Kwacha Holds Steady: Top Banks Offer Best Rates for Customers This Morning

LUSAKA, Zambia

The Zambian Kwacha remained relatively stable in the money market this morning, with commercial banks offering competitive rates for both buying and selling US dollars.

According to data from the Bank of Zambia morning session, Access Bank Zambia, Bank of China (Zambia), and ABSA Bank Zambia emerged as the most favourable for customers looking to buy US dollars, quoting interbank buy rates of 22.95 ZMW/USD. Retail buyers seeking to purchase dollars at the best rates could consider Bank of China, which offered a retail sell rate of 23.25 ZMW/USD, slightly lower than most competitors.

For those looking to sell US dollars, Citibank Zambia and Stanbic Bank Zambia provided some of the most attractive interbank and retail buy rates, with interbank rates around 23.00-23.05 ZMW/USD and retail buy rates remaining above 23.03 ZMW/USD, giving sellers a better return for their dollars.

The average market rates this morning were 23.01 ZMW/USD for interbank buys and 23.06 ZMW/USD for interbank sells, while retail rates averaged 22.98 ZMW/USD (buy) and 23.28 ZMW/USD (sell). Analysts note that the relatively narrow spread between interbank and retail rates signals healthy liquidity and a stable foreign exchange environment, offering customers the confidence to transact.

Experts advise individuals and businesses to compare rates across banks, as small differences in retail buy/sell prices can significantly impact larger transactions. Access Bank, Bank of China, and ABSA remain strong options for those buying dollars, while sellers might benefit from Citibank and Stanbic’s slightly higher buy rates.

Overall, the market is expected to maintain stability throughout the day, supported by consistent commercial bank pricing and steady foreign currency inflows.