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The Volatility of the Kwacha against the United States dollar has increased 10.2 percent from the previous week reaching a peak of 26.2 percent on Friday 28th March 2014.
According to the Zambia Institute of Policy Analysis and Research the Current volatility levels are much higher compared to the first quarter of 2013 which recorded 18.8 percent following the currency rebasing.
Zambia Institute of Policy Analysis and Research Fellow Public Finance, Shebo Nalishebo says this was despite the local currency having appreciated by 1.77 per cent .
In a statement issued in Lusaka, Mr. Nalishebo says
this broke the rest of the week’s depreciation trend from Thursday’s rate of six Kwacha 37 Ngwee to six kwacha 25 ngwee on Friday due to increased demand for the Kwacha as corporates meet end-of-month obligations such as salaries.
He says the Bank of Zambia also continued with its tight monetary policy in attempts to arrest inflation and raise the policy rate by 1.75 percent from 10.25 per cent to 12 per cent.
