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Kwacha maintains stability against dollar

The kwacha last week maintained its strong stance against the US Dollar with experts projecting another gain this week.
Friday’s trading session saw the Kwacha touch another intra-day high of K11.450 / K11.500 on inter-bank bid and offer respectively.
The local unit’s gains came on the backdrop of increased dollar supply from sellers, coupled with tight Kwacha liquidity in the money markets.
By afternoon, however, the Kwacha lost its gains and was seen being quoted at K11.600 / K11.650, a level it had opened at in the morning.
Current trends seem to indicate that the local unit is likely to maintain its bias towards the upside owing to tight liquidity in the money markets.
And according to Cavmont Bank Market Report, the commercial banks’ aggregate current account decreased by K57.36 to K213.30 million while the overnight borrowing and lending rate increased by 0.15% at 9.88%. Total funds traded on Interbank was K490 million.

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