Financial expert says the Kwacha is expected to continue trading around fourteen Kwacha sixty four ngwee to month end.  

Mambo Hamaundu tells Money FM News, that this is because of the local tax and month end obligations that have to be made.

Mr Hamaundu explains that most corporate organizations will be converting their foreign exchange to kwacha.

“This time they are month-end obligations that need to be made, and there is a chance that corporate companies will be converting their foreign exchange into Kwacha” Hamaundu said. 

He said the exchange rate is not expected to devalue any time soon. 

He however added that the kwacha is likely to continue being under pressure against major convertible currencies this year.

Hamaundu said this is because of the debt servicing obligation that the country has to meet.

“As we proceeded into the year the Kwacha is likely to continue being under pressure due to the debt servicing obligation that the country has to meet” Mr. Hamaundu explained. 

Mr. Hamaundu said debt servicing will indirectly put a lot of pressure on the Kwacha dollar rate which may lead to the Kwacha losing strength.

He said people should not be surprised if the foreign exchange rate this year goes as high as fifteen Kwacha against the dollar.

The US dollar is buying at fourteen Kwacha thirty five ngwee and selling at fourteen Kwacha sixty four ngwee.