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Kwacha Regains Value Rapidly, Goes To K6.9 Per US Dollar
Currency extends gains for third day, and advances as much as 2.1% vs dlr to 6.9672/$, trades 0.7% firmer at 7.0573 as of 9:24am in capital, Lusaka.
The Kwacha is expected to continue regaining value ahead of a government bond auction slated for tomorrow “We remain bullish towards the kwacha ahead of the government bond auction tomorrow,” FNB Zambia says in e-
mailed note
Posted by Kunda
on May 21, 2015. Filed under BUSINESS, LATEST NEWS.
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New Educated Zambia©
May 21, 2015 at 10:24 am
you think silly short term fixes will solve anything? kiki Just like the increase in fuel costs this will backfire once more when the fix has run its course. The only way is to ensure positive economic growth especially in the export market side of things. Creating valuable goods for export. PF has failed to ensure this and now they think auctioning a bond is a solution kiki chikwandanomics. vote upnd vote a real successful economist in HH
New Educated Zambia©
May 21, 2015 at 1:48 pm
mATHAFACKER @ NEZ wannabe get facts right b!tch.This is not temporal so kwacha will continue to rise against dollar for a long term bcoz the dollar rise against other currencies was due to rigging of global currencies by four big banks who will pay $2.5 billion in fines and pleaded guilty to criminally manipulating the global currency markets going back to 2007. P Morgan Chase, Citigroup, Barclays and The Royal Bank of Scotland conspired with one another to fix rates on U.S. dollars and euros traded in the huge global market for currencies, according to a settlement announced Wednesday between the banks and U.S. Justice Department. Currency traders allegedly shared customer orders through chat rooms and used that information to profit ahead of their clients.
The criminal behavior took place between December 2007 and January 2013, according to the agreement.
Another bank, UBS, has agreed to plead guilty to manipulating key interest rates and will pay a separate $203 million criminal penalty.
New Educated Zambia©
May 21, 2015 at 2:00 pm
kiki pathako pinu mukose because the correct state of the economy is as updated by these ratings. you can choose to follow an email sent to tumfweko as a reliable source kiki
New Educated Zambia©
May 21, 2015 at 2:03 pm
Yes mukose bane pantu 2016 ni Kolopa.dot com vs Mabisis.dot com…..hulabeja jikala…kukolopa hamafi ya mutebela ya hunder 5.Yikes!
Wimu
May 21, 2015 at 2:03 pm
The agony you find yourself in is that u think you are intelligent and pretend to know everything but your stupidity and ignorance on a number of issues always betray you.
major chileshe
May 21, 2015 at 10:25 am
Yes president lungu is tha man we had all been waitin 4,r u able to see the results of a hardworkin president? He is indeed the obama of africa
New Educated Zambia©
May 21, 2015 at 10:35 am
ECONOMICS Association of Zambia has warned that Fitch’s downgrading of the country’s economic outlook will unsettle foreign investors and affect FDI inflows.
Last week, Fitch Ratings maintained Zambia’s credit rating at ‘B’, but revised the outlook down from ‘positive’ to ‘stable’ owing largely to poor policy coherence and credibility.
Fitch also noted a growing fiscal deficit and possibility of slower growth.
Commenting on the Fitch report, EAZ president, Isaac Ngoma said the outlook is indicative of some serious concerns, which require urgent attention, and that it is of paramount importance that the government focuses more on economic management.
“The outlook itself can influence a lot of issues externally and internally. Internally, it would mean that it becomes a source of worry for the investors, and externally, it would actually affect the inflow of foreign direct investment. So, it sends some jitters on the part of foreign investors,” he said in an interview on Tuesday.
Ngoma said the consequences of the downgrading also have a negative knock-on effect on the country’s ability to access credit at cheaper rates.
“If today Zambia was to go to the international capital markets, it would mean they would have to pay higher premiums,” he added.
Ngoma also added that the areas Fitch cited as key factors in its downgrading needed to be addressed by the government to reverse the negative trend.
