Kwacha On Jo’burg Stock Exchange

THE Zambian Kwacha, which has been struggling against major foreign currencies of late, has broken new ground after it was listed on the Johannesburg Stock Exchange (JSE) on Friday alongside the Kenyan Shilling and Nigerian Naira.
This will enable investors, importers and exporters to protect themselves against currency fluctuations in the three countries. It further means that market participants around the world are guaranteed a future price for a specific commodity.
According to a statement issued by Press Secretary at the Zambian High Commission in Pretoria Nicky Shaboloyo, the listing of the three currencies was launched at a ceremony held at the JSE in Johannesburg, where Zambia was represented by Deputy High Commissioner Joe Kaunda.
Mr Kaunda described the launch as a momentous occasion, especially that it has come barely three weeks before Zambia celebrates her Independence Golden Jubilee. He said the development is a milestone and confirms the confidence that the international markets have in Zambia’s economy and its leadership.
“We are further glad that Zambia was paraded during the launch as an excellent performer with a projected growth of over seven per cent by the end of this year; out-performing major economies…
“The challenge now is to the investors out there to take advantage and not miss out on the grand opportunities that Zambia, as a preferred investment destination, has to offer,” Mr Kaunda said.
And JSE General Manager for Capital Markets Warren Geers said the launch marks a ground-breaking initiative in that the JSE has finally managed to launch the African currency listing after having worked on the idea for two years.
Mr Geers said with Africa being a global investment strategy, it makes sense for the JSE, as a major exchange player in Africa, to be involved in providing appropriate products to mitigate currency risk when doing business in Africa.
Lusaka Stock Exchange (LuSE) chief executive officer, Brian Tembo, who was also in attendance, hailed JSE for the initiative, adding that LuSE is working on introducing such measures through collaboration with the South African stock exchange.

Posted by Editor on October 5, 2014. Filed under BUSINESS. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry