“KWACHA TO TRADE AT 15 IN THREE WEEKS”
The Economics Association of Zambia -EAZ has projected that the Kwacha may in the next three weeks trade around 15 kwacha to one US dollar.
EAZ President LUBINDA HAABAZOKA also says the rebound of the currency is due to investor confidence in the management of the country’s economy.
Dr. HAABAZOKA says the situation has led to an increase in the demand for Zambia’s bonds by foreign investors.
He has additionally attributed the surge of the local currency to an improvement in the administration of mine tax.
Dr. HAABAZOKA told ZNBC news that the bumper harvest of agriculture products has also made a positive impact on the local currency.
Meanwhile EAZ Vice President AUSTIN MWANGE has dispelled claims that the appreciation of the KWACHA is a fluke.
Dr. MWANGE has justified that the recent increase of copper prices on the London Metal Exchange is among many factors that have triggered the appreciation of the KWACHA.
He said the KWACHA is further projected to appreciate as a result of the escalated economic activities in the country.
A Check by a ZNBC news crew at Lawak Bureau in Lusaka today found the kwacha trading at 18 Kwacha 50 ngwee against one UD dollar and selling at 18 kwacha 85 ngwee.
And at C and A bureau was was buying the dollar at 18 Kwacha and selling it at 18 Kwacha 36 ngwee.