Kwacha gains 1 p.c


THE Kwacha yesterday gained about one per cent against the United States dollar to about K11.50.
The local currency for the third day running continued with its semblance of recovery following a 17 per cent record fall posted on Monday this week.
The Bank of Zambia (BoZ) has reportedly continued intervening by selling dollars on the market.
In the short-term, the Kwacha is likely to continue holding steady against the dollar, keeping within the range of K11 and K12 on the inter-bank with help from the BoZ and treasury auction.


According to Zanaco daily newsletter, the Kwacha gained against the dollar for a second day on Wednesday as month-end dollar demand eased.
Yesterday the traders said the Central Bank’s intervention by selling dollars on the inter-bank market supported the local unit to slightly appreciate.
A check at most bureaux de change in Lusaka showed that the local unit was trading in the range of K11 and K12 against the dollar.
At Strust Bureau de Change, the local currency was trading at K11.50 and K12 against the greenback, while at JIT Bureau de Change the Kwacha was in the range of K11.80 and K12.80.
At 13:45 hours on Thursday at inter-bank the buying and selling of the local unit was at K11.59 and K11.61, respectively.
However, the Kwacha has been showing signs of recovery since the Central Bank pumped in more money on the economy.
At the close of Wednesday trade at 15:30 hours, commercial banks posted the Kwacha at
K12.000/12.020 against the dollar, stronger than Tuesday’s close of K12.375/12.395.
It gained 38 ngwee on the day to touch an intra-day high of K11.960/11.980 on the back of strong Central Bank support and an inter-bank sell-off.