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Zambian Kwacha Gains Most in Three Months as Dollar Supply Rises
Zambia’s kwacha advanced by the most in three months against the dollar because of sustained inflows of the greenback, according to Zambia National Commercial Bank Plc.
The currency of Africa’s second-biggest copper producer rose 3 percent by 10:54 a.m. in Lusaka, the capital, to trade at 7.44 per dollar. That’s the biggest gain since April 10 and the strongest level since July 3. The kwacha has climbed 5.7 percent since it reached a record low of 7.89 per dollar on July 15.
“In the short term, the kwacha is expected to continue its bullish run against dollar on the back of sustained supply and the possible unwinding of long dollar positions,” the bank said Tuesday in an e-mailed note to clients.
The kwacha has struggled against the dollar this year amid broader U.S. currency strength and the falling price of copper, which accounts for about 70 percent of Zambia’s foreign exchange earnings. The metal closed at $5,480 per metric ton in London on Monday, a 22 percent drop in the past 12 months.
Cavmont Bank said in a Monday report that dollar supply increased as local companies prepared to meet month-end payment obligations. FNB Zambia said Tuesday some of the dollar inflow could be because of demand for the treasury bill sale later this week.
Officials from the Bank of Zambia and Finance Ministry are in the U.S. this week to market a planned $2 billion Eurobond, a person familiar with the matter said July 14.
Posted by Kunda
on July 21, 2015. Filed under BUSINESS, LATEST NEWS.
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CHARITY TENGELEKO
July 21, 2015 at 3:33 pm
hahahahahaha at kwacha haz gained intresting pipo of zed kuti wapena
Pwanya Nini
July 22, 2015 at 5:20 am
Meanwhile Davido’s #Car collection include a Green Lambo,a white Porsche Turbo S,red Ferrari silver 2012 Honda Accord, red 2012 Hyundai Sonata, white 2012 Audi Q7, white Chevrolet Camaro, Mercedes Benz 2014 S63 AMG and a Black Range Rover sport….That Macky2’s A4 Audi is a poor man’s M6 BMW only wealthy a civil servant!!! Plus no hits comin up ..Yikes!!!
mj banda
July 21, 2015 at 3:44 pm
Something is happening and hope will appreciate now
Euros & Cents
July 21, 2015 at 3:48 pm
Zambian Kwacha is No. 8 – World’s 15 Most Worthless Currencies
Shi Mwana
July 21, 2015 at 3:49 pm
Inkongole te Life
Santos
July 21, 2015 at 4:19 pm
ZMW/USD Details
if you think the Kwacha is improving think again
ZMW/USD for the 24-hour period ending Monday, Jul 21, 2015 22:00 UTC @ +/- 0%
Selling 1.00000 ZMW
you get 0.12956 USD
Buying 1.00000 ZMW
you pay 0.13113 USD
Rate Details
ZMW/USD for the 24-hour period ending
Monday, Jul 20, 2015 22:00 UTC
Bid
Sell 1 ZMW
Ask
Buy 1 ZMW
MIN 0.12931 0.13088
AVG 0.12956 0.13113
MAX 0.12984 0.13141
These values represent the daily average of the Bid and Ask rates OANDA receives from many data sources.
Recent Trends
ZMW/USD average daily bid prices
Adopt a dog
July 21, 2015 at 4:47 pm
Ba Lipota babufi Explain these developments to laymen like me. Where is the supply of dollars coming from? How are the dollars brought to the market? Does this mean the Kwacha will keep gaining? etc etc
CHARITY TENGELEKO
July 21, 2015 at 4:48 pm
am wondering y zambians are easly fooled which kwacha z improving ummhh woke up zed
The Spartacus
July 21, 2015 at 5:14 pm
By yesterday kwacha was trading at 7.7255 against US dollar. Deposited money fo my new truck yestde.. Can’t see any strength by our kwacha maybe at state house..
Judge Joe Bidden
July 21, 2015 at 5:42 pm
Its like you are told to fight a very ill Mike Tyson, beating him doesnt mean you are now strong – get it?
Judge Joe Bidden
July 21, 2015 at 5:43 pm
Its not the Kwacha that has gained value you fools, its the dollar that lost value globally.
New Educated Zambia©❤√
July 21, 2015 at 6:44 pm
kiki kwacha is only gaining in their dreams. PF just man up and accept the problems you have caused. Only then can we all work with you to clear the mess. The first step to rehabilitation is accepting that you have a problem.
club zero
July 21, 2015 at 8:35 pm
I will VOTE FOR UPND no matter what go to hell with ifintu
New Educated Zambia©❤√
July 21, 2015 at 8:45 pm
We welcome you and thank you.
Observer
July 21, 2015 at 8:49 pm
3 yrs ago
The Malawi kwacha 1. GBP = 516 MWK
The Zambian kwacha 1. 00 GBP = 8,395 ZMK
Today
1.00 GBP = 725.909 MWK
1.00 GBP = 11,873.31 ZMK
Ghetto
July 21, 2015 at 9:20 pm
Zambian kwacha has no value.
lemba
July 22, 2015 at 9:30 am
Kwacha kwacha limbani chabe this world is not a paradise until when Jehovah turns it into it otherwise each one for himself and God for us all. Keep complaining I just saw Mark II showing off his new vehicle. Do business when the kwacha goes down you also increase the price to markup? But no you only know how to complain you cannot do anything to better your lives.
Herve Stalin
July 22, 2015 at 1:54 pm
Lemba keep telling your friends who think someone will improve things for them. limba weka namulungu wako. mulungu apasa mosiyana. that is why we gave lungu. adyelepo naeve. HH mulungu anamupasa mokwana. manje afuna nau president. in bemba they say akafupa utemenwe ekakusha umucene.
club zero
July 22, 2015 at 12:36 pm
@lemba iwe vote for them to work or eat and sh**t,ifintu ni bad vote UPND guy,jokes aside our pipo ar suferin
umuntu mutwe
July 22, 2015 at 4:35 pm
Can’t see anything kwacha is continuely loosing value…
CHARITY TENGELEKO
July 22, 2015 at 4:49 pm
kwacha z now at its worst perfoming pick and somone z saying it haz gained i nid to be educated on this am ignorant
John kabengele
July 23, 2015 at 1:03 am
Wherebis the gain, you fools ?
citizen
July 23, 2015 at 2:08 am
Bushe amenso wakwata ma deco? Wait a minute, we are winning the Solwezi West and the Bangweulu bye-elections! This will show you guys how popular the PF is becoming all over the country! VIVA H.E. ECL!! VIVA!! Abash hh!! Abash!!
Peanuts
July 23, 2015 at 8:14 am
We’re waiting for 1 dollar = 1 kwacha