· The securities market in Zambia has shown a high appetite for treasury bills. The central bank, last week, raised K1.3 billion through short term treasury bills. It had received overwhelming response from both local and foreign portfolio investors. Bids received amounted to K3.5 billion. However, the Bank of Zambia (BoZ)
could only take up K2.2 billion. According to the BoZ Treasury bill auction results, the central bank issued K100 million for the 91-day bills, but instead took up K201 million. Bids worth K562 million were received for the 182-day bills. That was more than double the amount the bank wanted.
· Customer subscriber base on the Airtel Money platform has risen to three million from 480,000 three years ago. The digital platforms owned by the mobile company continue to dominate the financial inclusion. Airtel Money director James Chona recently explained in a TV program how Airtel Money is helping customers during the COVID-19 pandemic. He further said that mobile money platforms have continued to increase, especially in the wake of the coronavirus.
· High inflation and volatile exchange rates have adversely affected the performance of the capital markets in the last nine months. Currently, the Kwacha is trading in the range of K17.90 and K18.20 on the bid and offer respectively. The inflation rate is ruling at 15.9 percent. Securities Exchange Commission (SEC) chief executive officer Phillip Chitalu said the stability of the exchange and inflation rates is key to the performance of the capital market.
· An Indian firm will invest about US$20 million in an avocado plantation in Chingola, Zambia. Community Markets for Conservation (COMACO) has set aside US$2.2 million to buy 12,200 tonnes of various agricultural products across the country. Rudra Copper Limited, the Indian firm, also has plans to set up a processing plant to process avocado into finished products. Company director Rakesh Patel said that the soil on the Copperbelt is suitable for avocado cultivation.
