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Finance Bank Zambia says the Kwacha’s momentarily appreciated to K11.72 and K11.74 on Friday was on anticipation of the Minister of Finance budget speech.
In its daily market report, the bank says overwhelming demand at these levels quickly reversed the gains and saw the currency pair drop K11.87 and K11.89.
“Government anticipates a decline in copper output and subsequent foreign exchange receipts,” the statement reads.
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