Agri-business Business

BoZ tender for treasury bills undersubscribed

BOZ

TRYNESS TEMBO, Lusaka
THE Bank of Zambia (BoZ) tender for treasury bills were undersubscribed last week, attracting total bids amounting to K281.84 million against an offer of K405 million.
Zanaco says a total of K230.10 million was allocated with yields rates on 91 and 273-day remaining unchanged while the 182-day rate went up to 25.99 percent from 24 percent and the 364-day rate was posted at 28 percent from 27.14 percent.
“The K405 million Government treasury bills auction was undersubscribed, receiving bids amounting to K281.84 million and a total of K230.10 million was allocated,” the bank says in its daily treasury newsletter.
On the local money market, it experienced a further drop in liquidity levels, closing at K1 038.39 million from K1 154.06 million and the volume of traded funds increased to K569.45 million from K509 million.
The weighted average overnight interbank lending rate slightly went down to 27.23 percent from 27.50 percent
However, Zanaco says the Kwacha/United States (US) dollar pair is in the short term expected to continue trading between K11.33 and K11.45, with more greenback demand expected from corporates and the interbank market.
On Thursday, the local unit was steady against the greenback and it traded flat on the day.
The Kwacha closed at K11.37 and K11.39 on Wednesday and opened trading on Thursday at its previous day’s close.

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