Local News

Kwacha stable

By BUUMBA CHIMBULU
THE Kwacha was generally stable and recorded marginal movements compared to the previous day’s trading session.
The local currency made mild recovery against the US dollar on Thursday following an improvement in supply from sellers.
Zambia Industrial Commercial Bank (ZICB) said the Kwacha closed at 18.55/18.60, a tad softer than its opening levels of 18.50/18.55.
“Globally, the US dollar has continued to outperform most currencies especially emerging market currencies,” ZICB said.
Cavmont Bank Zambia also said the local unit began the day trading at K18.55 /K18.60 with minimal activity being seen on the interbank.
By noon however the Kwacha was seen being quoted K18.50 / K18.55, a level it maintained until close of the market.
Elsewhere, the South Africa’s rand on Thursday recovered after falling to a record low the previous session, but investor confidence remained fragile as concerns over the economy linger.
The rand traded at 18.1100 per dollar, 0.6 percent firmer than its previous close. It weakened to an all-time low of 18.2750 on Wednesday.
South Africa has imposed some of the toughest restrictions on the continent to try to contain the corona virus outbreak, including deploying the army to support police during a 21-day lockdown that began on Friday.
The likely toll on an economy already in recession showed up in preliminary tax numbers, with 2019/20 collection 160 billion rand (US$8.84 billion) below February’s Treasury estimates.

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