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Home Africa

Zambia dollar bonds soar after president swaps finance minister

FurtherAfrica by FurtherAfrica
July 16, 2019
in Africa, Currency, Economy, Finance, Zambia
Reading Time: 1 min read
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Zambia’s dollar-denominated government bonds jumped on Monday after the country’s president sacked Finance Minister Margaret Mwanakatwe and appointed central bank deputy governor Bwalya Ng’andu to replace her.

Zambia’s 2024 and 2027 issues, which trade at stressed levels of around 70 cents in the dollar, jumped more than 2.2 cents, according to data from Refinitiv. The 2022 bond climbed 1.4 cents.

Ng’andu will take over the management of an economy the International Monetary Fund has repeatedly warned is struggling with high debts and shrinking foreign exchange reserves.

Source: Reuters

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Tags: Bwalya Ng’anduforeign exchange reservesInternational Monetary FundMargaret MwanakatweRefinitivZambiaZambia dollar bondsZambia Finance Ministerзамбияザンビア赞比亚
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