The Zambian currency, the Kwacha, on Tuesday failed to sustain its gains against the United States dollar as demand outweighed supply on interbank as well as from corporates.
This is according to Cavmont Bank market report for Tuesday and released to ZANIS in Lusaka today.
The report disclosed that the local currency opened trading at K6.180 to K6.220 per one US dollar but later weakened to a high of K6.240 to K6.280 during afternoon trading.
The report further stated that despite its current weakness, the local currency is expected to firm up as exporters convert dollars for Kwacha to settle month end obligations.
And the Bank’s aggregate current account balance increased by K356.53 million to K801.30 million while the cost for interbank borrowing and lending increased by 0.27 percent to 17.95 percent.
The report also revealed that funds traded on interbank were K521 million.
“And the Bank’s aggregate current account balance increased by K356.53 million to K801.30 million while the cost for interbank borrowing and lending increased by 0.27 percent to 17.95 percent.“
you people with PhDs please explain to me the effects of Sata`s cost for interbank borrowing and leading increasing by 0.27 prcent to 17.95 percent in relations to a “pamela“ impact on the simple man on the street,,,,,,, please use simple or “small“ english language,,,,
Face to Face na kateka!!!!!!!
Kateka bobe, li tole!!The bottom line is the rich will get richer and the poor will get poorer. The middle class that emerged in the last 5-10yrs will either make it or break it if the current situation continues.
As far as our leaders are concerned the kwacha is doing fine. Scott is on record saying the fuel increase is minimal because he is doing fine, confirmed by Willie Sanda who is now eating.
Is there any little chance that our leaders even know how this can be rectified before the kwacha is valueless? No good policies towards the production sector three years in govt is a major worry.