Kwacha in stable appreciation

Cavmont Bank has disclosed that the Zambian kwacha has appreciated to a five week high against the United States dollar.

 

The Bank stated that this appreciation is due to increased dollar inflows on interbank.

 

The local currency closed yesterday’s trading at K6.015 to K6.035 per one US dollar which was 1.39 percent (K0.085) stronger than the day’s opening rate.

 

This is according to Cavmont Market report for Wednesday obtained by ZANIS in Lusaka today.

 

The report stated that in the short to medium term, the local unit is expected to trade within range against the greenback.

 

And the commercial bank’s aggregate current account balance increased by K732.65 million to K1, 518.29 million while the cost for interbank borrowing and lending remained at 13 percent.

 

The report further disclosed that funds traded on interbank were K244 million.