Tuesday, July 5, 2022
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KWACHA HOLDS FIRM

BUUMBA CHIMBULUwrites

@SunZambia

The Zambian Kwacha has continued to hold steady against the dollar since last week, giving hope to the business community.

According to Monday trading sessions, the Kwacha was expected to trade in a tight range amid thin demand from importers.

Barclays Bank Zambia market update included that as at 08:30 on Monday, commercial banks quoted the local unit at K11.780/11.830 per dollar, unchanged from Friday’s close.

“Very few flows were seen in the market as buyers and sellers were almost evenly matched which saw the Kwacha close at K11.775/11.825 on the bid and offer respectively,” said the bank.

The Kwacha was expected to add to its gains in the near term as corporates start to convert foreign currency to settle their mid-month tax obligations.

On the money market, the financial market saw a marginal increase in market activity in Monday’s trading session with the interbank traded volumes moving from K355 million to K396 million.

The market witnessed a K50 million drop in liquidity to close at K716 Million which put pressure on the average interbank overnight rate resulting in a one base point rise to see it close at 9.92 percent.

On the fixed income, the market remained quite throughout the trading session on Monday.

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