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Kwacha continues slide, may approach K27/ per dollar in days


Zambia’s local currency is on the verge of breaching the K27/USD, as market performance indicates that it is a 10 ngwee a whisker away.

A foreign exchange check by Zambia Monitor on Tuesday indicated that the local unit was no doubt scheduled for another historical depreciation.

According to Absa Zambia Daily Indicative Rates, buying and selling were at K26.39 /26.90, just 10 ngwee away to reach K27 /U$.

At Atlas Mara, the daily foreign exchange rate, the Kwacha was trading at K26.35/26.89.

Read more :Kwacha ends 2023 on continued losses against the dollar

On the other hand, Zanaco Forex rate was K26.34/26.85 buying and selling respectively.

Zanaco Newsletter, the currency was quoted 0.1 percent weaker.

The continued weak Kwacha was said to have been as result of continued net dollar demand amid bearish inflows.

Commentators have been attributing the continued fall of the local currency to reduced tax receipts from the mining sector as result of inactivity at most Copperbelt mines and low copper grades at some North-Western mines.

Others point to delayed debt restructuring talks.

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