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LUSAKA, Aug. 27 (Xinhua) — The Financial Markets Association of Zambia (FMAZ) expects a short-term volatility in Zambian currency, Kwacha, before Zambia holds fresh presidential by-elections, Zambia Daily Mail reported Wednesday.

    Kwacha lost 225 points (or 6.6 per cent) due to anxiety and uncertainty in the market following the death of President Levy Mwanawasa on Aug 19.

    FMAZ president Carmen Hachandi said news of the death of President Mwanawasa affected negatively the local currency last week.

    However, she was quick to point out that the Bank of Zambia had pledged to support the foreign exchange market with any large orders on a need basis.

    Hachandi said on Aug. 18 that the inter-bank rate traded at 3,390 and 3,410 kwacha for buying and selling.

Editor: Wang Hongjiang