Nov. 3 (Bloomberg) — Zambia’s kwacha has been “very stable” this year and the central bank will only intervene if there are excessive movements in the exchange rate, Deputy Governor Tukiya Kankasa-Mabula said.
“We haven’t really seen very sharp changes in the rate,” Kankasa-Mabula said in an interview in Sudan’s capital, Khartoum today. “So, we are in the market on either side depending on what we need to do. But we have not seen very steep appreciation or very steep decline.”
Food inflation is under control and the central bank is expecting another bumper crop harvest next year, she said. The economy will probably expand by more than 6 percent this year, while the central bank aims to maintain “low levels” of inflation at no more than 7 percent or 8 percent, Kankasa-Mabula said.