By 
“The Kwacha is on the counter attack,” Finance and National Planning Minister, Situmbeko Musokotwane, has said on Friday.
Musokotwane was responding to the sharp appreciation of the Kwacha against the United State (US) dollars in an exclusive interview with Zambia Monitor.
Read more: Zambia’s forex market operating within required values, says Central Bank
The minister did not give reasons for the sudden appreciation of the local currency but hinted that: “let the Kwacha do its job.”
The Kwacha is currently hovering around K24 to the greenback to the initial K26.50 in the morning.
According to the Bank of Zambia, Denny Kalyalya, the Zambian Kwacha had so far this year depreciated by 4.6 percent as at February 13, 2024 driven by constrained supply of the foreign exchange in the market.
This comes after the Kwacha depreciated by 17.5 percent against the United States (US) dollar in the fourth quarter of 2023, to an average of K24.75.
WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.
Comments