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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": "06d6b2531b2cfc71f97a38f142f1d9e9", "text": "Vol. 25 No. 09 \n \n \nWeek Ending \n3rd March 2023 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nINTEREST RATES .................................................................................... 1 \n2. \nCLEARING AND SETTLEMENT ACTIVITY ...................................... 3 \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 \nDuring the week ending 3rd March 2023, minimum deposits rates for savings deposits increased, \nwhile maximum deposits rates on the same deposit class remained unchanged. Minimum \ndeposits rates for deposits of 1-month tenor and 3-months tenor increased, while maximum \ndeposits rates on the two deposit classes declined, as shown in 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 (%) \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 \n17-Feb-23 \n35.00 \n38.38 \n64.06 \n75.00 \n63.14 \n75.92 \n24-Feb-23 \n36.43 \n37.75 \n62.28 \n79.11 \n64.50 \n77.06 \n3-Mar-23 \n36.67 \n37.75 \n63.94 \n78.83 \n66.17 \n77.00 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \nLocal Currency (ZWL) Lending Rates \n \nThe week ending 3rd March 2023, saw a decline in commercial bank minimum lending rates for \nboth individual and corporate clients. However, maximum lending rates for individual clients at \ncommercial banks were higher than in the previous week, while those for corporate clients \nmarginally softened during the same week, as shown in Table 2. \n \nTable 2: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \n \n Corporate Clients \n3-Feb-23 \n90.05 \n128.63 \n116.03 \n205.86 \n10-Feb-23 \n74.14 \n115.32 \n106.68 \n184.89 \n17-Feb-23 \n72.55 \n114.77 \n102.88 \n178.55 \n24-Feb-23 \n68.85 \n108.73 \n86.23 \n169.40 \n3-Mar-23 \n60.21 \n112.78 \n80.88 \n166.90 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n2 \nForeign Currency (USD) Deposit Rates \n \nAverage minimum deposit rates for savings deposits and deposits of 3-months tenor marginally \nincreased, while maximum deposits rates on the two deposit classes remained unchanged during \nthe week ending 3rd March 2023. In the same week, minimum deposits rates for deposits of 1-\nmonth tenor increased, while maximum deposits rates declined, 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 (%) \n3-Feb-23 \n0.91 \n1.22 \n2.68 \n4.28 \n2.88 \n4.33 \n10-Feb-23 \n0.91 \n1.22 \n2.94 \n4.28 \n2.90 \n4.22 \n17-Feb-23 \n1.27 \n1.69 \n3.00 \n4.53 \n3.38 \n5.07 \n24-Feb-23 \n1.27 \n1.69 \n2.94 \n4.69 \n3.30 \n5.03 \n3-Mar-23 \n1.29 \n1.69 \n2.97 \n4.58 \n3.40 \n5.03 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \nForeign Currency (USD) Lending Rates \n \nDuring the week under review, commercial bank minimum and maximum lending rates for both \nindividual and corporate clients increased, as shown in Table 4. \n \nTable 4: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \n \n Corporate Clients \n3-Feb-23 \n11.35 \n12.86 \n6.60 \n13.52 \n10-Feb-23 \n10.98 \n13.16 \n7.31 \n14.58 \n17-Feb-23 \n11.04 \n13.18 \n7.60 \n14.62 \n24-Feb-23 \n10.62 \n12.88 \n7.52 \n14.41 \n3-Mar-23 \n10.93 \n13.37 \n7.70 \n14.66 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n3 \n2. \nCLEARING AND SETTLEMENT ACTIVITY \n \nDuring the week ending 3rd March 2023, the National Payment Systems (NPS) processed \ntransactions worth ZW$694.61 billion. This represented an increase of 20.74%, compared to \nZW$575.29 billion reported in the previous week. Real Time Gross Settlement (RTGS) \ntransactions increased by 22.72% to ZW$559.30 billion, from ZW$455.75 billion recorded in \nthe preceding week. In proportions, the NPS transaction values were distributed as follows: \nRTGS, 80.52%, POS, 9.34%; Mobile, 6.23%; and ATM, 3.91%. \n \n \nFigure 1: Composition of NPS Transactions in Value Terms \n \n Source: Reserve Bank of Zimbabwe, 2023 \n \n \n \nThe volume of NPS transactions increased by 8.72% to 12.50 million, during the week under \nreview, from 11.50 million recorded in the preceding week. Mobile based transactions dominated \nNPS transactions volumes at 73.28% of the total, followed by POS, 23.09%; RTGS, 2.62%; and \nATM, 1.02%, as shown in Figure 2. \n \n \n Figure 2: Composition of NPS Transactions in Volume Terms \n \nSource: Reserve Bank of Zimbabwe, 2023 \n \nRTGS\n80.52%\nPOS\n9.34%\nATM\n3.91%\nMOBILE\n6.23%\nRTGS\nPOS\nATM\nMOBILE\nRTGS, 2.62%\nPOS, 23.09%\nATM, 1.02%\nMOBILE, 73.28%\nRTGS\nPOS\nATM\nMOBILE\n \n \n4 \nTable 5: National Payment Systems Activity \nPAYMENT \nSTREAM \nWEEK ENDING \n24th February 2023 \n \nWEEK ENDING \n3rd March 2023 \n% CHANGE FROM \nLAST WEEK \nPROPORTION \n% \n \nValues in ZW$ Millions \n \n \nRTGS \n455,750.45 \n559,301.12 \n22.72% \n80.52% \nPOS \n58,048.71 \n64,874.14 \n11.76% \n9.34% \nATM \n21,346.83 \n27,133.80 \n27.11% \n3.91% \nMOBILE \n40,142.91 \n43,305.28 \n7.88% \n6.23% \nTOTAL \n575,288.89 \n694,614.34 \n20.74% \n100% \nVolumes \n \n \nRTGS \n217,802 \n327,007 \n50.14% \n2.62% \nPOS \n2,797,319 \n2,886,885 \n3.20% \n23.09% \nATM \n124,807 \n127,268 \n1.97% \n1.02% \nMOBILE \n8,360,455 \n9,162,088 \n9.59% \n73.28% \nTOTAL \n11,500,383 \n12,503,248 \n8.72% \n100% \nSource: Reserve Bank of Zimbabwe, 2023 \n \n3. \nINTERNATIONAL COMMODITY PRICE DEVELOPMENTS \n \nWeekly average prices for gold, palladium and nickel declined during the week ending 3rd March \n2023. However, platinum, copper and crude oil prices increased during the same week, as shown \nin Table 6. \n \nTable 6: Metal and Crude Oil Prices for the week ending 3rd March 2023 \n \nGold \nPlatinum \nPalladium \nCopper \nNickel \nCrude Oil \n2023 \nUS$/ounce US$/ounce US$/ounce US$/tonne US$/tonne US$/barrel \nWeekly Average (20-24 Feb 23) \n1,831.64 \n940.40 \n1,479.20 \n8,941.60 \n25,895.00 \n82.46 \n27-Feb-23 \n1,813.85 \n934.00 \n1,438.50 \n8,819.00 \n25,400.00 \n82.44 \n28-Feb-23 \n1,817.40 \n945.00 \n1,423.00 \n9,049.00 \n24,890.00 \n83.99 \n01-Mar-23 \n1,837.38 \n962.50 \n1,420.00 \n9,052.00 \n25,000.00 \n84.15 \n02-Mar-23 \n1,833.98 \n955.50 \n1,426.00 \n8,958.50 \n24,395.00 \n84.44 \n03-Mar-23 \n1,843.35 \n974.50 \n1,445.50 \n8,916.50 \n24,570.00 \n85.15 \nWeekly Average (27 Feb-3 Mar \n23) \n1,829.19 \n954.30 \n1,430.60 \n8,959.00 \n24,851.00 \n84.03 \nWeekly Change (%) \n-0.13 \n1.48 \n-3.29 \n0.19 \n-4.03 \n1.91 \nSource: BBC, KITCO and Bloomberg, 2023 \nGold \n \nGold prices continued on a negative trajectory, declining by 0.13%, from US$1,831.64 per ounce \nrecorded in the preceding week to US$1,829.19 per ounce, during the week under review. The \noutlook for bullion prices remained clouded by prospects of further interest rate hikes by the U.S \nFederal Reserve. \n \n \n \n5 \nPlatinum \nDuring the week under review, platinum prices increased by 1.48%, from US$940.40 per ounce \nin the preceding week to US$954.30 per ounce, during the week ending 3rd March 2023. This \nwas, in large part, due to improved demand in the automotive industry. \n \nPalladium \nPalladium prices continued the downward trend during the week ending 3rd March 2023, \nfollowing low demand for the commodity. The precious metal price slipped by 3.29%, from a \nweekly average of US$1,479.20 per ounce in the prior week to US$1,430.60 per ounce, during \nthe week under review. \n \nCopper \nDuring the reporting week, copper prices increased by 0.19% to US$8,959.00 per tonne, from \nUS$8,941.60 per tonne recorded in the previous week. Prices rose after better-than-expected data \non manufacturing activity was released in China, positively impacting on the demand for the \ncommodity. \n \nNickel \nNickel prices declined by 4.03%, from US$25,895.00 per tonne in the week ending 24th February \n2023 to US$24,851.00 per tonne, during the week under review. The decrease resulted from \nweak demand from China’s downstream manufacturers that had not fully resumed operations. \n \nBrent Crude Oil \n \nDuring the week under review, international crude oil prices rebounded by 1.91%, from \nUS$82.46 per barrel in the previous week to US$84.03 per barrel. Prices increased due to signs \nof improving economic activities in China, which were expected to boost the demand for fuel. \n \n \n \n \n \n \n \n \n \n \n \n \n6 \n \n4. EXCHANGE RATE DEVELOPMENTS \n \n \nInterbank Market \nOn the interbank market, the Zimbabwe dollar (ZW$) depreciated by 1.7% against the US dollar, \nfrom ZW$878.1825 per US$1 in the previous week to ZW$892.8117 per US$1 during the week \nunder review, as is 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 (20-24 Feb 23) \n878.1825 \n48.3688 \n1,058.5275 \n66.4189 \n934.3851 \n27-Feb-23 \n885.9619 \n47.9616 \n1,057.7958 \n66.4930 \n934.0759 \n28-Feb-23 \n889.1325 \n48.1928 \n1,070.6569 \n66.7310 \n941.1531 \n01-Mar-23 \n892.6349 \n48.7805 \n1,074.9571 \n67.1784 \n945.4850 \n02-Mar-23 \n896.9030 \n49.1400 \n1,075.8409 \n67.6844 \n954.5796 \n03-Mar-23 \n899.4263 \n49.3827 \n1,076.7497 \n67.7824 \n954.3873 \nWeekly Average (27 Feb-3 Mar 23 ) \n892.8117 \n48.6915 \n1,071.2001 \n67.1738 \n945.9362 \nAppr(-)/Depr(+) (%) of the ZWL \n1.7 \n0.7 \n1.2 \n1.1 \n1.2 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n5. EQUITY MARKETS \n \n \nZimbabwe Stock Exchange \nThe Zimbabwe Stock Exchange (ZSE) was characterised by positive trading, during the week \nending 3rd March 2023. As a result, the ZSE All Share index added 4.15% to close at 29 196.89 \npoints. All the major indices registered gains with the Top 10, Top 15, Medium and Small Cap \nindices adding 1.58%, 3.86%, 5.34% and 2.43% to close the week at 17 022.75 points, 20 097.27 \npoints, 64 184.73 points and 641 428.45 points, respectively. \n \nThe increase in the mainstream index was largely attributed to share price increases for Ariston \nHoldings Limited (27.12%), CFI Holdings (21.81%), Rainbow Tourism Group (RTG) Limited \n(19.70%), Bridgefort Capital Limited (15%) and Zimplow Holdings Limited (13.83%). Partially \noffsetting the gains were losses in share prices for OK Zimbabwe Limited (5.04%), \nAmalgamated Regional Trading (ART) Limited (4.76%), AFDIS Limited (1.74%), Ecocash \nHoldings Zimbabwe Limited (1.39%) and Fidelity Life Assurance Limited (1.14%). The \nresources index2, also gained 14.64% to close the week at 33 482.91 points, compared to 29 \n207.92 points recorded in the prior week. \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 \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 \n17-Feb-23 \n27,301.03 \n16,645.38 \n18,920.78 \n56,883.05 \n566,763.43 \n29,116.96 \n2,916.51 \n8,164.24 \n28.70 \n24-Feb-23 \n28,033.96 \n16,757.59 \n19,350.07 \n60,929.82 \n626,212.55 \n29,207.92 \n2,519.09 \n1,405.69 \n14.91 \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 \n% Change \n4.15 \n1.58 \n3.86 \n5.34 \n2.43 \n 14.64 \n0.15 \n169.91 \n101.81 \nSource: Zimbabwe Stock Exchange (ZSE), 2023 \n \nFigure 3 shows the trend in daily market turnover for the period from 4th February 2022 to 3rd \nMarch 2023. \n \nFigure 3: Zimbabwe Stock Exchange All Share and Top 10 Indices \nSource: Zimbabwe Stock Exchange, 2023 \n \n \n \n \n \n \n \n \n \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\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\n3-Feb-23\n17-Feb-23\n3-Mar-23\nAll Share Index\nTop 10 Index\n \n \n8 \nMarket Turnover and Volume \n \nThe cumulative volume of shares traded on the ZSE increased by 101.81% to 30.08 million, \nduring the week under analysis, from 14.91 million recorded in the prior week. A 169.91% to \nZW$3.79 billion increase in turnover value of shares traded was recorded during the reporting \nweek, from ZW$1.41 billion recorded in the previous week. The surge in market turnover was \nlargely informed by block trades in which 3.17 million Econet Wireless Zimbabwe Limited \nshares and 2.06 million Delta Corporation Limited shares exchanged hands at ZW$170.06 and \nZW$525.74 per share, respectively. Figure 4 shows the trend in daily market turnover for the \nperiod from 4th February 2022 to 3rd March 2023. \n \n Figure 4: Daily Market Turnover \nSource: Zimbabwe Stock Exchange, 2023 \n \nMarket Capitalization \n \nReflecting the positive momentum on the ZSE during the week under review, the market added \nZW$3.68 billion, or 0.15% worth of capitalisation to close at ZW$2,522.77 billion. Figure 5 \nshows the evolution of ZSE market capitalization for the period from 4th February 2022 to 3rd \nMarch 2023. \n \n \n \n \n \n \n \n \n \n \n0\n2,000\n4,000\n6,000\n8,000\n10,000\n12,000\n14,000\n16,000\n18,000\n20,000\n04-Feb-22\n18-Feb-22\n04-Mar-22\n18-Mar-22\n01-Apr-22\n15-Apr-22\n29-Apr-22\n13-May-22\n27-May-22\n10-Jun-22\n24-Jun-22\n08-Jul-22\n22-Jul-22\n05-Aug-22\n19-Aug-22\n02-Sep-22\n16-Sep-22\n30-Sep-22\n14-Oct-22\n28-Oct-22\n11-Nov-22\n25-Nov-22\n09-Dec-22\n23-Dec-22\n06-Jan-23\n20-Jan-23\n03-Feb-23\n17-Feb-23\n03-Mar-23\nZW$ millions\nNegotiated deal: 61.16 million Larfage\nCement\nZimbabwe\nLimited\nshares\nexchanged hands at ZW$312.65\n \n \n9 \n \nFigure 5: Daily Market Capitalization in ZW$ billions \nSource: Zimbabwe Stock Exchange, 2023 \n \nVictoria Falls Stock Exchange \n \nThe Victoria Falls Stock Exchange (VFEX) exhibited bearish sentiments, during the week \nending 3rd March 2023. Resultantly, the VFEX All Share index lost 0.36% to close at 105.82 \npoints. The cumulative volume of shares traded on the VFEX declined by 69.50% to 0.94 \nmillion. However, the value of shares traded increased by 144.94% to USD0.32 million, during \nthe same week. VFEX market capitalization increased by 76.14% to US$1.06 billion, compared \nto US$0.60 billion recorded in the previous week. Figure 6 shows the trend in the VFEX All \nShare Index (ASI) for the period from 4th February 2022 to 3rd March 2023. \n \nFigure 6: Victoria Falls Stock Exchange All Share Index \n \nSource: Victoria Falls Stock Exchange, 2023 \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\n03-Feb-23\n17-Feb-23\n03-Mar-23\nBillions\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\n03-Feb-23\n17-Feb-23\n03-Mar-23\n \n \n10 \nJohannesburg Stock Exchange (JSE) Developments \n \nThe Johannesburg Stock Exchange (JSE) All Share Index increased from 76,937.77 points in the \nprevious week to close at 78,293.01 points, during the week ending 3rd March 2023. JSE market \ncapitalization also increased by 2.34% to ZAR22.25 trillion, during the same week. \n \nTable 9: Johannesburg Stock Exchange (JSE) Statistics \nPeriod \nAll Share Index \nMarket Capitalization \n(points) \n(ZAR trillions) \n27-Jan-23 \n80,791.36 \n23.28 \n3-Feb-23 \n80,240.92 \n23.08 \n10-Feb-23 \n78,985.35 \n22.87 \n17-Feb-23 \n79,271.78 \n22.93 \n24-Feb-23 \n76,937.77 \n22.23 \n03-Mar-23 \n78,293.01 \n22.75 \n% Change \n1.76 \n2.34 \nSource:https://www.jse.co.za/services/market-data/market-statistics, 2023 \n \n \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\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\n3-Feb-23\n17-Feb-23\n3-Mar-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 10-Feb-23 17-Feb-23 24-Feb-23 03-Mar-23 \n \n SMEFX \n 10-Feb-23 17-Feb-23 24-Feb-23 03-Mar-23 \nTotal \nBids (US$ dollars) \n20,220,645.23 \n19,718,948,31 \n18,253,090.41 \n15,396,789.23 \n2,735,597.08 \n1,962,394.00 \n1,869,245.41 \n2,195,734.20 \nAmount Allotted \n(US$ dollars) \n16,897,319.04 \n18,443,098.62 \n17,818,400.18 \n15,396,789.23 \n2,269,815.79 \n1,811,479.70 \n1,814,191.43 \n2,165,675.36 \nHighest Rate \n885 \n935 \n950 \n990 \n890 \n930 \n980 \n990 \nLowest Bid \nRate \n830 \n85 \n875 \n885 \n830 \n855 \n875 \n885 \nLowest Bid Rate \nAllotted \n830 \n855 \n875 \n885 \n830 \n855 \n875 \n885 \nWeighted Average \nRate \n831.8147 \n856.8403 \n881.7513 \n892.6349 \n831.8147 \n856.8403 \n881.7513 \n892.6349 \nNumber of Bids \nReceived \n223 \n225 \n252 \n182 \n305 \n271 \n262 \n216 \nNumber of Bids \nRejected \n8 \n9 \n10 \n8 \n4 \n5 \n6 \n7 \n \n \n12 \n APPENDIX 2: SUMMARY OF FOREIGN CURRENCY AUCTION ALLOTMENTS BY PURPOSE \nSource: Reserve Bank of Zimbabwe, 2023 \nPurpose \nMAINFX \n 10-Feb-23 17-Feb-23 24-Feb-23 03-Mar-23 \nSMEFX \n 10-Feb-23 17-Feb-23 24-Feb-23 03-Mar-23 \nRaw Materials \n \n9,293,740.16 \n10,000,202.79 \n9,494,073.30 \n7,856,434.10 \n706,607.35 \n627,827.09 \n461,549.44 \n652,589.50 \nMachinery and \nEquipment \n1,910,567.54 \n2,649,877.10 \n2,286,372.19 \n2,891,433.86 \n698,196.71 \n497,787.04 \n573,835.73 \n525,704.45 \nConsumables \n(Incl. Spares, \nTyres, \nPackaging) \n967,339.85 \n1,096,000.56 \n1,263,725.85 \n1,264,055.69 \n293,632.88 \n145,787.04 \n271,121.06 \n339,961.23 \nPharmaceuticals \nand Chemicals \n457,478.57 \n476,325.00 \n638,772.41 \n353,928.77 \n82,140.37 \n95,150.16 \n66,306.19 \n85,531.27 \nServices \n(Loans, \nDividends and \nDisinvestments) \n1,316,528.01 \n1,611,306.39 \n1,689,705.06 \n1,333,618.55 \n196,237.43 \n209,979.44 \n232,887.33 \n \n197,421.92 \nRetail and \nDistribution \n2,336,520.86 \n2,124,303.39 \n1,885,312.83 \n991,023.07 \n227,561.66 \n170,889.75 \n138,759.60 \n251,868.14 \nFuel, Electricity \nand Gas \n- \n- \n- \n- \n- \n9,331.86 \n- \n9,860.16 \nPaper and \nPackaging \n615,144.05 \n485,083.39 \n560,438.54 \n706,295.19 \n65,439.39 \n55,465.81 \n69,732.08 \n102,738.69 \nTOTAL \n16,897,319.04 \n18,443,08.62 \n17,818,400.18 15,396,789.23 \n2,269,815.79 \n1,811,479.70 \n1,814,191.43 \n2,165,675.36", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_03_March_2023_Volume_25_Number_09_1.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": "0d6acb80cf93fdad684dea57f099e6e7", "text": "Vol. 25 No. 18 \n \n \nWeek Ending \n5th 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.................................................................................. 6 \n \n \n \n \n \n1 \n1. \nINTEREST RATES \n \nLocal Currency (ZWL) Deposit Rates \n \nCommercial bank average minimum and maximum deposits rates for deposits of all classes were \nunchanged during the week ending 5th May 2023, 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 (%) \n6-Apr-23 \n33.58 \n34.94 \n62.06 \n74.28 \n63.06 \n73.61 \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 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \nLocal Currency (ZWL) Lending Rates \n \nDuring the week ending 5th May 2023, commercial bank minimum lending rates for individual \nclients decreased, while maximum lending rates increased. Average minimum and maximum \nlending rates for corporate clients increased during the same week, as shown in Table 2. \n \nTable 2: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \n \n Corporate Clients \n6-Apr-23 \n73.79 \n110.27 \n81.50 \n166.90 \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 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n \n \n2 \nForeign Currency (USD) Deposit Rates \n \nThe week ending 5th May 2023 saw average minimum and maximum deposits rates for savings \ndeposits remain unchanged. Minimum deposits rates for deposits of 1-month and 3-months tenor \nalso remained at previous week levels, while maximum deposits rates for both classes of deposits \nincreased during week under review, 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 (%) \n6-Apr-23 \n1.27 \n1.69 \n3.00 \n4.28 \n3.55 \n4.78 \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 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \nForeign Currency (USD) Lending Rates \n \nCommercial bank minimum lending rates for both individual and corporate clients were higher \nthan in the previous week, while maximum lending rates marginally softened 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 \n6-Apr-23 \n11.23 \n13.31 \n7.77 \n14.72 \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 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n \n \n3 \n2. \nCLEARING AND SETTLEMENT ACTIVITY \n \nThe National Payment Systems (NPS) processed transactions valued at ZW$857.32 billion, \nduring the week ending 5th May 2023. This represented a 6.55% decrease from ZW$917.40 \nbillion recorded in the previous week. Real Time Gross Settlement (RTGS) transactions declined \nfrom $734.22 billion in the previous week to $622.07 billion, during the week under review. In \nproportions, the NPS transaction values were distributed as follows: RTGS, 72.56%, POS, \n14.23%; Mobile, 8.94%; and ATM, 4.27%. \n \n \nFigure 1: Composition of NPS Transactions in Value Terms \n \n Source: Reserve Bank of Zimbabwe, 2023 \n \n \n \nThe volume of NPS transactions declined by 7.44%, from 12.48 million recorded in the \npreceding week to 13.41 million, during the week under review. Mobile based transactions \ndominated NPS transaction volumes at 67.86% of the total; followed by POS, 28.93%; RTGS, \n1.72%; and ATM, 1.49%, as shown in Figure 2. \n \n \n Figure 2: Composition of NPS Transactions in Volume Terms \n \nSource: Reserve Bank of Zimbabwe, 2023 \n \nRTGS\n72.56%\nPOS\n14.23%\nATM\n4.27%\nMOBILE\n8.94%\nRTGS\nPOS\nATM\nMOBILE\nRTGS, 1.72%\nPOS, 28.93%\nATM, 1.49%\nMOBILE, 67.86%\nRTGS\nPOS\nATM\nMOBILE\n \n \n4 \nTable 5: National Payment Systems Activity \nPAYMENT \nSTREAM \nWEEK ENDING \n28th April 2023 \n \nWEEK ENDING \n \n5th May 2023 \n% CHANGE FROM \nLAST WEEK \nPROPORTION \n% \n \nValues in ZW$ Millions \n \n \nRTGS \n734,216.71 \n622,069.45 \n-15.27% \n72.56% \nPOS \n98,640.52 \n121,994.35 \n23.68% \n14.23% \nATM \n25,953.20 \n36,586.20 \n40.97% \n4.27% \nMOBILE \n41,671.69 \n76,670.88 \n30.87% \n8.94% \nTOTAL \n900,482.12 \n857,320.88 \n-6.55% \n100% \nVolumes \n \n \nRTGS \n351,282 \n230,981 \n-34.25% \n1.72% \nPOS \n3,351,117 \n3,878,607 \n15.74% \n28.93% \nATM \n155,272 \n200,069 \n28.85% \n1.49% \nMOBILE \n8,156,934 \n9,098,986 \n5.53% \n67.86% \nTOTAL \n12,014,605 \n13,408,643 \n7.44% \n100% \nSource: Reserve Bank of Zimbabwe, 2023 \n \n3. \nTOBACCO SALES \nA cumulative total of 160.46 million kilograms of tobacco had been sold as at day 39 of the \ntobacco selling season. This was a 41.26% increase from the 113.59 million kilograms sold during \nthe same period in 2022. In value terms, tobacco sales registered a 41.69% increase to US$480.69 \nmillion, from US$339.25 million realized during the corresponding period in 2022, as shown in \nTable 6. \n \nTable 6: Weekly Cumulative Tobacco Sales: Day 39 (5th May 2023) \n \n2022 \n2023 \nVariance (%) \nCumulative Quantity Sold (million kgs) \n113,589,984 \n160,458,310 \n41.26 \nAverage Price (US$/kg) \n2.99 \n \n3.00 \n0.19 \nCumulative value (US$ million) \n339,248,627 \n480,692,757 \n41.69 \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$2.99 per \nkilogram realised in the same period last year. \n4. \nINTERNATIONAL COMMODITY PRICE DEVELOPMENTS \n \nWeekly average prices for platinum, palladium, copper and crude oil declined, while those for \ngold and nickel increased. Table 7 shows commodity prices developments, during the week \nending 5th May 2023. \n \n \n \n \n5 \nTable 7: Metal and Crude Oil Prices for the week ending 5th May 2023 \n \nGold \nPlatinum \nPalladium \nCopper \nNickel \nCrude Oil \n2023 \nUS$/ounce US$/ounce US$/ounce US$/tonne \nUS$/tonne \nUS$/barrel \nWeekly Average (24-28 Apr 23) \n1,989.26 \n1,087.50 \n1,515.60 \n8,618.20 \n23,870,00 \n80.06 \n2-May-23 \n1,988.15 \n1,050.00 \n1,456.00 \n8,474.00 \n24,855.00 \n75.33 \n3-May-23 \n2,015.60 \n1,065.00 \n1,438.50 \n8,573.50 \n24,710.00 \n72.80 \n4-May-23 \n2,040.38 \n1,051.00 \n1,429.50 \n8,560.00 \n24,280.00 \n73.13 \n5-May-23 \n2,019.48 \n1,043.50 \n1,453.00 \n8,580.00 \n24,705.00 \n75.70 \nWeekly Average (2-5 May 23) \n2,015.90 \n1,052.38 \n1,444.25 \n8,546.88 \n24,637.50 \n74.20 \nWeekly Change (%) \n1.34 \n-3.23 \n-4.71 \n-0.83 \n3.22 \n-7.27 \nSource: BBC, KITCO and Bloomberg, 2023 \nGold \n \nGold prices increased by 1.34%, from US$1,989.26 per ounce in the previous week to \nUS$2,015.90 per ounce, during the week ending 5th May 2023. The price of the yellow metal \nrose as robust U.S. jobs data dampened expectations of further interest rate hikes by the Federal \nReserve. \n \nPlatinum \nPlatinum prices eased by 3.23%, from US$1,087.50 per ounce in the prior week to US$1,052.38 \nper ounce, during the week under analysis. Prices were weighed down by sustained power related \nsupply disruptions in South Africa, the world’s largest producer of the precious metal. \n \nPalladium \nDuring the week ending 5th May 2023, prices for palladium declined by 4.71%, from \nUS$1,515.60 per ounce in the previous week to US$1,444.25 per ounce, during the reporting \nweek. Prices continued to decline owing to sluggish industrial demand as well as a stronger US \ndollar. \n \nCopper \nCopper prices declined by 0.83%, from US$8,618.20 per tonne recorded in the previous week, \nto US$8,546.88 per tonne during the week under analysis. The slight decline in prices was \nattributable to weak demand in China, the world’s top metal consumer of the base metal. \nNickel \nThe week ending 5th May 2023 saw the price of nickel increase by 3.22% to US$24,637.50 per \ntonne, from US$23,870.00 per tonne recorded in the previous week. The increase was largely on \n \n \n6 \naccount of picking demand in the stainless-steel industry which accounts for more than half of \nprimary nickel demand. \n \nBrent Crude Oil \n \nDuring the week ending 5th May 2023, crude oil weekly average prices declined by 7.27%, from \nUS$80.06 per barrel in the week ending 28th April 2023 to US$74.20 per barrel. Prices retreated \nas fears over a weakening US economy and declining Chinese demand continued to weigh on \ndemand prospects for the commodity. \n \n5. EXCHANGE RATE DEVELOPMENTS \n \n \nInterbank Market \nOn the interbank market, the Zimbabwe dollar (ZW$) depreciated by 6.1%, from an average of \nZW$1,016.6109 per US$1 in the previous week to ZW$1,078.9975 per US$1, during the week \nending 5th 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 (24-28 Apr 23) \n1,016.6109 \n55.8688 \n1,266.1180 \n77.151 \n1,119.8770 \n \n2-May-23 \n1,059.6600 \n57.6369 \n1,325.0591 \n80.3379 \n1,164.6822 \n \n 3-May-23 \n1,070.4200 \n58.1395 \n1,336.9610 \n80.6176 \n1,179.9308 \n 4-May-23 \n1,088.9400 \n59.7015 \n1,370.6613 \n82.6674 \n1,207.1024 \n5-May-23 \n1,096.9700 \n60.2410 \n1,383.0767 \n83.2662 \n1,211.4002 \nWeekly Average (2-5 May 23 ) \n1,078.9975 \n58.9297 \n1,353.9395 \n81.7222 \n1,190.7789 \nAppr(-)/Depr(+) (%) of the ZWL \n6.1 \n5.5 \n6.9 \n5.9 \n6.3 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n6. EQUITY MARKETS \n \n \nZimbabwe Stock Exchange \nThe Zimbabwe Stock Exchange (ZSE) was characterised by bullish sentiments for the third \nconsecutive week. As a result, the ZSE All Share index gained 20.05% to close at 49 689.11 \npoints. The Top 10, Top 15, Medium Cap and Small Cap indices added 24.31%, 22.11%, 8.74% \nand 0.89% to close the week at 29 541.33 points, 34 558.62 points, 99 331.49 points and 745 \n613.66 points, respectively. \n \n \n1 Direct quote – the amount of domestic currency needed to exchange for 1 unit of foreign currency \n \n \n7 \nThe gain in the mainstream index emanated from share price increases for CBZ Holdings Limited \n(47.96%), Econet Wireless Zimbabwe Limited (41.42%), Masimba Holdings Limited (32.46%), \nTSL Limited (31.90%) and Zimplow Holdings Limited (28.77%). Partially offsetting the gains \nwere declines in share prices for Mashonaland Holdings Limited (7.68%), Amalgamated \nRegional Trading (ART) Holdings Limited (2.83%), and Zimre Holdings Limited (0.39%). The \nresources index2 remained unchanged at 36 393.55 points, during the week under analysis. \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 \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 \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 \n% Change \n 20.05 \n24.31 \n 22.11 \n8.74 \n \n0.89 \n0.00 \n 21.86 \n-53.17 \n-42.34 \nSource: Zimbabwe Stock Exchange (ZSE), 2023 \n \nFigure 3 shows the trend in daily market turnover for the period from 4th March 2022 to 5th May \n2023. