By JAMES KUNDA –

THE Kwacha is on course to regaining its stability and resiliency, Secretary to the Treasury Fredson Yamba has said.
Mr Yamba said the local currency has posted a 1.3 per cent gain on the United States (US) Dollar despite pockets of pressure due to strong international performance of the foreign currency.
“The Kwacha has appreciated by 1.3 per cent against the US Dollar due to increased supply of dollars on the market.
“With the presidential election behind us, we hope to see the speculative tendencies of the private sector fizzle and that’s positive for the currency market,” Mr Yamba said.
This is according to a statement released yesterday by Ministry of Finance public relations officer Chileshe Kandeta.
Mr Yamba said the Bank of Zambia continued to be watchful and make interventions aimed at smoothing out volatility in the foreign exchange market while the Ministry of Finance was on high alert in monitoring global economic events as they affected Zambia as well.
The price of Copper on the London Metal Exchange (LME) declined by 2.6 per cent to US$5,760.5 per tonnes from $5,915 per tonne due to the weak demand for the metal in the Chinese and European markets.
Crude oil prices remained below $50 per barrel with global oversupply compounded by the resistance of OPEC to calls to reduce supply.
“Positive developments in China and the US, when sustained, have the impact of raising demand for Zambian exports, particularly copper and copper related products,” Mr Yamba said.