Kwacha trading in positive territory over US$

Fri, 07 Apr 2017 10:00:45 +0000

By Sheila Sakupwanya

 The Kwacha continued with its positive performance against the U.S Dollar on Wednesday, 5th April, 2017 on the back of increased flows from corporates looking to meet their mid-month tax obligations.

According to the Cavmont bank market report, the local unit recorded a gain of 1.04% to close the day at K9.450 / K9.500, compared to the day’s opening levelsofK9.550/K9.600.

Current trends seem to indicate that demand and supply are likely to continue being the major drivers of the currency’s performance in the short term, read the report

Meanwhile, Commercial banks’ aggregate current account balance increased by K34.61 million to K343.64 million while the overnight borrowing and lending increased by 0.01% to 13.00%.

And the total funds traded on Interbank according to the Cavmont Market report were K158.00 million.

The Central Bank was still conducting open market operations (OMO) and was looking to withdraw K300.00 million in excess liquidity.

Accepted rates were averaging 13.67%, 15.00% and 17.50% on 1day, 7days and 14days respectively.