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \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 \nDuring the week under analysis, the cumulative volume of shares traded on the ZSE declined by \n42.34% to 19.35 million, from 33.55 million recorded in the prior week. The turnover value of \nshares amounted to ZW$2.85 billion, representing a decrease of 53.17% from ZW$6.09 billion \nrecorded in the previous week. Figure 4 shows the trend in daily market turnover for the period \nfrom 6th March 2022 to 5th May 2023. \n \n Figure 4: Daily Market Turnover \nSource: Zimbabwe Stock Exchange, 2023 \n \n \n \n \n0\n4,000\n8,000\n12,000\n16,000\n20,000\n24,000\n28,000\n32,000\n36,000\n40,000\n6-Mar-22\n31-Mar-22\n25-Apr-22\n20-May-22\n14-Jun-22\n9-Jul-22\n3-Aug-22\n28-Aug-22\n22-Sep-22\n17-Oct-22\n11-Nov-22\n6-Dec-22\n31-Dec-22\n25-Jan-23\n19-Feb-23\n16-Mar-23\n10-Apr-23\n5-May-23\nAll Share Index\nTop 10 Index\n0\n2,000\n4,000\n6,000\n8,000\n10,000\n12,000\n14,000\n16,000\n18,000\n20,000\n06-Mar-22\n31-Mar-22\n25-Apr-22\n20-May-22\n14-Jun-22\n09-Jul-22\n03-Aug-22\n28-Aug-22\n22-Sep-22\n17-Oct-22\n11-Nov-22\n06-Dec-22\n31-Dec-22\n25-Jan-23\n19-Feb-23\n16-Mar-23\n10-Apr-23\n05-May-23\nZW$ millions\nNegotiated deal: 61.16 million Larfage\nCement\nZimbabwe\nLimited\nshares\nexchanged hands at ZW$312.65\n \n \n9 \nMarket Capitalization \n \nZSE market capitalization increased by 21.86% or ZW$761.37 billion to close at ZW$4.24 \ntrillion, from ZW$3.48 trillion recorded in the preceding week. Figure 5 shows ZSE market \ncapitalization developments for the period from 6th March 2022 to 5th May 2023. \n \nFigure 5: Daily Market Capitalization in ZW$ billions \nSource: Zimbabwe Stock Exchange, 2023 \n \nVictoria Falls Stock Exchange \n \n \nThe Victoria Falls Stock Exchange (VFEX) was characterised by bearish sentiment, during the \nweek under analysis. Resultantly, the VFEX All Share index lost 1.02% to close at 85.74 points, \ncompared to 86.62 points recorded in the previous week. The decrease in the VFEX mainstream \nindex emanated from share price declines for Bindura Nickel Corporation (BNC) (19.69%), \nPadenga Holdings Limited (13.38%), Simbisa Brands Limited (5.73%) Africa Sun Limited \n(5.18%) and Axia Corporation Limited (3.47%). Partially offsetting the share price losses were \ngains in share prices of SeedCo International (3.45%), Innscor Africa Limited (1.78%) and \nNedbank Group Limited Zimbabwe (0.09%). \n \nThe cumulative volume and value of shares traded on the VFEX declined by 15.94% and 34.96% \nto 1.45 million shares and US$0.36 million, respectively. Reflecting the negative sentiments \nexhibited on the VFEX, market capitalization declined by 3.21%, or US$34.03 million worth of \ncapitalisation to US$1.02 billion, compared to US$1.06 billion recorded in the previous week. \nFigure 6 shows the trend in the VFEX All Share Index (ASI) for the period from 6th March 2022 \nto 5th May 2023. \n \n0\n400\n800\n1,200\n1,600\n2,000\n2,400\n2,800\n3,200\n3,600\n4,000\n4,400\n4,800\n06-Mar-22\n31-Mar-22\n25-Apr-22\n20-May-22\n14-Jun-22\n09-Jul-22\n03-Aug-22\n28-Aug-22\n22-Sep-22\n17-Oct-22\n11-Nov-22\n06-Dec-22\n31-Dec-22\n25-Jan-23\n19-Feb-23\n16-Mar-23\n10-Apr-23\n05-May-23\nBillions\n \n \n10 \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 78,021.87 points in the \nprevious week to close at 78,132.77 points, during the week ending 5th May 2023. JSE market \ncapitalization also declined by 0.09% to ZAR22.34 trillion, during the same week. \n \nTable 10: Johannesburg Stock Exchange (JSE) Statistics \nPeriod \nAll Share Index \nMarket Capitalization \n(points) \n(ZAR trillions) \n31-Mar-23 \n76,100.17 \n22.20 \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 \n% Change \n \n 0.14 \n \n -0.09 \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 \n80.00\n90.00\n100.00\n110.00\n120.00\n130.00\n140.00\n150.00\n06-Mar-22\n31-Mar-22\n25-Apr-22\n20-May-22\n14-Jun-22\n09-Jul-22\n03-Aug-22\n28-Aug-22\n22-Sep-22\n17-Oct-22\n11-Nov-22\n06-Dec-22\n31-Dec-22\n25-Jan-23\n19-Feb-23\n16-Mar-23\n10-Apr-23\n05-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 \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\n31-Mar-22\n25-Apr-22\n20-May-22\n14-Jun-22\n9-Jul-22\n3-Aug-22\n28-Aug-22\n22-Sep-22\n17-Oct-22\n11-Nov-22\n6-Dec-22\n31-Dec-22\n25-Jan-23\n19-Feb-23\n16-Mar-23\n10-Apr-23\n5-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 14-Apr-23 21-Apr-23 28-Apr-23 5-May-23 \n \n SMEFX \n 14-Apr-23 21-Apr-23 28-Apr-23 5-May-23 \nTotal \nBids (US$ dollars) \n18,807,027.41 \n19,061,728.12 \n19,737,187.33 \n22,810,988.28 \n2,259,478.16 \n1,874,240.77 \n1,880,263.39 \n2,574,369.18 \nAmount Allotted \n(US$ dollars) \n18,326,348.39 \n17,173,332.97 \n19,034,711.96 \n16,772,580.66 \n2,241,706.95 \n1,731,764.97 \n1,707,854.70 \n2,280,785.72 \nHighest Rate \n1,050 \n \n1,100 \n1,200 \n1,300 \n1,100 \n1,125 \n1,200 \n1,300 \nLowest Bid \nRate \n950 \n978 \n1,000 \n1,055 \n950 \n978 \n1,000 \n1,055 \nLowest Bid Rate \nAllotted \n950 \n978 \n1,000 \n1,055 \n950 \n978 \n1,000 \n1,055 \nWeighted Average \nRate \n959.3111 \n1,000.0227 \n1,021.2072 \n1,070.4171 \n959.3111 \n1,000.0227 \n1,021.2072 \n1,070.4171 \nNumber of Bids \nReceived \n291 \n330 \n335 \n441 \n275 \n322 \n332 \n466 \nNumber of Bids \nRejected \n4 \n3 \n2 \n5 \n3 \n6 \n7 \n7 \n \n \n13 \n APPENDIX 2: SUMMARY OF FOREIGN CURRENCY AUCTION ALLOTMENTS BY PURPOSE \nSource: Reserve Bank of Zimbabwe, 2023 \nPurpose \nMAINFX \n 14-Apr-23 21-Apr-23 28-Apr-23 5-May-23 \nSMEFX \n 14-Apr-23 21-Apr-23 28-Apr-23 5-May-23 \nRaw Materials \n \n10,145,544.10 \n9,101,791.90 \n9,575,766.95 \n7,504,908.11 \n780,117.95 \n616,821.49 \n552,438.20 \n607,706.75 \nMachinery and \nEquipment \n3,111,160.89 \n3,439,887.52 \n2,739,872.27 \n3,212,928.08 \n680,281.10 \n537,029.59 \n581,017.60 \n858,356.28 \nConsumables \n(Incl. Spares, \nTyres, \nPackaging) \n1,082,756.22 \n1,077,195.49 \n1,885,282.66 \n1,139,123.93 \n303,176.35 \n213,005.13 \n200,791.74 \n210,240.59 \nPharmaceuticals \nand Chemicals \n480,479.95 \n517,726.37 \n2,172,326.50 \n404,336.92 \n92,954.56 \n54,055.63 \n32,943.09 \n74,941.02 \nServices \n(Loans, \nDividends and \nDisinvestments) \n1,157,856.91 \n1,033,601.13 \n1,356,613.01 \n1,119,089.13 \n130,751.42 \n115,342.95 \n170,760.73 \n210,240.59 \nRetail and \nDistribution \n1,603,231.85 \n1,183,168.54 \n2,172,326.50 \n2,624,559.22 \n231,773.24 \n168,605.61 \n132,432.47 \n208,569.60 \nFuel, Electricity \nand Gas \n40,000.00 \n50,000.00 \n31,874.40 \n37,507.60 \n- \n- \n- \n- \nPaper and \nPackaging \n705,318.47 \n769,962.02 \n655,463.70 \n730,127.67 \n22,652.33 \n26,904.57 \n37,470.87 \n48,753.05 \nTOTAL \n18,326,348.39 17,173,332.97 19,034,711.96 16,772,580.66 \n2,241,706.95 \n1,731,764.97 \n1,707,854.70 \n2,280,785.72", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_05_May_2023_Volume_25_Number_18_FINAL.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": "1036341e6fb16e2afe748f06dd69a795", "text": "MONETARY POLICY STATEMENT \n \n \n \n \n \n \nSTRENGTHENING THE MULTI-CURRENCY SYSTEM \nFOR VALUE PRESERVATION & PRICE STABILITY \n \n \n \n \n \n \n \n01 OCTOBER 2018 \n2 \nTABLE OF CONTENTS \n \nSECTION 1: EXECTIVE SUMMARY. ................................................................................3 \nSECTION 2: ............................................................................................................................6 \nSECTION 3: CONCLUSION...............................................................................................13 \n \nANNEXURE \nSECTION 1: GLOBAL AND REGIONAL ECONOMIC DEVELOPMENTS ..............16 \nSECTION 2: DOMESTIC ECONOMIC DEVELOPMENTS ..........................................19 \nSECTION 3: MONETARY AND INFLATION DEVELOPMENTS...............................29 \nSECTION 4: FINANCIAL SECTOR DEVELOPMENTS ..............................................35 \nSECTION 5: DEVELOPMENTS ON NATIONAL PAYMENTS SYSTEM .................53 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n3 \nSECTION 1: EXECUTIVE SUMMARY \n \nThis Monetary Policy Statement is issued in terms of Section 46 of the Reserve Bank \nof Zimbabwe Act [Chapter 22:15], which requires the Governor of the Reserve Bank to \nproduce a Statement of Monetary Policy giving an account of the monetary policy \nmeasures pursued in the preceding six months and the new measures to be pursued in \nthe subsequent six months’ period. The Monetary Policy Statement thus gives the Bank \nan opportunity to reflect on its past achievements and the basis to further fine-tune the \nfinancial system in order to achieve the Bank’s mandate of maintaining price and \nfinancial stability which is the bedrock for economic development. \n \nThe Statement comes at a time when the economy is expanding on account of high \nconsumer demand, increased business confidence within the national economy and \npositive expectations following the peaceful completion of the electoral process and the \nsubsequent formation of a new lean cabinet led by His Excellency, President E. D. \nMnangagwa. The country showed strong resilience to adverse inflationary pressures \nand speculative tendencies which characterized the run-up to the harmonized election \nperiod. Moreover, the economy has also been resilient to the negative effects of \nescalating foreign currency premiums, which have been a key driver of inflationary \npressures. \n \nDevelopments during the first half of 2018 were encouraging. We are optimistic that \nthe economy will surpass the initial growth projection of 4.5%, and register growth of \naround 5% this year. This optimism is underpinned by better-than-anticipated \nperformance across the key sectors of the economy, in particular agriculture, mining, \ntourism and manufacturing during the first six months of the year. In agriculture, \ntobacco outperformed initial projections to record output of 250 million kilograms in \n2018. This is the highest tobacco output ever produced in Zimbabwe. This compensated \nfor the expected lower maize output due to poor rainfall patterns at the beginning of the \nrainy season. In the first half of 2018, there was also significant growth realized in \nrespect of gold, platinum, chrome and coal, among other key minerals. The good \n4 \nperformance in agriculture and mining is expected to result in spillover effects in other \nsectors of the economy, such as manufacturing, distribution and services, thus \ncumulatively resulting in expanded national output in 2018. \n \nThe Bank has continued to work on efforts to improve the foreign currency situation \ncurrently bedeviling the economy, while at the same time keeping in check the adverse \ninflationary expectations emanating from the parallel market activities and multiple \npricing mechanisms which are a result of deep seated disparities within the economy. \nThe Reserve Bank has been working on supply-side measures to address some of the \ndisparities through the nostro stabilisation facilities, which saw some improvement in \nthe foreign currency situation in the economy. Demand pressures attributable to fiscal \nimbalances have, however, continued to increase the supply of money within the \neconomy, thereby eroding the gains and putting too much pressure on prices and the \nforeign currency market as evidenced by the thriving parallel market rates. Despite \nthese pressures, the Bank expects inflation to remain within the SADC healthy inflation \nbenchmark of not exceeding 7%. \n \nThe Bank is also encouraged by the quantum leap in the usage of plastic money, \nelectronic and mobile money payment systems, by the Zimbabwean public. \nSpecifically, the Bank’s plastic money policy thrust has been a resounding success as \nshown by the unprecedented increases in value, volume, devices and access points, \nwhich has seen the usage levels rising to above 95 percent of retail transactions - now \none of the highest in the region. Government will continue to invest heavily in \nexpanding the electronic payment infrastructure, as the economy continues to move \ntowards a cash-lite society. \n \nThe positive expectations under the new Administration provide an antidote for \nanchoring the adverse inflationary expectations and negative investor perceptions, \nwhich had characterized the economy in the past years in undermining the economy’s \ngrowth potential. Indeed, the country is witnessing a paradigm shift both on the \neconomic policy and political fronts, which is critical in breathing a new growth impetus \n5 \nto the economy. The package of reforms that have been put in place by Government \nsince November last year provides a strong springboard upon which the economy is \nshowing great signs of sustained recovery. Accordingly, this Monetary Policy \nStatement seeks to cement these reforms, by putting in place measures to strengthen the \nmulti-currency system in order to safeguard financial and price stability which is \nimportant for sustainable economic growth envisaged in Vision 2030 of becoming a \nmiddle income country with a per capita income of US$3500 that equates to a Gross \nDomestic Product (GDP) of around US$65 billion. Strengthening the multi-currency \nsystem is also critical as the economic pre-requisites to contemplate currency reforms \nare not yet in place. \n \nIt is against this background that the Bank shall continue with its supply-side efforts, \naimed primarily at increasing the productive capacity of the economy and foreign \ncurrency generation, while continuing to advocate for the reduction of fiscal imbalances \nas a panacea for right sizing or rebalancing the economy. Measures in this Monetary \nPolicy Statement would therefore need to be supported by a package of measures to \nreduce fiscal imbalances that are exerting pressure on money supply and hence inflation \nas a result of increased consumer spending which in turn requires increased foreign \ncurrency inflows. The country needs to live within its means. \n \n \n \n \n \n \n \n \n \n \n \n \n6 \nSECTION 2: POLICY MEASURES \n \n1. Strengthening the Multi-Currency System by introducing separate FCA \naccounts for Nostro and RTGS funds. \nIn February 2018, the Bank introduced a policy that requires banks to ring-fence foreign \ncurrency for foreign exchange earners that include international organizations, diaspora \nremittances, free funds, export retention proceeds and loan proceeds. Numerous \nenquiries received by the Bank point to the fact that this policy has not been \nimplemented by some banks on a transparent basis that promotes confidence within the \neconomy. With immediate effect, all banks are therefore directed to effectively \noperationalise the ring-fencing policy on Nostro foreign currency accounts by \nseparating foreign currency accounts (FCAs) into two categories, namely Nostro FCAs \nand RTGS FCAs. \n \nAccordingly, all banks are directed to use their know-your-client (KYC) principles to \ncomply with this directive to separate the accounts without requiring their clients to \ncomplete any other documentation other than for new bank accounts. Banks have been \nprovided with a period of up to 15 October 2018 to fully comply with this policy \nmeasure. Banks are also expected to provide reasonable deposit rates on the Nostro \nFCAs in line with international best practice on such accounts. \n \nThis policy measure is expected to encourage exports, diaspora remittances, banking of \nforeign currency into the Nostro FCAs and to eliminate the commingling or dilution \neffect of RTGS balances on Nostro foreign currency accounts. The relationship \nbetween the two categories of the FCAs shall continue to be at parity. This is essential \nin order to preserve value for money for the banking public and investors during the \ntransition to a more market based foreign currency allocation system that shall be \nimplemented once the economic fundamentals are appropriate to do so. \n \nAs a further support to this measure and to provide credit enhancement or deposit \nprotection for the Nostro FCAs, the Reserve Bank is finalising discussions with the \n7 \nAfrican Export-Import Bank (Afreximbank) towards a US$500 million Nostro \nStabilisation Guarantee Facility (NSGF) to provide Nostro FCA holders with assurance \nthat foreign currency shall be available when required by the account holders. The \nNSGF which will be similar to the AFTRADES Facility that guarantees interbank \ntrading in Zimbabwe is targeted to be in place by the end of October 2018. \n \nFor the avoidance of doubt, foreign currency in the Nostro FCAs pertains to free funds, \ndiaspora remittances, international organisations’ remittances, portfolio investment \ninflows, loan proceeds and export retention proceeds. It is also essential to note that all \nexporters retain 100% of their export proceeds with the exception of gold producers that \nretain 30% of export proceeds; platinum, diamonds and chrome 35% and; 20% for \ntobacco and cotton producers. \n \n2. Credit Lines for Strategic Requirements \nThe Bank has finalised putting in place facilities in an amount of US$500 million to \ncater for importation of strategic requirements that include fuel, electricity, cooking oil, \nwheat, packaging, etc. The facilities are from Gemcorp US$250 million, Afreximbank \nUS$150 million and Afrigrain US$100 million. These facilities are over and above the \nUS$100 million from CDC/Standard Chartered Bank, US$100 million from Ecobank, \nUS$30 million from IDC of South Africa to Agribank and US$25 million from the \nAfrican Development Bank (AfDB) to CABS Building Society. \n \nThe Bank is also negotiating with a number of international financial institutions for \nmedium to long term financial facilities that are needed to continue to bring sanity in \nthe foreign exchange market and to assist in the sustainable recovery of the economy. \nThis is in addition to the external resource mobilisation programme being vigorously \npursued by Monetary Authorities to clear the country’s external debt arrears to various \ncreditors. \n \n \n \n8 \n3. Foreign Payment Transactions. \nIn order to minimize incidents of externalization of foreign currency, the following \nmeasures, which are in line with international best practice, have been put in place for \nbanks and the banking public to adhere to:- \n(i) \nUse of Letters of Credit (LCs) for high value transactions. \n(ii) \nAll imports to be supported by invoices whose banking details match with \nthe payee’s name and bank account details. \n(iii) \nStrict adherence by banks to customer due diligence (CDD). \n(iv) \nExport proceeds to be remitted on a timely basis in line with existing rules \nand regulations. \n \n4. Purchase of Fuel in Zimbabwe by Foreign Truckers in Foreign Currency \nIt has come to the attention of the Bank that foreign truckers plying the Zimbabwean \nroutes are involved in foreign currency arbitrage activities in Zimbabwe by trading in \nthe parallel market of foreign currency and purchasing fuel in Zimbabwe at the official \nrate of exchange. In order to deal with this rent seeking behaviour, with immediate \neffect, all foreign truckers plying the Zimbabwean routes shall pay for their fuel in \nZimbabwe in foreign currency. \n \nThe same shall apply to foreign traders buying goods in Zimbabwe for sale in the \nneighbouring countries. \n \n5. Purchase of Gold by Jewelers in Foreign Currency. \nThe current policy provides that where a jeweler purchases gold from Fidelity Printers \nand Refiners (FPR) using RTGS funds, upon export of the jewelry, the jeweler retains \n35% of the gross export value for own use. The 65% balance is transferred to the \nReserve Bank Nostro account for national requirements. \n \nIn order to mitigate against arbitrage opportunities or abuse of this facility, with \nimmediate effect, all purchases of gold by Jewelers from FPR shall be in foreign \ncurrency and that Jewelers shall retain 100% of their export proceeds. \n9 \n6. Settlement of Capital Gains Tax in Foreign Currency when using Offshore \nFunds. \nIn February 2018, the Bank introduced a policy that allows individuals, with \njustification, to sell their immovable properties to buyers using offshore funds and, in \nsome instances, to retain the sale proceeds offshore provided prior Reserve Bank \napproval is obtained. The policy has been well received by the real estate sector and the \nBank wishes to enhance the efficacy of this policy by ensuring that all sellers of \nimmovable property to buyers with offshore funds are required to pay Capital Gains \nTax from offshore sources into a ZIMRA Designated Nostro FCA. Evidence of \npayment shall be required during ZIMRA interviews to enable issuance of tax clearance \ncertificate. \n \n7. Cross Border Investment and Offshore Capital Raising Initiatives. \nThe Reserve Bank fully supports the presence of local businesses in the region and \nacross the globe for purposes of expanding markets and raising funds to support local \noperations. \n \nIn order for the country to derive maximum benefits from offshore investments \nundertaken by local entities, going forward, all offshore investments in the form of \noffshore holding companies intending to dispose of part of their shares to foreign \ninvestors shall be required to repatriate all the realized proceeds to Zimbabwe. In cases \nwhere the offshore holding company intends to expand into other countries, a minimum \nportion of raised capital equal to the level of dilution should be remitted to Zimbabwe \nto support local operations. \n \n8. Introduction of Statutory Reserve Requirement to mop up excess liquidity \nGiven the increased creation of money within the economy mainly as a result of fiscal \nimbalances, the Bank shall be introducing the statutory reserves requirement with effect \nfrom 1 November 2018 at a level of 5% on RTGS FCAs on a weekly compliance basis \nin order to mop up excess liquidity from the market. \n \n10 \nThe AFTRADES window shall remain in place as a lender of last resort facility to cater \nfor financial institutions that require accommodation. \n \nThe Table below shows the statutory reserve requirement levels for some of the \ncountries in the region and beyond for comparison purposes. \n \n Statutory Reserve Percentages for Selected Countries \nSouthern African Countries \nReserve Ratio (%) \nAngola \n19.00 \nMalawi \n15.50 \nMauritius \n9.00 \nMozambique \n15.00 \nTanzania \n8.00 \nZambia \n5.00 \nSouth Africa \n2.50 \n \nEgypt \n14.00 \nGhana \n10.00 \nNigeria \n22.50 \nEuro Zone \n1.00 \nChina \n15.50 \nUnited States of America \n3.00 \n \n \n \n \n9. Issuance of Treasury Bills (TBs) Through an Auction System. \n11 \nIn order to promote transparency in the issuance of TBs, with effect from 1 November \n2018, the Bank shall be inviting tenders on behalf