Zambia’s kwacha seen firmer on increased dollar inflows

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LUSAKA, June 8 – Zambia’s kwacha is expected to firm in the coming week mainly due to increased dollar inflows from corporate sellers and exporters looking to fulfil tax payments due next Friday.

ZAMBIA

At 0700 GMT on Thursday, commercial banks quoted the kwacha at 9.2500 per dollar, marginally stronger than 9.3000 a week ago.

“The local unit is expected to remain buoyant as the supply of the green currency continues to improve on the market,” the Zambian branch of South Africa’s First National Bank said.

GHANA

Ghana’s cedi could remain under pressure next week as weekly dollar sales by the central bank proves to be insufficient to meet a surge in offshore demand, traders said.

The unit was trading at 4.4200 per dollar by mid-morning on Thursday, compared with 4.3275 a week ago.