Kwacha still weak

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The Kwacha opened its trading on a weaker note this week

According to ZANACO Bank, the Monday and Tuesday’s trading session on the interbank market saw the kwacha weaken due to a spill over demand for the dollar from last week.

The local unit which lost 2-ngwee against the U.S currency was trading at 11-kwacha 29 ngwee and 11-kwacha 31 ngwee on both the interbank and corporate market.

ZANACO says it expects the Kwacha to continue facing pressure in the near term as the dollar supply is expected in close to mid month when taxes are due.

The bank says the kwacha is expected to trade on the low against the U.S currency within the range of 11-kwacha 30 ngwee and 11-kwacha 45 ngwee respectively.

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