Kwacha loses more than 2% on Wednesday

Kwacha Dollar Lusakavoice
Kwacha Dollar Lusakavoice

The kwacha lost more than 2 percent on Wednesday, weakened by thin dollar inflows.

The local currency retreated to K7,37.00 per dollar from an opening level of K7.21.00.

BancABC Head of Treasury John Mapiye quoted by Reuters said there was no foreign participation in Zambia’s Treasury bill tenders and any slight dollar demand creates a spiral.

The Kwacha has been on the back foot against the US Dollar mainly due to a slump in the copper price which is Zambia’s major foreign exchange earner.

Credit – QFM NEWS


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