Kwacha continues to appreciate

ZAMBIA’S currency market has witnessed a noticeable trend with the Kwacha appreciating against the United States dollar (US$), a major convertible currency, driven by wider trading range, which is the spread between the bid and offer price.

Financial analysts anticipate the local unit to continue on its upward slope, attributing the appreciation to settlement of month-end tax obligations by corporates.

“Over the last week, we have seen a marked improvement in supply. This is evident in how the kwacha has been performing. US dollar/Kwacha has been peaking lower, while breaks of K9.70 are becoming more frequent,” First National Bank (FNB) notes in Friday’s treasury report.
On Friday, the market was set to open around Thursday’s closing levels of…

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