Kwacha Opens Steady as Market Confidence Holds – Money Market Update for 27 November 2025

The Zambian Kwacha opened Thursday’s trading session on a stable note, with commercial banks posting tightly ranged bid and offer rates across both interbank and retail segments. The early morning figures point to a market that remains balanced, supported by moderate corporate demand and steady inflows.

At 09:30 hours, interbank rates among major banks clustered around the K22.70-K22.95 band on the buying side and K22.75-K23.00 on the selling side. Access Bank, First Alliance Bank and Indo-Zambia Bank opened at the upper end with K22.9000 buying and K22.9500 selling, while ABSA Bank and First National Bank recorded some of the lower opening bids at K22.7000 buying and K22.7500 selling.

On the retail market, morning quotes reflected similar stability, with selling prices generally ranging between K22.96 and K23.30. Citibank posted the highest retail selling rate at K23.3000, while Zambia National Commercial Bank (ZANACO) offered one of the most competitive spreads at K22.6574 buying and K23.0426 selling.

By 12:30 hours, the market average stood at K22.7930 buying and K23.1022 selling, indicating slight midday adjustments but no significant volatility. The Kwacha’s resilience continues to be underpinned by balanced liquidity conditions and subdued speculative activity.

Banks such as Zambia Industrial Commercial Bank, Standard Chartered, and Ecobank maintained mid-range quotes, signaling steady interbank confidence. United Bank for Africa’s retail selling price of K23.1768 and Stanbic Bank’s K23.1260 further reflected moderate upward pressure within the retail window.

Although afternoon rates for 15:30 hours were yet to be published at press time, the morning and midday trends suggest a cautiously stable trading environment.

Market analysts expect the Kwacha to continue trading within a narrow band unless triggered by late-session corporate FX demand or shifts in supply ahead of month-end settlements.