Economy

Kwacha Update: Local Currency at K12.60 per Dollar

The weakest rate reached at close of trading on Friday was K12.60 against the dollar, with sentiments continuing to look gloomy for the local currency.

With this, most corporates have kept their dollars in anticipation of a much weaker kwacha to increase on their returns.

“Concurrently, as the rand continues to gain against the US dollar, the ripple effect on ZAR/ZMW has been a breach of 0.900, which has had a negative bearing on importers who generally purchase rands for their business.  We anticipate that the market will continue to trade within these levels in the absence of dollar supply, with subdued market activity, given the high USD/ZMW rate. We are of the view that importers will elect to hold on to the kwacha, hoping for better rates. Nonetheless, USD/ZMW seems toppish at these levels. We could see some profit-taking, which will give the local unit the much-needed support,” market experts at FNB have stated.

26 Comments

  1. FGM

    Zambia is in hot deep waters! Economically, politically and socially. Zambia is surely in dire need of a pragmatic leadership to fix the ever surfacing wows.

    • Fundanag-LSK

      The picture is gloomier than presented by the writer.

      Non-performing assets of commercial banks are increasing by double digits. Atlas Mara is being systematically finished off by delaying and manipulating judgments on two huge owings by Lamasat (over $13 million) and Larry Sikutwa Group (Madison Insurance, Asset Management and Financing companies) of $16 million. Atlas Mara does not meet capital requirements. Same goes for Zanaco where money laundering and theft by senior executives at rampant. FNB has stopped giving consumer loans. It is really a dire financial industry

  2. CONCERNED CITIZEN

    That’s the result of having unqualified readers who are gwabbling Government coffers, and it is a very big difference since Mr Sata left pf M.H.S.R.I.P.

    • Corruption now will be worse

      You are ignorant ,things could have been worse if he was alive. The loans he borrowed are the cause of the situation we are in now.

    • Mbomba Mwibala

      How can you even say that?What we are going through is the result of electing a functional illiterate called Satan.What people saw in him,i shall never understand, he was totally incompetent and the people he surrounded himself with are worse,not only are they incompetent but also corrupt and indiscplined.

  3. Hev rena

    We are seeing gov

  4. Hev rena

    We are seeing government being depleted of all its foreign reserves in a gradual manner.Even any party that will form govt in future won’t find it easy to govern this nation because all the debt we are accumulating is not being invested in proper investments.

  5. Luck Muwaya

    The best thing we can do as Zambians is to cancel zmk and go for USD.

  6. mulobezi

    Guys samtimz probe b4 u comment Sam of thiz things dnt only hapen in Zambia,it once happened in the USA nd most inexperienced economists lyk the 5 of u said America’s economy ws on th blink of collapse.and even wshed China 2 tekova.BT wea do things stand as at now?research propaly b4 u comment.

  7. Jm

    Never blame the citizens of Zambia but the entire government.

    • Victor

      I believe only chishimba kambwili can fix this if he becomes president

  8. mbala man

    Ndelolesha fyee…

  9. Jimmy shaba

    Things are running from bad to worst.shortage of dollar, high cost of living,delayed salaries for civil servants, high unemployment rate……..

  10. Saul

    Dollar ileninafye awe tefintu ba pipo

  11. kosapo

    Mulobezi u must be a big fooool!! Pls don’t comment on matters beyond your understanding.. Don’t u know this is all about poor leadership?? Do u think Lungu and mwanakatwe can run the economy??

    • mulobezi

      Kosapo try 2 read a variety of books not only thoz published in Zambia,bt world ova thts wen u wll aquire more knwledge coz u stll sound so acient

  12. Jemason

    Sonta re-loaded

  13. Razor

    Already prices of goods are going to increase by 25% since the dollar has gone from K10 to K12.60 which is an increase of 26%. On top of that will be another 9% sales tax which will be lumped on the consumer since it’s not like Vat which was refundable. Then there is impending electricity increment of over 100% which will add at least another 20% to production costs. Brace yourselves.

  14. Jms

    You will see now how capitalism works may be you just went to school without realizing how and when it may attack you and how you may handle it this is a snake in sheep skin you mean when you call your selves a Christian nation and being called a democratic nation without realizing that you are hooked in capitalism you think you can survival if mr sata was here you could have seen men at work not boys or women p.h.s.r.i.p

    • Wezi

      Kosapo, you are such a chikopo…Empty tin. What do you know about economics.

  15. JK

    A dog can not lead the people but to be lead by people. So our Top bulb does no light to the country

  16. Roxa

    Victims of the situation keep commenting am enjoying ur comments

  17. Gov

    B4 it goes worst change de gov

  18. Real

    Comment change government pf walepela

  19. Milambo

    Wait ad see, dats genesis of all things . Don’t complain but remember where u went wrong wen u cast your vote .

  20. sam dollar

    Mwelesa

Comments are closed.