The kwacha’s latest move higher is driven by an increase in foreign exchange supply amid “panic selling” by investors reacting to the government’s de-dollarization drive, according to Chipo Shimoomba, a treasury dealer at First Alliance Bank in Lusaka. Shimoomba pointed to an order from the Bank of Zambia in December, which instructed market participants to settle domestic transactions in local currency to cement the kwacha’s role as primary legal tender.