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The Kwacha has continued to tumble against the US dollar which has proved bullish against the local unit for some time now.
The local currency weakened further on Thursday after posting the biggest single day decline this year after a surge in demand for the dollar amid high liquidity levels in the money market.
This is according to the Cavmont Bank Market Report which was posted on the Bank’s website and monitored by ZANIS in Lusaka today.
The local unit opened at K5.640 to K5.670 before closing at K5.680 to K5.710.
The bank anticipates the Kwacha to recover in the short term on the backdrop of the bond auction which will be held today, Friday, February 14.
The Bank’s aggregate current account balance increased by K100.46 million to K2, 232.85 million while the cost for interbank borrowing and lending rose by 0.05 percent to 10.00 percent.
Funds traded on interbank were K45 million.
