ZACCI DAILY BUSINESS NEWS MONDAY JULY 27, 2020

FOREIGN EXCHANGE: ZMW:

BID OFFER
USD/ZMW 18.1175 18.1675
ZAR/ZMW 1.0851 1.0887
GBP/ZMW 23.1371 23.2072
EUR/ZMW 21.0367 21.0962 (BOZ)
ZAMBIA REVENUE AUTHORITY EXCHANGE RATES 16-31 JULY

US DOLLAR                  ZMW 18.1751 EURO                 ZMW 20.3732
SOUTH AFRICAN RAND ZMW   1.0894 BRITISH POUND  ZMW 22.8642
AGRICULTURE COMMODITY PRICES
GTAZ reference prices

Commodity Purchase(USD) Sell (USD)  
Soya beans 317         338
Wheat 430           450
Maize 148 177
Sun flower 265 300
Cowpeas 167 195
G/nuts shelled 445 725
Unshelled G/nuts
Rice

Source: Grain Traders Association of Zambia (GTAZ) Secretariat

INTERNATIONAL COMMODITY MARKETS

 COMMODITY CURRENT   PREVIOUS
Oil (BRENT) ($/barrel)  43.18   44.42
COPPER ($/ton)  6,412.50   6,527.00
COBALT ($/ton)  28,500.00   28,500.00
NICKEL ($/ton)  13,430.00   13,215.00
ALUMINIUM ($/ton)   1,654.50   1,651.00
LEAD ($/ton)   1,808.00    1,800.50
ZINC ($/ton)   2,193.50   2,202.00
STEEL ($/ton)     439.00    435.50
ZAMBIA ECONOMIC INDICATORS

CURRENT  PREVIOUS
Inflation (%) 16.6% (JUNE, 2020) 15.9% (MAY, 2020)
Annual GDP (%) 2.30% (2020)              2.20% (2019)  (BOZ)
Gross Reserves (US$ Billion) 1.45 1.41
BOZ Policy Rate (%) 9.25%  11.5%
 LOCAL BUSINESS NEWS

COMESA Business Council talks border efficiency

THE Common Market for Eastern and Southern Africa (COMESA) Business Council says there is need for increased private sector investment for industrial development and infrastructure to improve border efficiency through digital trade facilitation in the region in the wake of coronavirus. COVID-19 has disrupted almost all supply chain systems which are heavily reliant on transport and logistics services and are at the centre of the facilitation of movement of goods across the region. This came to light during the CBC webinar meeting titled ‘Taking stock: Implementation of the COMESA Regional Guidelines for the movement of essential goods and supplies across the region during the COVID-19 pandemic’. “While the focus has been on essential goods as related to food, beverages and health, there is also need to consider that the movement of all goods is essential to the livelihood and economies of COMESA member states.

Buy assets now, businesses advised

THE business community has been advised to take advantage of the COVID-19 pandemic to buy and invest in different assets cheaply. Currently, most businesses are closing down due to the impact of the crisis and slowdown in economic activities. Locally-based economist Chibamba Kanyama said during a crisis, most people tend to sell their assets cheaply due to uncertainty regarding the future. “Majority of Zambians tend to invest when things are looking up, which means that their awareness of risks is limited because everything seems good and in turn ignore the dangers to their business. “When things are up there is a lot of competition, people are putting money and you cannot push your products property.
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Mineral royalties reduce by $30m

MINERAL royalties paid to Government will this year reduce by US$30 million from the projected US$90 million as the COVID-19 continues to haunt the mining industry and the economy as a whole. Zambia Chamber of Mines chief executive officer Sokwani Chilembo said royalties to Government from the mining sector are expected to reduce with companies projected to pay between US$60 million and US$65 million. Like all countries globally, Zambia has been affected by the effects of COVID-19 as evidenced by the shrinking of various sectors of the economy due to reduced productivity. The pandemic has seen Zambia recording over 3,000 people infected and 128 deaths.
INTERNATIONAL BUSINESS NEWS

Gold’s Surge Rips Up the Record Book With Test of $2,000 Looming

Spot gold blasted past its longstanding record as the dollar plunged and concerns about the global economy boosted demand for havens. Silver rode on its coattails, jumping to the highest in nearly seven years. Bullion’s move — which may put it on track to take out $2,000 an ounce — came as a gauge of the dollar fell to the lowest in more than a year amid negative real rates in the U.S. and bets that the Federal Reserve will keep policy accommodative when it meets this week. Unrelenting investor demand has helped fuel price gains, with inflows into gold-backed exchange traded funds this year already topping the record set in 2009.

 

 
 
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