Business

Speculative tendencies hit Kwacha

KALONDE NYATI, Lusaka
BANKERS’ Association of Zambia (BAZ) says speculative tendencies are contributing to the depreciation of the Kwacha, and traders hoarding the United States (US) dollar risk losing when the local unit recovers from the shocks.
Yesterday, the local unit breached the K12 mark on the buying side in some bureaux de change.
BAZ chief executive officer Leonard Mwanza, who anticipates the local unit to recoup the losses as corporates offload US dollars on the market to meet month end obligations, said some traders have a tendency to hold on to the greenback thus creating an artificial shortage.
“The Kwacha will always flow with the fundamentals of supply and demand and http://epaper.daily-mail.co.zm/

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