of Government, for investors to \nparticipate in the auction system of TBs. \n \n10. Continuation of RBZ Savings Bonds \nThe Bank shall continue to use Savings Bonds for mopping up excess liquidity from \nthe market. As at 31 August 2018 the Savings Bonds had raised $1.5 billion. \n \n 11. Construction Finance Facility. \nThe Reserve Bank has expanded the productive sector facilities to include the \nestablishment of a $50 million Construction Finance Facility for retooling and working \ncapital requirements for the construction industry in line with the growing economy. \nThis facility, like all other facilities, shall be disbursed through normal banking channels \nwith an all-inclusive interest rate of 10%. \n \n12. Strengthening the Monetary Policy Committee \nThe Bank is in the process of strengthening the Monetary Policy Committee (MPC) to \nprovide an effective process for Monetary Policy in line with best practice. \n \n13. Capitalisation of Banking Institutions \nAs the capital deadline approaches, banking institutions are required to revisit their \nrespective capitalisation plans to ensure compliance with their preferred strategic tier \ncapital requirements on the set date, and submit revised plans to the Reserve Bank by \n30 June 2019. For the avoidance of doubt, the following minimum capital requirements \nshall apply with effect from January 2020: \n \n \n \n \n \n \n12 \nMinimum Capital Requirements \nSegments \nType of Institution \nCapital Requirements \nActivities \nCurrent \nProposed \nTier I \nLarge Indigenous \nCommercial banks & all \nforeign-owned banks \n \n$25 million \n$100 \nmillion \nCore banking activities \nplus additional services \nsuch as mortgage lending, \nleasing & hire purchase. \nTier II \nCommercial banks, \nMerchant banks, \nBuilding societies, \nDevelopment banks, \nFinance & Discount \nhouses \n$25 million \n$25 \nmillion \nCore banking activities \nonly \nTier III \nDeposit-taking \nMicrofinance banks \n$5 million \n$7.5 \nmillion \nDeposit-taking \nMicrofinance activities \nTier IV \nCredit-only MFIs \n$20,000 \n$50,000 \nCredit-only microfinance \nbusiness \n \n \n \n \n \n \n \n \n \n \n13 \nSECTION 3: CONCLUSION \n \nThe policy measures proffered in this Statement are designed to boost confidence and \ntransparency in the foreign currency market and to rein in inflation by mitigating against \nrent seeking behaviour and mopping up excess liquidity within the economy. The \nmeasures are necessary as a starting point towards right sizing or rebalancing the \neconomy. Rebalancing the economy requires tough and painful measures to deal with \nthe root causes of the economic challenges facing the Zimbabwean economy. A \npackage of measures that includes reducing fiscal imbalances to manage high consumer \nspending; increasing productivity and exports; fast-tracking the State Owned \nEnterprises reform programme and enhancing access to foreign finance are the most \ncritical policy measures that are required to right sizing the economy. Currency reforms \nwithout the implementation of these tough but necessary measures will be tantamount \nto putting the cart before the horse which will produce undesirable unintended \nconsequences. \n \nThe Bank is therefore pleased that these monetary policy measures are coming at a time \nwhen Government has made it a priority to deal with fiscal imbalances that continue to \nput pressure on inflation, the financial sector and the foreign currency market. \nCommitment by Government to deal with the adverse effects of fiscal deficit on the \neconomy is critical to contain the significant mismatches between the electronic money \nbalances and foreign currency reserves. This is quite urgent and essential because the \ngenesis of money creation and pressure on the currency is fiscal. Money creation is not \ncaused by mediums of exchange that include mobile banking platforms (Ecocash, \nOneMoney, Telecash), internet banking, RTGS or bond notes. Mediums of exchange \nare used to facilitate trade of goods and services or to withdraw or access money from \nbanks and other banking platforms. Mediums of exchange per se do not increase the \nquantity or stock of money in an economy. \n \nThe Bank is encouraged by the positive response by exporters to the export \ndevelopment initiatives that the Bank has put in place. The growth in export production \n14 \nand exports has been significant. The same is true for the financial inclusion initiatives \nthat the Bank has been pursuing through timely provision of targeted empowerment \nfacilities to interest groups such as women, SMEs, the youth and the disabled. These \nfacilities have had significant impact in supporting broad-based and inclusive growth \nfor both local consumption and export generation. As part of the National Financial \nInclusion Strategy, the Women’s Microfinance Bank and Empower Bank are now \noperational. These special banks will help in improving access to formal financial \nservices by women and youth, who fall under the country’s marginalised groups, and \nhence the majority of the previously financially excluded population. \n \nThe Bank and the Ministry of Finance and Economic Development are continuing to \ngive priority to the re-engagement programme on the basis of the 2015 Lima, Peru, \narrangement for the clearance of external debt arrears which are a great hindrance to \naccessing long term finance from the International Financial Institutions (IFIs) for \nsustainable economic development. Detailed debt sustainable models and options are \nbeing examined to ensure that in the short to medium term the arrears are settled. \n \n \nI THANK YOU \n \n \nJOHN PANONETSA MANGUDYA \nGOVERNOR \n \n \n \n \n \n \n15 \n \n \n \n \n \n \n \nANNEXURE \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n16 \nSECTION 1: GLOBAL AND REGIONAL ECONOMIC DEVELOPMENTS \nThe global expansion that began about two years ago seems to have plateaued and become less \nbalanced, amid rising tensions over international trade, particularly between the US and its \nbiggest trading partner China. In the latest World Economic Outlook July 2018 update, the \nInternational Monetary Fund (IMF) projects global growth rates at about 3.9 percent for both \n2018 and 2019, but there is increased risk of worse outcomes for the near term. \n \nGDP growth remains generally strong in advanced economies, but it has slowed in many of \nthem, including countries in the Euro area, Japan, and the United Kingdom. In contrast, the \nUnited States GDP growth continues to grow faster than potential and job creation is still \nrobust, driven largely by recent tax cuts and increased government spending. Table 1 shows \nglobal economic growth developments for selected regions and countries. \nTable 1: Global Economic Growth & Outlook (%) \n \n2015 \n2016 \nEstimate \n2017 \nProjection \n2018 \nProjection \n2019 \nProjection \nWorld Output \n3.2 \n3.2 \n3.6 \n3.9 \n3.9 \nAdvanced Economies \n2.1 \n1.7 \n2.2 \n2.4 \n2.2 \n US \n2.6 \n1.5 \n2.2 \n2.9 \n2.7 \n Euro Area \n2.0 \n1.8 \n2.1 \n2.2 \n1.9 \n Japan \n1.2 \n1.0 \n1.5 \n1.0 \n0.9 \nEmerging Market & \nDeveloping Economies \n4.1 \n4.3 \n4.6 \n4.9 \n5.1 \n China \n6.9 \n6.7 \n6.8 \n6.6 \n6.4 \n India \n7.6 \n7.1 \n6.7 \n7.3 \n7.5 \nSub-Saharan Africa \n3.4 \n1.4 \n2.6 \n3.4 \n3.8 \n Zimbabwe* \n1.1 \n0.7 \n3.7 \n4.5 \n5.0 \nLatin America & the \nCaribbean \n0.1 \n-0.9 \n1.2 \n1.6 \n2.6 \nSource: IMF World Economic Outlook (October 2017), *Ministry of Finance and Economic \nDevelopment and RBZ projections \n \n \n \n17 \nThe projected global growth, particularly in advanced economies, is a positive development \nfor Zimbabwe, given that they constitute the largest proportion of the final destinations of the \ncountry’s agricultural and mineral exports. Strong growth in emerging and sub-Saharan \nAfrican economies also presents additional opportunities for the country to diversify exports \nand increase continental trade. Overall growth in sub-Saharan Africa is projected to exceed \nthat of population over the next couple of years, allowing per capita incomes to rise in many \ncountries. Despite some recovery in commodity prices, however, growth will still fall short of \nthe levels registered during the commodity boom of the 2000s, indicating unutilized potential \nfor growth in many countries. \n \nCommodity Price Developments \nAccelerating global growth with the attendant rising demand are driving broad-based price \nincreases for most commodities in 2018, as well as the forecast of higher commodities prices \nin the medium term. This development bodes well for commodity exporters including \nZimbabwe, on the one hand, but may also signal increasing inflation pressures through \nincreased energy prices, particularly fuel, on the other. \n \nCommodity prices strengthened in first quarter of 2018, although they generally remained \nbelow their 2011 peaks. More specifically, energy, base metals, precious metals and \nagriculture surged between January and May 2018, largely due to strong demand, amid \ntightening global supplies. Commodity price indices for the period from January 2012 to May \n2018 are shown in the figure below. \n \n \n18 \nFigure 1: Commodity Price Indices (2010 = 100) \nSource: World Bank \n \nIn light of the anticipated firming international prices, more efforts should be geared towards \ndiversification of the economy away from over-reliance on commodity exports in the medium \nto long term. Currently, the economy relies mainly on exports of unprocessed and semi-\nprocessed raw commodities such as gold, tobacco and platinum, as the country’s foreign \nexchange lifeline. In this regard, the Bank continues to monitor global developments in \ncommodity prices in view of their direct implications for foreign exchange liquidity in the \neconomy. Expansion in domestic output and exports will be critical to neutralize the \ninflationary impact of energy prices. \n \nPrecious Metals \nGold and platinum prices increased by 4 percent and 6 percent, respectively, on stronger safe \nhaven and investment demand of the metals, due to expectations of rising global inflation, \ngrowing geopolitical tensions, and a weaker US dollar. The World Bank notes that the upside \nrisks to the price forecasts include deepening geopolitical tensions, delays in central bank rate \nincreases, and a weaker than expected US dollar. On the other hand, the downside risks include \nstronger global economic growth, rising equity markets, and anticipated easing in geopolitical \ntensions. \n \n \n30.\n62.5\n95.\n127.5\n160.\n2012M02\n2012M05\n2012M08\n2012M11\n2013M02\n2013M05\n2013M08\n2013M11\n2014M02\n2014M05\n2014M08\n2014M11\n2015M02\n2015M05\n2015M08\n2015M11\n2016M02\n2016M05\n2016M08\n2016M11\n2017M02\n2017M05\n2017M08\n2017M11\n2018M02\n2018M05\nEnergy\nAgriculture\nBase Metals\nPrecious Metals\n19 \nSECTION 3: DOMESTIC ECONOMIC DEVELOPMENTS \n \nDevelopments during the first half of 2018 suggest that the economy will surpass the initial \ngrowth projection of 4.5%, and register growth in excess of 5% this year. Better-than-\nanticipated performance has been recorded across most key sectors of the economy such as \nagriculture, mining and manufacturing, among others, during the first six months of the year. \nTobacco outperformed initial projections by 5%, with the output now expected to reach 250 \nmillion kilograms in 2018, well in excess of the previous all-time high of 235 million kilograms \nachieved in 1999. Over the first six months of 2018, there was also significant expansion in \ngold, chrome and coal, among other key minerals, which cumulatively warrant upward revision \nof earlier economic projections. \n \nAs at 15th August 2018, cumulative tobacco output amounted to 248.2 million kilograms, \nwhich is 35% higher than what was sold during the same period in 2017. The 2018 output raked \nin a total of US$725.9 million, which is 30% higher than the US$547 million realized in 2017. \n \nTable 2: Cumulative Tobacco Sales as at 15th August 2018 \n \n2018 \n2017 \nVariance (%) \nTotal Quantity Sold (million Kgs) \n248.2 \n184.3 \n35 \nTotal Value (US$ million) \n725.9 \n547.0 \n33 \nAverage Price (US$)/Kg \n292 \n297 \n-1.4 \nSource: TIMB, 2018 \n \nThe sterling performance in tobacco was on the back of an increase in the number of growers \nin 2018, from below 100 000 farmers to more than 140 000 farmers in the current season; \nincrease in the number of players under the contract farming arrangements; and a positive \nresponse to the export incentives offered by the Bank towards tobacco production. \n \nIn the mining sector, the first half of 2018 shows that gold has been performing well above \ninitial projections. \n20 \nChrome and coal have also shown significant deviations above initial projections, which \nfurther warrants an upward review of mining output growth projections for 2018. \n \nTable 3: Mineral Production: Q2 2018 and 2017 \n \nQ2 2018 \nQ1 2018 \nQ2 2017 \nVariance Q2 \n2018 & Q2 \n2017 (%) \nCumulative \nJan-June \n2018 \n2017 \nOutturn \nGold (kg) \n10 373 \n7 741 \n5 784 \n79.3 \n18 113 \n26 494 \nChrome (tonnes) \n503 879 \n411 446 \n352 239 \n43.1 \n915 325 \n1 673 998 \nCoal (tonnes) \n1 041 043 \n880 477 \n909 124 \n14.5 \n1921 520 \n2 928 038 \nNickel (tonnes) \n4 018 \n4 747 \n4 551 \n-11.7 \n8 765 \n16 617 \nPlatinum (kg) \n3 438 \n3 744 \n3 693 \n-6.9 \n7 182 \n14 258 \nPalladium (kg) \n2 816 \n3 087 \n3 047 \n-7.6 \n5 903 \n11 822 \nDiamonds \n(Carats) \n1 001 851 \n902 616 \n820 752 \n22.1 \n1 904 468 \n2 507 862 \nSource: Ministry of Mines and Chamber of Mines, 2018 \n \n \nFigure 2: Quarterly Gold Output Trends: 2017-2018 \n \nSource: Fidelity Printers and Refineries, Ministry of Mines; Chamber of Mines 2018 \n \n \n1150.00\n1200.00\n1250.00\n1300.00\n1350.00\n0\n3000\n6000\n9000\n12000\nQ1 2017\nQ2 2017\nQ3 2017\nQ4 2017\nQ1 2018\nQ2 2018\nUS$/ ounce\nOutput (kg)\nLarge Scale Producers(kg)\nSmall Scale Producers (kg)\nTotal Gold (kg)\nSecondary Producers (Kg)\nAverage Price (US$/ounce)\n21 \nGold Deliveries to Fidelity Printers & Refineries (FPR) \nJoint efforts by Government and the Bank to increase gold production and mobilisation, \nparticularly from small scale miners are bearing fruit, as evidenced by the phenomenal growth \nin gold deliveries to Fidelity Printers and Refineries (FPR), where 17.3 tonnes of gold were \ndelivered during the first half of the year, compared to about 10 tonnes over the same period in \n2017. The interventions, through the US$150 million Gold Development Fund to assist small \nscale gold miners, coupled with joint compliance monitoring by the Gold Monitoring \nCommittee, a collaborative effort between the Ministry of Mines and Mining Development, \nMinistry of Home Affairs and the Reserve Bank of Zimbabwe. \n \nFigure 3: Gold Purchases by Fidelity Printers and Refiners (kgs) – January to June \n2018 \n \nSource: FPR, 2018 \n \nIt is pleasing to note that small scale producers accounted for 64 percent of the delivered 17.3 \ntonnes of gold to FPR. On the back of performance displayed in this period, the country remains \non course to meet the target of 30 tonnes for the year 2018. \n \nThere were also significant increases in the output of diamond, chrome and coal, witnessed \nduring the first half of 2018. Diamond output during the first half of 2018 stood at 1.904 \nmillion carats, significantly higher than the 1.388 million carats produced during the first half \nof 2017. Chrome ore output also increased to 503 879 tonnes in Q2 2018, from about 411 446 \n1160\n932\n953\n983\n1183\n1033\n1399\n1084\n1782\n1905\n2217\n2644\n2559\n2016\n2735\n2888\n3399\n3677\n0\n1000\n2000\n3000\n4000\nJanuary\nFebruary\nMarch\nApril\nMay\nJune\nPrimary producers\nSmall Scale producers\nTotal Gold Purchased\n22 \ntonnes in Q1 2018, and was 43% above the production realised during the same period in 2017. \nIn addition, coal output, at 1.041 million tonnes during the second quarter of 2018, was 14.5% \nmore than the 0.909 million tonnes produced in the comparable period of 2017. Cumulatively, \ncoal output in the first half of 2018, stood at 1.921 million tonnes, which is about 51% above \nthe 1.272 million tonnes registered during the same period in 2017. \n \nThere are notable positive developments in the manufacturing sector, characterized by setting \nup of new plants by some companies, as well as expansions and resuscitation of production, \nby others, especially in the foodstuffs, beverages, and metal and metal products sub-sectors. \nThis was largely in response to the thrust taken by Government, to open up the economy for \nbusiness in addition to increased throughput of raw materials from the agriculture sector, \nfollowing various funding and support mechanisms from Government. \n \nBalance of Payments Developments \nThe country’s external sector position is showing signs of improvement on account of policy \nmeasures being taken by the Reserve Bank to boost exports, while moderating imports into the \neconomy. Following these measures, the current account deficit to GDP ratio declined from a \npeak of 20.4 percent in 2011 to about 1.8 percent in 2017, mainly on account of improved \nexport performance, coupled with slowdown in non-essential imports. \n \nThe export incentive scheme has continued to produce desired result of increasing exports \nacross all the sectors of the economy as shown in the Table below. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n23 \nTable 4: Summary of all Incentives as from 2016 to 21 September 2018 \n \nType \nYear 2016 \nYear 2017 \n Year 2018 \nTotal \nExport Incentive \n51,845,778.30 \n84,838,993.35 \n79,297,301.34 \n215,982,072.99 \nof which: Mining \n20,380,486.96 \n37,887,602.22 \n31,864,714.43 \n90,132,803.62 \n \nManufacturing \n7,439,413.87 \n10,577,553.25 \n \n11,838,030.58 \n29,854,997.71 \n Agriculture \n8,854,618.58 \n12,453,960.22 \n15,588,097.03 \n36,896,675.84 \n Tourism \n3,755,538.57 \n8,250,788.67 \n6,515,752.11 \n18,522,079.35 \n Transport \n5,089,081.75 \n8,379,798.99 \n5,830,672.08 \n19,299,552.83 \n Services \n5,407,871.96 \n6,350,433.05 \n6,895,683.58 \n18,653,988.59 \n \nCommunication \n607,918.59 \n546,228.77 \n \n294,883.38 \n1,449,030.74 \n \nConstruction \n3,564.43 \n1,087.87 \n \n5,625.00 \n10,277.29 \n Retail and \nDistribution \n307,283.58 \n391,540.29 \n \n463,843.14 \n1,162,667.02 \nTobacco Export \nIncentive \n29,371,935.40 \n30,383,471.80 \n \n93,591,272.33 \n153,346,679.53 \nDiaspora Export \nIncentive \n8,148,766.34 \n33,355,806.66 \n \n21,765,757.95 \n63,270,330.95 \nGold Export Incentive \n11,205,386.79 \n55,744,624.70 \n243,676,015.08 \n310,626,026.57 \nTotal Incentives \n100,571,866.83 \n204,322,896.50 \n438,330,346.70 \n743,225,110.03 \nTotal Foreign \nCurrency Receipts \n2,996,013,682.68 4,615,660,107.87 \n \n4,985,005,805.08 12,596,679,595.64 \n \n \nThrough these efforts, merchandise exports for the first half of 2018 stood at US$2.47 billion, \na 36.5 percent increase from US$1.81 billion realized over the corresponding period in 2017. \nThe increase was underpinned by growth in gold, platinum, chrome and tobacco exports. \n \n \n \n \n \n \n \n \n \n24 \nFigure 4: Merchandise Exports (US$ millions) January - June 2017 & 2018 \n \n \nSource: Zimstat, 2018 \nMerchandise imports for the period January to June 2018, however, amounted to US$3,361.4 \nmillion, a 27.5 percent increase from US$2,637.5 million realized over the comparative period \nin 2017, as shown in the figure below. \n \nFigure 5: Merchandise Imports January-June 2017 & 2018 (US$m) \n \nSource: ZIMSTAT & RBZ Computations \n \nMajor Exports and Imports \nThe bulk of the country’s exports comprise among others gold, flue-cured tobacco, \nferrochrome, nickel, chrome, and diamonds, altogether contributing about 88 percent of export \nearnings for the period January to June 2018, as shown on the table below. \n \n1,867.5 \n1,606.7 \n200\n625\n1,050\n1,475\n1,900\n2,325\n2018\n2017\n '-\n 100.0\n 200.0\n 300.0\n 400.0\n 500.0\nJan\nFeb\nMar\nApr\nMay\nJun\n2,637.5 \n3,361.4 \n '-\n 850.0\n 1,700.0\n 2,550.0\n 3,400.0\n 4,250.0\nJan-Jun 2017\nJan-Jun 2018\n '-\n 175.0\n 350.0\n 525.0\n 700.0\nJan\nFeb\nMar\nApr\nMay\nJun\n2018\n2017\n25 \nTable 5: Exports Classified by HS Code (US$) & Share of Total exports for January-\nJune 2018 \nCommodity \nValues (US$) \nJan-June \n Shares \n Gold \n692,286,241 \n28% \n Platinum \n566,935,332 \n23% \n Nickel mattes \n282,873,384 \n11% \n Nickel ores and concentrates \n207,132,142 \n8% \n Flue-cured tobacco (Virginia) \n178,243,087 \n7% \n Ferro-chromium \n135,651,190 \n5% \n Chromium ores and concentrates \n54,391,194 \n2% \n Industrial diamonds \n40,090,123 \n1% \n Jewelry \n34,347,587 \n1% \n Black tea fermented \n16,160,843 \n1% \n Granite \n14,462,307 \n1% \n Coke and semi-coke of coal \n13,774,235 \n1% \n Others \n229,225,188 \n9% \n Total \n2,465,572,493 \n100% \nSource: Zimstat & RBZ Calculations \n \nThe bulk of the country’s imports were made up of fuel (24%), electricity (3%), maize (1%), \nmedicines (1%) and vehicles (1%) (See Table 6 below). \n \n \n \n \n \n \n \n \n \n26 \nTable 6: Major Import Commodities: January - June 2018 \nCommodity \n Values (US$) Shares \n Diesel \n507,030,293 \n15% \n Unleaded petrol \n267,353,576 \n8% \n Electrical energy \n111,093,854 \n3% \n Crude soya bean oil \n64,657,839 \n2% \n Rice \n62,224,913 \n2% \n Durum wheat \n49,328,343 \n1% \n Maize (Excluding Seed) \n42,254,513 \n1% \n Medicaments \n40,666,809 \n1% \n Vehicles \n39,105,626 \n1% \n Ammonium nitrate \n34,690,001 \n1% \n Aviation Spirit \n32,495,502 \n1% \n Urea \n32,471,498 \n1% \n Herbicides \n30,911,784 \n1% \n Others \n2,047,115,448 \n61% \nTotal \n3,361,400,000 \nSource: Zimstat & RBZ Computations \nCurrent Account Developments \nThe current account deficit is estimated to have slightly improved from US$591 million in \n2016, to US$316.1 million in 2017. The deficit is, however, expected to widen in 2018 as the \ncountry absorbs more imports, particularly raw materials that are needed as feedstock for the \nexpanding economy and equipment to improve on competitiveness. The table below shows a \nsnapshot of the balance of payments developments from 2015 to 2018. \n \n \n \n \n \n \n27 \nTable 7: A Snapshot of the Balance of Payments Developments (US$ million) \n \n2015 \n2016 \n2017* \n2018** \nA. Current Account \n-1557.3 \n-591.3 \n-316.1 \n-636.1 \nBalance on goods \n-2402.6 \n-1500.0 \n-1306.9 \n-1612.8 \n Exports \n3577.5 \n3662.9 \n4286.3 \n4685.6 \nImports \n5980.1 \n5162.9 \n5593.2 \n6298.4 \nBalance on services \n-1137.1 \n-867.1 \n-677.8 \n-538.4 \nReceipts \n386.7 \n396.7 \n418.9 \n505.7 \nPayments \n1523.8 \n1263.8 \n1096.7 \n1044.1 \nBalance on Primary Income \n-158.8 \n-178.3 \n-160.6 \n-136.4 \nBalance on Secondary Income \n2141.1 \n1954.1 \n1829.3 \n1651.4 \nSecondary income: Receipts \n2164.7 \n1979.7 \n1858.4 \n1681.5 \no/w Workers Remittances \n1253.2 \n1102.8 \n1013.4 \n1004.7 \n NPISHs \n790.4 \n750.3 \n713.1 \n538.2 \nSecondary income: Payments \n23.6 \n25.6 \n29.1 \n30.0 \nB. Capital Account \n398.4 \n242.3 \n278.3 \n208.8 \nNet Lending(+)/Net Borrowing(-)(Balance \nfrom CA & KA) \n-1158.9 \n-349.0 \n-37.7 \n-427.3 \nNet Lending(+)/Net Borrowing(-)(Balance \nfrom FA) \n-1643.4 \n-526.6 \n-332.3 \n-852.6 \nDirect Investment (Net) \n-399.2 \n-343.0 \n-246.0 \n-470.3 \nPortfolio Investment (Net) \n-122.8 \n80.1 \n100.9 \n-54.0 \nOther Investment: Loans (Net) \n-1075.5 \n-259.9 \n-174.8 \n-320.2 \nD. Net Errors and Omissions \n-484.5 \n-177.6 \n-294.6 \n-425.4 \nSource: RBZ, Ministry of Finance & Zimstat \n‘* estimate; **projection \n \n \n \n \n28 \nFinancial Account Developments \nThe country’s current account deficit, though now less than US$1 billion, remains \nunsustainable as it is being financed mostly by debt creating flows in the form of loans being \ncontracted by both the private and public sectors. On a net basis, the financial account shows \nthat the country continues to be a net borrower of foreign capital over the years. The country \nhas mainly been relying on offshore private sector lines of credit to finance its balance of \npayments. \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 \n29 \nSECTION 2: MONETARY AND INFLATION DEVELOPMENTS \n \nMonetary Developments \nBroad money1 was estimated at $9 140.89 million, as at June 2018. The annual growth rate, \nwhich had fallen significantly, from close to 50% in November 2017 to 32% in April 2018, \nrose to 40.81% in June 2018. The growth reflected expansions in demand deposits, 93.31%; \nand negotiable certificates of deposits (NCDs)2, 1.79%. Time deposits, however, declined by \n5.18%. The stock of bond notes and coins in circulation also increased by 14.2% from $331.94 \nmillion in December 2017, to US$379.20 million by June 2018. This was in tandem with \nincreases in export earnings over the same period. \nFigure 6: Money Supply \nSource: Reserve Bank of Zimbabwe, 2018 \nIn terms of composition, broad money was made up of demand deposits, 79.16%; time \ndeposits, 15.96%; currency in circulation, 4.15%; and negotiable certificates of deposits, \n0.73%. The expansion in money supply was mainly explained by increases in domestic credit, \nlargely spurred by growth in credit to Government. Credit to the private sector has remained \nrelatively subdued as a result of the shortages of foreign exchange within the economy. \nDevelopments in credit to Government continued to reflect persistent budget deficits and the \nincreased reliance by Government on domestic sources of financing, through Treasury bill \n \n1 Beginning January 2017, broad money is redefined using IMF’s Monetary and Financial Statistics Manual of 2000. The \nmajor change is the exclusion of Government deposits held by banks from broad money. \n2 NCDs are also referred to as securities included in broad money. \n-16\n0\n16\n31\n47\n63\n '-\n 3\n 5\n 8\n 10\n41365\nOct-13\nApr-14\nOct-14\nApr-15\nOct-15\nApr-16\nOct-16\nApr-17\nOct-17\nApr-18\n%\nUSUS$ BILLIONS\nM3\nM3 Annual Growth rate\n30 \nissuances, as well as bank loans and advances. Net credit to Government from the banking \nsystem has, therefore, expanded from $6 277.47 million in December 2017 to $7 703.13 million \nin June 2018. \n \nStock Market Developments \nDuring the period January 2018 to July 2018, the Zimbabwe Stock Exchange (ZSE) \nexperienced significant growth in trading activity, resulting in a 14.32% increase in the All-\nShare Index (ASI), to 114.32 points at the end of July 2018. The Top 10 Index, gained 18.84% \nto 118.84 points over the same period, as shown on the figure below. \n \nFigure 7: ZSE All Share and Top 10 Indices \n \nSource: Zimbabwe Stock Exchange 2018 \n \nThe industrial and mining indices gained 15.38% and 15.16%, to 384.25 points and 163.99 \npoints as at 31st July 2018, respectively, from their positions in December 2017. On a year-\non-year basis, the industrial and mining indices grew by 89.05% and 136.16 points, \nrespectively, as shown below. \n \n \n \n \n \n50\n65\n80\n95\n110\n125\n140\n2-Jan-18 22-Jan-18 09-Feb-18 02-Mar-1822-Mar-18 13-Apr-1807-May-1828-May-18 15-Jun-18 09-Jul-18\nAll Share Index\nTop 10 Index\n31 \nFigure 8: Industrial and Mining Indices \n \nSource: Zimbabwe Stock Exchange 2018 \n \nAs a consequence of improved trading activity on the local bourse during the seven months to \nJuly 2018, the ZSE capitalization gained by 14.51%, to $10.97 billion, from $9.58 billion as at \nend of December 2017. This represented an increase of 90.45% over the year. These \ndevelopments are depicted in the figure below. \n \nFigure 9: Market Capitalization \n \nSource: Zimbabwe Stock Exchange 2018 \n \nOver the period January to July 2018, cumulative volume of shares traded grew by 54.4% to \n1.5 billion shares, representing an increase of 206.14% to $427.11 million in value. \n \n \n30.