KWACHA POISED FOR ZCCM SALE

THE Zambian kwacha held steady against the dollar in subdued trade on Monday, dealers said. They said the market is looking forward to Friday’s scheduled final privatisation of copper giant Zambia Consolidated Copper Mines. Dealers said they see signs that ZCCM will come into the market this week to sell off dollars to meet local currency month-end obligations.
The ZCCM sale will eventually free up millions of dollars in balance of payments support held by Western donors and attract fresh capital, which will ease pressure on the kwacha.

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