The Kwacha has appreciated against the US Dollar and other major currencies as the intervention measures put in place by the Bank of Zambia continue to yield positive effect on the local currency.
According to the latest figures from the central bank, the USD was buying/selling at K7.19/K7.21 from Monday’s K7.21/K7.23, while the British Pound was trading at K10.61/K10.64 from yesterday’s K10.56/K10.59. The Euro was trading at K7.66/K7.69, while the South African Rand was at K0.59/K0.59 from yesterday’s K0.59/K0.59.
Meanwhile, at Zanaco, the USD was trading at K7.13/K7.27 buying and selling, while the GBP was trading at K10.40/K10.66. The Euro was trading at K7.48/K7.67, while the Rand was at K0.59/K0.60.
Oh! Sorry, I meant below 1kwacha (K1.00)or K1000.00 muli chakale.
BIG UP TO THE CENTRAL BANK, THE KWACHA IS LOOKING UP.
THE NEW GOVERNOR NEEDS TO BE CONGRATULATED FOR THESE POSITIVE TRENDS IN KWACHA PERFORMANCE.
CONGRATULATIONS DANNY KALYALYA.
One needs to take a month by month analysis to realise that there is a time the month when the Kwacha appreciates but quickly begins to depreciate. This article was posted on 14th April and today, barely 2 days later, the Kwacha is tumbling once again. There is simply no stability in the exchange rate and politics of the PF seems to weigh badly on our dear currency. Today’s Bank of Zambia exchange rates are: US dollar buy 7.42, sell 7.44, Pound Sterling buy 11.07, sell 11.10, Euro buy 7.96, sell 7.99. So, where is the appreciation being talked about? Maybe this is also coming from Emmanuel Mwamba the gullible one
This is not good news unless one suffers from terrible economic illness, called visionless and being ignorant of your environment. The dollar is supposed to be exchanged at less than 1000 kwacha. The late ‘Cabbage’ Levy Patrick Mwanawansa proved to us that kwacha could gain power when money matters were placed in the right hand of Ngandu Magande. Thieves came in and stole everything. Today people wish to cerebrate and proudly announce appreciation of the kwacha at 7 kwacha! Ha! we will see it appreciate when it starts selling below whre Mwanawansa left it when he left a powerful foundation to our economic development.
The dollar will surely come out of the K7 bracket by the end of the month. By June it will be below K6.5. This will be as a result of crop marketing companies pumping in a lot of dollars for purchase of tobacco, cotton, groundnuts and maize. Some dollars will come from the traditional exports such as copper.
The dialogue between government will also contribute to the appreciation of the Kwacha.
We should expect the dollar to drop to K5.5 or below by September, 2015.
What 2ngwee gain has to do with me, if even traders don’t accept your 5ngwee when buying. Talk of k1 it will make sense to me let that dollar come out of k7.