Business

Treasury bills see over subscription

KABANDA CHULU, Lusaka

DESPITE over subscription in the auction of treasury bills, Government, through the Bank of Zambia (BoZ), has maintained its domestic borrowing limit within the target range of K1.4 billion. And the Kwacha is anticipated to weaken further against the United States (US) dollar due to high demand for the greenback from importers while supply remained thin. On Thursday, BoZ conducted auction number 21 for treasury bills through which bids amounting to K1.736 billion were received but only K1.55 billion was borrowed. According to a notice of auction results released by the central bank, in the 364 days’ tenor, bids amounting to K678.23 million were received, but K597.75 million was accepted, while in the bids worth K468.73 million were received in the 273 days’ tenor, with K433.09 million being accepted. In the 182 days’ tenor, market players offered K430.92 million but only K410.46 million was accepted, and K114.30 million was borrowed in the 91 days’ tenor despite offers amounting to K158.19 million. And Zanaco Plc reports that the Kwacha has continued to struggle for support as market is tilted to the demand side for the hard currency. “The Kwacha was on the back foot by 0.19 percentage point to close the day at K17.08 and K17.12 per dollar against its CLICK TO READ MORE


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