KWACHA CONTINUES TO FALL, THE BANK OF ZAMBIA QUOTING IT AT K 7.12/ $ 1 THRESHOLD ZAMBIA’S currency, the kwacha continued to come under pressure in this morning’s trading against the strong dollar given the high demand on the interbank market. Mwebantu New Media, understands that, current trends seem to show that the kwacha is more likely to remain under extreme pressure should dollar supply in the economy remain scanty. The continued depreciation of the Kwacha has been attributed to the erosion of investor confidence in the Zambian economy. The kwacha has in the past one year failed to contain the pressure of major convertibles According to the Bank of Zambia rates the local unit opened the market at K 7.12/ $ 1 threshold. Early trading demand pushed the local unit lower to touch an intraday session through at K 6.95/$ 1 threshold. Yesterday, Bloomberg News reported that Zambia’s kwacha retreated to a record low against the dollar, depreciating more than any other currency in the world this month, as lower copper prices and a tax dispute with mines curbed foreign-exchange supply.
Posted on: Wed, 28 May 2014 08:38:17 +0000
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