TRYNESS TEMBO, LusakaTHE Kwacha on Friday significantly appreciated to close at K16.85 and K16.90, levels last seen in January this year, following China’s commitment to participate in Zambia’s debt restructure creditor committee. Last week, International Monetary Fund (IMF) managing director Kristalina Georgieva said China has committed to join Zambia’s creditor committee. “From an open level of K17.40 and K17.45 on the bid and offer, respectively, at close of business the local unit was quoted 3.15 percent stronger at K16.85 and K16.90,” Zanaco stated. Absa Bank Zambia Plc said the local unit made significant gains against the US dollar buoyed by a surge in greenback inflows from both the corporate and retail sectors amid subdued demand. From an opening level of K17.35 and K17.40 to the dollar, the local unit posted incremental gains throughout the day on CLICK TO READ MORE

Source: Daily Mail April 26, 2022 21:32 UTC