Business

Kwacha projected to post minor losses – Absa Bank

KABANDA CHULU, Lusaka
THE Kwacha is projected to post minor losses against the United States (US) dollar in the short term due to anticipated green back inflows from corporates making conversions to meet tax obligations.
According to the Absa Bank Zambia Plc’s treasury newsletter, the Kwacha held firm against the US dollar in Tuesday’s trading session as importer demand was evenly matched by inflows from those converting dollars.
“At market opening, commercial banks in Lusaka quoted the local unit at K17.76 and K17.81 per dollar where it traded throughout the session until closure.
“With liquidity in the local money market still relatively high, we anticipate the Kwacha to post minor losses in the short term,” Absa Bank stated.
Zambia Industrial Commercial Bank (ZICB) states that the Kwacha was mostly stable during CLICK TO READ MORE



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