\n63.75\n97.5\n131.25\n165.\n198.75\n232.5\n266.25\n300.\n0.\n100.\n200.\n300.\n400.\n500.\n600.\n19-Feb-09\n6-Jul-09\n21-Oct-09\n2-Feb-10\n17-May-10\n27-Aug-10\n6-Dec-10\n17-Mar-11\n1-Jul-11\n12-Oct-11\n25-Jan-12\n9-May-12\n21-Aug-12\n28-Nov-12\n13-Mar-13\n26-Jun-13\n15-Oct-13\n28-Jan-14\n12-May-14\n22-Aug-14\n1-Dec-14\n16-Mar-15\n29-Jun-15\n08-Oct-15\n20-Jan-16\n04-May-16\n5-Aug-16\n16-Nov-16\n1-Mar-17\n15-Jun-17\n26-Sept-17\n9-Jan-18\n24-Apr-18\nMining Index\nIndustrial Index\nIndustrial Index\nMining Index\n4,000\n17,000\n1-Jun-10 27-Apr-11 22-Mar-12 20-Feb-13 22-Jan-14 16-Dec-14 13-Nov-15 12-Oct-16 12-Sept-17\nMillions\n32 \nFigure 10: ZSE Market Turnover \n \nSource: Zimbabwe Stock Exchange 2018 \n \nForeign investor participation improved, as reflected by cumulative net inflows of $65.69 \nmillion, over the first seven months of 2018, compared to cumulative net outflows of $27.43 \nmillion during the same period last year. Foreign investors’ dominance on the ZSE was \nunderpinned by renewed confidence in the country’s economic prospects. \n \nInflation Developments \nThe annual headline inflation stood at 4.3% in July 2018, from levels below 3% since the \nbeginning of the year. During the seven months to July 2018, inflation averaged 3.11%, \ncompared to 0.19% in the same period in 2017, largely driven by both food and non-food \ninflation. The continued shortages of foreign exchange in the economy, has continued to exert \npressure on the foreign currency market, leading to parallel market activities, which have pass-\nthrough effects on prices. \n \n \n0\n125\n250\n375\n500\n0\n275\n550\n825\nDec-16\nJan-17\nFeb-17\nMar-17\nApr-17\nMay-17\nJun-17\nJul-17\nAug-17\nSept-17\nOct-17\nNov-17\nDec-17\nJan-18\nFeb-18\nMar-18\nApr-18\nMay-18\nJun-18\nJul-18\nMillions\nMillions\nVolume\nValue\n33 \nFigure 11: Annual Inflation Profile (%) \n \nSource: Zimstat, 2018 \n \nAnnual food inflation, which had fallen to close to 4% at the beginning of 2018, surged to 6.35 \n% in July 2018, notwithstanding significant bumper harvests recorded in most food crops. A \ngeneral price increase was recorded for all food categories in July 2018, with the largest \ncontribution observed for meat, following cattle disease outbreaks in some parts of the country, \nas well as cost push factors in poultry production. In addition, increases in the bread and cereals \ncould be attributed to the rise in international prices of wheat and consumables required in the \nproduction processes of these products. \n \nMonth-on-month inflation increased from low levels of -2.5% in March 2018, to 3.8% in July \n2018, also driven by both food and non-food factors. The increase in monthly food inflation in \nJuly 2018, was largely due to increases in the prices of oils and fats, meat, and confectionery. \nNon-food inflation also increased across many sub-categories, with the largest increases \nrecorded for education; restaurants and hotels; and recreation and culture. Despite the increase \nin the annual inflation rate to 4.3% in July 2018, the country’s inflation remains within the \nSADC health inflation benchmark of below 7%, required for macroeconomic convergence. \n \n \n-6.1\n-3.1\n0.0\n3.1\n6.1\n9.2\n2/29/16\n3/31/16\n4/30/16\n5/31/16\n6/30/16\n7/31/16\n8/31/16\n9/30/16\n10/31/16\n11/30/16\n12/31/16\n1/31/17\n2/28/17\n3/31/17\n4/30/17\n5/31/17\n6/30/17\n7/31/17\n8/31/17\n9/30/17\n10/31/17\n11/30/17\n12/31/17\n1/31/18\n2/28/18\n3/31/18\n4/30/18\n5/31/18\n6/30/18\n7/31/18\nFood Inflation\nNon-Food Inflation\nAll Items\n34 \nTable 8: Regional Annual Inflation Trends \n \nZimbabwe \nSA \nBotswana \nMozambique \nTanzania \nZambia \nMalawi \nUSA \nJul 2017 \n0.14 \n4.6 \n3.4 \n16.2 \n5.2 \n6.6 \n10.2 \n1.7 \nAug 2017 \n0.14 \n4.8 \n3.4 \n14.4 \n5.0 \n6.3 \n9.3 \n1.9 \nSep-2017 \n0.78 \n5.1 \n3.2 \n10.8 \n5.3 \n6.6 \n8.4 \n2.2 \nOct-2017 \n2.2 \n4.8 \n3.0 \n8.4 \n5.1 \n6.4 \n8.3 \n2.0 \nNov- 2017 \n3.0 \n4.6 \n2.9 \n7.2 \n4.4 \n6.3 \n7.7 \n2.2 \nDec-2017 \n3.5 \n4.7 \n3.2 \n5.7 \n4.0 \n6.1 \n7.1 \n2.1 \nJan-2018 \n3.5 \n4.4 \n3.1 \n3.8 \n4.0 \n6.2 \n8.1 \n2.1 \nFeb-2018 \n3.0 \n4.0 \n3.2 \n2.9 \n4.1 \n6.1 \n7.8 \n2.2 \nMar-2018 \n2.7 \n3.8 \n2.8 \n3.1 \n3.9 \n7.1 \n9.9 \n2.4 \nApr-2018 \n2.7 \n4.5 \n3.4 \n2.3 \n3.8 \n7.4 \n9.7 \n2.5 \nMay-2018 \n2.7 \n4.4 \n3.3 \n3.3 \n3.6 \n7.8 \n8.9 \n2.8 \nJun-2018 \n2.9 \n4.6 \n3.1 \n4.4 \n3.4 \n7.4 \n8.6 \n2.9 \nJul-2018 \n4.3 \n5.1 \n3.1 \n4.7 \n3.3 \n7.8 \n9.0 \n2.9 \nSource: Country Central Bank Websites \n \nInflation Outlook \nMeasures being taken by Government to reduce fiscal imbalances which are exerting pressure \non both the financial sector and foreign currency market are expected to bear fruit in reducing \nor tapering aggregate demand which is the main source of consumer spending. This together \nwith renewed market confidence and continuous concerted efforts by the Bank to secure lines \nof credit to supplement foreign receipts from exports and diaspora remittances, are expected to \nrebalance the economy and contain inflation with the regional acceptable range. The Bank \ntherefore inflation to remain below 7% for the rest of the year. \n \n \n \n \n35 \nSECTION 3: FINANCIAL SECTOR DEVELOPMENTS \nFinancial institutions that were operating as at 30 June 2018 are shown in the table below. \nTable 9: Architecture of the Banking Sector \nType of Institution \nNumber \nCommercial Banks \n13 \nBuilding Societies \n5 \nSavings Bank \n1 \nTotal Banking Institutions \n19 \nCredit-only-MFIs \n188 \nDeposit-taking MFIs \n6 \nDevelopment Financial Institutions (SMEDCO and IDBZ) \n2 \n \n \nTwo (2) deposit taking microfinance institutions (DTMFIs), the Zimbabwe Women’s \nMicrofinance Bank and Empower Bank Limited commenced operations during the period \nunder review bringing the total number of DTMFIs to six (6) as at 30 June 2018. These two \ninstitutions are expected to significantly contribute to increased access to financial services by \ntarget groups, including women and youth. \n \nPerformance of the Banking Sector \nCondition and performance of the banking sector was considered satisfactory for the period \nended 30 June 2018, as reflected by adequate capitalisation, improved earnings performance \nand asset quality. The table below shows trends in financial soundness indicators. \n \n \n \n \n36 \nTable 10: Financial Soundness Indicators \nKey Indicators \nBenchmar\nk \nJun-17 \nDec-17 \nMar-18 \nJun-18 \nTotal Assets \n- \n$9.65bn \n$11.25bn \n$10.95bn \n$12.35bn \nTotal Loans \n- \n$3.64bn \n$3.80bn \n$3.78bn \n$4.08bn \nNet Capital Base \n- \n$1.38bn \n$1.58bn \n$1.61bn \n$1.61bn \nTotal Deposits \n- \n$6.99bn \n$8.48bn \n$8.24bn \n$9.53bn \nNet Profit \n- \n$100.59m \n$241.94m \n$85.58m \n$176.09m \nReturn on Assets \n- \n1.26% \n2.61% \n0.92% \n1.75% \nReturn on Equity \n- \n6.80% \n15.48% \n5.19% \n11.16% \nCapital Adequacy Ratio \n12% \n26.89% \n27.63% \n27.91% \n26.32% \nLoans to Deposits \n70% \n52.11% \n44.81% \n45.88% \n43.53% \nNon-Performing Loans Ratio \n5% \n7.95% \n7.08% \n7.06% \n6.22% \nProvisions to Adversely Classified \nLoans \n- \n126.29% \n90.26% \n106.96% \n139.69% \nLiquidity Ratio \n30% \n66.87% \n62.62% \n62.37% \n68.45% \nCost to Income Ratio \n \n72.50% \n75.36% \n68.58% \n67.59% \n \n \nCapitalisation \nThe banking sector aggregate core capital increased by 1.13%, from $1.37 billion as at 31 \nDecember 2017 to $1.38 billion as at 30 June 2018, on the back of improved earnings \nperformance. As at 30 June 2018, the banking sector remained adequately capitalised and \ncapital held by banking institutions was considered sufficient against risks, as reflected by \n37 \naverage tier 1 and capital adequacy ratios of 22.70% and 26.32%, respectively. All banking \ninstitutions were in compliance with the prescribed minimum capital requirements as shown in \nthe Table below. \n \nTable 11: Banking Sector Capitalisation (USD million) \nInstitution \nCore \nCapital \nas \nat \n31 \nDecember 2017 \nCore Capital as \nat 30 June 2018 \nPrescribed \nMinimum \nCapital \n CBZ Bank & Society \n218.41 \n173.33 \n25 \n Stanbic Bank \n135.52 \n135.89 \n25 \n Barclays Bank \n79.22 \n96.02 \n25 \n Ecobank \n73.95 \n90.83 \n25 \n BancABC \n75.96 \n80.05 \n25 \n ZB Bank & Society \n83.54 \n78.81 \n25 \n FBC Bank \n70.37 \n77.57 \n25 \n Steward Bank \n71.91 \n77.2 \n25 \n Standard Chartered Bank \n71.34 \n76.29 \n25 \n NMB Bank \n61.31 \n65.52 \n25 \nNedbank Zimbabwe \n54.52 \n58.18 \n25 \n Agribank \n55.54 \n55.76 \n25 \n Metbank \n44.99 \n44.86 \n25 \nBUILDING SOCIETIES \n \n \n \nCABS Building Society \n127.75 \n128.53 \n20 \nFBC Building Society \n47.48 \n46.36 \n20 \nNational Building Society \n43.84 \n42.42 \n20 \nSAVINGS BANK \n \n \n \nPOSB \n53.83 \n57.3 \n- \nTotal \n1,369.48 \n1,384.94 \n- \n \n \nBanking institutions are making significant progress towards meeting the 2020 minimum \ncapital requirements. In terms of the capitalisation plans submitted by banking institutions, all \nlocally owned commercial banking institutions have indicated plans to operate as tier 1 banking \ninstitutions together with foreign-owned banking institutions which are required to maintain \nminimum capital of $100 million. As at 30 June 2018, three (3) banking institutions were \nalready compliant with the 2020 minimum capital requirements. \n \n \n \n38 \nBanking Sector Deposits \nTotal banking sector deposits amounted to $9.53 billion as at 30 June 2018, representing an \nincrease of 12.38%, from $8.48 billion reported as at 31 December 2017. The figure below \nshows the trend of banking sector deposits over the period 31 December 2009 to 30 June 2018. \n \n \n39 \nFigure 12: Trend of Banking Sector Deposits (USD) \n \nThe figure below shows the distribution of deposits across banking institutions as at 30 June \n2018. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,363.67\n2,567.61\n3,376.34\n4,410.92\n4,728.07\n5,056.75\n5,623.00\n5,672.98\n6,137.69\n6,511.83\n6,549.97\n6,992.07\n7,617.29\n8,480.46\n8,236.44\n9,529.00\n0.\n2500.\n5000.\n7500.\n10000.\n12500.\n31-Dec-09\n31-Dec-10\n31-Dec-11\n31-Dec-12\n31-Dec-13\n30-Dec-14\n31-Dec-15\n31-Mar-16\n30-Sept-16\n31-Dec-16\n31-Mar-17\n30-Jun-17\n30-Sept-17\n31-Dec-17\n31-Mar-18\n30-Jun-18\n40 \nFigure 13: Distribution of Deposits across Banking Institutions \n \n \n \nThe banking sector was predominantly funded by demand deposits which accounted for \n64.47% of total deposits as at 30 June 2018. The composition of total banking sector deposits \nas at 30 June 2018 is depicted in the figure below. \n \n \nFigure 14: Composition of Deposits as at 30 June 2018 \n \n \nAGRIBANK\n1.63%\nBANC \nABC\n4.19%\nBARCLAYS\n4.68%\nCBZ Bank\n22.18%\nECOBANK\n6.30%\nFBC Bank\n6.63%\nNEDBANK\n3.24%\nMETBANK\n0.35%\nNMB \nBANK\n3.75%\nSTANBIC\n13.21%\nSTANCHART\n7.61%\nSTEWARD Bank\n4.73%\nZB BANK\n4.14%\nCABS\n12.51%\nCBZ BS\n0.99%\nFBC BS\n1.23%\nNBS\n0.71%\nZB BS\n0.24%\nPOSB\n1.68%\nDemand Deposits \n64.47%\nCall Deposits \n1.33%\nTime Deposits \n24.34%\nSavings Deposits \n4.76%\nForeign Deposits \n(Foreign Entity \nDeposits) \n1.60%\nForeign Deposits \n(Foreign Lines) \n2.19%\nOther Deposits \n1.32%\n41 \nLoans and Advances \nTotal banking sector loans and advances increased by 7.37%, from $3.80 billion as at 31 \nDecember 2017 to $4.08 billion as at 30 June 2018. The figure below shows the trend of \nbanking sector loans and advances from 31 December 2014 to 30 June 2018. \n \nFigure 15: Banking Sector Loans & Advances \n \nAs at 30 June 2018, productive sector lending constituted 66.88% of total loans as shown in \nthe diagram below. \n \nFigure 16: Sectorial Distribution of loans as at 30 June 2018 \n \n \n3,471.89 \n3,701.11 \n4,060.00 \n3,942.94 \n3,999.35 \n3,872.39 \n3,729.77 \n3,649.30 \n3,688.46 \n3,590.91 \n3,643.46 \n3,733.15 \n3,798.36 \n3,778.95 \n4,078.50 \n 3,150.00\n 3,325.00\n 3,500.00\n 3,675.00\n 3,850.00\n 4,025.00\n 4,200.00\nDec-12\nDec-13\nMar-15\nJun-15\nSept-15\nDec-15\nJun-16\nSept-16\nDec-16\nMar-17\nJun-17\nSept-17\nDec-17\nMar-18\nJun-18\nCONSUMPTIVE\n19.30%\nOTHER\n13.82%\nAGRICULTURAL\n15.68%\nMANUFACTURING\n8.49%\nCOMMERCIAL\n9.14%\nMINING\n3.64%\nDISTRIBUTION\n12.89%\nCONSTRUCTION\n2.20%\nTRANSPORT\n1.53%\nCOMMUNICATION\n0.24%\nFINANCIAL\n7.10%\nMORTGAGE\n14.68%\nProductive\n66.88%\n42 \n \nAs the economy rebounds, banking institutions are urged to ensure that lending rates are \nsupportive of economic recovery to enhance productive sector lending. \n \nLoan Portfolio Quality \nThe quality of the banking sector loan portfolio continues to improve as reflected by the ratio \nof non-performing loans (NPLs) to total loans of 6.22% as at 30 June 2018, from 7.08% as at \n31 December 2017. The trend in the level of non-performing loans from 2011 to June 2018 is \nindicated in the figure below: \nFigure 17: Trend in Non-Performing Loans 2011 – June 2018 \n \n \nThe improvement in asset quality was largely attributed to the combined impact of continued \nenhancement in the banks’ credit risk management systems, use of the Credit Registry, as well \nas disposals of NPLs to ZAMCO. The sustained reduction in NPLs is expected to continue \nstrengthening banks’ balance sheets thus enhancing banking sector’s safety and soundness. \n \nEarnings Performance \nThe banking sector recorded improved earnings during the period under review with an \naggregate net profit of $176.09 million for the six (6) months ended 30 June 2018, representing \na 75.06% increase from $100.59 million reported in the corresponding period in 2017. \n \n7.55%\n13.46%\n15.92%\n20.45%\n15.91%\n14.27%\n10.81%10.74%\n7.87%8.39%7.95%8.63%\n7.08%7.06%\n6.22%\n0%\n6%\n11%\n17%\n22%\n2011\n2013\nDec-14\nMar-16\nDec-16\nJun-17\nDec-17\nJun-18\nLevel of NPL Ratio\n43 \nBanking Sector Liquidity \nThe average prudential liquidity ratio for the banking sector was 68.45% as at 30 June 2018 \nagainst the minimum regulatory requirement of 30%, largely as a result of the cautious lending \napproach adopted by most banks against the background of shortages of foreign currency \nexchange. Excess creation of loans and advances in this foreign currency scarcity environment \nexacerbate foreign exchange shortages. \nTrend in the banking sector average prudential liquidity ratio since March 2015 is shown in the \nfigure below. \n \nFigure 18: Prudential Liquidity Ratio Trend (%) \n \n \nDeposit Insurance Payments \nAs at 30 June 2018, 11,845 out of 54,909 depositors by number had been compensated out of \nthe Deposit Insurance Fund (DPF), whilst in monetary terms about $3.27 million (51%) had \nbeen paid against an exposure of $6.4 million. The table below provides a synopsis of deposit \ninsurance payments in respect of the six (6) failed contributory banking institutions (CBIs) \nunder liquidation. \n \n \n \n \n \n \n36.61\n38.14\n43.13\n45.43\n49.63\n52.47\n61.91\n66.87\n62.49\n62.62\n62.37\n68.45\n25.\n36.25\n47.5\n58.75\n70.\n81.25\nMar-15\nJun-15\nSept-15\nDec-15\nMar-16\nJun-16\nDec-16\nJun-17\nSept-17\nDec-17\nMar-18\nJun-18\n44 \nTable 12: Deposit Insurance Payments as at 30 June 2018 \nName of \nInstitution \nTotal \nDepositors \nNo. of \nDeposit\nors \npaid \nExposure \nDeposits \npayable at \n$500($) \nValue of \nDepositors \npaid ($) \n% paid \nto \nexposure \nGross \nDeposits \nRoyal \nBank \n5,453 \n3,107 \n472,207 \n357,054 \n76% \n 2,566,938 \nTrust Bank 2,958 \n418 \n328,516 \n147,675 \n45% \n11,482,101 \nGenesis \n86 \n62 \n11,810 \n8,821 \n75% \n 1,426,912 \nAllied \nBank \n9,228 \n1,535 \n1,248,307 \n535,994 \n43% \n \n14,316,614 \nInterfin \nBank \n13,021 \n691 \n918,814 \n263,767 \n29% \n137,336,569 \nAfrasia \n24,163 \n6,032 \n3,439,276 \n1,953,651 \n56% \n18,559,590 \nTotal \n54,909 \n11,845 \n6,418,930 \n3,266,962 \n51% \n185,688,727 \n \n \nAll the failed institutions above are under final liquidation by the Deposit Protection \nCorporation. \n \nDEVELOPMENTS IN THE MICROFINANCE SECTOR \nThe microfinance sector registered improved performance during the period under review, \nlargely due to rationalisation of operations by some microfinance institutions and increased \nefforts on deposit-mobilisation by some deposit-taking microfinance institutions (DTMFIs). \nThe trend in the key performance indicators in the microfinance industry over the year to June \n2018 is shown in the table below. \n \n \n \n \n \n \n \n45 \n \nTable 13: Key Microfinance Performance Indicators (June 2017 – June 2018) \nIndicator \nJun 17 \nDec 17 \nMar 18 \nJune 18 \nNumber of Licensed Institutions \n187 \n183 \n190 \n 194 \nTotal Loans (US$m) \n229.44 \n254.04 \n272.95 \n297.52 \nTotal Assets (US$m) \n297.85 \n333.27 \n360.46 \n412.29 \nTotal Equity (US$m) \n130.25 \n130.22 \n142.94 \n138.15 \nNet Profit (US$m) \n13.98 \n21.64 \n9.08 \n13.67 \nAverage Operational Self-Sufficiency (OSS) \n150.49% 135.80% 142.92% 154.76% \nTotal Deposits (DTMFIs) (US$m) \n6.62 \n6.41 \n11.84 \n15.34 \nNumber of Savings Accounts (DTMFIs) \n2,265 \n7,226 \n8,668 \n10,202 \nPortfolio at Risk (PaR>30 days) \n6.46% \n7.34% \n9.55% \n10.15% \nNumber of Active Loan Clients \n322,728 \n323,286 \n282,024 \n276,660 \nNumber of Outstanding Loans \n372,837 \n415,979 \n296,544 \n297,843 \nNumber of Branches \n698 \n682 \n676 \n660 \n \n \nThe microfinance industry registered a 29.67% year-on-year increase in total loans, from \n$229.44 million as at 30 June 2017, to $297.52 million as at 30 June 2018, constituting 6.01% \nof the total banking sector loans. The industry, however, registered a deterioration in portfolio \nquality over the year with portfolio at risk (PaR) ratio of 10.15% as at 30 June 2018 up from \n7.34% as at 31 December 2017, largely due to weak credit risk management within some MFIs. \n \nTotal loans for the DTMFI sub-sector amounted to $66.94 million, representing a market share \nof 22.56% of the total microfinance sector loans as at 30 June 2018. As at 30 June 2018, female \n46 \nborrowers accounted for 38.88% of the total microfinance active clients. The figure below \nindicates the trends in access to microfinance loan by women borrowers. \nFigure 19: Growth of Active & Women Clients \n \n \nDistribution of Loans \nAs at 30 June 2018, loans to the productive sector of $226.61 million accounted for 76.16% of \nthe total sector loans, up from 54.18% as at 31 December 2017. The figure below shows the \ntrend in the distribution of loans from December 2014 to June 2018. \n \n \n \n58325\n96749\n150188\n205282\n205940\n322728\n323286\n282024\n276660\n16159\n31453\n54622\n67536\n71811\n128337\n115690\n107226\n107565\n '-\n 100,000\n 200,000\n 300,000\n 400,000\n01-Jan-16 01-Jan-17 01-Jan-18 01-Jan-19 01-Jan-20 01-Jul-21 01-Jan-22 01-Apr-22 01-Jul-22\nNumber of total clients\nNumber of female clients\n47 \nFigure 20: Microfinance Industry – Distribution of Loans \n \nLoans for educational and health purposes remained subdued, accounting for 8.97% and \n0.01%, respectively, of the total microfinance sector loans. \n \nProfitability \nThe microfinance industry registered a 1.65% marginal decrease in net profit over the year \nfrom $13.98 million for period ended 30 June 2017, to $13.67 million for the period ended 30 \nJune 2018. The average operational self-sufficiency ratio (OSS) improved to 154.76% as at 30 \nJune 2018 from 150.49% as at 30 June 2017. The OSS ratio of 154.76% was above the break-\neven point of 100%, indicating that the industry is still operationally sustainable. \n \nZimbabwe Women’s Microfinance Bank \nThe Zimbabwe Women’s Microfinance Bank Limited (ZWMB) was authorized to commence \ndeposit-taking microfinance business with effect from 31 May 2018. The primary target market \nfor the bank are women. \n \nEmpowerBank Limited \nEmpowerBank Limited, whose primary target market is the youth, was authorized to \ncommence deposit-taking microfinance business effective 5 July 2018. ZWMB and \n53.30%\n54.24%\n26.61%\n45.82%\n33.02%\n23.83%\n46.70%\n45.76%\n73.39%\n54.18%\n66.98%\n76.17%\n1.40%\n2.32%\n2.35%\n5.00%\n10.09%\n8.97%\n1.41%\n2.21%\n2.28%\n0.40%\n0.83%\n0.01%\n0.00%\n20.00%\n40.00%\n60.00%\n80.00%\nDec 14\nDec 15\nDec 16\nDec 17\nMar 18\nJune 18\nConsumptive\nProductive\nEducation\nHealth\n48 \nEmpowerBank are expected to play a pivotal role in the economy through enhanced financial \ndeepening and financial inclusion. \n \nThe Credit Guarantee Scheme \nIn order to improve the capacity of Export Credit Guarantee Corporation (ECGC) to underwrite \nmore business and enhance its risk absorption capacity, an additional $10 million was injected \ninto ECGC as capital. \n \nUpdate on Measures to Promote Financial Stability & Economic Growth \nFinancial Inclusion \nSignificant progress with regards to implementation of National Financial Inclusion Strategy \n(NFIS) has been recorded in areas of financial literacy, consumer protection, delivery channels, \nlow cost bank accounts, loans to various segments, micro-insurance, financial services \nexchange for MSMEs, micro-pensions, among others, as will be summarised below. \n \nLevel of Access to Financial Services \nAn improvement in the level of access to financial services continues to be recorded as reflected \nin the financial inclusion indicators in the table below: \nTable 14: Financial Inclusion Indicators – December 2016 to June 2018 \nIndicator \nDec 2016 \nJune 2017 Dec 2017 \nJune 2018 \nValue of loans to SMEs \n$131.69 m \n$136.39 m \n$146.22 m \n$168.25m \nNumber of SMEs with bank accounts \n71,730 \n79,484 \n76,524 \n81,369 \nNumber of Women with Bank \nAccounts \n769,883 \n856,472 \n935,994 \n1,612,820 \nValue of Loans to Women \n$277.30 m \n$303.84 m \n$310.78 m \n$360.68m \nNumber of Loans to Youth \n38,400 \n56,926 \n61,529 \n68,756 \nValue of Loans to Youth \n$58.41 m \n$77.09 m \n$138.93 m \n$126.64m \nTotal number of Bank Accounts \n(including low cost accounts) \n1.49 m \n2.91 m \n5.51 m \n5.58m \nNumber of Low Cost Accounts \n1.20 m \n1.56 m \n3.02 m \n3.56m \n \n49 \n \nThe total number of bank accounts has continued to increase on the back of an increase in low \ncost accounts as banks heed calls by the Reserve Bank to open low cost accounts with light \nKYC requirements. \n \nFinancial Inclusion Empowerment Facilities \nAs at 16 August 2018, a total of $238.30 million had been disbursed under the $451.51 million \nproduction and empowerment facilities. The table below shows utilisation of the facilities: \n \nTable 15: Empowerment Facilities Utilisation \nLoan Facility \nFacility Limit \n($) \nTotal Utilisation ($) Utilization Level % \nBusiness Linkages \n10m \n11.36m \n113.63 \nExport Finance \n100m \n75.15m \n75.15 \nEducational Loan \n50m \n1.17m \n2.34 \nHorticulture Promotion \n10m \n4.36m \n43.56 \n FPR Gold Support \n150m \n107.15m \n71.71 \nWomen Empowerment \n15m \n2.84m \n18.96 \nTobacco (TIMB) \n70m \n19.27m \n27.53 \nSoya Beans Facility \n25m \n15.64m \n72.74 \nPersons With Disability \n5m \n0 \n0 \nZimbabwe Micro Finance \n10m \n1.0m \n10.00 \nYouth Empowerment \n10m \n0.33m \n3.35 \nTourism Facility \n15m \n0.03m \n0.20 \nTotal \n470m \n238.3m \n50.70 \n \n50 \nThe facilities which are available at concessionary rates have had significant impact in \nsupporting production, reinvigorating various value chains particularly in agriculture and \nboosting exports. \n \nBanks are encouraged to continue innovating on products and services to serve the \nmarginalized sectors including partnering with providers of innovative funds such as Venture \nCapitalists, Green Financiers and hybrid funders. \n \nPRUDENTIAL CREDIT SYSTEMS \nSustainable Banking \nI am pleased to advise that the Reserve Bank of Zimbabwe has been admitted to membership \nof the Sustainability Standards and Certification Initiative (SSCI) Council with effect from 1 \nSeptember 2018. The SSCI is responsible for developing policies and programmes aimed at \nfacilitating sustainable economic development and growth. \n \nThe Reserve Bank shall be issuing a framework to guide the financial sector on the adoption \nof sustainability principles and sustainability indicators in financial reporting. Sustainability \nprinciples require financial institutions to subscribe to the Triple Bottom Line concept – People, \nPlanet, Profit. Sustainable banking integrates environmental, social and governance (ESG) \ncriteria into traditional banking which entails meeting present day needs without compromising \nthose of future generations. \n \nCredit Registry System \nAs at 31 July 2018, the Credit Registry held over 570,000 records of which 434,485 were active \nloan accounts. Individual records represented 99.12% of the active loan records in the credit \nregistry database. Total subscribers were 158 as at 31 July 2018, comprising all banking \ninstitutions, 135 MFIs (including SMEDCO), and 4 non-banking institutions. \n \nThe Credit Registry usage levels by subscribing institutions increased steadily to a cumulative \ntotal of 287,525 reports as at 31 July 2018. Inquiries by banking institutions constituted 83.53% \nof the inquiries conducted as at 31 July 2018. Following the stabilization of the credit registry \nsystem, the Reserve Bank has entered Phase 2 of the implementation process where MFIs will \nbe able to submit credit data to the credit registry. It is anticipated that MFIs credit data will be \navailable in the live database by 31 March 2019. \n51 \n \nAs part of efforts to raise awareness on the various initiatives being implemented to improve \nthe credit environment in the country, the Reserve Bank has held stakeholder workshops across \nthe country. \n \nSupervision of Credit Bureaus \nThe Reserve Bank is finalising regulatory and oversight framework to guide the operations of \ncredit bureaus. The regulations will ensure the institutions continue to contribute in a positive \nmanner to the improvement of the credit referencing environment and the stability of the \nfinancial system. \n \nCollateral Registry \nFollowing the promulgation of the Movable Property Security Interest Act in July 2017, the \nReserve Bank is finalising operationalisation of the Collateral Registry. \n \nMacro-Prudential Policy Framework \nThe Reserve Bank is implementing the Basel III capital and liquidity framework which is \ndesigned to improve the quality, consistency and transparency of capital and reduce pro-\ncyclicality, as well as, enhance liquidity management. \n \nThe Reserve Bank is also prioritising the development of financial stability assessment models \nand early warning tools. These include macro-stress tests and inter-bank contagion models. \n \nInternational Financial Reporting Standard (IFRS) 9 \nThe implementation of International Financial Reporting Standard 9 (IFRS 9) has now been \nconcluded. In this regard, banking institutions were required to publish the June 2018 interim \nfinancial statements which are based on IFRS9. It is envisaged that disclosure requirements \nand expected credit loss approach embedded in IFRS 9 will enhance bank risk management \nand reinforce market discipline. \n \n \n \n \n \n52 \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 \n53 \nSECTION 5: DEVELOPMENTS ON NATIONAL PAYMENTS SYSTEM \nThe growth in the use of electronic means of payment was phenomenal and aggregated to $64.7 \nbillion for six months ended June 2018, representing 216% increase compared to the same \nperiod in last year. In value terms, the Real Time Gross Settlement System (RTGS) constituted \nthe largest contribution at 58% whilst mobile payments constituted the bulk in volume terms \nat 84% out of a total 856 million transactions. The significant usage of mobile banking and \ninternet platforms indicate that the banking public’s confidence in the usage of plastic money \nwhich resonates very well with the Bank’s vision of a cash-lite society by 2020. \n \nThe payment system landscape continued to witness significant growth and development due \nto the emergent role of information and communication technology innovations. This was \nevidenced by the transactional activity increases for electronic payment channels in value and \nvolume terms during the first half of 2018. Aggregate transactions values and volumes \nincreased by 216% and 227% respectively as indicated in the table below; \n \nTable 16: E-payment Streams:- Values and Volumes for the six months period ended \nJune 2017/8 \nPAYMENT \nSTREAMS \n2017 January to \nJune \n2018 \nProportion of \nTotal June \n% Change \n VALUES \nRTGS \n14,499,231,288.40 \n37,637,564,118.55 \n58.12% \n159.58% \nPOS \n1,583,489,239.03 \n4,151,729,138.56 \n6.41% \n162.19% \nATMS \n118,617,660.73 \n77,972,379.51 \n0.12% \n-34.27% \nMOBILE \n2,828,024,721.20 \n17,268,033,670.82 \n26.66% \n510.60% \nINTERNET \n1,456,553,800.54 \n5,628,587,532.29 \n8.69% \n286.43% \nTOTAL VALUE \n20,485,916,709.90 \n64,763,886,839.73 \n100.00% \n216.14% \n VOLUMES \nRTGS \n1,420,517 \n3,220,722 \n0.38% \n126.73% \nPOS \n47,685,061 \n130,085,342 \n15.20% \n172.80% \nATMs \n2,170,358 \n1,652,192 \n0.19% \n-23.87% \nMOBILE \n140,846,148 \n717,947,730 \n83.89% \n409.74% \nINTERNET \n896,416 \n2,931,865 \n0.34% \n227.07% \nTOTAL \nVOLUME \n193,018,500 \n855,837,851 \n100.00% \n343.40% \n54 \nA total of 3.2 million transactions valued at US$37.6 billion were processed through the RTGS \nsystem during the six months ended June 2017. This represented 25% and 31% increases \nrespectively. The mobile payment channel was second highest with 13% and 14% increases in \nvolumes and values aggregating to 15 million and USD5 billion correspondingly. In proportion \nterms a total of 58% is constituted by RTGS values whilst the remaining 42% was from other \npayment channels as shown in the figure below. \n \nFigure 21: Proportion of Payment Systems Transactional Values for six months ended \nJune 2018 \n \n \n \nIn volume terms, more than 99% of payments were through electronic and mobile banking \nplatforms with mobile banking constituting 84%. This has significantly contributed to the \nincrease in financial inclusion through mobile banking which now stands at more than 80%. In \nterms of regional comparison, it is pleasing to note that Zimbabwe is now amongst the leading \ncountries in the use mobile banking products. \n \n \n \n \n \nRTGS, 58.12%\nPOS, 6.41%\nATMS, 0.12%\nMOBILE , 26.66%\nINTERNET, 8.69%\nRTGS\nPOS\nATMS\nMOBILE\nINTERNET\n55 \nPayment Access and Devices \nIt tandem with the increase in both volume and value of plastic money transactions, the \neconomy continued to witness a sustained growth in payment systems devices and access \npoints as shown in the Table below. \n \nTable 17: Payment Access and Devices for the period ended June 2018 \nPAYMENT SYSTEMS ACCESS POINTS \nDescription \n \nFourth \nQuarter \nending \nDecember \n2016 \nFirst \nQuarter \nending \nMarch \n2017 \nSecond \nQuarter \nending June \n2017 \nThird Quarter \nending \nSeptember \n2017 \nQuarter \nending \nDecember \n2017 \nQuarter \nending \nMarch 2018 \nMobile \nBanking \nAgents \n40,590 \n40,540 \n42,102 \n44,793 \n47,838 \n48,812 \nATMs \n569 \n557 \n562 \n563 \n561 \n563 \nPOS \n32,629 \n40,011 \n44,805 \n50,418 \n59,939 \n70,960 \nPAYMENT SYSTEMS ACCESS DEVICES \nDebit Cards \n3,127,153 \n3,359,455 \n3,780,389 \n4,186,957 \n4,281,683 \n4,471,819 \nCredit Cards \n16,030 \n16,945 \n17,510 \n17,806 \n17,411 \n17,268 \nPrepaid Cards \n43,288 \n46,593 \n52,384 \n62,517 \n63,987 \n68,180 \nActive Mobile \nBanking \nSubscribers \n3,279,049 \n3,214,001 \n3,353,916 \n3,821,865 \n4,611,608 \n4,907,500 \nInternet \nBanking \nSubscribers \n168,339 \n177,920 \n205,104 \n250,681 \n277,674 \n286,222 \n \nMobile banking agents increased to 48,812 in the first quarter ending 31 March 2018 from \n47,838 reported in the fourth quarter ended 31 December 2017. Point of Sale (POS) population \nincreased to 70,960 from 59,939 in line with the promotion of electronic means of payment \nand ATM population increased to 563 from 561. Out of 9.6 million registered mobile money \ntransfer, 4.9 million were active mobile financial services subscribers compared to 4.6 million \nregistered subscribers recorded in the previous quarter. \n \n \n \n \n56 \nNPS Strategic Framework \nThe Reserve Bank is currently seized with reviewing the National Payment Strategic \nFramework (NPSF) which is targeted for the next 10 years. In line with that, the Reserve Bank \nenvisions a payment services sector by 2030 with the following key features, characteristics \nand capabilities: \ni. \nAdvanced payment systems infrastructure leveraging on new technological \ndevelopments; \nii. \nCash-lite society characterized by digital financial services; and, \niii. A robust legal and regulatory framework benchmarked to international best practice \namong others. \nTo this end, it is important to note that developments in payment, clearing and settlements \nsystems dovetail well with the government‘s policy of achieving a middle income economy by \nyear 2030. \n \nCyber Security Threat \nCyber security risk has emerged as a major recognised risk globally and our economy is no \nexception. This is primarily due to the increasing reliance on information and communication \ntechnology by businesses and the evolving sophistication of cybercrimes. Globally, the \nfrequency in the type and number of cyber related crimes, breaches, attempts, attacks and \nintrusions continue to grow unabated. \n \nThe most common cybercrimes in Zimbabwe are card cloning, fraud, identity theft, money \nlaundering through electronic vandalism among others. A number of internet users have \nencountered spam emails, phishing attempts and fake websites via malware and key-logger \nattempts and even via USB sticks that may have been infected with viruses that once accessed \na defrauded person. Given the magnitude of the challenge at hand, it is imperative for all \nstakeholders across the divide to collaborate with a view to addressing the cyber-security risk. \nThe Central Bank is of the view that the ethos of effective corporate governance supported by \nappropriate information technology security risk management measures can be a strong \nfoundation towards successful protection against cybercrime. Refer to Annexure attached. \n \nMigration to Euro Mastercard Visa (EMV) Technology \nLinked to the cyber security concern, the Central Bank has been encouraging the market players \nsince 2016 to migrate to Euro MasterCard and Visa standards (EMV) which ensure enhanced \n57 \ncard security features. Payment service providers and the banking community have made \nsignificant progress towards EMV migration following the project launched in November \n2016. Notably, most institutions have completed the required processes and successfully \nimplemented the EMV technology and standards. The purpose of the migration from magnetic \nstrip cards to EMV cards is to enhance security for card payments and prevent any possible \ncybercrime. The Central Bank urges those institutions, which have not yet complied to \nexpeditiously implement the requisite EMV standards to protect the customer and the entity \nitself. It is therefore expected that all card infrastructure should be compliant with EMV \nstandards by 31 December, 2018. \n \nConsumer Protection Agenda \nFinancial institutions are reminded that the Guideline for Retail Payment Systems and \nInstruments issued to the market in August 2017, requires all regulated entities to uphold \nconsumer protection rights across all their payment systems services. \nThe Guideline explicitly require that consumers receive information that will allow them to \nmake informed decisions, are not subject to unfair and deceptive practices, and have access to \nrecourse mechanisms to resolve disputes. Providers are urged to avail the requisite training to \ntheir staff members to ensure compliance with the Guideline in its entirety. \n \nPayment System Capacity \nThe Central Bank has noted significant improvement in payment systems’ capacity \nenhancements over the last six months in terms of infrastructure investment and development \nthough there are some existing glaring gaps. As Regulatory Authorities, we encourage the \nfinancial institutions and payment systems providers’ management to continue investing and \nleveraging on the new technological developments to maintain financial stability. More \nimportantly, system capacity is one of the cornerstones for effective risk management strategy \nand as such should be pro-actively embedded in business processes rather than merely as a \nregulatory formality. As volumes of transactions increase there is a need to have the requisite \nsystem capacity to handle such positive developments. \n \nRegional Payment Streams \nThe SADC Integrated Regional Electronic Settlement System (SIRESS) has made progress, \nmoving from single currency settlement system (Rand settlement) into a multicurrency \nsettlement system, with the US Dollar as the additional currency of settlement. Settlement in \n58 \nUS Dollars on the current platform is expected to go live in October 2018.The introduction of \nthe USD transactional channel on the SIRESS platform is an important milestone for the \ncountry given the current multi-currency policy. This is expected to consolidate progress and \ncatalyze developments within the economy. The aggregate transactions increased by 29% to \nZAR 7.5 billion in value terms whilst volumes declined to 5454 transactions representing 21% \ndecrease during the six months ended June 2018. In view of the progress to date, the Reserve \nBank will continue to strengthen its supervisory capacity and cooperate with other regulators \nin the region for the adoption of international best practices and ensuring that all cross border \nfinancial entities are effectively supervised. We therefore continue to urge individuals and \ncompanies to utilise the available infrastructure that bring the requisite efficiency and cost \nreduction.", "source": "RBZ", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///RBZ/Monetary_Policy_Statements/mpsOct2018Zim.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": "12f47c042e1b5de98410480f0eb59918", "text": "SUPPLEMENT No. 1 TO THE JANUARY 2009\nMONETARY POLICY STATEMENT\nDELIVERED BY\nTHE GOVERNOR OF\nTHE RESERVE BANK OF ZIMBABWE\nDR. G. GONO\nJANUARY 2009\nEVOKING SUPPLY SIDE RESPONSE \nTHROUGH PRIVATISATION AND \nFOREIGN CURRENCY GENERATION\nEVOKING SUPPLY SIDE RESPONSE THROUGH PRIVATIZATION AND COMMERCIALISATION OF PUBLIC ENTITIES\n1\nINTRODUCTION \nIn most countries the private sector plays a key role in steering economic \n1\t\ngrowth and development. The participation of the private sector in the \nagriculture, manufacturing, mining and service industries ensures the \nefficient provision of goods and services in the economy. \nThe Government complements the responsibility of the private sector in \n2\t\neconomic growth by monitoring, regulating and providing a conducive \nbusiness environment through infrastructure and public services provision. \nGovernment’s role in infrastructure and public goods and services provision \ndiminishes as the economy grows.\nPrivatization is one way to ensure that the private sector actively \n3\t\nparticipates in wealth creation through the povision of goods and services, \nwhile Government oversees the activities of all sectors of the economy.\nPrivatization is the transfer of enterprise ownership and control from the \n4\t\npublic to the private sector. The transfer techniques can take the form \nof disposal of an enterprise to a strategic investor, a public offer, joint \nventuring, liquidations, employee/management buyouts or a combination \nof some or all the techniques. \nIn carrying out such transfers, the three essential components involved \n5\t\ninclude: \nManagement responsibility, \n i)\t\nAssets (with or without liabilities) or the rights to use assets; and \n ii)\t\nPersonnel. \n iii)\t\nEVOKING SUPPLY SIDE RESPONSE THROUGH PRIVATIZATION AND COMMERCIALISATION OF PUBLIC ENTITIES\n2\nGovernments across the world are involved in business enterprise and \n6\t\nwealth creation activities, in partnership with the private sector. There is, \nhowever, considerable variation in the scope and scale of Government \ninvolvement in the production and marketing of goods and services from \ncountry to country. \nGovernment’s involvement in the economy reflects the desire to mitigate \n7\t\nagainst the effects of market imperfections and the attendant distributional \neffects. A recurring theme has been the need to cushion the vulnerable groups \nin society from the excesses of market forces, through deliberate welfare \nredistribution measures, such as subsidies and related interventions. \nProgressively, Governments have, thus taken up strategic stakes in \n8\t\nvarious sectors of the economy to influence and guide economic activity, \nparticularly the production and marketing of goods and services. \nMost Governments have, however, significantly scaled down on direct \n9\t\nbusiness enterprise, preferring to concentrate on the core Government \nbusiness of providing social welfare services such as health and education, \nas well as national security, peace and stability. \nThis has been achieved mainly through extensive divesture and public \n10\t\nenterprise reforms, in many Sub Saharan African economies and other \nparts of the world. In these countries there has been significant supply side \nresponse and these economies have grown tremendously over the years.\nEVOKING SUPPLY SIDE RESPONSE THROUGH PRIVATIZATION AND COMMERCIALISATION OF PUBLIC ENTITIES\n3\nTHE GOVERNMENT OF ZIMBABWE’S \nCONTRIBUTION IN THE PRODUCTIVE SECTORS\nIn Zimbabwe, since independence in 1980, the Government gained \n11\t\nextensive stakes in various key sectors of the economy, such as agriculture, \nmanufacturing and mining.\nThis was in addition to the public enterprises that were already operating \n12\t\ndirectly under the various Ministries. Government involvement in business \nextended to all major areas of economic activity which include:- \nManufacturing through the Industrial Development Corporation \n•\t\n(IDC); \nMining through the Minerals Marketing Corporation of Zimbabwe \n•\t\n(MMCZ); \nWater – through the Zimbabwe National Water Authority (ZINWA);\n•\t\nAgriculture through the Agricultural Rural Development Authority \n•\t\n(ARDA); and\nMarketing institutions such as the Grain Marketing Board (GMB) \n•\t\nand the Agricultural Marketing Authority (AMA). \nIn an effort to improve water management and coordination, Government \n13\t\nestablished the ZINWA in 1997 to manage the production and distribution \nof water in the country. ZINWA replaced the Government Department of \nWater Management and the Regional Water Authority (RWA).\nUnder the initial arrangement, ZINWA provided bulk water while the \n14\t\ndistribution remained under the management of Local Authorities.\nEVOKING SUPPLY SIDE RESPONSE THROUGH PRIVATIZATION AND COMMERCIALISATION OF PUBLIC ENTITIES\n4\nEventually, in 2005, ZINWA took over the whole water distribution chain \n15\t\nfrom production to distribution as a result of the failure by most local \nauthorities to provide adequate clean water for both industrial and human \nconsumption. \nBetween 1991 and 1995, Government undertook a public enterprise reform \n16\t\nprocess designed to unlock value through disposal of public entities and \ncommercialization. \nUnder the parastatal reform framework, entities such as Dairibord \n17\t\nZimbabwe Limited (DZL), Cotton Company of Zimbabwe (Cottco) and \nCBZ Holdings were privatized, as Government disposed its controlling \nshareholding. The privatized entities have since continued to make \nsignificant contribution to the economy, generating increased output, \nforeign exchange and employment.\nIt is in recognition of the positive contribution of privatization that there \n18\t\nis need to review the current range of public enterprises and Government \nshareholding in different sectors of the economy, with a view to unlocking \nvalue through undertaking further privatization and disposal of targeted \nshareholding. \nThrough this strategy, the country would stand to benefit, not only from \n19\t\nrelieved burden on the fiscal budget, but also through the effective defence \nof the external value of the Zimbabwean dollar on the back of the foreign \nexchange to be raised through privatization. \nThe tables below show the list of major public enterprises where \n20\t\nGovernment has 100% shareholding and Government shareholding \nthrough the Reserve Bank of Zimbabwe (RBZ). \nEVOKING SUPPLY SIDE RESPONSE THROUGH PRIVATIZATION AND COMMERCIALISATION OF PUBLIC ENTITIES\n5\nLIST OF PARASTATALS WITH 100% GOVERNMENT \nSHAREHOLDING\nPublic Enterprise\nGovernment \nShareholding\n1\nNational Railways of Zimbabwe\n100%\n2\nZESA\n100%\n3\nCold Storage Company (CSC)\n100%\n4\nNOCZIM\n100%\n5\nZimbabwe National Water Authority\n100%\n6\nDistrict Development Fund\n100%\n7\nGrain Marketing Board\n100%\n8\nAir Zimbabwe\n100%\n9\nARDA\n100%\n10\nTelone\n100%\n11\nNetone\n100%\n12\nIndustrial Development Corporation\n100%\n13\nZimbabwe Mining Development Corporation\n100%\n14\nMinerals Marketing Corporation of Zimbabwe\n100%\n15\n CMED\n100%\n16\nZINWA\n100%\nBENEFITS OF PRIVATIZATION AND \nCOMMERCIALISATION OF PUBLIC ENTERPRISES \nForeign Exchange Inflows \nIncreased foreign exchange inflows could be realized through the \n21\t\nparticipation of foreign investors in joint ventures and strategic \npartnerships. \nEVOKING SUPPLY SIDE RESPONSE THROUGH PRIVATIZATION AND COMMERCIALISATION OF PUBLIC ENTITIES\n6\nThe improved foreign direct investment inflows, coupled with increased \n22\t\naccess to offshore lines of credit would avail more foreign exchange \nresources, critical for economic recovery and sustained growth and \nemployment.\nImproved Performance \nPrivatization is expected to improve efficiency and productivity of \n23\t\nprivatized entities. Efficiency will be promoted through several means, \nwhich include introduction and enhancement of value addition. Further \nefficiency gains are realized through commercially driven structures, free \nfrom civil service rigidities.\n \nThe engagement of private strategic partners is also likely to bring the much \n24\t\nneeded expertise and leads to diffusion of technology. This significantly \nimproves the efficiency of these enterprises, as well as increasing \ncapacity utilization. Further, technology transfer would underpin factory \nrefurbishment and increase productivity. \nRelieving the Administrative and Financial Burden on \nGovernment \nPrivatization is also aimed at relieving financial and administrative burden \n25\t\nfrom Government in undertaking, maintaining and supervising public \nentities. \nThe policy is, thus, designed to relinquish management to the private sector \n26\t\nand allow the Government to concentrate on traditional functions such as \nfacilitating growth, welfare distribution objectives and maintaining peace, \nsecurity, law and order. This would result in decreased budget deficit and \nreduce the fiscal drain by parastatals. \nEVOKING SUPPLY SIDE RESPONSE THROUGH PRIVATIZATION AND COMMERCIALISATION OF PUBLIC ENTITIES\n7\nIn the case of Zimbabwe, over the years, many parastatals have continued to \n27\t\nimpose a significant burden on the fiscus, a position which has undermined \nthe quick turnaround of the economy. \nGovernment should instead fund capital projects in the development of \n28\t\ninfrastructure such as dams for irrigation. This evokes supply response in \nthe agricultural sector. \nFacilitate Economic Growth \nIn the context of facilitating economic growth, privatization provides \n29\t\nopportunities for the private sector to expand its role in economic \nproductivity and development. The commercial and profit orientation of \nthe private sector provides impetus for further growth.