Biz & CorporateBusinessLocal News

Kwacha has suffered 4.6pc depreciation in 2024 – Dr Kalyalya


THE Zambian Kwacha has so far this year depreciated by 4.6 percent as at February 13, 2024 driven by constrained supply of the foreign exchange on 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.

To moderate volatility and broadly support the importation of critical commodities, the Bank of Zambia (BoZ) provided market support of US$215.5 million.

This is according to the BoZ Governor, Denny Kalyalya, yesterday at a media briefing to announce the Monetary Policy Rate for the first quarter of 2024.

Dr Kalyalya said the depreciation of the Kwacha was driven by constrained supply of foreign exchange amid high demand underpin the depreciation of the exchange rate.

“Pressure on the Kwacha to depreciate has persisted in 2024 with the exchange rate depreciating by 4.6 percent as at February 13, 2024,” he said.CLICK HERE TO READ MORE


Related Articles

Back to top button