19 million recorded in the previous week. \n \nVFEX Market Capitalization \n \nReflecting improved investor appetite on the USD denominated bourse during the week under \nanalysis, VFEX capitalization added 0.69% to close at US$1.16 billion. Figure 8 shows the trend \nin the VFEX All Share Index (ASI) for the period from 11th November 2022 to 10th November \n2023. \n \nFigure 8: VFEX All Share Index \nSource: Victoria Falls Stock Exchange (VFEX), 2023 \n5. INFLATION EXPECTATIONS IN ZIMBABWE \nInflation expectations are an important factor in shaping decisions on consumption, wages and \ninvestment and they also inform the design of monetary policy by the Central Bank. Inflation \n40\n50\n60\n70\n80\n90\n100\n110\n120\n130\n140\n \n \n12 \nexpectations particularly point to the inflation rate anticipated by corporates, individuals and \npolicy makers. \nThe evolution of inflation expectations is shaped by the developments in actual inflation. Hence, \nthe experience of higher historical inflation tends to be associated with a more pronounced \nadjustment of past inflation expectations to current inflation. The current cycles of inflation \nexpectations in Zimbabwe can be traced to past experiences with hyperinflation which may still \nexist in memories of economic agents that experienced hyperinflation. Hyperinflation not only \ninfluences households’ contemporary inflation expectations but also impacts how they update \ninflation expectations to current inflation, which is consistent with memory theory. International \nevidence has shown that hyperinflation experiences result in entrenched negative adaptive \ninflation expectations which tend to affect the effectiveness of monetary policy. \nThe phenomenon of high adverse inflation expectations is not unique to Zimbabwe, as it has also \nbeen observed in other countries with similar experiences of hyperinflation. Precisely, memories \nof hyperinflation tend to create a persistent fear factor among economic agents, which continue \nto manifest in patches of adverse inflation expectations in times of temporary shocks in the \neconomy. \nAs a result of the high adverse inflation expectations, the economy becomes sentiment-driven, \nwhere exchange rate depreciation and pricing tend to be based mainly on perceptions. Any \nnegative news on the economy tends to result in negative developments in exchange rate and \nprices. As such, traditional monetary policy measures based on interest rates, money supply and \nOpen Market Operations (OMO) may have limitations in effectively addressing inflation. This \nis because a significant movement in inflation would not be explained by macroeconomic \nfundamentals. \nIn this regard, in addition to traditional monetary policy tools, there is need for a granular \napproach to dealing with inflation expectations, including putting in place innovative investment \nsolutions that preserve value. In addition, consistency and predictability of policies are also key \nin fostering positive inflation expectations. While the Bank is committed to anchoring inflation \nexpectations in the economy, both the private sector and general public also have a role to play \nin shaping positive expectations in the economy. \nRESERVE BANK OF ZIMBABWE\n \n \n APPENDIX 1: FOREIGN EXCHANGE AUCTION RESULTS FOR WHOLESALEFX1 \n \n \n \n \n \n \n \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n \n \n \n \n1 Wholesale Foreign Currency Auction (Wholesale FX) is normally conducted on Tuesday every week. The RBZ MPC resolutions dated 6 June 2023 resolved that with effect \nfrom 7 June 2023, the Bank shall sell foreign currency at the market-determined exchange rate through banks to support and strengthen the foreign exchange interbank market, \nand banks shall in turn sell the foreign currency to their customers. \nWHOLESALE FX \n \n \n18-Oct-23 \n \n \n \n24-Oct-23 \n \n \n \n30-Oct-23 \n \n \n \n07-Nov-23 \nTotal \nBids (US$ dollars) \n17,658,597.00 \n17,273,839.00 \n17,798,011.00 \n17,460,100.00 \nAmount Allotted (US$ \ndollars) \n17,658,597.00 \n17,273,839.00 \n17,798,011.00 \n17,460,100.00 \nHighest Rate \n5,800.00 \n5,780.00 \n5,775.00 \n5,775.00 \nLowest Bid Rate Allotted \n5,641.00 \n5,674.36 \n5,700.00 \n5,722.00 \nWeighted Average Rate \n5.668.22 \n5,693.78 \n5,718.41 \n5,738.7217 \nNumber of Bids Received \n19 \n20 \n19 \n20 \nNumber of Bids Rejected \n0 \n0 \n0 \n0 \n \n \nAPPENDIX 2: SUMMARY OF FOREIGN CURRENCY AUCTION ALLOTMENTS BY PURPOSE \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n18-Oct-23 \n \n24-Oct-23 \n \n30-Oct-23 \n \n07-Nov-23 \nRaw Materials \n606,955.63 \n739,962.84 \n456,015.48 \n582,700.58 \nMachinery and Equipment \n448,704.28 \n442,614.68 \n493,100.95 \n610,987.82 \nConsumables \n(Incl. Spares, Tyres, \nPackaging) \n148,892.99 \n202,096.27 \n170,113.52 \n153,558.13 \nPharmaceuticals and \nChemicals \n19,751.15 \n79,817.80 \n39,851.54 \n2,753.86 \nServices (Loans, Dividends \nand Disinvestments) \n283,645.29 \n234,174.10 \n217,908.52 \n340,875.92 \nRetail and Distribution \n306,868.37 \n215,586.10 \n167,960.99 \n179,261.41 \nFuel, Electricity and Gas \n97,253.60 \n- \n- \n- \nPaper and Packaging \n25,107.33 \n43,915.88 \n37,773.27 \n29,201.90 \nTOTAL \n1,937,178.64 \n1,958,167.67 \n1,582,724.27 \n1,899,339.62", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_10_NOVEMBER_2023_Volume_25_Number_45_.pdf"}
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+ {"doc_id": "329ed6bcb4a42ce3953dccfe79eaf8f1", "text": "Vol. 25 No. 50 \n \n \nWeek Ending \n15th December 2023 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 1 \n3. \nCLEARING AND SETTLEMENT ACTIVITY .................. 3 \n4. \nINTERNATIONAL COMMODITY PRICE \nDEVELOPMENTS ........................................................................ 4 \n5. \nEQUITY MARKETS .............................................................. 8 \n \n \n \n \n 1 \n1. OVERVIEW \n \nThis report provides an analysis of the developments on money market interest rates and \ntransactions on the National Payment Systems, during the week ending 15th December 2023. The \nreport also covers developments in international mineral commodity prices and stock markets \nduring the same week. \n \nMinimum and maximum savings deposit rates for both local currency deposits remained \nunchanged, while local currency deposit rates for other deposit classes were higher during the \nweek of analysis. Commercial bank minimum and maximum foreign currency deposit rates for \nsavings deposits and deposits of 1-month, 3-month, 6-month and 12-month tenors were \nunchanged, during the week under review. \n \nInternational commodity prices for gold, lithium and crude oil declined, while those for platinum, \npalladium, copper, and nickel rose, during the week ending 15th December 2023. \n \nThe aggregate value of transactions processed through the National Payment Systems platforms \namounted to ZW$8.32 trillion during the reporting week, representing an increase of 42.31% \ncompared to the previous week’s value of ZW$5.84 trillion. Trading on both the Zimbabwe \nStock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX) was subdued. \n2. INTEREST RATES \n \nLocal Currency (ZW$) Deposit Rates \nCommercial bank minimum and maximum deposit rates for savings deposits remained \nunchanged at previous week levels, while those for 1-month, 6-month and 12-month tenors \nincreased during the week ending 15th December 2023, amid tight local currency liquidity \nconditions in the market. Average deposits rates are shown in Table 1. \nTable 1: Average Deposit Rates (per annum) \nDate \nSavings deposits \n1- Month deposit rates \n \n3- Month deposit rates \n \n6- Month deposit rates \n \n12- Month deposit rates \n \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \n17-Nov-23 \n35.33 \n38.27 \n57.33 \n64.78 \n57.67 \n \n67.12 \n57.70 \n67.21 \n57.87 \n67.36 \n24-Nov-23 \n35.00 \n38.27 \n57.72 \n67.00 \n60.81 \n69.76 \n58.70 \n71.14 \n58.87 \n71.29 \n1-Dec-23 \n34.38 \n37.13 \n56.06 \n65.06 \n58.31 \n65.65 \n56.03 \n65.43 \n56.20 \n65.57 \n8-Dec-23 \n34.38 \n37.13 \n55.67 \n64.78 \n58.00 \n65.47 \n55.70 \n65.07 \n55.87 \n65.21 \n15-Dec-23 \n34.38 \n37.13 \n55.94 \n65.06 \n57.94 \n65.65 \n56.03 \n65.43 \n56.20 \n65.57 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n 2 \nLocal Currency (ZW$) Lending Rates \nCommercial banks minimum lending rates for both individual and corporate clients were lower \nduring the week under analysis. Maximum lending rates for individual clients increased, while \nthose for corporate clients registered declines during the same period. \nTable 2: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \n \n Corporate Clients \n17-Nov-23 \n71.09 \n101.72 \n92.36 \n168.04 \n24-Nov-23 \n70.15 \n101.53 \n93.15 \n166.18 \n1-Dec-23 \n70.64 \n102.21 \n91.91 \n167.90 \n8-Dec-23 \n69.07 \n101.85 \n93.58 \n164.80 \n15-Dec-23 \n62.39 \n105.16 \n93.45 \n155.05 \nSource: Reserve Bank of Zimbabwe, 2023 \n \nForeign Currency (USD) Deposit Rates \nThe week ending 15th December 2023 saw average minimum and maximum deposit rates for \ndeposits of all classes remain unchanged at previous week levels, as shown in Table 3. \n \nTable 3: Average Foreign Currency Deposit Rates (per annum) \nDate \nSavings deposits (%) \n1- Month deposit rates \n \n3- Month deposit rates \n \n6-Month deposit rates \n \n12- Month deposit rates \n \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \n10-Nov-23 \n1.27 \n1.81 \n3.15 \n4.56 \n3.33 \n5.00 \n3.35 \n5.27 \n3.43 \n5.50 \n17-Nov-23 \n1.36 \n1.86 \n2.97 \n4.94 \n3.43 \n5.53 \n3.56 \n5.86 \n3.70 \n6.21 \n24-Nov-23 \n1.36 \n1.86 \n2.97 \n4.94 \n3.43 \n5.53 \n3.56 \n5.86 \n3.70 \n6.21 \n1-Dec-23 \n1.32 \n1.82 \n3.00 \n4.74 \n3.34 \n5.17 \n4.46 \n5.46 \n3.60 \n5.82 \n8-Dec-23 \n1.32 \n1.82 \n3.00 \n4.74 \n3.34 \n5.17 \n3.46 \n5.46 \n3.60 \n5.82 \n15-Dec-23 \n1.32 \n1.82 \n3.00 \n4.74 \n3.34 \n5.17 \n3.46 \n5.46 \n3.60 \n5.82 \nSource: Reserve Bank of Zimbabwe, 2023 \n \nForeign Currency (USD) Lending Rates \nDuring the week ending 15th December 2023, minimum foreign currency lending rates for both \nindividual clients and corporate clients decreased by 0.12 and 0.08 percentage points, \nrespectively. Maximum foreign currency lending rates for corporate and individual clients \nregistered marginal increases during the same period. \n \n \n 3 \n \nTable 4: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \n Individual Clients \n Corporate Clients \n \n17-Nov-23 \n11.07 \n13.42 \n8.30 \n14.17 \n24-Nov-23 \n11.47 \n13.69 \n7.53 \n14.26 \n1-Dec-23 \n10.96 \n13.41 \n8.26 \n14.35 \n8-Dec-23 \n11.00 \n13.47 \n8.29 \n14.26 \n15-Dec-23 \n10.88 \n13.53 \n8.21 \n14.31 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n3. CLEARING AND SETTLEMENT ACTIVITY \n \nThe aggregate transactions processed in value terms through the National Payment Systems \nplatforms amounted to ZW$8.32 trillion, representing an increase of 42.31% from the previous \nweek’s level of ZW$5.84 trillion. \n \nIn value terms, the distribution of NPS transactions were as follows: Real Time Gross Settlement \n(RTGS), 89.84%, Mobile, 3.60%, Point of Sale (POS), 3.95% and Automated Teller Machines \n(ATM), 2.62%, as shown in Figure 1 and Table 5. \n \n Figure 1: Composition of NPS Transactions in Value Terms\n \n Source: Reserve Bank of Zimbabwe, 2023 \n \nThe volume of transactions processed through the NPS decreased by 17.16% to close at 11.68 \nmillion. This was, underpinned by declines in POS, ATM and Mobile transaction volumes. NPS \ntransaction volumes were distributed as follows: Mobile,82.10%; POS, 14,89%; RTGS, 1.86% \nand ATM, 1.15%, as shown in Figure 2. \nRTGS\n89.84%\nPOS\n3.95%\nATM\n2.62%\nMOBILE\n3.60%\nRTGS\nPOS\nATM\nMOBILE\n \n 4 \n \n \n \nFigure 2: Composition of NPS Transactions in Volume Terms \n \n Source: Reserve Bank of Zimbabwe, 2023 \n \nTable 5: National Payment Systems Activity \nPAYMENT \nSTREAM \nWEEK ENDING \n08 DECEMBER \n2023 \nWEEK ENDING \n15 DECEMBER \n2023 \n% CHANGE \nFROM LAST \nWEEK \nPROPORTION \n \n VALUES IN ZW$ MILLIONS \n \nRTGS \n4,606,162,402,000.55 \n7,471,210,873,078.62 \n62.20% \n89.84% \nPOS \n430,007,484,699.80 \n328,083,179,056.67 \n-23.70% \n3.95% \nATM \n366,302,589,858.73 \n217,884,991,657.18 \n-40.52% \n2.62% \nMOBILE \n441,296,078,578.47 \n299,026,062,845.82 \n-32.24% \n3.60% \nTOTAL \n5,843,768,555,137.55 \n8,316,205,106,638.29 \n42.31% \n100% \nVOLUMES \nRTGS \n197,085 \n216,942 \n10.08% \n1.86% \nPOS \n2,289,542 \n1,739,471 \n-24.03% \n14.89% \nATM \n205,860 \n133,933 \n-34.94% \n1.15% \nMOBILE \n11,407,652 \n9,590,179 \n-15.93% \n82.10% \nTOTAL \n14,100,139 \n11,680,525 \n-17.16% \n100% \nSource: Reserve Bank of Zimbabwe, 2023 \n \n4. INTERNATIONAL COMMODITY PRICE DEVELOPMENTS \n \nDuring the week ending December 15th, 2023, international prices for gold, lithium and crude \noil declined, while those for platinum, palladium, copper, and nickel rose, as shown in Table 6. \n \n \n \n \nRTGS, 1.86%\nPOS, 14.89%\nATM, 1.15%\nMOBILE, 82.10%\nRTGS\nPOS\nATM\nMOBILE\n \n 5 \n \nTable 6: Metal and Crude Oil Prices for the week ending 1st December 2023 \n \nGold \nPlatinum \nPalladium \nCopper \nNickel \nCrude Oil \nLithium \n2023 \nUS$/ounce \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nUS$/barrel \nUS$/tonne \n \nWeekly Average \n(4-8 Dec) \n2,030.06 \n912.10 \n961.70 \n8,363.80 \n16,518.20 \n76.31 \n17,919.20 \n11-Dec \n1,989.30 \n923.50 \n949.50 \n8,341.00 \n16,607.00 \n76.60 \n17,510.00 \n12-Dec \n1,983.88 \n921.00 \n976.00 \n8,320.50 \n16,315.00 \n73.12 \n17,100.00 \n13-Dec \n1,982.03 \n927.00 \n977.50 \n8,330.00 \n16,468.00 \n76.60 \n17,100.00 \n14-Dec \n2,040.10 \n945.00 \n1,026.50 \n8,551.50 \n16,972.00 \n76.91 \n16,750.00 \n15-Dec \n2,002.00 \n931.00 \n993.33 \n8,549.00 \n17,150.00 \n77.01 \n16,650.00 \nWeekly Average \n(11- 15 Dec) \n1,999.46 \n929.50 \n984.57 \n8,418.40 \n16,702.40 \n76.05 \n17,022.00 \nWeekly Change \n(%) \n-1.51 \n1.91 \n2.38 \n0.65 \n1.12 \n-0.34 \n-5.01 \nSource: BBC, KITCO and Bloomberg 2023 \n \nPrecious Metals \n \nDuring the week under review, average prices for palladium and platinum, increased by 2.38% \nand 1.91%, respectively, while those for lithium and gold fell by 5.01% and 1.51%, respectively \nas shown in Table 1. Platinum and palladium prices rose as the U.S. dollar and Treasury yields \nslipped after the Federal Reserve signalled an end to its monetary policy tightening cycle. Gold \nprices fell as investors awaited pronouncement of outcomes, following crucial central bank \nmeetings and U.S. inflation data that could influence the Federal Reserve’s policy path. The price \ntrends for the precious metals for the period from 11th December 2023 to 15th December 2023, \nare shown in Figure 3. \n \nFigure 3: Weekly Precious Metals Price Developments (11 - 15 December 2023) \n \nSource: Kitco,2023 \n \nSource: Kitco,2023 \n1970\n1980\n1990\n2000\n2010\n2020\n2030\n2040\nUS/ ounce\nGold\nGold\nLinear (Gold)\n870\n885\n900\n915\n930\n945\n960\n11-Dec\n12-Dec\n13-Dec\n14-Dec\n15-Dec\nUS$/ounce\nPlatinum\nPlatinum\nLinear (Platinum)\n \n 6 \n \nSource: Kitco,2023 \n \nSource: London Metal Exchange,2023 \n \nBase Metals and Brent Crude Oil \nCopper prices firmed during the reporting week, following the Federal Reserve's announcement \nof anticipated interest rate cuts in 2024. The falling interest rates boosted positive sentiment \ntowards copper prices since lower interest rates, would most likely boost business and \nconstruction activity, thereby increasing the demand for the red metal. Likewise, nickel prices \nincreased by 1.12%, amid market caution ahead of the release of key U.S. inflation data. Crude \noil prices, however, declined marginally by 0.34% during the same week, as traders tried to \nreconcile mixed signals for oil demand in 2024. The price trends for base metals and Brent crude \noil for the period from 11th December 2023 to 15th December 2023, are shown in Figure 4. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n850\n900\n950\n1000\n1050\n1100\n11-Dec\n12-Dec\n13-Dec\n14-Dec\n15-Dec\nUS$/ ounce\nPalladium\nPalladium\nLinear (Palladium)\n16,500\n17,000\n17,500\n18,000\n18,500\n19,000\n19,500\n20,000\n11-Dec 12-Dec 13-Dec 14-Dec 15-Dec\nUS$/tonne\nLithium Hydroxide\nLithium Hydroxide\nLinear (Lithium Hydroxide)\n \n 7 \n \n \nFigure 4: Daily commodity price developments for copper, nickel, and Brent crude oil (11 \n– 15 December 2023) \n \nSource: London Metal Exchange,2023 \n \nSource: London Metal Exchange, 2023 \n \nSource: BBC, 2023 \n8,150\n8,200\n8,250\n8,300\n8,350\n8,400\n8,450\n8,500\n8,550\n8,600\n11-Dec\n12-Dec\n13-Dec\n14-Dec\n15-Dec\nUS$/tonne\n11-Dec\n12-Dec\n13-Dec\n14-Dec\n15-Dec\nCopper\n8341.00\n8320.50\n8330.00\n8551.50\n8549.00\nCopper\n15,800\n16,000\n16,200\n16,400\n16,600\n16,800\n17,000\n17,200\n17,400\n11-Dec\n12-Dec\n13-Dec\n14-Dec\n15-Dec\nUS$/tonne\n11-Dec\n12-Dec\n13-Dec\n14-Dec\n15-Dec\nNickel\n16607.00\n16315.00\n16468.00\n16972.00\n17150.00\nNickel\n71.0\n72.0\n73.0\n74.0\n75.0\n76.0\n77.0\n78.0\n11-Dec\n12-Dec\n13-Dec\n14-Dec\n15-Dec\nUS$/barrel\n11-Dec\n12-Dec\n13-Dec\n14-Dec\n15-Dec\nBrent crude oil\n76.60\n73.12\n76.60\n76.91\n77.01\nBrent crude oil\n \n 8 \nExchange Rate Developments \n \nInterbank Market \n \nDuring the week ending 15th December 2023, the Zimbabwe dollar (ZW$) depreciated by 1.1% \nagainst the U.S dollar on the interbank market. The average exchange rate moved from \nZW$5,818.57 per US$1 in the previous week to ZW$5,881.11 per US$1, as indicated in Table \n7. \nTable 7: Selected Exchange Rates (ZW$ per unit of foreign currency) \n2023 \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(4– 8 Dec) \n5,818.5727 \n312.5000 \n7,338.2697 \n429.9678 \n6,290.7472 \n11-Dec \n5,839.2425 \n312.5000 \n7,323.8869 \n429.2862 \n6,287.1803 \n12-Dec \n5,841.3919 \n312.5000 \n7,349.9484 \n427.0399 \n6,291.8315 \n13-Dec \n5,903.3898 \n312.5000 \n7,411.1474 \n431.0430 \n6,369.8213 \n14-Dec \n5,909.2673 \n322.5806 \n7,466.1746 \n437.9084 \n6,439.3919 \n15-Dec \n5,912.2494 \n327.8689 \n7,548.2320 \n439.3750 \n6,500.5814 \nWeekly Average \n(11 – 15 Dec) \n5,881.1082 \n317.5899 \n7,419.8778 \n432.9305 \n6,377.7613 \nAppr (-)/Depr (+) \n(%) of the ZWL \n1.1 \n1.6 \n1.1 \n0.7 \n1.4 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n5. EQUITY MARKETS \n \nDuring the week ending 15th December 2023, trading on both the Zimbabwe Stock Exchange \n(ZSE) and the Victoria Falls Stock Exchange (VFEX) was subdued. Consequently, the ZSE \nand VFEX All Share indices lost 2.44% and 2.67% to close at 192 837.21 points and 69.22 \npoints, respectively. \nTable 8: Zimbabwe Stock Exchange Statistics1 \n \nAll Share \nIndex \n(points) \n \n \nTop 10 \nindex \n(points) \nTop 15 \nIndex \n(points) \nMedium \nCap \n(points) \nSmall Cap \n(points) \nMining \nIndex \n(points) \nGrand \nMarket \nCapitalization \n(ZWL \nbillion) \nMarket \nTurnover \n(ZWL \nmillion) \nVolume \nof Shares \n(million) \n17-Nov-23 \n177,395.02 \n77,093.46 \n105,130.31 \n748,580.34 \n5,343,533.69 \n145,542.27 \n14,301.48 \n20,327.69 \n69.57 \n24-Nov-23 \n181,272.70 \n76,303.61 \n104,591.00 \n814,589.67 \n5,313,312.58 \n148,883.44 \n14,458.60 \n6,143.67 \n20.98 \n01-Dec-23 \n192 223.42 \n82 335.38 \n111 745.50 \n834,813.78 5,316,567.85 \n145 542.27 \n15 311.63 \n 11 013.11 \n16.89 \n08-Dec-23 \n197,660.65 \n84,065.54 \n114,225.56 \n870,872.87 \n5,344,423.84 \n145,542.27 \n15,370.10 \n9,562.00 \n8.80 \n15-Dec-23 \n192,837.21 \n80,050.80 \n109,363.56 \n889,925.15 \n5,344,423,84 \n145,542,27 \n15,315.34 \n11,343.88 \n15,00 \n% Change \n-2.44 \n-4.78 \n-4.76 \n2.19 \n0.00 \n0.00 \n0.36 \n18.64 \n70.47 \nSource, Zimbabwe Stock Exchange, 2023 \n \n \n1 The Zimbabwe Stock Exchange (ZSE) adopted the Global Industry Classification Standards, effective from 1 January 2020. ZSE major indices comprise of the following \ncategories: All Share Index Top 10 Index; Top 15; Top 25; Medium cap and Small cap Indices. \n \n 9 \nTable 9: Victoria Falls Stock Exchange \nDate \nAll Share Index \nPoints \nGrand Market \nCapitalization (US$ \nbillion) \nMarket Turnover \n(US$ million) \nVolume of Shares \n(million) \n24-Nov-23 \n69.66 \n1.19 \n0.79 \n6.08 \n1-Dec-23 \n70.55 \n1.21 \n0.61 \n1.47 \n8-Dec-23 \n71.12 \n1.22 \n1.03 \n4.47 \n15-Dec-23 \n69.22 \n1.18 \n0.91 \n2.70 \n% Change \n-2.67 \n-2.67 \n-11.52 \n-39.55 \nSource, Zimbabwe Stock Exchange, 2023 \n \nZimbabwe Stock Exchange (ZSE) Developments \nThe Top 10 and Top 15 indices lost 4.78% and 4.26% while the Medium Cap index gained 2.19% \nand the Small Cap remained largely unchanged, to close at 80 050.80 points, 109 363.56 points, \n889 925.15 points and 5 344 423.84 respectively. \n \nThe decrease in the mainstream index, in part, emanated from share price losses in Delta \nCorporation Limited (9.24%), Ok Zimbabwe Limited (4.75%), Meikles Limited (3.42%), \nNampak Zimbabwe Limited (3.33%) and Fbc Holdings Limited (3.05%). \n \nLosses were registered in share prices of Willdale Limited (64.29%), Turnall Holdings Limited \n(46.15%), Zimbabwe Newspapers (1980) Limited (15.18%), Nmbz Holdings Limited (14.99%) \nand Mashonaland Holdings Limited (2.14%). \n \nThe mining index remained unchanged at 145 542.27 points during the week under review. \n \nFigure 5 shows developments on the ZSE’s All Share, Top 10 and Mining indices from 16th \nDecember 2022 to 15th December 2023. \n \n \n10 \n Figure 5: ZSE All Share, Top 10 and Mining Indices\n \n Source: Zimbabwe Stock Exchange, 2023 \n \nMarket Turnover \nDuring the week under review, the cumulative volume and value of shares traded increased by \n70.47% and 18.64% to 15.0 million shares and ZW$11.34 billion, respectively. This compares \nto 8.80 million shares and ZW$9.56 billion, registered in the previous week, respectively. \n \nFigure 6 shows the trend in daily market turnover for the period 16th December 2022 to 15th \nDecember 2023. \n \nFigure 6: Market Turnover\n \nSource: Zimbabwe Stock Exchange, 2023 \n \n \n20,000\n40,000\n60,000\n80,000\n100,000\n120,000\n140,000\n160,000\n180,000\n200,000\n220,000\n240,000\n0\n25,000\n50,000\n75,000\n100,000\n125,000\n150,000\n175,000\n200,000\n225,000\n250,000\n16-Dec-22\n30-Dec-22\n13-Jan-23\n27-Jan-23\n10-Feb-23\n24-Feb-23\n10-Mar-23\n24-Mar-23\n07-Apr-23\n21-Apr-23\n05-May-23\n19-May-23\n02-Jun-23\n16-Jun-23\n30-Jun-23\n14-Jul-23\n28-Jul-23\n11-Aug-23\n25-Aug-23\n08-Sep-23\n22-Sep-23\n06-Oct-23\n20-Oct-23\n03-Nov-23\n17-Nov-23\n01-Dec-23\n15-Dec-23\nMining Index\nAll Share and Top 10 Indices\nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n0\n5,000\n10,000\n15,000\n20,000\n25,000\n30,000\n35,000\n40,000\n45,000\n50,000\n16-Dec-22\n30-Dec-22\n13-Jan-23\n27-Jan-23\n10-Feb-23\n24-Feb-23\n10-Mar-23\n24-Mar-23\n07-Apr-23\n21-Apr-23\n05-May-23\n19-May-23\n02-Jun-23\n16-Jun-23\n30-Jun-23\n14-Jul-23\n28-Jul-23\n11-Aug-23\n25-Aug-23\n08-Sep-23\n22-Sep-23\n06-Oct-23\n20-Oct-23\n03-Nov-23\n17-Nov-23\n01-Dec-23\n15-Dec-23\nZW$ (Million)\nNegotiated Deal: 241 \nmillion First Mutual \nHoldings Limited shares \n \n \n11 \nMarket Capitalization \nOwing to the subdued trading activity on the ZSE during the week under analysis, the market \nlost 0.36%, or ZW$54.76 billion worth of capitalization to close at ZW$15,315.34 billion. \n \nFigure 7 shows the evolution of market capitalization for the period 16th December 2022 to 15th \nDecember 2023. \n \nFigure 7: Market Capitalization\n \n Source: Zimbabwe Stock Exchange, 2023 \n \nVictoria Falls Stock Exchange (VFEX) Developments \nThe decline in the VFEX mainstream index stemmed from share price losses in National Foods \nHoldings Limited (16.32%), Axia Corporation Limited (15.42%), Innscor Africa Limited \n(6.40%), Padenga Holdings Limited (4.72%) and Zimplow Holdings Limited (0.75%). \n \nPartially offsetting these losses was a gain in the share price of Simbisa Brands Limited (6.71%). \n \nVFEX Market Turnover \nThe VFEX volume and value of shares declined by 39.55% and 11.52% to 2.70 million shares \nand US$0.91 million, respectively. This compares to 4.47 million shares and US$1.03 million \nregistered in the previous week. \n \n \n0\n1,800\n3,600\n5,400\n7,200\n9,000\n10,800\n12,600\n14,400\n16,200\n16-Dec-22\n30-Dec-22\n13-Jan-23\n27-Jan-23\n10-Feb-23\n24-Feb-23\n10-Mar-23\n24-Mar-23\n07-Apr-23\n21-Apr-23\n05-May-23\n19-May-23\n02-Jun-23\n16-Jun-23\n30-Jun-23\n14-Jul-23\n28-Jul-23\n11-Aug-23\n25-Aug-23\n08-Sep-23\n22-Sep-23\n06-Oct-23\n20-Oct-23\n03-Nov-23\n17-Nov-23\n01-Dec-23\n15-Dec-23\n$ Billions\n \n \n12 \nVFEX Market Capitalization \nOwing to the negative trading activity on the VFEX market capitalisation declined by 2.67% to \nclose at US$1.18 billion compared to US$1.22 billion, recorded in the previous week. \n \nFigure 8: VFEX All Share Index \n \nSource: Victoria Falls Stock Exchange (VFEX), 2023 \n \n \nRESERVE BANK OF ZIMBABWE \n \n \n40\n50\n60\n70\n80\n90\n100\n110\n120\n130\n140\n150\n16-Dec-22\n30-Dec-22\n13-Jan-23\n27-Jan-23\n10-Feb-23\n24-Feb-23\n10-Mar-23\n24-Mar-23\n07-Apr-23\n21-Apr-23\n05-May-…\n19-May-…\n02-Jun-23\n16-Jun-23\n30-Jun-23\n14-Jul-23\n28-Jul-23\n11-Aug-23\n25-Aug-23\n08-Sep-23\n22-Sep-23\n06-Oct-23\n20-Oct-23\n03-Nov-23\n17-Nov-23\n01-Dec-23\n15-Dec-23\n \n \nAPPENDIX 1: FOREIGN EXCHANGE AUCTION RESULTS FOR WHOLESALEFX2 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n \n \n \n \n2 Wholesale Foreign Currency Auction (Wholesale FX) is normally conducted on Tuesday every week. The RBZ MPC resolutions dated 6 June 2023 resolved that with effect \nfrom 7 June 2023, the Bank shall sell foreign currency at the market-determined exchange rate through banks to support and strengthen the foreign exchange interbank \nmarket, and banks shall in turn sell the foreign currency to their customers. \n \n \nWHOLESALE FX \n \n \n \n21-Nov-23 \n28-Nov-23 \n05-Dec-23 \n12-Dec-23 \nTotal \nBids (US$ dollars) \n17,309,350.08 \n16,695,652.00 \n15,760,508.00 \n17,787,837.86 \nAmount Allotted (US$ \ndollars) \n17,309,350.08 \n14,533,152.00 \n14,260,508.00 \n17,787,837.86 \nHighest Rate \n5,792.0000 \n5,820.6746 \n5,910.5157 \n6225.0000 \nLowest Bid Rate Allotted \n5,760.0000 \n5,785.0000 \n5,800.0000 \n5850.0000 \nWeighted Average Rate \n5,774.2758 \n5,790.0545 \n5,827.7972 \n5,903.3898 \nNumber of Bids Received \n18 \n18 \n19 \n20 \nNumber of Bids Rejected \n0 \n0 \n0 \n0 \n \n \nAPPENDIX 2: SUMMARY OF FOREIGN CURRENCY AUCTION ALLOTMENTS BY PURPOSE \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n21-Nov-23 \n \n28-Nov-23 \n \n05-Dec-23 \n \n12-Dec-23 \nRaw Materials \n866,444.48 \n780,641.97 \n919,863.74 \n569,417.23 \nMachinery and \nEquipment \n586,565.83 \n650,261.27 \n361,166.34 \n402,144.32 \nConsumables \n(Incl. Spares, Tyres, \nPackaging) \n113,022,49 \n244,314.16 \n306,216.66 \n250,058.99 \nPharmaceuticals and \nChemicals \n28,937,82 \n71,124.40 \n77,799.20 \n51,871.95 \nServices (Loans, \nDividends and \nDisinvestments) \n298,514.91 \n212,328.45 \n276,912.54 \n122,696.30 \nRetail and Distribution \n200,761.39 \n218,499.07 \n333,353.73 \n141,160.54 \nFuel, Electricity and Gas \n- \n- \n- \n- \nPaper and Packaging \n20,011.84 \n- \n65,383.88 \n31,203.28 \nTOTAL \n2,114,258.76 \n2,177,119.32 \n2,340,696.09 \n1,568,498.61", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_15_December_2023_Volume_25_Number_50_002.pdf"}
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+ {"doc_id": "33cc0c53d7e4f7a0adee822d4cff1885", "text": "Vol. 27 No. 24 \n \n \nWeek Ending \n13th June 2025 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 1 \n3. \nEQUITY MARKETS .............................................................. 3 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 5 \n5. \nENERGY PRICES .................................................................. 5 \n6. \nGOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND \nGOLD BACKED DIGITAL TOKENS (GBDT) .................. 5 \n7. \nEXTERNAL SECTOR ........................................................... 6 \n \n \n \n 1 \n1. OVERVIEW \n \nThis report provides a snapshot of the developments in the domestic monetary and financial sectors during the \nweek ending 13 June 2025. It features updates on the money and capital markets, national payment systems, \nexchange rates and international commodity prices. \nBoth foreign and local currency deposits rates remained unchanged at previous week levels, except for \nmaximum deposit rates for 1-month and 3-months tenor which increased. Minimum and maximum local \ncurrency lending rates for individual clients increased during the week under analysis. Meanwhile, minimum \nlocal currency lending rates for individual clients remained unchanged, while maximum lending rates \ndecreased. Foreign currency lending rates for both individual and corporate clients increased during the same \nweek. \nDuring the week ending 13th June 2025, both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls \nStock Exchange (VFEX) exhibited bearish sentiments. Resultantly, the ZSE and the VFEX all share indices \nlost 1.31% and 0.20% to close at 194.97 points and 107.39 points, respectively. \nThe aggregate transactions processed, in value terms, through the National Payment Systems platforms \ndecreased by 7.98% from ZiG43.53 billion to ZiG40.06 billion. The decline in NPS transactions was \nunderpinned by decreases in values processed through RTGS, POS, ATM, mobile banking, and ZIPIT mobile \npayment platforms. \nThe local currency, Zimbabwe Gold (ZiG) depreciated by 0.13%, on the interbank market, from an average \nof ZiG26.93 per US$1 recorded in the previous week, to ZiG26.97 per US$1 during the week ending 13th June \n2025. \nInternational weekly average prices for platinum, palladium and brent crude oil increased, while prices for \ngold, nickel and lithium retreated, during the week ending 13th June 2025. Platinum prices surged driven by \npersistent supply shortages of the metal in the market. Palladium prices increased, reflecting strong industrial \ndemand, from the automotive sectors, compounded by ongoing supply challenges. Brent crude oil prices \nsurged by 7.86%, fuelled by escalating tensions between Israel and Iran which sparked fears of possible \ndisruptions to crude oil supplies from the Middle East, a region that accounts for about one-third of the world’s \noil production. \nGold prices however, retreated during the week under analysis, attributed to renewed optimism over a potential \ntrade deal between the U.S and China, which prompted shifts in investor sentiment and market dynamics. \nLithium prices continued on a negative trajectory weighed down by ongoing concerns about oversupply with \nelevated inventory levels, coupled with slower-than-expected demand growth from key sectors such as electric \nvehicles and energy storage. Nickel prices decreased driven by oversupply in the market, stemming from a \nsharp increase in production in Indonesia, which currently contributes approximately 63% of global output. \nA total of 292.50 million kilograms of tobacco had been sold as of the 69th day of the 2025 tobacco marketing \nseason, marking a 43.88% increase from the 203.29 million kilograms sold during the same period in 2024. \nSales values rose by 39.65% to US$982.45 million in the reporting period, from US$703.50 million reported \nin the same period in 2024. The average price of the golden leaf was US$3.36 per kg during the reporting \nperiod, compared to US$3.46 per kg recorded in the same period in the prior year. \n \n 2 \n2. INTEREST RATES \n \nAverage commercial bank deposit rates (Local Currency (ZiG) (%) \nZiG Deposit rates \n23 May 2025 \n30 May 2025 \n06 June 2025 \n13 June 2025 \nSavings \n \n \n \n \nMinimum \n3.81 \n3.81 \n3.81 \n3.81 \nMaximum \n4.14 \n4.14 \n4.14 \n4.14 \n1-month deposit \n \n \n \n \nMinimum \n5.66 \n5.68 \n5.66 \n5.66 \nMaximum \n8.61 \n9.30 \n8.61 \n8.77 \n3-months deposit \n \n \n \n \nMinimum \n5.95 \n6.09 \n5.95 \n5.95 \nMaximum \n8.93 \n9.62 \n8.93 \n9.21 \n6-months deposit \n \n \n \n \nMinimum \n5.56 \n5.59 \n5.56 \n5.56 \nMaximum \n8.23 \n8.92 \n8.23 \n8.23 \n12-months deposit \n \n \n \n \nMinimum \n5.57 \n5.71 \n5.57 \n5.57 \nMaximum \n8.24 \n8.93 \n8.24 \n8.24 \nOver 1 year \n \n \n \n \nMinimum \n5.58 \n5.72 \n5.58 \n5.58 \nMaximum \n8.25 \n8.94 \n8.25 \n8.25 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nAverage commercial bank deposit rates (Foreign Currency (US$) (%) \nUS$ Deposit rates \n23 May 2025 \n30 May 2025 \n06 June 2025 \n13 June 2025 \nSavings \n \n \n \n \nMinimum \n1.67 \n1.67 \n1.67 \n1.67 \nMaximum \n1.86 \n1.86 \n1.86 \n1.86 \n1-month deposit \n \n \n \n \nMinimum \n3.72 \n3.94 \n3.72 \n3.72 \nMaximum \n5.67 \n5.94 \n5.67 \n5.72 \n3-month deposit \n \n \n \n \nMinimum \n4.38 \n4.33 \n4.38 \n4.38 \nMaximum \n6.53 \n6.32 \n6.53 \n6.70 \n6-month deposit \n \n \n \n \nMinimum \n4.18 \n4.47 \n4.18 \n4.18 \nMaximum \n6.71 \n7.11 \n6.71 \n6.71 \n12-Month deposit \n \n \n \n \nMinimum \n4.25 \n4.53 \n4.25 \n4.25 \nMaximum \n6.44 \n6.83 \n6.44 \n6.44 \nOver 1 year \n \n \n \n \nMinimum \n4.36 \n4.64 \n4.36 \n4.36 \nMaximum \n6.61 \n7.00 \n6.61 \n6.61 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n \n \n \n \n \n 3 \nCommercial bank weighted lending rates (Local Currency (ZiG) (%) \nZiG Lending rates \n23 May 2025 \n30 May 2025 \n06 June 2025 \n13 June 2025 \nIndividuals \n \n \n \n \nMinimum \n42.23 \n43.66 \n42.25 \n42.29 \nMaximum \n47.94 \n48.93 \n47.98 \n48.01 \nCorporates \n \n \n \n \nMinimum \n40.27 \n40.27 \n40.42 \n40.42 \nMaximum \n46.69 \n46.51 \n46.68 \n46.40 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nCommercial bank weighted lending rates (Foreign Currency (US$) (%) \nUS$ Lending rates \n23 May 2025 \n30 May 2025 \n06 June 2025 \n13 June 2025 \nIndividuals \n \n \n \n \nMinimum \n13.33 \n12.91 \n13.28 \n13.31 \nMaximum \n17.43 \n17.32 \n17.47 \n17.49 \nCorporates \n \n \n \n \nMinimum \n10.33 \n10.32 \n10.32 \n10.34 \nMaximum \n15.82 \n15.79 \n15.82 \n15.87 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nCommercial banks and building societies mortgage lending rates (%) \nMortgage Lending rates \n23 May 2025 \n30 May 2025 \n06 June 2025 \n13 June 2025 \nZiG Lending rates \n \n \n \n \nMinimum \n25.00 \n25.00 \n25.00 \n25.00 \nMaximum \n50.00 \n50.00 \n50.00 \n50.00 \nUS$ Lending rates \n \n \n \n \nMinimum \n10.00 \n10.00 \n10.00 \n10.00 \nMaximum \n22.00 \n22.00 \n22.00 \n22.00 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n3. EQUITY MARKETS \n \n \nZSE Indicators \n \n \nAll \nShare \nIndex \n(points) \nTop 10 \nIndex \n(points) \nTop 15 \nIndex \n(points) \nMedium Cap \n(points) \nSmall Cap \n(points) \nMining \nIndex \n(points) \nGrand \nMarket Cap \n(ZiG \nbillion) \nMarket \nTurnover \n(ZiG \nmillion) \nVolume of \nShares \n(million) \n23-May-25 \n194.56 \n186.78 \n191.77 \n246.38 \n100.11 \n145.31 \n59.17 \n124.22 \n54.94 \n30-May-25 \n196.85 \n189.81 \n194.22 \n246.15 \n100.11 \n145.40 \n60.00 \n286.33 \n112.80 \n06-Jun-25 \n197.56 \n193.50 \n196.91 \n235.68 \n100.11 \n145.40 \n60.91 \n163.57 \n231.38 \n13-June-25 \n194.97 \n192.75 \n195.58 \n225.84 \n100.11 \n145.40 \n60.43 \n105.66 \n18.94 \nWeekly \nChange (%) \n-1.31 \n-0.39 \n-0.68 \n-4.18 \n0.00 \n0.00 \n-0.79 \n-35.40 \n-91.81 \nSource: Zimbabwe Stock Exchange, 2025 \n \n \nVFEX Indicators \nDate \n \nAll Share Index \nPoints \nGrand Market Capitalisation \n(US$ billion) \nMarket Turnover (US$ \nmillion) \nVolume of Shares (million) \n23-May-25 \n109.74 \n1.28 \n0.59 \n1.95 \n30-May-25 \n107.24 \n1.25 \n1.47 \n13.23 \n06-Jun-25 \n107.60 \n1.25 \n0.23 \n1.37 \n13-Jun-25 \n107.39 \n1.25 \n1.45 \n4.42 \nWeekly \nChange (%) \n-0.20 \n-0.21 \n530.43 \n222.63 \nSource: Victoria Falls Stock Exchange, 2025 \n \n \n 4 \n \nFigure 1: ZSE and VFEX Indicators \n \n \n \n \n \n \n \nSource: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2025 \n \n \n \n10\n5010\n10010\n15010\n20010\n25010\n30010\n35010\n40010\n45010\n21-Feb-25\n28-Feb-25\n07-Mar-25\n14-Mar-25\n21-Mar-25\n28-Mar-25\n04-Apr-25\n11-Apr-25\n18-Apr-25\n25-Apr-25\n02-May-25\n09-May-25\n16-May-25\n23-May-25\n30-May-25\n06-Jun-25\n13-Jun-25\nUS$ Thousand\nVFEX Market Turnover \nTrade\ndeal:\nFirst\nCapital Bank Limited\n(1,134.27\nmillion\nshares\nsold\nat\n(US$0.04\ncents\nper\nshare)\n1.1\n1.15\n1.2\n1.25\n1.3\n1.35\n1.4\n21-Feb-25\n28-Feb-25\n07-Mar-25\n14-Mar-25\n21-Mar-25\n28-Mar-25\n04-Apr-25\n11-Apr-25\n18-Apr-25\n25-Apr-25\n02-May-25\n09-May-25\n16-May-25\n23-May-25\n30-May-25\n06-Jun-25\n13-Jun-25\nUS$ Billion\nVFEX Market Capitalisation \n0\n20,000\n40,000\n60,000\n80,000\n100,000\n120,000\n140,000\n160,000\n21-Feb-25\n28-Feb-25\n07-Mar-25\n14-Mar-25\n21-Mar-25\n28-Mar-25\n04-Apr-25\n11-Apr-25\n18-Apr-25\n25-Apr-25\n02-May-25\n09-May-25\n16-May-25\n23-May-25\n30-May-25\n06-Jun-25\n13-Jun-25\nZiG Thousands\nZSE Market Turnover \nNotable trade deals: 97.69 million\nEconet Wireless Zimbabwe Limited\nshares,3.11 million OK Zimbabwe\nLimited shares, 3.06 million shares\nexchanged\nhands\nat\nZiG297.45\ncents/share,ZiG35.90cents/share\nand\nZiG12.53\ncents/share,\nrespectively\n90\n110\n130\n150\n170\n190\n210\n230\n250\n270\n21-Feb-25\n28-Feb-25\n07-Mar-25\n14-Mar-25\n21-Mar-25\n28-Mar-25\n04-Apr-25\n11-Apr-25\n18-Apr-25\n25-Apr-25\n02-May-25\n09-May-25\n16-May-25\n23-May-25\n30-May-25\n06-Jun-25\n13-Jun-25\nIndices\nZSE Indices \nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n40\n50\n60\n70\n80\n90\n100\n21-Feb-25\n28-Feb-25\n07-Mar-25\n14-Mar-25\n21-Mar-25\n28-Mar-25\n04-Apr-25\n11-Apr-25\n18-Apr-25\n25-Apr-25\n02-May-25\n09-May-25\n16-May-25\n23-May-25\n30-May-25\n06-Jun-25\n13-Jun-25\nZiG Billion\nZSE Market Capitalisation \n95\n100\n105\n110\n115\n14-Feb-25\n21-Feb-25\n28-Feb-25\n07-Mar-25\n14-Mar-25\n21-Mar-25\n28-Mar-25\n04-Apr-25\n11-Apr-25\n18-Apr-25\n25-Apr-25\n02-May-25\n09-May-25\n16-May-25\n23-May-25\n30-May-25\n06-Jun-25\n13-Jun-25\nIndex\nVFEX All Share Index \n \n 5 \n4. CLEARING AND SETTLEMENT ACTIVITY \n Source: Reserve Bank of Zimbabwe, 2025 \n \n5. ENERGY PRICES \n \nEnergy Prices \n \n23 May 2025 \n30 May 2025 \n06 June 2025 \n13 June 2025 \nDomestic Energy Prices \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.52 \n1.50 \n1.50 \n1.50 \nPetrol Blend E20/ litre \n1.53 \n1.54 \n1.54 \n1.54 \nLP Gas / kg \n1.60 \n1.60 \n1.59 \n1.59 \n \n \n \n \n \nInternational Energy \nPrices (Weekly average) \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n64.53 \n64.38 \n \n65.00 \n70.11 \n Source: Zimbabwe Energy Regulatory Authority and BBC 2025 \n \n6. GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS \n(GBDT) \n \nGold PM Fix and Gold Backed Digital Token Prices \nDate \nGold PM Fix \nGBDT ZiG Price per Mg \nGBDT US$ Price per Mg \nUS$/oz \nBuy \nSell \nBuy \nSell \n09-Jun-25 \n3,339.90 \n2.75 \n3.04 \n0.1020 \n0.1127 \n10-Jun-25 \n3,319.30 \n2.73 \n3.02 \n0.1014 \n0.1121 \n11-Jun-25 \n3,337.70 \n2.75 \n3.04 \n0.1019 \n0.1127 \n12-Jun-25 \n3,329.70 \n2.74 \n3.03 \n0.1017 \n0.1124 \n13-Jun-25 \n3,391.40 \n2.79 \n3.09 \n0.1036 \n0.1145 \nSource: London Bullion Market Association and Reserve Bank of Zimbabwe, 2025 \n \n \n \nPAYMENT STREAM \nWEEK ENDING \n06 June 2025 \nWEEK ENDING \n13 June 2025 \nWEEKLY \nCHANGE (%) \n \nVALUES \n \nRTGS \n33,315,836,532.78 \n31,434,420,687.07 \n-5.56 \nOf which ZiG \n13,571,095,496.40 \n12,508,251,447.79 \n \nOf which US$ transactions \n(ZiG Equivalent) \n19,744,741,036.38 \n18,926,169,239.28 \n \n \nPOS \n3,678,145,996.94 \n2,659,897,153.06 \n-27.68 \nATM \n2,262,243,973.25 \n1,618,931,434.10 \n-28.44 \nMOBILE BANKING \n124,240,481.87 \n97,728,706.99 \n-21.34 \nMOBILE MONEY \n3,800,221,298.60 \n4,002,056,196.74 \n5.31 \nZIPIT MOBILE \n348,889,216.03 \n242,579,990.55 \n-30.47 \nTOTAL \n43,529,577,499.47 \n40,055,614,168.51 \n-7.98 \n \nVOLUMES \n \nRTGS \n206,064 \n167,631 \n-18.65 \nOf which ZiG \n82,664 \n68,534 \n \nOf which US$ \n123,400 \n99,097 \n \nPOS \n2,271,393 \n1,624,166 \n-28.49 \nATM \n256,681 \n178,746 \n-30.36 \nMOBILE BANKING \n248,624 \n168,651 \n-32.17 \nMOBILE MONEY \n11,735,294 \n11,948,962 \n1.82 \nZIPIT MOBILE \n322,884 \n229,574 \n-28.90 \nTOTAL \n15,040,940 \n14,317,730 \n-4.81 \n \n 6 \n \nMosi-oa-Tunya Gold Coin Prices \nGold Coin \nPrice \n09-June-25 \n10-June-25 \n11-June-25 \n12-June-25 \n13-June-25 \n1.00Oz \n \n \n \n \n \nUS$ \n3,506.90 \n3,485.27 \n3,504.59 \n3,496.19 \n3,560.97 \nZiG \n94,519.59 \n93,956.82 \n94,508.84 \n94,309.40 \n96,063.58 \n0.50Oz \n \n \n \n \n \nUS$ \n1,753.45 \n1,742.63 \n1,752.29 \n1,748.09 \n1,780.49 \nZiG \n47,259.79 \n46,978.41 \n47,254.42 \n47,154.70 \n48,031.79 \n0.25Oz \n \n \n \n \n \nUS$ \n876.72 \n871.32 \n876.15 \n874.05 \n890.24 \nZiG \n23,629.90 \n23,489.20 \n23,627.21 \n23,577.35 \n24,015.89 \n0.10Oz \n \n \n \n \n \nUS$ \n350.69 \n348.53 \n350.46 \n349.62 \n356.10 \nZiG \n9,451.96 \n9,395.68 \n9,450.88 \n9,430.94 \n9,606.36 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n7. EXTERNAL SECTOR \n \n \nExchange Rate Developments (ZiG per Unit of foreign currency) \n \n \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(2 June-6 June) \n26.9303 \n1.5073 \n36.4275 \n2.0068 \n30.6992 \n09-June \n26.9525 \n1.5161 \n36.5315 \n2.0163 \n30.7730 \n10-June \n26.9583 \n1.5181 \n36.5003 \n2.0154 \n30.7500 \n11-June \n26.9672 \n1.5218 \n36.3636 \n2.0161 \n36.6300 \n12-June \n26.9749 \n1.5237 \n36.6300 \n2.0153 \n31.0559 \n13-June \n26.9768 \n1.5006 \n36.4964 \n2.0206 \n31.0559 \nWeekly Average \n(09 – 13 June) \n26.9659 \n1.5161 \n36.5044 \n2.0168 \n32.0530 \nAppr (-)/Depr (+) (%) of the \nZWG \n0.13 \n0.58 \n0.21 \n0.49 \n4.41 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nInternational Commodity Prices \n \nGold \nPlatinum \nPalladium \nNickel \nLithium \n \nUS$/oz \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nWeekly Average \n(26 – 30 May) \n3,364.14 \n1,084.20 \n1,000.30 \n15,436.00 \n8,318.00 \n09-June \n3318.55 \n1202.00 \n1074.00 \n15421.00 \n8270.00 \n10-June \n3332.68 \n1213.50 \n1060.50 \n15318.00 \n8260.00 \n11-June \n3333.90 \n1266.50 \n1077.50 \n15177.00 \n8250.00 \n12-June \n3375.93 \n1260.00 \n1058.00 \n15142.00 \n8250.00 \n13-June \n3427.78 \n1258.50 \n1057.50 \n15128.00 \n8250.00 \nWeekly Average \n(09 – 13 June) \n3,357.77 \n1,240.10 \n1,065.50 \n15,237.20 \n8,256.00 \nWeekly change (%) \n-0.19 \n14.38 \n6.52 \n-1.29 \n-0.75 \nSource: BBC, KITCO and Bloomberg, 2025 \n \n 7 \n \nFigure 3: Weekly International Commodity Price Developments (28th March 2025– 13th June 2025) \n \n \n \n \n \n \nSource: BBC, KITCO and Bloomberg, 2025 \n \n \n \n \n2,900\n2,950\n3,000\n3,050\n3,100\n3,150\n3,200\n3,250\n3,300\n3,350\n3,400\n3,450\n3,500\n28-Mar\n4-Apr\n11-Apr\n18-Apr\n25-Apr\n2-May\n9-May\n16-May\n23-May\n30-May\n6-Jun\n13-Jun\nUS$/oz\nGold\n50\n55\n60\n65\n70\n75\n80\n28-Mar\n4-Apr\n11-Apr\n18-Apr\n25-Apr\n2-May\n9-May\n16-May\n23-May\n30-May\n6-Jun\n13-Jun\nUS$/barrel\nCrude oil \n880\n920\n960\n1,000\n1,040\n1,080\n1,120\n1,160\n1,200\n1,240\n1,280\n1,320\n28-Mar\n4-Apr\n11-Apr\n18-Apr\n25-Apr\n2-May\n9-May\n16-May\n23-May\n30-May\n6-Jun\n13-Jun\nUS$/tonne\nPlatinum\n14,000\n14,200\n14,400\n14,600\n14,800\n15,000\n15,200\n15,400\n15,600\n15,800\n16,000\n16,200\n16,400\n16,600\n16,800\n28-Mar\n4-Apr\n11-Apr\n18-Apr\n25-Apr\n2-May\n9-May\n16-May\n23-May\n30-May\n6-Jun\n13-Jun\nUS$/tonne\nNickel\n8,000\n8,300\n8,600\n8,900\n9,200\n9,500\n9,800\n10,100\n28-Mar\n4-Apr\n11-Apr\n18-Apr\n25-Apr\n2-May\n9-May\n16-May\n23-May\n30-May\n6-Jun\n13-Jun\nUS$/tonne\nLithium \n910\n920\n930\n940\n950\n960\n970\n980\n990\n1,000\n1,010\n1,020\n1,030\n1,040\n1,050\n1,060\n1,070\n1,080\n28-Mar\n4-Apr\n11-Apr\n18-Apr\n25-Apr\n2-May\n9-May\n16-May\n23-May\n30-May\n6-Jun\n13-Jun\nUS$/tonne\nPalladium\n \n 8 \n8. TOBACCO SALES \n \nWeekly Cumulative Tobacco Sales: Day 69 (13th June 2025) \n \n2025 \n2024 \nVariance (%) \nCumulative Quantity Sold (Kgs) \n292,501,135 \n203,290,423 \n43.88 \nAverage Price (US$/kg) \n3.36 \n3.46 \n-2.89 \nCumulative value (US$) \n982,445,253 \n703,497,321 \n39.65 \nSource: Tobacco Industry and Marketing Board (TIMB), 2025 \n \n \n \nRESERVE BANK OF ZIMBABWE \nJUNE 2025", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_13June_2025_Volume_27_Number_24_.pdf"}
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+ {"doc_id": "3595b070575c30ffc44326196e9a5bbb", "text": "Vol. 25 No. 14 \n \n \nWeek Ending \n6th April 2023 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nINTEREST RATES .................................................................................... 1 \n2. \nCLEARING AND SETTLEMENT ACTIVITY ...................................... 3 \n3. \nTOBACCO SALES ..................................................................................... 4 \n4. \nINTERNATIONAL COMMODITY PRICE DEVELOPMENTS ......... 4 \n5. \nEXCHANGE RATE DEVELOPMENTS ................................................. 6 \n6. \nEQUITY MARKETS.................................................................................. 7 \n \n \n \n \n \n1 \n1. \nINTEREST RATES \n \nLocal Currency (ZWL) Deposit Rates \n \nMinimum and maximum deposit rates for savings deposits and deposits of 1-month tenor \ndecreased, during the week ending 6th April 2023. In the same week, average minimum deposit \nrates for deposits of 3-months tenor also declined, while maximum deposits rates increased \nmarginally, as shown in Table 1. \n \n \nTable 1: Average Deposit Rates (per annum) \nDate \nSavings deposit rates (%) \n1- Month deposit rates (%) \n \n3- Month deposit rates (%) \n \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n10-Mar-23 \n36.67 \n37.75 \n62.33 \n76,94 \n64,39 \n74,50 \n17-Mar-23 \n36.67 \n37.75 \n62.33 \n74.72 \n66.33 \n72.61 \n24-Mar-23 \n34.01 \n35.26 \n64.00 \n75.94 \n66.39 \n75.06 \n31-Mar-23 \n34.01 \n35.26 \n63.72 \n75.39 \n68.06 \n73.39 \n6-Apr-23 \n33.58 \n34.94 \n62.06 \n74.28 \n63.06 \n73.61 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \nLocal Currency (ZWL) Lending Rates \n \nThe week ending 6th April 2023 saw commercial bank minimum and maximum lending rates for \nindividual clients decrease. However, average minimum lending rates for corporate clients \nmarginally increased, while maximum lending rates marginally softened during the same week, \nas shown in Table 2. \n \nTable 2: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \n \n Corporate Clients \n10-Mar-23 \n72.27 \n111.92 \n81.69 \n166.12 \n17-Mar-23 \n74.02 \n111.75 \n81.59 \n166.55 \n24-Mar-23 \n74.05 \n110.94 \n82.21 \n167.86 \n31-Mar-23 \n74.35 \n110.30 \n81.46 \n166.96 \n6-Apr-23 \n73.79 \n110.27 \n81.50 \n166.90 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n2 \nForeign Currency (USD) Deposit Rates \n \nAverage minimum and maximum deposit rates for savings deposits were unchanged at previous \nweek levels, during the reporting week. During the same week, minimum deposits rates for \ndeposits of 1-month and 3-months tenor remained unchanged, while maximum deposits rates for \ndeposits of the same tenors marginally declined, as shown in Table 3. \n \n \nTable 3: Average Deposit Rates (per annum) \nDate \nSavings deposit rates (%) \n1- Month deposit rates (%) \n \n3- Month deposit rates (%) \n \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n10-Mar-23 \n1.27 \n1.69 \n3.00 \n4.29 \n3.55 \n4.94 \n17-Mar-23 \n1.27 \n1.69 \n3.00 \n4.29 \n3.55 \n4.94 \n24-Mar-23 \n1.27 \n1.69 \n3.00 \n4.29 \n3.55 \n4.94 \n31-Mar-23 \n1.27 \n1.69 \n3.00 \n4.29 \n3.55 \n4.94 \n6-Apr-23 \n1.27 \n1.69 \n3.00 \n4.28 \n3.55 \n4.78 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \nForeign Currency (USD) Lending Rates \n \nDuring the week ending 6th April 2023, minimum lending rates for individual clients increased, \nwhile maximum lending rates remained unchanged. Minimum lending rates for corporate clients \nremained at previous week levels, while maximum lending rates marginally increased during the \nsame week, as shown in Table 4. \n \nTable 4: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \n \n Corporate Clients \n10-Mar-23 \n11.07 \n13.40 \n7.73 \n14.61 \n17-Mar-23 \n11.16 \n13.35 \n7.74 \n14.64 \n24-Mar-23 \n11.16 \n13.34 \n7.74 \n14.63 \n31-Mar-23 \n11.22 \n13.31 \n7.77 \n14.69 \n6-Apr-23 \n11.23 \n13.31 \n7.77 \n14.72 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n \n3 \n2. \nCLEARING AND SETTLEMENT ACTIVITY \n \nDuring the week ending 6th April 2023, the National Payment Systems (NPS) processed \ntransactions worth ZW$785.18 billion, up from ZW$687.40 billion recorded in the previous \nweek. Real Time Gross Settlement (RTGS) transactions increased from $541.52 billion in the \nprevious week to $608.37 billion, during the week under review. The NPS transaction values \nwere distributed as follows: RTGS, 77.48%, POS, 11.25%; Mobile, 7.59%; and ATM, 3.68%. \n \n \nFigure 1: Composition of NPS Transactions in Value Terms \n \n Source: Reserve Bank of Zimbabwe, 2023 \n \n \n \nThe volume of NPS transactions increased by 5.54% to 12.77 million, during the week ending \n6th April 2023, from 12.10 million recorded in the previous week. Mobile based transactions \naccounted for the highest proportion of NPS transaction volumes at 71.48% of the total, followed \nby POS, 25.55%; RTGS, 1.71%; and ATM, 1.26%, as shown in Figure 2. \n \n \n Figure 2: Composition of NPS Transactions in Volume Terms \n \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \nRTGS\n77.48%\nPOS\n11.25%\nATM\n3.68%\nMOBILE\n7.59%\nRTGS\nPOS\nATM\nMOBILE\nRTGS, 1.71%\nPOS, 25.55%\nATM, 1.26%\nMOBILE, 71.48%\nRTGS\nPOS\nATM\nMOBILE\n \n \n4 \nTable 5: National Payment Systems Activity \nPAYMENT \nSTREAM \nWEEK ENDING \n31st March 2023 \n \nWEEK ENDING \n6th April 2023 \n% CHANGE FROM \nLAST WEEK \nPROPORTION \n% \n \nValues in ZW$ Millions \n \n \nRTGS \n541,524.40 \n608,373.44 \n12.34% \n77.48% \nPOS \n76,810.42 \n88,320.71 \n14.99% \n11.25% \nATM \n20,837.02 \n28,860.41 \n38.51% \n3.68% \nMOBILE \n48,227.45 \n59,621.02 \n23.62% \n7.59% \nTOTAL \n687,399.30 \n785,175.58 \n14.22% \n100% \nVolumes \n \n \nRTGS \n289,617 \n218,577 \n-24.53% \n1.71% \nPOS \n3,039,671 \n3,263,344 \n7.36% \n25.55% \nATM \n157,643 \n160,795 \n2.00% \n1.26% \nMOBILE \n8,615,731 \n9,130,033 \n5.97% \n71.48% \nTOTAL \n12,102,662 \n12,772,749 \n5.54% \n100% \nSource: Reserve Bank of Zimbabwe, 2023 \n \n3. \nTOBACCO SALES \nA cumulative total of 56.36 million kilograms of tobacco had been sold as at day 22 of the tobacco \nselling season. This was a 7.36% increase from the million 52.49 kilograms sold during the same \nperiod in 2022. In value terms, tobacco sales registered a 9.17% increase to US$168.74 million, \nfrom US$154.56 million realized during the corresponding period in 2022, as shown in Table 6. \n \nTable 6: Weekly Cumulative Tobacco Sales: Day 22 (6th April 2023) \n \n2022 \n2023 \nVariance (%) \nCumulative quantity sold (million kgs) \n52,490,417 \n56,355,528 \n7.36 \nAverage price (US$/kg) \n2.94 \n \n2.99 \n1.84 \nCumulative value (US$ million) \n154,564,338 \n168,741,097 \n9.17 \n Source: Tobacco Industry and Marketing Board (TIMB), 2022 \n \nThe golden leaf was sold at an average price of US$2.99 per kilogram, up from US$2.94 per \nkilogram realised in the same period last year. \n4. \nINTERNATIONAL COMMODITY PRICE DEVELOPMENTS \n \nOn the global commodity markets, weekly average prices for gold, platinum, palladium, and \ncrude oil increased, while those for copper and nickel retreated during the week ending 6th April \n2023, as shown in Table 7. \n \n \n \n \n \n5 \nTable 7: Metal and Crude Oil Prices for the week ending 6th April 2023 \n \nGold \nPlatinum \nPalladium \nCopper \nNickel \nCrude Oil \n2023 \nUS$/ounce US$/ounce US$/ounce US$/tonne US$/tonne US$/barrel \nWeekly Average (27-31 Mar 23) \n1,964.25 \n971.00 \n1,439.60 \n8,951.60 \n23,643.00 \n79.35 \n03-Apr-23 \n1,973.20 \n988.50 \n1,473.50 \n8,895.50 \n23,165.00 \n85.36 \n04-Apr-23 \n1,995.88 \n1,001.00 \n1,462.00 \n8,726.50 \n23,255.00 \n85.38 \n05-Apr-23 \n2,026.58 \n1,020.50 \n1,466.00 \n8,835.50 \n22,540.00 \n84.53 \n06-Apr-23 \n2,009.58 \n1,003.00 \n1,434.50 \n8,819.50 \n22,900.00 \n84.72 \nWeekly Average (03-06 Apr 23) \n2,001.31 \n1,003.25 \n1,459.00 \n8,819.25 \n22,965.00 \n85.00 \nWeekly Change (%) \n1.89 \n3.32 \n1.35 \n-1.48 \n-2.87 \n7.12 \nSource: BBC, KITCO and Bloomberg, 2023 \nGold \n \nDuring the week under review, gold prices increased by 1.89%, from an average of US$1,964.25 \nper ounce in the prior week to US$2,001.31 per ounce. The price of the yellow metal increased \nas the US dollar and US Treasury yields retreated, thereby prompting investors to shift to it as \nan alternative investment asset. \n \nPlatinum \nPlatinum prices increased amid prospects of strong investment demand due to the retreat in the \nUS dollar. Prices rose by 3.32%, from US$971.00 per ounce in the week ending 31st March 2023 \nto US$1,003.25 per ounce, during the week ending 6th April 2023. \n \nPalladium \nDuring the week ending 6th April 2023, palladium prices continued on an upward trajectory, \nincreasing by 1.35%, from a weekly average of US$1,439.60 per ounce in the preceding week \nto US$1,459.00 per ounce. Prices continued to rise amid the sustained rise in industrial demand \nfor the precious metal as well as dwindling global inventories. \n \n \nCopper \nCopper prices retreated by 1.48%, from a weekly average of US$8,951.60 per tonne recorded in \nthe previous week to US$8,819.25 per tonne, during the reporting week. Prices were weighed \ndown by growing concerns about the global economic growth outlook, as weak U.S. economic \ndata fuelled fears of a recession. \n \n \n \n \n \n6 \nNickel \nNickel prices were bearish during the week under review as the global economic slowdown, \ncoupled with inflationary pressures, continued to pose downside risks to industrial metal prices. \nPrices declined by 2.87%, from a weekly average of US$23,643.00 per tonne to US$22,965.00 \nper tonne, during the reporting week. \n \nBrent Crude Oil \n \nBrent crude oil prices rallied during the week under review, following a surprise announcement \nby the Organisation of Petroleum Exporting Countries (OPEC), to cut oil production by 2 million \nbarrels a day. Consequently, weekly average prices rose by 7.12%, from US$79.35 per barrel in \nthe previous week to US$85.00 per barrel, during the week under review. \n \n5. EXCHANGE RATE DEVELOPMENTS \n \n \nInterbank Market \nOn the interbank market, the Zimbabwe dollar (ZW$) depreciated by 1.7%, from an average of \nZW$924.24 per US$1 in the previous week to ZW$939.82 per US$1, during the week ending 6th \nApril 2023, as shown in Table 8. \n \nTable 8: Interbank Market Exchange Rates1 \n \nUSD \nZAR \nGBP \nBWP \nEURO \n2023 \n \n \n \n \n \nWeekly Average (27-31 Mar 23) \n924.2400 \n51.0547 \n1138.18136 \n70.2531 \n1000.9805 \n03-Apr-23 \n932.4874 \n52.3560 \n1,145.4742 \n71.7250 \n1,006.4404 \n04-Apr-23 \n936.1228 \n52.3560 \n1,161.1735 \n71.6653 \n1,019.6318 \n05-Apr-23 \n944.7133 \n52.7704 \n1,179.2402 \n72.3757 \n1,034.7516 \n06-Apr-23 \n945.9365 \n52.2193 \n1,177.4563 \n72.5642 \n1,030.6014 \nWeekly Average (03-06 Apr 23 ) \n939.815 \n52.4254529 \n1,165.836028 \n72.0825375 \n1,022.85628 \nAppr(-)/Depr(+) (%) of the ZWL \n1.7 \n2.7 \n2.4 \n2.6 \n2.2 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n \n \n \n \n \n \n1 Direct quote – the amount of domestic currency needed to exchange for 1 unit of foreign currency \n \n \n7 \n6. EQUITY MARKETS \n \n \nZimbabwe Stock Exchange (ZSE) \nThe local bourse exhibited mixed trading during the week ending 6th April 2023. As a result, the \nZSE All Share index lost 0.50% to close at 38 375.64 points. The Top 10, Top 15 and Small Cap \nindices lost 2.14%, 1.16% and 4.32% to close the week at 22 587.87 points, 26 699.66 points \nand 667 752.24 points, respectively. However, the Medium Cap index gained 4.81% to close at \n78 928.41 points. \n \n \nThe decline in the mainstream index was a result of share price losses for Turnall Holdings \nLimited (11.37%), Econet Wireless Zimbabwe Limited (11.95%), Zimre Holdings Limited \n(10.79%), Willdale Limited (9.71%), and First Mutual Properties Limited (8.16%). Partially \noffsetting the above-mentioned losses were gains in share prices for Truworths Limited (26%), \nRainbow Tourism Group Limited (25.93%), FBC Holdings Limited (21.87%), NMBZ Holdings \nLimited (13.34%), and Starafrica Corporation Limited (12.18%). The resources index2 remained \nunchanged at 37 359.78 points, during the week under review. \n \nTable 9: Zimbabwe Stock Exchange Statistics3 \n \nAll Share \nIndex \nPoints \nTop 10 \nindex3 \n(points) \n \n \n \nMining \nIndex \n(points) \nGrand \nMarket \nCapitaliz\nation \n(ZWL \nbillion) \nMarket \nTurnover \n(ZWL \nmillion) \nVolume \nof Shares \n(million) \nTop 15 \nIndex3 \npoints \nMedium \nCap3 \n(points) \nSmall Cap3 \n(points) \n \n \n \n03-Mar-23 \n29,196.89 \n17,022.75 \n20,097.27 \n64,184.73 \n641428.45 \n33,482.91 \n2,522.77 \n3,794.12 \n30.08 \n10-Mar-23 \n30,049.98 \n17,359.67 \n20,600.50 \n65,938.99 \n678,863.75 \n33,482.91 \n2,602.37 \n2,664.27 \n29,14 \n17-Mar-23 \n33,715.26 \n19,984.56 \n23,578.08 \n68,364.97 \n671,319.22 \n33,482.91 \n2,953.44 \n3,431.13 \n16.58 \n24-Mar-23 \n38,119.28 \n22,334.80 \n26,177.51 \n73,828.83 \n678,365.52 \n33,482.91 \n3,281.91 \n2,818.75 \n14.62 \n31-Mar-23 \n38,568.48 \n23,081.98 \n27,012.64 \n75,307.75 \n697,921.97 \n37,359.78 \n3,381.46 \n2,140.82 \n11.28 \n06-Apr-23 \n38,375.64 \n22,587.87 \n26,699.66 \n78,928.41 \n667,752.24 \n37,359.78 \n3,151.23 \n2,825.00 \n13.52 \n% Change \n-0.50 \n \n-2.14 \n-1.16 \n4.81 \n-4.32 \n0.00 \n-6.81 \n31.96 \n20.07 \nSource: Zimbabwe Stock Exchange (ZSE), 2023 \n \nFigure 3 shows the trend in daily market turnover for the period from 6th March 2022 to 6th April \n2023. \n \n \n2 Resource Index – Comprise RioZim Limited Share Price \n3 The Zimbabwe Stock Exchange (ZSE) adopted the Global Industry Classification Standards, effective from 1 January 2020.The ZSE indices \nconstitute the following categories; Top 10 Index; Top 15; Top 25; Medium cap and Small cap Indices. \n \n \n \n \n8 \nFigure 3: Zimbabwe Stock Exchange All Share and Top 10 Indices \nSource: Zimbabwe Stock Exchange, 2023 \n \n \nMarket Turnover and Volume \n \nThe cumulative volume and value of shares traded on the ZSE increased by 20.07% and 27.24% \nto 13.54 million and ZW$2.83 billion, respectively, during the week ending 6th April 2023. \nFigure 4 shows the trend in daily market turnover for the period from 6th March 2022 to 6th April \n2023. \n \n Figure 4: Daily Market Turnover \nSource: Zimbabwe Stock Exchange, 2023 \n \n \n \n \n \n \n0\n4,000\n8,000\n12,000\n16,000\n20,000\n24,000\n28,000\n32,000\n36,000\n40,000\n6-Mar-22\n28-Mar-22\n19-Apr-22\n11-May-22\n2-Jun-22\n24-Jun-22\n16-Jul-22\n7-Aug-22\n29-Aug-22\n20-Sep-22\n12-Oct-22\n3-Nov-22\n25-Nov-22\n17-Dec-22\n8-Jan-23\n30-Jan-23\n21-Feb-23\n15-Mar-23\n6-Apr-23\nAll Share Index\nTop 10 Index\n0\n2,000\n4,000\n6,000\n8,000\n10,000\n12,000\n14,000\n16,000\n18,000\n20,000\n06-Mar-22\n28-Mar-22\n19-Apr-22\n11-May-22\n02-Jun-22\n24-Jun-22\n16-Jul-22\n07-Aug-22\n29-Aug-22\n20-Sep-22\n12-Oct-22\n03-Nov-22\n25-Nov-22\n17-Dec-22\n08-Jan-23\n30-Jan-23\n21-Feb-23\n15-Mar-23\n06-Apr-23\nZW$ millions\nNegotiated deal: 61.16 million Larfage\nCement\nZimbabwe\nLimited\nshares\nexchanged hands at ZW$312.65\n \n \n9 \nMarket Capitalization \n \nReflective of the mixed trading sentiments exhibited on the ZSE during the week under review, \nmarket capitalisation declined by 6.81% or ZW$230.22 million worth of capitalization to close \nat ZW$3.15 trillion, from ZW$3.38 trillion recorded in the preceding week. Figure 5 shows the \ndevelopments on ZSE market capitalization for the period from 6th March 2022 to 6th April 2023. \n \nFigure 5: Daily Market Capitalization in ZW$ billions \nSource: Zimbabwe Stock Exchange, 2023 \n \nVictoria Falls Stock Exchange \n \n \nThe week ending 6th April 2023 saw the Victoria Falls Stock Exchange (VFEX) exhibit bearish \nsentiments for the sixth consecutive week. Resultantly, the VFEX All Share index lost 0.85% to \nclose at 91.26 points, compared to 92.04 points recorded in the previous week. The VFEX \nmainstream index declined due to share price decreases for Axia Corporation Limited (7.27%), \nSimbisa Brands Limited (0.66%), Bindura Nickel Corporation (BNC) (0.51%), Nedbank Group \nLimited Zimbabwe (0.43%) and Innscor Africa Limited (0.09%). \n \nThe cumulative volume and value of shares traded on the VFEX increased by 27.24% and \n622.32% to 1.55 million shares and US$0.59 million, respectively. VFEX market capitalization \nlost 0.55%, or US$5.5 million worth of capitalisation to US$0.987 billion, compared to \nUS$0.993 billion recorded in the previous week. Figure 6 shows the trend in the VFEX All Share \nIndex for the period from 6th March 2022 to 6th April 2023. \n \n \n \n0\n400\n800\n1,200\n1,600\n2,000\n2,400\n2,800\n3,200\n3,600\n4,000\n06-Mar-22\n28-Mar-22\n19-Apr-22\n11-May-22\n02-Jun-22\n24-Jun-22\n16-Jul-22\n07-Aug-22\n29-Aug-22\n20-Sep-22\n12-Oct-22\n03-Nov-22\n25-Nov-22\n17-Dec-22\n08-Jan-23\n30-Jan-23\n21-Feb-23\n15-Mar-23\n06-Apr-23\nBillions\n \n \n10 \nFigure 6: Victoria Falls Stock Exchange All Share Index \n \nSource: Victoria Falls Stock Exchange, 2023 \n \n \nJohannesburg Stock Exchange (JSE) Developments \n \nThe Johannesburg Stock Exchange (JSE) All Share Index increased from 76,100.17 points in the \nprevious week to close at 77,113.70 points, during the week ending 6th April 2023. JSE market \ncapitalization also rose by 0.81% to ZAR22.38 trillion, during the same week. \n \nTable 10: Johannesburg Stock Exchange (JSE) Statistics \nPeriod \nAll Share Index \nMarket Capitalization \n(points) \n(ZAR trillions) \n03-Mar-23 \n78,293.01 \n22.25 \n10-Mar-23 \n76,454.36 \n21.98 \n17-Mar-23 \n72,527.92 \n21.07 \n24-Mar-23 \n74,695.04 \n21.70 \n31-Mar-23 \n76,100.17 \n22.20 \n06-Apr-23 \n77,113.70 \n22.38 \n% Change \n \n1.33 \n \n \n0.81 \nSource:https://www.jse.co.za/services/market-data/market-statistics, 2023 \n \n \n \n \n \n \n \n \n \n \n \n \n \n90.00\n100.00\n110.00\n120.00\n130.00\n140.00\n150.00\n06-Mar-22\n28-Mar-22\n19-Apr-22\n11-May-22\n02-Jun-22\n24-Jun-22\n16-Jul-22\n07-Aug-22\n29-Aug-22\n20-Sep-22\n12-Oct-22\n03-Nov-22\n25-Nov-22\n17-Dec-22\n08-Jan-23\n30-Jan-23\n21-Feb-23\n15-Mar-23\n06-Apr-23\n \n \n11 \nFigure 7: Johannesburg Stock Exchange (JSE) All Share Index \nSource:https://www.jse.co.za/services/market-data/market-statistics,2023 \n \n \n \n \n \n \n \n \nRESERVE BANK OF ZIMBABWE \n 60.00\n 65.00\n 70.00\n 75.00\n 80.00\n 85.00\n6-Mar-22\n28-Mar-22\n19-Apr-22\n11-May-22\n2-Jun-22\n24-Jun-22\n16-Jul-22\n7-Aug-22\n29-Aug-22\n20-Sep-22\n12-Oct-22\n3-Nov-22\n25-Nov-22\n17-Dec-22\n8-Jan-23\n30-Jan-23\n21-Feb-23\n15-Mar-23\n6-Apr-23\n \n \n12 \n APPENDIX 1: FOREIGN EXCHANGE AUCTION RESULTS FOR MAINFX4 AND SMEFX5 \n Source: Reserve Bank of Zimbabwe, 2023 \n \n \n4 Main Foreign Currency Auction \n5 Small and Medium Enterprises Foreign Currency Auction \n \nMAINFX \n 17-Mar-23 24-Mar-23 31-Mar-23 06-Apr-23 \n \n SMEFX \n 17-Mar-23 24-Mar-23 31-Mar-23 06-Apr-23 \nTotal \nBids (US$ dollars) \n17,386,596.77 \n16,819,543.59 \n18,346,935.41 \n19,140,766.78 \n2,554,011.87 \n1,950,094.82 \n2,536,327.61 \n2,424,075.86 \nAmount Allotted \n(US$ dollars) \n17,289,752.50 \n16,769,787.14 \n17,715,664.47 \n18,589,967.20 \n2,530,187.62 \n1,950,094.82 \n2,379,470.31 \n2,379,980.25 \nHighest Rate \n996 \n1,000 \n1,020 \n1,020 \n996 \n1,010 \n1,015 \n1,050 \nLowest Bid \nRate \n910 \n915 \n927 \n940 \n910 \n915 \n927 \n940 \nLowest Bid Rate \nAllotted \n910 \n915 \n927 \n940 \n910 \n915 \n927 \n940 \nWeighted Average \nRate \n912.5828 \n915.1822 \n928.5887 \n944.7133 \n912.5828 \n915.1822 \n928.5887 \n944.7133 \nNumber of Bids \nReceived \n219 \n271 \n259 \n295 \n220 \n238 \n285 \n305 \nNumber of Bids \nRejected \n6 \n5 \n4 \n1 \n6 \n9 \n2 \n1 \n \n \n13 \n APPENDIX 2: SUMMARY OF FOREIGN CURRENCY AUCTION ALLOTMENTS BY PURPOSE \nSource: Reserve Bank of Zimbabwe, 2023 \nPurpose \nMAINFX \n 17-Mar-23 24-Mar-23 31-Mar-23 06-Apr-23 \nSMEFX \n 17-Mar-23 24-Mar-23 31-Mar-23 06-Apr-23 \nRaw Materials \n \n9,572,202.10 \n7,324,594.15 \n9,225,734.27 \n9,921,801.13 \n742,403.42 \n572,024.56 \n794,513.90 \n642,960.42 \nMachinery and \nEquipment \n2,429,410.70 \n3,187,757.32 \n3,035,605.25 \n3,319,993.62 \n730,643.76 \n578,298.43 \n757,698.99 \n949,651.17 \nConsumables \n(Incl. Spares, \nTyres, \nPackaging) \n1,091,171.52 \n1,338,761.04 \n1,229,890.94 \n910,220.60 \n407,072.60 \n301,083.28 \n278,084.08 \n300,634.15 \nPharmaceuticals \nand Chemicals \n418,023.70 \n683,282.50 \n407,964.89 \n324,162.91 \n99,076.09 \n64,907.54 \n100,473.59 \n73,637.54 \nServices \n(Loans, \nDividends and \nDisinvestments) \n1,101,088.97 \n1,468,144.95 \n927,561.66 \n1,401,883.47 \n206,857.61 \n148,676.81 \n127,196.00 \n162,558.55 \nRetail and \nDistribution \n1,800,702.01 \n2,164,656.62 \n2,067,940.33 \n1,884,6656.94 \n291,079.27 \n252,715.86 \n269,075.99 \n195,569.86 \nFuel, Electricity \nand Gas \n30,000.00 \n- \n- \n40,000.00 \n- \n9,936.75 \n- \n- \nPaper and \nPackaging \n847,153.50 \n602,590.56 \n820,967.13 \n787,248.53 \n53,054.87 \n22,451.59 \n52,427.76 \n54,968.56 \nTOTAL \n17,289,752.50 16,769,787.14 17,715,664.47 18,589,967.20 \n2,530,187.62 \n1,950,094.82 \n2,379,470.31 \n2,379,980.25", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_6_April_2023_Volume_25_Number_14.pdf"}
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+ {"doc_id": "36f441a5597f80a22c87a5190f3e0972", "text": "Vol. 25 No. 21 \n \n \nWeek Ending \n26th May 2023 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ................................................................................................ 1 \n2. \nINTEREST RATES .................................................................................... 1 \n3. \nCLEARING AND SETTLEMENT ACTIVITY ...................................... 3 \n4. \nTOBACCO SALES ..................................................................................... 5 \n5. \nINTERNATIONAL COMMODITY PRICE DEVELOPMENTS ......... 5 \n6. \nEXCHANGE RATE DEVELOPMENTS ................................................. 7 \n7. \nEQUITY MARKETS.................................................................................. 7 \n8. GOLD COINS……………..………………………………………………9 \n \n \n \n \n \n1 \n1. \nOVERVIEW \n \nThis weekly report covers money and capital market developments during the week ending 26 \nMay 2023. The weekly also covers developments on tobacco sales and prices. A brief discussion \nof the architecture and motivation of the gold-backed digital gold coins, including developments \non their uptake is also provided at the end of the report. \n \nOverall, minimum and maximum deposit rates for deposits of all classes remained at the previous \nweek’s levels, while minimum lending rates for individual and corporate clients were lower \nduring the week under review. The lower lending rates partly reflect incentives by banks to \nincrease access to credit for less risky individuals and corporates. The weekly average prices for \ngold, platinum, palladium, copper, and nickel retreated largely on account of lower demand, \nwhile brent crude oil’s weekly average prices surged on the back of declining inventories and \nanticipated production cuts. \n \nThe week under review also saw an increase in the value of zwl transactions processed through \nthe National Payment System (NPS) reflecting firm demand for local currency transactions. \nSimilarly, the equities markets also maintained positive momentum, reflecting the high demand \nfor value preservation purposes. \n \n2. \nINTEREST RATES \n \nLocal Currency (ZWL) Deposit Rates \n \nMinimum and maximum deposit rates for deposits of all classes remained at the previous week’s \nlevels, during the week ending 26th May 2023, as shown in Table 1. Commercial Banks \nmaintained savings deposit rates marginally above the prescribed 30% per annum during the \nperiod of analysis. Deposit rates for deposits of 1-month and 3-month tenors were, however, \nmaintained at higher levels compared to the prescribed minimum deposit rates of 50% per annum \nas part of measures to attract long-term deposits. \n \n \n \n \n \n \n \n \n2 \nTable 1: Average Deposit Rates (per annum) \nDate \nSavings deposits (%) \n1- Month deposit rates (%) \n \n3- Month deposit rates (%) \n \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n28-Apr-23 \n36.00 \n36.50 \n62.06 \n73.17 \n63.06 \n71.72 \n5-May-23 \n36.00 \n36.50 \n62.06 \n73.17 \n63.06 \n71.72 \n12-May-23 \n35.33 \n35.88 \n60.39 \n71.50 \n63.33 \n70.33 \n19-May-23 \n35.33 \n35.88 \n60.39 \n71.50 \n63.33 \n70.33 \n26-May-23 \n35.33 \n35.88 \n60.39 \n71.50 \n63.33 \n70.33 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \nLocal Currency (ZWL) Lending Rates \n \nCommercial bank minimum lending rates for individual and corporate clients were lower during \nthe week under review. This partly reflects incentives by banks to increase access to credit for \nless risky individuals and corporates. Maximum lending rates for both individual and corporate \nclients, however, registered increases during the same week. \n \nTable 2: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \n \n Corporate Clients \n28-Apr-23 \n74.48 \n105.75 \n86.96 \n167.31 \n5-May-23 \n74.44 \n107.78 \n96.87 \n173.38 \n12-May-23 \n75.21 \n106.24 \n85.82 \n168.68 \n19-May-23 \n71.91 \n100.67 \n102.96 \n162.50 \n26-May-23 \n70.02 \n102.96 \n85.40 \n168.68 \nSource: Reserve Bank of Zimbabwe, 2023 \n \nForeign Currency (USD) Deposit Rates \n \nAverage minimum and maximum deposits rates for all classes of deposits quoted by commercial \nbanks were unchanged during the week ending 26th May 2023, as shown in Table 3. Commercial \nbanks continued to offer higher FCA deposit rates to attract long-term foreign currency deposits. \n \n \n \n \n \n \n \n \n3 \n \nTable 3: Average Deposit Rates (per annum) \nDate \nSavings deposits (%) \n1- Month deposit rates (%) \n \n3- Month deposit rates (%) \n \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n28-Apr-23 \n1.27 \n1.69 \n3.12 \n4.32 \n3.45 \n4.77 \n5-May-23 \n1.27 \n1.69 \n3.12 \n4.44 \n3.45 \n4.93 \n12-May-23 \n1.27 \n1.69 \n3.12 \n4.44 \n3.45 \n4.93 \n19-May-23 \n1.27 \n1.69 \n3.12 \n4.44 \n3.45 \n4.93 \n26-May-23 \n1.27 \n1.69 \n3.12 \n4.44 \n3.45 \n4.93 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \nForeign Currency (USD) Lending Rates \n \nMinimum commercial bank lending rates for individual clients registered a marginal decrease, \nwhile those for corporate clients were higher during the week under analysis. Maximum lending \nrates for individual clients softened while those for corporate clients increased during the week \nunder review, as shown in Table 4. Lending rates for corporates increased on the back of higher \ndemand for USD-based credit as well as elevated deposit rates for long-term FCA deposits. \n \nTable 4: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \n \n Corporate Clients \n28-Apr-23 \n11.37 \n13.24 \n7.96 \n14.50 \n5-May-23 \n11.91 \n12.95 \n8.28 \n14.44 \n12-May-23 \n11.32 \n12.95 \n8.28 \n14.44 \n19-May-23 \n11.35 \n13.32 \n7.64 \n14.48 \n26-May-23 \n11.34 \n13.12 \n7.95 \n14.52 \nSource: Reserve Bank of Zimbabwe, 2023 \n3. \nCLEARING AND SETTLEMENT ACTIVITY \n \nThe week under review saw an increase in the value of transactions processed through the \nNational Payment System (NPS), from ZW$1.15 trillion in the previous week to ZW$1.18 \ntrillion. Real Time Gross Settlement (RTGS) fell by 2.32% to ZW$937.91 billion, during the \nsame week. The increase in ATM transactions was, in part, on account of firm demand for local \n \n \n4 \ncurrency bank notes for cash-based transactions. In proportions, NPS transaction values were \ndistributed as follows: RTGS, 79.18%, POS, 10.46%; Mobile, 7.06%; and ATM, 3.29%. \n \n \n Figure 1: Composition of NPS Transactions in Value Terms \n \n Source: Reserve Bank of Zimbabwe, 2023 \n \n \n \nThe volume of NPS transactions decreased by 7.90% to 12.49 million, during the week ending \n26th May 2023. In volume terms, the NPS transactions were distributed as follows: Mobile, \n71.41%; POS, 25.15%; RTGS, 2.01%; and ATM, 1.43%, as shown in Figure 2. \n \n \n Figure 2: Composition of NPS Transactions in Volume Terms \n \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n \nRTGS\n79.18%\nPOS\n10.46%\nATM\n3.29%\nMOBILE\n7.06%\nRTGS\nPOS\nATM\nMOBILE\nRTGS, 2.01%\nPOS, 25.15%\nATM, 1.43%\nMOBILE, 71.41%\nRTGS\nPOS\nATM\nMOBILE\n \n \n5 \nTable 5: National Payment Systems Activity \nPAYMENT \nSTREAM \nWEEK ENDING \n19th May 2023 \n \nWEEK ENDING \n \n26th May 2023 \n% CHANGE FROM \nLAST WEEK \nPROPORTION \n% \n \nValues in ZW$ Millions \n \n \nRTGS \n960,176.49 \n937,912.53 \n-2.32% \n79.18% \nPOS \n104,296.24 \n123,955.30 \n18.85% \n10.46% \nATM \n13,949.60 \n39,001.41 \n179.59% \n3.29% \nMOBILE \n71,107.60 \n83,613.60 \n17.59% \n7.06% \nTOTAL \n1,149,529.93 \n1,184,482.84 \n3.04% \n100% \nVolumes \n \n \nRTGS \n207,578 \n250,871 \n20.86% \n2.01% \nPOS \n2,886,199 \n3,139,731 \n8.78% \n25.15% \nATM \n2,384,613 \n178,798 \n-92.50% \n1.43% \nMOBILE \n8,078,096 \n8,915,804 \n10.37% \n71.41% \nTOTAL \n13,556,486 \n12,485,204 \n-7.90% \n100% \nSource: Reserve Bank of Zimbabwe, 2023 \n \n4. \nTOBACCO SALES \nAs at 26th May or day 53 of the 2023 tobacco selling season, a cumulative total of 227.37 million \nkilograms of tobacco had been sold. This represented a 53.27% increase, compared to the 148.35 \nmillion kilograms sold during the comparable period in 2022. Turnover realized from the sales \namounted to US$683.81 million and was 53.50% higher than the US$445.48 million recorded \nduring the corresponding period in 2022, as shown in Table 6. \n \nTable 6: Weekly Cumulative Tobacco Sales: Day 53 (26th May 2023) \n \n2022 \n2023 \nVariance (%) \nCumulative Quantity Sold (million kgs) \n148,345,819 \n227,370,830 \n53.27 \nAverage Price (US$/kg) \n3.00 \n \n3.01 \n0.25 \nCumulative value (US$ million) \n445,478,146 \n683,814,322 \n53.50 \n Source: Tobacco Industry and Marketing Board (TIMB), 2022 \n \nThe golden leaf was sold at an average price of US$3.01/kg, during the week under review, up \nfrom US$3.00/kg realized during the same period in 2022. The better performance of the current \nseason points to increased contribution of the golden leaf towards exports and GDP growth. \n5. \nINTERNATIONAL COMMODITY PRICE DEVELOPMENTS \n \nDuring the week ending 26th May 2023, weekly average prices for gold, platinum, palladium, \ncopper and nickel retreated largely on account of lower demand while Brent crude oil weekly \naverage prices surged on the back of declining inventories and anticipated production cuts by \nOPEC. Table 7 shows commodity prices developments during the week under analysis. \n \n \n6 \n \nTable 7: Metal and Crude Oil Prices for the week ending 26th May 2023 \n \nGold \nPlatinum \nPalladium \nCopper \nNickel \nCrude Oil \n2023 \nUS$/ounce \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nUS$/barrel \nWeekly Average (15 -19 May) \n1,987.22 \n1,066.80 \n1,501.50 \n8,199.30 \n21,247.00 \n75.62 \n22-May \n1,975.75 \n1,074.00 \n1,515.00 \n8,120.00 \n21,150.00 \n76.13 \n23-May \n1,964.43 \n1,063.50 \n1,463.50 \n8,013.00 \n20,850.00 \n77.67 \n24-May \n1,973.23 \n1,044.00 \n1,433.50 \n7,909.00 \n20,950.00 \n78.42 \n25-May \n1,955.28 \n1,025.50 \n1,409.00 \n7,914.50 \n21,100.00 \n78.35 \n26-May \n1,950.70 \n1,027.00 \n1,438.50 \n8,139.00 \n21,035.00 \n77.49 \nWeekly Average (22 -26 May) \n1,963.88 \n1,046.80 \n1,451.90 \n8,019.10 \n21,017.00 \n77.61 \nWeekly Change (%) \n-1.17 \n-1.87 \n-3.30 \n-2.20 \n-1.08 \n2.63 \nSource: BBC, KITCO and Bloomberg 2023 \n \nGold \n \nGold prices retreated by 1.17%, from a weekly average of US$1,987.22 per ounce in the previous \nweek to US$1,963.88 per ounce, during the week ending 26th May 2023. Prices eased following \noptimism on the possibility of an agreement in the US debt-ceiling talks as well as the \nappreciation of the US dollar. These developments dampened the demand for precious metals as \nalternative investment assets. \n \nPlatinum \nPlatinum prices eased by 1.87%, from an average of US$1,066.80 per ounce in the previous \nweek to US$1,046.80 per ounce, during the week under review. Prices were weighed down by \nthe global shortage of the metal owing to supply disruptions the in top producer, South Africa \ndue to on-going intermittent power outages. \n \nPalladium \nDuring the week ending 26th May 2023, palladium prices declined by 3.30%, from US$1,501.50 \nper ounce recorded in the prior week to US$1,451.90 per ounce. Prices continued to decline \nowing to sluggish industrial demand and a stronger U.S dollar. \n \nCopper \nCopper prices remained bearish, declining by 2.20% from US$8,199.30 per tonne recorded in \nthe previous week to US$8,019.10 per tonne, during the week under analysis. The sustained drop \nin prices was mainly underpinned by growing concerns over slowing global economic recovery, \nas well as the strengthening of the US dollar. \n \n \n \n \n7 \nNickel \nNickel prices declined by 1.08%, from a weekly average of US$21,247.00 per tonne in the \nprevious week to US$21,017.00 per tonne, during the week under review. This was attributable \nto robust nickel supplies on the global market. \n \nBrent Crude Oil \nThe week ending 26th May 2023 saw crude oil average prices increase by 2.63%, from US$75.62 \nper barrel recorded in the previous week to US$77.61 per barrel. The firming of prices was on \naccount of the unexpected decline in U.S. crude oil inventories and hints by Saudi Arabia on the \nlikelihood of further production cuts by the OPEC group. \n6. \nEXCHANGE RATE DEVELOPMENTS \n \n \nInterbank Market \nOn the interbank market, the Zimbabwe dollar (ZW$) depreciated by 24% from an average of \nZW$1,352.88 per US$1 in the previous week to ZW$1,677.85 per US$1, during the week ending \n26th May 2023, as shown in Table 2. The depreciation of the domestic currency was on the back \nof the ongoing refinements of the foreign exchange markets. \n \nTable 2: Selected Exchange Rates (ZW$ per unit of foreign currency) \n2023 \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average (15-19 May) \n1,352.8805 \n70.4790 \n1,686.2044 \n 99.7358 \n1,466.3108 \n22-May \n1,442.7309 \n74.3494 \n1,795.4100 \n105.7737 \n1,560.1835 \n23-May \n1,448.9388 \n75.1880 \n1,800.9010 \n106.3059 \n1,565.3036 \n24-May \n1,888.0119 \n99.0099 \n2,347.3681 \n138.4907 \n2,035.4671 \n26-May \n1,931.7079 \n98.5222 \n2,383.2740 \n141.3107 \n2,074.6847 \nWeekly Average (22-26 May) \n1,677.8474 \n86.7674 \n2,081.7382 \n122.9702 \n1,808.9097 \nAppr (-)/Depr (+) (%) of the ZWL \n24.0 \n23.1 \n23.5 \n23.3 \n23.4 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n7. \nEQUITY MARKETS \n \n \nZimbabwe Stock Exchange \nDuring the week ended 26th May 2023, the Zimbabwe Stock Exchange (ZSE) maintained \npositive momentum for the sixth consecutive week. As a result, the ZSE All Share index gained \n15.18% to close at 95 855.52 points. The Top 10, Top 15, Medium Cap and Small Cap indices \n \n \n8 \nincreased by 14.78%, 14.44%, 16.77% and 2.54% to close the week at 58 658.40 points, 68 \n001.48 points, 174 985.37 points and 981 163.76 points, respectively. \n \nThe increase in the mainstream index was a result of share price gains in ZB Financial Holdings \nLimited (74.80%), CBZ Holdings Limited (72.76%), Starafrica Corporation Limited (42.51%), \nCFI Holdings Limited (32.25%) and Dairibord Holdings Limited (32.23%). Partially offsetting \nthe stock increases were declines in Zimplow Holdings Limited (10.82%), Ecocash Holdings \nZimbabwe Limited (9.96%), Tanganda Tea Company Limited (3.01%), British American \nTobacco Zimbabwe Limited (0.21%) and Meikles Limited (0.02%). In overall terms, the \nresource index remained unchanged at 46 035.02 points during the week. \n \nTable 8: Zimbabwe Stock Exchange Statistics1 \n \nAll Share \nIndex \nPoints \nTop 10 \nindex3 \n(points) \n \n \n \nMining \nIndex \n(points) \nGrand \nMarket \nCapitali\nzation \n(ZWL \nbillion) \nMarket \nTurnover \n(ZWL \nmillion) \nThe \nvolume \nof \nShares \n(million) \nTop 15 \nIndex3 \npoints \nMedium \nCap3 \n(points) \nSmall Cap3 \n(points) \n \n \n \n21-Apr-23 \n36,894.04 \n21,387.56 \n25,315.78 \n79,094.87 \n764,280.19 \n31,763.8\n2 \n3,072.77 \n4,533.80 \n17.53 \n28-Apr-23 \n41,391.62 \n23,764.03 \n28,301.73 \n91,349.20 \n739,049.37 \n36,393.5\n5 \n3,482.41 \n6,089.54 \n33.55 \n5-May-23 \n49,689.11 \n29,541.33 \n34,558.62 \n99,331.49 \n745,613.66 \n36,393.5\n5 \n4,243.78 \n2,851.78 \n19.35 \n12-May-23 \n63,129.96 \n38,273.52 \n44,713.63 \n118,695.93 \n814,159.49 \n41,850.9\n8 \n5,352.11 \n5,847.96 \n69.79 \n19-May-23 \n83 219.72 \n51 106.33 \n59 422.95 \n149,855.48 \n956,865.31 \n46 \n035.02 \n6,921.29 \n11,460.08 \n43.69 \n26-May-23 \n 95 855.52 \n58658.40 \n59 422.95 \n149,855.48 \n956,865.31 \n46 \n035.02 \n6,921.29 \n11,460.08 \n43.69 \n% Change \n 31.82 \n33.53 \n 32.90 \n26.25 \n \n17.53 \n10.00 \n 29.32 \n95.97 \n-37.40 \nSource: Zimbabwe Stock Exchange (ZSE), 2023 \n \nFigure 3 shows the trend in daily market turnover for the period from 13th April 2022 to 26th May \n2023. \n \n \n \n \n \n \n1 The Zimbabwe Stock Exchange (ZSE) adopted the Global Industry Classification Standards, effective from 1 January 2020.The ZSE indices \nconstitute the following categories; Top 10 Index; Top 15; Top 25; Medium cap and Small cap Indices. \n \n \n \n \n9 \n \nFigure 3: Zimbabwe Stock Exchange All Share and Top 10 Indices \nSource: Zimbabwe Stock Exchange, 2023 \n \n \nMarket Turnover and Volume \n \nThe cumulative volume of shares traded decreased by 76.52% to 10.26 million during the week \nending 26th May 2023, from 43.69 million recorded in the prior week. The turnover value of \nshares amounted to ZW$6.87 billion, representing a decrease of 40.04% from ZW$11.46 billion \nrecorded in the previous week. Figure 4 shows the trend in daily market turnover for the period \nfrom 6th April 2022 to 26th May 2023. \n \n Figure 4: Daily Market Turnover \nSource: Zimbabwe Stock Exchange, 2023 \n \n0\n10,000\n20,000\n30,000\n40,000\n50,000\n60,000\n70,000\n80,000\n90,000\n100,000\n13-Apr-22\n7-May-22\n31-May-22\n24-Jun-22\n18-Jul-22\n11-Aug-22\n4-Sep-22\n28-Sep-22\n22-Oct-22\n15-Nov-22\n9-Dec-22\n2-Jan-23\n26-Jan-23\n19-Feb-23\n15-Mar-23\n8-Apr-23\n2-May-23\n26-May-23\nAll Share Index\nTop 10 Index\n0\n2,000\n4,000\n6,000\n8,000\n10,000\n12,000\n14,000\n16,000\n18,000\n20,000\n13-Apr-22\n07-May-22\n31-May-22\n24-Jun-22\n18-Jul-22\n11-Aug-22\n04-Sep-22\n28-Sep-22\n22-Oct-22\n15-Nov-22\n09-Dec-22\n02-Jan-23\n26-Jan-23\n19-Feb-23\n15-Mar-23\n08-Apr-23\n02-May-23\n26-May-23\nZW$ millions\nNegotiated deal: 61.16 million Larfage\nCement\nZimbabwe\nLimited\nshares\nexchanged hands at ZW$312.65\n \n \n10 \nMarket Capitalization \n \nIn line with developments on the ZSE during the week under review, the local bourse gained \nZW$1.02 trillion, or 14.80% worth of capitalization to close at ZW$7.95 trillion, compared to \nZW$6.92 trillion, recorded in the previous week. Figure 5 shows ZSE market capitalization \ndevelopments for the period from 13th April 2022 to 26th May 2023. \n \nFigure 5: Daily Market Capitalization in ZW$ billions \nSource: Zimbabwe Stock Exchange, 2023 \nVictoria Falls Stock Exchange \n \n \nThe Victoria Falls Stock Exchange (VFEX) was characterised by bearish trading during the week \nending 26th May 2023. Resultantly, the VFEX All Share index lost 1.53% to close at 82.89 points, \ncompared to 84.18 points recorded in the previous week. \n \nThe decline in the VFEX mainstream index emanated from share price declines in Axia \nCorporation Limited (2.14%), Simbisa Brands Limited (0.32%), Innscor Africa Limited (0.24%) \nand Padenga Holdings Limited (0.09%). Partially offsetting the share price losses were gains \nregistered in the share price of Nedbank Group Limited Zimbabwe (10.09%), African Sun \nLimited (0.79%), SeedCo International (0.15%), and National Foods Holdings Limited (0.13%). \n \nThe VFEX cumulative volume and value of shares traded increased by 113.89% and 114.71% \nto 1.85 million shares and US$0.83 million, respectively. Market capitalization, gained 4.76%, \nor US$0.06 billion worth of capitalization to close at US$1.40 billion, compared to US$1.33 \n0\n1,000\n2,000\n3,000\n4,000\n5,000\n6,000\n7,000\n8,000\n9,000\n10,000\n13-Apr-22\n07-May-22\n31-May-22\n24-Jun-22\n18-Jul-22\n11-Aug-22\n04-Sep-22\n28-Sep-22\n22-Oct-22\n15-Nov-22\n09-Dec-22\n02-Jan-23\n26-Jan-23\n19-Feb-23\n15-Mar-23\n08-Apr-23\n02-May-23\n26-May-23\nBillions\n \n \n11 \nbillion recorded in the previous week. Figure 6 shows the trend in the VFEX All Share Index \n(ASI) for the period from 13th April 2022 to 26th May 2023. \n \nFigure 6: Victoria Falls Stock Exchange All Share Index \nSource: Victoria Falls Stock Exchange, 2023 \n \nJohannesburg Stock Exchange (JSE) Developments \n \nThe Johannesburg Stock Exchange (JSE) All-share index was 2.03% lower to close at 76,589.54 \npoints during the week under analysis. JSE market capitalization also decreased by 2.98% to \nclose at ZAR21.82 trillion during the same period. \n \nTable 9: Johannesburg Stock Exchange (JSE) Statistics \nPeriod \nAll Share Index \nMarket Capitalization \n(points) \n(ZAR trillions) \n21-Apr-23 \n77,910.96 \n22.35 \n28-Apr-23 \n78,021.87 \n22.36 \n5-May-23 \n78,132.77 \n22.34 \n12-May-23 \n78,330.20 \n22.35 \n19-May-23 \n78,175.82 \n22.49 \n26-May-23 \n76,589.54 \n21.82 \n% Change \n \n -2.03 \n \n -2.98 \nSource:https://www.jse.co.za/services/market-data/market-statistics, 2023 \n \n \n \n \n \n \n \n \n \n \n80.00\n90.00\n100.00\n110.00\n120.00\n130.00\n140.00\n150.00\n13-Apr-22\n07-May-22\n31-May-22\n24-Jun-22\n18-Jul-22\n11-Aug-22\n04-Sep-22\n28-Sep-22\n22-Oct-22\n15-Nov-22\n09-Dec-22\n02-Jan-23\n26-Jan-23\n19-Feb-23\n15-Mar-23\n08-Apr-23\n02-May-23\n26-May-23\n \n \n12 \nFigure 7: Johannesburg Stock Exchange (JSE) All Share Index \nSource:https://www.jse.co.za/services/market-data/market-statistics,2023 \n \n \n \n8. \nPOTENTIAL OF GOLD-BACKED DIGITAL TOKENS \n \nThe potential of gold-backed digital tokens to transform the investment and currency markets is \nbecoming more evident from the favourable uptake and appetite for the tokens since their \nintroduction in May 2023. The sovereign backing of these tokens by gold, a safe haven product, \nadds to their attractiveness. Importantly, the gold coins have provided a new monetary policy \ntool for the Bank through their mopping of excess liquidity of the domestic currency. The \ndivisibility nature of the gold-backed digital coins has enhanced access and affordability by the \neconomic agents across all income brackets and this is critical in promoting financial and \neconomic inclusion across the country. \n \nA total amount of ZW$30.6 billion had been purchased in respect of the gold-backed digital \ncoins as at 26 May 2023. Figure 8 shows the amount and value of digital gold-backed coins \npurchased since its introduction. \n \n \n \n 60.00\n 65.00\n 70.00\n 75.00\n 80.00\n 85.00\n7-May-22\n31-May-22\n24-Jun-22\n18-Jul-22\n11-Aug-22\n4-Sep-22\n28-Sep-22\n22-Oct-22\n15-Nov-22\n9-Dec-22\n2-Jan-23\n26-Jan-23\n19-Feb-23\n15-Mar-23\n8-Apr-23\n2-May-23\n26-May-23\n \n \n13 \nFigure 8: Digital Gold-Backed Coin Purchases (Volume and Value) As at 26 May 2023 \n \n \n \nAs indicated in the Monetary Policy Committee (MPC) Press Statement of 6 June 2023, the Bank \nwill be rolling out the gold-backed digital coins for transactional purposes in Phase II of their \nissuance. Importantly, the rolling out of Phase II will allow holders of excess ZWL balances an \nalternative option to lock value in gold-backed tokens, thus offering protection against price \nvolatility. This process will inadvertently reduce the appetite for the demand of USD for store-\nof-value purposes and in the process help to stabilise the value of the ZWL. The flow chart below \nshows the envisaged mechanisms of the gold-backed digital tokens. \n \n \n14.1\n22.1\n30.6\n0.0\n5.0\n10.0\n15.0\n20.0\n25.0\n30.0\n35.0\n0.0\n50.0\n100.0\n150.0\n200.0\n250.0\n300.0\n 12-May-23\n 18-May-23\n 26-May-23\nZW$Billion\nKGs\nCum. Coin Purchases (ZW$) (RHS)\nCum. Coin Purchases (KGs)\n \n \n14 \n \n \n \n \nThe gold coins have multiple potential benefits to the economy over and above their use as an \neffective liquidity-mopping instrument of the central bank. Because the coins have intrinsic value \nby themselves or in their representation form as digital gold-backed coins, they are a credible \nand stable asset available for economic agents to hedge against inflation and exchange rate \ndepreciation. They are an appropriate and effective value-preserving asset. In the history of the \nuse of gold coins under the Gold Standard, the system is hailed for its ability to stabilize inflation \nbefore a country can introduce its currency. They restrict inflationary seigniorage, which is not \nsupported by real economic activity. The gold coins, therefore, are an appropriate policy \ninstrument and an asset to fight inflation and exchange rate instability. \n \nThe rolling out of digital gold-backed coins for transactional purposes has further benefits for \nthe country. In their digital form, the coins are easily usable as a medium of exchange with \nminimum risks of counterfeiting or debasing, theft, destruction, and transactional abuse. The \ncoins become more divisible and able to facilitate small-value transactions. The digital gold-\nbacked coins can easily be integrated into the country’s interoperability system to allow for the \nsettlement of transactions that are done between and across different banks and or mobile money \nplatforms both within the economy and externally. The transactional misuse of physical coins or \nmoney in facilitating illicit transactions is limited by the use of digital coins. \n \n \nFigure 9: Digital Gold Tokens -Flow Chart for phase 1&2 of their issuance \n \n \n15 \n \nIt is important to note that gold-backed digital tokens are not a new currency but would be a \nnear-perfect substitute for cash and will be easily usable for day-to-day transactions. In essence, \nthe gold-backed digital tokens will be akin to a Central Bank Digital Currency CBDC) for \nZimbabwe settled in both the ZWL and USD consistent with the dual currency nature of the \neconomy. \n \n \nRESERVE BANK OF ZIMBABWE \n \n \n16 \n APPENDIX 1: FOREIGN EXCHANGE AUCTION RESULTS FOR MAINFX2 AND SMEFX3 \n Source: Reserve Bank of Zimbabwe, 2023 \n \n \n2 Main Foreign Currency Auction \n3 Small and Medium Enterprises Foreign Currency Auction \n \nMAINFX \n 5-May-23 12-May-23 19-May-23 26-May-23 \n \n SMEFX \n 5-May-23 12-May-23 19-May-23 26-May-23 \nTotal \nBids (US$ dollars) \n22,810,988.28 \n23,534,849.06 \n26,816,031.89 \n54,243,996.14 \n2,574,369.18 \n2,701,090.14 \n3,558,737.72 \n6,110,283.97 \nAmount Allotted \n(US$ dollars) \n16,772,580.66 \n14,773,230.18 \n13,171,159.91 \n13,209,099.47 \n2,280,785.72 \n1,576,700.13 \n1,273,163.40 \n957,712.91 \nHighest Rate \n1,300 \n1,400 \n1,600 \n2,001 \n1,300 \n1,400 \n1,525 \n2,100 \nLowest Bid \nRate \n1,055 \n1,151 \n1,351 \n1,801 \n1,055 \n1,155 \n1,351 \n1,801 \nLowest Bid Rate \nAllotted \n1,055 \n1,151 \n1,351 \n1,801 \n1,055 \n1,155 \n1,351 \n1,801 \nWeighted Average \nRate \n1,070.4171 \n1,212.5448 \n1,404.8039 \n1,888.0119 \n1,070.4171 \n1,212.5448 \n1,404.8039 \n1,888.0119 \nNumber of Bids \nReceived \n441 \n450 \n490 \n469 \n466 \n495 \n569 \n674 \nNumber of Bids \nRejected \n5 \n8 \n7 \n2 \n7 \n9 \n15 \n29 \n \n \n17 \n APPENDIX 2: SUMMARY OF FOREIGN CURRENCY AUCTION ALLOTMENTS BY PURPOSE \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \nPurpose \nMAINFX \n 5-May-23 12-May-23 19-May-23 26-May-23 \nSMEFX \n 5-May-23 12-May-23 19-May-23 26-May-23 \nRaw Materials \n \n7,504,908.11 \n7,017,237.67 \n7,007,641.38 \n6,799,034.39 \n607,706.75 \n392,511.03 \n350,687.48 \n288,375.10 \nMachinery and \nEquipment \n3,212,928.08 \n3,047,072.03 \n1,926,117.50 \n2,184,686.84 \n858,356.28 \n590,158.96 \n415,614.30 \n318,256.50 \nConsumables \n(incl. Spares, \nTyres, and \nPackaging) \n1,139,123.93 \n963,868.44 \n1,001,696.74 \n778,350.98 \n210,240.59 \n200,611.76 \n202,560.71 \n109,719.60 \nPharmaceuticals \nand Chemicals \n404,336.92 \n407,331.35 \n341,262.52 \n401,843.00 \n74,941.02 \n57,666.08 \n62,647.17 \n19,949.30 \nServices \n(Loans, \nDividends and \nDisinvestments) \n1,119,089.13 \n854,682.24 \n983,240.01 \n552,310.76 \n210,240.59 \n170,312.82 \n100,494.32 \n98,780.03 \nRetail and \nDistribution \n2,624,559.22 \n1,390,864.07 \n1,514,194.61 \n 1,704,604.16 \n208,569.60 \n111,545.24 \n125,715.23 \n95,177.70 \nFuel, Electricity \nand Gas \n37,507.60 \n50,000.00 \n- \n- \n- \n- \n- \n- \nPaper and \nPackaging \n730,127.67 \n1,042,174.38 \n397,007.15 \n788,269.34 \n48,753.05 \n53,894.24 \n15,444.19 \n27,454.68 \nTOTAL \n16,772,580.66 14,773,230.18 13,171,159.91 \n13,209,099.47 \n2,280,785.72 \n1,576,700.13 \n1,273,163.40 \n957,712.91", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_26_May_2023_Volume_25_Number_21.pdf"}
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+ {"doc_id": "38a32a7555aab9c6c014227a749f8c22", "text": "Vol. 27 No. 5 \n \n \nWeek Ending \n31st JANUARY 2025 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 2 \n3. \nEQUITY MARKETS .............................................................. 3 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 5 \n5. \nENERGY PRICES .................................................................. 5 \n6. \nGOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND \nGOLD BACKED DIGITAL TOKENS (GBDT) .................. 5 \n7. \nEXTERNAL SECTOR ........................................................... 6 \n \n \n \n 1 \n1. OVERVIEW \n \n \n \nThis report provides a synopsis of the monetary and financial developments for the week ending 31st January \n2025. It includes updates on domestic and international money and capital markets, national payment systems, \ninternational commodity prices and exchange rates. \nDuring the week under review, both foreign and local currency deposit rates remained unchanged, compared \nto the previous week’s level. \nIn the week ending 31st January 2025, local currency lending rates for individual clients marginally increased. \nSimilarly, the maximum rates for corporate clients increased, while the minimum rates decreased. Foreign \ncurrency lending rates for both individual and corporate clients increased, except for maximum rates for \ncorporate clients, which decreased. \n \nIn the capital markets, both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange \n(VFEX) exhibited bearish trends during the week under analysis. As a result, the ZSE and VFEX All share \nindices lost 5.07% and 1.64% to close at 195.57 points and 103.04 points, respectively. \n \nThe aggregate transactions processed through the National Payment System (NPS) platforms increased by \n8.23% to ZiG33.89 billion in value terms, from ZiG31.31 billion recorded in the previous week. The increase \nin NPS transactions were on account of increases in values processed through all payment platforms. \n \nOn the interbank market, the Zimbabwe Gold (ZiG) currency marginally depreciated by 0.2%, from an average \nof ZiG26.29 per US$1 in the previous week, to ZiG26.34 per US$1, during the week under review. \n \nOver the same period, prices for gold, palladium, and platinum increased, while prices for nickel and crude \noil decreased. Gold prices increased by 0.96%, in response to ongoing tariff threats from the US administration \nwhich have heightened demand for safe-haven assets. Similarly, platinum prices increased, reflecting traders' \nreactions to the decline of the U.S. dollar. Palladium price increased driven by concerns over potential supply \ndisruptions and ongoing geopolitical tensions stemming from sanctions on Russia. \nThe decrease in Brent crude oil prices was underpinned by sluggish demand, resulting from reduced factory \nactivity in China and persistent concerns about excess supply. Nickel prices decreased, reflecting excess \nsupply of the metal. \n \n \n \n \n \n \n \n \n \n \n \n \n 2 \n2. INTEREST RATES \n \nAverage commercial bank deposit rates (Local Currency (ZiG)) (%) \nZiG Deposit rates \n10 January 2025 \n17 January 2025 \n24 January 2025 \n31 January 2025 \nSavings \n \n \n \n \nMinimum \n3.54 \n3.54 \n3.54 \n3.54 \nMaximum \n3.38 \n3.38 \n3.38 \n3.38 \n1-month deposit \n \n \n \n \nMinimum \n5.38 \n5.38 \n5.38 \n5.38 \nMaximum \n8.33 \n7.94 \n7.94 \n7.94 \n3-months deposit \n \n \n \n \nMinimum \n5.67 \n5.67 \n5.67 \n5.67 \nMaximum \n8.87 \n8.15 \n8.15 \n8.15 \n6-months deposit \n \n \n \n \nMinimum \n5.00 \n5.00 \n5.00 \n5.00 \nMaximum \n7.48 \n7.48 \n7.48 \n7.48 \n12-months deposit \n \n \n \n \nMinimum \n5.01 \n5.01 \n5.01 \n5.01 \nMaximum \n7.49 \n7.49 \n7.49 \n7.49 \nOver 1 year \n \n \n \n \nMinimum \n5.02 \n5.02 \n5.02 \n5.02 \nMaximum \n7.78 \n7.78 \n7.78 \n7.78 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nAverage commercial bank deposit rates (Foreign Currency (US$)) (%) \nUS$ Deposit rates \n10 January 2024 \n 17 January 2025 \n24 January 2025 \n31 January 2025 \nSavings \n \n \n \n \nMinimum \n1.35 \n1.35 \n1.35 \n1.35 \nMaximum \n1.57 \n1.57 \n1.57 \n1.57 \n1-month deposit \n \n \n \n \nMinimum \n3.31 \n3.31 \n3.31 \n3.31 \nMaximum \n5.17 \n5.17 \n5.17 \n5.17 \n3-month deposit \n \n \n \n \nMinimum \n3.99 \n3.99 \n3.99 \n3.99 \nMaximum \n6.01 \n6.01 \n6.01 \n6.01 \n6-month deposit \n \n \n \n \nMinimum \n3.66 \n3.66 \n3.66 \n3.66 \nMaximum \n6.06 \n6.06 \n6.06 \n6.06 \n12-Month deposit \n \n \n \n \nMinimum \n3.75 \n3.75 \n3.75 \n3.75 \nMaximum \n6.19 \n6.19 \n6.19 \n6.19 \nOver 1 year \n \n \n \n \nMinimum \n3.86 \n3.86 \n3.86 \n3.86 \nMaximum \n6.28 \n6.28 \n6.28 \n6.28 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n \n \n \n \n \n 3 \nCommercial bank weighted lending rates (Local Currency (ZiG)) (%) \nZiG Lending rates \n10 January 2024 \n17 January 2025 \n24 January 2025 \n31 January 2025 \nIndividuals \n \n \n \n \nMinimum \n41.55 \n41.60 \n41.64 \n41.82 \nMaximum \n47.08 \n47.12 \n47.25 \n47.35 \nCorporates \n \n \n \n \nMinimum \n40.19 \n40.16 \n40.16 \n40.13 \nMaximum \n45.97 \n45.90 \n45.74 \n46.08 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nCommercial bank weighted lending rates (Foreign Currency (US$)) (%) \nUS$ Lending rates \n10 January 2024 \n17 January 2025 \n24 January 2025 \n31 January 2025 \nIndividuals \n \n \n \n \nMinimum \n12.79 \n12.79 \n12.80 \n12.82 \nMaximum \n17.34 \n17.33 \n17.38 \n17.40 \nCorporates \n \n \n \n \nMinimum \n10.65 \n10.62 \n10.70 \n10.74 \nMaximum \n16.25 \n16.34 \n16.26 \n16.18 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nCommercial banks and building societies mortgage lending rates (%) \nMortgage Lending rates \n 10 January 2024 \n17 January 2025 \n24 January 2025 \n31 January 2025 \nZiG Lending rates \n20.00 \n20.00 \n20.00 \n20.00 \nMinimum \n30.00 \n30.00 \n30.00 \n30.00 \nMaximum \n \n \n \n \nUS$ Lending rates \n \n \n \n \nMinimum \n10.00 \n10.00 \n10.00 \n10.00 \nMaximum \n18.00 \n18.00 \n18.00 \n18.00 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n \n3. EQUITY MARKETS \n \n \nZSE Indicators \n \n \nAll Share \nIndex \n(points) \nTop 10 \nIndex \n(points) \nTop 15 \nIndex \n(points) \nMedium Cap \n(points) \nSmall Cap \n(points) \nMining \nIndex \n(points) \nGrand \nMarket Cap \n(ZiG billion) \nMarket \nTurnover \n(ZiG million) \nVolume of \nShares \n(million) \n10-Jan-25 \n208.36 \n206.60 \n208.73 \n240.23 \n100.11 \n235.38 \n62.93 \n51.39 \n48.73 \n17-Jan-25 \n207.92 \n207.33 \n209.36 \n235.04 \n100.11 \n229.61 \n63.03 \n55.84 \n29.27 \n24-Jan-25 \n206.01 \n206.37 \n208.14 \n228.93 \n100.11 \n229.61 \n62.39 \n50.16 \n50.45 \n31-Jan-25 \n195.57 \n192.72 \n194.81 \n230.14 \n100.11 \n229.61 \n58.79 \n20.44 \n55.84 \nWeekly \nChange (%) \n(5.07) \n(6.61) \n(6.40) \n0.53 \n0.00 \n0.00 \n(5.77) \n(59.25) \n10.68 \nSource: Zimbabwe Stock Exchange, 2025 \n \nVFEX Indicators \nDate \nAll Share Index \nPoints \nGrand Market Capitalisation \n(US$ billion) \nMarket Turnover \n(US$ million) \nVolume of Shares \n(million) \n10-Jan-25 \n103.28 \n1.25 \n0.25 \n1.64 \n17-Jan-25 \n103.90 \n1.25 \n0.63 \n3.18 \n24-Jan-25 \n104.76 \n1.27 \n0.77 \n9.35 \n31-Jan-25 \n103.04 \n1.28 \n9.97 \n9.66 \nWeekly Change (%) \n(1.64) \n0.79 \n1,194.81 \n3.32 \nSource: Victoria Falls Stock Exchange, 2025 \n \n \n 4 \nFigure 1: ZSE and VFEX Indicators \n \n \n \n \n \n \nSource: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2025 \n \n \n \n140\n160\n180\n200\n220\n240\n260\n280\n300\n320\n01-Nov-24\n08-Nov-24\n15-Nov-24\n22-Nov-24\n29-Nov-24\n06-Dec-24\n13-Dec-24\n20-Dec-24\n27-Dec-24\n03-Jan-25\n10-Jan-25\n17-Jan-25\n24-Jan-25\n31-Jan-25\nIndices\nZSE Indices \nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n40\n50\n60\n70\n80\n90\n100\n01-Nov-24\n08-Nov-24\n15-Nov-24\n22-Nov-24\n29-Nov-24\n06-Dec-24\n13-Dec-24\n20-Dec-24\n27-Dec-24\n03-Jan-25\n10-Jan-25\n17-Jan-25\n24-Jan-25\n31-Jan-25\nZiG Billion\nZSE Market Capitalisation \n0\n2000\n4000\n6000\n8000\n10000\n12000\n14000\n16000\n18000\n20000\n01-Nov-24\n08-Nov-24\n15-Nov-24\n22-Nov-24\n29-Nov-24\n06-Dec-24\n13-Dec-24\n20-Dec-24\n27-Dec-24\n03-Jan-25\n10-Jan-25\n17-Jan-25\n24-Jan-25\n31-Jan-25\nUS$ Thousand\nVFEX Market Turnover \n1.15\n1.2\n1.25\n1.3\n1.35\n1.4\n01-Nov-24\n08-Nov-24\n15-Nov-24\n22-Nov-24\n29-Nov-24\n06-Dec-24\n13-Dec-24\n20-Dec-24\n27-Dec-24\n03-Jan-25\n10-Jan-25\n17-Jan-25\n24-Jan-25\n31-Jan-25\nUS$ Billion\nVFEX Market Capitalisation \n95\n100\n105\n110\n115\n01-Nov-24\n08-Nov-24\n15-Nov-24\n22-Nov-24\n29-Nov-24\n06-Dec-24\n13-Dec-24\n20-Dec-24\n27-Dec-24\n03-Jan-25\n10-Jan-25\n17-Jan-25\n24-Jan-25\n31-Jan-25\nIndices\nVFEX All Share Index \n0\n20 0 000\n40 0 000\n60 0 000\n80 0 000\n100 0 000\n120 0 000\n01-Nov-24\n08-Nov-24\n15-Nov-24\n22-Nov-24\n29-Nov-24\n06-Dec-24\n13-Dec-24\n20-Dec-24\n27-Dec-24\n03-Jan-25\n10-Jan-25\n17-Jan-25\n24-Jan-25\n31-Jan-25\nZiG Thousands\nZSE Market Turnover \nNegotiated \ntrade \ndeals \nSimbisa Brands Limited \nshares, \nInnscor \nAfrica \nLi i d h\n \n 5 \n4. CLEARING AND SETTLEMENT ACTIVITY \n Source: Reserve Bank of Zimbabwe, 2025 \n \n \n5. ENERGY PRICES \n \nEnergy Prices \n \n10 January \n17 January 2025 \n24 January 2025 \n31 January 2025 \nDomestic Energy Prices \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.53 \n1.53 \n1.53 \n1.53 \nPetrol Blend E20/ litre \n1.48 \n1.48 \n1.48 \n1.48 \nLP Gas / kg \n1.58 \n1.58 \n1.58 \n1.58 \n \n \n \n \n \nInternational Energy Prices \n(Weekly average) \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n77.49 \n80.18 \n78.09 \n76.16 \n Source: Zimbabwe Energy Regulatory Authority and BBC 2025 \n \n \n6. GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS \n(GBDT) \n \n \n \nGold PM Fix and Gold Backed Digital Token Prices \nDate \nGold PM Fix \nGBDT ZiG Price per Mg \nGBDT US$ Price per Mg \nUS$/oz \nBuy \nSell \nBuy \nSell \n27-January-25 \n2,776.80 \n2.23 \n2.47 \n0.0848 \n0.0937 \n28-January-25 \n2,742.40 \n2.21 \n2.44 \n0.0838 \n0.0926 \n29-January-25 \n2,751.90 \n2.21 \n2.45 \n0.0841 \n0.0929 \n30-January-25 \n2,756.30 \n2.22 \n2.45 \n0.0842 \n0.0930 \n31-January-25 \n2,787.25 \n2.24 \n2.48 \n0.0851 \n0.0941 \nSource: London Bullion Market Association and Reserve Bank of Zimbabwe, 2025 \n \n \n \nPAYMENT STREAM \nWEEK ENDING \n24 January 2025 \nWEEK ENDING \n31 January 2025 \nWEEKLY \nCHANGE (%) \n \nVALUES \n \nRTGS \n25,089,785,960.95 \n26,134,359,847.83 \n4.16 \nOf which ZiG \n9,161,829,756.68 \n8,063,087,713.26 \n \nOf which US$ transactions \n(ZiG Equivalent) \n15,927,956,204.27 \n18,071,272,134.57 \n \nPOS \n2,041,155,708.90 \n2,552,939,846.01 \n25.07 \nATM \n1,403,860,545.34 \n2,114,980,202.64 \n50.65 \nMOBILE BANKING \n246,078,498.60 \n320,066,986.22 \n30.07 \nMOBILE MONEY \n2,388,027,814.28 \n2,593,832,405.04 \n8.62 \nZIPIT MOBILE \n142,923,383.27 \n173,451,954.33 \n21.36 \nTOTAL \n31,311,831,911.35 \n33,889,631,242.07 \n8.23 \n \nVOLUMES \n \nRTGS \n203,561 \n285,676 \n40.34 \nOf which ZiG \n89,767 \n128,662 \n \nOf which US$ \n113,794 \n157,014 \n \nPOS \n1,647,795 \n2,023,967 \n22.83 \nATM \n198,929 \n273,944 \n37.71 \nMOBILE BANKING \n306,546 \n415,472 \n35.53 \nMOBILE MONEY \n8,783,544 \n8,966,043 \n2.08 \nZIPIT MOBILE \n226,301 \n173,680 \n(23.25) \nTOTAL \n11,366,676 \n12,138,782 \n6.79 \n \n 6 \n \nMosi-oa-Tunya Gold Coin Prices \nGold Coin \nPrice \n27-January-25 \n28-January-25 \n29-January-25 \n30-January-25 \n31-January-25 \n1.00Oz \n \n \n \n \n \nUS$ \n2,915.64 \n2,879.52 \n2,889.50 \n2,894.12 \n2,926.61 \nZiG \n76,743.14 \n75,842.53 \n76.126.92 \n76,260.51 \n77,161.89 \n0.50Oz \n \n \n \n \n \nUS$ \n1,457.82 \n1,439.76 \n1,444.75 \n1,447.06 \n1,463.31 \nZiG \n38,371.57 \n37,921.26 \n38.063.46 \n38,130.25 \n38,580.95 \n0.25Oz \n \n \n \n \n \nUS$ \n728.91 \n719.88 \n722.37 \n723.53 \n731.65 \nZiG \n19,185.79 \n18,960.63 \n19,031.73 \n19,065.13 \n19,290,47 \n0.10Oz \n \n \n \n \n \nUS$ \n291.56 \n287.95 \n288.95 \n289.41 \n292.66 \nZiG \n7,674.31 \n7,584.25 \n7,612.69 \n7,626.05 \n7,716.19 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n7. EXTERNAL SECTOR \n \n \nExchange Rate Developments (ZiG per Unit of foreign currency) \n \n \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(20 Jan-24 Jan) \n26.2887 \n1.4164 \n32.3350 \n1.8917 \n27.3135 \n27-Jan \n26.3212 \n1.4182 \n32.7607 \n1.9111 \n27.5281 \n28-Jan \n26.3386 \n1.3970 \n32.7826 \n1.8992 \n27.4857 \n29-Jan \n26.3461 \n1.4114 \n32.8101 \n1.8998 \n27.5041 \n30-Jan \n26.3502 \n1.4198 \n32.7865 \n1.8974 \n27.453 \n31-Jan \n26.3656 \n1.4201 \n32.7476 \n1.9077 \n27.386 \nWeekly Average \n(27 Jan -31 Jan) \n26.3443 \n1.4133 \n32.7775 \n1.9030 \n27.4714 \nAppr (-)/Depr (+) (%) of the \nZWG \n0.2 \n(0.2) \n1.4 \n0.6 \n0.6 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nInternational Commodity Prices \n \nGold \nPlatinum \nPalladium \nNickel \nLithium \n \nUS$/oz \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nWeekly Average (20 \nJan - 24 Jan) \n2,742.55 \n943.80 \n967.40 \n15,850.80 \n10,025.00 \n27-Jan \n2,754.75 \n947.00 \n972.50 \n15,560.00 \n10,025.00 \n28-Jan \n2,747.80 \n943.00 \n962.00 \n15,435.00 \n10,025.00 \n29-Jan \n2,757.85 \n946.50 \n954.00 \n15,499.00 \n10,025.00 \n30-Jan \n2,782.70 \n964.00 \n983.50 \n15,394.00 \n10,025.00 \n31-Jan \n2,801.78 \n976.00 \n992.50 \n15,210.00 \n10,025.00 \nWeekly Average (27 \nJan – 31 Jan) \n2,768.98 \n955.30 \n972.90 \n15,419.60 \n10,025.00 \nWeekly Change (%) \n0.96 \n1.22 \n0.57 \n(2.72) \n0.00 \nSource: BBC, KITCO and Bloomberg, 2025 \n \n \n \n \n \n 7 \nFigure 3: Weekly International Commodity Price Developments (3rd January 2025– 31st January 2025) \n \n \n \n \n \n \nSource: BBC, KITCO and Bloomberg, 2025 \n \nRESERVE BANK OF ZIMBABWE \nFEBRUARY 2025 \n2 5 500\n2 5 550\n2 6 600\n2 6 650\n2 7 700\n2 7 750\n2 8 800\n2 8 850\n03-Jan\n10-Jan\n17-Jan\n24-Jan\n31-Jan\nUS$/oz\nGold\n70\n72\n74\n76\n78\n80\n82\n3-Jan\n10-Jan\n17-Jan\n24-Jan\n31-Jan\nUS$/barrel\nCrude oil \n900\n920\n940\n960\n980\n1 0 000\n3-Jan\n10-Jan\n17-Jan\n24-Jan\n31-Jan\nUS$/tonne\nPlatinum\n15 0 000\n15 2 200\n15 4 400\n15 6 600\n15 8 800\n16 0 000\n16 2 200\n16 4 400\n3-Jan\n10-Jan\n17-Jan\n24-Jan\n31-Jan\nUS$/tonne\nNickel\n9 6 600\n9 7 700\n9 8 800\n9 9 900\n10 0 000\n10 1 100\n3-Jan\n10-Jan\n17-Jan\n24-Jan\n31-Jan\nUS$/tonne\nLithium \n900\n910\n920\n930\n940\n950\n960\n970\n980\n990\n1 0 000\n1 0 010\n1 0 020\n3-Jan\n10-Jan\n17-Jan\n24-Jan\n31-Jan\nUS$/tonne\nPalladium", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_31_JANUARY_2025_Volume_27_Number_5.pdf"}
