THE Kwacha hit K8 mark, the highest depreciation ever recorded on Monday, a survey has revealed.
A check at Fx Africa Bureau yesterday indicated the local unit was buying at K7.85 and selling at K8.00 while on the Bank of Zambia (BoZ) website, it was quoted at K 7.91and K7.93 on bid and offer respectively, by midmorning.
Other Bureaux, Unifinance Bureau and Goldfield were selling and buying at K7.80 and K7.96 and K7.85 and K7.95 respectively.
But Cavmont Bank in its market report issued on Friday says the Kwacha maintained a stable range against the United States (US) dollar for most of the trading session opening at K7.85 and K7.57 and made only marginal movements in either direction as demand was matched by supply.
The bank says an increase in demand on the inter-bank saw the currency pair touch an intra-day low of K7.92 and K7.94, towards close of the trading session.
It says the local unit closed at K7.90 and K7.92, a positive retracement from the day’s low levels but K0.055 weaker than Thursday’s closing levels.
Meanwhile, Finance Bank Zambia in its foreign exchange money market rates says the Kwacha depreciated by K0.065 by 09:00 hours yesterday to trade at K7.86 and K7.99.
Recently, the central bank said to tackle the fall in the Kwacha, it raised the reserve ratio by 400 basis points in April this year to 18 percent following last year’s increase to 14 percent from eight percent.
This tightened liquidity conditions, boosting the interbank rate to 14.6 percent by the end of June from 12.9 percent in March, and helped support the currency but since late May, the Kwacha has again been falling, hit by weaker commodity prices, a growing current account deficit and the strengthening dollar.
This is what happens wen u vote for a kaponya
Ya its Lungu,,who has made all the intire SADC region to have weak currencies,,,Some pipo are dull,,dnt jst read abt Zambia,,read about some countries in the region aswell u will see the results,,ba swine flu
Even the Chinese currency,Ghana………………
Elo lwanya nomba
Even the Malawian Kwacha keep sliding against the US dollar,check currency trend in SADC region,the Rand also weakening against US dollar
@ William Mwamba jr the comment “Nice” was only used as a SATIRE.
what can we do to stablise kwacha?
We need 2 support our local brandy
Ifintu ni Lungu….tiye nayo…let it jst reach k20 maybe zambians cn wake up frm there docility wen votin.
Nangu fye k50
Kkkkkkkk @ William Kunda Mulenga,i think so…
We don’t mind
Even if can reach 20k,we are used,,pf
no wonder zambia cant go forward with such “i dont care” mentalities.such a shame!
Infact I was waiting gud answers frm u,,ad thm u are saying mentalities it means tht we are both mental my friend..my point here is tht,,this government thy hav failed to control the economy ad for tht kwanch wll still increase untill 20k,in pf government,,wll stll cry ad cry,bt for me i dnt see change,,ad to make things worst is tht oppositions instnd to help coming up wth solutions to help government,,thy a the most pipo to condem ad u think we can develop county no my friend,dnt thnk tht even if u change government things will change no it wll take time for change?ask why?too much politing
Iteniko Magande mwebabtu
Bafikala aba baletucusha bena baletuminwe mapolo yao!#
It will be like that not untill I say NO. Via chikwandanomics.
all u blame iz lungu.
Ifitu ne lungu…my ass
ndeloleshafye….next you hear in the evening ati has hit 10k.
Ifintu ni lungu weh!
what’s nice about this?
Dollar Chikwanda PF 2015