BY ADRIAN MWANZATHE Bank of Zambia has indicated that the strong recovery in copper prices coupled with other modalities put in place has seen the Kwacha continue being bullish against other currencies.More recently, the Kwacha was trading at K21.39 on July 23, 2021 compared to K22.64 on July 1, 2021, representing an appreciation of 5.5 percent.The Copper prices which were currently at US$9,521 per metric tonne from a low of US$4,745 in March 2020 has contributed to sustained strong export earnings.According to a statement released by the Bank of Zambia this has resulted in improved foreign exchange flows from the mining sector through tax receipts remitted directly to the Bank of Zambia in US dollars. In view of this, the Bank of Zambia had been able to provide more foreign exchange liquidity back into the market to reduce excess demand experienced since mid-2020.As at July 23, 2021, the year-to-date rate of depreciation of the Kwacha […]
BOZ TOUTS KWACHA RECOVERY
