Economy

Kwacha Gains After 2-day Loss

The kwacha has picked up some gains the past two days after a massive fall in Friday’s trading.

The local currency traded at K12.60 per dollar at the close of trading on Friday and only began to gain noticeably yesterday.

Market experts expect a much stronger kwacha in the short term provided dollar supply is sustained.

“The local unit continues to appreciate against the greenback and a wider basket of currencies in the wake of increased dollar supply. The kwacha improved by a 100bp spread from K12.375 to K12.275 median. Some supply is owing partly to the revamp of copper production that had slowed down in recent weeks supported with local obligations to be made before the long weekend,” FNB Zambia has stated.

“For as long as dollar supply is steadily controlling the existing dollar demand, the market will linger towards the kwacha’s favour. We could see trades below K12.20 supported today.”

27 Comments

  1. Apostle Ephesians Kelvin S

    Thank God for seeing us through our cries, “Let it drop” is our economy motto. let dollar drop

    Reply
  2. Mrs mashuko

    Thank God

    Reply
  3. Mrs mashuko

    Praise God

    Reply
  4. Aaron

    Thank God for this mercy you have upon Zambia

    Reply
  5. P.K.

    Comment
    Let’s not start congratulating ourselves over these minor fractuations.Kwacha should trade below double digite against the dollar.This is achievable,we were there before.Where there is a will, there’s always a way.Why should we,as a nation, be proud and free when we concentrate on borrowing and begging as opposed to serious utilization of our abandant natural resources.Not only does value addition create employment but it also rakes into the national treasurely higher forex revenue.One Zambia, One Nation.

    Reply
    • Knox Mwape

      My friend you’ve nailed it, I respect and like your comment

      Reply
  6. Papad

    There is absolutely no significant improvement to celebrate about. From 16 till now kwacha has been trading above k10 this is so shameful as a nation.

    Reply
  7. Truth man

    As long as government continues to borrow money from the international banks for consumption ,instead of encouraging private investment in the economy, the dollar shall always be stronger than our Kwacha! When you borrow money you have to pay back with interest. Therefore it is simple arithmetic that when the government borrows money (dollars ) when that payment becomes due it brings pressure on the availability of the dollar hence the fall in value on the local currency ..The government should leave business to the private sector like the MMD did to run the economy or else we shall blindly think we are developing when infact we are going backwards ! The big economies we see today like Japan , South Korea , USA , South Africa etc have developed through private investment while the state makes policies that control taxation and governance issues.Leave the business of running businesses to the private sector ! ! LET’S LEARN FROM NIGERIA !

    Reply
  8. Bruno mars

    Still high baaba

    Reply
  9. Gilbert kakulwa

    Thank God, help us Lord

    Reply
  10. One zed manex

    I said here last time that let’s put our differences away & pray to God that he helps us over come,but was insulted & now everyone is saying thank God.its like some people feel good to she our economy on a down turn why why why why why? This is the only Zambia we have,no anyother Zambia so we need to get together & help our country.God bless mother Zambia I will remain committed to a better Zambia & be a law abiding citizen.

    Reply
  11. Wisdom

    Whether dollar drops or increases, life goes on… The best way to do is to forge ahead and wait upon what the future is holding for our mother Zambia

    Reply
  12. Sweet Woma.

    That’s great i think.
    I didn’t know Kwacha is better than South Africa Rand and many other currencies

    We need a healthy country and money is one of the factors.
    http://myrealdoctors.com to check your suprise

    Reply
  13. One love

    Hard work always remains a legacy,

    Reply
  14. Happy Mwewa Mulobeka

    Interesting

    Reply
  15. sam dollar

    I hope things get better soon

    Reply
  16. Mulenga Frank

    May almighty God help our mother Zambian.

    Reply
  17. Charles

    Mediocre gain.Reverting to single digits rates is what will be appreciated

    Reply
  18. Ukali

    I love people who take time to analyse issues and look at the past,present and future impacts of that issue or issues. On the other hand ,woe to those who are mentally and physically blind who celebrate what they completely have no idea on.

    Reply
  19. ZOKO

    All vanity is vanity

    Reply
  20. Oscar

    Mwanya

    Reply
  21. Mumba

    Now the government are working

    Reply
  22. Mumba

    Now the government are working

    Reply

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