“We are quite challenged as a country, so we need to exert all our energies towards addressing the many economic challenges. We can only implore government to focus more on economic management than anything else. There must be some coherent way of doing things and good strategic focus to address the issues that have been cited so that we can reverse the Fitch rating from stable to positive,” said Ngoma, adding that the mining tax regime needs a “timely and amicable” solution to bring comfort in the mining sector.
Fitch stated in their report that numerous policy decisions undertaken by the government since 2012 – most recently changes to the VAT regime and mining taxes – appear to have been legislated without widespread private sector consultation and have contributed to weakening the business environment.
And Professor Oliver Saasa, an economic consultant, said Fitch’s downgrading of Zambia’s economy is real.
mj banda
May 21, 2015 at 10:39 am
Iwe NEZ wadya moto sure, in your head, there’s no positive thinking te
New Educated Zambia©
May 21, 2015 at 10:41 am
kiki just giving you official credible information and not an “emailed note”
chief Puta
May 21, 2015 at 10:40 am
Pf fikali by the time we reach December ikaba 1:1.Gud policies plus a gud team that hs bn assembled awe kwena Edgar alekontolola kwatifye ni ba Sata.
New Educated Zambia©
May 21, 2015 at 10:43 am
kiki borrowing at huge costs in order to please gullible ignorant idiots like this chief puta. meanwhile the ones to suffer are you and your kids paying back these corrupt loans from china
KC
May 21, 2015 at 12:22 pm
Ba Sata tapali efyo bale kontolola…..ifintu ni EL…..uyu mwana ni mutemwa mwe…..so we kaikulikeni na HH kufimuti pundu mwaumfwa！
jabi
May 21, 2015 at 10:06 pm
Iwe chikala!ili lyashi lyansala ninshi yaku nyokola njala?kolopa dot com vs tubisi dot com=PF2016kolopesha.com!ukose nez
New Educated Zambia©
May 21, 2015 at 10:40 pm
kiki the only ones suffering are the majority of zambians and your own relatives while you are busy being a cadre dancing at the sight of a tin of chibuku. Ati kolopa, you cannot even afford to buy a mop. Let us be serious bane. Just becayse you are getting minor benefits from the pf does not mean you cannot do better with a capable upnd government in place. we are only here to try and make your lives better
jabi
May 22, 2015 at 9:37 pm
Ulikapuba notu puba tunobe mu updown
mj banda
May 21, 2015 at 10:42 am
We sleep nez, we wake up nez, do u ve anything sensible to do. Even in Europe u claim to be, maybe u sleep under a bridge
New Educated Zambia©
May 21, 2015 at 10:43 am
kiki just categorically respond to my in depth report on the economic situation
tutu
May 21, 2015 at 11:08 am
am a teacher nshila fola tefintu eyooo………….
MCCM
May 21, 2015 at 11:57 am
U are used to getting paid so early,its not yet monthend iwe
New Educated Zambia©
May 21, 2015 at 4:58 pm
kiki things are bad bane! in 2016 do the right thing or continue eating salt with nshima
KC
May 22, 2015 at 4:50 am
Nangu tucule shani ni Lungu fye….kaipeye jikala yaumfwa…
Chief of Grief
May 21, 2015 at 11:12 am
Nayo nayo PF,impresive,we can do it,2016 nipabwato nafuti nafuti.
Isaac
May 21, 2015 at 11:24 am
We are not shaken with the report which you said is detailed. The tabulation of the local currency in this case the kwacha, is not a queer phenomenal in this region as south African rand is trading around R11.79 to a dollar and Botswana pula is trading around P8.50 to a dollar. Nonetheless, the govt is not seating idle as long and short term measures are being put in place to try and avert the situation. One can choose to be blind like NEZ who believes that only Akainde can address and have the solution. Running a country is not like running a cattle ranch or a company of five thousand pple. Negativity in some of our pple’s mind has a potential to temporize the country’s development. Be positive minded human being!
Judge Joe Bidden
May 21, 2015 at 11:54 am
Trading at a stronger currency can stimulate market value of commodities, equities and improve investor confidence whether short term or long term.
Isaac
May 21, 2015 at 11:59 am
Correct my dear bro.
