Treasury bill auctions to back Kwacha

TODAY’S government bond and yesterday’s treasury bill auctions are expected to offer support to the Kwacha, which has been nose-diving and has breached the K10 mark, a financial market player projects.

Zanaco Bank says the Kwacha, which extended its losses on Wednesday pushed by a pickup in appetite for the dollar from commercial banks and corporates and was yesterday expected to remain under pressure, may recoup the losses as investors participate in government securities.
The trading range is expected to be between K9.87 and K9.97 against the United States dollar in the short term.

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