July 15, 2019 / 12:26 PM / a year ago

Zambia dollar bonds soar after president swaps finance minister

LONDON (Reuters) - 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.

Reporting by Karin Strohecker; Editing by Tom Arnold

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