Economy

Kwacha Loses 4.7% In Last Week’s Trading

The kwacha last week lost close to 4.7% of its value after opening the week at K15.30, when it closed the week at over K16 per United States dollar.
Much of the loss has been attributed to coronavirus and the geopolitical risks around the production of oil, which has brought about a ‘risk-off’ environment as investors pull out of emerging market economies into safer haven assets such as gold and the US dollar, FNB Zambia has stated.
“We open the week with the news that the Fed has cut rates further, a move which should see a ‘risk-on’ environment as the US tries to boost its own economy and the global economy overall. We expect this news to have a minimal effect on the kwacha, however, which is expected to open at last week’s opening and trade within the range of 16.05/16.10,” it stated.

13 Comments

  1. LN

    We are not surprised. Everything is crumbling down just as the Bible predicted it would be Just before Jesus comes. Let’s tighten our belts. Worse things are coming regardless of changes of governments. Both manmade and natural calamities are on us and will grow worse and worse.

  2. Chilomba

    Our lord help us in time like this

  3. Friday chirwa Mosta

    Our Lord bless Zambia

  4. Razor

    This government has no clue as to how to arrest the slide of the kwacha and are busy blaming everyone from HH to the Corona virus for their failures. Please get out and save us!

  5. Ichinyo ukufita

    Yes get out and save us very true coronavirus come and get these selfish politicians before we are finished dying of hunger

  6. Frank Chombela

    This is too much. We need to close ranks, otherwise we won’t survive.

  7. Steven Zulu

    God bless our country zambia

  8. Adams BK

    Mmmmmmmm me mauless

  9. Sparta

    i think pf should step aside…we are tired of hearing them blaming HH,water level,covid etc instead of finding solutions to our crippling economy

  10. MUNGONI SOGOLA WAJERE

    My fellow Zambians dont lose hope bcoz of last week trading loss of our kwacha by 4.7%.Be patiency things will be stable starting from Monday by 12:05hrs.This problem haven’t only affected zambia but it is a groble crisis AMEN.

  11. gima

    Prayer alone is not enough,action bazambia.pray then act

  12. Elephan mkomwa

    No more action thngs wil be ok soon

Comments are closed.