MCCM
May 21, 2015 at 12:05 pm
wisdom JJB not this NEZ who thinks on HH is a solution.Even u jjb can cobtribute to the development of this nation not hh only.There are a lot of educated economists who do not brag like hh does.Tell me is he the only educated?
Judge Joe Bidden
May 21, 2015 at 12:39 pm
No HH is not the only person who is educated or single handed steer the economy. Its team work like you and me.
Isaac
May 21, 2015 at 12:49 pm
Hakainde has no monopoly wisdom, in fact it works like a chain type of reaction. Every part of it is vital.
Judge Joe Bidden
May 21, 2015 at 12:53 pm
Governing is like a pyramid put poor technocratic and economic advisory team at the bottom, you will definitely crumble from the top.
SABAILA
May 21, 2015 at 2:53 pm
They only know how to ‘ukucema’ ingombe ilede. Kikikiki
New Educated Zambia©
May 21, 2015 at 2:42 pm
if you have a clueless person with no vision at the top, no matter what contribution the people have at the bottom, things wont change.
New Educated Zambia©
May 21, 2015 at 2:43 pm
The only option becomes to remove that one at the top and replace him with one who has sound ecnomic management and governance. This brings me on to another issue, which is the consitution. You see my friend, our consitutuon places so much power in the president such that your theory of team work from the bottom having impact at the top, does not really work in zambia. Now who is again delaying the enactment of this? As i have said and will say again, vote upnd to bring this joke of a government to an end. And do not compare me to JJB who is from your own party the PF. to me he is just like the rest of you. so i am not surprised by his closed way of thinking.
Judge Joe Bidden
May 21, 2015 at 5:23 pm
Yes you right, why should they compare you to me? Its not fair on you.
poly
May 21, 2015 at 12:01 pm
The Wonders of Zambia….ZMK…..ZMW…..ZMA……
Malunga
May 21, 2015 at 12:07 pm
Ok iwe nez, wat wl u do 2 avoid kwacha gaining value when u form govmnt?
kakolwe
May 21, 2015 at 12:17 pm
Wanting to appear intelligent to an audience that only reads up to line 4. @NEZ! Go impress your fellow charlatans like Hello Haters, Trixy & Kwati Like So. As of the report of the15/03/15, posted by some nameless economist, whom you quote today, you have (as usual) chosen to misdirect yourself. THERE EXISTS NO B RATE FOR FITCH (its only AAA, AA, A, BBB, BB, CCC & D)
And, NEZ, tame your excitement, Fitch ratings do not measure the National economy nor does it rate the nation. It is used to advise the investment worth of a company as to whether it’s going to yield a return or not. Umfwikisha swine …
kakolwe
May 21, 2015 at 12:28 pm
& @NEZ, Yes, Fitch ratings are real. This rating was so very real on 15th March 2015 for the mining sector when the copper prices had dipped lowest at the LME and the internal tax wrestling between Chikwanda & the mine owners. At such a time, there was need to downgrade to BB (more prone to economic situation). This is what made Chikwanda to badge.
So! Your bringing in Fitch ratings into Bond auctioning is that usual upnd wild shooting in the hope of catching at least one idle target: Ubepelefye.
Vote upnd at your own peril.
kakolwe
May 21, 2015 at 12:38 pm
So said, I elect to school you that a temporal check of the downward slide of the Kwacha is advantageous in that, should the hard currencies hold their ground, a month down the line, you may have avoided being on point F and maintained your position C. See JJB’s post above. It holds true.
Hello Haters
May 21, 2015 at 2:06 pm
Looks like someone can’t have lunch peacefully, you want some nicely cooked beef? what have we got to do with a pre school ABC economic issue , which doesn’t need anybody to summon all is brain might to be soughted out, if PF is failing to sought out our weakened kwacha, are we to blame and be called charlatans, just tell tell your minister of finance to work on a few economic basics, and we will be just fine.
kakolwe
May 21, 2015 at 2:20 pm
Epofye naumfwa!!!!
KC
May 21, 2015 at 12:19 pm
Ifintu ni EL…..
