THE kwacha on Wednesday made a surprise rebound against the US dollar as it touched an intra-day high of K12.200/K12.2500 on the interbank from the day’s opening levels of K12.400/K12.450. On Monday, the Kwacha suffered losses against the US dollar, declining from K12.225/12.275 to K12.600.
According to First National Bank Zambia, the local unit’s main performance was driven by tight liquidity in the money markets coupled with some inflows from exporters. It revealed that commercial banks’ aggregate current account increased by K229.59 to K541.87 million while the overnight borrowing and lending rate decreased by 0.01 per cent to 9.64 per cent.
“Total funds traded on Interbank was K307 million…Zambia Total Public Debt (August 2017) US$12.45 Billion,” FNB stated.
The bank, in its daily update, stated that in other emerging markets, the South African Rand also strengthened against the US
dollar following the appointment of a new Finance Minister.