\n \nThrough higher efficiency gains and profit deployment, Government \n30\t\nobtains additional revenue to finance other socio-economic development \ninitiatives. \nPrivatization also improves capacity utilization, thereby enhancing \n31\t\neconomic growth. Most public enterprises are currently operating below \n10%, which is directly retarding the capacity of the private sector to \ngrow. \nThere is a symbiotic relationship between the performance of parastatals \n32\t\nand growth of the rest of the economy. For example, an inefficient ZESA will \ncripple the whole industry including major sectors such as manufacturing, \nagriculture, mining and tourism.\nAdditionally, problems at Hwange will undermine electricity generation, \n33\t\nsteel production at ZISCO, tobacco curing, mineral processing and general \nindustrial heating.\nEVOKING SUPPLY SIDE RESPONSE THROUGH PRIVATIZATION AND COMMERCIALISATION OF PUBLIC ENTITIES\n8\nImprovement in Investment and Export \nPotential \nJoint venture initiatives with foreign partners are likely to improve access to \n34\t\ninternational capital markets. The engagement of foreign strategic partners \nhas potential to improve the quality of goods and services provided to the \nrest of the world, and further enhancing export competitiveness. \nSuccess Stories of the Zimbabwe Privatization Process \nNotable companies that were privatized successfully in Zimbabwe include \n35\t\nCBZ, Cotton Company of Zimbabwe, Dairibord Zimbabwe Ltd and \nZimbabwe Reinsurance Company.\nDairibord Zimbabwe Limited’s Privatization Experience \nDairibord Zimbabwe Limited (DZL) is a successor company to the Dairy \n36\t\nMarketing Board (DMB), a parastatal company that was established in \n1953 to receive all milk supplied by registered producers, process and \ndistribute the milk and milk products at prescribed prices.\nDZL established itself as a well managed and transparently run organization. \n37\t\nThe period 1994 to 1997 saw the company gaining public confidence \nwhich enabled it to successfully list on the Zimbabwe Stock Exchange in \nSeptember, 1997, making it the first Parastatal to be privatized. \nAfter being run for 4 years, from 1994 to 1997, DZL was privatised through \n38\t\nlisting on the Zimbabwe Stock Exchange in September 1997. As a show \nof public confidence in the organization and the privatization process, the \ncounter was over subscribed. \nEVOKING SUPPLY SIDE RESPONSE THROUGH PRIVATIZATION AND COMMERCIALISATION OF PUBLIC ENTITIES\n9\nThe benefits of successful privatization can aptly be summed up by the \n39\t\ncurrent status of DZL: \nThe company is highly profitable and well capitalized. \n iv)\t\nDZL is achieving real growth in sales volumes, both on the domestic \n v)\t\nand on the export market. \nDZL is a net foreign currency earner. \n vi)\t\nThere are no longer financing operational deficits as was the case \n vii)\t\nwith DMB. \nGovernment is collecting corporate tax, and not subsidizing \n viii)\t\noperations. \nDZL is contributing towards employment. \n ix)\t\nDZL is cash rich and finances its own capital projects. \n x)\t\nEmployee motivation is high as the company can now afford \n xi)\t\nmarket-related conditions of services. \nThe value addition thrust has ensured a wider product choice for \n xii)\t\nconsumers. \nThe company has established itself as a regional player having \n xiii)\t\nacquired some subsidiaries within its value chain. \nEVOKING SUPPLY SIDE RESPONSE THROUGH PRIVATIZATION AND COMMERCIALISATION OF PUBLIC ENTITIES\n10\nThe Cotton Company of Zimbabwe Limited \nThe Cotton Company of Zimbabwe was born out of the privatization of \n40\t\nthe Cotton Marketing Board (CMB). The privatization of CMB started off \nwith commercialization of the parastatal in 1992. The CMB, like any other \nparastatal was a drain on the fiscus. \nBenefits of Privatizing Cottco\nCottco is now one of the blue-chip companies listed on the \n i)\t\nZimbabwe Stock Exchange. \nThe company is profitable and has reduced Government fiscal \n ii)\t\nburden. \nThe company is one of the top exporters, racking in millions of US \n iii)\t\ndollars from cotton exports. \nOpening up of the cotton sector has enhanced competition resulting \n iv)\t\nin increased cotton output and fair compensation to growers. \nIn all these recommended privatization cases, full regard ought to be \n41\t\ntaken of national strategic and security considerations, which dictate that \nGovernment remains the main shareholder in such cases.\nEVOKING SUPPLY SIDE RESPONSE THROUGH PRIVATIZATION AND COMMERCIALISATION OF PUBLIC ENTITIES\n11\nSTRATEGIES FOR PRIVATISATION AND \nCOMMERCIALISATION.\nThe following options can be espoused by Government in order to \n42\t\nminimize the dependence of parastatals and Local Authorities on the fiscus \nfor funding : \nCommercialize only where public enterprises are allowed to charge \n i)\t\neconomic and viable tariffs for service provision;\nCommercialize and privatize e.g. Cold Storage Company; and\n ii)\t\nTransfer service provision to Local Authorities and commercialize. \n iii)\t\nIn this case, the provision and distribution of water can \nbe commercialized and transferred from ZINWA to Local \nAuthorities. \nA CASE FOR THE COMMERCIALISATION OF ZINWA\nZimbabwe is well endowed with water resources in the form of dams, \n43\t\nrivers and underground sources, which are sufficient to meet the country’s \nwater requirements. \nThis notwithstanding, the country has been experiencing persistent water \n44\t\nshortages for industrial and domestic use as well as irrigation due to failure \nto fully harness water resources coupled with management challenges \nconfronting the responsible authorities.\nEVOKING SUPPLY SIDE RESPONSE THROUGH PRIVATIZATION AND COMMERCIALISATION OF PUBLIC ENTITIES\n12\nZINWA, however, faces greater challenges in water production and \n45\t\ndistribution. Its capacity to effectively provide clean water to the whole \ncountry has been constrained by:\nDeteriorating water reticulation infrastructure;\n i)\t\nIncreasing urban population that can no longer be supported by the \n ii)\t\nexisting capacity;\nLack of resources to replace old pipes and pumps;\n iii)\t\nHigh frequency of pipe bursts and water leakages; \n iv)\t\nInadequate human and financial resources; \n v)\t\nIneffective water costing, billing and revenue collection systems;\n vi)\t\nForeign currency shortages to import chemicals and spares; and \n vii)\t\nManagerial and technical challenges. \n viii)\t\nGovernment Interventions\n \nIn a bid to alleviate water shortages, the Government thorough RBZ \n46\t\nfinanced various ZINWA projects to improve treated water production and \nsewage reticulation.\n \nEVOKING SUPPLY SIDE RESPONSE THROUGH PRIVATIZATION AND COMMERCIALISATION OF PUBLIC ENTITIES\n13\nNotably, one such intervention is the Dam Construction Facility under \n47\t\nwhich a total of $50.3 billion was availed to ZINWA by June 2007 to \nsupport construction of dams and for various accelerated irrigation \nrehabilitation projects. \nIn the last quarter of 2008 alone, the Reserve Bank availed Z$375 \n48\t\nquadrillion, US$1 million and a fleet of vehicles to ZINWA towards the \nprovision of clean water following the outbreak of the cholera epidemic \nin the country.\nSupport to ZINWA to Fight the Cholera Outbreak\nIntervention\nPurpose\nProcurement of water pumps.\nTo replace the broken down water \npumps.\nDisbursement of US$1 597 093\nImportation of water treatment \nchemicals.\nDisbursement of Z$374.2 quadrillion. Working capital to repair and install \npumps, and other equipment.\n28 Single-cab Vehicles.\nTo provide transport for Zinwa \nengineers when attending to \nmaintenance work.\n60 000 litres of petrol; and \n30 000 litres of diesel.\nTo provide transport for Zinwa \nengineers when attending to \nmaintenance work.\nDespite Government intervention in ZINWA, most cities and towns \n49\t\ncontinue to face challenges relating to availability of adequate clean and \nsafe water for domestic, industrial and agricultural uses.\nEVOKING SUPPLY SIDE RESPONSE THROUGH PRIVATIZATION AND COMMERCIALISATION OF PUBLIC ENTITIES\n14\nThe challenges of the ageing equipment inherited by ZINWA, in Harare \n50\t\nhave seen at least 40% of the total water produced by the parastatal being \nlost through leakages in the process of distribution. \nMost glaringly, ZINWA’s inefficiencies have resulted in the outbreak \n51\t\nand spread of cholera in Harare and the rest of the country. This adverse \ndevelopment has been caused by the contamination of drinking water by \nincessant sewage pipe bursts. \nRecommended Water Management Strategy\nDespite the support extended to ZINWA, it remains evident that the \n52\t\nparastatal continues to under-perform on its key result areas. \nAgainst this background, it is recommended that Government reassigns \n53\t\nthe roles of water production and distribution back to Local Authorities.\nThis is in view of the fact that Local Authorities have wider and diversified \n54\t\nrevenue bases that can be used to maintain and sustain the country’s water \nreticulation infrastructures.\nIn addition, Local Authorities have stronger balance sheets that enable \n55\t\nthem to borrow from the open markets for purposes of financing effective \nwater management systems.\nThe role of ZINWA should be confined to bulk water supply, dam \n56\t\nconstruction and research and development.\nEVOKING SUPPLY SIDE RESPONSE THROUGH PRIVATIZATION AND COMMERCIALISATION OF PUBLIC ENTITIES\n15\nIn addition to revoking supply-side response from the privatization and \n57\t\ncommercialization of parastatals and rehabilitating the infrastructure, the \navailability of foreign currency is fundamental to enhance the production \nof goods and services in the economy.\nFOREIGN EXCHANGE GENERATION STRATEGIES\nThe country’s foreign exchange situation remains critical. This has made it \n58\t\ndifficult for the country to supply adequate goods and services and provide \nfor critical imports such as food, fuel, electricity and drugs. \nThe challenge is, therefore, to find ways and means of mobilizing foreign \n59\t\nexchange for Government, industry, Small to Medium Enterprises (SMEs) \nand the vulnerable groups of our society. It is against this background that \nimmediate and urgent measures be adopted to generate foreign exchange. \n \nAs alluded to, Government should restructure and accelerate the \n60\t\nprivatization of non performing Public Enterprises with potential to \nperform and generate foreign currency. \nForeign Exchange Generation and Savings \nThe increase in the economy’s productive capacity occasioned by foreign \n61\t\nparticipation in the country’s public enterprises will also create scope \nfor increased local production of goods and services, some of which are \ncurrently being imported. \nThis releases foreign exchange for the importation of critical intermediate \n62\t\ninputs, as well as petroleum and other products, which cannot be produced \nlocally. \nEVOKING SUPPLY SIDE RESPONSE THROUGH PRIVATIZATION AND COMMERCIALISATION OF PUBLIC ENTITIES\n16\nThe public enterprise privatization process could be designed to culminate \n63\t\nin the listing of the enterprises on the Zimbabwe Stock Exchange, through \npublic offering. Privatized companies contribute to the fiscus through \nincreased taxes. Enhanced performance implies more tax remittances to \nGovernment.\nConcessioning\nIn strategic public enterprises such as the National Railways of Zimbabwe \n64\t\n(NRZ) and NOCZIM, Government would need to retain its ownership. \nSignificant benefits can be derived from concessioning, which enables the \nretention of ownership while allowing for some lease arrangement. \nExamples of concessioning include:\n65\t\nConcession of the NRZ can easily be structured with a regional \n•\t\nreputable rail operator who will then provide freight and passenger \nservice;\nIn the case of NOCZIM, the pipeline and the storage facilities offer \n•\t\nopportunities for concessioning; and\nThe recapitalisation of Air Zimbabwe can also be arranged through \n•\t\ninviting a strategic investor. Alliances are now a common feature in \nthe airline industry.\nMining Royalties\nSubstantial foreign currency resources can be mobilized through a more \n66\t\nrigorous and intensified mining sector royalties collection in foreign \ncurrency. \nEVOKING SUPPLY SIDE RESPONSE THROUGH PRIVATIZATION AND COMMERCIALISATION OF PUBLIC ENTITIES\n17\nOrganized Diamond Mining\nFormalization of mining activities at Chiyadzwa is a key source of \n67\t\nGovernment revenue. It is envisaged that the revenues from the diamond \nmining venture can assist the country.\nAttracting Remittances\nGovernment can issue a foreign denominated bond to non-resident \n68\t\nZimbabweans to further mobilize free funds. The bond should be structured \nin such a way that it is secure and attractive from the investors’ point of \nview. \nThe Government’s stake in public enterprises and financial institutions can \n69\t\nbe disposed to diasporants. This will raise significant foreign exchange \nflows currently locked up in shares.\nJoint Ventures and Strategic Partnerships\nForeign exchange inflows can be realized through the participation of \n70\t\nforeign investors in joint ventures and strategic partnerships particularly \nin the Small to Medium Enterprises (SMEs). \nThe engagement of foreign strategic partners brings the much needed \n71\t\nexpertise and leads to diffusion of technology. This significantly improves \nthe efficiency of these enterprises as well as reducing their excess \ncapacity.\nIssuance of Foreign Currency-Denominated Bonds\nGovernment can mobilize foreign exchange from foreign capital markets, \n72\t\nthrough issuance of a foreign currency denominated bond, through a \nEVOKING SUPPLY SIDE RESPONSE THROUGH PRIVATIZATION AND COMMERCIALISATION OF PUBLIC ENTITIES\n18\nselected manager. This is necessary, so as to circumvent current sanctions \nand negative perceptions about Zimbabwe. Proceeds from the bonds would \ngo towards servicing foreign obligations, particularly those that have a \npotential to resume disbursements. \nIssuance of this bond will also be targeted at non-resident Zimbabweans.\n73\t\nInternational Engagement\nGovernment should take bold initiatives to engage the country’s creditors, \n74\t\nwith a view to easing the pressure on foreign exchange requirements, while \nat the same time restoring good relations with external financiers.\nParticular focus should be on those creditors who are likely to disburse \n75\t\nand put in place rescheduling arrangements. \nProduct Beneficiation\nThere is urgent need for Government to provide tax incentives to promote \n76\t\nvalue addition at company level. Notably, the establishment of a platinum \nrefinery would facilitate the beneficiation of such minerals as the platinum \ngroup of metals (PGMs).\nFinancial resources should also be availed to research institutions such as \n77\t\nSIRDC to enhance their ability to undertake research in areas promotive \nof exports and import substitution. \nAdditional Export Capacity\nGovernment should underwrite and broaden the setting up of bonded \n78\t\nwarehouses in selected markets with potential for expansion. The capacity \nEVOKING SUPPLY SIDE RESPONSE THROUGH PRIVATIZATION AND COMMERCIALISATION OF PUBLIC ENTITIES\n19\nof small to medium enterprises to export should be enhanced through \nthe establishment of export houses, which will facilitate movement of \nexports.\nActivities of cross border traders should be coordinated to ensure that \n79\t\ntheir foreign exchange earnings are channeled through the formal banking \nsystem for the benefit of the economy.\nPre and Post-Shipment Financing\nAnother source of mobilizing foreign exchange is to arrange pre- and \n80\t\npost-shipment finance facilities for the country’s exporters. This requires \ntouring friendly countries and institutions, such as Afreximbank, BADEA, \nPTA Bank and the OPEC Fund. This is necessary for raising a critical pool \nof foreign currency resources. \nIdentifying key exporters and earmarking their earnings towards the \n81\t\nrepayment of such arranged pre- and post-shipment facilities will be \nessential. This way such facilities become essentially back-to-back or self-\nliquidating facilities that achieve the twin objective of mobilizing foreign \nexchange for immediate use, while at the same time promoting exports.\nTrading in Shares\nGovernment can trade in dually listed shares through appropriate institutions \n82\t\nto raise foreign exchange.\nIt will be critical to ensure that foreign exchange generated from the sale \n83\t\nof shares on international bourses is remitted to Zimbabwe.\nEVOKING SUPPLY SIDE RESPONSE THROUGH PRIVATIZATION AND COMMERCIALISATION OF PUBLIC ENTITIES\n20\nToll Fees\nForeign truckers and visitors to Zimbabwe should pay toll fees in foreign \n84\t\ncurrency on a reciprocal basis at all ports of entry and at established toll \ngates along the country’s major highway.\nConclusion\nThe privatization process must be viewed within the context of broad \n85\t\nmacroeconomic policies that are designed to stimulate growth and \neconomic development. \nThe benefits of privatization are best realized within the context of a \n86\t\npackage of reinforcing economic recovery measures. The program must be \nwell designed and appropriately sequenced to optimize on the privatization \nbenefits. It is imperative that the nation invests in critical negotiation skills \nrequired during the privatization process.\nPrivatization is expected to release funds for infrastructural and social \n87\t\ndevelopment in the health and education sectors of the economy.\nIn addition the enhanced foreign exchange generation will improve the \n88\t\nproductive capacities of industries.\nThis will lead to human resources development which enhances private \n89\t\nsector growth, thereby increasing the supply of goods and services in the \neconomy.\nEVOKING SUPPLY SIDE RESPONSE THROUGH PRIVATIZATION AND COMMERCIALISATION OF PUBLIC ENTITIES\n21\nThe prevailing foreign exchange crisis can be solved by addressing the \n90\t\ncurrent macroeconomic imbalances. Over the medium to long term, the \neconomy’s capacity to generate foreign exchange can only be guaranteed \nby a stable macro environment characterized by low inflation. Thus, \ninflation stabilization remains a critical pillar necessary to enhance \nexporting activities.\nDR. G. GONO\nGOVERNOR\nRESERVE BANK OF ZIMBABWE\nEVOKING SUPPLY SIDE RESPONSE THROUGH PRIVATIZATION AND COMMERCIALISATION OF PUBLIC ENTITIES\n22", "source": "RBZ", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///RBZ/Monetary_Policy_Statements/privatisationZim.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": "14fe3e2d25fb84ec94de9b4b1e8bcf35", "text": "About us\nWhat we do\nPublications\nNewsroom\nContact us\nSARB POLICY RATE 6.75% \n\n24 Apr 2026\n\nCPI 3.1% \n\nMar 2026\n\nPPI 1.8% \n\nFeb 2026\n\nPRIME 10.25% \n\n24 Apr 2026\n\nR2030\n\t\n\nR209\n\t\n\nSABOR\n\t\n\nZARONIA\n\t\nZAR/USD\n\t\n16.6276\n\nZAR/GBP\n\t\n22.4116\n\nZAR/EUR\n\t\n19.4385\n\nZAR/JPY\n\t\n0.1041\nHome Publications\n \n\nPUBLICATION DETAILS\n\nTitle :\nSpeaking notes for Rashad Cassim Deputy Governor of the South African Reserve Bank at the Payments Study Report Launch\nPublished Date:\n2024-09-05\nLast Modified Date:\n2024-09-10, 08:52\nCategory:\nMedia > Media Releases | What's New | Speeches > Speeches by Deputy Governors\n\nThank you for joining us today as we launch the South African Reserve Bank’s (SARB) inaugural Payments Study Report. This study is one of our initiatives to better understand the payment system landscape in South Africa. It supports our current strategy, Vision 2025, which identified a need for the SARB to collect more payments information.\n\nAttachments:\nSpeaking notes for Rashad Cassim Deputy Governor of the South African Reserve Bank at the Payments Study Report Launch\nBack\nQuick links\nFrequently asked questions\nGold Coins Purchased from the Public\nCareers\nInternet banking\nForms\nExtranets\nWhistleblowing\nPromotion of Access to Information Manual\nSARB Group Privacy Notice\nProcurement\nFraud and scams\nRSS feed subscription\nDisclaimer\nSitemap\nCookie policy\nContact\n\nTo contact us, click here\n\nTelephone: 0861 127 272 \n\n370 Helen Joseph Street,\n\nPretoria, 0002\n\nP O Box 427,\n\nPretoria, 0001\n\nDownload app\nQuarterly Bulletin\nSocial Media\n \nSupported Browsers\n \nThe South African Reserve Bank © Copyright 2020.", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-04-27", "url": "https://www.resbank.co.za/en/home/publications/publication-detail-pages/speeches/speeches-by-governors/2024/speaking-notes-for-rashad-cassim-deputy-governor-of-the-sarb-at-the-payments-study-report-launch"}
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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": "21db4ba5ad7a514bd48a5ded432b315f", "text": "Vol. 27 No. 40 \n \nWeek Ending \n3rd 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 3rd October 2025. It includes updates on domestic money and capital markets, national payment \nsystems, exchange rates, and global commodity prices. \nThe local currency deposit rates remained the same across all tenors. Foreign currency savings deposit rates \nremained unchanged, while maximum deposit rates for all other tenors increased during the same week. \nBoth the minimum and maximum local currency lending rates for individual clients increased. For corporate \nclients, the minimum lending rates decreased, while the maximum lending rates remained unchanged. Foreign \ncurrency lending rates decreased for all clients, except for the minimum lending rates for individual clients, \nwhich increased. \nTrading activity on the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX) \nexhibited bearish sentiments, during the week under analysis. As a result, both indices declined by 1.71% and \n0.90% to close at 205.16 points and 147.38 points, respectively \nThe total value of transactions processed through the National Payment Systems platforms grew by 11.14% \nto ZiG41.52 billion from ZiG37.35 billion in the previous week. The volume of transactions processed also \nincreased by 1.48% from 16.14 million to 16.38 million during the same period. The largest share of \ntransactional value was processed through the Real-Time Gross Settlement (RTGS) system, accounting for \n77.57% of the total value. Mobile money, however, accounted for 79.80% of the transaction volume. \nThe Zimbabwe Gold (ZiG) depreciated by 0.26% from an average of ZiG26.58 per US$ recorded during the \nweek ending 26th September 2025, to ZiG26.65 per US$ during the week under review. \nDuring the week under review, international commodity prices for gold, platinum, palladium and nickel \nsurged, while prices for brent crude oil declined. Prices for lithium, however, remained unchanged during the \nsame week. \nGold prices surged, fuelled by heightened global uncertainty amid fears of global economic slowdown. \nPlatinum prices rose primarily driven by declining mine output from South Africa, the world’s leading \nproducer. Palladium prices gained from a weaker U.S. dollar and investor hedging amid market uncertainty. \nNickel prices increased following a benchmark price hike of 0.68% by the Indonesia Nickel Miners \nAssociation. Brent crude oil prices, however, fell as OPEC+ announced a modest production increase, raising \nconcerns of oversupply. \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 \n12 Sept 2025 \n19 Sept 2025 \n26 Sept 2025 \n03 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 \n10.49 \n10.49 \n11.04 \n11.04 \n3-months deposit \n \n \n \n \nMinimum \n6.90 \n6.90 \n6.90 \n6.90 \nMaximum \n10.68 \n10.68 \n10.79 \n10.79 \n6-months deposit \n \n \n \n \nMinimum \n6.51 \n6.51 \n6.51 \n6.51 \nMaximum \n10.28 \n10.28 \n10.39 \n10.39 \n12-months deposit \n \n \n \n \nMinimum \n6.52 \n6.52 \n6.52 \n6.52 \nMaximum \n10.99 \n10.99 \n11.10 \n11.10 \nOver 1 year \n \n \n \n \nMinimum \n6.53 \n6.53 \n6.53 \n6.53 \nMaximum \n11.00 \n11.00 \n11.11 \n11.11 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nAverage commercial bank deposit rates (Foreign Currency (US$) (%) \nUS$ Deposit rates \n12 Sept 2025 \n19 Sept 2025 \n26 Sept 2025 \n03 Oct 2025 \nSavings \n \n \n \n \nMinimum \n1.61 \n1.61 \n1.61 \n1.61 \nMaximum \n1.81 \n1.81 \n1.94 \n1.94 \n1-month deposit \n \n \n \n \nMinimum \n3.92 \n3.92 \n3.92 \n3.92 \nMaximum \n6.59 \n6.59 \n6.50 \n6.67 \n3-month deposit \n \n \n \n \nMinimum \n4.46 \n4.46 \n4.46 \n4.46 \nMaximum \n7.45 \n7.45 \n7.56 \n7.70 \n6-month deposit \n \n \n \n \nMinimum \n4.26 \n4.26 \n4.26 \n4.26 \nMaximum \n7.57 \n7.57 \n7.57 \n7.65 \n12-Month deposit \n \n \n \n \nMinimum \n4.56 \n4.56 \n4.56 \n4.56 \nMaximum \n7.47 \n7.47 \n7.92 \n8.00 \nOver 1 year \n \n \n \n \nMinimum \n4.67 \n4.67 \n4.67 \n4.67 \nMaximum \n7.64 \n7.64 \n7.64 \n7.72 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \n \n \n \n \n \n \n3 \n \n \nCommercial bank weighted lending rates (Local Currency (ZiG) (%) \nZiG Lending rates \n12 Sept 2025 \n19 Sept 2025 \n26 Sept 2025 \n03 Oct 2025 \nIndividuals \n \n \n \n \nMinimum \n43.41 \n43.44 \n43.45 \n43.52 \nMaximum \n49.03 \n49.08 \n49.06 \n49.08 \nCorporates \n \n \n \n \nMinimum \n40.42 \n40.46 \n40.45 \n40.40 \nMaximum \n46.34 \n46.57 \n46.22 \n46.22 