By Nation ReporterThe continued stability, and recent appreciation of the Kwacha against the United States dollar to K21.39 as at 23rd July 2021 from K22.64 on 1st July, 2021, largely reflects changes in the supply of foreign exchange and broad improvements in market expectations, government has said.According to a statement issued by the Ministry of Finance, these developments are consistent with the broad goals set out in the Economic Recovery Programme (ERP), which was launched by President of Edgar Chagwa Lungu in December 2020. Recent developments in the foreign exchange market include improved foreign exchange flows from the mining sector in view of the strong recovery in copper prices and production.This has led to a significant expansion in the trade balance estimated at US$1.9 billion during the period January to May 2021 compared to US$576.8 million over the same period in 2020; Significant flows from non-resident investors seeking to purchase government securities, evidenced by the oversubscription at […]
CONTINUED KWACHA STABILITY EXPLAINED