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+ {"doc_id": "396fb1a511bc24bbfe65fc3c302543e9", "text": "Vol. 27 No. 4 \n \n \nWeek Ending \n24th JANUARY 2025 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ............................................................................ 1 \n2. \nINTEREST RATES ................................................................ 2 \n3. \nEQUITY MARKETS .............................................................. 3 \n4. \nCLEARING AND SETTLEMENT ACTIVITY .................. 5 \n5. \nENERGY PRICES .................................................................. 5 \n6. \nGOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND \nGOLD BACKED DIGITAL TOKENS (GBDT) .................. 5 \n7. \nEXTERNAL SECTOR ........................................................... 6 \n \n \n \n 1 \n1. OVERVIEW \n \n \n \nThis report provides a synopsis of the monetary and financial developments for the week ending 24th January \n2025. It encompasses updates on domestic and international money and capital markets, national payment \nsystems, international commodity prices and exchange rates. \nDuring the week under review, both foreign and local currency deposit rates remained unchanged, compared \nto the previous week’s level. \nIn the week ending 24th January 2025, both the local currency minimum and maximum lending rates for \nindividual clients marginally increased. For corporate clients, the minimum rates remained the same, while \nthe maximum lending rates increased. Foreign currency lending rates for both individual and corporate clients \nincreased, except for maximum rates for corporate clients, which declined. \n \nIn the capital markets, the Zimbabwe Stock Exchange (ZSE) was bearish during the week under analysis, \nresulting in a 0.92% decline of the ZSE All Share Index, which closed at 206.01 points. The Victoria Falls \nStock Exchange (VFEX), however, showed bullish trends during the same period, with the VFEX All Share \nIndex increasing by 0.83% to close at 104.76 points. \n \nThe aggregate transactions processed through the National Payment System (NPS) platforms increased by \n6.28% to ZiG31.31 billion in value terms, from ZiG29.46 billion recorded in the previous week. The increase \nin NPS transactions was underpinned by increases in values processed through Real Time Gross Settlement \nand mobile banking and zipit mobile payment platforms. \n \nOn the exchange rate front, the Zimbabwe Gold (ZiG) currency marginally depreciated by 0.4% on the \ninterbank market, from an average exchange rate of ZiG26.17 per US$1 in the previous week to ZiG26.29 per \nUS$1, during the week under review \n \nThe weekly average international commodity prices for gold and palladium increased, while average prices \nfor platinum, nickel and crude oil decreased, during the week under review. Gold prices increased, in response \nto investors’ anticipation for lower interest rates. Similarly, palladium prices rose, influenced by geopolitical \ntensions and trade policies between Russia and the new US administration, which impacted market dynamics. \nSubdued demand for platinum in the industrial applications led to a decline in platinum prices. The decrease \nin nickel prices is attributed to Chinese battery producers increasingly adopting new technologies that reduce \ntheir reliance on nickel. Brent crude oil prices retreated during the week under review, as markets react to \nshifting trade policies by the new US administration as it announced plans to urge Saudi Arabia and OPEC+ \nto review oil prices. \n \n \n \n \n \n \n \n \n \n \n 2 \n2. INTEREST RATES \n \nAverage commercial bank deposit rates (Local Currency (ZiG)) (%) \nZiG Deposit rates \n3 January 2025 \n10 January 2025 \n17 January 2025 \n24 January 2025 \nSavings \n \n \n \n \nMinimum \n3.54 \n3.54 \n3.54 \n3.54 \nMaximum \n3.38 \n3.38 \n3.38 \n3.38 \n1-month deposit \n \n \n \n \nMinimum \n5.38 \n5.38 \n5.38 \n5.38 \nMaximum \n7.94 \n8.33 \n7.94 \n7.94 \n3-months deposit \n \n \n \n \nMinimum \n5.67 \n5.67 \n5.67 \n5.67 \nMaximum \n8.15 \n8.87 \n8.15 \n8.15 \n6-months deposit \n \n \n \n \nMinimum \n5.00 \n5.00 \n5.00 \n5.00 \nMaximum \n7.48 \n7.48 \n7.48 \n7.48 \n12-months deposit \n \n \n \n \nMinimum \n5.01 \n5.01 \n5.01 \n5.01 \nMaximum \n7.49 \n7.49 \n7.49 \n7.49 \nOver 1 year \n \n \n \n \nMinimum \n5.02 \n5.02 \n5.02 \n5.02 \nMaximum \n7.78 \n7.78 \n7.78 \n7.78 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nAverage commercial bank deposit rates (Foreign Currency (US$)) (%) \nUS$ Deposit rates \n3 January 2024 \n 10 January 2025 \n17 January 2025 \n24 January 2025 \nSavings \n \n \n \n \nMinimum \n1.35 \n1.35 \n1.35 \n1.35 \nMaximum \n1.57 \n1.57 \n1.57 \n1.57 \n1-month deposit \n \n \n \n \nMinimum \n3.31 \n3.31 \n3.31 \n3.31 \nMaximum \n5.17 \n5.17 \n5.17 \n5.17 \n3-month deposit \n \n \n \n \nMinimum \n3.99 \n3.99 \n3.99 \n3.99 \nMaximum \n6.01 \n6.01 \n6.01 \n6.01 \n6-month deposit \n \n \n \n \nMinimum \n3.66 \n3.66 \n3.66 \n3.66 \nMaximum \n6.06 \n6.06 \n6.06 \n6.06 \n12-Month deposit \n \n \n \n \nMinimum \n3.75 \n3.75 \n3.75 \n3.75 \nMaximum \n6.19 \n6.19 \n6.19 \n6.19 \nOver 1 year \n \n \n \n \nMinimum \n3.86 \n3.86 \n3.86 \n3.86 \nMaximum \n6.28 \n6.28 \n6.28 \n6.28 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n \n \n \n \n \n 3 \nCommercial bank weighted lending rates (Local Currency (ZiG)) (%) \nZiG Lending rates \n03 January 2024 \n10 January 2025 \n17 January 2025 \n24 January 2025 \nIndividuals \n \n \n \n \nMinimum \n41.51 \n41.55 \n41.60 \n41.64 \nMaximum \n47.04 \n47.08 \n47.12 \n47.25 \nCorporates \n \n \n \n \nMinimum \n40.21 \n40.19 \n40.16 \n40.16 \nMaximum \n46.14 \n45.97 \n45.90 \n45.74 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nCommercial bank weighted lending rates (Foreign Currency (US$)) (%) \nUS$ Lending rates \n3 January 2024 \n10 January 2025 \n17 January 2025 \n24 January 2025 \nIndividuals \n \n \n \n \nMinimum \n12.77 \n12.79 \n12.79 \n12.80 \nMaximum \n17.31 \n17.34 \n17.33 \n17.38 \nCorporates \n \n \n \n \nMinimum \n10.66 \n10.65 \n10.62 \n10.70 \nMaximum \n16.30 \n16.25 \n16.34 \n16.26 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nCommercial banks and building societies mortgage lending rates (%) \nMortgage Lending rates \n3 January 2024 \n10 January 2025 \n17 January 2025 \n24 January 2025 \nZiG Lending rates \n \n \n \n \nMinimum \n20.00 \n20.00 \n20.00 \n20.00 \nMaximum \n30.00 \n30.00 \n30.00 \n30.00 \nUS$ Lending rates \n \n \n \n \nMinimum \n10.00 \n10.00 \n10.00 \n10.00 \nMaximum \n18.00 \n18.00 \n18.00 \n18.00 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n \n3. EQUITY MARKETS \n \n \nZSE Indicators \n \n \nAll Share \nIndex \n(points) \nTop 10 \nIndex \n(points) \nTop 15 \nIndex \n(points) \nMedium Cap \n(points) \nSmall Cap \n(points) \nMining \nIndex \n(points) \nGrand \nMarket Cap \n(ZiG billion) \nMarket \nTurnover \n(ZiG million) \nVolume of \nShares \n(million) \n3-Jan-24 \n213.90 \n212.33 \n213.56 \n246.61 \n100.11 \n235.38 \n65.09 \n30.98 \n5.73 \n10-Jan-25 \n208.36 \n206.60 \n208.73 \n240.23 \n100.11 \n235.38 \n62.93 \n51.39 \n48.73 \n17-Jan-25 \n207.92 \n207.33 \n209.36 \n235.04 \n100.11 \n229.61 \n63.03 \n55.84 \n29.27 \n24-Jan-25 \n206.01 \n206.37 \n208.14 \n228.93 \n100.11 \n229.61 \n62.39 \n50.16 \n50.45 \nWeekly \nChange (%) \n(0.92) \n(0.46) \n(0.58) \n(2.60) \n0.00 \n0.00 \n(1.02) \n(10.17) \n72.36 \nSource: Zimbabwe Stock Exchange, 2025 \n \nVFEX Indicators \nDate \nAll Share Index \nPoints \nGrand Market Capitalisation \n(US$ billion) \nMarket Turnover \n(US$ million) \nVolume of Shares \n(million) \n3-Jan-24 \n105.77 \n1.28 \n0.41 \n1.85 \n10-Jan-25 \n103.28 \n1.25 \n0.25 \n1.64 \n17-Jan-25 \n103.90 \n1.25 \n0.63 \n3.18 \n24-Jan-25 \n104.76 \n1.27 \n0.77 \n9.35 \nWeekly Change (%) \n0.83 \n1.60 \n22.22 \n194.03 \nSource: Victoria Falls Stock Exchange, 2025 \n \n \n 4 \n \nFigure 1: ZSE and VFEX Indicators \n \n \n \n \n \n \nSource: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2025 \n \n \n \n140\n160\n180\n200\n220\n240\n260\n280\n300\n320\n25-Oct-24\n01-Nov-24\n08-Nov-24\n15-Nov-24\n22-Nov-24\n29-Nov-24\n06-Dec-24\n13-Dec-24\n20-Dec-24\n27-Dec-24\n03-Jan-25\n10-Jan-25\n17-Jan-25\n24-Jan-25\nIndices\nZSE Indices \nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n40\n50\n60\n70\n80\n90\n100\n25-Oct-24\n01-Nov-24\n08-Nov-24\n15-Nov-24\n22-Nov-24\n29-Nov-24\n06-Dec-24\n13-Dec-24\n20-Dec-24\n27-Dec-24\n03-Jan-25\n10-Jan-25\n17-Jan-25\n24-Jan-25\nZiG Billion\nZSE Market Capitalisation \n0\n2000\n4000\n6000\n8000\n10000\n12000\n14000\n16000\n18000\n20000\n25-Oct-24\n01-Nov-24\n08-Nov-24\n15-Nov-24\n22-Nov-24\n29-Nov-24\n06-Dec-24\n13-Dec-24\n20-Dec-24\n27-Dec-24\n03-Jan-25\n10-Jan-25\n17-Jan-25\n24-Jan-25\nUS$ Thousand\nVFEX Market Turnover \n1,15\n1,2\n1,25\n1,3\n1,35\n1,4\n25-Oct-24\n01-Nov-24\n08-Nov-24\n15-Nov-24\n22-Nov-24\n29-Nov-24\n06-Dec-24\n13-Dec-24\n20-Dec-24\n27-Dec-24\n03-Jan-25\n10-Jan-25\n17-Jan-25\n24-Jan-25\nUS$ Billion\nVFEX Market Capitalisation \n95\n100\n105\n110\n115\n25-Oct-24\n01-Nov-24\n08-Nov-24\n15-Nov-24\n22-Nov-24\n29-Nov-24\n06-Dec-24\n13-Dec-24\n20-Dec-24\n27-Dec-24\n03-Jan-25\n10-Jan-25\n17-Jan-25\n24-Jan-25\nIndices\nVFEX All Share Index \n0\n20 000\n40 000\n60 000\n80 000\n100 000\n120 000\n25-Oct-24\n01-Nov-24\n08-Nov-24\n15-Nov-24\n22-Nov-24\n29-Nov-24\n06-Dec-24\n13-Dec-24\n20-Dec-24\n27-Dec-24\n03-Jan-25\n10-Jan-25\n17-Jan-25\n24-Jan-25\nZiG Thousands\nZSE Market Turnover \nNegotiated \ntrade \ndeals \nSimbisa Brands Limited \nshares, \nInnscor \nAfrica \nLi i d h\n \n 5 \n4. CLEARING AND SETTLEMENT ACTIVITY \n Source: Reserve Bank of Zimbabwe, 2025 \n \n \n5. ENERGY PRICES \n \nEnergy Prices \n \n03 January \n10 January 2025 \n17 January 2025 \n24 January 2025 \nDomestic Energy Prices \nUS$ \nUS$ \nUS$ \nUS$ \nDiesel 50/ litre \n1.54 \n1.53 \n1.53 \n1.53 \nPetrol Blend E20/ litre \n1.48 \n1.48 \n1.48 \n1.48 \nLP Gas / kg \n1.86 \n1.58 \n1.58 \n1.58 \n \n \n \n \n \nInternational Energy Prices \n(Weekly average) \nUS$/barrel \nUS$/barrel \nUS$/barrel \nUS$/barrel \nCrude Oil Prices \n75.28 \n77.49 \n80.18 \n78.09 \n Source: Zimbabwe Energy Regulatory Authority and BBC 2025 \n \n \n6. GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS \n(GBDT) \n \n \n \nGold PM Fix and Gold Backed Digital Token Prices \nDate \nGold PM Fix \nGBDT ZiG Price per Mg \nGBDT US$ Price per Mg \nUS$/oz \nBuy \nSell \nBuy \nSell \n20-January-25 \n2,715.20 \n2.18 \n2.41 \n0.0829 \n0.0917 \n21-January-25 \n2,707.20 \n2.17 \n2.40 \n0.0827 \n0.0914 \n22-January-25 \n2,737.80 \n2.20 \n2.43 \n0.0836 \n0.0924 \n23-January-25 \n2,751.80 \n2.21 \n2.44 \n0.0840 \n0.0929 \n24-January-25 \n2,744.25 \n2.20 \n2.44 \n0.0838 \n0.0926 \nSource: London Bullion Market Association and Reserve Bank of Zimbabwe, 2025 \n \n \n \nPAYMENT STREAM \nWEEK ENDING \n17 January 2025 \nWEEK ENDING \n24 January 2025 \nWEEKLY \nCHANGE (%) \n \nVALUES \n \nRTGS \n24,073,286,229.77 \n25,089,785,960.95 \n4.22 \nOf which ZiG \n7,860,558,576.89 \n9,161,829,756.68 \n \nOf which US$ transactions \n(ZiG Equivalent) \n16,212,727,652.88 \n15,927,956,204.27 \n \nPOS \n1,550,943,195.01 \n2,041,155,708.90 \n31.61 \nATM \n1,157,328,887.38 \n1,403,860,545.34 \n21.30 \nMOBILE BANKING \n157,966,869.65 \n246,078,498.60 \n55.78 \nMOBILE MONEY \n2,415,164,496.23 \n2,388,027,814.28 \n(1.12) \nZIPIT MOBILE \n105,818,515.82 \n142,923,383.27 \n35.06 \nTOTAL \n29,460,508,193.88 \n31,311,831,911.35 \n6.28 \n \nVOLUMES \n \nRTGS \n154,147 \n203,561 \n32.06 \nOf which ZiG \n62,536 \n89,767 \n \nOf which US$ \n91,611 \n113,794 \n \nPOS \n1,464,186 \n1,647,795 \n12.54 \nATM \n139,795 \n198,929 \n42.30 \nMOBILE BANKING \n233,676 \n306,546 \n31.18 \nMOBILE MONEY \n8,694,089 \n8,783,544 \n1.03 \nZIPIT MOBILE \n144,205 \n226,301 \n56.93 \nTOTAL \n10,830,098 \n11,366,676 \n4.95 \n \n 6 \n \nMosi-oa-Tunya Gold Coin Prices \nGold Coin \nPrice \n20-January-25 \n21-January-25 \n22-January-25 \n23-January-25 \n24-January-25 \n1.00Oz \n \n \n \n \n \nUS$ \n2,850.96 \n2,843.09 \n2,874.69 \n2,889.39 \n2,881.46 \nZiG \n74,932.07 \n74,768.02 \n75,522.71 \n75,962.93 \n75,783.62 \n0.50Oz \n \n \n \n \n \nUS$ \n1,425.48 \n1,421.54 \n1,437.35 \n1,444.70 \n1,440.73 \nZiG \n37,466.03 \n37,384.01 \n37,761.35 \n37,981.46 \n37,891.81 \n0.25Oz \n \n \n \n \n \nUS$ \n712.74 \n710.77 \n718.67 \n722.35 \n720.37 \nZiG \n18,733.02 \n18,692 \n18,880.68 \n18,990.73 \n18,945.90 \n0.10Oz \n \n \n \n \n \nUS$ \n285.10 \n284.31 \n287.47 \n288.94 \n288.15 \nZiG \n7,493.21 \n7,476.80 \n7552.27 \n7,596.29 \n7,578.36 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n7. EXTERNAL SECTOR \n \n \nExchange Rate Developments (ZiG per Unit of foreign currency) \n \n \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average \n(13– 17Jan) \n26.1732 \n1.3823 \n31.9504 \n1.8638 \n26.8983 \n20-Jan \n26.2831 \n1.4049 \n32.0825 \n1.8808 \n27.0782 \n21-Jan \n26.2982 \n1.4126 \n32.3101 \n1.8819 \n27.3067 \n22-Jan \n26.2716 \n1.4182 \n32.4049 \n1.8931 \n27.3501 \n23-Jan \n26.2903 \n1.4190 \n32.3753 \n1.9036 \n27.359 \n24-Jan \n26.3004 \n1.4273 \n32.5024 \n1.8991 \n27.4735 \nWeekly Average \n(20– 24Jan) \n26.2887 \n1.4164 \n32.3350 \n1.8917 \n27.3135 \nAppr (-)/Depr (+) (%) of the \nZWG \n0.4 \n2.5 \n1.2 \n1.5 \n1.5 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nInternational Commodity Prices \n \nGold \nPlatinum \nPalladium \nNickel \nLithium \n \nUS$/oz \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nWeekly Average \n(13- 17 Jan) \n2,684.11 \n948.29 \n944.76 \n15,943.20 \n10,025.00 \n20-Jan \n2,707.60 \n942.00 \n945.50 \n16,102.00 \n10,025.00 \n21-Jan \n2,729.60 \n942.00 \n940.00 \n16,078.00 \n10,025.00 \n22-Jan \n2,755.98 \n948.50 \n958.00 \n15,718.00 \n10,025.00 \n23-Jan \n2,745.63 \n935.50 \n992.00 \n15,688.00 \n10,025.00 \n24-Jan \n2,773.93 \n951.00 \n1,001.50 \n15,668.00 \n10,025.00 \nWeekly Average \n(20- 24 Jan) \n2,742.55 \n943.80 \n967.40 \n15,850.80 \n10,025.00 \nWeekly Change (%) \n2.18 \n(0.47) \n2.40 \n(0.58) \n0.00 \nSource: BBC, KITCO and Bloomberg, 2025 \n \n \n \n \n \n 7 \nFigure 3: Weekly International Commodity Price Developments (3rd January 2025– 24th January 2025) \n \n \n \n \n \n \nSource: BBC, KITCO and Bloomberg, 2025 \n \nRESERVE BANK OF ZIMBABWE \nJANUARY 2025 \n2 500\n2 550\n2 600\n2 650\n2 700\n2 750\n2 800\n03-Jan\n10-Jan\n17-Jan\n24-Jan\nUS$/oz\nGold\n70\n72\n74\n76\n78\n80\n82\n3-Jan\n10-Jan\n17-Jan\n24-Jan\nUS$/barrel\nCrude oil \n900\n920\n940\n960\n980\n1 000\n3-Jan\n10-Jan\n17-Jan\n24-Jan\nUS$/tonne\nPlatinum\n15 000\n15 200\n15 400\n15 600\n15 800\n16 000\n16 200\n16 400\n3-Jan\n10-Jan\n17-Jan\n24-Jan\nUS$/tonne\nNickel\n9 600\n9 700\n9 800\n9 900\n10 000\n10 100\n3-Jan\n10-Jan\n17-Jan\n24-Jan\nUS$/tonne\nLithium \n900\n910\n920\n930\n940\n950\n960\n970\n980\n990\n1 000\n1 010\n1 020\n3-Jan\n10-Jan\n17-Jan\n24-Jan\nUS$/tonne\nPalladium", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_24_JANUARY_2025_Volume_27_Number_4.pdf"}
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+ {"doc_id": "3ba5249127c46f0cffe2f930f4b85873", "text": "Vol. 25 No. 42 \n \n \nWeek Ending \n20th October 2023 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nOVERVIEW ................................................................................................ 1 \n2. \nINTEREST RATES .................................................................................... 1 \n3. \nCLEARING AND SETTLEMENT ACTIVITY ...................................... 3 \n4. \nINTERNATIONAL COMMODITY PRICE DEVELOPMENTS ......... 5 \n5. \nEQUITY MARKETS.................................................................................. 8 \n6. \nBEYOND INFLATION NUMBERS - THE CASE OF \nSKIMPFLATION ..................................................................................... 11 \n \n \n \n \n 1 \n1. OVERVIEW \n \nThis report provides an analysis of the developments in the money and capital markets for the \nweek ending 20th October 2023. The report also covers an article on Skimpflation which is a \ntrend where businesses reduce the quality of products or services for the same price. \n \nThe Zimbabwe Stock Exchange (ZSE) exhibited bullish sentiment, while the Victoria Falls Stock \nExchange (VFEX) was characterised by bearish sentiment, during the week under analysis. The \ncountry’s National Payment Systems (NPS) processed transactions valued at ZW$5,4 trillion \nduring the reporting week, up by 6.01% from the value of transactions processed during the week \nending 13th October 2023. \n \nMinimum and maximum deposit rates for foreign currency deposits remained unchanged, during \nthe week ending 20th October 2023. In the same week, international commodity prices for gold, \nplatinum, and crude oil increased, while those for palladium, copper, nickel, and lithium \ndecreased. \n2. INTEREST RATES \n \nLocal Currency (ZW$) Deposit Rates \n \nDuring the week ending 20th October 2023, minimum and maximum deposit rates for all deposit \nclasses remained largely unchanged. The average deposits rates are shown in Table 1. \n \nTable 1: Average Deposit Rates (per annum) \nDate \nSavings deposits \n \n1- Month deposit \nrates \n \n3- Month deposit \nrates \n \n6- Month deposit \nrates \n \n12- Month deposit \nrates \n \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \n22-Sep-23 \n38.14 \n38.80 \n59.00 \n70.11 \n65.59 \n61.67 \n \n59.17 \n68.64 \n59.33 \n68.79 \n29-Sep-23 \n34.29 \n35.60 \n59.00 \n70.00 \n61.67 \n69.33 \n59.17 \n68.64 \n59.33 \n68.79 \n6-Oct-23 \n34.29 \n35.60 \n59.00 \n \n70.00 \n61.17 \n69.33 \n59.17 \n68.64 \n59.33 \n68.79 \n13-Oct-23 \n34.29 \n35.60 \n59.00 \n69.33 \n61.67 \n70.35 \n59.17 \n68.64 \n59.33 \n68.79 \n20-Oct-23 \n34.29 \n35.60 \n59.00 \n69.33 \n61.67 \n70.35 \n59.17 \n68.64 \n59.33 \n68.79 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n 2 \n \n \nLocal Currency (ZW$) Lending Rates \n \nMinimum lending rates for both individual and corporate clients decreased, during the week \nunder analysis. Maximum lending rates for individual clients registered a marginal increase of \n0.09 percentage points to 101.61%, while those for corporate clients marginally declined by 0.4% \nto 165.53%. The lending rates are shown in Table 2. \n \n \nTable 2: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \n \n Corporate Clients \n \n22-Sep-23 \n76.59 \n100.04 \n92.67 \n167.36 \n29-Sep-23 \n76.49 \n100.20 \n92.69 \n166.00 \n6-Oct-23 \n75.58 \n100.41 \n94.51 \n164.75 \n13-Oct \n74.11 \n101.52 \n93.91 \n165.93 \n20-Oct \n71.66 \n101.61 \n93.37 \n165.53 \nSource: Reserve Bank of Zimbabwe, 2023 \n \nForeign Currency (USD) Deposit Rates \n \nDuring the week under review, minimum and maximum FCA deposit rates for all deposit classes \nremained unchanged. The average foreign currency deposits rates are shown in Table 3. \n \nTable 3: Average Foreign Currency Deposit Rates (per annum) \nDate \nSavings deposits \n1- Month deposit \nrates \n \n3- Month deposit rates \n \n6-Month deposit rates \n \n12- Month deposit \nrates \n \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \nMinimum \n(%) \nMaximum \n(%) \n22-Sep-23 \n1.27 \n1.81 \n3.15 \n4.62 \n3.33 \n5.00 \n3.35 \n5.27 \n3.43 \n5.50 \n29-Sep-23 \n1.27 \n1.81 \n3.15 \n4.62 \n \n3.33 \n5.00 \n3.35 \n5.27 \n3.43 \n5.50 \n6-Oct-23 \n1.27 \n1.81 \n3.15 \n4.56 \n3.33 \n5.00 \n3.35 \n5.27 \n3.43 \n5.50 \n13-Oct-23 \n1.27 \n1.81 \n3.15 \n4.56 \n3.33 \n5.00 \n3.35 \n5.27 \n3.43 \n5.50 \n20-Oct-23 \n1.27 \n1.81 \n3.15 \n4.56 \n3.33 \n5.00 \n3.35 \n5.27 \n3.43 \n5.50 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n 3 \nForeign Currency (USD) Lending Rates \nMinimum and maximum foreign currency lending rates for individual clients registered marginal \nincreases, during the week under analysis. Minimum foreign currency lending rates for corporate \nclients softened marginally, while maximum lending rates for the same category of customers \nregistered a marginal increase, during the week under analysis. \n \nTable 4: Lending Rates (per annum) \n \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \nCorporate Clients \n \n22-Sep-23 \n11.19 \n13.32 \n8.19 \n14.28 \n29-Sep-23 \n11.26 \n12.98 \n7.84 \n15.06 \n6-Oct-23 \n10.94 \n13.84 \n8.29 \n13.63 \n13-Oct-23 \n11.15 \n13.35 \n8.27 \n14.20 \n20-Oct-23 \n11.16 \n13.36 \n8.24 \n14.28 \nSource: Reserve Bank of Zimbabwe, 2023 \n3. CLEARING AND SETTLEMENT ACTIVITY \n \nThe total value of transactions processed through the National Payment Systems (NPS) stood at \nZW$5.41 trillion, during the week ending 20 October 2023, representing an increase of 6.01% \nfrom the previous week. Transactions processed through the Real Time Gross Settlement \n(RTGS) system rose by 8.3% to ZW$4.6 trillion, during the reporting week. The distribution of \nNPS transactions, in value terms, was as follows: RTGS, 85.17%; Mobile, 5.34%, Point of Sale \n(POS), 5.31% and Automated Teller Machines (ATM), 4.18%, as shown in Figure 1. \n \nFigure 1: Composition of NPS Transactions in Value Terms \n \n Source: Reserve Bank of Zimbabwe, 2023 \n \n \n \nRTGS\n85.17%\nPOS\n5.31%\nATM\n4.18%\nMOBILE\n5.34%\nRTGS\nPOS\nATM\nMOBILE\n \n 4 \nThe volume of transactions processed through the NPS decreased by 6.22% to close at 11.53 \nmillion, largely due to decreases in RTGS and mobile transaction volumes. The NPS transaction \nvolumes were distributed as follows: Mobile, 80.71%; POS, 16.57%; ATM, 1.34%; and RTGS, \n1.38%, as shown in Figure 2. \n \n Figure 2: Composition of NPS Transactions in Volume Terms \n \nSource: Reserve Bank of Zimbabwe, 2023 \n \nTable 5: National Payment Systems Activity \nPAYMENT \nSTREAM \n WEEK ENDING \n13 OCTOBER 2023 \n WEEK ENDING \n20 OCTOBER 2023 \n% CHANGE \nFROM LAST \nWEEK \nPROPORTION \n \nVALUES IN DOLLARS \n \nRTGS \n4,251,805,045,483.88 \n4,604,138,729,789.45 \n8.29% \n85.17% \nPOS \n287,266,250,525.41 \n287,192,503,594.00 \n-0.03% \n5.31% \nATM \n179,870,673,429.88 \n226,184,705,222.41 \n25.75% \n4.18% \nMOBILE \n380,497,740,156.47 \n288,621,379,652.69 \n-24.15% \n5.34% \nTOTAL \n5,099,439,709,595.64 \n5,406,137,318,258.55 \n6.01% \n100% \n \nVOLUMES \n \nRTGS \n177,537 \n159,049 \n-10.41% \n1.38% \nPOS \n1,847,872 \n1,909,936 \n3.359% \n16.57% \nATM \n133,743 \n154,548 \n15.56% \n1.34% \nMOBILE \n10,131,581 \n9,302,420 \n-8.18% \n80.71% \nTOTAL \n12,290,733 \n11,525,953 \n-6.22% \n100% \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n \n \nRTGS, 1.38%\nPOS, 16.57%\nATM, 1.34%\nMOBILE, 80.71%\nRTGS\nPOS\nATM\nMOBILE\n \n 5 \n4. INTERNATIONAL COMMODITY PRICE DEVELOPMENTS \n \n \nDuring the week under review, international commodity prices for gold, platinum, and crude oil \nincreased, while palladium, copper, nickel, and lithium prices decreased, as shown in Table 6. \n \n`Table 6: Metal and Crude Oil Prices for the week ending 20th October 2023 \n \nGold \nPlatinum \nPalladium \nCopper \nNickel \nCrude Oil \nLithium \n2023 \nUS$/ounce \nUS$/ounce \nUS$/ounce \nUS$/tonne \nUS$/tonne \nUS$/barrel \nUS$/tonne \n \nWeekly Average \n(09 - 13 Oct) \n1,870.69 \n884.00 \n1,151.80 \n8,049.50 \n18,703.00 \n87.78 \n24,380.00 \n16-Oct \n1916.35 \n884.00 \n1143.00 \n7925.00 \n18555.00 \n89.61 \n24000.00 \n17-Oct \n1925.98 \n895.00 \n1132.00 \n8039.00 \n18680.00 \n91.53 \n23800.00 \n18-Oct \n1949.78 \n903.00 \n1136.50 \n7958.50 \n18505.00 \n91.07 \n23700.00 \n19-Oct \n1951.10 \n885.00 \n1105.00 \n7961.50 \n18480.00 \n93.31 \n23600.00 \n20-Oct \n1986.35 \n899.00 \n1108.00 \n7890.50 \n18575.00 \n91.21 \n23500.00 \nWeekly Average \n(16 - 20 Oct) \n1,945.91 \n893.20 \n1,124.90 \n7,954.90 \n18,599.00 \n91.35 \n23,720.00 \nWeekly Change (%) \n4.02 \n1.04 \n-2.34 \n-1.18 \n-0.77 \n4.06 \n-2.71 \nSource: BBC, KITCO and Bloomberg 2023 \n \nPrecious Metals \nDuring the week under review, there were upward and downward movements in prices of \nprecious metals. Gold and platinum prices increased by 4.02% and 1.04%, respectively, in large \npart, due to geopolitical tensions in the Middle East arising from the Israel-Hamas conflict. In \naddition, heightened demand and investor anticipation of a potential interest rate pause by the \nU.S. Federal Reserve, in the forthcoming November 2023 meeting, also boosted prices of gold \nand platinum. \n \nPalladium and lithium prices declined by 2.34% and 2.71%, respectively, during the reporting \nweek. The decrease in palladium prices followed the reduction in use of the precious metal within \ncatalytic converters, primarily driven by the expanding market presence of electric vehicles. \nSimilarly, the drop in lithium prices was attributable to the decline in demand for fully electric \ncars in China and other markets, primarily due to the impact of increasing interest rates and \ninflationary pressures. The weekly precious metal price developments are shown in Figure 3. \n \n \n \n \n \n \n \n \n \n 6 \nFigure 3: Weekly Precious Metals Price Developments (14 Oct. 2023 - 20 Oct. 2023) \n \n \nSource: Kitco,2023 \n \nSource: Kitco,2023 \n \nSource: Kitco,2023 \n \nSource: London Metal Exchange,2023 \n \nBase Metals and Brent Crude Oil \nDuring the week ending 20 October 2023, prices of copper and nickel decreased by 1.18% and \n0.77%, respectively. However, Brent crude oil prices rose by 4.06%, during the same week. The \ndecline in base metal prices was largely due to increased inventories, indicating that production \nwas surpassing demand. Brent crude oil prices maintained a positive momentum, supported by \ntensions in the Middle East. Figure 4 illustrates the daily movements of copper, nickel, and crude \noil prices, during the week under review. \n \n \n \n \n \n \n1,700\n1,750\n1,800\n1,850\n1,900\n1,950\n2,000\n2,050\nUS$/ounce\nGold\nGold\nLinear (Gold)\n800\n820\n840\n860\n880\n900\n920\n940\nUS$/ounce\nPlatinum\nPlatinum\nLinear (Platinum)\n1,000\n1,050\n1,100\n1,150\n1,200\n1,250\n1,300\nUS$/ounce\nPalladium\nPalladium\nLinear (Palladium)\n22,000\n22,500\n23,000\n23,500\n24,000\n24,500\n25,000\n25,500\n26,000\n26,500\nUS$/tonne\nLithium Hydroxide\nLithium Hydroxide\nLinear (Lithium Hydroxide)\n \n 7 \nFigure 4: Daily commodity price developments for copper, nickel and brent crude oil (14 \nOct. 2023 - 20 Oct. 2023) \n \nSource: London Metal Exchange,2023 \n \nSource: London Metal Exchange,2023 \n \nSource: BBC,2023 \n \n \n \n \n7,600\n7,800\n8,000\n8,200\n14-Oct\n15-Oct\n16-Oct\n17-Oct\n18-Oct\n19-Oct\n20-Oct\nUS$/tonne\n13-Oct\n16-Oct\n17-Oct\n18-Oct\n19-Oct\n20-Oct\nCopper\n7994.50\n7925.00\n8039.00\n7958.50\n7961.50\n7890.50\nCopper\nCopper\nLinear (Copper)\n18,200\n18,400\n18,600\n18,800\n14-Oct\n15-Oct\n16-Oct\n17-Oct\n18-Oct\n19-Oct\n20-Oct\nUS$/tonne\n13-Oct\n16-Oct\n17-Oct\n18-Oct\n19-Oct\n20-Oct\nNickel\n18765.00\n18555.00\n18680.00\n18505.00\n18480.00\n18575.00\nNickel\nNickel\nLinear (Nickel)\n86.00\n88.00\n90.00\n92.00\n94.00\n14-Oct\n15-Oct\n16-Oct\n17-Oct\n18-Oct\n19-Oct\n20-Oct\nUS$/barrel\n13-Oct\n16-Oct\n17-Oct\n18-Oct\n19-Oct\n20-Oct\nBrent crude oil\n90.92\n89.61\n91.53\n91.07\n93.31\n91.21\nBrent crude oil\nBrent crude oil\nLinear (Brent crude oil)\n \n 8 \nExchange Rate Developments \nInterbank Market \nDuring the reporting week, the Zimbabwe dollar (ZW$) depreciated by 1.31% against the US \ndollar on the interbank market. The average exchange rate rose from ZW$ 5,577.17 per US$1 \nduring the week ending 13 October 2023 to ZW$ 5,650.45 per US$1 for the week ending 20 \nOctober 2023. Table 7 shows the movement in the ZW$ exchange rate against selected \ncurrencies. \n \nTable 7: Selected Exchange Rates (ZW$ per unit of foreign currency) \n2023 \nUSD \nZAR \nGBP \nBWP \nEURO \nWeekly Average (09 - 13 Oct) \n5,577.1735 \n291.5854 \n6,766.324 \n403.0806 \n5,862.8719 \n16-Oct \n5,335.7917 \n303.0303 \n6,852.2773 \n410.8492 \n5,931.6708 \n17-Oct \n5,638.3415 \n303.0303 \n6,877.6489 \n413.8542 \n5,947.3226 \n18-Oct \n5,639.2352 \n303.0303 \n6,872.5359 \n413.3559 \n5,966.8748 \n19-Oct \n5,668.2204 \n303.0303 \n6,871.5836 \n412.3630 \n5,970.6199 \n20-Oct \n5,670.6816 \n303.0303 \n6,882.1607 \n412.5809 \n5,997.8712 \nWeekly Average (16 - 20 Oct) \n5,650.4541 \n303.0303 \n6,871.2413 \n412.6006 \n5,962.8718 \nAppr (-)/Depr (+) (%) of the ZWL \n1.31 \n3.9 \n1.6 \n2.4 \n1.7 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n5. EQUITY MARKETS \n \nDuring the week ending 20th October 2023, the Zimbabwe Stock Exchange (ZSE) exhibited \nbullish sentiments for the fourth consecutive week, while the Victoria Falls Stock Exchange \n(VFEX) was characterised by bearish sentiment. As a result, the ZSE All Share index increased \nby 4.79% to close at 145 265.26 points, while the VFEX All Share index shed 4.48% to 68.21 \npoints. \n \nZimbabwe Stock Exchange (ZSE) Developments \nThe Top 10, Top 15, Medium and Small Cap indices added 5.10%, 4.82%, 4.32% and 30.50% \nto close at 64 233.90 points, 86 766.93 points, 590 667.03 points and 4 925 114.22 points. \n \nFigure 5 shows developments on the ZSE’s All Share, Top 10 and Mining indices for the period \nfrom 21st October 2022 to 20th October 2023. \n \n \n \n \n \n \n 9 \nFigure 5: ZSE All Share, Top 10 and Mining Indices \n \nSource: Zimbabwe Stock Exchange, 2023 \n \nThe growth in the mainstream index resulted from share price increases for First Mutual \nHoldings Limited (46.23%), Truworths Limited (30.91%), Willdale Limited (30.91%), CBZ \nHoldings Limited (22.56%) and Meikles Limited (17.88%). \n \nDeclines were registered in the share prices of NMBZ Holdings Limited (8.82%), British \nAmerican Tobacco Zimbabwe Limited (6.35%), Edgars Stores Limited (5.29%), Zimre Holdings \nLimited (5.05%) and Turnall Holdings Limited (25.18%). The resource index remained \nunchanged at 125 531.67 points, during the week under analysis. \n \nMarket Turnover \nThe cumulative volume and value of shares traded on the ZSE fell by 25.31% and 33.92% to \n7.13 million shares and ZW$3 324.52 million, compared to 9.54 million shares and ZW$5 031.41 \nmillion recorded in the prior week, respectively. \n \nFigure 6 shows the trend in daily market turnover for the period from 21st October 2022 to 20th \nOctober 2023. \n \n \n \n \n \n10,100\n20,100\n30,100\n40,100\n50,100\n60,100\n70,100\n80,100\n90,100\n100,100\n110,100\n120,100\n130,100\n0\n20,000\n40,000\n60,000\n80,000\n100,000\n120,000\n140,000\n160,000\n180,000\n200,000\n21-Oct-22\n04-Nov-22\n18-Nov-22\n02-Dec-22\n16-Dec-22\n30-Dec-22\n13-Jan-23\n27-Jan-23\n10-Feb-23\n24-Feb-23\n10-Mar-23\n24-Mar-23\n07-Apr-23\n21-Apr-23\n05-May-23\n19-May-23\n02-Jun-23\n16-Jun-23\n30-Jun-23\n14-Jul-23\n28-Jul-23\n11-Aug-23\n25-Aug-23\n08-Sep-23\n22-Sep-23\n06-Oct-23\n20-Oct-23\nMining Index\nAll Share and Top 10 Indices\nAll Share Index (ZSE)\nTop 10 Index\nMining Index\n \n \n10 \nFigure 6: Market Turnover \n \nSource: Zimbabwe Stock Exchange, 2023 \n \nMarket Capitalization \nThe ZSE added 6.90%, or ZW$739.28 billion worth of capitalization to close at ZW$ 11 454.92 \nbillion, during the week under analysis, from ZW$10 715.64 billion registered in the prior week. \n \nFigure 7 shows the evolution of ZSE market capitalization for the period from 21st October 2022 \nto 20th October 2023. \n \nFigure 7: Market Capitalization \n \nSource: Zimbabwe Stock Exchange, 2023 \n \n0\n5,000\n10,000\n15,000\n20,000\n25,000\n30,000\n35,000\n40,000\n45,000\n50,000\n21-Oct-22\n04-Nov-22\n18-Nov-22\n02-Dec-22\n16-Dec-22\n30-Dec-22\n13-Jan-23\n27-Jan-23\n10-Feb-23\n24-Feb-23\n10-Mar-23\n24-Mar-23\n07-Apr-23\n21-Apr-23\n05-May-23\n19-May-23\n02-Jun-23\n16-Jun-23\n30-Jun-23\n14-Jul-23\n28-Jul-23\n11-Aug-23\n25-Aug-23\n08-Sep-23\n22-Sep-23\n06-Oct-23\n20-Oct-23\nZW$ (Million)\nNegotiated Deal: 241 million \nFirst Mutual Holdings \nLimited shares exchanged \nhands at ZW$196/share\n0\n1,800\n3,600\n5,400\n7,200\n9,000\n10,800\n12,600\n14,400\n16,200\n21-Oct-22\n04-Nov-22\n18-Nov-22\n02-Dec-22\n16-Dec-22\n30-Dec-22\n13-Jan-23\n27-Jan-23\n10-Feb-23\n24-Feb-23\n10-Mar-23\n24-Mar-23\n07-Apr-23\n21-Apr-23\n05-May-23\n19-May-23\n02-Jun-23\n16-Jun-23\n30-Jun-23\n14-Jul-23\n28-Jul-23\n11-Aug-23\n25-Aug-23\n08-Sep-23\n22-Sep-23\n06-Oct-23\n20-Oct-23\n$ Billions\n \n \n11 \nVictoria Falls Stock Exchange (VFEX) Developments \nThe decline in the VFEX mainstream index emanated from share price losses for Innscor Africa \nLimited (13.35%), Bindura Nickel Corporation (BNC) (12.31%), SeedCo International VX \n(10.83%), Simbisa Brands Limited (9.22%) and Zimplow Limited (0.27%). \n \nGains were recorded in the share prices of First Capital Bank Limited (17.50%) and African Sun \nLimited the (5.25%). \n \nVFEX Market Turnover \nThe cumulative volume and value of shares traded on the VFEX, rose by 29.04% and 121.74% \nto 2.92 million shares and US$1.21 million, respectively. \n \nVFEX Market Capitalization \nDuring the week under analysis, the VFEX capitalization declined by 4.48% to US$1.17 billion, \ncompared to US$1.22 billion recorded in the previous week. \n \nFigure 8 shows the trend in the VFEX All Share Index (ASI) for the period from 14th September \n2022 to 20th October 2023. \n \nFigure 8: VFEX All Share Index \n \nSource: Victoria Falls Stock Exchange (VFEX), 2023 \n. \n6. BEYOND INFLATION NUMBERS - THE CASE OF SKIMPFLATION \n \nThe weekly report of 13th October 2023 discussed shrinkinflation, which is a scenario where \ncompanies reduce either the size or quantity of products, while maintaining prices. The \ncounterpart of shrinkinflation is referred to as skimpflation. Skimpflation is a trend where \n40\n50\n60\n70\n80\n90\n100\n110\n120\n130\n140\n150\n21-…\n04-…\n18-…\n02-…\n16-…\n30-…\n13-…\n27-…\n10-…\n24-…\n10-…\n24-…\n07-…\n21-…\n05-…\n19-…\n02-…\n16-…\n30-…\n14-…\n28-…\n11-…\n25-…\n08-…\n22-…\n06-…\n20-…\n \n \n12 \nbusinesses reduce the quality of product or services for the same price. In essence, some \nbusinesses strategically reduce or “skimp” the quality of services or products to maximise profits \nor to manage the profit margins on the back of rising costs. Businesses skimp by spending less \non services or materials to remain profitable. \n \nThis practice is often done secretly to escape detection by regulatory authorities, consumer \nprotection advocates and law enforcement agents. Skimpflation can be low in highly regulated \nmarkets but if left undetected can have negative consequences, particularly on value for money \nfor the consumers and can obscure the fine details about inflation. An example of the occurrence \nof skimpflation is when a baker produces bloomers - a confectionary product and sells them at \nthe same price of a standard loaf of bread in order to benefit from a higher profit margin. A \nbloomer typically has lower weight compared to a standard loaf of bread. Similarly, hotels and \nrestaurants can skimp on quality by replacing more-expensive foods with cheaper foods, to cut \ncosts. \n \nWhile consumers may notice a change in the taste of a particular food item, skimping on quality \nis harder to detect in some products. A typical example includes the dilution of petroleum \nproducts such as diesel and petrol by unscrupulous retailers and selling the product to \nunsuspecting consumers at the standard regulated price, among others. The regulatory authority \nin the petroleum industry in the country has, however, played a big role in conducting inspections \non petroleum retailers to maintain the quality of the petroleum products that are sold in the \ncountry for the benefit of consumers. \nConsumers should remain vigilant in detecting skimping tendencies and avoid being \nshortchanged before making spending decisions. This can be achieved by paying particular \nattention to the standards of products sold in the country. \n \n \n \nRESERVE BANK OF ZIMBABWE\n \n \n APPENDIX 1: FOREIGN EXCHANGE AUCTION RESULTS FOR WHOLESALE FX1 \n \n \n \n \n \n \n \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n \n \n \n \n1 Wholesale Foreign Currency Auction (Wholesale FX) is normally conducted on Tuesday every week. The RBZ MPC resolutions dated 6 June 2023 resolved that with effect \nfrom 7 June 2023, the Bank shall sell foreign currency at the market-determined exchange rate through banks to support and strengthen the foreign exchange interbank market, \nand banks shall in turn sell the foreign currency to their customers. \n \n \n \n26-Sep-23 \nWHOLESALE FX \n \n \n03-Oct-23 \n \n \n \n10-Oct-23 \n \n \n \n18-Oct-23 \nTotal \nBids (US$ dollars) \n18,893,948.0 \n18,682,426.00 \n18,106,845.96 \n17,658,597.00 \nAmount Allotted (US$ \ndollars) \n18,693,948.80 \n18,682,426.00 \n18,106,845.96 \n17,658,597.00 \nHighest Rate \n5,305.0000 \n5,700.0000 \n5,780.00 \n5,800.00 \nLowest Bid Rate Allotted \n5,200.000 \n5,562.0000 \n5,595.00 \n5,641.00 \nWeighted Average Rate \n5,252.6558 \n5,591.9615 \n5,633.83 \n5.668.22 \nNumber of Bids Received \n20 \n20 \n17 \n19 \nNumber of Bids Rejected \n1 \n0 \n0 \n0 \n \n \nAPPENDIX 2: SUMMARY OF FOREIGN CURRENCY AUCTION ALLOTMENTS BY PURPOSE \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n26-Sep-23 \n \n03-Oct-23 \n \n10-Oct-23 \n \n18-Oct-23 \nRaw Materials \n391,921.75 \n367,723.31 \n552,534.69 \n606,955.63 \nMachinery and Equipment \n230,878.25 \n360,374.56 \n468,099.85 \n448,704.28 \nConsumables \n(Incl. Spares, Tyres, \nPackaging) \n157,183.97 \n68,499.06 \n209,539.75 \n148,892.99 \nPharmaceuticals and \nChemicals \n8,732.67 \n- \n41,647.17 \n19,751.15 \nServices (Loans, Dividends \nand Disinvestments) \n236,196.24 \n196,775.97 \n323,296.26 \n283,645.29 \nRetail and Distribution \n33,776.97 \n145,978.12 \n175,616.40 \n306,868.37 \nFuel, Electricity and Gas \n- \n- \n- \n97,253.60 \nPaper and Packaging \n14,445.74 \n63,521.36 \n48,423.39 \n25,107.33 \nTOTAL \n1,123,944.44 \n1,202,872.38 \n1,868,427.23 \n1,937,178.64", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_20_OCT_2023_Vol_25_Number_42.pdf"}
