Zambia’s currency, the Kwacha continued its retreat against the United States dollar last Friday due to the continued dollar demand on the interbank market.
The local unit opened trading at K5.755 to K5.785 before depreciating to K5.770 to K5.800.
According to Cavmont Capital Bank market report released today, the local currency is likely to continue being under more pressure in the coming days from strong importer demand.
This is according to the market report posted on the bank’s website and monitored by ZANIS in Lusaka today.
The bank’s aggregate current account balance reduced by K565.03 million to K1, 438.99 million while the cost for interbank borrowing was up by 0.04 percent to 10.04 percent.
Funds traded on interbank were K119.50 million.
The Bank of Zambia (BoZ) on Friday opened the open market operation (OMO) market offering term deposits to assist reduce excess liquidity experienced in the last two months.
3 Old folks have no idea on how to deal with situation. 1976 you were a minister and you still want to be a minister even after thousands of young ones have graduated. Leave the position to young ones with fresh brain to deal with current economic problems!
Chikwanda posako amano boyi!!! you are now playing with peoples lives here. All you ever talk about is borrowing. Ninshi mwasambilile kwisa finance and management imwe kanshi? Useless old f00l.
dont worrythe kwacha will pick up after 90days…. Sata has a 90 days master plan
He will drop more zeros, dont worry! and everything will be cool bananas
The depression currencies is not only in Zambia,its a same situation here in sierra leone ,previously $1 was against 4300 leones,but now $1 IS traded against 4700 leons , Ghana is not exceptionaly ,$1 was traded against 2 cedi, now its 2.70cedi
Who cares dam about Siera Leone?
The issue is constant purchasing power devaluation of Zambian Kwacha.
Burton c Zambia and leon r two different countries, U enjoy war, us we don’t so don’t comopare our country to yours.
Iwe makaka you compare Zambia to a war tone country sierra Leon with sanctions? what kind of reasoning is that? Ndimwe bamozi naba mozi wene chimbwi no plan!
Am still sleeping. Please wake me up when it hits K20 per dollar
iwe we saka 142 and RSM, what do you know about economics,all the currencies are falling against the u$,due to, why its something to do with imports and export,for a example,south africa and Ghana economic is driven by gold as there main chief export,so if the price of copper ,iron ore and gold prices are going down what do you expect in the currencies of those country. automatically the currencies while fall against the doller
We miss Levy Mwanawasa not this pathological liar. The grade 4 has brot zambia to its knees.
AS LONG AS WE CONTINUE HAVING SATA AS A PRESIDENT KWACHA WILL NEVER APPRECIATE.
THE MAN DOES NOT UNDERSTAND THE ECONOMY.
LETS VOTE HIM OUT IN 2016.
@top soup: you have made my day mwana! I will wake you up when it reaches K20 to USD1.00 as per your request.
Continue enjoying your peaceful sleep in the meantime.
…and all is well with TEAM 90!
Granted the issue of currency depreciation is not unique to the Kwacha. However, the most major concern is the BoZ response to the situation. Currency needs to be stable and fairly predictable to enable proper planning for any financial investment. The attitude of Alexander Chikwanda and the fact that BoZ does not appear to have full control of monetary policy as it had been during the time of Caleb Fundanga, is a huge source of concern about the future of the Kwacha. People are quickly losing confidence in the kwacha and this is likely to build up more pressure on the currency which will likely lead to further depreciation.
come on people Chikwanda said depreciation of the kwacha is not a major concern
he is not worried about it so should we.
Let me guess, drop off a couple more zeros…?
Currency depreciation is not necessarily a bad thing. Alarmists please tone down. The economy is in the safe hands of a wise old man and an experienced sage. These are minor issues. Do you eat dollars or do you eat food? Why do you want to purchase more dollars than at the current rate? All you need to concentrate on is a powerful domestic market thats all. Alarmists
@Kudos! Hommosapiens chose Kitwe the cleanest town! Ur very foolish, Bad eggs like u are the making Zambia lag behind, u r very Dull
Ubukopo, Don’t you know that all our machinery are in Dollar form? Kwata Tompwe.
R U ready to walk? Next increase is fuel (diesel, petrol, gas, kerosene etc) because no producer will accept payment in Kwacha.
Have guess, what is the next to go up?
Transport. Right? By the way, how you are going to bring food to consumers?
This is too bad and it paint a bad picture to the citizens who are going to feel the pain of more money chasing few goods and where is the more money in our pockets?
In somebody else pockets?
This Kwacha is giving me sleepless nights?
This Kwacha thing thats what PF means more money in your pocket withdraw the kwacha and buy the dollar come december sell the dollar more money in your pocket
i gave my opinion last time also.
lets start using USDollars like zimbabwe and we will all be happy…..
we are still immature as a country with archaic laws.
Is the kwacha still depreciating?