Kwacha ends week on stable note

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zambian-kwacha notesThe Kwacha ended the week on a stable footing to cap a fine week for the local currency. This week’s good performance has been attributed to pressure on the US Dollar following signs of economic recovery around the world, as well as the Bank of Zambia’s fiscal intervention to raise the statutory reserve ratio from 14 to 18 percent.

The eaising of the SRR, which is the central bank regulation that sets the minimal fraction of customer’s deposits that each commercial bank must hold as reserve was effected on April 8.

According to ZANACO Bank, the Kwacha was buying/selling at K7.38/K7.52 from Thursday’s K7.37/K7.52, while the British Pound traded at K10.80/K11.07 from yesterday’s K10.85/K11.12. The Euro was trading at K7.84/K8.04 from yesterday’s K7.88/K8.08 and the South African Rand was at K0.61/K0.63 from yesterday’s K0.62/K0.64.

Meanwhile, copper prices on the London Metal Exchange ended the week at $6.055 per tonne.

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4 Responses to Kwacha ends week on stable note

  1. The grammatical errors in the reports will cause the meaning to change. Editors be on the look out and ensure this is looked at. For instance the Central Bank is concerned with Monetary Policy. Fiscal Policy is a concern of the Ministry of Finance.

    The Business
    April 11, 2015 at 7:18 am
    Reply

    • @The Business, I have said this on several blog platforms that Zambian writers’ attitudes – especially those engaged in reporting – to presenting information is fatalistic at best; cynical at worst (both disastrous). You even get postings that defend these misrepresentations in the name of “second language” or “foreign language” permissiveness. I shudder to imagine what trigger to bad behavior one of these postings may cause in the not too distant future.

      Kalok
      April 11, 2015 at 7:41 am
      Reply

  2. this is not ending at a stable not but ending at a poor not.we need the kwacha to go where it was not this foolish k7.52 you are reporting but we need attest k5.5 .change the editor he is pro pf,why blinding us as if we don’t know were the dollar was in the time of banda and mwanawasa

    truth
    April 11, 2015 at 12:18 pm
    Reply

    • meant where

      truth
      April 11, 2015 at 12:19 pm
      Reply

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Start: 2019-07-01 End: 2019-07-31