The Zambia Kwacha has closed the month of February with a further depreciation.
Yesterday, the local currency depreciated further owing to increased demand for the United States dollars from importers wanting to cover their foreign obligations so as to minimise currency losses.
The local unit opened trading at K5.780 to K5.810 and closed at K5.795 to K5.825 yesterday.
This is according to Cavmont capital bank market report for Thursday, February 27, which was released to ZANIS in Lusaka today.
The bank said in the absence of improved supply, the Kwacha was likely to remain under pressure in the short to medium term.
And the bank’s aggregate current account balance increased by K86.99 million to K691.99 million while the cost of interbank borrowing and lending declined by 0.17 percent to 10.00 percent.
The financial institution further disclosed that funds traded on interbank were K170 million.
ZANIS
Sata says “Fikaisova”…
ati kwacha fails to recover before february end… since when i have seen kwacha recover in feb-worry,, especially under Sata sitting next to kabimba??…
Chikwanda and Sata have outlived their economic usefulness. They cant understand nor derive ways and means of controlling these parameters. Why cant Sata humbly request Magande to help the nation? Put politics aside and bring on board capable pipo before the Zim Zim inflation hits our be
You are forgetting our super efficient Minister of Commerce, Trade & Industry who jointly with his deputy are achieving great results.
Zambia needs to put priority on increasing non-traditional exports. It has to negotiate for balanced trade with its main trading partners such as South Africa and China. Government should stimulate small scale exporters through various incentives.
How to increase non traditional exports when Government is more interested in collecting export duty instead of providing affordable finance to export oriented enterprises?
shortcut,,, just drop more zeros,, what you are explaining is confusing to PF
I miss MMD so much, the kwacha used to be very stable competitive.
We have dull people running the country…. Chikwanda is making the same mistakes he made 41 years ago when he was minister of finance.
Old senile people shouldn’t be running govts. They have had their time!!!! Zambia can’t wait for 2016 to correct a grave error!!!!
Wait, after Government finish moping-up 12.8 billion, exchange rate will hover around 7.50 for 1 USD
The exchange rate alone does not indicate the state of the economy, the problem in Zambia is that there is a huge percentage of economically inactive people and the inflation rate is far to high. The BOZ and Sata lead Gov’nt are not doing enough to balance the economy.
What do you expect from Ukwanomiks? Worse still , Chimbwi No Plan.
What ideas should our present govt learn from the legacy of the great late mwanawasa and magande? Magande assist your brother Mr chikwanda,forget about politics!Zambia can rise when we put our heads together.
@ Danny Mwaba, good observation – but not in an environment where you’re not able to speak your mind freely without showing any political affiliation and not where people are not appointed on merit – the rulers can hardly get any good advice under such situation. I am sure there are a lot of Zambians out there feeling the same but dare not speak!