ECONOMIST PROJECTS KWACHA TO APPRECIATE FURTHER TO AROUND K15 PER US DOLLAR
ECONOMIST Naylor Kopakopa has projected that the Kwacha is likely to appreciate further to around 15 Kwacha against the United States Dollar this year.
Mr. Kopakopa attributes the appreciation to increased production levels, particularly in the mining and agriculture sectors.
Mr. Kopakopa has explained to Phoenix News that the recent appreciation of the Kwacha is largely driven by rising global copper prices, which are expected to significantly boost Zambia’s foreign exchange earnings.
He adds that government revenue from copper-related taxes is also projected to increase, further supporting the local currency.
Mr. Kopakopa further adds that once farmers conclude selling their maize from the 2024/2025 farming season, there will be an increased inflow of foreign exchange into the economy, providing additional support to the local currency.
The Kwacha has appreciated sharply and is currently trading between K20 and K21 against one United States Dollar.
PN