Commercial banks current account balance increases to K307m

Wed, 14 Dec 2016 12:18:09 +0000

COMMERCIAL banks’ current account balance increased by K306.81 million to  close the Monday trading session at K2,267.31 million as the Kwacha is anticipated to maintain a tight range against the dollar.

According to Cavmont Bank Zambia daily market report, the aggregate current account of all commercial banks in Zambia rose from K1, 960.50 million recorded on Friday last week to K2, 267.31 million.

The bank further reported that while the commercial banks’ current account increased, the overnight borrowing and lending rate decreased by 0.03 percent to 16.12 percent.

Cavmont reported that total funds therefore traded on Interbank market stood at K53.08 million.

On the local market, the Kwacha maintained a tight range against the greenback during Monday’s trading session.

The banks reports that the local currency did however make a brief appreciation from the day’s opening levels of K9.850 / K9.900 to touch an intra-day high of K9.810 / K9.860 after a slight improvement in supply from corporates.

The Kwacha then closed at K9.850 / K9.900, unchanged from the day’s opening levels.

On the international market, copper prices on the London Metal Exchange (LME) recorded a decline of US$52.50, resulting in a tonne of the red metal to trade at USS5,772.00.

This comes after weeks of price appreciation of the metal

Prices of gold equally declined during the trading session under review.

The bank reported that an ounce was currently trading at US$1,156.69, after prices went down by US$13.73.

The price of Brent crude oil however went up by US$2.39, this therefore makes a barrel of oil to trade at US$56.49.

Following this trading session, All Share Index on the Lusaka Stock Exchange (LuSE) went up by 0.47 percent recording 4,217.97 points.