African currencies week ahead: Kenya, Ghana currencies seen gaining, others steady

08 May, 2016

Kenya's shilling and Ghana's cedi were expected to strengthen next week, while several other currencies were likely to hold steady. But traders expected Zambia's kwacha to stay under pressure.
"The shilling is likely to gain due to the low import bill," said a trader from a leading commercial bank.
The local currency was unchanged at 321 to the dollar on the parallel market on Thursday. It was trading around the official peg of 197 at interbank market. "Many businesses are patiently waiting for the resolution of the budget issue between the president and the lawmakers so that the economy could roar back to life again," one trader said.
"With dollar liquidity being scarce, momentum remains on kwacha depreciation," the Zambian branch of South Africa's First National Bank (FNB) said in a note.

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