The article outlines how foreign investors have increased their participation in Zambia’s domestic debt auctions after the government lifted the cap on non‑resident allocations. This shift has supported substantial inflows into local currency bonds, underpinned by double-digit yields, improving macroeconomic fundamentals and the kwacha’s position as the world’s best-performing currency year to date.

In the article, Tomi Einesalo notes that the easing of foreign participation limits has acted as an “accelerant” for the kwacha, amplifying broader macroeconomic tailwinds. “Zambian markets are likely to continue benefiting from heightened international investor interest, supported by improving fundamentals,” he said.

Bloomberg also points to policy adjustments, rising copper prices and renewed investor confidence as key factors shaping Zambia’s market outlook, with demand strengthening across the yield curve. Read the full article here (behind paywall).