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Foreign and Local Money Market Update
Market liquidity was recorded at K558.6Bn on Thursday, dipping by K148.7Bn from the previous session
K272.1Bn was traded on the interbank market at an average rate of 4.36%. On Wednesday, K269.5Bn had been traded at a weighted average rate of 4.26%.
K250Bn was on offer in the weeks Treasury bill tender. Bids totalled K203.5Bn and K162.3Bn was allocated.
The weighted average yield rates inched up by 10bps on 91 days and 93bps on 364 days, while dips of 68bps and 6bps were noted on 182 and 273 day paper.
Foreign Exchange Market
The Kwacha opened at K4835/4855, and foreign currency inflows provided support for the local currency, which closed at K4810/4830 per dollar, not far off from the key psychological level of K4800.
This was a 0.5% gain from the day%u2019s opening levels, driven in part by conversions for monthly tax obligations.
The local currency is expected to be steady at current levels.
Supply and demand factors will be key in determining whether the markets will see a sustained break of K4800.
Copper: LONDON July 21 (Reuters) – Copper fell to its lowest in almost a weak on Thursday as data showed the factory sector in top metals consumer China shrank in July, but losses were capped by a softer dollar and hopes of a resolution of the Euro debt crisis. Benchmark copper on the London Metal Exchange traded at $9,660 a tonne by 1235 GMT, down 0.98 percent from $9,755 at the close on Wednesday.
[Barclays Bank]
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July 22, 2011 at 8:18 pm
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