SOME bureau de change in Lusaka are holding on to the Kwacha after the local currency traded below K17.55 to a dollar for the first time since March 2020,
A check around Lusaka found that most bureau de change were holding on to the kwacha, stating that it was in short supply.
C&A Bureau de change, Unimoni Money Transfer and Struts returned clients who tried to sale dollar on the pretext that the local currency had run out.
According to Bloomberg data, the local currency opened the day at K18.875 per dollar and has continued to appreciate in what experts say is a sign of confidence in the country’s President-Elect Hakainde Hichilema.
After outgoing President Edgar Lungu conceded defeat on Sunday, Bloomberg reported that Zambia’s Eurobonds and currency rallied after President-Elect Hichilema scored a shock landslide victory in the presidential election.
Zambia’s $1 billion of Eurobonds due in 2024 jumped 11% to 74.14 cents on the dollar by 2:49 p.m. in London, the biggest gain since March 2020.
President-Elect Hichilema will be sworn in on Tuesday next week.