{"id":58357,"date":"2024-02-20T22:50:00","date_gmt":"2024-02-20T22:50:00","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/?p=58357"},"modified":"2024-02-20T06:21:10","modified_gmt":"2024-02-20T06:21:10","slug":"kwacha-surges-against-major-currencies-on-foreign-exchange-market","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/kwacha-surges-against-major-currencies-on-foreign-exchange-market","title":{"rendered":"Kwacha Surges Against Major Currencies on Foreign Exchange Market"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>The Kwacha has staged an impressive rally on the foreign exchange market, reaching K23.46 after weeks of trading at levels exceeding K26 and K27. A survey conducted by the Zambia National Broadcasting Corporation (ZNBC) across various bureaus confirmed that the dollar was being bought at K23 and sold at K23.46. Market analysts and economists have pointed to governmental and central bank interventions as key drivers behind this sudden appreciation.<\/p>\n

Ronald Mwanza, the Chief Executive Officer of the Bankers Association of Zambia (BAZ), attributed the Kwacha\u2019s appreciation to recent actions taken by both the government and the central bank. Mwanza specifically highlighted the increase in the statutory reserve ratio, explaining that the government\u2019s decision to raise this ratio was in response to sustained high demand for foreign exchange. This move, according to Mwanza, has effectively tightened liquidity in the market and supported the Kwacha\u2019s upward trajectory.<\/p>\n

Economist Noel Nkoma echoed Mwanza\u2019s sentiments, emphasizing the fiscal measures implemented by the government. Nkoma noted that the government\u2019s decision to withdraw excess liquidity from commercial banks has created space for the Kwacha to strengthen further.<\/p>\n

The recent surge in the Kwacha comes on the heels of the Bank of Zambia\u2019s decision earlier this month to raise the statutory reserve ratio from 17 percent to 26 percent, which came into effect on February 5th. This move signaled a proactive approach by authorities to address the challenges posed by high demand for foreign currency.<\/p>\n

The sudden turnaround in the Kwacha\u2019s fortunes has been met with optimism among market participants and stakeholders, who view it as a positive development for Zambia\u2019s economy. However, analysts caution that sustained efforts will be required to maintain this momentum and ensure stability in the foreign exchange market.<\/p>\n

As the Kwacha continues its upward trajectory, attention now turns to the effectiveness of ongoing fiscal and monetary measures in supporting its gains and fostering economic growth in Zambia.<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. The Kwacha has staged an impressive rally on the foreign exchange market, reaching K23.46 after weeks of trading at levels exceeding K26 and K27. A survey conducted by the Zambia National Broadcasting Corporation (ZNBC) across various bureaus confirmed that the dollar was being bought at K23 and sold at K23.46. Market analysts […]<\/p>\n","protected":false},"author":84,"featured_media":58356,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,248],"tags":[234,235,233],"class_list":["post-58357","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-to-homepage","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nKwacha Surges Against Major Currencies on Foreign Exchange Market - Zambia<\/title>\n<meta name=\"description\" content=\"The Kwacha has staged an impressive rally on the foreign exchange market, reaching K23.46 after weeks of trading at leve ...\" \/>\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\/kwacha-surges-against-major-currencies-on-foreign-exchange-market\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kwacha Surges Against Major Currencies on Foreign Exchange Market\" \/>\n<meta property=\"og:description\" content=\"The Kwacha has staged an impressive rally on the foreign exchange market, reaching K23.46 after weeks of trading at leve ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zambia\/all-news\/kwacha-surges-against-major-currencies-on-foreign-exchange-market\" \/>\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=\"2024-02-20T22:50:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2024\/02\/sm_1708397359.665507.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\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\/kwacha-surges-against-major-currencies-on-foreign-exchange-market#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/kwacha-surges-against-major-currencies-on-foreign-exchange-market\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Kwacha Surges Against Major Currencies on Foreign Exchange Market\",\"datePublished\":\"2024-02-20T22:50:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/kwacha-surges-against-major-currencies-on-foreign-exchange-market\"},\"wordCount\":342,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/kwacha-surges-against-major-currencies-on-foreign-exchange-market#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2024\/02\/sm_1708397359.665507.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zambia\",\"Zambia\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/kwacha-surges-against-major-currencies-on-foreign-exchange-market#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/kwacha-surges-against-major-currencies-on-foreign-exchange-market\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/kwacha-surges-against-major-currencies-on-foreign-exchange-market\",\"name\":\"Kwacha Surges Against Major Currencies on Foreign Exchange Market - 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