Kwacha slightly improves

Bank of Zambia kwacha
Bank of Zambia kwacha

The Kwacha yesterday made a brief recovery against the United States Dollar following some improved inflows on the interbank.
The local unit opened for trading at K5.720 to K5.750 but closed at K5.755 to K5.785 following some resurgence in demand.

The local currency is likely to remain under pressure in the short term should the supply remain inadequate.

This is according to Cavmont Capital Bank Market Report for Thursday, February 20, 2014 which was posted on the Bank’s website and monitored by ZANIS in Lusaka today.

The Bank’s aggregate current account balance increased by K150.16 million to K2, 004.02 million while the cost for interbank borrowing and lending declined by 0.15 percent to 10 percent.

Funds traded on interbank were K201 million.

The treasury auction was over-subscribed with yields falling most tenors.

The amount offered was K600 million while total bids received were K960.5 million.