Following a move by the Central Bank to reduce volatility, the Zambian Kwacha is on course to stabilize and has reportedly posted a 1.3% gain on the US Dollar, buying and selling at 6.42 and 6.44 respectively as of January 27, 2015.
According to the Zambian Secretary of Treasury Fredson Yamba, the end of the presidential elections will allow country to the move forward.
“The Kwacha has appreciated by 1.3% against the US Dollar due to increased supply of dollars on the market,” he said, “With the presidential by-elections behind us, we hope to see the speculative tendencies of the private sector fizzle [which is] positive for the currency market.”
Hon. Yamba went on to indicate that the Bank of Zambia is continuing to monitor the foreign exchange market and make interventions as necessary to smooth out continued volatility.
Additionally, the Ministry of Finance is also reportedly actively monitoring global economic events the effects they pose to the stability of the country.