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Zambia: Kwacha fails to sustain recent gains

The Zambian currency, Kwacha, Friday failed to sustain its recent gains following a surge in dollar demand on interbank as well as the corporate front.  

The local unit opened at K6.215 / 6.255 for buying and selling respectively against the US dollar and closed at K6.260 / 6.300.

According to Cavmont Bank, current trends seem to indicate that the local unit is likely to oscillate between gains and losses, with forces of demand and supply being the major drivers in its performance.

The Ministry of Finance on Friday said the Bank of Zambia has taken strong measures to prevent the Kwacha from further depreciating and that the ministry expects the exchange rate to stabilise and to better reflect economic fundamentals.

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