Kwacha slumps further to US dollar
Standard Bank says the Kwacha fell to a one-week low against the United States dollar on Wednesday, March 13, 2013, closing 20 points weaker on the inter-bank at KR5.370 (K5,370) and KR5.390 (K5,390) for bid and offer respectively.
This is according to the bank’s daily brief update for March 14, 2013.
Meanwhile, on the international market, the South Africa Rand extended losses against the US dollar on Wednesday, weakening as much as one (1) per cent to a new four year low as weak domestic retail sales data highlighted an economy under stress.
“London copper slipped by 0.18 percent to $7,771 a tonne by 0337 on Thursday under the pressure from a stronger dollar after United States (US) retail data underlined recovery, while Chinese consumers stay on the sideline when it pulled back from two-week highs,” the bank states.
In the previous trading session on Monday, the Kwacha held steady against the dollar and was still range bound trading between 5.300 and 5.400. The Inter-bank closed at 5.350 to 5.370.
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Oops ! Poseniko amano bane.Ni normal but it shouldnt be a trend.
Good comment there. What we need to know is why? why is this happenning and how do why avoid or work on the problem? Is it the markets determining this occurance or someone is busy squeezing the buttons in the shadows?
The weakening of the kwacha is due to the strong economic recovery of the USA economy as seen by its retail gain in consumption and the high demand against the dollar,re-basing has got nothing to do with the weakening of the kwacha.
fuseke, and why cant we have strong economy also
This has been a trend you dimwit. Go to school again.
Why are you insulting him? i dont understand were some of you get off, bushe you woke up on the left side of the bed? early bells honestly!
Kolwe, have you been sent to defend rebasing. How can it have completelynothing to do with the strength of the currency when that was exactly what it was meant to achieve?
I’m from the United States…… What strong economic recovery…. I have learned Zambians have no clue as the the situation in the states. No real recovery here. But it’s fun to pretend… It’s not happening.
Ukwa and his careless mouth are to blame,thats what happens when a mad man is in power.
Ba Gumugumu mulipo.? lets get real and call a spade a spade, check the markets on CNBC, Bloomberg or Summit you will be shocked to notice that the dollar is getting stronger even against the major currences, the rand is worst hit if you ask me, even the pound is feeling the heat…now would you blame HEMCS..?
But Ukwa read statistics that we are doing very well.so whats this now?
One of the hopes we had in PF is to prevent free fall of our kwacha. Do something before ERB annouces fuel increase siting depreciation.
The mealimeal supply is also not stable though Ministers keep on talking but we see no improvement whatsoever in the price of this commodity.
These are theissues that have a direct impact in our lives not what we heard the other day that GDP, whatever …………………
Ukwanomics for you!
so we who get paid in dollars yabalansa..manje for my fellow bros and sisters yakosa…i hope somethimg will be done other than just talking ..the state of our economy right now is worrying to say the least..
THIS IS NOT SO GOOD FOR ZAMBIA AND SOUTH AFRICA. I AM SURE THE PF GOVERNMENT IS WORKING AT CUSHIONING THESE EFFECTS. CONTINUE WORKING HARD OUR DEAR PRESIDENT SATA.
What strengthing u.s. economy. I live in the states… No recovery here.
Sata’s politics has brought a lot of negatives onto our economy. The international community will squeeze Zambia further in response to Sata’s non respect for the rule of law in a Democratic State.
NDELOLESHAFYE!!!NOKULOLELAFYE..
it’s not only the kwacha or rand. All major currencies fell to lowest levels on friday due to non farm payroll which was strong than expected. US economy created 237, 000 in February and the 1.1 % rise in retail sales yesterday helped the dollar to strength. Investors are returning confidence in the US economy due stagnant growth in euro zone.
informed comment…Good comment – well done bro….!!
This is one of the sane comments one wants to see not most of those comments that read like a script from a superstition drama play…
Awee iwe tatulefwaya ama theory.why didnt he talk about these challenges mu campaign.he just said he will fix everything.tulelolela noti ayo ama labishi watampa
Increase salaries for paliamentarians to cushion this economic effect, we cannot allow poverty stricken leaders in the national assembly cos, they will be corrupt. For civil servants and the genral populace at large , no need of increasing their salaries
No matter what watchdog is coming back.if it doesn’t imform mevi roll out the software to beat the barrier from the same chinese who have blocked it
The Dog is blocked?? Good news together with the election of Papa fimofimo… Let the dogs sleep now…
The trouble with the BOZ is they allow every Jim and Jack to externalise Forex at will. We need to plug off this hole.
This is normal in a floating system, if you want a fixed exchange rate , it can be it introduced but it has it’s disadvantages and Zambia’s reserves are not enough to sustain a fixed exchange system.
Rebasing has nothing to do with exchange rates as some people are suggesting, I have observed that making careless comments is becoming a norm in Zambia. People are trying to twist facts and make ignorant statements and try to justify them with more lies. Let us comment on things we know about, not insults or tribal comments which have nothing to do with the subject at hand.
zambian kwacha should not gain for now, it is good for zambias developing industries
The Dollar is gaining because the U.S.A govt pumped a
lot into their economy, the government needs to do a lot
in terms of the economy and jobs instead of just causing bye
elections and all this bickering