By 
The Bank of Zambia (BoZ) on Wednesday purchased K545 million from the market at nine percent over- night, as Kwacha extends its losses.
It was anticipated that the local unit would trade on the weaker side as demand was anticipated to outmatch supply, according to Zanaco daily treasury newsletter.
On Thursday, the local unit was quoted at K17.6894/18.0285 against the greenback on a bid and offer respectively.
Midweek, trading saw the local unit extend its losses against the bullish United States (US) dollar as the market continued to experience elevated levels of hard currency demand amid subdued supply.
It stated that the Zambian currency closed trading weaker at K17.8244/17.8713 per US dollar from an open position of K17.8019/17.8488 per US dollar on the bid and the offer, respectively.
On the money market, the report stated that the local currency liquidity was K1, 359.64 million and interbank volumes were K839.50 million.
The report indicated that the weighted cost of the overnight interbank funds was 9.05 percent.
It indicated that the Central Bank purchased K545.00m from the market at 9.00 percent over-
night.
Read more:Zambian Kwacha continues poor run against the dollar, trades K17.79
Comments