Zambian Kwacha trades below K10 against US dollar

The Zambian Kwacha has continued to appreciate against other convertible currencies.

The Kwacha which was trading at 10 Kwacha 67 Ngwee against the United States dollar on Wednesday, was by this morning buying at 9 Kwacha 71 Ngwee and selling at 9 Kwacha 86 Ngwee.

The UK Pound is buying at 13 Kwacha 69 Ngwee and selling at 13 Kwacha 89 Ngwee while the Euro is buying at 11 Kwacha and selling at 11 Kwacha 22 Ngwee.

The South Africa Rand is buying at 0.64 Kwacha and selling at 0.65 Kwacha.

Meanwhile Eastern Province Chamber of Commerce and Industry EPCCI President, Thomas Mtonga has described the appreciation of the kwacha as a good development for the business sector.

Mr. Mtonga however, observed that the appreciation of the Kwacha could be as a result of the central bank pumping in more dollars into the economy or the exports from the mining sector since other sectors have not had too much activity to push the kwacha.

He says that the appreciation of the kwacha has already seen the business sector in Chipata starting to engage in foreign trade, as most people were seen buying dollars from the banks this morning.

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