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+ {"doc_id": "3cc2e000804620cdb1cfd603a5f55dcd", "text": "MONETARY POLICY STATEMENT \n \nISSUED \n \nIN TERMS OF THE RESERVE BANK OF ZIMBABWE ACT \nCHAPTER 22:15, SECTION 46 \n \nBy \n \nDR. G. GONO \nGOVERNOR \n \nRESERVE BANK OF ZIMBABWE \n \nJANUARY 2012 \n2 \n \nTABLE OF CONTENTS \n1. \nINTRODUCTION AND BACKGROUND ....................................................................................... 5 \n2. \nGLOBAL ECONOMIC DEVELOPMENTS ................................................................................... 7 \nImplications of the Global Developments on SADC and Zimbabwe ............................................................. 10 \nInternational Commodity Price Developments .................................................................................................... 10 \n3. \nECONOMIC OUTLOOK ................................................................................................................ 12 \nExternal Sector Developments .................................................................................................................................... 16 \n4. \nMONETARY DEVELOPMENTS .................................................................................................. 17 \nMonetary Developments ............................................................................................................................................... 17 \nBank Lending ...................................................................................................................................................................... 19 \nPrivate Sector Credit ....................................................................................................................................................... 21 \nSectoral Distribution of Credit .................................................................................................................................... 21 \nInterest Rates ..................................................................................................................................................................... 22 \n5. \nFINANCIAL SECTOR DEVELOPMENTS .................................................................................. 23 \nARCHITECTURE OF THE BANKING SECTOR ................................................................................................ 25 \nRECENT DEVELOPMENTS IN THE BANKING SECTOR ............................................................................ 26 \nBarbican Bank ..................................................................................................................................................................... 26 \nRenaissance Merchant Bank Limited ........................................................................................................................... 26 \nSTATUS OF BANKING SECTOR CAPITALISATION..................................................................................... 26 \nSTRENGTHENING THE TROUBLED BANK RESOLUTION FRAMEWORK...................................... 30 \nENHANCEMENT OF BANKING SECTOR STABILITY ................................................................................. 31 \nRisk-Based Supervision .................................................................................................................................................... 31 \nEffective Supervision of Banking Groups .................................................................................................................. 31 \nStress Testing ....................................................................................................................................................................... 32 \nEnterprise-wide Risk Management ............................................................................................................................... 33 \nEnhancement of Corporate Governance ...................................................................................................................... 33 \nCredit Reference Bureau .................................................................................................................................................. 34 \nDisclosure Requirements ................................................................................................................................................. 34 \nPrudential Liquidity Ratios ........................................................................................................................................... 35 \nFINANCIAL STABILITY ASSESSMENT FRAMEWORK ............................................................................. 35 \nMulti-disciplinary Financial Stability Committee .................................................................................................... 38 \nContingency Planning ....................................................................................................................................................... 39 \nBASEL II IMPLEMENTATION .................................................................................................................................. 39 \nMICROFINANCE INSTITUTIONS ........................................................................................................................... 40 \nUndesirable Methods of Conducting Business ......................................................................................................... 41 \n3 \n \nMicrofinance Core Client Protection Principles ....................................................................................................... 41 \nTimely Renewal of Microfinance Licences ............................................................................................................... 42 \nDraft Microfinance Bill .................................................................................................................................................... 42 \nFINANCIAL INCLUSION ............................................................................................................................................. 42 \nLender of Last Resort (LOLR) ...................................................................................................................................... 44 \nNostro Accounts ................................................................................................................................................................ 45 \nSTATUTORY RESERVE BALANCES ............................................................................................................................ 45 \n6. \nNATIONAL PAYMENT SYSTEMS .............................................................................................. 46 \nReal Time Gross Settlement (RTGS) System ......................................................................................................... 46 \nRETAIL PAYMENT STREAMS ...................................................................................................................................... 46 \nCheque Payment Stream ................................................................................................................................................ 46 \nAutomated Teller Machines (ATMs) ......................................................................................................................... 47 \nPoint of Sale (POS) ............................................................................................................................................................ 47 \nMobile Payments ............................................................................................................................................................... 47 \nInternet Banking ............................................................................................................................................................... 48 \nMeasures to Alleviate Market Liquidity Challenges ........................................................................................... 48 \n7. \nTightening of Anti Money Laundering Measures .......................................................................... 49 \n8. \nPOLICY ADVICE ............................................................................................................................ 51 \nESTABLISHMENT OF AN INTERNATIONAL FINANCIAL CENTRE ............................................................... 51 \nGOLD TRADING POLICY ................................................................................................................................................. 52 \nSECURITISATION OF ZIMBABWE ASSETS ............................................................................................................. 52 \nSpecial Purpose Vehicle ................................................................................................................................................. 53 \nSecuritization Anchored on Real Estate .................................................................................................................. 53 \nMineral Based Securitization ....................................................................................................................................... 54 \n9. \nCONCLUSION ................................................................................................................................. 56 \n \nList of Tables \nTable 1: Summary of World Output ................................................................................................................................. 8 \nTable 2: Debt and Other Indicators for Selected Advanced Economies ‐Oct 2011 ...................................... 8 \nTable 3: Market Share of Weak and Troubled Banks ............................................................................................. 24 \nTable 4: Structure of Banking Sector ............................................................................................................................. 25 \nTable 5: Capitalization of the Banking Sector as at 31 December 2011 ......................................................... 27 \nTable 6: Mobile Banking Products Introduced By banks ...................................................................................... 43 \nTable 7: Notice Periods for High Value Cash Withdrawals .................................................................................. 49 \n \n \n4 \n \nList of Figures \nFigure 1: Commodity Prices .............................................................................................................................................. 11 \nFigure 2: Crude Oil Prices US$/barrel ........................................................................................................................... 12 \nFigure 3: GDP Growth (%) ................................................................................................................................................. 13 \nFigure 4: Annual Headline Inflation (%) ...................................................................................................................... 15 \nFigure 7: Deposits (US$M) ................................................................................................................................................. 18 \nFigure 8: Year on Year Growth in Deposits ................................................................................................................. 19 \nFigure 9: Loan to Deposit Ratio ....................................................................................................................................... 20 \nFigure 10: Composition of Claims on Private Sector .............................................................................................. 21 \nFigure 11: Sectoral Distribution of Loans and Advances as at 2 December 2011 ...................................... 22 \nFigure 12: Conceptual Framework for Financial Stability Assessment .......................................................... 36 \n \n \n5 \n \n1. \nINTRODUCTION AND BACKGROUND \n \n1.1 \nThis Monetary Policy Statement issued in terms of Section 46 of the Reserve \nBank Act (Chapter 22:15), is presented at a time when the economy is \nexposed once again to financial and economic vulnerabilities emanating \nfrom the continued fragility of the global economy, due to weak global \ngrowth and emerging financial turbulences. \n \n1.2 \nAdverse developments in the global economy continue to orchestrate knock \non effects on emerging and developing economies through negative external \nshocks. The impact of these turbulences that has had debilitating effects on \nglobal capital markets are currently being transmitted to developing \ncountries such as Zimbabwe particularly amplified by increased \nglobalization and regionalism. \n \n1.3 \nZimbabwe remains susceptible to the vagaries of the adverse external \nmacroeconomic environment, particularly within the aegis of the multiple \ncurrency system which is typified by limited macroeconomic policy \ninstruments. In essence, lack of potent policy instruments to absorb both \ndomestic and external shocks relegates Zimbabwean policy makers to mere \nobservers and pray that global developments remain favourable. \n \n1.4 \nThe pertinent question for Zimbabwe which we should grapple with in 2012 \nis whether the country can sustain the growth trajectory witnessed since the \nonset of the multicurrency system in the face of stalling global economic \nactivity, under the same monetary regime. Despite limited integration with \nthe capital markets in advanced economies, the costs and risks of a fall from \n6 \n \nthe country’s growth path attained in the past 3 years remain disconcertingly \nhigh. \n \n1.5 \nAlthough the Zimbabwean economy is projected to further grow by 9.4% in \n2012, downside risks in the form of firming global food and fuel prices, \namplified by the likelihood of a drought affecting the country and some parts \nof the region, will potentially have adverse ramifications on the budget. \n \n1.6 \nIn view of the country’s high commodity dependency, declines in global \nactivity and commodity prices will have inescapable consequences for the \ncountry’s export earnings, and hence its output, incomes, and fiscal \nrevenues. Diaspora remittances and investment flows are likely to weaken, \nwith knock-on effects on domestic demand, banking sector liquidity and \nloan quality, resulting in more difficult credit conditions. \n \n1.7 \nUnder the multicurrency system, the country has virtually lost monetary \npolicy autonomy, making it difficult for the country to intervene with \nappropriate stimulus packages in the event of exogenous shocks. As a result, \nthe onus should be on caution and preparation for action, being conscious of \nthe absence of adequate foreign exchange reserve buffers to respond to \nexogenous shocks.  \n \n1.8 \nThe meaningful recovery of the Zimbabwean economy is also contingent \nupon increased financial intermediation by the country’s banking sector. The \nintermediary role of banks remains critical in the re-deployment of surplus \ninvestible funds into key productive sectors of the economy. This is \nparticularly so given persistent liquidity challenges that have lingered in the \neconomy since the introduction of the multiple currency system. \n7 \n \n1.9 \nAgainst the background of serious developmental constraints imposed by \npersistent liquidity challenges, this Monetary Policy accords great \nprominence to policy measures geared at promoting financial sector stability \nto ensure the safety and soundness of the banking system. As such, the \ntheme of this Monetary Policy Statement is Ensuring Financial Sector \nStability. Accordingly, the need to strengthen financial regulation and \nsupervision to mitigate underlying risks that have accompanied the multiple \ncurrency system ranks high on our priorities. \n \n1.10 Within this context, this Monetary Policy, therefore, treads a fine line \nbetween addressing the domestic economic challenges and exogenous \nshocks from the adverse effects of an impending global downturn. \n \n2. \nGLOBAL ECONOMIC DEVELOPMENTS \n \n2.1 \nGlobal economic activity slowed down from 5.1% in 2010 to 3.8% in 2011 \non account of the negative repercussions of the sovereign debt crisis that \nengulfed the Euro Zone and the US as well as a severe earthquake that hit \nJapan earlier in the year. These adverse developments have in turn \noccasioned uncertainty over global economic performance in the outlook. \n \n \n \n8 \n \nTable 1: Summary of World Output \n  \n2008\n2009\n2010\n2011\n2012F \n2013F\nWorld Output \n2.8%\n‐0.7%\n5.1%\n3.8%\n3.3% \n3.9%\nEmerging and Developing \nEconomies \n6.0%\n2.8%\n7.3%\n6.2%\n5.4% \n5.9%\nAdvanced Economies \n0.1%\n‐3.7%\n3.1%\n1.6%\n1.2% \n1.9%\nLatin America & Caribbean \n4.3%\n‐1.7%\n6.1%\n4.6%\n3.6% \n3.9%\nSub‐Saharan Africa \n5.6%\n2.8%\n5.4%\n4.9%\n5.5% \n5.3%\nSource: World Economic Outlook Update (January 2012) \n2.2 \nIn the backdrop of the sovereign debt crisis, economic activity in advanced \neconomies slowed down in 2011 culminating in a mild recession in the euro \nzone. Concerns about sovereign debt sustainability in the European \nMonetary Union are becoming increasingly endemic. The recent contagion \nto countries initially thought to have relatively solid public finances can \npotentially dampen economic growth prospects initially anticipated. \n \nTable 2: Debt and Other Indicators for Selected Advanced Economies -Oct \n2011 \nCountry \nTotal Debt \nGDP at \nConstant \nPrices \nTotal \nDebt/GDP \nPer Capita \nDebt \nTotal \nDebt/Exports \n  \n(US$bn) \nUS$bn \nPercent \nUS$ \nPercent \nGreece \n465.0 \n207.7 \n223.9 \n41,082.8 \n2,052.2 \nItaly \n2,447.2 \n1,563.0 \n156.6 \n40,461.4 \n545.8 \nJapan \n14,223.0 \n6,982.8 \n203.7 \n111,595.9 \n1,636.2 \nPortugal \n230.9 \n201.7 \n114.5 \n21,694.5 \n472.1 \nSpain \n932.5 \n859.8 \n108.5 \n20,235.5 \n368.6 \nUSA \n15,071.7 \n13,287.9 \n113.4 \n48,178.2 \n82.0 \nSource: World Economic Outlook (September 2011) \n \n9 \n \n2.3 It is evident that the Euro-zone and Japan are in debt distress with countries \nsuch as Spain, Greece and Portugal, and Italy having very high debt to GDP \nratios of over 100% and debt to export ratios of over 300%. This implies that \nthese countries would find it extremely difficult to repay their loans within a \nshort period of time. \n \n2.4 The moderation of global demand for goods and services is envisaged to \nretard economic growth. This is a result of aggressive fiscal consolidation \nmeasures instituted to ensure long-term fiscal and debt sustainability in some \nmajor economies, tight financing conditions and low confidence levels as a \nresult of concerns over sovereign debt risks. In addition, the adverse impact \nof early supply-chain disruptions following the earthquake that hit Japan \nearlier in the year, and high commodity prices, also negatively affected \nglobal economic recovery. \n \n2.5 Notwithstanding these negative global developments, economic activity in \nemerging market economies remains relatively strong, underpinned by \nincreased domestic demand and increased external trade with rapidly \ngrowing Asian countries such as China and India. Against this background, \ngrowth is estimated to have expanded by 4.9%, in the Sub-Saharan Africa \nregion in 2011, also immensely benefiting from robust private and public \nconsumption. \n \n2.6 \nDespite moderation in output growth, economic activity in emerging market \neconomies remains elevated. The decline in commodity prices and the slow-\ndown in global growth have had a mitigatory effect on inflationary \npressures. \n10 \n \nImplications of the Global Developments on SADC and Zimbabwe \n \n2.7 Subdued global economic recovery and the sovereign debt crisis in the Euro- \nzone have combined to increase the fragility of economic activity in the \nregion, given the strong economic and trade synergies between SADC and \nEurope. \n \n2.8 The negative effects of the sovereign debt crisis have largely been \ntransmitted through declining trade opportunities as global trade shrinks, \nremittances, aid, and foreign direct investment (FDI) flows. In addition, the \ndeterioration in terms of trade occasioned by depressed international \ncommodity prices also affects commodity dependent countries in the region \nsuch as Zimbabwe. \n \nInternational Commodity Price Developments \n \n2.9 \nInternational commodity prices which started the year on a solid footing \nbenefiting from the recovery of the global economy and accompanying \ndemand in 2010, however, lost this momentum in the second half of 2011. In \nparticular, commodity prices for platinum, copper and nickel retreated in the \nsecond half of 2011, on the back of the impact of the sovereign debt crisis on \nthe performance of Euro-zone and US economies. \n \n \n11 \n \nFigure 1: Commodity Prices \n \nSource: Bloomberg \n \n2.10 Gold prices, however, remained buoyant largely benefiting from the \nweakening of the US$, which increased its demand as a safe investment \nhaven. On the other hand, crude oil prices firmed to levels above the \nUS$100/barrel mark, on the back of political instability experienced in North \nAfrica and the Middle East for the greater part of 2011. \n \n2.11 Despite the marginal retreat in commodity prices as shown in the graphs \nabove, international commodity prices remained favourable. \n \n \n \n0\n5000\n10000\n15000\n20000\n25000\n30000\n35000\n4 Jan'11\n28‐Jan\n23‐Feb\n21‐Mar\n14‐Apr\n13‐May\n9‐Jun\n5‐Jul\n29‐Jul\n26‐Aug\n21‐Sep\n17‐Oct\n10‐Nov\n6‐Dec\nCopper and Nickel Prices\nCopper us$/tonne\nNickel us$/tonne\n0\n500\n1000\n1500\n2000\n2500\n4 Jan'11\n28‐Jan\n23‐Feb\n21‐Mar\n14‐Apr\n13‐May\n9‐Jun\n5‐Jul\n29‐Jul\n26‐Aug\n21‐Sep\n17‐Oct\n10‐Nov\n6‐Dec\nGold and Platinum Prices\nGold us$/oz\nPlatinum us$/oz\n12 \n \nFigure 2: Crude Oil Prices US$/barrel \n \nSource: Bloomberg \n \n3. \nECONOMIC OUTLOOK \n \n3.1 \nAgainst the background of relatively favourable commodity prices coupled \nwith a stable macroeconomic environment, the Zimbabwean economy which \ngrew by 8.4% in 2010 is estimated to have grown by 9.3% in 2011. \nExpansion in economic activity in 2011 was underpinned by growth in \nmining (25.8%), agriculture 7.4%), finance and insurance (24%), \ndistribution and tourism (10.3%) and manufacturing (3.5%). \n \n3.2 \nThe recovery in the manufacturing sector, however, remains sluggish on the \nback of lack of long term finance to recapitalize operations as well as the \nnegative repercussions of frequent power outages. \n \n0.00\n20.00\n40.00\n60.00\n80.00\n100.00\n120.00\n140.00\n4 Jan'11\n18‐Jan\n1‐Feb\n15‐Feb\n1‐Mar\n15‐Mar\n29‐Mar\n12‐Apr\n28‐Apr\n13‐May\n30‐May\n13‐Jun\n27‐Jun\n11‐Jul\n25‐Jul\n10‐Aug\n24‐Aug\n7‐Sep\n21‐Sep\n5‐Oct\n19‐Oct\n2‐Nov\n16‐Nov\n30‐Nov\n14‐Dec\n13 \n \nFigure 3: GDP Growth (%) \n \n \nSource: Ministry of Finance \n3.3 \nEconomic activity is projected to further grow by 9.4% in 2012, underpinned \nby strong performance in finance, 23%; mining, 15.9%; tourism, 13.7%; and \nagriculture, 11.6%. Downside risks to the outlook, however, include the \nfollowing: \n \ni. \nThe likelihood of an unfavourable agriculture season characterized by delays \nin the distribution of subsidized inputs, late onset of the rainy season and \nmid season dry spells; \nii. \nErratic power supply and rising utility costs; \niii. \nDilapidated infrastructure; \niv. \nUncertainty with regards to the implementation of the indigenization and \neconomic empowerment policy; \nv. \nPolitical uncertainty surrounding the impending elections; and \n‐14.8%\n5.4%\n8.1%\n9.3%\n9.4%\n‐20.0%\n‐15.0%\n‐10.0%\n‐5.0%\n0.0%\n5.0%\n10.0%\n15.0%\n2008\n2009\n2010\n2011Est\n2012F\n14 \n \nvi. \nSlow-down in export demand as global economic activity decelerates. \n \n3.4 \nPrice stability experienced under the multiple currency system also provided \nan enabling business environment in 2011. \n \nInflation Developments \n \n3.5 \nReflecting sustained price stability that has typified the multiple currency \nsystem, annual inflation remained low and stable in 2011 at levels below \n5%. As depicted in the figure below, annual headline inflation which stood \nat 3.5% in January 2011, decelerated significantly to 2.5% in May 2011. \nInflation, however, took an upward trend, rising to 4.9% in December 2011. \n \n3.6 \nNotwithstanding the rise in inflation between January and December 2011, \nZimbabwe’s annual headline inflation compares favourably with regional \neconomies and is aligned with the SADC macroeconomic convergence \ntarget of 5%. \n \n \n \n \n15 \n \nFigure 4: Annual Headline Inflation (%) \n \nSource: ZIMSTAT and SARB \n \n3.7 \nDuring 2011, notable food price increases were registered for vegetables, \nmeat and mineral waters, soft drinks and fruit juices. Notwithstanding these \nadverse price developments, annual food inflation which commenced the \nyear at 6.8%, declined to 2.3% in May 2011, before rising to 5.8% in \nDecember 2011. \n \n3.8 \n On the other hand, non food inflation which stood at 2.2% in January 2011 \nreceded to 0.6% in May, before accelerating to 4.5% by December 2011. \nRising domestic electricity tariffs, gas and other fuel prices, rentals and \npassenger transport fares spurred non-food inflation over the period January \nto December 2011. \n \n‐6\n‐4\n‐2\n0\n2\n4\n6\n8\n‐\nFeb‐10\nMar‐10\nApr‐10\nMay‐10\nJun‐10\nJul‐10\nAug‐10\nSep‐10\nOct‐10\nNov‐10\nDec‐10\nJan‐11\nFeb‐11\nMar‐11\nApr‐11\nMay‐11\nJun‐11\nJul‐11\nAug‐11\nSep‐11\nOct‐11\nNov‐11\nDec‐11\nPercent (%)\nInflation Y.O.Y\nZimbabwe\nSA\n16 \n \n3.9 \nThe appreciation of the South African Rand against the US$, over the period \nup to September 2011, also generated adverse inflationary pressures. This \nnotwithstanding, inflationary pressures in the domestic economy were \nsomewhat dampened by the weakening of the South African rand over the \nperiod September to November 2011 whose pass through effects are \ntransmitted through imports. \n \n3.10 In the outlook, inflation pressures are likely to emanate from rising global \nfood prices, exchange rate movements between the rand and the US$ as well \nas rising wage demands from both the private and public sectors. The \nenvisaged stabilization of international oil prices is, however, likely to \ndampen inflationary pressures in the Zimbabwean economy in 2012. \n \nExternal Sector Developments \n \n3.11 In the backdrop of favourable international commodity prices and improved \nindustrial capacity utilization, merchandise exports increased significantly \nby 30.2% from US$3 380 million in 2010 to US$4 339 million in 2011. This \nnotwithstanding, imports which grew by 23.3% from U$5 161.8 million in \n2010 to US$6 365.4 million in 2011, thereby surpassing exports earnings. \n \n3.12 This development culminated in the recurrence of an unsustainable current \naccount deficit estimated at US$1 887 million in 2011, representing 23.4% \nof GDP. The financing of the current account balance has, however, \nremained a challenge in the backdrop of subdued capital account inflows. \n \n17 \n \n3.13 Although the capital account is estimated to have improved from a surplus \nof US$617.5 million in 2010 to a surplus US$1 219.6 million in 2011, the \ninflows remain inadequate to finance the current account deficit projected \nfor 2011. Accordingly, the overall balance of payments (BOP) position is \nprojected to remain precariously difficult, particularly in view of reserve \ninadequacy and sluggish growth in manufactured exports. \n \n3.14 It is against this background that the country continues to finance the \nbalance of payments deficits through the accumulation of external payment \narrears. This exceptional mode of financing the balance of payments \nmilitates against initiatives geared at securing long term offshore financing \nto support sustained economic recovery. \n \n3.15 In the outlook, the dampening effect of the Eurozone debt crisis on \ninternational commodity prices, diaspora remittances, and capital inflow is \nexpected to have negative repercussions on Zimbabwe. In addition, erratic \nrainfalls experienced in the 2011/12 farming season are likely to necessitate \nthe importation of grain to augment domestic output to ensure food security. \nThese negative developments are expected to reinforce each other to worsen \nthe country’s external sector position. \n \n4. \nMONETARY DEVELOPMENTS \nMonetary Developments \n \n4.1 \nIn the backdrop of growing depositor confidence, broad money supply, \ncurrently defined as total banking sector deposits, exhibited an upward trend, \n18 \n \nover the period January to November 2011, increasing by an average of \nUS$88.4 million on a monthly basis. \n \nFigure 5: Deposits (US$M) \n \n \n4.2 \nAccordingly, consolidated deposits1 held by banks amounted to US$3 254.5 \nmillion as at 30 November 2011, representing an increase of US$958.2 \nmillion (41.7%), compared with US$2 296.3 million realized during the \ncomparative period in 2010. Year on year growth in deposits has, however, \nprogressively declined from 80% in September 2010 to 40% in September \n2011 before marginally rising to about 50% in November 2011 as shown in \nthe figure below. \n \n \n \n                                                             \n1 These are net of interbank deposits \n0.0\n500.0\n1000.0\n1500.0\n2000.0\n2500.0\n3000.0\n3500.0\nOct‐10\nNov‐10\nDec‐10\nJan‐11\nFeb‐11\nMar‐11\nApr‐11\nMay‐11\nJun‐11\nJul‐11\nAug‐11\nSep‐11\nOct‐11\nNov‐11\n19 \n \nFigure 6: Year on Year Growth in Deposits \n \n \n4.3 \nDeposits in the banking sector continue to be of a short term nature, thereby \npresenting worrisome vulnerabilities in the sector. In this regard, short term \ndeposits, which comprise of demand, savings and under 30-day deposits, \nconstituted 89.3% of the total deposits in the banking sector as at 30 \nNovember 2011. The high concentration of short term transitory deposits \npartially reflects that economic agents are largely using the banking system \nfor facilitating salary payments rather than deliberate and planned savings. \n \nBank Lending \n \n4.4 \nIn concordance with the expansion in the country’s deposit base, total credit \nto the private sector grew by 84.3% or US$1 317.9 million, from US$1 \n563.9 million in November 2010 to US$2 881.9 million in November \n2011.This development though promotive of private sector led growth still \n0%\n20%\n40%\n60%\n80%\n100%\n120%\n140%\nOct‐10\nNov‐10\nDec‐10\nJan‐11\nFeb‐11\nMar‐11\nApr‐11\nMay‐11\nJun‐11\nJul‐11\nAug‐11\nSep‐11\nOct‐11\nNov‐11\nSource: RBZ\n20 \n \nfalls short of credit required to support fast paced economic growth that \nmeaningfully creates jobs and uplift the general standards of living for the \ngenerality of Zimbabweans. \n \n4.5 \nAgainst the background of expanded credit and growth in the deposit base, \nthe loan to deposit ratio2 increased appreciably from 61.9% as at 31 \nDecember 2010 to over 71.7% by the end of December 2011. If offshore \nlines of credit are included the loans to deposit ratio for December 2011 \nexceeds 87%. \n \nFigure 7: Loan to Deposit Ratio \n \n \n4.6 Consistent with the transitory nature of deposits coupled with the attendant \nliquidity challenges, banking sector credit has also largely been short-term in \nnature. \n                                                             \n2 Loans exclude offshore lines of credit \n0.0%\n10.0%\n20.0%\n30.0%\n40.0%\n50.0%\n60.0%\n70.0%\n80.0%\nSource: RBZ\n \nP\n \n4.7 C\nm\nb\n \nF\n \nS\n \n4.8 \nL\nd\nc\nt\n \nPrivate Se\nCredit to \nmortgages, \nbills discou\nFigure 8: C\nSectoral D\nLoans and\ndistribution\ncommunic\ntotal loans \n0%\n10%\n20%\n30%\n40%\n50%\n60%\n70%\n80%\n90%\n100%\nOct 10\nLoans \nector Cred\nthe privat\n6.2%; ban\nunted; 2.3%\nCompositio\nDistributio\nd advances\nn (17%),\nation (16%\nand advan\nOct‐10\nNov‐10\nDec‐10\n& Advances\ndit \nte sector \nnker’s acce\n%. \non of Clai\non of Cred\n extended \n, agricult\n%), service\nnces to indi\nJan‐11\nFeb‐11\nComposition\nMortgages\n21 \ncomprised\neptances, 5\nms on Pri\ndit \nby the ba\nture (16%\nes (15%), \nividuals am\nMar‐11\nApr‐11\nn of Claims o\nBills Discounted\nd of loan\n5.8%; other\nivate Secto\nanking sec\n%), and \nand minin\nmounted to\nMay‐11\nJun‐11\nJul‐11\non Private Sec\nBankers  Acc\nns and ad\nr investme\nor \ntor largely\nmanufact\nng (6.4%) \no 15%. \nJul‐11\nAug‐11\nSep‐11\nctor\nceptances\nO\ndvances, 8\nents, 2.7%;\ny benefited\nturing (18\nsectors, w\nOct‐11\nNov‐11\nOther Investments\n83%; \n; and \n \nd the \n8%), \nwhile \n \nF\nD\n \n I\n \n4.9 \nL\nh\nh\nm\n \n4.10 T\nin\nle\nq\nb\n \nT\nI\nFigure 9: S\nDecember \n \n \nInterest R\nLending an\nhigh, largel\nhigh associ\nmoney mark\nThe absenc\nnterest rate\nending rate\nquoting len\nbetween 0.1\nTransport, 3.04%\nndividuals, 15.81%\nSectoral D\n2011 \nRates \nnd investm\nly sustaine\niated risks\nket. \nce of a func\ne range qu\nes quoted b\nnding rates\n15% and 1\nServices, 15\n%\nDistribution, \nistribution\nment rates \nd by persis\n, limited l\nctioning m\nuoted by b\nby banks ra\ns of around\n7%. \n5.21%\n16.90%\n22 \nn of Loans\nquoted by\nstent liquid\nlines of cr\nmoney mark\nbanks. As \nanged betw\nd 20%. Tim\ns and Adv\ny banks h\ndity shorta\nredit and t\nket has res\nat end of\nween 8% a\nme deposi\nMin\nvances as a\nhave remai\nages, high c\nthe absenc\nsulted in th\nf October 2\nand 32% w\nit rates, ho\nAgriculture, 16\nning, 6.42%\nat 2 \nined relati\ncredit dem\nce of an ac\nhe widenin\n2011, nom\nwith most b\nowever, ran\n6.32%\nConstruc\nCommunic\nFinancial F\nManufactu\n \nively \nmand, \nctive \nng of \nminal \nanks \nnged \nction, 4.17%\nation, 1.42%\nFirms, 2.63%\nring, 18.08%\n23 \n \n4.11 Notwithstanding the realization of positive real interest rates on investment \ndeposits, term deposits have remained low on the backdrop of high \nopportunity cost of holding the deposits. \n \n4.12 Despite high lending rates charged by banks, savings and demand deposits, \nwhich constitute the bulk of the deposits, continue to attract low interest \nrates and high transaction charges. This negative development continues to \nmilitate against efforts geared at promoting a savings culture among the \nbanking public. In turn this compounds the country’s liquidity situation \nwhich also hamstrings the economic recovery process. \n \n5. \nFINANCIAL SECTOR DEVELOPMENTS \n \n5.1 \nThe banking sector remained in a safe and sound condition in 2011 \nnotwithstanding underlying risks posed by the operating environment \nnotably volatile deposits, absence of an active inter-bank market and lack of \nan effective lender of last resort function, market illiquidity, cash based \ntransactions and limited access to external credit lines. \n \n5.2 \nThe weak and troubled banks in the sector are few, small and of low \nsystemic importance. Collectively, as at 31 December 2011, these \ninstitutions had a combined market share below 5% in terms of total \nassets, deposits and loans, as depicted in the table below: \n \n \n24 \n \nTable 3: Market Share of Weak and Troubled Banks \nInstitutions  \nMarket Share of \nAssets \nMarket Share of \nDeposits \nMarket Share of \nLoans \nStrong  Banks\n \n95.86%\n97.33%\n96.16%\nWeak & Troubled Banks\n \n4.14%\n2.67%\n3.84%\n \n5.3 \nDespite attendant challenges, the banking sector experienced marked \nimprovement in its intermediary role, which has resulted in improved \nfinancial support to the key productive sectors of the economy. \n \n5.4 \nThe Reserve Bank has, however, noted with concern the gradual \ndeterioration in asset quality as reflected by the level of non-performing \nloans which is now trending towards the watch list category. Asset quality \nchallenges can potentially heighten liquidity risks given the current \noperating environment where credit is largely financed by volatile short term \ndeposits. In this regard, it is imperative that banking institutions enhance \ntheir credit risk management systems with special emphasis on credit \nassessment, origination, administration, monitoring and control standards. \n \n5.5 \nDespite well-documented benefits that accompanied the adoption of multiple \ncurrencies, a new set of challenges for the banking sector including frauds \nand robberies has emerged. Within this context, the Reserve Bank issued a \ncircular on enhancement of security arrangements at branches in 2009. \nWhilst satisfactory response to this call has been recorded in the urban areas, \nthe Reserve Bank notes that there is great scope to enhance security \n25 \n \narrangements by banks in outlying branches. This is evidenced by numerous \nincidences where outlying branches have been targeted by robbers. \n \n5.6 \nIt is against this background that the Reserve Bank urges banking \ninstitutions to tighten security systems in all branches to mitigate operational \nrisks that have affected banks under the multiple currency system. \n \nARCHITECTURE OF THE BANKING SECTOR \n \n5.7 \nAs at 31st December 2011, there were 26 operational banking institutions \n(including POSB), 16 asset management companies and 157 microfinance \ninstitutions under the supervision of the Reserve Bank. \n \nTable 4: Structure of Banking Sector \nType of institution \nNumber \nCommercial Banks* \n17 \nMerchant Banks \n4 \nBuilding Societies \n4 \nSavings Bank \n1 \nFinance Houses \n0 \nDiscount Houses \n0 \nTotal Banking Institutions \n26 \nAsset Management Companies \n16 \nMicrofinance institutions \n157 \n *Excludes Barbican Bank which was re-licensed but is not yet operational. \n \n26 \n \nRECENT DEVELOPMENTS IN THE BANKING SECTOR \n \nBarbican Bank \n \n5.8 \nFollowing the unbundling of ZABG, Barbican Bank was re-licensed \ntogether with Royal Bank and Trust Bank. Barbican Bank has, however, not \nbeen able to resume operations within the 12 months period provided in \nsection 14 (1) (i) of the Banking Act [Chapter 24:20]. \n \n5.9 \nIn view of the expiry of Barbican Bank’s licence on 30 September 2011, the \nReserve Bank notified the bank of its intention to cancel the banking licence \nin terms of the provisions of the Banking Act. The bank appealed to the \nMinister of Finance and the Reserve Bank is still awaiting the Minister’s \nresponse. \n \n \nRenaissance Merchant Bank Limited \n \n5.10 Pursuant to the expiry of the initial six-month curatorship period on 2 \nDecember 2011, the Reserve Bank extended the period of curatorship to 3 \nFebruary 2012. The curatorship period has now been extended to 3 March \n2012 to enable the Curator to finalise recapitalization initiatives currently \nunderway. \n \nSTATUS OF BANKING SECTOR CAPITALISATION \n \n5.11 As at 31 December 2011, 20 out of 25 operating banking institutions \n(excluding POSB) were in compliance with the prescribed minimum capital \nrequirements, while all the 16 asset management companies were compliant \n27 \n \nwith the minimum capital requirement of $500,000. The table below shows \nthe capitalization status of the banking sector as at 31 December 2011. \nTable 5: Capitalization of the Banking Sector as at 31 December 2011 \n \nINSTITUTION\nDeclared Core \nCapital  as at 31 \nDecember 2011\nPrescribed \nMinimum Capital \nCOMMERCIAL BANKS\nCBZ BANK \n65,219,416.00\n12,500,000.00\nSTANCHART  \n53,204,639.00\n12,500,000.00\nBARCLAYS BANK\n33,374,247.00\n12,500,000.00\nBANCABC  \n32,075,487.14\n12,500,000.00\nSTANBIC BANK \n31,974,967.00\n12,500,000.00\nZB BANK \n20,695,741.00\n12,500,000.00\nNMB BANK \n19,788,114.00\n12,500,000.00\nMBCA BANK \n19,484,022.00\n12,500,000.00\nMETROPOLITAN BANK  \n17,955,298.00\n12,500,000.00\nFBC BANK \n16,824,331.00\n12,500,000.00\nINTERFIN BANK \n16,275,804.88\n12,500,000.00\nAGRIBANK \n14,144,691.57\n12,500,000.00\nTN BANK \n13,380,596.00\n12,500,000.00\nTRUST BANK \n12,764,043.00\n12,500,000.00\nKINGDOM BANK \n4,203,203.00\n12,500,000.00\nROYAL BANK \n3,422,410.00\n12,500,000.00\nZABG BANK \n(15,348,157.00)\n12,500,000.00\nMERCHANT BANKS\nTETRAD INVESTMENT \n12,726,213.00\n10,000,000.00\nECOBANK  \n10,883,265.00\n10,000,000.00\nGENESIS INVESTMENT \n(3,204,691.00)\n10,000,000.00\nRENAISSANCE  \n(Under Curatorship) \nBUILDING SOCIETIES\nCBZ BUILDING SOCIETY \n22,705,129.00\n10,000,000.00\nCABS \n14,351,109.00\n10,000,000.00\nFBC BUILDING SOCIETY \n13,545,567.00\n10,000,000.00\nZB BUILDING SOCIETY \n13,401,494.58\n10,000,000.00\nSAVINGS BANK\nPOSB \n10,797,887.00\n‐\n28 \n \n5.12 Kingdom Financial Holdings Limited (KFHL) has now concluded an \nagreement with Afrasia Bank Limited (ABL) domiciled in Mauritius where \nABL will inject equity capital of $9.5 million. \n \n5.13 Following this injection, Kingdom Bank will be in compliance with the \nminimum capital requirements. In addition, the bank is in the process of \nraising supplementary capital of $10 million. \n \n5.14 The Reserve Bank has noted that despite several extensions of \nrecapitalisation deadlines, a few banking institutions have failed to \nconclude their recapitalisation initiatives. As such there is no prudential \nbasis for the continued existence of such entities. \n \n5.15 Accordingly, the undercapitalised institutions should do the honourable \nthing and voluntarily surrender their licences to the supervisory \nauthorities, failing which they will be dealt with in line with the Reserve \nBank’s Troubled and Insolvent Bank Resolution Policy. \n \n5.16 As you may recall, from my previous Monetary Policy Statements, the \nReserve Bank granted several recapitalisation deadline extensions to allow \nfor the finalization of the various lethargic and protracted recapitalization \ninitiatives that were purportedly at various stages of implementation. \n \n5.17 We note as Supervisory Authorities, that these troubled banking institutions \nare conspicuously oblivious of the clear global trends towards consolidation \namong banks. \n \n29 \n \n5.18 Since 2005, the Reserve Bank has advocated for consolidations through \nmergers and acquisitions as laudable market-oriented solutions to troubled \nbanking institutions. \n \n5.19 Globally, mergers and acquisitions have become a major strategic option for \nbanking aimed at entrenching a strong, efficient and diversified financial \nsector that ensures the safety of depositors’ funds, plays an active \ndevelopmental role in the economy, and competes effectively in the global \nfinancial system. \n \n5.20 Accordingly, all non-compliant institutions, including those previously \nissued with special dispensations for compliance with minimum capital \nrequirements, have up to 14 February 2012 to finalise their \nrecapitalisation initiatives or consummate their mergers and acquisitions. \n \n5.21 By no later than 29 February 2012, the Reserve Bank shall engage those \ninstitutions that would have failed to identify credible partners and conclude \nthe recapitalization transactions. The Reserve Bank will deal decisively, with \nall non compliant institutions in terms of the Troubled and Insolvent Bank \nPolicy by no later than 31 March 2012. \n \n5.22 It follows that, with effect from 1 April 2012, any banking institution that \nis not compliant with the minimum capital requirements shall not be allowed \nto conduct banking business. \n \n5.23 For the avoidance of doubt, all dispensations for compliance with minimum \ncapital requirements granted to non-compliant institutions are hereby \n30 \n \nrevoked with immediate effect, and superseded by the timeframes detailed \nherein. \n \nSTRENGTHENING \nTHE \nTROUBLED \nBANK \nRESOLUTION \nFRAMEWORK \n \n5.24 Globally, the robustness of the legal framework has been noted to be a \nfundamental factor in determining the efficacy of the bank resolution \nframework. \n \n5.25 Our past experiences have shown that the current bank resolution \nframework, as contained in several statutes including the Banking Act, \nDeposit Protection Corporation Bill, Troubled Financial Institutions \n(Resolution) Act, Companies Act, and Insolvency Act is out of sync with \nbest practice. \n \n5.26 As Regulatory Authorities, the Reserve Bank, in liaison with other key \nstakeholders, is committed to ensuring that the legal and regulatory \nframework for the banking sector remains relevant and robust to deal with \ncurrent and future challenges. \n \n5.27 In pursuit of this objective, the Banking Laws will be amended to strengthen \nthe Troubled and Insolvent Bank Resolution Framework incorporating \nPrompt Corrective Actions (PCAs). \n \n \n \n31 \n \nENHANCEMENT OF BANKING SECTOR STABILITY \n \nRisk-Based Supervision \n \n5.28 The Reserve Bank’s supervisory framework will continue to be underpinned \nby Risk-Based supervision methodologies, which place emphasis on the \naccurate determination of the risk profiles of banking institutions and \nadequacy of risk management systems. The Risk-Based Supervision \nframework also provides for on-going interaction among supervisors, banks \nand external auditors through prudential meetings. \n \n5.29 Risk-Based Supervision provides a solid foundation for implementation of \nthe Basel II/III framework. \n \nEffective Supervision of Banking Groups \n \n5.30 A number of banking institutions have used associate entities in their group \nstructures as conduits for indulgence in regulatory arbitrage, and \nengagement in non-permissible activities. A number of banking institutions \nhave used associate entities in their group structures as conduits for \nindulgence in regulatory arbitrage, and engagement in non-permissible \nactivities. \n \n5.31 The unfounded litigations on the legality and scope of the Reserve Bank’s \njurisdiction over Bank Holding Companies clearly demonstrates the level of \nignorance of the provisions of Banking Laws by the shareholders. \n32 \n \n5.32 For the avoidance of doubt, it must be noted that the Reserve Bank is \nempowered under section 45(1) (a) of the Banking Act [Chapter 24:20], to \nmonitor and supervise associates of banking institutions including their \nholding companies. \n \n5.33 As Monetary Authorities, we reiterate that Bank Holding Companies are still \nsubject to oversight by the Reserve Bank. As such, no person shall obtain \nsignificant shareholding holding in or be appointed to the board/ senior \nmanagement of a Bank Holding Company without the approval of the \nReserve Bank. \n \n5.34 The Reserve Bank will continue to apply the consolidated supervision \napproach in order to control the risks associated with financial \nconglomerates. \n \nStress Testing \n \n5.35 The Reserve Bank already requires banking institutions to conduct periodic \nstress testing, for own internal use, as part of their risk management \npractices and processes as stipulated in its various prudential guidelines. \n \n5.36 Going forward, with effect from quarter ending 31 March 2012, every \nbanking institution would be required to submit stress test results to the \nReserve Bank within 30 days from the end of each quarter. \n \n33 \n \n5.37 Meanwhile, the Reserve Bank will continue to conduct independent stress \ntests, using its own methodologies, to gauge the potential vulnerability of \nindividual banks and the entire banking system. \n \n5.38 The Reserve Bank will hold Prudential Meetings to discuss banking \ninstitutions’ stress test results. Banking institutions that fail stress tests and \nhave no demonstrable mitigatory measures in place will be subjected to \nappropriate supervisory action by the Central Bank. \n \nEnterprise-wide Risk Management \n \n5.39 Banking institutions are again encouraged to manage risk in a coordinated \nand integrated way across the entire business. The Reserve Bank is calling \nupon banking institutions to build capacity in this regard. \n \nEnhancement of Corporate Governance \n \n5.40 The resurgence of corporate governance ills that be-devilled our financial \nservices sector during 2003/4 period and caused a near-collapse of the \nbanking sector is likely to erode financial sector stability and confidence in \nthe banking system. \n \n5.41 Recent developments at ReNaissance Merchant Bank are a case in point. \nDepositors’ funds were siphoned under a well orchestrated and calculated \nfraudulent intricate web of related party transactions. \n \n34 \n \n5.42 In view of the corporate governance deficiencies prevalent in owner-\nmanaged institutions, the Reserve Bank wishes to remind the banking sector \nthat no shareholder with a 10% stake or more shall form part of management \nof the banking institution or bank holding company, or be chairperson of the \nboard. \n \n5.43 All banking institutions are expected to comply with this requirement on an \non-going basis. To reinforce these requirements, the Reserve Bank will re-\nissue enhanced Corporate Governance Guidelines No. 01-2012/BSD, \nwhich will be circulated to the market no later than 31 March 2012. \n \nCredit Reference Bureau \n \n5.44 The Reserve Bank welcomes efforts by Government as announced by the \nMinister of Finance in the 2012 National Budget presentation on the need to \nestablish a Credit Reference Bureau. Its establishment will help the banking \nsector to manage the growing credit risk by limiting borrower leverage. \n \n5.45 As Monetary Authorities we once again reiterate calls for all relevant key \nplayers to set up a credit reference bureau. \n \nDisclosure Requirements \n \n5.46 As part of on-going efforts to promote transparency and enhance market \ndiscipline, the Reserve Bank, with immediate effect, shall publish, on its \nweb-site, on a quarterly basis, the performance of each banking institution. \n35 \n \n5.47 The Reserve Bank will, however, discuss with banking institutions’ \nmanagement, the performance of their respective institutions prior to posting \nthe same on the web site to ensure accuracy and objectivity of the status \nreports. \n \nPrudential Liquidity Ratios \n \n5.48 The Prudential Liquidity Ratios (PLRs) will be raised from the current \n25% to 27.5% by 31 March 2012 and 30% by end of May 2012. \n \nFINANCIAL STABILITY ASSESSMENT FRAMEWORK \n \n5.49 Financial stability is regarded as an important economic policy objective in \nmost countries. The recent global financial crisis has drawn increased \nattention on the need for rigorous on-going financial stability assessments. \n \n5.50 There is consensus among policymakers, market practitioners, and \nacademics that financial system stability is affected by factors endogenous to \nthe financial system as well as the exogenous factors. \n \n5.51 As such, a comprehensive framework for financial stability assessment \nshould take into account inter-linkages between the external sector, domestic \nsector and the financial sector. \n \n5.52 The COMESA Framework for Assessing and Maintaining Financial \nStability developed in 2009 anchored on three schematic stages: on-going \n36 \n \nsurveillance, diagnostic assessment and policy action, takes into account the \nsectoral interlinkages as shown in the diagram below. \n \nFigure 10: Conceptual Framework for Financial Stability Assessment \n \n \n \n5.53 Zimbabwe being a member of COMESA has adopted the COMESA \nFramework for Financial Stability Assessment in its entirety. \n \n5.54 Regulatory authorities will henceforth periodically conduct rigorous \nassessments of the state of financial stability using Quantitative and \nQualitative methodologies. A wide range of analytical tools and techniques \n37 \n \nincluding macro-prudential analysis, macro-stress testing, and scenario \nanalysis will be adopted. \n \n5.55 A formal framework for financial stability assessment will: \n \nƒ facilitate early identification of sources of risks (to stability) and of potential \nvulnerabilities that could threaten financial stability; \nƒ promote rigorous, accurate and systematic assessment of the present degree \nof financial stability as well as the outlook ahead; \nƒ facilitate the evaluation of ability of the financial system to absorb shocks \nshould the risks identified materialize; \nƒ provide lead time for appropriate policy responses; and \nƒ promote adoption of preventive and timely remedial (risk mitigation) \npolicies and/or restore the system to stability (via resolution of problems) \nwhen preventive and remedial action fail. \n \n5.56 As Monetary authorities, we are mindful of the fact that financial stability is \ndependent on the collective stability of all components of the financial \nsystem including financial markets, financial institutions and the financial \ninfrastructure, as well as the real sector and global developments. \n \n5.57 The intertwining relationships between these financial sub-sectors, the real \neconomy, and the global financial system, create a dangerous amplification \nmechanism and vicious feedback loops that can lead to a crippling effect to \nour domestic economy. \n \n38 \n \n5.58 In Zimbabwe, the general belief that “light-touch” regulation and market \ndiscipline for other financial services players other than banks would suffice, \nwas proved wrong in the case of ReNaissance Merchant Bank, which \nhighlighted the need for “a systemic dimension” to financial sector \nregulation. \n \n5.59 The existence of fragmented supervision between the Central Bank and \nother financial sector regulators presents potential loopholes and fertile \nground for regulatory arbitrage to the detriment of financial sector stability. \n \n5.60 Cognisant of the intricate inter-connectedness of all facets of the financial \nsystem, the real economy and the global financial markets, and in a bid to \nclose the regulatory gaps, the sectoral Supervisory Authorities in Zimbabwe \nhave constituted a Multi-disciplinary Financial Stability Committee. \n \nMulti-disciplinary Financial Stability Committee \n \n5.61 The Reserve Bank, the Insurance and Pensions Commission (IPEC), the \nSecurities Commission (SEC), and the Deposit Protection Board (DPB) have \nnow jointly constituted a Multi-disciplinary Financial Stability Committee. \n \n5.62 The Committee shall be chaired on a quarterly rotational basis by the four \nfinancial services regulators, namely Reserve Bank, IPEC, SEC, and the \nDeposit Protection Board. The Reserve Bank will provide the Secretariat \nServices to the Committee. \n \n39 \n \n5.63 The financial services regulators have already signed a Memorandum of \nUnderstanding (MoU) to formalise their co-operation. \n \nContingency Planning \n \n5.64 An appropriate framework for financial stability assessment requires policy \nactions to be taken in the event of potential risks crystallising. \n \n5.65 Thus, the Reserve Bank and other key stakeholders will be working on a \nframework for contingency planning and systemic crisis management \nincorporating a set of identified policies, actions and processes necessary for \nthe prevention, management and containment of banking systemic distress. \n \n5.66 Banking institutions will be required, in terms of the framework, to establish \ncontingency plans for the management and control of risk exposures. The \nplans will also provide preventative measures and promote proactive \nmanagement and control of any business interruption. \n \nBASEL II IMPLEMENTATION \n \n5.67 The Reserve Bank has noted that most banking institutions have made \nsignificant progress in their Basel II preparations. The Reserve Bank will \ncontinue to engage banks in order to facilitate smooth implementation of \nbanking institutions’ Basel II plans as well as provide necessary guidance \nthrough seminars and workshops. \n \n40 \n \n5.68 The Reserve Bank has recalibrated the regime of provisions for loan losses \nto bring them in line with the Reserve Bank’s 10-tier Supervisory Rating \nSystem contained in Guideline No.1-2011/BSD: Technical Guidance on the \nImplementation of the Revised Capital Adequacy Framework in Zimbabwe. \n5.69 The revised provisioning levels, which become operational with effect from \n1 March 2012 are meant to ensure that loan loss provisions remain \nsufficient to absorb expected losses. \n \nMICROFINANCE INSTITUTIONS \n \n5.70 There are 157 licensed microfinance institutions operating under the \nsupervision of the Reserve Bank. The microfinance sector in Zimbabwe is \ncurrently facing a number of challenges including insufficient funding, \ninadequate IT infrastructure and absence of a Credit Reference Bureau. \n \n5.71 As part of the initiatives to improve the availability of funding to the sector, \nthe Zimbabwe Association of Microfinance Institutions (ZAMFI), \nspearheaded the establishment of a microfinance wholesale fund. The fund is \nexpected to provide a source of affordable wholesale funding for the \nMicrofinance Sector. \n \n5.72 The Reserve Bank is currently working on an appropriate Performance \nEvaluation Framework to enable evaluation of the impact of microfinance \nactivities and facilitate appropriate policy intervention. \n \n \n41 \n \nUndesirable Methods of Conducting Business \n \n5.73 The Reserve Bank continues to receive complaints from microfinance clients \nregarding unethical and undesirable business practices such as inadequate \ndisclosure of business conditions and abusive debt collection practices \nincluding disposal of pledged collateral without following due legal \nprocedures. \n \n5.74 As Supervisory Authorities, we are also concerned that some Microfinance \nInstitutions are illegally taking deposits from members of the public, which \nare disguised as bilateral loans, thus posing a threat to financial stability. \n \n5.75 Moneylenders are not deposit taking institutions. Members of the public are \nhereby advised against dealing with such unscrupulous institutions. \n \n5.76 Microfinance Institutions are sternly warned that failure to comply with laws \nand regulations when conducting microfinance activities will lead to the \nimposition of appropriate supervisory action, including cancellation or non-\nrenewal of licences. \n \nMicrofinance Core Client Protection Principles \n \n5.77 Microfinance institutions are once again urged to observe the internationally \nagreed Core Client Protection Principles (CCCP) for microfinance in \nconducting their microfinance business. \n \n42 \n \nTimely Renewal of Microfinance Licences \n \n5.78 Microfinance Institutions are hereby reminded that operating licences should \nbe renewed at least two months before date of expiry. Failure to renew the \noperating licence before expiry will render the activities of the concerned \nmicrofinance illegal. \nDraft Microfinance Bill \n \n5.79 A Draft Microfinance Bill is currently under consideration by the Reserve \nBank, the Ministry of Finance and other microfinance stakeholders. The Bill \nonce promulgated is expected to address some of the problems facing the \nsector such as tenure of licences, consumer protection issues and transparent \npricing in line with international developments in the microfinance sector. \n \nFINANCIAL INCLUSION \n \n \n5.80 There is growing consensus that financial inclusion - access to financial \nservices at a reasonable cost to the majority of the population - is critical for \neconomic growth and development, poverty alleviation and the attainment of \nthe Millennium Development Goals (MGDs). \n \n5.81 The Reserve Bank has keen interest in promoting an inclusive financial \nsystem and is working closely with key stakeholders in that regard. \n \n5.82 As Monetary Authorities, we are pleased to note the increasing number of \nbanking institutions venturing into mobile banking. As at 31 January 2012, \nfifteen (15) banking institutions had introduced mobile banking products in \n43 \n \npartnership with mobile network operators in majority of the cases as shown \nbelow. \n \nTable 6: Mobile Banking Products Introduced By banks \nInstitution\nMobile Network \nOperator \nMobile Banking Platform / Brand \nName \n1. \nFBC Bank \nNet One/ Telecel\nZIPIT */ One Wallet \n2. \nKingdom \nTelecel\nKineto Mobile/Kingdom Cellcard\n3. \nPOSB \nNet One/ Telecel\nZIPIT\n4. \nCABS \nNet One/ Telecel\nZIPIT / Textacash \n5. \nMetropolitan \nNet One/ Telecel\nZIPIT, Metbank mobile \n6. \n FBC Building Society \nNet One/ Telecel\nZIPIT\n7. \nInterfin \nNet One/ Telecel\nZIPIT\n8. \nBarclays \nInbuilt Plaform \n9. \nTN Bank \nEconet\nEcocash\n10.  Tetrad \nTelecel\ne‐Mali\n11. CBZ \nAll\nE‐Tranzact /CBZ mobile/ ZIPIT\n12. Stanchart \nNet One/ Telecel\nZIPIT\n13. Trust \nAll\nE‐Tranzact/Bank at Ease\n14. ZB \nE‐Solutions \n15. ZABG \nE‐Solutions \n* ZIPIT * ‐ ZIMSWITCH based platform. Currently eight banks are on the platform with a target \nof including all banks which are members of Zimswitch.  \n \n5.83 The Reserve Bank requires all banking institutions to put in place \nappropriate risk management structures and processes to facilitate on-going \n44 \n \nmonitoring of all risks associated with mobile banking products and other \nelectronic service delivery channels. \n \n5.84 All banking institutions are required to seek prior approval of the \nReserve Bank before launching new products. As part of the approval \nprocess, the applicant bank is required to secure the relevant sign offs by \ntheir new product development committee or department, risk management, \ninternal audit, compliance and the board. Where external parties are \ninvolved, appropriate Service Level Agreements should be put in place to \nstipulate the roles and responsibilities of all parties. \n \nLender of Last Resort (LOLR) \n \n5.85 As Monetary Authorities, we remain indebted to the Minister of Finance for \nhis support in concerted efforts geared at resuscitating the lender of last \nresort (LOLR) function of the Central Bank. This is evidenced by the recent \ninjection of US$20 million to further boost the LOLR facility. This amount \nis over and above the existing US$7 million. Once the funds have been \ntransferred to the Reserve Bank’s accounts, banks with the requisite \ncollateral can start accessing it. Additionally, the advanced negotiations with \nAfreximbank are envisaged to culminate in the further boosting of the LOLR \nfacility by an additional US$80 million. \n \n5.86 We would also like to implore the market players to deal amongst \nthemselves as we continue to observe that while some banks are facing \n45 \n \nliquidity challenges, others are sitting on large balances on their RTGS \naccounts or in their Nostro accounts. \n \nNostro Accounts \n \n5.87 A worrisome development has emerged in the banking sector, whereby \nsome banks are maintaining huge idle balances in their Nostro accounts. \nThis development has occurred at a time when liquidity conditions have \nremained tight in the domestic economy. Against the background of this \nregrettable  development,  we  urge  banks  to  release  some  of  these \nbalances  held  with  foreign  banks  to  the  local  market  to  improve \nthe  liquidity  situation  and  support  key  productive  sectors  of  the \neconomy. \n \nSTATUTORY RESERVE BALANCES \n \n5.88 In his Press Statement on the Post Budget Developments in the Economy, \nthe Honorable Minister of Finance announced that Treasury would be \nissuing instruments to deal with the outstanding amounts of Statutory \nReserve balances at the Reserve Bank. These amounts to US$83.4 million. \nThe Ministry of Finance in close collaboration with the Reserve Bank is \nworking on the appropriate modalities. \n \n \n \n46 \n \n6. \nNATIONAL PAYMENT SYSTEMS  \n \n6.1 \nDuring 2011 the financial system witnessed a significant growth of \nelectronic transactions with US$ 34 billion achieved representing an increase \nof 56% from US$22 billion recorded in the 2010. \n \nReal Time Gross Settlement (RTGS) System  \n \n \n6.2 \nTotal RTGS system values amounted to US$33 billion for the year 2011, an \nincrease of 51% from US$21 billion recorded in the year 2010. The total \nvolume of transactions for the same period were 2 million and 1.6 million \nrespectively representing a 28% increase as shown in figure below. \n \nRETAIL PAYMENT STREAMS  \n \nCheque Payment Stream \n \n6.3 \nThe cheque payment stream remained available to a selected group of \ncustomers on a Know Your Customer basis consistent with the risk profile \nof the payment stream. \n \n6.4 \nA total of 259 000 transactions valued at US$65 million were cleared in \n2011, compared to 174 000 transactions valued at US$42 million in 2010. \nThis represents increased values and volumes of 52% and 49%, respectively. \n \n47 \n \nAutomated Teller Machines (ATMs) \n \n6.5 \nTransactions processed through ATMs amounted to US$905 million during \nthe year 2011, an increase of 190% from US$312 million recorded for in the \nyear 2010. ATM transactions constituted 56% of the total retail transactions \nin terms of value, indicating a high propensity of cash usage by the \ntransacting public. \n \n6.6 \nWe therefore, encourage the market to move towards the use of other \nelectronic means of payment which are now available in the country to \nreduce the risk of moving around with cash. \n \nPoint of Sale (POS) \n \n6.7 \nIn 2011, POS machines recorded an aggregate of 4.2 million transactions \nwhen compared to 1.3 million in 2010. The values registered increased \nconcomitantly by 384% to US$249 million as compared to US$51 million. \n \n6.8 \nWithin this context, banking sector players and key stakeholders are urged to \nincrease the population and spread of POS machines throughout the country \nto facilitate transactions of a retail nature and for the effective reaching out \nof communities in outlying areas. \n \nMobile Payments \n \n6.9 \nReflecting increased use of mobile banking facilities, the value of mobile \npayment transactions increasing by 575% to US$8.1 million in 2011 from \n48 \n \nUS$1.2 million in 2010. Similarly, the volume of mobile payment \ntransactions increased phenomenally by 446% to 2.3 million in 2011from \n0.4 million in 2010 \n \nInternet Banking \n \n6.10 Internet banking constitutes 30% of the total retail values. During 2011, \ninternet values increased significantly by 132% to US$532 million from \nUS$230 million in 2010. Concomitantly, volumes increased from 85 000 in \n2010 to 196 000 in 2011. \n \nMeasures to Alleviate Market Liquidity Challenges  \n \n6.11 The Money Market is currently inundated with challenges resulting from the \nworsening liquidity, delayed cash payments and illegal externalization of \ncash. \n \n6.12 In line with the Honourable Minister of Finance’s Press Statement on Post \nBudget Developments in the Economy, issued on 25 January 2012, there is \nneed to institute staggering payments for High Value Transactions in order \nto allow banks sufficient time to prepare for such transactions. \n \n6.13 In order to facilitate country-wide smooth payment transactions as well as \ncurbing illegal externalization of cash, all Financial Institutions are being \ncalled upon to moderate instant cash withdrawals to a maximum of \nUS$10,000. \n \n49 \n \n6.14 Cash withdrawals for High Value Transactions that are above US$10,000 \nwould require the following Notice Periods; \n \nTable 7: Notice Periods for High Value Cash Withdrawals \nAmount \nUSD \nRequired Notice Period to the Bank \n10,001 – 20,000 \n24 hrs (1 working day ) \n20,001 – 30,000 \n48 hrs (2 working days) \n30,001 – 40,000 \n72 hrs (3 working days) \n40,001 – 50,000 \n96 hrs (4 working days) \n50,001 and above \n120 hrs (5 working days) \n \n6.15 To compliment these measures, the banking public is strongly encouraged to \nuse the Real Time Gross Settlement system (RTGS), Credit Cards and other \napproved electronic money transfer systems in settling their day-to-day \nfinancial transactions. \n \n7. \nTightening of Anti Money Laundering Measures \n \n7.1 \nIn line with the Reserve Bank’s mandate under the Bank Use Promotion and \nSuppression of Money Laundering Act [Chapter 24:24] and pursuant to the \ncountry’s international AML / CFT obligations, the Reserve Bank is \nstepping up the fight against money laundering. \n \n7.2 \nThe Reserve Bank has an obligation to ensure that the country’s financial \nsystem does not become either a safe haven or conduit for proceeds of crime \nas this would tarnish the country’s image. \n50 \n \n7.3 \nThe advent of dollarization and the country’s predominantly cash economy \nhave opened up the country to increased money laundering risk from \ncriminals, both local and foreign, both individuals and organized syndicates. \n \n7.4 \nThe Reserve Bank is responding to the increased threat by tightening anti-\nmoney laundering measures to ensure that banks and other designated \ninstitutions comply with AML / CFT requirements to prevent the institutions \nfrom being used to facilitate money laundering. \n \n7.5 \nThe law requires banks and other designated institutions such as insurance \ncompanies, asset managers, stockbrokers, and casinos to implement stringent \nanti money laundering measures and to report all suspected cases of money \nlaundering and terrorist financing to the Central Bank’s financial intelligence \nunit. \n \n7.6 \nThe Reserve Bank has noted with concern that some banks and designated \ninstitutions are not complying with their AML /CFT statutory obligations \nand, in particular, are not submitting Suspicious Transaction Reports to the \nfinancial intelligence unit. The Reserve Bank would like to sound a warning \nthat all the delinquent institutions will soon be brought to book and dealt \nwith in terms of the law. \n \n7.7 \nZimbabwe’s membership of the Eastern and Southern Africa Anti Money \nLaundering Group (ESAAMLG) obliges it to implement the FATF “Forty \nplus Nine” recommendations. These are measures designed to strengthen \nand harmonize member countries’ legal and institutional AML / CFT \n51 \n \nframeworks to ensure a coordinated regional and international approach in \nthe fight against money laundering and terrorist financing. \n \n7.8 \nThe Reserve Bank is working closely with Government and with national \nlaw enforcement agencies to implement the FATF standards and ensure that \nthe country does not become the weakest link in the regional and \ninternational fight against money laundering and terrorist financing. \n \n8. \nPOLICY ADVICE \n \nESTABLISHMENT OF AN INTERNATIONAL FINANCIAL CENTRE  \n \n8.1. The Honourable Minster of Finance in his 2012 National Budget announced \nthe concept of cluster-driven growth strategy in which provinces will be \ndeveloped according to their respective resource endowments. Zimbabwe \nhas over the last decade been receiving adverse publicity a situation that has \nbeen compounded by the enactment of the repressive Zimbabwe Democracy \nEconomic Recovery Act 2001, which has aggravated the deterioration in the \ncountry’s macroeconomic conditions. \n \n8.2. It is pleasing to note that Government has already agreed to the \nestablishment of an International Financial Centre. In this respect, the \nMinistry of Finance together with the Reserve Bank are seized with the \ndrafting of the Legal and Administrative Framework. The IFC will provide a \nconducive environment for foreign direct investment through the free flow \nof capital and improved market liquidity. \n52 \n \nGOLD TRADING POLICY  \n \n8.3. Following the liberalisation of trade in gold in February 2009, Monetary \nAuthorities have noted with great concern, an increase in illegal trade in \nGold that has also given birth to rampant smuggling of our country’s \nprecious minerals. \n \n8.4. Regrettably, numerous individuals and companies that are in possession of \nGold Buying Permits are misusing these permits and smuggling this \nprecious mineral, thereby prejudicing the National Economy of the export \nearnings. \n \n8.5. In view of this negative development, as Monetary Authorities, we take this \nopportunity to remind the Mining Sector to adhere to the current policy \non trade of gold. \n \nSECURITISATION OF ZIMBABWE ASSETS \n \n8.6. In view of persistent liquidity challenges that have conspired with limited \naccess to offshore credit lines to hamstring the attainment of fast paced \ngrowth, serious considerations must be accorded to asset securitization as a \nviable option to address recurrent liquidity challenges in Zimbabwe. \nSecuritization of Zimbabwe’s assets can be structured in such a way that \nfinancial resources can be mobilized in aid of the following; \n \ni.) \nMobilize resources for the development of infrastructure; \n53 \n \nii.) \nRaise funds for investment purposes; \niii.) \nSettle or restructure national debt; \niv.) \nAlleviate liquidity challenges that the financial sector is facing; \nv.) \n Transform maturity profiles of deposits, from short to medium or long \nterm; \nvi.) \nPool resources that are backed by domestic assets, for sustainable \nempowerment of the people. \nSpecial Purpose Vehicle \n \n8.7. The securitization of national assets including mineral resources can be \nstructured through a Special Purpose Vehicle (SPV). The SPV is a legal \nentity specifically and solely created for the purpose of holding the assets \nsought to be transferred by the originator and the issuance of securities. It \ntherefore acts as an intermediary between the originator and investor. \n \nSecuritization Anchored on Real Estate \n \n8.8. In Zimbabwe, both residential and commercial real estate are mostly \nmortgage free, however, these are illiquid assets. There is, therefore, need to \nunlock the economic potential of these assets by securitizing and \ntransforming them into liquid assets through real estate-backed security \n(REBS) that will represent a claim on the cash flows from equity \ninvestments in local companies ear-marked for indigenization. Funds to \npurchase these equities can be obtained from offshore sources and backed by \nreal estate in Zimbabwe. \n \n54 \n \n8.9. The offshore loans can be secured from international investors who are \nlooking for investments in emerging markets and diversifying from US \ndollar backed assets. \n \n8.10. REBS can be based on residential and commercial properties. A residential \nproperty-backed security (RPBS) will be secured by single or several \nhousehold real estates in the same neighbourhood. A commercial property-\nbacked security (CPBS) will be secured by commercial and industrial \nproperties, such as apartment buildings, retail or office properties, hotels, \nprivate schools, industrial and commercial sites. \n \n8.11. This securitization structure will be private sector driven and voluntary. \n \n8.12. This proposed resource mobilization and investment structure will dilute the \nimpact of sanctions and bring significant liquidity into the economy, thereby \nlaying a suitable foundation for economic recovery, whilst indigenizing the \neconomy. \n \n8.13. This will represent a broad based economic empowerment program which \nwould also create employment and additional wealth. \nMineral Based Securitization   \n \n8.14. Zimbabwe is endowed with vast mineral wealth which remains largely \nuntapped; in order to unlock value from the country’s mineral wealth, \nmining claims can be used as a form of payment to cooperating partners that \n55 \n \nclear Zimbabwe’s debt. In this regard mineral claims in the gold, platinum \nand ferro-alloys sub sectors can be securitized. \n \n8.15. This option involves external new borrowing by the country to retire the \ntotality or part of external debt, using identified public assets as collateral. \nValuation of these assets, in foreign currency, gives an indication of how \nmuch the country can borrow under this option. The same concept can be \napplied to the post reform agriculture sector. \n \nAgriculture and Mining Mechanization \n \n8.16. The nation will recall that the agricultural mechanization program \nspearheaded by the Reserve Bank laid a solid foundation for improved \nagricultural production and enhanced the country’s food security. The \nprogram was, however, not completed to cater for all the potential \nbeneficiaries countrywide. To further consolidate the bold strides attained by \nthis program, it is our recommendation that the responsible Ministry should \nattach prominence to the completion of this program. \n \n8.17. This is particularly so because there are many would- be beneficiaries who \nwere not accommodated during the agricultural mechanization phases \nundertaken with the assistance of the Reserve Bank, yet they have a dying \nneed of agricultural machinery. Against this background, we urge \nGovernment to resume the mechanization program with the support of \nTreasury, through the fine-tuning of the previous phases of the program with \n56 \n \nspecial attention to ensuring equity in terms of geographical or beneficiary \nselection. \n \n8.18. In the same vein, the importance of the mining sector in its contribution to \nthe Gross Domestic Product and the indigenization and economic \nempowerment process which should promote the Small to Medium Scale \nEntreprises (SMEs) cannot be over-emphasized. Against this background, \nwe recommend that Government through the appropriate Ministry should \nembark on a mining sector mechanization program that will see a \ncoordinated tie -up of owners of mining claims, producers of machinery and \nthose who market the minerals. \n \n8.19. The Reserve Bank also urges Local Authorities to move with speed to deal \ndecisively with the resurgence of cholera and typhoid. Our experience in \n2008 with such epidemics makes it very painful when lives are lost \nneedlessly. The meaningful recovery of the Zimbabwean economy is \ncentered around the well-being of the generality of the population of which \ngood health is an important aspect. \n \n9. \nCONCLUSION \n \n9.1 \nThe successful orientation of the Zimbabwean economy on a sustained \nrecovery and growth path requires that the country’s unsustainable external \ndebt be resolved expeditiously. Delays in the resolution of the country’s \nexternal debt continue to militate against efforts by both the public and \n57 \n \nprivate sectors to mobilize external lines of credit to recapitalize their \noperations and finance critical projects. \n \n9.2 \nAn effective debt resolution strategy if timely implemented will undoubtedly \nunlock the much needed external lines of credit under any monetary regime. \nThe resolution of the country’s external debt is thus a vital cog in adequately \ncomplementing policy measures geared at attaining an all-encompassing \neconomic recovery process that is inclusive and sustained. \n \n9.3 \nIn addition, the need for an adequately capitalized financial system in \nsupporting private sector led growth cannot be over-emphasized. As \nMonetary Authorities we, therefore, urge banking institutions to ensure that \ntheir operations are adequately capitalized in order to meaningfully mobilize \nsavings for on lending to the productive sectors of the economy and ensure \nfinancial sector stability. \n \n9.4 \nWe also urge banking institutions to move with the times and embrace new \nfinancial products such as mobile banking and e-banking in order to \neffectively reach out to the unbanked sections of our country that reside in \noutlying areas where the physical banking infrastructure is under-developed. \n \nTHANK YOU \n \n DR. G. GONO \nGOVERNOR \nRESERVE BANK OF ZIMBABWE \nJANAURY 2012", "source": "RBZ", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///RBZ/Monetary_Policy_Statements/mpsjan2012Zim.pdf"}
