Business

COVID-19 pushes Kwacha down

KALONDE NYATI, Lusaka
THE continued spread of the COVID-19 globally is putting pressure on the Kwacha as demand for the United States (US) dollar dwindles, financial market analysts have said.
Like other financial markets globally, the local foreign exchange market remains under pressure, resulting in the Kwacha trading at its newly-found level of over K18 against the dollar.
“We continue to see the effects of the coronavirus pandemic on the international financial markets, which is affecting the Zambian Kwacha as market participants try to place their funds in safe havens. We expect emerging markets, including Zambia, to be hit negatively in the medium term as the dollar flight continues,” Absa Bank Zambia Plc said in its market report issued yesterday.
In Wednesday’s trading session, the Kwacha opened at K18.25 and K18.30 on the bid and CLICK TO READ MORE

Facebook Feed

Ad1