Judge Joe Bidden
May 21, 2015 at 12:50 pm
Give credit unless you ve limited knowledge on the subject matter. If Kwacha climbs… well good sign.
lol
May 21, 2015 at 12:58 pm
full of rotten brains. civil servants are crying lungs out and other morons are busy saying fintu in lungu…..ma rubbish. am no longer a PF supporter.
VAMPIRO
May 21, 2015 at 1:09 pm
If you complain about govt when you are a civil servant means yo input is zero. Why not change career than party because the party Yu think will make everything beta for you is not of this world. I love the developed country and not all is well also.
New Educated Zambia©
May 21, 2015 at 2:34 pm
lol we understand your frustration and disappointment with this government. They clearly do not care about the people on the ground. To them, making announcements about currency gains on paper is an achievement. The issue here is that many people are still feeling the pinch of the kwacha depreciation and things are bad on the ground. How many zambians are able to make meaningful savings after being paid every month? We in the UPND welcome you with open arms and kindly ask you to ensure you register to vote and make known your decision by voting upnd in 2016. we thank you
Beautiful Moma
May 21, 2015 at 1:26 pm
That’s what we want to hear. This is the formula for more money in your pockets. I hope the trend continues.
New Educated Zambia©
May 21, 2015 at 1:48 pm
mATHAFACKER @ NEZ wannabe get facts right b!tch.This is not temporal so kwacha will continue to rise against dollar for a long term bcoz the dollar rise against other currencies was due to rigging of global currencies by four big banks who will pay $2.5 billion in fines and pleaded guilty to criminally manipulating the global currency markets going back to 2007. P Morgan Chase, Citigroup, Barclays and The Royal Bank of Scotland conspired with one another to fix rates on U.S. dollars and euros traded in the huge global market for currencies, according to a settlement announced Wednesday between the banks and U.S. Justice Department. Currency traders allegedly shared customer orders through chat rooms and used that information to profit ahead of their clients.
The criminal behavior took place between December 2007 and January 2013, according to the agreement.
Another bank, UBS, has agreed to plead guilty to manipulating key interest rates and will pay a separate $203 million criminal penalty.
Hello Haters
May 21, 2015 at 2:14 pm
Kikikiki somebody got something charging a him with frothing mouth.
New Educated Zambia©
May 21, 2015 at 2:31 pm
kiki pathako pinu has lost it. he cant keep up with cloning
mj banda
May 21, 2015 at 2:21 pm
@jjb, your answering situation is what nez dislikes
Judge Joe Bidden
May 21, 2015 at 5:18 pm
Need not to campaign to contribute to my country.
mj banda
May 21, 2015 at 6:04 pm
@jjb, nez will accuse you to be PF and not UPND. If you want to make angry, continue talking positive.
Judge Joe Bidden
May 21, 2015 at 7:34 pm
@mjbanda NEZ is not a factor in my choice of a party I belong. He calls PF well good
New Educated Zambia©
May 21, 2015 at 7:58 pm
kiki to you just like to the PF, we in the UPND are not a factor. However, it is evident for all to see that things have changed. Not only on this website but country wide. May the best men with the right plans and messages win
Kwati like so
May 21, 2015 at 3:57 pm
Poor chap, kakolwe hope u r gud. stupid boy! Cant u see dat this is cosmetic. Put measures dat answer to economic palabaz & stand the tym. Upnd is in gud shape to answer to all troubles dis country has been subjected to. Blind pf follower u r! U look but cant see.
Hello Haters
May 21, 2015 at 4:19 pm
You right buddy the jungle has been ingnited and is so hyped about these cosmetic manipulations on our currency by chikwandanomics, what has happened to production and competitiveness, export more export…… God have mercy on our country,we pray, AMEN.
kakolwe
May 21, 2015 at 5:27 pm
Am ok imwe tuma walking sticks twa NEZ! OK, this may be cosmetic (in you view). But in the real world, it is a check in the trend. What example can I use to this upnd gang? Kufilekafye. You’ll understand ngamwakula. No wonder you think hh has a magic wand for the world. That boy is only an economic messiah for Mutinta and all the children that he ejaculated during ……… Iye!!!!!!!