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+ {"doc_id": "3cee64332c26a69b3dcdecb5003a98b2", "text": "R\nE\nS\nE\nR\nV\nE\nB\nA\nN\nK\nO\nF\nZ\nI\nM\nB\nA\nB\nW\nE\nMID-TERM MONETARY POLICY STATEMENT \nRESTORING PRICE AND EXCHANGE RATE STABILITY\nBy\nJOHN PANONETSA MANGUDYA\nGOVERNOR\n11 AUGUST 2022\n2 \n \n \nTABLE OF CONTENTS \nINTRODUCTION AND BACKGROUND .......................................................... 5 \nSECTION TWO .................................................................................................... 7 \nASSESSMENT OF PREVIOUS MONETARY POLICY ................................... 7 \nMedium Term Bank Accommodation Facility (MBA) ........................................ 8 \nMicro, Small and Medium Enterprises Facility (MSMEs) ................................... 9 \nStatutory Reserves ................................................................................................. 9 \nForeign Exchange Market ................................................................................... 10 \nGold Coins Trading ............................................................................................. 14 \nForeign Exchange Mobilisation .......................................................................... 16 \nForeign Currency Receipts .................................................................................. 16 \nForeign Payments Performance .......................................................................... 18 \nSECTION THREE .............................................................................................. 19 \nRECENT ECONOMIC AND INFLATION DEVELOPMENTS ...................... 19 \nGold Deliveries .................................................................................................... 21 \nInflation Developments ....................................................................................... 22 \nRESERVE MONEY DEVELOPMENTS........................................................... 23 \nSECTION FOUR ................................................................................................ 31 \nCONDITION AND PERFORMANCE OF THE BANKING SECTOR ........... 31 \nNATIONAL PAYMENT SYSTEMS ................................................................. 44 \nFINTECH DEVELOPMENTS ........................................................................... 48 \nSECTION FIVE .................................................................................................. 50 \nBALANCE OF PAYMENTS DEVELOPMENTS ............................................ 50 \nSECTION SIX ..................................................................................................... 53 \nMONETARY POLICY STANCE FOR THE NEXT SIX MONTHS ............... 53 \nSECTION EIGHT ............................................................................................... 59 \nCONCLUSION ................................................................................................... 59 \n \n3 \n \nTABLE OF FIGURES \nFigure 1: Foreign Exchange Auctions Allotments in 2020-2022 (US$m) ......... 11 \nFigure 2: Distribution of Foreign Currency in the Auction of 26th July 2022 .... 13 \nFigure 3: Annual Inflation ................................................................................... 23 \nFigure 4: Components of Reserve Money as at end June 2022 .......................... 24 \nFigure 5: Monetary Developments ...................................................................... 26 \nFigure 6: Money Supply Growth and Inflation ................................................... 27 \nFigure 7: ZSE All Share, Top 10 and Mining Indices ........................................ 28 \nFigure 8: ZSE Market Turnover (ZW$ millions) ................................................ 29 \nFigure 9: Victoria Falls Stock Exchange ASI ..................................................... 30 \nFigure 10: Sectoral Distribution of Loans as at 30 June 2022 ............................ 33 \nFigure 11: Trend in Non- Performing Loans ...................................................... 34 \nFigure 12: Banking Sector Income Mix as at 30 June 2022 ............................... 35 \nFigure 13: Prudential Liquidity Ratio Trend ....................................................... 36 \nFigure 14: Trend of Inquiries for 2017- June 2022 ............................................. 39 \nFigure 15: Percentage of Delinquent Loan Contracts by Gender ....................... 40 \nFigure 16: Comparative Monthly Electronic Transaction Values and Volumes \nfor Six Months Ended June 2021 and 2022 ........................................................ 45 \nFigure 17: RTGS Values and Volumes for the Six Months ended June 2022 and \n2021 ..................................................................................................................... 46 \nFigure 18: Retail Payment Systems Interoperability for Jan to June 2021 and \n2022 ..................................................................................................................... 47 \nFigure 19: Sectors of Registered Users ............................................................... 49 \nFigure 20: Distribution of Applications to Sandbox ........................................... 50 \nFigure 21: Current Account Developments (US$ millions) ............................... 51 \n \n \n \n4 \n \nLIST OF TABLES \nTable 1: Willing-Buyer Willing-Seller (WBWS) Interbank Market Activities \n2022 (US$) .......................................................................................................... 14 \nTable 2: Total Foreign Currency Receipts for Jan – Jun 2022(USD Millions) .. 17 \nTable 3: Foreign Payments from January to June 2022 (US$ Millions) ............ 19 \nTable 4: Gold Deliveries (Kgs) to FPR - Jan 2021 to June 2022 ....................... 21 \nTable 5: Financial Soundness Indicators ............................................................. 31 \n5 \n \nSECTION ONE \nINTRODUCTION AND BACKGROUND \n \n1. \nThis Monetary Policy Statement (MPS) is issued in terms of Section 46 of \nthe Reserve Bank of Zimbabwe Act [Chapter 22:15] (the Act). The Act \nrequires the Governor of the Reserve Bank of Zimbabwe (the Bank) to issue \na statement that evaluates prior period monetary policy measures and \noutlines the monetary policy stance and policies for the subsequent six \nmonths, including the motivation for any new policies. \n \n2. \nAccordingly, this Statement highlights the recent developments in monetary, \nexternal and banking sectors as well as policy measures the Bank is \nimplementing in pursuit of price, exchange rate and financial system stability \nwhich are the key mandates of the Bank. More importantly, the Statement \nalso outlines the monetary policy stance to be followed by the Bank in the \nsecond half of 2022. \n \n3. \nDomestic economic growth has remained robust and is projected at 4.6% in \n2022, down from the initial forecast of 5.5%. The downward revision was \nnecessitated by the continued global and domestic inflationary pressures, \nglobal geopolitical tensions and the consequences of the ongoing global \nwarming and the COVID-19 pandemic. \n \n4. \nIn order to address the domestic inflationary pressures mainly attributable to \nthe movement in the parallel foreign exchange premiums, Government and \nthe Bank implemented bold measures to deal with factors driving exchange \nrate volatility and inflation. The measures announced by the President on 7 \n6 \n \nMay 2022 managed to instill discipline and curb speculative behaviour, \nparticularly on the stock market. \n \n5. \nIn addition, subsequent measures taken by the Bank to increase interest rates \nand introduce gold coins as an alternative stable investment product for store \nof value and mopping up excess liquidity from the economy have gone a \nlong way in preserving the value of the local currency, reducing liquidity in \nthe market and reducing foreign currency demand on the parallel market and \nthus stabilising the exchange rate and prices. \n \n6. \nOn its part, Government has taken steps to review its procurement approach \nto minimise the practice of forward exchange rate pricing that was being \npursued by its suppliers of goods and services. The Bank applauds this move \nby Government to deal with issues affecting exchange rate stability while at \nthe same time ensuring value for money. \n \n7. \nIn the period ahead, monthly inflation, which is the most felt component of \nprice changes in the economy, is expected to continue to decelerate as \nmeasures put in place by the Bank and Government to keep inflation under \ncheck continue to bear fruit. However, annual inflation could increase in the \nshort term as a result of the lower base effect in 2021 and subsequently \ndecelerate in line with declining month-on-month inflation. \n \n8. \nThe rest of the Statement is organised as follows: Section two carries an \nassessment of the effectiveness of previous monetary policy measures; \nSection three highlights the recent economic developments; Section four \nfocuses on financial sector developments; Section five highlights balance of \n7 \n \npayments developments; Section six specifies the new monetary policy \nstance for the next six months; Section seven provides the economic and \ninflation outlook; and lastly Section eight concludes the Statement. \n \nSECTION TWO \nASSESSMENT OF PREVIOUS MONETARY POLICY \n \n9. \nThe first half of the year 2022 saw emerging inflationary pressures in the \neconomy driven by external and domestic factors. Government and the Bank \nreacted by implementing bold fiscal and monetary policy measures to \nstabilise the situation. As a result of the measures, month-on-month inflation, \nwhich had increased to 30.7% in June 2022, decelerated to 25.6% in July \n2022. The exchange rate has also largely stabilised during the month of July \n2022 following the implementation of the tight monetary policy measures. \n \nTemporary Suspension of Lending by Banks \n10. Following the announcement by the President on 7 May 2022 to the effect \nthat far reaching measures to stabilise the economy were adopted, the Bank \ntemporarily suspended lending by banks in order to allow comprehensive \ninvestigations by the Financial Intelligence Unit (FIU) into abuses of \ncommercial bank loan facilities by business entities. \n \n11. The investigations by the FIU showed significant abuse of loan facilities by \nborrowers through arbitrage, multi-dipping, borrowing on behalf of third \nparties and diversion of foreign exchange obtained through the foreign \nexchange auction system to parallel market activities. \n8 \n \n \n12. The investigations exposed 15 entities as abusers of bank credit and resulted \nin those entities being penalised. The investigations further revealed that \nsuppliers of goods and services to Government were also a major contributor \nto the depreciation of the exchange rate on the parallel market as they were \nusing forward foreign exchange rates in the pricing of their goods and \nservices even after being paid by Government in advance. The continued \nmonitoring, tightening of regulations and imposition of punitive measures \nagainst offenders by the FIU is expected to go a long way in reducing \nspeculative behaviour in the economy. \n \nBank Policy Rates \n13. The Bank policy rates have been continuously reviewed since the beginning \nof the year in line with exchange rate and inflation developments. The policy \nrate was increased from 60% in January 2022 to 80% at the end of April \n2022 and further to 200% on 24 June 2022. The increase in policy rates and \nits alignment to the minimum lending rate has gone a long way in reducing \nspeculative borrowing and stabilising the exchange rate. \n \nMedium Term Bank Accommodation (MBA) Facility \n14. The Bank has maintained the Medium Term Bank Accommodation Facility \nsince November 2019 in order to support strategic productive sectors such \nas grain production and SMEs. Ensuring self-sufficiency in strategic \nproducts has become more critical in the wake of global supply disruptions \nsuch as the COVID-19 pandemic, the Russia-Ukraine conflict and global \nwarming. \n \n9 \n \n15. To curtail arbitrage, the MBA rate was reviewed from 40% in January 2022 \nto 50% in April 2022 and further to 100% on 24 June 2022. While the Bank \nis cognisant that the hike in the MBA rate may negatively affect borrowing \nby genuine productive entities, its alignment to the policy rate was crucial to \navoid arbitrage borrowing from other lending windows. The MBA window \nremains active and available to support the productive sectors of the \neconomy. A cumulative total of ZW$8.0 billion has been disbursed under \nthe facility, with an outstanding balance of ZW$6.0 billion as of 22 July \n2022. The MBA Facility has largely benefited the agriculture sector, \nespecially summer and winter cropping. \n \nMicro, Small and Medium Enterprises (MSMEs) Facility \n16. The facility was introduced in June 2021 during the Covid-19 pandemic to \nsupport the working capital and capital expenditure needs of the MSMEs \nsector. As at 22 July 2022, a total of ZW$986.6 million had been disbursed \nto various beneficiaries through banks and microfinance institutions. \n \nStatutory Reserves \n17. Statutory reserve requirements continue to play a major role in the tight \nmonetary policy stance of the Bank by limiting the available resources for \ncredit creation. In this regard, the statutory reserve ratio for demand and call \ndeposits was kept at 10% whilst that of time deposits also remained \nunchanged at 2.5% during the first half of 2022. \n18. An increase in broad money saw statutory reserve balances increasing from \nZW$20.11 billion on 31 January 2022 to ZW$28.89 billion as of 22 July \n2022. \n \n10 \n \nDeposit Interest Rates \n19. As part of measures to promote savings, the deposit rates for ZW$ savings \nwere reviewed upwards from 12.5% to 40% per annum, while time deposits \nrates were increased from 25% to 80% per annum, effective 1 July 2022. \n \n Foreign Exchange Market \n20. To support an efficient market for foreign exchange, the Bank has moved to \neliminate the gap between the auction and the willing-buyer willing-seller \nexchange rates. It is the Bank’s view that the willing-buyer willing-seller \nexchange rate is a good indicator of the foreign exchange rate in the \neconomy. The parallel market exchange rates are to a large extent influenced \nby speculative sentiments and forward pricing behaviour, especially by \nproviders of goods and services to Government. \n21. Since the introduction of the auction system on 23 June 2020, the Bank has \nsuccessfully held 104 Main and 98 SME auctions, as of 26 July 2022. In \n2022, the Bank allotted about US$834.7 million, representing about 91% of \nthe total bids submitted to the auction as of 26 July 2022. \n22. The SMEs sector continues to receive a considerable amount of funds from \nthe auction system, with a share of about 17% in the first half of 2022, \ncompared to a share of 11% in the same period in 2021 as shown in Figure \n1. \n \n11 \n \nFigure 1: Foreign Exchange Auction Allotments in 2020-2022 (US$m) \n \n \n23. The average number of bids per auction was about 1 450 per week during \nthe first half of 2022, lower than the average of 2 000 bids per week in the \nfourth quarter of 2021. The reduction in the number of bids is attributable to \nthe introduction of the willing-buyer willing-seller foreign exchange trading \nmechanism (with some applicants who used to rely on the foreign exchange \nauction system now accessing foreign currency through that system) and \neffective monitoring by banks and Exchange Control authorities. \n \n24. To enhance market confidence, the Bank has cleared the backlog of all \nallotted amounts in respect of Auctions FX94 to FX102 and is in the process \nof settling the ring-fenced backlog from Main auctions 83 to 93, amounting \nto US$169 million, with a view to clearing it within a short space of time. \n \n25. The amounts that have been allocated at successive auctions have increased \nover time for both the Main and SMEs auctions. A total amount of US$3.43 \n -\n 50.00\n 100.00\n 150.00\n 200.00\n 250.00\nJun-20\nJul-20\nAug-20\nSep-20\nOct-20\nNov-20\nDec-20\nJan-21\nFeb-21\nMar-21\nApr-21\nMay-21\nJun-21\nJul-21\nAug-21\nSep-21\nOct-21\nNov-21\nDec-21\nJan-22\nFeb-22\nMar-22\nApr-22\nMay-22\nJun-22\nJul-22\nUS$ million\nMain FX Auction\nSME Fx Auction\n12 \n \nbillion had been allotted at the auctions as at 26 July 2022, with US$2.93 \nbillion having been allotted at the Main auction and US$498.07 million at \nthe SMEs auction. \n26. Details of the weekly auction allotments are shown in Table 8. \nTable 1: Foreign Exchange Auction Data as of 26 July 2022 \nDate \nFX market \nWeek \nLowest \nbid (LB) \nHighest \nbid (HB) \nWeighted \nAuction \nRate \n(AR) \nUS$ Total Bids \nUS$ Allotted \n2020-21 Total \n \n \n \n \n 2,676,943,485.46 \n2,596,380,812.95 \nJan-Mar 2022 \n \n \n \n \n420,796,325.51 \n402,475,532.75 \nApril-June 2022 \n \n \n \n \n404,340,175.17 \n338,225,073.84 \n5-Jul-22 \nFX101/2022 \n 358.0000 405.0000 379.2280 \n 19,749,893.72 \n 19,678,200.34 \n5-Jul-22 \nSMEFX95/2022 \n 357.0000 405.0000 379.2280 \n 3,747,679.66 \n 3,714,582.77 \n12-Jul-22 \nFX102/2022 \n 368.6400 424.0000 391.5339 \n 19,506,514.99 \n 19,506,514.99 \n12-Jul-22 \nSMEFX96/2022 \n 366.0000 420.0000 391.5339 \n 4,109,266.59 \n 4,053,982.01 \n19-Jul-22 \nFX103/2022 \n 382.0000 450.0000 403.4048 \n 19,685,492.47 \n 19,161,542.54 \n19-Jul-22 \nSMEFX97/2022 \n 385.0000 442.0000 403.4048 \n 3,867,264.37 \n 3,762,731.31 \n26-Jul-22 \nFX104/2022 \n 399.0000 490.0000 416.2890 \n 19,865,492.03 \n 19,787,360.03 \n26-Jul-22 \nSMEFX98/2022 \n 398.0000 500.0000 416.2890 \n 4,430,341.14 \n 4,321,097.28 \n2022 TOTAL \n \n \n \n \n920,098,445.65 \n834,686,617.86 \nGRAND TOTAL \n \n \n \n \n3,597,041,931.11 \n3,431,067,430.81 \n \n \n27. The productive sectors of the economy continue to receive most of the funds \nallotted at foreign currency auctions, with more than 65% of the allotments \ngoing towards supporting those sectors. As at 26 July 2022, 41% of the total \nallotments financed raw materials, whilst 22% funded capital goods such as \nplant, machinery and equipment with 3% being allocated to fuel, electricity \nand gas. \n13 \n \n \nFigure 2: Distribution of Foreign Currency Allotments at Auctions as \nof 26 July 2022 \n \nSource: Reserve Bank of Zimbabwe, 2022 \n \nWilling-Buyer Willing-Seller Foreign Exchange Trading System \n28. The Bank introduced the willing-buyer willing-seller foreign exchange \nmarket trading system on 12 April 2022, in line with Government policy to \nmove towards a more liberalised exchange rate. As at 29 July 2022 the \ncumulative foreign exchange purchases and sales through the system stood \nat US$18.7 million and US$17.1 million respectively, resulting in cumulative \nbanks’ holdings of about US$1.6 million, as shown in Table 2. \n \n \nRaw Materials, \n41%\nMachinery and \nEquipment, 22%\nRetail and \nDistribution, 9%\nConsumables , \n12%\nMedicals and \nChemicals, 6%\nServices, 7%\nFuel, Electricity \nand Gas, 3%\n14 \n \nTable 2: Willing-Buyer Willing-Seller Interbank Market Activity 2022 \n(US$) \nTransaction \nAs at 29 July 2022 \nCumulative Purchases by banks \n18,685,552.90 \nCumulative Sales by banks \n17,090,708.96 \nHoldings by banks \n1,594,843.94 \n \n29. The average interbank exchange rate as of 28 July 2022 was \nUS$1:ZW$443.88, a depreciation of about 50% from US$1:ZW$220.09 on \n12 April 2022. During the first half of 2022, the Bank sold a total of US$16.5 \nmillion to bureaux de change for onward sale to the public to cover small \ntransaction requirements such as travel and medicines. \n \nMosi-oa-Tunya Gold Coin Trading \n30. Following the resolution by the Monetary Policy Committee on 24 June 2022 \nto introduce gold coins into the Zimbabwean market as an alternative stable \ninvestment product for value preservation, the Bank released the first batch \nof 2000 gold coins into the market on 25 July 2022. The gold coins are being \nsold through authorised dealers, the Bank and its subsidiaries namely Aurex \n(Private) Limited and Homelink (Private Limited. The gold coins have the \nfollowing specifications: - \ni. \nDenomination -1 Oz (for the time being); \nii. \nMaterial - Gold; \niii. \nPurity - 22 karats (91.67%); \niv. \nDiameter - 32 mm; \nv. \nWeight - 33.93g; \nvi. \nShape - Round; \n15 \n \nvii. \nEdge Type – Reeded, with serial number engraved; \nviii. \nQuality Proof; and \nix. \nThickness - 2.63mm. \n \n31. The gold coin, which is sold with an accompanying bearer certificate, has \nthe following characteristics: \ni. \nLiquid Asset Status; \nii. \nPrescribed Asset Status; \niii. \nCan be used as collateral; \niv. \nTradable; and \nv. \nCan be bought back (after 180 days) at the instance of the holder. \n \n32. The price of the gold coins is determined by the London Bullion Market \nAssociation (LBMA) PM Fix gold price plus a margin of 5% to cover the \nproduction and distribution costs. The price of the gold coin on the date of \ninitial release, 25 July 2022, was US$1,823.80 or ZW$805,745.35 in local \ncurrency. Fluctuations will be experienced on the US$ and ZW$ prices as a \nresult of the movement in the international price of gold and the exchange \nrate. \n33. As at 10 August 2022, 4475 gold coins had been sold realising ZW$3.7 \nbillion of which 90% was paid in local currency and the balance in foreign \ncurrency, and evenly distributed throughout the agents. \n \n34. The high demand for the gold coins will assist in mopping up liquidity from \nthe market and thus strengthen the demand and enhance the value of the local \ncurrency. The Bank shall continue to release additional gold coins into the \nmarket on an ongoing basis in line with demand. \n16 \n \n \n Foreign Exchange Mobilisation \n35. The Bank is working with its local and external partners to unlock offshore \nlines of credit to support the country’s foreign currency needs. Letters of \nCredit (LCs) issuances under the Afreximbank US$150 million facility, as \nwell as bank facilities continued to bridge the balance of payments gap for \nthe country through providing a critical liquidity lifeline to the local industry. \nLCs worth about US$145 million were issued during the first seven months \nof 2022. \n36. The Bank has also approved around US$70 million worth of LCs which are \nin the pipeline for the importation of essential commodities such as raw \nmaterials, plant and equipment, wheat, fertilisers and agro-chemicals. \n \nForeign Currency Receipts \n37. Total foreign currency receipts for the period 1 January to 30 June 2022 \namounted to US$5.45 billion compared to US$4.07 billion received during \nthe same period in 2021, representing a 33.6% increase. This shows a \nsignificant growth in receipts during the first half of the year. Table 3 shows \nthe foreign currency receipts by source. \n \n \n \n \n \n \n \n17 \n \nTable 3: Total Foreign Currency Receipts for January – June 2022 (USD \nMillions) \nType of Receipt \nYear 2022 \nYear 2021 \n% Change \nExport Proceeds \n3,467.40 \n2,354.20 \n47.3% \nInternational \nRemittances \nDiaspora \nRemittances \n797.27 \n650.50 \n22.6% \nNGOs \n574.75 \n462.62 \n24.2% \nLoan Proceeds \n428.35 \n505.15 \n-15.2% \nIncome receipts \n73.77 \n79.59 \n-7.3% \nForeign Investment \n103.89 \n22.35 \n364.8% \nTotal \n5,445.43 \n4,074.41 \n33.6% \nSource: Exchange Control Records (2022) \n \n \nInternational Remittances \n38. International remittances comprise transfers by Zimbabweans in the \nDiaspora and International Organisations. As at 30 June 2022, total \ninternational remittances amounted to US$1.372 billion, an increase of 23% \nfrom the US$1.113 billion recorded during the same period in 2021. Of the \ntotal amount, diaspora remittances amounted to USD797 million, a 23% \nincrease from US$650 million received during the same period in 2021. \n \n39. International remittances received through the normal banking system on \nbehalf of International Organizations amounted to US$575 million, an \nincrease of 24% from US$463 million recorded during the same period in \n2021. \n \n18 \n \nForeign Payments Performance \n40. For the first half of 2022, banks processed foreign payments amounting to \nUS$3.78 billion. This represents a 19% increase in foreign payments from \nUS$3.19 billion recorded for the same period in 2021. The upward trajectory \nin foreign payments was largely on account of increased global prices for \nfuel and electricity. Table 4 shows foreign payments, by category, for the \nsame period in 2021 and 2022. \n \n \n19 \n \nTable 4: Foreign Payments from January to June 2021/2022 (US$ Millions) \nCategory \nYear \n2022 \nYear \n2021 \n% \nVariance \nContribution \n2022 \nContribution \n2021 \nMerchandise Imports (excl. energy) \n2,046.9 \n1,848.9 \n11% \n54% \n58% \n- Consumption & Manufactured Goods \n607.7 \n895.1 \n-32% \n16% \n28% \nO/W Food Items \n125.5 \n179.5 \n-2% \n3% \n6% \nBeverages \n8.2 \n10.0 \n-0.1% \n0.2% \n0.3% \nMedical Goods/Pharmaceuticals \n51.1 \n61.8 \n-0.3% \n1% \n2% \nManufactured Goods \n422.8 \n643.9 \n-7% \n11% \n20% \n- Capital Goods \n829.4 \n625.6 \n33% \n22% \n20% \n- Intermediate Goods \n609.8 \n328.2 \n86% \n16% \n10% \nEnergy (Fuel & Electricity) \n738.6 \n410.7 \n80% \n20% \n13% \n- Fuel \n690.9 \n353.7 \n95% \n18% \n11% \n- Electricity \n47.7 \n57.1 \n-16% \n1% \n2% \nService Payments \n385.3 \n254.3 \n52% \n10% \n8% \n- Technical, Professional & consult \n195.7 \n95.7 \n104% \n5% \n3% \n- Software \n39.9 \n33.8 \n18% \n1% \n1% \n- Other (tourism, education, freight etc) \n149.8 \n124.8 \n20% \n4% \n4% \nIncome Payments (Profits, Dividends) \n326.7 \n263.7 \n24% \n9% \n8% \n- Dividends \n268.8 \n211.4 \n27% \n7% \n7% \n- Interest Payments \n8.5 \n6.6 \n29% \n0.2% \n0% \n- Other (Salaries, Expatriates, Rental) \n49.4 \n45.7 \n8% \n1% \n1% \nCapital Remittances (outward) \n210.2 \n320.5 \n-34% \n6% \n10% \n- External Loan Repayments \n160.8 \n268.2 \n-40% \n4% \n8% \n- Disinvestments \n17.0 \n30.6 \n-45% \n0.4% \n1% \n- Foreign Investment \n32.5 \n21.7 \n50% \n0.9% \n0.68% \nOther Payments (International Cards & \nRefunds \n75.3 \n92.5 \n-19% \n2.0% \n2.9% \nTotal \n3,783.1 \n3,190.5 \n19% \n100% \n100% \nSource: Exchange Control Records (2022) \n \nSECTION THREE \nRECENT ECONOMIC AND INFLATION DEVELOPMENTS \n \n41. Global growth prospects have remained fragile owing to geo-political \ntensions, rising inflation and tighter financial conditions, global warming \nand the COVID-19 pandemic. In its July 2022 World Economic Outlook \nUpdate, the IMF revised global growth downwards to 3.2%, from the initial \nestimate of 4.9% in January 2022, with prospects in the short-term remaining \ngloomy and highly uncertain. \n20 \n \n \n42. Global prices of commodities, for which Russia and Ukraine are key \nexporters, have remained significantly higher in 2022 than in the previous \nyear. Food prices, particularly wheat, are projected to significantly increase \nin 2022, reaching an all-time high in nominal terms owing to the ongoing \nRussia-Ukraine conflict. \n \n43. Precious metal prices rose in the first half of 2022, although at a slower pace \nthan in the previous year, owing to uncertainties around the ongoing conflict \nin eastern Europe and subsequent sanctions imposed on Russia, which \ndevelopments have boosted the appeal of gold as a safe-haven. Furthermore, \ngrowing concerns over high inflation have also prompted investors to shift \nfrom riskier assets to precious metals as a safe haven. However, the gains in \nprice increases are being moderated by the U.S Federal Reserve Bank’s \nhawkish monetary policy stance. \n \n44. On the domestic front, growth prospects for 2022 remained robust at 4.6% \ncompared to the initial projection of 5.5%, largely due to the \nunderperformance of the 2021/22 agricultural season. Growth for 2022 will \nmainly be driven by mining and construction activities and accommodation \nand food services. The anticipated increase in international commodity \nprices is also expected to further support strong growth in the mining sector, \nparticularly, in gold, diamond and PGMs sub-sectors. \n \n45. In addition, anticipated growth in tourism due to recovery in international \ntourism following the lifting of global Covid-19 mandatory quarantine \nrequirements and the resumption of meetings, incentives, conferences and \nexhibitions (MICE) is expected to spur growth in the sector in 2022. \n21 \n \n \n46. Downside risks to economic activity in 2022 remain due to the impact of the \nongoing Russia –Ukraine conflict, particularly its effect on food and energy \nprices and their transmission to the domestic economy. \n \nGold Deliveries \n47. Gold deliveries to Fidelity Gold Refinery (Private) limited (FGR) for the \nperiod 1 January 2022 to 30 June 2022 were 15,972.52 kgs, compared to \n9,954.67 kgs delivered during the same period in 2021. This represents a \nyear-to-year variance (increase) of 60.45% or 6,017.85 kgs. Table 5 shows \nthe gold deliveries as at 30 June 2022. \nTable 5: Gold Deliveries (Kgs) to FGR - Jan 2021 to June 2022 \n \n \nYear 2021 \n \n \nYear 2022 \n \n \nMonth \nPrimary \nSmall \nScale \nTotal \nPrimary \nSmall \nScale \nTotal \n% \nChange \nJan \n642.11 \n355.52 \n997.62 \n 814.28 \n 2,053.66 2,867.94 187.48% \nFeb \n609.84 \n560.83 \n1,170.66 \n 930.98 \n 1,331.05 2,262.03 \n93.23% \nMarch \n1,139.42 \n670.07 \n1,809.49 \n1,000.91 \n 1,563.83 2,564.75 \n41.74% \nApril \n752.32 \n632.26 \n1,384.59 \n859.44 \n1621.97 \n 2,481.41 \n79.22% \nMay \n 884.20 \n783.81 \n1,668.01 \n 1,055.68 \n1935.57 \n 2,991.25 \n79.33% \nJune \n1,125.60 \n1,798.70 \n2,924.30 \n837.12 \n1,968.02 \n 2,805.13 \n-4.08% \nJuly \n874.31 \n1,950.31 \n2,824.62 \n965.79 \n1,998.13 \n2,963.91 \n4.93% \nAugust \n1,034.54 \n1,913.49 \n2,948.03 \n \n \n \n \nSeptember \n 1,004.51 \n2167.36 \n3,171.86 \n \n \n \n \nOctober \n 1,005.12 \n2046.79 \n3,051.91 \n \n \n \n \nNovember \n 1,075.20 2,261.30 \n \n3,336.50 \n \n \n \n \nDecember \n1011.83 \n3330.18 \n \n4,342.01 \n \n \n \n \nTOTAL \n11,159.00 \n18,470.61 \n29,629.60 \n6,464.19 \n12,472.24 \n18,936.43 \n \n \n48. Total deliveries during the first half of 2022 were 60.45% or 9.954.67 kgs \nmore than what was achieved over the same period in 2021. At this rate, the \nBank’s projection of delivery 35 000 tonnes is within reach. To ensure that \n22 \n \nthe set target is achieved, there is need to maintain the incentives and \ncomplement them with increased monitoring of gold producers to reduce \nleakages into the parallel market. \n \nInflation Developments \n \n49. The economy has been experiencing inflationary pressures since the \nbeginning of 2022. Headline inflation increased from 60.7% in January 2022 \nto 256.9% in July 2022. This was partly driven by external factors, \nparticularly the Russia-Ukraine conflict, which impacted negatively on \nimport prices of raw materials, food and liquid fuels. \n \n50. On the domestic arena, adverse inflation expectations and exchange rate \ndepreciation were also some of the major drivers of inflation in the first half \nof 2022. \n \n23 \n \nFigure 3: Annual Inflation \n \nSource: ZIMSTAT \n \n \n51. The recent stabilisation measures have, however, resulted in the slowdown \nin monthly inflation, from 31.7% in June to 25.6% in July 2022. In addition, \nthe shift towards a more liberalised exchange rate, through the introduction \nof the willing-buyer/willing-seller foreign exchange trading system in May \n2022, has significantly reduced the parallel market exchange rate premium, \nfrom about 140% to the current 60% as at the end of July 2022. \n \nRESERVE MONEY DEVELOPMENTS \n52. The Bank has maintained its tight monetary stance to control inflationary \nand exchange rate pressures emanating from global and domestic shocks. \nReserve money stock amounted to ZW$33.55 billion as at 30 June 2022 \nlargely due to increases in statutory reserves. Since the beginning of the \nsecond quarter of 2022, statutory (or required) reserves have been increasing \nin response to significant build-up in banking sector deposits. The increase \nin statutory reserves is in line with the thrust of tightening monetary policy \n0.0\n50.0\n100.0\n150.0\n200.0\n250.0\n300.0\nFood Inflation\nNon Food Inflation\nAll Items\n24 \n \nas the reserve balances are sterilised at the Bank and are not available for \nlending by banks. \n \n53. As at end of June 2022, more than 78% of the stock of reserve money was \nin the form of statutory reserves, while currency issued by the Bank and \nbanks’ liquidity positions at the RBZ (RTGS balances) constituted the \nbalance, as shown on Figure 4. \nFigure 4: Components of Reserve Money as at end of June 2022 \n \nSource: RBZ \n54. Excess reserves (RTGS balances at the Bank) declined from 55.06% in June \n2021 to 0.34% in June 2022, largely reflecting tighter liquidity conditions as \na result of mopping up operations and issuance of non-negotiable \ncertificates of deposits (NNCDs). \n \n55. The Bank continued to implement a conservative monetary targeting \nframework to contain money supply growth and avert attendant pressures on \nexchange rate and inflation. As a result, quarter on quarter reserve money \nCurrency Issued\n21.44%\nRequired Reserves\n78.22%\nExcess Reserves\n0.34%\n25 \n \ngrowth targets for 2021 were achieved and progressively reduced from \n22.5% during the first two quarters of 2021, to the current 0% growth. The \ndownward revision was necessitated by the need to further tighten monetary \npolicy in response to resurgence of inflationary and exchange rate pressures. \n \nMONETARY DEVELOPMENTS \n56. Broad money increased by 15.25% to ZW$1 119.70 billion in June 2022, \ncompared to ZW$973.50 billion recorded in May 2022. The increase \nreflected an expansion of ZW$98.75 billion and ZW$49.40 billion in foreign \ncurrency deposits and local currency component, respectively. \n \n57. The money stock was comprised of foreign currency deposits, 58.76%; local \ncurrency deposits, 40.93%; and currency in circulation, 0.31%. \n \n58. Figure5, shows monetary developments for the period June 2021 to June \n2022. \n \n \n26 \n \nFigure 5: Monetary Developments \n \nSource: Reserve Bank of Zimbabwe, 2022 \n \n59. Broad money grew by 269.62% on an annual basis, an increase from \n203.48% realised in June 2021. The local currency component of broad \nmoney grew by 172.77% while foreign currency deposits increased by \n392.32%, also reflecting movements in the exchange rate and increase in \nexports. \n \n \n \n -\n 200\n 400\n 600\n 800\n 1,000\n 1,200\nZW$ Billion\nLocal currency deposits\nForeign currency deposits\nCurrency in Circulation\n27 \n \nFigure 6: Money Supply Growth and Inflation \n \n Source: Reserve Bank of Zimbabwe, 2022 \n \n60. The annual growth in broad money of 269.62% was largely due to increases \nof 351.69% and 342.21% in credit to the private sector and net claims on \nGovernment, respectively. Net credit to Government included drawdowns \nof Special Drawing Rights (SDR) reserves. \n \nSTOCK MARKET DEVELOPMENTS \n \nZimbabwe Stock Exchange (ZSE) \n61. During the second quarter of 2022 bullish sentiments characterised the \nZimbabwe Stock Exchange (ZSE). Trading activity was skewed towards \nmedium to small counters associated with high trading volumes. This \nresulted in increases in all the major indices, with the Medium Cap, All \nShare, Small Cap, Top 15 and Top 10 indices increasing by 51.35%, 24.80%, \n23.08%, 18.99% and 17.16%, respectively, to close at 39 627.35 points, \n0\n100\n200\n300\n400\n500\n600\n700\n800\n900\nFeb-18\nApr-18\nJun-18\nAug-18\nOct-18\nDec-18\nFeb-19\nApr-19\nJun-19\nAug-19\nOct-19\nDec-19\nFeb-20\nApr-20\nJun-20\nAug-20\nOct-20\nDec-20\nFeb-21\nApr-21\nJun-21\nAug-21\nOct-21\nDec-21\nFeb-22\nApr-22\nJun-22\nBroad Money Growth\nAnnual Inflation\nPrivate Sector\n28 \n \n19791.94 points, 513 602.97 points, 13 721.95 points and 12 273.75 points, \nrespectively. \n \n62. The resource index also gained 77.35% during the same period to close at \n20 021.24 points, compared to 11 289.34 points recorded in the previous \nquarter. On a year-on-year basis, the Top 10, Top 15, All Share, Small Cap \nand Medium Cap indices increased by 289.09%, 275.03%, 219.49%, \n170.13% and 129.43%, respectively, from 3 154.44 points, 3 658.89 points, \n6 194.88 points, 190 131.50 points and 17 272.09 points recorded in June \n2021, respectively. \n \n63. Figure 7 shows the developments of the ZSE All Share, Top 10 and Mining \nIndices for the period June 2021 to June 2022. \nFigure 7: ZSE All Share, Top 10 and Mining Indices \n \nSource: Zimbabwe Stock Exchange 2022 \n \n \n \n2,500\n5,000\n7,500\n10,000\n12,500\n15,000\n17,500\n20,000\n22,500\n25,000\n27,500\n30,000\nAll Share Index\nTop 10 Index\nMining Index\n29 \n \nMarket Turnover \n64. Owing to limited investment options available on the money market, the \ncumulative volume and value of shares traded increased by 85.14% and \n71.86% to 660.11 million shares and ZW$34.15 billion, respectively. \nFigure 8: ZSE Market Turnover (ZW$ millions) \n \nSource: Zimbabwe Stock Exchange, 2022 \n65. However, foreign investor participation, as measured by its contribution to \nvalue of shares traded, declined to 3.26%, compared to 7.51% recorded in \nthe first quarter of 2022. Concomitantly, net foreign position worsened to \nnegative ZW$4 437.44 million, from negative ZW$325.07 million recorded \nduring the quarter ended 31 March 2022. \n \nMarket Capitalisation \n66. The positive trading exhibited on the local bourse in the second quarter of \n2022 resulted in the ZSE gaining ZW$474.43 billion, or 24.15% worth of \ncapitalisation to close at ZW$2 439.17 billion. On a year on year basis, \nmarket capitalisation increased by 227.33%, from ZW$745.18 billion \nrecorded in the quarter ending June 2021. \n0\n990\n1,980\n2,970\n3,960\n4,950\n5,940\n6,930\n7,920\n8,910\n9,900\n10,890\n11,880\nBlock Trade: Meikles