Choma retailers start selling in USA dollars, Kwacha remain very vulnerable

Choma retailers start selling in USA dollars, Kwacha remain very vulnerable

Some retailers in Choma have started selling their goods in USA Dollars due to the now useless local currency, the Kwacha.

Meanwhile, despite government’s diverting US$120 million from Eurobond to try and save the sinking Kwacha, the Kwacha remains vulnerable and may start its downward spiral by next week.
Screen Shot 2015-09-10 at 16.47.23Zambia National Commercial Bank was on Thursday afternoon selling one USA dollar at K10, 00, a British Pound for K15: 37 and one Euro for K11: 22.

In Foreign Exchange Bureaux, where most Zambians exchange their money, the hard currencies were even more expensive to get. One Bureau De Change along Cairo Road was selling one Dollar at K10: 30.

Analysts says within the next few days, the US$120 million will be exhausted and the Kwacha will fall even harder.

In Choma, retailers such as Radian Stores have resorted to sell products in USD dollars as way of making profit.

 

Traders say they procure such products from abroad in hard currencies and selling them in Kwacha is making them make losses.

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