Emerging Markets Rates and Currencies Handbook

Zambia (ZMW - Zambian Kwacha) Citi in Zambia Citi has been in Zambia since 1979 and operates two corporate branches. Client portfolio includes the public sector, top-tier Zambian corporates, multinationals, and financial institutions operating in the country. Market Overview The Bank of Zambia maintains a free floating exchange rate regime with occasional intervention to smoothen out excessive volatility. Main currency pairs traded are: USDZMW, ZARZMW, EURZMW and GBPZMW. Key players in the FX market are from the Energy, Construction, Mining and Agriculture sectors. Interest rates are market determined. By regulation, the Policy Rate, introduced in April 2013, serves as the lending base rate. The Policy Rate is reviewed quarterly by the Bank of Zambia Monetary Policy Committee (MPC). Convertibility Convertible. 174