Kwacha to gain a bit next week

Kwacha to gain a bit next week

LUSAKA, Oct 8 (Reuters) – Zambia’s currency is next week expected to trade slightly firmer against the U.S. dollar, while Tanzania’s currency is seen softening while those in Kenya and Uganda hold steady.

ZAMBIA

The kwacha will likely make small gains against the dollar next week, supported by hard currency sales by companies preparing to settle tax accounts.

On Thursday, commercial banks quoted the currency of Africa’s second largest copper producer at 20.1000 per dollar compared to a close of 19.9800 per dollar a week ago.

“It should get some temporary relief because of VAT (Value Added Tax) payments that companies will be making next week,” one financial analyst said.

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