Business news feedZambia's kwacha weakens as investors hold dollars over dismissed election challenge

Mon,20Nov2017

Posted on Tuesday, 06 September 2016 11:12

Zambia's kwacha weakens as investors hold dollars over dismissed election challenge

September 6, 2016, 1:12 pm

LUSAKA (Reuters) - Zambia's kwacha weakened more than 1.5 percent to the dollar on Tuesday as investors were cautious after a court ruled that the opposition had missed a deadline to challenge President Edgar Lungu's re-election. Following the court ruling, the government said Lungu would be sworn in next Tuesday for another five-year-term. "There is a shortage of dollars because many investors are holding on to their money, waiting to see what happens next after the dismissal of the presidential election petition," one commercial bank trader said. The kwacha was down 1.52 percent at 10.0000 against the dollar by 1044 GMT.(Reporting by Chris Mfula; Writing by TJ Strydom; Editing by James Macharia)



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