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Zambia’s kwacha is Africa’s best-performing currency in 2024

Zambia’s kwacha is Africa’s best-performing currency in 2024

ZAMBIA'S kwacha is Africa's best-performing currency against the U.S. dollar so far this year after the central bank sharply tightened monetary policy, but analysts said it would strengthen sustainably only if the country attracts more foreign investment. The kwacha has rallied 13.8% to 22.8 against the greenback in 2024, according to LSEG data, after the central bank raised commercial banks' reserve ratios and then hiked interest rates earlier this month, in a bid to reverse a decline in the currency that had pushed up inflation. "The kwacha's performance this year has been remarkable," said Danny Greef, Co-Head of Africa at research firm…
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AFRICA-FX-Kenyan and Zambian currencies seen falling, Ghana’s steady

AFRICA-FX-Kenyan and Zambian currencies seen falling, Ghana’s steady

KENYA'S shilling and Zambia's kwacha are expected to fall in the next week, while the Ugandan shilling could strengthen, Ghana's cedi will probably be steady and Nigeria's naira may be mixed, traders said. KENYA Kenya's shilling is seen slipping on increased foreign-currency demand from the manufacturing sector and as Kenyans living abroad ask for higher exchange rates to part with their dollars. Commercial banks quoted the shilling at 153.30/50 to the U.S. currency, compared with last Thursday's close of 153.20/40. On Thursday the shilling hit a new all-time low of 153.50/70 before recouping some losses, LSEG data showed. "Those looking…
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