Bureau de Change President Paul Kalumba has noted that the new regulation stipulated by the Bank of Zambia for all local transactions to be made using the Zambian Kwacha has reduced the demand for US dollars and strengthened the exchange rate. Speaking in an interview with Zambian Business Times (ZBT), Kalumba noted that Bureau de Change companies had a lot of artificial demand for US dollars driven by local transactions, but with the directive from the central bank, the demand for dollars has lowered. “Artificial demand was being caused by local transactions, because they are individuals that built houses in...
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