Foreigners have piled into Zambia’s local bond market following the government’s move to lift a cap on non-resident participation in debt auctions, as money shifts from dollar-denominated assets into higher-yielding investments.
Foreigners have piled into Zambia’s local bond market following the government’s move to lift a cap on non-resident participation in debt auctions, as money shifts from dollar-denominated assets into higher-yielding investments.
A street currency dealer counts out Zambian kwacha banknotes at a bus station in Lusaka, Zambia, on Friday, Feb. 23, 2024. Zambia’s currency is in its longest winning streak in nearly a year, supported by an unexpectedly large interest-rate hike and a decree that local banks hold back more funds in reserve. Photographer: Luke Dray/Bloomberg
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