Bank of Zambia tries to talk down forex market ‘panic'

Central bank lashes out at ‘interpretations' of exchange rate stance in international press


The Bank of Zambia has lashed out at what it described as "interpretations" and "various commentaries" on the state of the country's foreign exchange market in the international press, suggesting they had contributed to "panic" among market participants and, in turn, threatened monetary stability.

The central bank hiked reserve requirements for local banks from 8% to 14% yesterday in a bid to shore up the kwacha, which has taken a hit as ‘tapering' of the Federal Reserve's quantitative easing

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