Ltd (122.90 million \nshares, worth ZW$11.55 billion\nBlock Trade: RTG Ltd (526.03 \nmillion shares, worth ZW$2.9 \nbillion \n30 \n \n \nVictoria Falls Stock Exchange (VFEX) \n \n67. During the second quarter of 2022, the Victoria Falls Stock Exchange \n(VFEX) traded in a positive trajectory. This resulted in the VFEX All Share \nIndex gaining 7.72%, from 107.12 points recorded in the previous quarter to \n115.39 points in the second quarter ending June 2022 as shown in Figure 9. \n Figure 9: Victoria Falls Stock Exchange ASI \n \nSource: Victoria Falls Stock Exchange, 2022 \n \nMarket Capitalisation \n \n68. Reflecting the positive sentiments on the VFEX, market capitalisation \nincreased by US$19.59 million or 7.72% during the second quarter, from \nUS$0.25 billion recorded in the previous quarter to US$0.27 billion. \n \n90.00\n95.00\n100.00\n105.00\n110.00\n115.00\n120.00\n30-Jan-22\n28-Feb-22\n31-Mar-22\n30-Apr-22\n31-May-22\n30-Jun-22\n31 \n \nSECTION FOUR \nCONDITION AND PERFORMANCE OF THE BANKING SECTOR \n \n69. The banking sector remained safe and sound with demonstrable capacity for \nincreased support for the recovery of the economy, notwithstanding the \nchallenges in the operating environment. \n \n70. As at 30 June 2022, the banking sector comprised 13 commercial banks, five \n(5) building societies, and one (1) savings bank. In addition, there were 183 \ncredit-only microfinance institutions, eight (8) licensed deposit-taking \nmicrofinance institutions and four (4) development financial institutions \nunder the purview of the Bank. \n \nFinancial Soundness Indicators \n71. Key banking sector financial soundness indicators remained satisfactory as \ndepicted in Table 6. \n \nTable 6: Financial Soundness Indicators \nKey Indicators \nBenchmark Dec – 20 \nJun – 21 \nDec - 21 \nJun- 22 \nTotal Assets \n- \n$349.59bn \n$486.45bn \n$762.96bn \n$1.94 trillion \nTotal Loans & \nAdvances \n- \n$82.41bn \n$142.79bn \n$229.94bn \n$603.14bn \nNet Capital Base \n- \n$53.18bn \n$72.90bn \n$122.85bn \n$349.48bn \nCore Capital \n \n$40.75bn \n$53.66bn \n$100.83bn \n$284.74bn \nTotal Deposits \n- \n$204.13bn \n$304.95bn \n$476.35bn \n$1.12 trillion \nNet Profit \n- \n$34.24bn \n$15.09bn \n$59.29bn \n$181.25bn \nReturn on Assets \n- \n13.55% \n4.78% \n12.04% \n8.67% \nReturn on Equity \n- \n45.54% \n18.71% \n43.16% \n31.60% \n32 \n \nKey Indicators \nBenchmark Dec – 20 \nJun – 21 \nDec - 21 \nJun- 22 \nCapital Adequacy Ratio \n12% \n34.62% \n35.32% \n32.86% \n33.87% \nTier 1 Ratio \n8% \n22.65% \n25.05% \n26.54% \n18.84% \nLoans to Deposits Ratio \n70% \n39.45% \n45.84% \n48.27% \n53.69% \nNPLs Ratio \n5% \n0.31% \n0.55% \n0.94% \n1.50% \nLiquidity Ratio \n30% \n73.06% \n66.89% \n64.37% \n60.78% \nSource: Reserve Bank of Zimbabwe, 2022 \n \nBanking Sector Capitalisation \n72. As at 30 June 2022, the banking sector was adequately capitalised. The \nbanking sector average capital adequacy and tier one ratios were 33.87% and \n18.84%, respectively, and above the regulatory minima of 12% and 8%, \nrespectively. \n \n73. Aggregate banking sector core capital increased by 179.29% from $100.83 \nbillion as at 31 December 2021, to $284.74 billion as at 30 June 2022. \nGrowth in core capital was mainly attributed to capitalisation of retained \nearnings. \n \n74. Banking institutions continue to implement various capitalisation initiatives \nto bolster their capital positions including mergers, organic growth of capital \nand capital injection by shareholders. The Bank is monitoring progress \nperiodically to ensure on-going compliance with minimum capital \nrequirements. \n \nBanking Sector Loans and Advances \n75. Aggregate banking sector loans and advances increased 2.64 times from \nZW$229.94 billion as at 31 December 2021 to ZW$603.14 billion as at 30 \n33 \n \nJune 2022, largely attributed to the translation of foreign currency \ndenominated loans. \n \n76. As at 30 June 2022, foreign currency denominated loans constituted 65.87% \nof total banking sector loans, an increase from 36.87% reported as at 31 \nDecember 2021. \n77. During the period under review, financial intermediation as measured by \nloans to deposit ratio, improved from 48.27% recorded as at 31 December \n2021, to 53.69% as at 30 June 2022. \n78. The banking sector continued to support the productive sectors of the \neconomy as evidenced by loans to the productive sectors constituting \n76.29% of total loans as at 30 June 2022, as shown in Figure 10. \n \n Figure 10: Sectoral Distribution of Loans as at 30 June 2022 \n \n Source: Reserve Bank of Zimbabwe \n \nAsset Quality \nConsumptive\n25.50%\nOther\n3.38%\nAgriculture\n26.43%\nManufacturing\n10.03%\nCommercial\n6.97%\nMining\n7.52%\nDistribution\n11.65%\nConstruction\n0.71%\nTransport\n1.78%\nCommunication\n0.07%\nFinancial\n0.74%\nMortgage\n5.21%\nProductive\n76.29%\n34 \n \n79. Banking sector asset quality remained satisfactory. As at 30 June 2022, the \naverage non-performing loans (NPLs) to total loans ratio for the banking \nsector was 1.50%, against the generally acceptable international threshold of \n5%. \n80. Figure 11 shows the declining trend in the level of non-performing loans to \ntotal loans ratio (NPLs ratio) from December 2017 to June 2022. \n \nFigure 11: Trend in Non- Performing Loans \n \nSource: Reserve Bank of Zimbabwe \n81. Banking institutions continue to enhance and adopt sound credit risk \nmanagement systems and internal controls to minimise potential non-\nperforming loans against the background of a challenging operating \nenvironment. \n82. The Bank will continue monitoring asset quality on an ongoing basis to \nensure healthy balance sheets of banking institutions. \n \n \n \n10.82%\n7.87%\n7.08%\n6.92%\n1.75%\n1.42%\n1.03%\n0.31%\n0.36%\n0.55%\n0.61%\n0.94%\n1.57%\n1.50%\n5%\n0.00%\n2.00%\n4.00%\n6.00%\n8.00%\n10.00%\n12.00%\nNPL Ratio\nBenchmark\n35 \n \nBanking Sector Profitability \n83. The banking sector recorded un-audited aggregate profits of ZW$181.25 \nbillion for the half-year ended 30 June 2022, a 12fold increase from \naggregate profits of ZW$15.09 billion reported in the corresponding period \nin 2021. \n84. Growth in banking sector income was largely spurred by non-interest \nincome, which constituted 79.03% of total income [2021: 51.81%]. Non-\ninterest income comprised mainly revaluation gains from investment \nproperties (25.77%), fees and commissions (21.47%), as well as translation \ngains on foreign currency denominated assets (20.38%). \n85. The income mix for the sector is depicted in Figure 12. \n Figure 12: Banking Sector Income Mix as at 30 June 2022 \n \nSource: Reserve Bank of Zimbabwe \nInterest Income from \nLoans Advances and \nLeases\n18.22%\nInterest \nIncome on \nBalnces with \nBanking \nInstitutions\n0.37%\nInterest Income On \nInvestments ans \nSecurities\n2.38%\nForeign Exchange\n7.10%\nFees and Commission\n21.47%\nOther Non Interest \nIncome\n50.45%\n36 \n \n86. During the half year period to 30 June 2022, interest income from loans and \nadvances contributed 18.22% compared to 40.96% of the total income in \nJune 2021. \n \nBanking Sector Deposits and Liquidity \n87. The average prudential liquidity ratio was 62.16% as at 30 June 2022, \nagainst the minimum regulatory requirement of 30%, largely reflecting high \nstock of liquid assets in the sector. The trend in the liquidity ratio from 31 \nDecember 2018 to 30 June 2022 is shown in Figure 13. \n \nFigure 13: Prudential Liquidity Ratio Trend \n \nSource: Reserve Bank of Zimbabwe \n \n88. Total deposits increased from ZW$476.35 billion as at 31 December 2021 \nto ZW$1.12 trillion as at 30 June 2022. \n \n \n \n70.66%\n72.42%\n74.85%\n73.06%\n66.89%\n64.37%\n61.38%\n62.16%\n0.00%\n10.00%\n20.00%\n30.00%\n40.00%\n50.00%\n60.00%\n70.00%\n80.00%\nDec-18\nDec-19\nJun-20\nDec-20\nJun-21\nDec-21\nMar-22\nJun-22\nindustry average\nminimum requirement\n37 \n \nSustainability \n89. Fostering sustainability has become critical in the changing landscape for \nthe banking sector, following a realisation that strong and resilient banking \ninstitutions contribute meaningfully to sustainable economic development \nand attainment of Sustainable Development Goals (SDGs) by 2030. \n90. The National Development Strategy (NDS) 1 is very specific on adoption of \nthe sustainability standards, as one of the key pillars for promoting financial \nsector stability in Zimbabwe and as such, banking institutions are \nencouraged to embrace and adopt sustainable banking practices. \n91. The Bank continues to work closely with all financial institutions in the \nimplementation of the Sustainability Standards & Certification Initiative \n(SSCI) being driven by the European Organisation for Sustainable \nDevelopment (EOSD). The pilot participating institutions have registered \nsignificant progress in comprehending the key pillars of SSCI. \n \nSustainability and Climate Related Risks \n92. In line with the Bank’s February 2022 Monetary Policy Statement, banking \ninstitutions were required to embed sustainability and climate related risks \nin their corporate governance and risk management frameworks and \nsystems. \n93. The Bank has to date, received responses by banking institutions regarding \nmeasures taken and progress being made in incorporating sustainability and \nclimate related risks into their operations and governance frameworks. \n94. A review of the submissions by banking institutions indicates that some \nbanks have made progress through development of sustainability \nframeworks and related policies, reconstitution of board committees and \n38 \n \namendment of terms of reference for committees charged with sustainability \nissues and risks. \n95. It was however, noted that, there is still scope to enhance the adoption of \nsustainability principles across the sector as some institutions still lack the \nperspective of a holistic approach to sustainability, only focusing on climate \nrelated issues. \n96. In line with the need to enhance sustainability supervision and regulation \nand to keep pace with the shift towards sustainable banking practices, the \nBank will continue to engage the financial institutions and provide the \nnecessary guidance. \n \nCredit Infrastructure \n \nCredit Registry \n97. The sustained availability and growth of the Credit Registry System \ncontinues to play a critical role in provision of credit and effective \nmanagement and ongoing monitoring of credit in the sector. \n98. The Credit Registry System registered a total of 1,126,411 enquiries as at 30 \nJune 2022, up from 980,187 as at 31 December 2021 reflecting increased \nusage as the adoption of the Credit Registry System improves over time. The \ntrend in inquiries from 2017 to June 2022 is shown in Figure 14. \n39 \n \n \nFigure 14: Trend of Inquiries for 2017- June 2022 \n \nSource: Reserve Bank of Zimbabwe \n \n99. The Credit Registry had 541,488 active loan contracts as at 30 June 2022, \nwith individuals’ records accounting for 97.93% of the records. \n100. Gender distribution of loans is generally skewed towards male borrowers \nwho constituted 68.31% while female borrowers constituted 31.69% of loan \ncontracts in the Credit Registry. \n101. The Credit Registry database indicates that only 6.86% of total loans granted \nto female borrowers were delinquent compared to 7.27 % for male \nborrowers, as shown in Figure 15. \n116,491 \n323,904 \n260,252 \n275,829 \n980,187 \n1,126,411 \n -\n 200,000\n 400,000\n 600,000\n 800,000\n 1,000,000\n 1,200,000\n2017\n2018\n2019\n2020\n2021\nJun-22\nNumber of Inquiries\n40 \n \nFigure 15: Percentage of Delinquent Loan Contracts by Gender \n \n102. The Credit Registry has commenced engagements with microfinance \ninstitutions to bring them on board as data providers. It is anticipated that \nmicrofinance institutions data will further enrich and broaden the scope of \ncredit registry database. \n \nCollateral Registry \n103. The Bank is targeting to conduct the final pilot testing of the Collateral \nRegistry System with stakeholders during the month of August 2022. The \nCollateral Registry system is expected to centralise the database of movable \nassets accepted by banks and MFIs as collateral for secured loans. The new \nsystem will facilitate access to credit and encourage economic activity and \ncontribute towards stimulating growth to the various economic sectors. \n \nMicrofinance Sector Capitalisation \n104. As at 30 June 2022, all the seven (7) operating deposit taking microfinance \ninstitutions (DTMFIs) were at various stages of capital raising initiatives \ntowards compliance the new minimum capital requirement of ZW$ \nequivalent to US$5 million. \n7.27%\n6.86%\n4.00%\n4.50%\n5.00%\n5.50%\n6.00%\n6.50%\n7.00%\n7.50%\nMale\nFemale\n41 \n \n105. The compliance date for deposit-taking microfinance institutions was \nextended to 31 December 2022, and the institutions are required to submit \nquarterly reports on the capitalization initiatives and strategies to meet the \nnew minimum capital requirements. \n106. The aggregate core capital for the DTMFI sub-sector was $14.31 billion as \nat 30 June 2022, up from $1.43 billion as at 31 December 2021, largely \ndriven by fresh capital injections, as well as organic growth. \n \n DTMFI Deposits \n107. The DTMFIs) registered a 53% increase in total deposits, from $908.50 \nmillion in December 2021to $1.39 billion during the first half of 2022. The \naverage prudential liquidity ratios remain high above the prudential \nrequirement of 30%, indicating the cautious approach the sub-sector has \nbeen taking towards lending. There is therefore scope for the sub sector to \nenhance lending and support the financing needs of MSMEs. \nProfitability and Sustainability \n108. Aggregate net profit for the microfinance sector for the period ended 31 \nMarch 2022 was $1.72 billion, up from $596.71 million for the comparative \nperiod in 2021. The significant increase in profitability was mainly driven \nby interest income buoyed by a 21.70% growth in loan portfolio, as well as \ncost containment measures. \n109. The sector remains operationally self-sufficient as reflected by the \noperational self-sufficiency (OSS) ratio of 220.75% as at 31 March 2022, up \nfrom 210.09% in December 2021 against the international benchmark of \n100%. \n \n42 \n \n Lending in Foreign Currency by Microfinance Institutions \n110. In an effort to facilitate improved access and usage of foreign currency by \nthe low income and vulnerable but economically active communities and \ntheir micro and small enterprises, the Bank has been approving applications \nby microfinance institutions to lend in foreign currency. \n111. Microfinance institutions have been urged to ensure that they strengthen \ntheir Know Your Customer and risk management systems to ascertain the \nsource of foreign currency for loan repayments. \n112. As at 30 June 2022 a total of 44 microfinance institutions, comprising 42 \ncredit-only microfinance institutions, and two (2) deposit-taking \nmicrofinance institutions, were authorised to lend in foreign currency. As at \n30 June 2022, the authorised institutions provided access to foreign currency \nloans to 31,173 borrowers, amounting to US$5,830,471.03 for various \nproductive projects. \n \nFinancial Inclusion Strategy \n113. The MSME and the Consumer FinScope Surveys, which had been running \nconcurrently have now been completed. The preliminary results for both \nsurveys indicate that notable progress has been made towards closing the \nfinancial exclusion gap among the vulnerable groups, namely, women, \nyouth, micro, small and medium enterprises, and the rural and small-scale \nfarmers. \n114. The progress and milestones achieved under the National Financial \nInclusion Strategy number I (NFIS I) are largely attributed to the various \nstrategies implemented by the Bank and are a clear demonstration of impact \nof collaborative efforts among the various financial inclusion implementing \npartners. \n43 \n \n115. The results of the FinScope surveys will be used to fine-tune the strategies \nunder NFIS II whose main objective is to empower all economically active \nZimbabweans and facilitate building of resilient and sustainable livelihoods \nthrough not only access to, but usage of quality, affordable and appropriate \nfinancial services on a sustainable basis. \n116. In this regard, collaboration among stakeholders, including financial sector \nregulators, financial institutions, government departments and ministries, \nprivate sector and development partners, will be enhanced under NFIS II to \nensure financial inclusion contributes to the attainment of an Upper Middle-\nIncome economy by 2030. \n117. The National Financial Inclusion Strategy II is expected to be launched in \nthe third quarter of 2022 after incorporating the results of the two FinScope \nSurveys. \n \nCyber Resilience \n118. The Bank conducted the inaugural annual cybersecurity maturity \nassessments in February 2022 focusing on banks’ preparedness to prevent, \ndetect, contain and respond to threats to information assets and understand \nthe vulnerability area and the current initiatives to close any gaps. \n119. The assessment noted a wide spectrum of initiatives in the sector to address \ncyber governance, protection and detection gaps. The review also noted the \nscope for banking institutions to continue to strengthen response, resumption \nand recovery mechanisms if a cyberattack were to occur. \n120. Against this background and in view of the evolving cyber threat landscape, \nthe Bank will enhance its Cyber Risk Management Framework during the \nlast half of 2022 to provide clear guidance on cyber governance expectations \n44 \n \nwith emphasis on threat information sharing, testing, resolution and recovery \nmechanisms. \n \nCloud Computing \n121. Over the last few years the Bank has noted the banking sector extensively \nusing outsourcing as a means for reducing costs and achieving certain \nstrategic objectives, particularly in the cloud banking and computing area. \nThis position results in banks being exposed to various risks including \nstrategic risk, reputation risk, compliance risk, operational risk and legal \nrisk. \n122. In this regard, the Bank shall develop an outsourcing prudential standard to \nprovide guidance to banks to adopt sound risk management practices for \neffective oversight, due diligence and management of risks arising from such \noutsourcing activities. \n123. At a minimum, the guidelines will emphasise the need for an outsourcing \nstrategy, governance and risk management as well as relevant policies and \nprocedure manuals. Institutions shall be expected to conduct thorough due \ndiligence reviews with the assistance of qualified auditors, as applicable. \n124. The guidelines shall be informed by the Data Protection Act [Chapter 11:12] \nand best practices and standards across the global financial system. \n \n NATIONAL PAYMENT SYSTEMS \n125. During the period under review, the value of digital payment systems grew \nby 233% compared to the same period of 2021, whilst volumes decreased \nby 13%, as shown in Figure 16. \n \n45 \n \nFigure 16: Comparative Monthly Electronic Transaction Values and \nVolumes for Six Months Ended June 2021/2022 \n \n \nZimbabwe Electronic Transfer and Settlement Systems (ZETSS - \nRTGS) \n126. During the first half of 2022, the highest growth in electronic payments \noccurred on the high value system (RTGS) with 6.7 million transactions \nvalued at ZW$6.2 trillion, representing increases of 238% and 17% in value \nand volume, respectively, compared to the same period in 2021. \n 90\n 95\n 100\n 105\n 110\n 115\n 120\n 125\n -\n 0.5\n 1.0\n 1.5\n 2.0\n 2.5\n 3.0\nJan\nFeb\nMar\nApr\nMay\nJun\nMillions\nTrillions $ZWL\nVals 2021 LHS\nVals 2022 LHS\nVols 2022 RHS\nVols 2021 RHS\n46 \n \nFigure 17: RTGS Values and Volumes for the Six Months ended June \n2022/2021 \n \n \n \n Interoperability \n127. The retail payment systems interoperability focuses on the direct transfers \nprocessed through mobile, internet, POS, and ATM platforms integrated into \nthe national switch. \n \n128. The cumulative interoperability transactional values increased by 231% to \nZW$442 billion during the period January to June 2022 compared to the \nsame period in 2021. Volumes, on the other hand, grew by 15% to 79 million \nduring the period under review as shown in Figure 18. \n 0.70\n 0.80\n 0.90\n 1.00\n 1.10\n 1.20\n 1.30\n -\n 0.2\n 0.4\n 0.6\n 0.8\n 1.0\n 1.2\n 1.4\n 1.6\n 1.8\nJan\nFeb\nMar\nApr\nMay\nJun\nMillions\nTrillions $ZWL\nVals 2021 LHS\nVals 2022 LHS\nVols 2022 RHS\nVols 2021 RHS\n47 \n \nFigure 18: Retail Payment Systems Interoperability for January to \nJune 2021/2022 \n \n \n Payment System Compliance Issues \n \n129. In view of the heightened digitalisation and increased interconnectivity \nbetween systems and institutions, cyber risk rises and creates potential threat \nto domestic financial stability. In this regard, the Bank has ensured that the \nSWIFT Customer Security Controls Framework (CSCF) are being \nimplemented under the Swift Customer Security Programme. Eighteen \nbanks are already fully compliant with the CSCF while 10 are partially \ncompliant. \n \n130. Under the Swift ISO 20022 Migration, an international standard for \nreplacing the payments messages by SWIFT for all banks worldwide, the \nlocal market is expected to start the migration of SWIFT cross-border \ntransactions by 30 November 2022 with a parallel run up to November 2025, \nafter which the current MT messages will be phased out. \n 5\n 7\n 9\n 11\n 13\n 15\n 17\n 19\n -\n 20\n 40\n 60\n 80\n 100\n 120\nJan\nFeb\nMar\nApr\nMay\nJun\nMILLIONS\nBILLIONS\nVals 2021 LHS\nVals 2022 LHS\nVols 2021 RHS\nVols 2022 RHS\n48 \n \n \n131. Compliance with the Euro Visa- Mastercard (EMV) chip technology now \nstands at 49% for cards, 63% for ATMs and 56% for POS machines. The \nBank urges all payment systems providers and participants to work towards \nfull EMV compliance to reduce fraud risk and increase security for the \ntransacting public. \n \n \n132. Under the Risk-Based AML–CFT Framework, the Bank continued to \nenforce a risk-based approach on payment system providers and participants, \nby ensuring that those entities and products presenting the highest risks \nreceived a proportionately higher level of oversight/supervision. \n \n133. The Bank requires that mobile money operators fully comply and enforce \nanti-money laundering and counter-financing of terrorism measures. Board \ninvolvement in AML/CFT issues is critical. \n \nFINTECH DEVELOPMENTS \n134. The Bank approved the admission of two financial technology firms into the \nFintech Regulatory Sandbox (the Sandbox) namely Llyod Crowd Funding \nand Uhuru Innovative Solutions that are providing solutions in capital \nraising and money transfer, respectively. Llyod Crowd Funding has \ncommenced its Sandbox operations and will test for a period of 12 months \nup to May 2023 while Uhuru Innovative Solutions will soon commence \nregulatory testing. \n \n135. The initiation of regulatory testing is a signal of the Bank’s commitment to \npromoting responsible innovation and the results are expected to provide the \n49 \n \nBank with critical evidence in the formation of an appropriate regulatory \nframework for financial technology in the country. The Bank expects to \nembark on regulatory testing with other promising Sandbox applications in \nthe near future. \n \n136. Registrations on the Fintech Regulatory Sandbox continue to be dominated \nby the technology sector. Meanwhile, applications to carryout sandbox \ntesting are largely focused on financial inclusion products, retail payments \nand equity crowd funding which account for more than half of sandbox \napplications. \n \nFigure 19: Sectors of Registered Fintech Portal Users \n \nSource: Reserve Bank of Zimbabwe, 2022 \n \nBanking\n7%\nCapital Raising\n7%\nInvestment \nmanagement\n6%\nLending\n4%\nOther\n12%\nPayments\n19%\nSavings and \nDeposits\n1%\nSoftware and \nSystems \nDevelopment\n44%\n50 \n \nFigure 20: Distribution of Applications to Sandbox\n \n \nSECTION FIVE \nBALANCE OF PAYMENTS DEVELOPMENTS \n \n137. The current account balance is estimated to have widened to a surplus of \nUS$387.1 million in the first half of 2022, compared to a deficit of US$97.2 \nmillion for the same period in 2021. The surplus continues to be driven by \ninternational remittance inflows coupled with merchandise exports growing \nfaster than imports. However, deficits in the services and primary income \naccounts moderated the current account surplus. \n \n \n51 \n \nFigure 21: Current Account Developments (US$ millions) \n \nSource: RBZ and Zimstat estimates \n \nMerchandise Exports \n138. Preliminary estimates show that merchandise exports increased by 33% to \nUS$3 516.5 million in the first half of 2022, from US$2 649.7 million for \nthe corresponding period in 2021, spurred by increases in agriculture, \nmineral and manufactured goods exports. \n \n139. Minerals underpinned merchandise exports performance in the first half of \n2022, growing by 32% from US$2 193.8 million recorded for the same \nperiod in 2021 to US$2 899.0 million on account of higher production. \nMineral export prices were also spurred by heightened geo-political tensions \nin eastern Europe and inflationary pressures in advanced economies as \ninvestors sought refuge in safe-haven assets. Gold exports benefitted from \nhigher global prices amid safe-haven demand, coupled with higher \nproduction as incentives to producers continue to bear fruit. \n-600\n-400\n-200\n0\n200\n400\n600\n800\n1000\n2021Q1\n2021Q2\n2021Q3\n2021Q4\n2022Q1\n2022Q2\nTrade Bal\nServices Bal\nBal on Primary Income\nBal on secondary Income\n52 \n \n140. Agricultural exports increased from US$303.2 million in the first half of \n2021 to US$434.5 million in 2022 on account of larger tobacco output amid \nsignificant carryover exports from the previous season. \n \n141. Manufactured exports increased, albeit from a lower base, from US$152.8 \nmillion in the first half of 2021 to US$183.1 million in 2022, driven by rising \nexports of cigarettes, refined sugar and electrical products. However, low \ncompetitiveness and high market development costs continue to hamper \nmanufactured exports. \n \nMerchandise Imports \n142. Merchandise imports increased by 15% to US$3 746.8 million in the first \nhalf of 2022, up from US$3 249.2 million in 2021, driven by fuel, \nmachinery, and raw material imports. As the economy expands, so does its \ncapacity to absorb imports that feed into the production process. Increasing \nfuel, edible oils and fertilizer prices on account of elevated geo-political \ntensions also drove the import bill higher. \n \nServices \n143. Trade in services is recovering from the Covid-19 shock, with travel, \npassenger transport and other vital services beginning to trend up. Services \nexports increased from US$102.5 million in the first half of 2021 to \nUS$175.9 million in 2022. Services imports similarly rose from US$424.5 \nmillion in 2021 to US$674.8 million in 2022. Travel services have picked \nup following the relaxation of the Covid-19 containment measures, with \n53 \n \npeople now moving freely across borders. Freight services (transport) have \nincreased with increasing merchandise exports and imports. \n \nCAPITAL FLOWS \n144. Notwithstanding the health crisis brought about by the outbreak of the \nCovid-19 pandemic, foreign direct investment inflows improved, mainly \nreflecting efforts by Government to improve the investment climate through \na raft of reforms and investments by major mining houses as the sector gears \nfor the US$12 billion economy target by 2030. \n \n145. Private sector offshore loans have continued to provide a lifeline to the \neconomy by injecting the much-needed foreign exchange for working capital \nand retooling the productive sectors. Notably, the agricultural sector is the \nprimary beneficiary of approved external loan facilities accounting for more \nthan half of the approved loan facilities in 2022. \n \nSECTION SIX \n \nMONETARY POLICY STANCE FOR THE NEXT SIX MONTHS \n \n146. The Bank will continue to implement a tight monetary policy stance for the \nnext six months in order to sustainably anchor inflation and exchange rate \nexpectations. The tight monetary policy path will be anchored on the \nfollowing measures: \n \n \n54 \n \n147. Minimum Capital Requirements \nMinimum capital requirements for all categories of banks will be maintained \nat the current levels since almost all the banks are on a positive trajectory to \nachieve the prudential capitalisation levels by the deadline of 31 December \n2022. The Bank will, on a case by case basis, engage and deal with those \nbanks which may face difficulties in achieving the required minimum capital \nrequirements. \n \n148. Interest Rates \ni. \nThe current Bank policy rate of 200% will be reviewed in line with \ndevelopments in monthly inflation; \nii. \nMedium Term Accommodation rate will also continue to be \nreviewed in line with monthly inflation developments and long-term \nproductive sector funding needs; and \niii. \nThe deposit interest rates on savings and time deposits will remain \nat 40% and 80% per annum, respectively, and will be reviewed in \nline with month-on-month inflation developments. \n \n149. Statutory Reserves \nForeign currency denominated loans now constitute more than half of the \ntotal loans in the economy. To ensure continued safety and soundness of the \ndomestic banking sector, it is crucial for banks to hold a certain proportion \nof the foreign currency deposits as a liquid asset buffer. In this regard, with \neffect from 1 September 2022, statutory reserve requirements shall be \nextended to foreign currency deposits at rates of 5% for call deposits and \n2.5% for time and savings deposits. The differential system is to encourage \n55 \n \nbanks to promote savings deposits that are necessary to support long term \nproductive lending in foreign currency. \n \n150. Foreign Exchange Retention \nThe foreign exchange retention thresholds shall continue at the current levels \nwith agricultural exporters (tobacco, cotton, tea, coffee and horticulture) \nretaining 75% and the tourism sector retaining 100% to enable the ongoing \ncapitalisation and recovery of the sector to continue following the adverse \neffects of the Covid-19 pandemic. \n \n151. Bureaux de Change \nIn line with the need to further liberalise the foreign exchange market, the \nlimit on foreign exchange transactions for individuals and micro, small and \nmedium enterprises (MSMEs) processed through bureaux de change has, \nwith effect from 15 August 2022, been increased from US$500 per week to \nUS$5 000 per transaction per month for foreign currency payments that \ninclude medical expenses, educational expenses (including student upkeep), \nbusiness and holiday travel, airfares and subscriptions. Bureaux de change \nshall also continue to operate under the basis of the willing-buyer willing-\nseller arrangement, where there is no cap on the amount they can purchase \nfrom the sellers of foreign currency. \n \n152. Willing-Buyer Willing-Seller Foreign Exchange Trading Mechanism \nThe limit for qualifying transactions under the willing-buyer willing-seller \nforeign exchange trading system has, with effect from 15 August 2022, \nbeen increased from US$10 000 to US$20 000 per transaction per week. \n56 \n \nQualifying foreign exchange payments under this mechanism will cater for \ntransactions for goods and services such as raw materials, capital goods, \nmedical expenses, education expenses (including student upkeep), business \nand holiday travel, airfares and subscriptions. \n \n153. Mosi-oa-Tunya Gold Coins \n Following the successful launch of the gold coins on 25 July 2022 and in \nresponse to public demand, the Bank shall introduce and release into the \nmarket gold coins in smaller units of a tenth ounce, quarter ounce and half \nounce for sale with effect from mid-November 2022. The features, \ncharacteristics and the sale terms and conditions shall remain the same as the \ncurrent trading arrangements of the gold coins in circulation. \n \n154. Foreign Exchange Auction System \nThe foreign exchange auction remains a critical platform on which industry \nand commerce access foreign exchange. The auction bids will continue to be \nguided by the exchange rates obtaining on the willing-buyer willing-seller \nforeign exchange trading platform and by the available foreign currency. In \nthis context, the foreign exchange auction system is no longer a price \ndiscovery mechanism but instead the most ideal allocative platform of \nforeign currency in the domestic economy given the geo-political constraints \nfacing the local banking industry to establish an efficient interbank foreign \nexchange market. \n \n155. Central Bank Digital Currency (CBDC) \n57 \n \nIn the Monetary Policy Statement of February 2022, the Bank advised of its \nintention to explore central bank digital currency (CBDC) on a phased \napproach pursuant to the Cabinet decision of November 2021 and taking into \naccount global trends. Since then, the Bank has conducted study tours to \ncountries that are advanced in CBDC endeavours and has developed a \nroadmap for adoption of CBDC in Zimbabwe. \n \n156. The role of stakeholders in the CBDC journey is paramount and in that \nregard the Bank has developed a public consultation paper on CBDC to be \nreleased soon. The consultation paper is aimed at fostering a broad and \ntransparent public dialogue regarding the potential benefits and risks of \nCBDC. The public will have a period of 90 days from the date of release to \nsubmit their comments to the Bank. \n \n157. In addition to the consultation paper the Bank shall carry-out consumer \nperception surveys on CBDC. The findings of both the consultation paper \nand consumer survey will enable the Bank to engage in pilot programmes \nrelated to CBDC. \n \nSECTION SEVEN \nECONOMIC AND INFLATION OUTLOOK \n158. The current tight monetary policy stance, together with the favourable \nuptake of Mosi-oa-Tunya gold coins as an alternative stable financial \nproduct for store of value and for mopping up excess liquidity, shall continue \nto support the stability in the exchange rate and sustain disinflation witnessed \ntowards the end of July 2022 and in August 2022. \n58 \n159. It is essential that fiscal policy works in tandem with the monetary policy to\nbring down inflation. The concomitant action taken by Government to put\nin place value for money measures that dissuade its suppliers of goods and\nservices from manipulating the exchange rate through forward exchange rate\npricing system is therefore critical to contain inflation, especially given the\nsignificant purchasing power of Government in the economy of around 70%.\n160. As such, with month-on-month inflation having declined from 30.7% in June\n2022 to 25.6% in July 2022, the Bank anticipates the monthly inflation to\ncontinue to progressively decline by between 3 to 10% in the outlook period.\n161. The downside risks to inflation in the outlook period include the continued\ngeo-political tensions, global pandemics and climate change which continue\nto drive the surge in international food, fertiliser and oil prices.\n162. On the external sector front, merchandise exports are projected to close the\nyear 2022 at US$7 346.5 million, a 15.5% increase from US$6 359.1 million\nin 2021. On the other hand, merchandise imports are projected to end the\nyear at US$8 082.3 million, 13.2% up from US$7 138.4 million in 2021,\ndriven by increases in grain, fuel, machinery and raw material imports.\nInternational and diaspora remittance inflows are projected to continue\ndriving the current account balance, as was the case in 2021. The current\naccount surplus is envisaged to close at US$366.3 million in 2022, which\ncompares favourably to the US$348.2 million that the country registered in\n2021.\n59 \n163. The Bank strongly believes that the current tight monetary policy stance\ncomplemented by the strong will by Government to putting in place\nmeasures that deal with factors that destabilise the foreign exchange market\nwill result in exchange rate and price stability in the near and short-term.\n164. Thus, the decline in month-on-month inflation is expected to continue up to\nthe end of this year and into 2023. This is essential for value preservation of\nthe local currency and sine qua non to promote its use for transactional\npurposes.\n165. The recent positive developments in the parallel market foreign exchange\npremiums and the decline in monthly inflation suggest that the current\nmonetary policy stance should be maintained. The Bank will, therefore,\ncontinuously review its monetary policy toolkit in line with monthly\ninflation developments.\nI Thank You \nDr. J.P. Mangudya \nGovernor \nSECTION EIGHT \nCONCLUSION \nR\nE\nS\nE\nR\nV\nE\nB\nA\nN\nK\nO\nF\nZ\nI\nM\nB\nA\nB\nW\nE\nReserve Bank of Zimbabwe \n93 Leopold Takawira Street \nBox 399 Bulawayo, Zimbabwe \nTel: +263 8677002046 \nEmail: info@rbz.co.zw \nReserve Bank of Zimbabwe \n80 Samora Machel Avenue \nBox 1283 Harare, Zimbabwe \nTel: (+263) 242700300 \nEmail: info@rbz.co.zw", "source": "RBZ", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///RBZ/Monetary_Policy_Statements/Monetary-Policy-Statement-August-2022-Zim.pdf"}