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nCommercial bank weighted lending rates (Foreign Currency (US$) (%) \nUS$ Lending rates \n12 Sept 2025 \n19 Sept 2025 \n26 Sept 2025 \n03 Oct 2025 \nIndividuals \n \n \n \n \nMinimum \n13.61 \n13.62 \n13.64 \n13.69 \nMaximum \n17.56 \n17.55 \n17.87 \n17.81 \nCorporates \n \n \n \n \nMinimum \n10.53 \n10.55 \n10.55 \n10.50 \nMaximum \n15.89 \n15.94 \n16.26 \n16.23 \nSource: Reserve Bank of Zimbabwe, 2025 \n \n \nCommercial banks and building societies mortgage lending rates (%) \nMortgage Lending \nrates \n12 Sept 2025 \n19 Sept 2025 \n26 Sept 2025 \n03 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) \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 \n03-Oct-25 \n205.16 \n203.87 \n208.11 \n228.45 \n100.11 \n123.58 \n63.89 \n58.44 \n12.54 \nWeekly \nChange (%) \n(1.71) \n(0.69) \n(1.39) \n(5.61) \n0.00 \n0.00 \n(1.63) \n121.45 \n131.79 \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) \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 \n03-Oct-25 \n147.38 \n1.75 \n2.87 \n22.28 \nWeekly Change (%) \n(0.90) \n(1.13) \n(44.49) \n116.31 \nSource: Victoria Falls Stock Exchange, 2025 \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 \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\n03-Oct-25\nZiG Billion\nZSE Market Capitalisation \n100\n105\n110\n115\n120\n125\n130\n135\n140\n145\n150\n155\n160\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\n03-Oct-25\nIndex\nVFEX All Share Index \n0\n500\n1000\n1500\n2000\n2500\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\n03-Oct-25\nUS$ Thousand\nVFEX Market Turnover \n1.2\n1.3\n1.4\n1.5\n1.6\n1.7\n1.8\n1.9\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\n03-Oct-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\n03-Oct-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\n03-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 \n12-Sept 2025 \n19-Sept 2025 \n26-Sept 2025 \n03-Oct 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 \n1.45 \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 \n66.56 \n67.24 \n67.76 \n65.66 \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$/oz \nBuy \nSell \nBuy \nSell \n29-Sept-25 \n3,769.85 \n3.06 \n3.38 \n0.1151 \n0.1273 \n30-Sept-25 \n3,826.85 \n3.11 \n3.44 \n0.1169 \n0.1292 \n01-Oct-25 \n3,825.30 \n3.12 \n3.45 \n0.1168 \n0.1291 \n02-Oct-25 \n3,872.00 \n3.15 \n3.49 \n0.1183 \n0.1307 \n03-Oct-25 \n3,878.10 \n3.16 \n3.49 \n0.1184 \n0.1309 \nSource: London Bullion Market Association and Reserve Bank of Zimbabwe, 2025 \n \n \n \n \nPAYMENT STREAM \nWEEK ENDING \n26 September 2025 \nWEEK ENDING \n03 October 2025 \nWEEKLY \nCHANGE (%) \n \nVALUES \n \nRTGS \n29,341,603,451.88 \n32,205,952,868.19 \n9.76 \nOf which ZiG \n9,513,254,737.01 \n10,490,606,883.59 \n10.27 \nOf which US$ transactions \n(ZiG Equivalent) \n19,828,348,714.87 \n \n21,715,345,984.60 \n9.52 \nPOS \n2,296,074,361.62 \n2,361,148,415.02 \n2.83 \nATM \n1,508,070,766.05 \n2,393,310,473.27 \n58.74 \nMOBILE BANKING \n379,810,303.91 \n375,608,396.31 \n(1.11) \nMOBILE MONEY \n3,515,219,742.47 \n3,882,870,324.90 \n10.46 \nZIPIT MOBILE \n313,989,228.19 \n297,471,046.67 \n(5.26) \nTOTAL \n37,354,767,854.12 \n41,516,361,524.35 \n11.14 \n \nVOLUMES \n \nRTGS \n309,726 \n244,976 \n(20.91) \nOf which ZiG \n124,288 \n96,381 \n(22.45) \nOf which US$ \n185,438 \n148,595 \n(19.87) \nPOS \n1,962,853 \n2,068,979 \n5.41 \nATM \n210,632 \n282,447 \n34.10 \nMOBILE BANKING \n426,112 \n429,727 \n0.85 \nMOBILE MONEY \n12,940,851 \n13,070,389 \n1.00 \nZIPIT MOBILE \n288,585 \n281,565 \n(2.43) \nTOTAL \n16,138,759 \n16,378,083 \n1.48 \n \n \n6 \nMosi-oa-Tunya Gold Coin Prices \nGold Coin \nPrice \n29-Sept-25 \n30-Sept-25 \n01-Oct-25 \n02-Oct-25 \n03-Oct-25 \n1.00Oz \n \n \n \n \n \nUS$ \n3,958.34 \n4,018.19 \n4,016.57 \n4,065.60 \n4,072.01 \nZiG \n105,171.97 \n107,060.32 \n107,201.72 \n108,443.78 \n108,542.96 \n0.50Oz \n \n \n \n \n \nUS$ \n1,979.17 \n2,009.10 \n2,008.28 \n2,032.80 \n2,036.00 \nZiG \n52,585.99 \n53,530.1 \n53,600.86 \n54,221.89 \n54,271.48 \n0.25Oz \n \n \n \n \n \nUS$ \n989.59 \n1,004.55 \n1,004.14 \n1,016.40 \n1,018.00 \nZiG \n26,292.99 \n26,765.08 \n26,800.43 \n27,110.95 \n27,135.74 \n0.10Oz \n \n \n \n \n \nUS$ \n395.83 \n401.82 \n401.66 \n406.56 \n407.20 \nZiG \n10,517.20 \n10,706.03 \n10,720.17 \n10,844.38 \n10,854.30 \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(22 Sept – 26 Sept) \n26.5782 \n1.5317 \n35.7728 \n1.8979 \n31.2350 \n29-Sep \n26.5697 \n1.5352 \n35.7084 \n1.8655 \n31.1596 \n30-Sep \n26.6439 \n1.5432 \n35.8095 \n1.8707 \n31.2560 \n1-Oct \n26.6899 \n1.5468 \n35.9300 \n1.8766 \n31.3860 \n2-Oct \n26.6735 \n1.5489 \n35.9375 \n1.8835 \n31.2920 \n3-Oct \n26.6559 \n1.5401 \n35.8124 \n1.8823 \n31.2394 \nWeekly Average \n(29 Sept – 03 Oct) \n \n26.6466 \n \n \n1.5428 \n \n35.8396 \n \n1.8757 \n \n31.2666 \nAppr (-)/Depr (+) (%) of the \nZWG \n0.26 \n0.72 \n0.19 \n(1.17) \n0.10 \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$/tonne \nWeekly Average \n(22 Sept – 26 Sept) \n3,770.58 \n \n1,504.87 \n \n1,235.06 \n \n15,287.60 \n \n9,612.00 \n \n29-Sep \n3,869.60 \n1,615.00 \n1,281.00 \n15,318.00 \n9,630.00 \n30-Sep \n3,865.40 \n1,569.00 \n1,248.00 \n15,235.00 \n9,620.00 \n01-Oct \n3,868.40 \n1,572.00 \n1,283.00 \n15,184.00 \n9,610.00 \n02-Oct \n3,851.70 \n1,570.00 \n1,253.00 \n15,317.00 \n9,600.00 \n03-Oct \n3,937.40 \n1,619.00 \n1,273.00 \n15,433.00 \n9,600.00 \nWeekly Average \n(29 Sept – 03 Oct) \n3,878.50 \n1,589.00 \n1,267.60 \n15,297.40 \n9,612.00 \nWeekly change (%) \n2.86 \n5.59 \n2.63 \n0.06 \n0.00 \nSource: BBC, KITCO and Bloomberg, 2025 \n \n \n \n \n7 \nFigure 3: Weekly International Commodity Price Developments (27th June 2025– 03rd October 2025) \n \n \n \n \n \nSource: BBC, KITCO and Bloomberg, 2025 \n \nRESERVE BANK OF ZIMBABWE \nOCTOBER 2025 \n800.00\n1000.00\n1200.00\n1400.00\n27-Jun\n4-Jul\n11-Jul\n18-Jul\n25-Jul\n1-Aug\n8-Aug\n15-Aug\n22-Aug\n29-Aug\n5-Sep\n12-Sep\n19-Sep\n26-Sep\n3-Oct\nUS$/oz\nPalladium\n7,600\n7,900\n8,200\n8,500\n8,800\n9,100\n9,400\n9,700\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\n3-Oct\nUS$/tonne\nLithium \n14,600\n14,800\n15,000\n15,200\n15,400\n15,600\n15,800\n16,000\n27-Jun\n4-Jul\n11-Jul\n18-Jul\n25-Jul\n1-Aug\n8-Aug\n15-Aug\n22-Aug\n29-Aug\n5-Sep\n12-Sep\n19-Sep\n26-Sep\n3-Oct\nUS$/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\n3-Oct\nUS$/barrel\nCrude oil \n3,000\n3,250\n3,500\n3,750\n4,000\n27-Jun\n04-Jul\n11-Jul\n18-Jul\n25-Jul\n01-Aug\n08-Aug\n15-Aug\n22-Aug\n29-Aug\n05-Sep\n12-Sep\n19-Sep\n26-Sep\n03-Oct\nUS$/oz\nGold\n1,100\n1,200\n1,300\n1,400\n1,500\n1,600\n1,700\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\n3-Oct\nUS$/tonne\nPlatinum", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_03_OCTOBER_2025_Volume_27_Number_40.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": "250890aac23404417a4c88b31961d9d8", "text": "Practical Advice and Policy Interventions to \nSupport the Youth, Women Groups and Other Vulnerable \nMembers of the Society.\nSUPPLEMENT TO THE JANUARY 2009 MONETARY POLICY \nSTATEMENT\nBy\nDR. G. GONO\nGOVERNOR\nRESERVE BANK OF ZIMBABWE\nJanuary, 2009\n… TURNING OUR DIFFICULTIES INTO \nOPPORTUNITIES.\nSURVIVING THE NEW ECONOMIC ENVIRONMENT\nSupplement to the January 2009 Monetary Policy Statement\n2\nTABLE OF CONTENTS\n1.\t\nINTRODUCTION AND BACKGROUND\n1\nRole of SMEs in Development\n3\nCommon Challenges Faced By SMEs\n4\n2.\t\nMEASURES TO ADDRESS THE CHALLENGES\n5\n3.\t\nEXPERIENCES OF OTHER COUNTRIES IN \n\t\nPROMOTING SMES\n6\nSPECIFIC COUNTRY EXPERIENCES \n7\n4.\t\nCONTEXTUAL SME ISSUES IN ZIMBABWE…\n10\nThe Key Issues\n11\n5.\t\nSME DEVELOPMENT IN ZIMBABWE\n12\n6.\t\nENHANCING THE PROVISION OF \n\t\nFUNDING TO MICROFINANCE SMES\n13\nFinancial Inclusion Framework \n13\nImplementation Strategies \n14\n Establishment of Microfinance Banks \n15\nPermissible Activities for Microfinance Banks\n16\nOther Sources of Financing SMEs to Bolster Micro-Lending in \nForeign Currency\n16\n7.\t\nSPECIFIC INTERVENTIONS\n17\n8.\t\nCONCLUSION\n19\nANNEX 1: Sectoral Breakdown of Examples of SME Projects \nThat Qualify for Support \n21\nANNEX 2: Provincial Natural Endowment-Based SME Projects\n24\nANNEX 3: A Survey of Effective SME Technologies\n27\ni\nSupplement to the January 2009 Monetary Policy Statement\n1\nINTRODUCTION AND BACKGROUND\n1.\t\nThe hyperinflationary environment in Zimbabwe has undermined the low \n1.1\t\nincome groups, pensioners, and vulnerable groups most of whom live in \nthe rural areas.\nPrices of goods and services have been rising to unprecedented levels, \n1.2\t\nreflecting the escalation in production costs, shortages of basic goods and \nservices, and the adverse effects of parallel market activities. Consequently, \nthe local currency’s role as a medium of exchange, store of value and \nstandard for deferred payments has been severely undermined.\nTo preserve the value of incomes, economic agents preferred to store their \n1.3\t\nwealth in foreign currency, particularly the US dollars, South African Rand \nand the Botswana Pula among others.\n \nIn addition to foreign currency licensed shops, most retailers have been \n1.4\t\ncharging for their goods and services in foreign currency. Similarly, all \nbasic commodities, mobile phone tariffs, and even bus fares were also \nbeing charged in foreign currency, before the current introduction of the \nexpanded foreign exchange shops framework. \nLooking at Zimbabwe’s demographics, it is apparent that the bulk of the \n1.5\t\ncountry’s population still lives in the rural areas. \nSupplement to the January 2009 Monetary Policy Statement\n2\nRURAL AND URBAN POPULATION DEMOGRAPHICS\nProvince\nUrban\nRural\nUrban Share\nRural Share\nHarare metropolitan\n1,896,134\n0\n16.1%\n0.2%\nBulawayo \nmetropolitan\n676,650\n0\n5.8%\n0%\nManicaland\n259,495\n1,309,435\n2.2%\n11.3%\nMashonaland \nCentral\n102,873\n892,554\n0.9%\n7.7%\nMashonaland East\n117,521\n1,009,892\n1.0%\n8.7%\nMashonaland West\n344,806\n879,864\n3.0%\n7.6%\nMatebeleland North\n102,948\n602,000\n0.9%\n5.2%\nMatebeleland South\n68,457\n584,597\n0.6%\n5.0%\nMidlands\n349,595\n1,114,398\n3.0%\n9.6%\nMasvingo\n134,251\n1,186,187\n1.2%\n10.2%\nTotal\n4,052,730\n7,578,927\n34.7%\n65.5%\nNote: Women constitute approximately 52% of the population in Zimbabwe.\nSource: CSO Census, 2002 National Report\nSupplement to the January 2009 Monetary Policy Statement\n3\nThere is, therefore, a strong and urgent need for macroeconomic policies \n1.6\t\nthat are responsive to the needs of vulnerable groups, particularly in light \nof the multi-currency environment, so that the policy changes take on \nboard all sectors of the economy.\nRole of SMEs in Development\nThe role of SMEs has evolved increasingly, accounting for a greater share \n1.7\t\nof economic activity and wealth creation in many countries worldwide.\n \nIn Africa and the world over, SMEs contribute very significantly in terms \n1.8\t\nof employment creation and growth. \nFor instance, in Indonesia, SMEs account for 98% of employment \n1.9\t\ncreation and growth with Japan and Thailand contributing 81% and 78% \nrespectively. \nSMEs are, thus, impeccable engines of economic growth which \n1.10\t\ncomplement the efforts of the private and public sector to enhance the \nnational development process. \nSMEs have provided practical solutions to such challenges as poverty and \n1.11\t\ndeclining household incomes to meet family basics such as food, school \nfees, and access to health services, among others. \nSupplement to the January 2009 Monetary Policy Statement\n4\nKey drivers to consider in the case of nurturing and supporting SMEs \n1.12\t\nare their labour intensity nature, capital saving capacity, harnessing of \nlocal resource endowments and reliance on fewer imports, flexibility and \nadaptability, innovativeness and strong linkages with other sectors of the \neconomy. \nThe high level of adaptability also makes it easy for SMEs to thrive in \n1.13\t\nany environment, hence they become an appropriate business model to \npromote rural development which will decelerate rural-urban migration \nthat is currently giving headaches to many governments in the world. \nReflecting the sector’s central role, SMEs represent over 95% of enterprises \n1.14\t\nin most Organization for Economic Corporation and Development \ncountries (OECD)1 and generate over 50% of private sector employment. \nGovernments, therefore continue to apply an array of policies and \nprograms to promote entrepreneurship and boost development of SMEs. \nThese programs generally aim to alleviate the challenges faced by SMEs \nand seek to identify and implement best practice policies. \nCommon Challenges Faced By SMEs\n \nThe SMEs sector, while playing a critical role in economic growth and \n1.15\t\ndevelopment, is confronted with a number of challenges which include \nthe following: \nAccess to finance remains the critical challenge facing SMEs \n(i)\t\nworldwide. Accessibility and availability of finance is very limited, \nas the majority of SMEs are owner capitalized; \nSupplement to the January 2009 Monetary Policy Statement\n5\nLimited access to finance is a major obstacle to development of \n(ii)\t\nSMEs in Africa. Their inherent higher perceived risk and lack of \ncollateral make financial institutions reluctant to lend them; \nSMEs also lack the capacity to conduct research and development \n(iii)\t\nneeded to commercialize ideas and grow businesses; \nWeak business structures; \n(iv)\t\nPoorly defined legal and regulatory frameworks; \n(v)\t\nPoor marketing channels; \n(vi)\t\nDifficulties in adapting to environmental changes; \n(vii)\t\nInsufficient management resources; finance, Human Resources \n(viii)\t\nand technology; and \nAbsence of supportive institutional structures.\n(ix)\t\nMEASURES TO ADDRESS THE CHALLENGES\n2.\t\n \nIn view of the challenges faced by SMEs, it is imperative that tailor-made \n2.1\t\nsupport be given to this critical sector. Effective interventions include the \nprovision of financial support and entrepreneurial development training, \nas well as mentorship frameworks. \nFinancial Support include the following\n2.2\t\n: \nDiverse credit finance (loan programs); \n• \nEquity finance; \n• \nCredit Guarantee Schemes for SMEs; and \n• \nTax breaks for SMEs \n• \nSupplement to the January 2009 Monetary Policy Statement\n6\nUnder entrepreneurial and management support, the following are the \n2.3\t\nmain areas that need intervention; \nStart up business support; \n• \nBusiness diversification support; \n• \nStrengthening of management base; \n• \nSME turnaround support, and \n• \nMentorship programmes and sub-contracting by bigger \n• \ncorporates. \nEXPERIENCES OF OTHER COUNTRIES IN \n3.\t\nPROMOTING SMES\n \nFindings from empirical studies on the role of SMEs in economic \n3.1\t\ndevelopment in a number of countries have revealed the following:-\nThe financial sector has a major role to play in the creation and \n(i)\t\ndelivery of practical solutions to the challenges of sustainable \ndevelopment. \nThe SME and microfinance sectors have to be supported – \n(ii)\t\nfinancially and technically - to become part of the formal economy \nwhich will play a crucial role in the deepening of the financial \nsector and mobilization of financial resources.\n \nBangladesh, Uganda,India,South Korea, Malaysia and the Philippines \n3.2\t\nprovide exciting empirical evidence as on the microfinance revolution as a \ndevelopment intervention. Public-private partnerships (PPP) are valuable \nmechanisms for developing practical responses to African challenges.\n \nSupplement to the January 2009 Monetary Policy Statement\n7\nAccess to financial services\n(iii)\t\n is necessary to address problems \nfaced by SMEs. \nCapacity building\n(iv)\t\n in the SME sector by banks is necessary to \nensure long term business planning and management. \nSPECIFIC COUNTRY EXPERIENCES \nThe Nigerian Central Bank has increasingly exercised its power as a \n3.3\t\nregulator in line with internationally accepted norms and has been at the \nforefront on influential programs such as the Small and Medium Industry \nEquity Investment Scheme (SMIEIS) aimed at boosting equity investment \nin SMEs. \nSince 2001, all Nigerian based banks have been mandated by the SMIEIS \n3.4\t\nto set aside 10% of the pre-tax profits to finance SMEs. Funds are invested \nas equity, either as a cash injection or conversion of existing debts owed \nto participating banks. \nIn South Africa, a partnership between ABSA, First National Bank, \n3.5\t\nNedbank Group and Standard Bank and the Government was initiated in \n2003 to develop low cost transaction accounts, enabling the banks to cover \nat least 70% of the un-banked market (low income group) in a relatively \nshort time. \nJapan’s SME policy was structured in 3 phases as follows: \n3.6\t\nReconstruction period; \n(v)\t\n High growth; \n(vi)\t\n Stable growth period. \n(vii)\t\nSupplement to the January 2009 Monetary Policy Statement\n8\nThe Reconstruction period saw the establishment of Government financial \n3.7\t\ninstitutions for SMEs, credit insurance system, formation of SME business \nassociations such as the Chamber of Commerce and Industry. \nThe high growth period was aimed at upgrading the structure and \n3.8\t\nimproving the productivity of SMEs through the enhancement of facilities \nand promotion of subcontractor SME’s as well as support measures for \nstart ups, new businesses and business innovation. \nThe Stable Growth period was geared towards fostering the diverse and \n3.9\t\nvigorous growth of independent SME’s and meeting the demands of the \nglobal economy. \nThe Canadian Government offers financing programs to support the \n3.10\t\ncreation and growth of SMEs through a loan guarantee program and state \nowned financial institutions. \nThe range of financial services spans from\n3.11\t\n: \nTraditional term debt financing (5-20 years loans to finance capital \n(viii)\t\nassets); and \nProvision of pure equity financing through venture capital, among \n(ix)\t\nother innovative structures. \nChina’s SMEs were historically constrained by lack of financial support. \n3.12\t\nChina, however, recognized that vibrant SMEs are an essential part of \n3.13\t\nsustained economic development and worked on improving the operating \nenvironment. \nSupplement to the January 2009 Monetary Policy Statement\n9\nConsistent with this, the Chinese central government created a network of \n3.14\t\ncredit guarantee agencies in the late 1990s and tasked the SME Bureau to \noversee them. \nChina’s growing credit guarantee system was a step in the right direction, \n3.15\t\nespecially since the banking system’s lending decisions were strictly on a \ncommercial basis. \nThe most remarkable aspect of China’s small and medium enterprises \n3.16\t\nis their rapid growth despite their inability to tap the official financial \nsystem. \nToday, Chinese experts estimate that SMEs are now responsible for about \n3.17\t\n60% of China’s industrial output, employing about 75% of the workforce \nin China’s cities and towns. \nSMEs are responsible for creating most new urban jobs, and they are the \n3.18\t\nmain destination for workers laid-off from state-owned enterprises (SOEs) \nthat re-enter the workforce. \nMany of the SMEs are private firms, started by enterprising individuals. \n3.19\t\nFurthermore, some of the SMEs have moved into market segments once \ndominated by state firms. \nIn New Zealand, the concept of SMEs is also vibrant. The significance of \n3.20\t\nthe SME sector in New Zealand has, thus, been increasing, with further \nopportunities presented by globalisation and technological development. \nSupplement to the January 2009 Monetary Policy Statement\n10\nReflecting this significance, SMEs accounted for 29.7% of total \n3.21\t\nemployment in February 2005, with the number of people employed by \nSMEs increasing by 7% between 2004 and 2005. \nNew Zealand’s SME sector also accounts for quite a significant proportion \n3.22\t\nof the country’s output. The SME contribution to output increased from \n37.2 % in 2003 to 39% in 2004 accounting for 23.8% in value added \noutput. \nCONTEXTUAL SME ISSUES IN ZIMBABWE…\n4.\t\n \nWhilst in Zimbabwe, Government has made commitment to the full \n4.1\t\ndevelopment and the full transformation of the SME sector over the \nyears, there has not been a comprehensive intervention programme that \nrecognizes the need for our Youths Women and other disadvantaged groups \nto be supported in developing entrepreneurial capabilities. \nThis development, largely a result of resource constraints cannot be \n4.2\t\nallowed to remain uncorrected.\n \nA peculiarity worth noting is also that Government nurtures students for \n4.3\t\nat least 11 years (7 years in primary school and 4 years at secondary level) \nand yet, thereafter, there seems to be limited frameworks that unlock the \nwealth invested in those 11 years. \nAgainst this background, the Ministry of SMEs ought to play a very \n4.4\t\nstrategic role in the development of the sector. \nSupplement to the January 2009 Monetary Policy Statement\n11\nSupport activities ought to range from policy initiatives, technical \n4.5\t\ncapacity building, and financing among other numerous and significant \ninterventions, and as the Central Bank, we recommend that Government \nsets aside resources for SME development.\n \nIt is, however, important to note that a strong institutional framework \n4.6\t\nsupporting the development of SMEs is already in place in Zimbabwe, \nas evidenced by such long-standing institutions as SEDCO, Empretec, \nand UNIDO, the ILO arms, among several other institutions currently \nproviding technical and financial support to the sector. These must now be \nreconfigured into tangible activities in support of the SMEs.\nThe turnaround of the Zimbabwean economy calls for a holistic approach \n4.7\t\nbuilding on these existing strengths so as to realize sustained growth and \noverall economic performance across the board. \nBut for the SMEs sector to flourish, there are several key issues which \n4.8\t\nmust be addressed:\nThe Key Issues\nThe financial sector has a major role to play in the creation and \n(i)\t\ndelivery of practical solutions to the challenges for the achievement \nof sustainable development. \nThe SME and microfinance sectors have to be supported – \n(ii)\t\nfinancially and technically - to become part of the formal economy \nwhich will play a crucial role in the deepening of the financial \nsector and mobilization of financial resources. \nSupplement to the January 2009 Monetary Policy Statement\n12\nPublic-private partnerships (PPP) are valuable mechanisms for \n(iii)\t\ndeveloping practical responses to African challenges. \nAccess to financial services is necessary to address problems faced \n(iv)\t\nby SMEs. \nCapacity building in the SME sector by banks is necessary to \n(v)\t\nensure long term business planning and management. \nSME DEVELOPMENT IN ZIMBABWE\n5.\t\nThe majority of smallholder farmers in Zimbabwe are women. Because \n5.1\t\nof lack of support for women in agriculture, output in agricultural sector \n(particularly in commercial areas) has remained depressed.\nThe farmers require subsidies and protection; however, weak fiscal capacity \n5.2\t\nhas hampered the transfer of adequate amounts to sustain continued \nproduction.\nThe introduction of new technologies developed in other parts of the world \n5.3\t\ne.g. India would improve the agricultural performance of rural Zimbabwe. \nThe use of simple machines would make the youth, women and other \nvulnerable groups more productive and be able to sell their output in \nforeign exchange.\nMoreover, they can engage in small scale activities utilising the agricultural \n5.4\t\noutput as inputs in small scale industries.\nThe marketing of agricultural output is fundamental in the development of \n5.5\t\nthe rural economies. \nSupplement to the January 2009 Monetary Policy Statement\n13\nENHANCING THE PROVISION OF FUNDING TO \n6.