Business
Kwacha closes week at K27.40 as copper firms in London
A six-month high in copper and steady mining-tax receipts have pushed the kwacha back below K28 to the dollar, but the central bank says it is too soon to ease.
Chanda Phiri·10 hours ago
LUSAKA — The kwacha closed the week at K27.40 against the US dollar, its strongest level since June, after copper prices on the London Metal Exchange touched a six-month high.
Bank of Zambia Governor Denny Kalyalya told reporters the appreciation reflected "improving fundamentals" but cautioned that the Monetary Policy Committee would hold its policy rate at 13.5%.
"It is too early to declare victory on inflation," he said. Annual inflation eased to 13.6% in October from 13.9% in September.