Kwacha Falls after World Bank Cuts Zambia’s GDP Growth Forecast

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The kwacha on friday closed trading on a very weak footing following the World Bank’s cutting of Zambia’s Gross Domestic Product (GDP) growth forecast from 3.5 per cent to 3.3 per cent. The local unit closed the week on “a rather sour note”, depreciating amongst a basket of currencies, FNB Zambia has stated in its market report. Apart from the World Bank’s downward revision of the growth projections, the kwacha, according to FNB, lost its strength due to strong dollar demand, which is likely to see the local unit on  depreciating trend.

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