Hello Haters
May 21, 2015 at 5:46 pm
iwe niwe ka bamba ka kwa Ed.
poly
May 21, 2015 at 4:38 pm
Happy are those who sit on a pin, for they shall truly rise.
Mundetelele
May 21, 2015 at 4:44 pm
Mj banda, there’s dignity in having a blog chat with a reasonable character like jjb.
Judge Joe Bidden
May 21, 2015 at 5:09 pm
Its guys like you who make my ‘stay’ in here worthwhile. Thanks buddy.
Geoffrey
May 21, 2015 at 4:50 pm
When Kwacha dropped against the Dollar, PF Gvt was blamed. Now the Kwacha is gaining on the Dollar PF Gvt is still to blame? Come now, give credit where it is due
New Educated Zambia©
May 21, 2015 at 5:00 pm
we give credit where there is meaningful improvement of people’s lives. The so called cosmetic appreciation of the kwacha has not translated into better economic wellbeing of the people. SO how can we praise something that has not yet had an impact on the people? Do not take zambians for a joke
kakolwe
May 21, 2015 at 5:37 pm
In the the same way that you declare something ‘failed’ in its infancy.
Conversely, in the inverse of you, Jane Malenda & hakainde declaring yourselves to winners in an election no one has yet cast the vote.
In an short YOU ARE PATHETIC DREAMERS! Sorry.
Kwati like so
May 21, 2015 at 5:43 pm
U r right nez all these plastic changes wil melt away. Bigger export value wil strengthen our currency. Kakolwe b inspired mwaice ! Do yoself a favor by ushering in upnd mu 2016
kakolwe
May 21, 2015 at 5:59 pm
Nothing is impossible, mune. I may help you as soon as I see maturity & humility settle in at upnd. You have many qualities that can run the nation, but your too many braggarts, pompous bloggers and a host of “it is our time” chase away the bigger part of the voters.
council man
May 21, 2015 at 5:51 pm
NEZ atase wechifi iwe!
lol
May 21, 2015 at 6:31 pm
UPND is the way to go bane. 192 million dollars @security, 103 kenya petroleum kikiki fintu ni lungu rubbish only sick brains can support this nonsense. UPNDDDDDDDDD zambia forward.
New Educated Zambia©
May 21, 2015 at 6:36 pm
we welcome you with open arms and we thank you very much. ensure your register to vote and gaurd your cards safely. We need your vote in 2016. Enough is enough bane. Let us change our country for the better. please spread the good word
PANTUFYE
May 21, 2015 at 7:09 pm
It hurts to be opposition twalipitamo saana lekeni balelila
New Educated Zambia©
May 21, 2015 at 7:31 pm
and yet your standard of living hasnt changed and I can bet my life that your relatives in the village you come from are probably the one’s reported to be eating grass due to hunger. And yet you will continue yelling ifintu ni lungu with your bad bread caused by hunger. ukose kiki
Kwati like so
May 21, 2015 at 7:51 pm
@kakolwe,nez,jjb,hello haters,zar u r wonderful
flank dux
May 21, 2015 at 8:06 pm
chief puta;stanyoko and waba nga chinyo,nga litole fyobe.but the fact is PF is just a party like any mother.very soon you will be flowing like idiots.
flank dux
May 21, 2015 at 8:09 pm
chief of grief please
flank dux
May 21, 2015 at 8:22 pm
JU89UI09FTYGHJJJJJJJJJJIOOOOK
chief Puta
May 21, 2015 at 10:40 pm
Pf is here for the next 30yrs Frank Dux ukakota chikala u wil never see that Tonga idiot n state house. Chamano chi EL kwati nika Obama.
PANTUFYE
May 21, 2015 at 11:51 pm
Our pipo NEZ will never eat grass becuase we are not lazy 100% dependant on Govt.Its a shame that even before harvesting period,pipo are eating grass and blaming PF for poor rain pattern.when did chagwa become a rain maker?
