Festive period paralyses market, Kwacha remains range bound

Festive decorations have become upscale and interactive at malls during Christmas time. PICTURE: COLLINS PHIRI

ACTIVITY has remained subdued on the foreign exchange market due to the festive period, trading at almost K12.00.
The past weeks, the festive period has generally paralysed market, resulting in the Kwacha remaining range-bound against the United States dollar.
According to Zanaco, the local unit, which on Friday posted a minimal depreciation for the week, trading at K11.90 and K11.950 per dollar, will during the festive period remain range bound (same levels).
“The Kwacha continued to trade range-bound in last week’s transactions as the festive break paralysed the market to minimum activity.
“Monday trading session saw the local unit opening at K11.88 and K11.93 per dollar and only made few oscillations when compared to the previous week to touch a high of K11.85 and K11.90 per dollar,” the bank says in its daily treasury newsletter

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