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Kwacha continues to bully dollar

THE Kwacha yesterday continued strengthening significantly against major convertible currencies, with the local unit trading around K11.7 to the United States (US) dollar from an average of K12.7 on Thursday.
It had slid to slightly above K14 to a dollar earlier in the week before a remarkable turn-around.
A check at some bureaux de change in Lusaka around 14:00 hours revealed that the Kwacha was selling below K12 to a dollar.
At Golden Coin Bureau de Change, it was trading at K11.80 and K12.45 on bid and offer, respectively, while Runnymede Bureau de Change pegged the local currency at K11.50 and K12.30 on bid and offer.
At Goldfield, the Kwacha was at K11.50 while at Unifinance, the local currency was selling between K11.50 and K12.80 on bid.
The Bank of Zambia (BoZ) pegged the Kwacha at K11.97 and K11.99 on a bid and offer, respectively, at the close of the day.
And Zambia Consumers Association executive secretary Samuel Simutunda said the association is happy that the local currency has started appreciating against major foreign currencies.
Mr Simutunda said the association is pleased that the government has started putting in place effective mechanisms that are helping the Kwacha to stabilise.
“What has started happening to our local currency is indeed a very welcome move and we are very happy because this will stabilise the prices of essential goods and services in the country.
“Whatever the mechanisms the government has put in place must be strengthened so that the Kwacha can appreciate favourably against major currencies such as the US dollar and the British pound,” he said.
“We are hoping that the measures the government has put in place will be strengthened so that the inflation rate can also come back to a single digit, unlike what is happening now where we have two digits,” he said.
Mr Simutunda also urged traders in the country to start reducing the prices of goods and services, which were hiked because of the depreciation of the local currency.

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