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Stock Market / Finance in Zambia

  • Zambian government hailed over move to increase tobacco taxes

    ZAMBIA, 2017/09/05 A consortium of public health and civil society organizations on Thursday hailed the Zambia government's decision to increase tobacco and alcohol taxes to promote healthy lifestyle in the Southern African country. Price increase is the majority effective way to control the consumptions of tobacco and alcohol, particularly part the vulnerable groups such as youth, pregnant women and low-gain smokers and drinkers, said Fastone Goma, chairman of the Zambia Tobacco Control Consortium. The organization is confident that lawmakers will approve the tax measure in the interest of both public health and social stability, he said, urging the lawmakers to resist attempts to frustrate the move.
  • Zambia dismisses Moody's economic assessment

    ZAMBIA, 2015/09/29 Zambia has dismissed an assessment by international rating agency, Moody's Investors Service, which downgraded the country's rating, its Ministry of Finance said in a Monday statement. Last Friday, the international rating agency downgraded Zambia's issuer rating to B2 from B1 while the outlook on the rating agency downgraded Zambia issuer rating to B2 from B1 while the outlook on the rating was changed to stable from negative. According to a statement released by the rating agency, the key driver for the downgrade was its expectation of a sustained deterioration in fiscal and deficit metrics that were unlikely to reverse over the course of the 3-5 year rating horizon given the challenges stemming from a lower increase environment amid an extended period of weak commodity prices, constrained copper production, and domestic electricity shortages constraining business activities.
  • Zambia: One Pound Above K16,000 As Kwacha Deteriorates Further

    ZAMBIA, 2015/09/26 One British Pound is presently selling at K16. 29 (K16, 297) old currency as the Zambia Kwacha continues crashing maybe due to poor rainfall or whatever excuse the PF government has this time. The USA Dollar is steadily cruising into breaking the K11:00 (K11, 000) line per single Dollar due to lack of leadership in Zambia.
  • Zambia's Kwacha recorded a slight decline against the US Dollar

    ZAMBIA, 2014/08/15 Zambia's Kwacha recorded a slight decline against the US Dollar on Tuesday when its movement was driven by an increase in demand from corporates, hitting highs of 6.205 / 6.225 before retracing to 6.180 / 6.200 levels at market close. According to Cavmont Bank, the Kwacha is still in positive territory even though the dollar supply has remained thin. 'Despite a pick up in demand, the local unit is still poised to post decent gains as corporate sellers will be looking to convert at the current levels,' the bank said.
  • Finance Minister revokes statutory instruments

    ZAMBIA, 2014/03/31 Zambia’s Finance Minister, Alexander Chikwanda, on Friday announced the immediate revocation of statutory instruments numbers 55 and 33. Chikwanda said challenges have arisen in the implementation of these instruments and that to allow for further consultations, government has decided to revoke the two statutory instruments with immediate result. He said government, in conjunction with other stakeholders, will look at other veritable options to protect and safeguard pubic interests. Last year, Chikwanda signed SI 55 on balance of payments which empowered the Bank of Zambia to monitor inflows, outflows and international transactions while SI 33 prohibited?using foreign currency for domestic transactions.?
  • Zambian President Michael Sata has attributed the recent depreciation of the national currency

    ZAMBIA, 2014/03/05 Zambian President Michael Sata has attributed the recent depreciation of the national currency, Kwacha, to a combination of domestic and international market developments. President Sata said the US Dollar has broadly strengthened against other currencies following the US Federal Reserve Bank’s decision to reduce the all of liquidity it injects into the economy through its monetary stimulus programme (commonly referred to as Quantitative Easing). The Kwacha Monday was trading at K5.801/K5.811 to 1US$ for buying and selling, respectively.
  • Can Zambia Manage More Borrowing? Back in the Red

    ZAMBIA, 2013/10/02 When Geoffrey Chongo’s father died in 2001, he was just about to enter high school and Zambia was still struggling through its deficit crisis. His school fees and personal development suddenly at risk, Chongo\\\'s eyes were opened to a country that had spent a decade crashing through neoliberal reforms that required its leaders to privatise the economy, halt subsidies and drastically restructure the social sector. The deficit to GDP ratio was 170% that year, with a huge social fallout: rampant unemployment, over 15% of the people suffering from HIV/AIDS and life expectancy at just 42 years old. Chongo is presently Economic, Equity and Development Programme manager at the Jesuit Centre for Theological Reflection (JCTR), a Lusaka-based think tank. Speaking to Think Africa Press, he says, “The macroeconomic statistics you’ve heard are real. We knew that at the same time as the rain season came, we would have cholera. It’s because of poor sanitation and poor health services. Each year we would have cholera and it would kill hundreds and hundreds of people.”
  • Zambian new bank notes

    ZAMBIA, 2013/01/13 Zambians on Tuesday woke up to a new year and new bank notes, which lop off three zeros in a bid to address high inflation that made the currency cumbersome to work with. Zambia's Finance Minister Alexander Chikwanda launched the new Kwacha notes assuring the citizens that the move to rebase currency was meant to address previous bouts of depreciation.

    ZAMBIA, 2013/01/06 Zambia’s central bank launched its rebased kwacha currency on Tuesday, removing three zeros from new denominations which will run side by side with the old bank notes until June this year. “The new notes are a bit confusing because you still have figure out the number of zeros that have been removed formerly you transact,” said Nimon Kambole, a street vendor in the capital Lusaka.
  • Zambian Minister of Finance, Alexander Chikwanda,

    ZAMBIA, 2012/12/30 The African Development Bank and the Government of the Republic of Zambia signed, on December 19, a loan agreement for US $55 million to support the Itezhi-Tezhi Hydro Power and Transmission Line Project. Through the construction and operation of a 120 megawatt hydropower plant at Itezhi-Tezhi dam along the Kafue River. This loan was approved by the Bank’s Board of Executive Directors on June 13, 2012.