{"id":5611,"date":"2021-09-05T21:10:44","date_gmt":"2021-09-05T21:10:44","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/investors-flock-to-zambia-betting-on-recovery"},"modified":"2021-09-05T21:34:34","modified_gmt":"2021-09-05T21:34:34","slug":"investors-flock-to-zambia-betting-on-recovery","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/investors-flock-to-zambia-betting-on-recovery","title":{"rendered":"Investors Flock To Zambia, Betting On Recovery"},"content":{"rendered":"

Africa-Press<\/a> – Zambia<\/a>. <\/strong><\/span>Foreign investors are scrambling to buy up Zambia\u2019s debts as the market heralds an extraordinary economic recovery under new President Hakainde Hichilema.<\/p>\n

On Friday, bids for domestic currency bonds were more than eight times the amount offered at the last auction. In all, the Bank of Zambia raised K 2.5 billion ($157 million), receiving bids for a record K12.5 billion. Yields fell across the curve, with five-year notes dropping 8 per cent to 25%.<\/p>\n

This appreciation in the country\u2019s currency could mean that price inflation will begin to ease in the coming months. Zambia imports everything from fuel to fertiliser so currency volatility has a particularly strong impact on inflation. A stronger Kwacha will therefore make essential goods and services more affordable for ordinary Zambians.<\/p>\n

Mweemba Mwiinga, chief investment officer at African Life Financial Services Ltd. described there being a \u201csense of euphoria\u201d in Lusaka, with investors holding on to the expectation that \u201cinflation willl come down\u201d.<\/p>\n

\u201cThere\u2019s a bit of FOMO [fear of missing out] as well,\u201d he said.<\/p>\n

The rebound in the Kwacha has largely been attributed to the election of Hakainde Hichilema on August 16th, with the currency surging 21% against the dollar since HH was made president. Investors are betting he will be able to revive Zambia\u2019s economy after the country became Africa\u2019s first pandemic-era debt defaulter last year.<\/p>\n

\u201cIt\u2019s not having copper underground that makes you rich,\u201d HH said on Sunday. \u201cWhat makes you rich is the stuff to be mined out and sold, profits made, taxes paid, jobs created.\u201d<\/p>\n

Newly-appointed finance minister Situmbeko Musokotwane is expected to deliver a new budget by late October. His plan will need to find a balance between appeasing voters and winning favour with the IMF. He also faces tough debt-restructuring talks with creditors.<\/p>\n

\u201cHe has made a lot of positive pronouncements, but obviously the proof of the pudding will be in how some of these things will be implemented,\u201d Mwiinga told Bloomberg News. \u201cThe key thing to watch will be the budget.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. Foreign investors are scrambling to buy up Zambia\u2019s debts as the market heralds an extraordinary economic recovery under new President Hakainde Hichilema. On Friday, bids for domestic currency bonds were more than eight times the amount offered at the last auction. In all, the Bank of Zambia raised K 2.5 billion ($157 […]<\/p>\n","protected":false},"author":84,"featured_media":5610,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[234,235,2381,2380,233],"class_list":["post-5611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-zambia","tag-pandemic-era","tag-stronger-kwacha","tag-zambia"],"yoast_head":"\nInvestors Flock To Zambia, Betting On Recovery - Zambia<\/title>\n<meta name=\"description\" content=\"Foreign investors are scrambling to buy up Zambia\u2019s debts as the market heralds an extraordinary economic recovery under ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zambia\/all-news\/investors-flock-to-zambia-betting-on-recovery\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investors Flock To Zambia, Betting On Recovery\" \/>\n<meta property=\"og:description\" content=\"Foreign investors are scrambling to buy up Zambia\u2019s debts as the market heralds an extraordinary economic recovery under ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zambia\/all-news\/investors-flock-to-zambia-betting-on-recovery\" \/>\n<meta property=\"og:site_name\" content=\"Zambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-05T21:10:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-09-05T21:34:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2021\/09\/img-613537c2899e1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"980\" \/>\n\t<meta property=\"og:image:height\" content=\"482\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/investors-flock-to-zambia-betting-on-recovery#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/investors-flock-to-zambia-betting-on-recovery\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Investors Flock To Zambia, Betting On Recovery\",\"datePublished\":\"2021-09-05T21:10:44+00:00\",\"dateModified\":\"2021-09-05T21:34:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/investors-flock-to-zambia-betting-on-recovery\"},\"wordCount\":345,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/investors-flock-to-zambia-betting-on-recovery#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2021\/09\/img-613537c2899e1.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zambia\",\"pandemic-era\",\"stronger Kwacha\",\"Zambia\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/investors-flock-to-zambia-betting-on-recovery#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/investors-flock-to-zambia-betting-on-recovery\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/investors-flock-to-zambia-betting-on-recovery\",\"name\":\"Investors Flock To Zambia, Betting On Recovery - 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