Business

Copper price to help Kwacha

MINERS processing copper at one of the mines on the Copperbelt.

TRYNESS TEMBO, Lusaka
THE continued high copper price on the international market is expected to help the Kwacha stabilise against the United States (US) dollar, Bankers Association of Zambia (BAZ) has said.
Currently copper, which is Zambia’s major source of foreign exchange, is trading at about US$6,900 per tonne on the London Metal Exchange.
BAZ public relations and administrative officer Mirriam Zimba said the local unit, however, responds to market forces of demand and supply.
In response to a query on Monday, Ms Zimba said the Kwacha has been under pressure against the greenback and has been trading at about K10.10 and K10.20 to the dollar in the past few weeks.
“However, the outlook of the Kwacha, although also dependent on the market forces, we are hopeful that with the favourable copper prices on the international market, there will be an increase in the supply of the dollar http://epaper.daily-mail.co.zm/

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