\t\nMICROFINANCE SMES\nFinancial Inclusion Framework \nIt must be noted that while all policy players are expected to play their part \n6.1\t\nin ensuring adequate access to financial services, experiences from other \ncountries indicate that where access to financial services has improved, \nCentral Banks have taken a pivotal role to foster the development of \ninclusive financial systems. \nIn view of these observations, the Central Bank has taken deliberate policy \n6.2\t\ninitiatives to render Financial Inclusion a reality to the majority of the \ncurrently marginalized Zimbabweans. \nThis \n6.3\t\ndocument sets out the Reserve Bank's Framework for Financial \nInclusion, whose objectives include: \nensuring access to basic financial services by all Zimbabweans in \n(i)\t\na sustainable, economically viable manner, through appropriate \ninstitutions, products, services and technology; \npromoting economic development, social and economic \n(ii)\t\nempowerment of the marginalized communities including rural \nand peri-urban communities through improved access to financial \nservices; \nemployment creation; \n(iii)\t\nbreaking the cycles of poverty, currently deeply rooted in rural \n(iv)\t\ncommunities; \nSupplement to the January 2009 Monetary Policy Statement\n14\ninculcating a savings culture in rural communities; and \n(v)\t\nfostering the achievement of the United Nations' Millennium \n(vi)\t\nDevelopment Goals (MDG's). \nImplementation Strategies \nThe Reserve Bank's Framework for Financial Inclusion is underpinned by \n6.4\t\nthe following pillars: \nexpanding the outreach of established developmental financial \n• \ninstitutions such as People's Own Savings Bank (POSB), ZIMPOST \nand Agribank; \nexpanding the outreach of established commercial banks and \n• \nbuilding societies; \nenhancing provision of microfinance services through establishment \n• \nof microfinance banks (MFI Banks) or Financial Inclusion Centres \n(FICs). \nurging relevant authorities to ensure provision of adequate \n• \ninfrastructure including roads, telecommunication coverage and \nprovision of electricity; \nprovision of appropriate incentives to financial institutions engaged \n• \nin rural banking; and \nengaging other stakeholders to facilitate the provision of other \n• \nincentives. \nIn pursuing the objectives of establishment of an inclusive financial system, \n6.5\t\na National Microfinance Policy has been developed, which encompasses \na tiered approach to the regulation and supervision of Microfinance \nInstitutions (MFIs) as follows: \nSupplement to the January 2009 Monetary Policy Statement\n15\nTiered System \nTiers\nInstitutions\nSupervisory\nCategory\nSupervising \nAgency\nTiers 1\nBanks and \nBuilding societies\nPrudential \nSupervision\nReserve Bank\nTiers 2\nMicrofinance\nBanks\nPrudential \nSupervision\nReserve Bank\nTiers 3\nSavings and \nCredit\nUnion \nCooperatives\nPrudential \nsupervision\nDiscretional\nMinistry \nresponsible for \ncooperatives\nTiers 4\nMicrofinance \nInstitutions\nNon-prudential \nSupervision\nReserve Bank\n \nEstablishment of Microfinance Banks \nThe Reserve Bank has developed \n6.6\t\nRegulatory and Supervisory Guidelines \nand Licensing Criteria for the establishment of MFI Banks or FICs in \nZimbabwe. \nExisting microfinance institutions and SACCOs intending to convert into \n6.7\t\nMicrofinance Banks should meet the terms and conditions as enunciated \nin the Licensing Criteria for Microfinance Banks. \nSupplement to the January 2009 Monetary Policy Statement\n16\nPermissible Activities for Microfinance Banks\nMicrofinance banks may conduct the following activities:\n6.8\t\naccept deposits including savings and time deposits; \n• \nprovision of credit facilities; \n• \nprovision of ancillary banking services such as domestic remittance \n• \nof funds and safe custody, capacity building in areas such as record \nkeeping and small business management. \nprovision of payment services such as salary, gratuity and \n• \npensions; \nmaintenance and operation of various types of account with other \n• \nbanks in Zimbabwe; \nprovision of leasing and hire-purchase facilities; \n• \nprovision of guarantees; and \n• \nprovision of housing microfinance. \n• \nOther Sources of Financing SMEs to Bolster \nMicro-Lending in Foreign Currency\nMicro finance institutions should be licensed to lend SMEs in foreign \n6.9\t\ncurrency. In addition, SMEs should also be licensed to charge goods and \nservices in foreign currency.\nThis measure will assist SMEs to generate and secure foreign exchange for \n6.10\t\nworking capital purposes, and increase capacity and generate employment. \nThis will provide substantial impetus to efforts geared at ensuring the \ngraduation of SMEs to major exports. \nSupplement to the January 2009 Monetary Policy Statement\n17\nThe financial system should also positively contribute to the development \n6.11\t\nof SMEs by providing financial support to SMEs, schools and tertiary \ninstitutions. This will enable these institutions to engage in income \ngenerating projects and enhance self sufficiency in the area of financing.\nSymbiotic relationships can also be strengthened between the agriculture \n6.12\t\nsector and SMEs through value addition and product beneficiation. In \nthis context SMEs can also engage in agro-processing to add value to the \ncountry’s agricultural produce.\nProminence should be attached to the engagement of development co-\n6.13\t\noperating partners with a view to secure financial resources for the \ndevelopment of SMEs and the vulnerable groups.\n \nSPECIFIC INTERVENTIONS\n7.\t\nAs part of the Reserve Bank’s thrust to ensure that vulnerable groups of \n7.1\t\nour society sail the multi-currency environment, the following specific \ninterventions are being implemented:\nDeepening of the rural banking programme through incentives to \n(a)\t\nthose banks that expand their nationwide branch network;\nLicensing of more micro-finance institutions in order to promote \n(b)\t\ngreater access to capital by SMEs and other vulnerable segments \nof the society;\nCalling upon all banking institutions to setup and deepen their \n(c)\t\nSME management units;\nIdentification and negotiation of tailor made regional and \n(d)\t\ninternational financial schemes for on lending to the SME sector;\nSupplement to the January 2009 Monetary Policy Statement\n18\nEngagement of the Reserve Bank in nationwide awareness \n(e)\t\ncampaigns to ensure that stakeholders are adequately advised on \nthe implications of the new economic environment and how to \nsurvive under the multi-currency environment; and\nDeepening the implementation of greater deregulation in the goods \n(f)\t\nand services market. This includes the removal of distortions in the \neconomy, particularly in respect of the pricing of foreign exchange \nand pricing of the agricultural produce. Greater liberalisation \nensures that our farmers are operating viably, which in turn uplifts \nrural incomes.\nAs Monetary Authorities, therefore, we call upon the entire banking sector \n7.2\t\nto join the Reserve Bank in ensuring that their internal credit policies play \na supportive role in the development and growth of SMEs.\nHouseholds and individuals, across the board must also exercise greater \n7.3\t\nvigilance and work to develop their entrepreneurial skills through \nengagement in income generating projects, particularly those that \nincrease the availability of basic goods and services, whilst at the same \ntime ensuring that the project implementers generate legitimate incomes, \nincluding foreign exchange for their sustenance. \nSupplement to the January 2009 Monetary Policy Statement\n19\nCONCLUSION\n8.\t\nThe 2009 National Budget and the Monetary Policy Framework usher in \n8.1\t\na new era of boundless opportunities which companies and individuals \nmust tap into.\nWhilst at first sight, the Fiscal and Monetary Policies may seem to be \n8.2\t\nleaving the vulnerable members of the society out in the cold, the various \navenues that have been proposed in this supplement seek to bridge that \ngap.\nWith a more active role by banks and Micro-Lending institutions, the SME \n8.3\t\nsector will swell into being the engine of broad - based economic growth \nand development. \nSuccess in protecting the vulnerable members of our society also demands \n8.4\t\nutmost implementation of Government policy programmes across the \nboard.\nOur utility public enterprises, as well as other producers of basic \n8.5\t\ncommodities must also rally behind this initiative by investing back into \nthe community.\nAs buyer of last resort, the GMB must ensure that it promptly pays farmers \n8.6\t\nin foreign exchange as stipulated in the 2009 National Budget.\nBy way of general advice to stakeholders, the liberalised foreign exchange \n8.7\t\nenvironment calls for a radical shift in the way we allocate resources \namong competing ends.\nSupplement to the January 2009 Monetary Policy Statement\n20\nSpecifically, we must evolve ourselves into greater propensities to save, \n8.8\t\nwhich savings pools will make the investments needs of SMEs, the youth, \nwomen groups and other vulnerable members of our community.\nAs Monetary Authorities, we are confident that through collective efforts, \n8.9\t\nthe Nation will sail through the current difficulties and emerge much \nstronger and prosperous.\nDR. G. GONO\nGOVERNOR \nRESERVE BANK OF ZIMBABWE\nJanuary 2009\nSupplement to the January 2009 Monetary Policy Statement\n21\nANNEX 1: Sectoral Breakdown of Examples of \nSME Projects That Qualify for Support \nSector\nType of Projects which can be supported (MAKING \nOF)\nFood Processing\nOil expressing \n•\t\nFruit & vegetable drying\n•\t\nPeanut butter/jam making\n•\t\nJuice making\n•\t\nMilk processing, \n•\t\nFreezit making\n•\t\nFood flavours\n•\t\nHoney processing\n•\t\nMeat processing\n•\t\nKapenta fishing and processing\n•\t\nGrinding mills\n•\t\nMealie – meal\n•\t\nStock feed\n•\t\nOther\n•\t\nBakery & Confectionery\nManufacturing\nBread\n•\t\nBiscuits\n•\t\nSweets\n•\t\nCakes & scones\n•\t\nOther\n•\t\nToiletry Making\nLiquid soap\n•\t\nDishwashers\n•\t\nDetergents\n•\t\nLaundry/bath soap\n•\t\nPowdered soap\n•\t\nTooth paste\n•\t\nCosmetics\n•\t\nOther\n•\t\nSupplement to the January 2009 Monetary Policy Statement\n22\nSector\nType of Projects which can be supported(MARKING OF)\nTextile & Garment Production\nCotton processing\n•\t\nYarn spinning\n•\t\nWeaving\n•\t\nKnitting\n•\t\nCrocheting\n•\t\nTie & dye\n•\t\nTailoring\n•\t\nProtective Clothing\nUniforms\nCorporate wear\nLadies, gents and children’s wear\nEmbroidery\nLinen\nCurtains\nOther\n•\t\nRetailing\nButchery/Abattoir\n•\t\nSupermarkets\n•\t\nBottle Stores\n•\t\nTuck shops\n•\t\nFlea markets\n•\t\nCatering\n•\t\nVegetable vending\n•\t\nOther\n•\t\nLeather & Rubber\nProduction\nLeather\n•\t\nBags\n•\t\nShoes\n•\t\nJackets\n•\t\nBelts\n•\t\nRubber\n•\t\nTyre retreading\n•\t\nOther\n•\t\nSupplement to the January 2009 Monetary Policy Statement\n23\nSector\nType of Projects which can be Supported \n(MAKING OF))\nEngineering\nAuto\n•\t\nElectrical\n•\t\nMechanical\n•\t\nComputer Assembly\n•\t\nOther\n•\t\nServices\nPlumbing\n•\t\nJobbing Services\n•\t\nHair and Beauty salon\n•\t\nAutomobile repairs\n•\t\nPainting\n•\t\nTiling\n•\t\nInterior Deco\n•\t\nUpholstery\n•\t\nGym (Health & fitness)\n•\t\nOther\n•\t\nNote: Focus will on primary production and value addition as opposed to importing-buying and \ntrading\nSupplement to the January 2009 Monetary Policy Statement\n24\nANNEX 2: Provincial Natural Endowment-Based \nSME Projects\nProvince\nResource Endowment\nPotential Projects which \ncan be Supported\nMashonaland East\nMineral Deposits\nSmall Scale\nMining/Quarrying\nDiversified Crop Farming\nAgro-processing\nOil Expressing\nMilling\nWinery\nLeather Products\nAgricultural Implements\nDairy and Beef\nMilk Processing\nAbattoirs\nLeather Processing\nMashonaland West\nDiversified Crop Farming \nAgro-processing\nOil Expressing\nMilling\nWinery\nLeather Products\nAgricultural Implements \nMineral Deposits\nSmall Scale Mining\nTourism\nSafari\nSupplement to the January 2009 Monetary Policy Statement\n25\nMashonaland Central\nDiversified Crop Farming\nAgro-processing\nOil Expressing\nMilling\nWinery\nLeather Products\nAgricultural Implements\nMineral Deposits\nSmall Scale \nMidlands\nCrop Farming (Cotton)\nAgro-processing\nOil Expressing\nStock Feed Manufacturing\nTextile & Garments\nDairy \nMilk Processing\nManicaland\nForestry Plantations\nPaper Processing\nWood Processing\nFurniture Manufacturing\nFruit & Vegetable\nProcessing\nMineral Deposists\nSmall Scale Mining\nSupplement to the January 2009 Monetary Policy Statement\n26\nProvince\nResource\nEndowment\nPotential Projects which can be \nSupported\nMasvingo\nTourism\nMineral Deposits\nArts & Sculpture\n•\t\nTextile & Garments\n•\t\nLodges\n•\t\nTravel & Tourism\n•\t\nSmall Scale Mining\n•\t\nMatabeleland North\nCattle Ranching\nTourism\nAbattoir\n•\t\nMilk Processing\n•\t\nBeef Processing/Canning\n��\t\nLeather Processing\n•\t\nHunting & Safari\n•\t\nTravel & Tourism\n•\t\nLodges\n•\t\nArts & Sculpture\n•\t\nMatabeleland South\nCattle Ranching\nMineral Deposits\nAbattoir\n•\t\nMilk Processing\n•\t\nBeef Processing/Canning\n•\t\nLeather Processing\n•\t\nSmall Scale Mining/\n•\t\nProcessing\n•\t\nSupplement to the January 2009 Monetary Policy Statement\n27\nANNEX 3: A Survey of Effective SME Technologies\nBelow is a synopsis of brief discussions of technology that can be used by \nZimbabwean SMEs in the production of the various products.\nExercise Book Making Machine\nThis machine makes exercise books, register and other stationery items \nfor schools, offices, colleges and universities. \nBenefits:\nAvailability of text books in schools.\n• \nDecentralization of the production of school material.\n• \nSchools could produce their own books and sell in school shops.\n• \nParents at the school could be engaged to assist in book making \n• \nprojects at the school.\nOlder children at high school could work in practical subjects \n• \nteaching the art of book making\nEmployment creation\n• \nImport substitution \n• \nNail/Screw Making Machine\nThis machine produces various sizes and \t types lengths and thickness of \nnails and screws and is very simple \t to operate.\nSupplement to the January 2009 Monetary Policy Statement\n28\nBenefits:\nLocally available raw materials\n• \nFlexible\n• \nIncreases locally produced nails and screws to take care of high \n• \nconstruction initiatives in the housing and construction sectors.\nDampening inflationary pressures triggered by the construction \n• \nsector\nSupplement to the January 2009 Monetary Policy Statement\n29\nBath & Laundry Soap & Washing Powder Machines\nThis soap machine (3 in 1) makes bars and fancy soaps and \n• \nglycerine soap & wax, \tcandles and chalk\nBenefits: \nProduct availability \n• \nImport substitution\n• \nMachine easy to operate\n• \nEconomies of scale and scope\n• \nEmployment creation and price stability \n• \nSupplement to the January 2009 Monetary Policy Statement\n30\nToilet Roll Making Machines\nHigh Speed Toilet Roll Making Machine with Auto core Loading & Self Gluing \nObjective\nIncreasing availability of toilet tissues to all marginalized areas at \n• \naffordable prices and ensuring self sufficiency.\nAdvantages of the Machine\nThe machine can make a combination of roller towels, garage & \n• \nhospital wipes & disposable towels\nMakes 25 to 80 rolls per minute*\n• \n. (Depends on model & operating \nspeed) \nJumbo production tissue rolls easily available. \n• \nLow electricity consumption. \n• \nLow maintenance \n• \nSupplement to the January 2009 Monetary Policy Statement\n31\nEasy to operate - Learn in an hour how to work machine. \n• \nRequires 1 to 2 operators. \n• \nMachines able to operate 24 hours \n• \nIts easier than you can imagine \n• \nCheaper toilet rolls are needed. \n• \nMake up to *40000 rolls per day\n• \nBenefits\nEmployment creation\n• \nEmpowering the marginalized, women and youth \n• \nDemand available daily\n• \nIncredible profit potential\n• \nRaw materials\nSawdust, husk, organic waste, wood, tree stumps and many other \n• \nwastes, readily available from Border Timber and other timber \nsawmills.\nMarket\nFactories, Hospitals, Prisons, Chemists, Shops, Hawkers, Cleaning \n• \ncompanies, general public, Schools, Big buildings, Big companies \netc.\nSupplement to the January 2009 Monetary Policy Statement\n32\nBlock and Paving Machine\nObjective\nTo boost the construction industry in line with the United Nations \n• \nMillennium Development Goal of proving decent and affordable \naccommodation to all people. \n• \nAdvantages of the Machine\nCompact floor space \n• \nEasy handling \n• \nLow cost of maintenance \n• \nLow capital investments \n• \nSupplement to the January 2009 Monetary Policy Statement\n33\nRobust / Long-life \n• \nIncredible profit potential \n• \nHighly flexible capacity \n• \nElectric, Diesel or Manual\n• \nPortable & Fixed Model \n• \nSystem designed to use less cement so they reduce brick weight.\n• \nDesigned to operate 24 hours \n• \nBenefits\nEmployment creation\n• \nEmpowering the marginalized, women and youth \n• \nBuilding materials, particularly bricks, are in high demand nationally, \n• \nand therefore set to benefit the local building communities, as we \nstrive to meet the housing for all campaign\nIncredible profit potential\n• \nImport substitution\n• \nRaw materials\nCement\n• \nWater\n• \nColour powder\n• \nSupplement to the January 2009 Monetary Policy Statement\n34\nMarket\nLocal communities, \n• \nBuilding and paving contractors, \n• \nPublic contractors\n• \nPrivate developers\n• \nRoof Sheet Machines\n \n  \nSupplement to the January 2009 Monetary Policy Statement\n35\nVarious Models \n \nObjective; \nTo boost the construction industry in line with the United Nations \n• \nMillennium Development Goal of proving decent and affordable \naccommodation to all people. \nAdvantages of the Machine\nIncredible Profit Potential \n• \nMake many, many designs sheets or tiles. \n• \nWorks on a roll forming system. \n• \nPlant will fit into a 40Ft container \n• \n5 Ton rolls (25 rolls in 20ft container) (various colours available) \n• \nBenefits\nEmployment creation\n• \nEmpowering the marginalized, women and youth \n• \nIncredible profit potential\n• \nSupplement to the January 2009 Monetary Policy Statement\n36\nRaw materials\nAsbestos\n• \nIron\n• \nHardened Plastic\n• \nCement\n• \nColour coated steel\n• \nMarket\nLocal communities, \n• \nBuilding and paving contractors, \n• \nPublic contractors\n• \nPrivate developers\n• \nSupplement to the January 2009 Monetary Policy Statement\n37\nBakery Equipment\nBakery Ovens in various sizes\nSupplement to the January 2009 Monetary Policy Statement\n38\nObjectives\nTo ensure availability of bread to all people in the \n•\t\nmarginalized areas\nSupplement to the January 2009 Monetary Policy Statement\n39\nAdvantages of the Oven Machines\nCompact floor space\n• \nEasy handling due to user friendly controls\n• \nLow cost of maintenance \n• \nLow capital investments with max production\n• \nHighly flexible\n• \nHigh capacity\n• \nMillions of bread rolls, cakes, etc are sold every day.\n• \nAreas where electricity is not freely available - the manual mixer \n• \n& (gas) oven & proofer is ideal.\nBenefits\nEmployment creation\n• \nEmpowering the marginalized, women and youth \n• \nMillions of bread rolls, cakes, etc are sold every day.\n• \nIncredible profit potential\n• \nRaw materials\nFlour\n• \nyeast\n• \nwater\n• \nsugar\n• \nsalt\n• \nSupplement to the January 2009 Monetary Policy Statement\n40\nMarket\nLocal communities, \n• \nSupermarkets\n• \nHotels and restaurants\n• \nSchools, crèches, and universities\n• \nHospitals and other government institutions.\n• \nWire Mesh Machine\nSupplement to the January 2009 Monetary Policy Statement\n41\nWire Chain Link Fencing Machine\nWire Wearing Machine\nSupplement to the January 2009 Monetary Policy Statement\n42\nBarbed Wire Machine\nHexagonal Wire Making machine\nSupplement to the January 2009 Monetary Policy Statement\n43\nAdvantages of the Fence-making Machines\nCompact floor space\n• \nEasy handling due to user friendly controls\n• \nLow cost of maintenance \n• \nLow capital investments with max production\n• \nHighly flexible\n• \nHigh capacity\n• \nBenefits\nEmployment creation\n• \nEmpowering the marginalized, women and youth \n• \nDemarcation of farms, homesteads and gardens, poultry, rabbit\n• \n \nruns\nRaw materials\nExtruded Wire \n• \nMarket\nLocal communities, \n• \nFarms\n• \nHomesteads\n• \nCompany premises\n• \nSupplement to the January 2009 Monetary Policy Statement\n44\nRecycling Plant for Waste Tyres\nObjectives \nZimbabwe is currently experience a shortage of tyres due to unavailability \nof raw materials. Against this backdrop, the construction of recycling \nplants for waste tyres will greatly improve the situation\nSupplement to the January 2009 Monetary Policy Statement\n45\nBenefits\nCrushed waste is Suitable For: \nSports Grounds, Tennis Courts, Track, Riding Facilities, \n• \nPlaygrounds \nRoad Construction – Reduce driving noises and to minimize cracks \n• \nand holes\nPart of the recycled waste tyre granulate is used to produce new \n• \ntyres. \nMoulded articles for use in family households and in Industry \n• \nused in the car industry as insulating material or in the form of \nmoulded articles for ventilation systems and seats\nFootwear – Sole\n• \nMats – Vibration damper Sound Insulation\n• \nStables - Floor Coverings \n• \nSupplement to the January 2009 Monetary Policy Statement\n46\nRaw materials\nUsed tyres\n• \nElectricity\n• \nWater\n• \nMarket\nTyre dealers\n• \nLocal Authorities\n• \nPlastic Bottle Moulding Machine\nPlastic Blowing Machine\n \n \nSupplement to the January 2009 Monetary Policy Statement\n47\nObjective\nTo avert the current shortages of water, juice, oils, lubricants \n• \npackaging material\nAdvantages of the Machine\nLow Electricity use +/-9Kw p/Hr Auto Control PLC\n• \nRevolving infrared pre-heat system, it ensures pet performs be \n• \nheated evenly. \nMachine uses mechanical-double arm mould clamping which \nensures the mould be closed tightly even under high pressure and \nhigh temperature and operates silently.\nMachine is suitable to produce differently shaped bottles.\n• \nProduce bottles for: mineral water, carbonated soft drink, juice, \n• \nmedical, cosmetic, oil, detergent, shampoo & hot filling bottles.\nSteady high pressure to blow large irregular shape bottles\n• \nWide mouth jar/bottles can also be made.\n• \n Make bottles from size *100ml to *6000 ml including 2Lt to 5lt \n• \nFree 2 Cavity Mould (2 bottle in one) \nBenefits\nCheap availability of plastic bottles\n• \nSupplement to the January 2009 Monetary Policy Statement\n48\nRaw materials\nPlastic\n• \nWater\n• \nMarket\nBeverage manufacturers\n• \nPharmacies\n• \nOil companies\n• \nWater packaging companies\n• \nHand made tiles\nThe manufacture of hand made tiles requires only rudimentary implements \nincluding the following: \nmild steel,\n• \n outer frame,\n• \ninner design frame, \n• \nglass pane, \n• \ntrowel, \n• \nshovels, \n• \nsieve for the sand.\n• \nSupplement to the January 2009 Monetary Policy Statement\n49\nThere is also an artistic skill passed from generation to generation and \nthis clearly shows on the consistency of the colours and the matching \ncombinations especially for people in remote parts of the country, with no \naccess to computerized designs.\nRaw Materials\nSand which has the required qualities,\n• \nCement, and\n• \nColouring agent.\n• \nDry Flowers\nTechnology\nThe process of the production of dry flowers uses simple technology \nconsisting of the following:\ncolouring tanks which are fabricated out of steel, \n• \nsimple lifting devices, \n• \ngreen houses for drying, \n• \nplastic containers for bleaching, and\n• \nsolar energy for heating water for dyeing.\n• \nSupplement to the January 2009 Monetary Policy Statement\n50\nRaw Materials\nRaw materials are collected through the informal and traditional \n• \nsectors of the economy, and\nPlant species which grow in the wild and can be replenished \n• \neasily.\nIt is estimated that 20% of the raw materials used are cultivated \n• \nand 80% are collected from the wild as agricultural waste.\nThe procurement can be from established network of farmers who \n• \nserve as gatherers and sometimes who also grow. Some collection \nagents can also be used.\nFruit Juices Extractor\nA fruit juice extractor displayed at the CFTRI Engineering Department showroom\nSupplement to the January 2009 Monetary Policy Statement\n51\nThe machine is used to extract juices from fruits and vegetables.\nMini Dhal Mill Machine\nThe Mini Dhal Mill machine which may be hand, diesel and electricity operated. \nIt is used for dehulling and crashing grains into different sizes.\nSupplement to the January 2009 Monetary Policy Statement\n52\n Milk Processing Machine\nPipes for the milk processing machine done at Goma Engineering\nCosmetics and related products\nThe technology shown below produces ddetergent cake (laundry soap), \nbathing soap, shampoo, air freshener and tooth paste.\nTechnology\nEquipment used in the manufacturing of the products includes:\na mixer, \n• \nfloater, and \n• \nploader.\n• \nSupplement to the January 2009 Monetary Policy Statement\n53\nSoap ingredient mixer\nRemoval of lumps from detergent wax\nSupplement to the January 2009 Monetary Policy Statement\n54\nHand made Paper and Board\nThe Hand made Paper and Board machinery produces a range of products \nincluding:\nenvelopes, \n• \ngift wrappers,\n• \nhand bags, \n• \nboxes, and\n• \npicture frames.\n• \nTechnology\nMachines used in the whole production chain include; \nWaste cloth pulping,\n• \nPulp setting sieves,\n• \nPulp pressing,\n• \nGuillotines, and\n• \nEmbroidery \n• \nSupplement to the January 2009 Monetary Policy Statement\n55\nPulping of the cloth\nThe pulp is then fed into rectangular fiber seave.\nSupplement to the January 2009 Monetary Policy Statement\n56\nThe sheets are then compressed to remove water.\nRaw materials\nwaste pieces of cloths\n• \nA variety of dyes are used to add value to the paper produced.\n•", "source": "RBZ", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///RBZ/Monetary_Policy_Statements/surving_econo_envZim.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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