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Kwacha To Take New Sharp Direction

LUSAKA, Mar. 30 - The Kwacha is expected to take a new sharp direction after the announcement of Zambia's HIPC status, Finance Bank has said.

According to the bank's Treasury Market Report, the treasury bill rates are, in the short term, likely to remain within the current thresholds.

LuSE index 833.58 (+0%)

UsD/ZMK Kwacha 4575 bid (+0.55%) 4700 ask

Last week, the kwacha was largely steady and closed the week at K4,650 and K4,700 against the dollar for buying and selling, respectively.

Despite the continued inflows of the dollar from all major suppliers, the kwacha did not record significant gains as demand also increased.

Takers rushed onto the market to take advantage of the lower rates, anticipating that the kwacha might not appreciate further.

On the other hand, suppliers were resisting to sell below K4,680 and easily found buyers at that level, which helped halt the kwacha's resilience.

On treasury bills, the rates are expected to remain within existing thresholds until the HIPC announcements.

"The medium term general market view is that the rates will heavily decline after HIPC completion," the report says.

It says this has precipitated a general demand for longer dated papers at current relatively higher rates.

Last week, the 91-day treasury bill rates held firm at 15.99 per cent, while the other tenors continued with their decline.

By Kingsley Kaswende

The Post / allAfrica Global Media

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