Kwacha in hot comeback


THE Kwacha on Wednesday made a dramatic comeback after it opened at  K10.88 / K10.900 compared to K14.oo registered a few weeks ago.

This riposte against the US dollar translated into a 5.33 percent gain.

According to Interbank foreign exchange report by the Bank 0f Zambia the gains were due to increased dollar supply amid tight liquidity in the money markets.

The market average rate movements in many commercial banks ranged between K10.9456/10.9656 and K11.4095/K11.76361.

The Kwacha had slid to slightly above K14 to a dollar last week before it started to make a remarkable turn-around.

This comeback has mainly been attributed to the release of millions of dollars into the market by the central bank.

And Zambia Consumers Association executive secretary Samuel Simutunda says the association is happy that the local currency has started appreciating against major foreign currencies.

He said it was pleasing that Government had started putting in place effective mechanisms that were helping the Kwacha to stabilise.