Mr.
THE Zambia Kwacha has closed the month of February with a further depreciation.
Yesterday, the local currency depreciated further owing to increased demand for the United States dollars from importers wanting to cover their foreign obligations so as to minimise currency losses.
The local unit opened trading at K5.780 to K5.810 and closed at K5.795 to K5.825 yesterday.
This is according to Cavmont capital bank market report for Thursday, February 27, which was released to Zambia News and Information Services (ZANIS) in Lusaka yesterday.
The bank said in the absence of improved supply, the Kwacha was likely to remain under pressure in the short to medium term.
This depreciation further translates making repayments on external borrowings more expensive.
Despite efforts earlier made by the Bank of Zambia (BOZ) to call for an emergency meeting with lenders to probe a drop in the nation’s currency to a record against the dollar.
“The central bank just called a treasurers’ meeting to try to understand the dynamics” affecting the kwacha, a currency trader with Investrust Bank Plc, Mwewa Kyamulanda, said.
The Zambia kwacha (ZMW) is the nation’s currency which is used as the means of exchange for good and services.
Zambia banned the use of dollars in domestic transactions in 2012.
Yesterday, the local currency depreciated further owing to increased demand for the United States dollars from importers wanting to cover their foreign obligations so as to minimise currency losses.
The local unit opened trading at K5.780 to K5.810 and closed at K5.795 to K5.825 yesterday.
This is according to Cavmont capital bank market report for Thursday, February 27, which was released to Zambia News and Information Services (ZANIS) in Lusaka yesterday.
The bank said in the absence of improved supply, the Kwacha was likely to remain under pressure in the short to medium term.
This depreciation further translates making repayments on external borrowings more expensive.
Despite efforts earlier made by the Bank of Zambia (BOZ) to call for an emergency meeting with lenders to probe a drop in the nation’s currency to a record against the dollar.
“The central bank just called a treasurers’ meeting to try to understand the dynamics” affecting the kwacha, a currency trader with Investrust Bank Plc, Mwewa Kyamulanda, said.
The Zambia kwacha (ZMW) is the nation’s currency which is used as the means of exchange for good and services.
Zambia banned the use of dollars in domestic transactions in 2012.