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  • July 31, 2020
  • Kabamba Bwalya-Mulwale
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  • Business news sponsored by Professional insurance

ZACCI DAILY BUSINESS NEWS FRIDAY JULY 31, 2020

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FOREIGN EXCHANGE: ZMW:

BID OFFER
USD/ZMW 18.2325 18.2825
ZAR/ZMW 1.0848 1.0880
GBP/ZMW 23.7350 23.8074
EUR/ZMW 21.4304 21.4965 (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 310         337
Wheat 425           445
Maize 143 171
Sun flower 265 300
Cowpeas 190 200
G/nuts shelled 828 994
Unshelled G/nuts – –
Rice – –

Source: Grain Traders Association of Zambia (GTAZ) Secretariat

INTERNATIONAL COMMODITY MARKETS

 COMMODITY CURRENT   PREVIOUS
Oil (BRENT) ($/barrel)  43.40   43.44
COPPER ($/ton)  6,433.50   6,475.00
COBALT ($/ton)  29,000.00   28,500.00
NICKEL ($/ton)  13,716.00   13,762.00
ALUMINIUM ($/ton)   1,681.50   1,671.00
LEAD ($/ton)   1,841.50    1,836.00
ZINC ($/ton)   2,275.00   2,206.50
STEEL ($/ton)     442.00    438.50
ZAMBIA ECONOMIC INDICATORS

CURRENT  PREVIOUS
Inflation (%) 16.6% (JUNE, 2020) 15.9% (MAY, 2020)
Annual GDP (%) 2.30% (2019)              3.0% (2018)  (BOZ)
Gross Reserves (US$ Billion) 1.45 1.41
BOZ Policy Rate (%) 9.25%  11.5%
 LOCAL BUSINESS NEWS

Trade surplus hit K96 billion

K5 billion more than same period lat year, annual inflation drop. Zambia’s trade surplus has increased to over K96.8 billion in the first six months of this year compared to about K91.8 billion in the same period last year.
Read more in daily mail

Dentist invests $4 million in manufacturing sector

A Uzbekistan dentist has invested $4.2 million to set up Elite Pro-build Company Limited, a manufacturing fir that will produce construction materials a the Lusaka South Multi Facility Zone Economic Zone (LSMFEZ).
Read more in daily mail

KAGEM revenue drops to $15 million

Gemfields Group Limited, the owner of Kagem mine Limited in Lufwanyama has announced a drop in revenue from $89 million in 2019 to $15 million this year. h company also suspended production in it’s gemstone mines in Zambia, Mozambique, Ethiopia and Madagascar.
Read more in daily mail
INTERNATIONAL BUSINESS NEWS

Eskom to Cancel 14 Billion-Rand Contract After Probe Findings

Eskom Holdings SOC Limited plans to cancel a contract to buy as much as 14 billion rand ($834 million) of fuel oil from Econ oil, after a probe it commissioned found Econ’s fees had been inflated, a person familiar with the situation said. Nothemba Mlonzi, a director at Econ Oil, declined to comment because she said the matter is a legal dispute, without elaborating whether any legal proceeding has been filed. The company is a Black women-owned business that supplies fuel oil to clients in a number of industries, according to its website. The process of canceling the contract began earlier this month, following completion of the report.
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South Africa Confirms Receipt of $4.3 Billion IMF Virus Loan

South Africa has received the $4.3 billion dollar emergency facility that it secured from the International Monetary Fund, the National Treasury said. The funds were paid into the government’s account at the central bank on Wednesday after being approved by the Washington-based lender on July 27, it said in an emailed response to questions. The South African Reserve Bank is government’s banker and will convert the foreign-currency loan into rands to support the country’s financing needs. The IMF loan, the largest emergency disbursement for any country yet to assist with fighting the coronavirus pandemic, is payable over 3.25 to five years at 1.1% interest. It has to be repaid in eight equal installments, the first of which is due at the end of 2023.

Read on

 

Dollar Extends July Slide; Stocks Mixed, Bonds Up: Markets Wrap

The dollar extended this month’s tumble amid renewed concern about the strength of the U.S. recovery, while stocks traded mixed even as stellar earnings from technology giants lifted Nasdaq futures. Treasuries rose. Apple, Amazon and Facebook jumped in after-hours trading, though advances for S&P 500 and Euro Stoxx 50 contracts fizzled. Stocks under-performed Friday in Japan and Australia, amid record daily infections in Tokyo and a warning that curbs in Melbourne could be tightened. Shares in China and Hong Kong swung between losses and gains. The Bloomberg Dollar Spot Index is down 4% in July, on track for its worst month in a decade.
Read more
 

 
 
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