The kwacha has rallied to K17.55 per dollar for the third time since March 2020, according to Bloomberg data. The local currency opened the day at K18.875 per dollar and has continued to appreciate in what experts say is a sign of confidence in the country’s President-Elect Hakainde Hichilema.
After outgoing President Edgar Lungu conceded defeat on Sunday, Bloomberg reported that Zambia’s Eurobonds and currency rallied after President-Elect Hichilema scored a shock landslide victory in the presidential election. Zambia’s $1 billion of Eurobonds due in 2024 jumped 11% to 74.14 cents on the dollar by 2:49 p.m. in London, the biggest gain since March 2020.President-Elect Hichilema will be sworn in on Tuesday next week.