Kwati like so
May 21, 2015 at 11:54 pm
Chief mputi yo father was/is exactly like u. M afraid even yo offsprings wil b…………..
mj banda
May 22, 2015 at 1:58 am
Nkana constituency executive has resigned from UPND to join FDD, if they had joined PF, ati they have been paid. If a party starts losing copperbelt, it’s about to go into extinction. Leave the freemanson alone.
Hello Haters
May 22, 2015 at 6:14 am
Miko jerkson banda, waking up at such an awkward times just vomit chibuku and vimbombo vamene unadya ku tarven, busy disturbing your 1 year old sleeping sexecapades buddle and your wife, for what? For this nonsense, ndiwe fwiti batini? Because hate makes you sound like one.
mj banda
May 22, 2015 at 11:39 am
@hello haters as your name implies, I work night shift at a busy airport i.e OR Tambo. Blogging at that time doesn’t disturb my family at all. With umfwiti, ask HH your boss.
Hello Haters
May 22, 2015 at 11:57 am
Yep my name definitely has a lot of implications on hateful hobos like you, and hope you genuinely at OR tambo, pantu mfwiti na night shift nipa chi wife na husband.
tupac tha illuminati
May 22, 2015 at 5:57 am
iwe chicolour cha nyoko tombawiso lungu wont and cant turn zed into paradise but jah so if u think fikacitika then get a life chicolour.
chief Puta
May 22, 2015 at 8:08 am
For pipo to leave upnd and go to Fdd ninshi chashupa,upnd hs bn stagnant for a long time coupled wt tribalism only a fool cn remain n dat party.Let us all join Pf and reintroduce one part state like wat that intelligent SG Chama hs bn saying.
zangy
May 22, 2015 at 9:00 am
what rapid growth are u talking about?i miss mwanawasas days MHSRIP when dollar had reached K3.U cant cal K6.9 from K7.1 as rapid growth.my his EX Mr president bit that then ll call him a man failure to which we are changing govt.
Kwati like so
May 22, 2015 at 9:06 am
Dull chama dull chief watever u call yoself. Its really sad that yo brain has not developed in recent years coz of wat u ve seen thru yo life. M not Tonga but falls inlove wit hh. U nid a party dat can help u to think as blank as u r ! U can b gud just nid gud company.
Mr Right
May 22, 2015 at 9:35 am
Tumfweko u ar a problem why do u block a positive comments?
pink toe
May 22, 2015 at 12:23 pm
When some people talk of removing the republican President from office, I wonder whether they are aware of the procedure.
While they are busy wondering how to replace him, he is also busy gaining points which are the requisites for his stay in that top most office.
Some critics are in hebetude. They can only see what they want to see.
Kwati like so
May 22, 2015 at 1:19 pm
Wats gud about pf?
vubwi 1
May 22, 2015 at 8:57 pm
In zambia, proudly zambian. US vs ZED.
Famous idiot!...
May 23, 2015 at 2:13 am
K6.9 ati kwacha has gained? Idiots!!… Bring it down further to somewhere K3.9 then call that hardwork… If Mwanawasa did it then why cant this funny looking guy and his crooks do it?…
mj banda
May 23, 2015 at 2:35 am
@famous idiot, you really an idiot with no appreciation and I doubt if you ve ever achieved anything in life apart from writing kak
New Educated Zambia©
May 23, 2015 at 7:00 am
Kiki famous has a point. Why should we celebrate a so called achievement below our expectations? Pf needs to grow up
G. KATONGO
May 23, 2015 at 7:41 am
We need one another 4 dis nation 2 develop
twetwe
May 23, 2015 at 1:28 pm
We have not grown rapidly but are just beginning to stabilize..for me rapid is 2 to 3 fold -from K7 to K4 or K3 and not 0.4 or as long as it is below 1 please disqualify RAPID.Our Kwacha has been hoovering around K6 as a threshold what ever coma u add to this is your own good nature. It very misleading -Tantalizing with no support from real economic safety nets. What happens when all the bonds are depleted. By the way, are these the same bonds that where advertise to the public to buy? Has Govt paid off the Chinese contractors in Ministry of Education.
mj banda
May 23, 2015 at 1:46 pm
@nez, wasila value, just keep quiet