By Amos Sikaonga 
By Cecilia Chiluba
An Economist says the Kwacha may see a steady appreciation of below K28 over the medium term.
The US Dollar is currently buying at Twenty-Eight Kwacha Forty Ngwee and selling at Twenty-Eight Kwacha Eighty Ngwee.
Speaking in an interview with Money News, Michelo Maunga noted that Copper prices on the international market have been trending upwards, nearing US$12, 000 per ton which should provide some positive momentum for the Kwacha.
Mr. Maunga observed that the news of the development from the credit rating agency Moody’s and the prospects for Zambia’s economy this year, will continue to have an effect on the Kwacha.
He said with regards to this week, the local unit is likely to stay within the K28 to K29 range.
“However, we will look to the ZamStats monthly bulletin which will guide things like copper exports.”
“This week we have Treasury Bill and Bond auction by Bank of Zambia, so we may see an inflow of non-resident investors coming in with their dollars, which may have a positive influence on the currency,” Mr. Maunga explained.
He further observed that the performance of the Kwacha in the past week, has been fairly stable, although it has trended towards depreciation.
“So I think for this week, we will stay within the K28 to K29 range but we will look to the ZamStats monthly bulletin which will guide things like copper exports.”
“So for this week, we will remain within 28 to K29 but moving forward over the medium term, we may begin to see a steady appreciation of the Kwacha below K28,” he added.
Cecilia Chiluba