By Staff Reporter
The market rates for the Kwacha to the United States Dollar yesterday showed very mild movements, with the local currency which stated daily trading at K23.5107 and K23.5607 for bid and offer respectively, closing the day at K23.5607 and K23.6107 to US$1.
This was according to rates which were posted on the Bank of Zambia website, which also showed the Kwacha’s trade with other major convertible currencies such as the British Pound, the Euro and the South African Rand.
According to the trade off with one British Pound, the Kwacha was trading at K32.0210 and K32.0963 for bid and offer respectively, while the Euro was at K27.7837 and K27.8453, with the South African Rand coming in at K1.3503 and K1.3532.
The Kwacha has for a while maintained stability against major convertible currencies, stabilising to around K23.5 against the Dollar from the highs of over K28 not too long ago.
The stability in the local currency is expected to have ripple effects in terms of other fundamentals such as the general pricing of goods in the economy. The same is also likely to help in terms of planning for producers, importers, exporters, businesses and the general society.
