Zambia’s busiest and one of the most active foreign exchange market, Kasumbalesa border between Zambia and the Democratic Republic of Congo has re-affirmed that Kwacha is destined to continue to appreciate against the United States Dollar (US$)
A check at Golden Coin Bureau De Change located at Kasumbalesa Border around 14:45 hours on Monday July 26 2021 by the Zambian Business Times – ZBT has revealed that the Kwacha was buying and selling at K18.10 and K18.40 respectively.
In an interview with the Zambian Business Times-ZBT, Association of Bureaux De Change of Zambia (ABCZ) President Paul Kalumba said the local unit (the Kwacha) opened trading session at the border at K19.50 and K19.90 per dollar.
Meanwhile, indicative rates at Absa Bank in Lusaka showed that the Kwacha was trading between K20.71 and K21.10 while at Bank of Zambia – BOZ indicated that the Kwacha opened at K20.85 and K20. 90 per dollar at around 09:30 hours.
At 15:30 hours, the Lusaka based market showed that the local currency was buying and selling at K19.90 and K19.95 per dollar at BoZ, showing a further appreciation for the first day of the week.
AT ZANACO, one of the leading banks in Zambia with a large customer base had the kwacha trading between K19.81 and K20.18 per dollar, which showed that it was relatively flat. The markets are not yet certain at what rate the current appreciation will settle at.
There is need for the confirmation on the timelines of when the Special Drawing Rights – SDR facility will be availed to Zambia and what conditionality’s are attached to this facility. Future Copper price projections however remain positive.
