One area where Windows Phones are selling quite well is at the low end of the pricing spectrum. With an OS that is highly versatile in the hardware that it can run on, and still have an optimal experience, Windows Phone has shown that it offers great value even at the entry level. In fact, the Lumia 520 has been selling quite well, based on AdDuplex's stats, so it should not be a surprise that the Lumia 530 will be launching soon.
We should point out that WMPoweruser is the one saying that this is the Lumia 530, while the source of the images simply states that this is 'Not 620', so take the information with a grain of salt.
The low-end Lumia is said to support dual-sims, have a Snapdragon 200 CPU and include 512MB of RAM. The device, which you can see in the images in this post, is brightly colored and has what is likely a low-resolution camera on the back of the device. The 520 had a 5MP shooter and we would expect something similar on the 530.
We would expect that the device will also feature a similar sized display as the 520 which has 4 inch WVGA LCD display. Considering that the 520 can be purchased on Amazon for $54.85, the source is saying the device will cost $179 contract free which seems reasonable. Like the 520, we expect the price to drop quickly from the MSRP.
Also, based on the top image, the device looks to be running Windows Phone 8.1. We know this by the fact that there are virtual navigation keys on the display.
No word on the launch date but considering that image of the device is starting to appear in the wild, we shouldn't have to wait too long to learn more about this budget friendly device.