Bank of Zambia raises K2.2 billion, K900 million more than target

THE securities market returned to its former glory as evidenced by high appetite for treasury bills.
Last week, the central bank was in the market looking to raise K1.3 billion through treasury bills, which are short-term debt instruments, but received overwhelming response from both local and foreign portfolio investors.
Total bids received amounted to K3.5 billion, but the Bank of Zambia (BoZ) could only take up K2.2 billion.
According to the BoZ treasury bill auction results posted on its website, the central bank issued K100 million for the 91-day bills, but instead took up K201 million, while bids worth K562 million were received for the 182-day bills ,which was more than double the amount it wanted.
“The amount offered at cost was K220 million, amount bid at face value was K562 million, amount allocated at face value was K235 million and CLICK TO READ MORE

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