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Treasury bills auction see huge demand

OVER K3 billion was oversubscribed against the target borrowing of K2 billion during last Thursday’s treasury bills auction.
Government has maintained its borrowing limit at K2 billion despite the overwhelming total bids received amounting to K3.004.21 billion from both local and foreign investors.
This is contained in a notice issued by the financial markets department of the Bank of Zambia that investors offered a bid amounting to K2.356.30 billion in the 364 days’ tenor, but only K1.401.04 billion was borrowed.
In the 273 days’ tenor, K381.71 million was borrowed out of a bid of K416.83 million, while a bid of K114.74 million was made in the 182 days’ tenor but only K108.57 million was gotten, with K108.68 million being borrowed from K116.34 million in the 91 days’ tenor.
And the Zambia Industrial Commercial Bank (ZICB) reports that the Kwacha has continued depreciating to reach CLICK TO READ MORE