This morning, the kwacha was trading between K8.41 and K8.58 for bid and offer on interbank while some bureaux de change quoted the local currency at K8.70.
One British Pound is selling at K13.47 while the Euro is trading at K9.8547. But the so called president is busy enjoying food while earning sitting and travel allowances in Namibia.
On Monday, the kwacha posted its worst ever start to any week after collapsing to K8.58 and K8.60 against the US dollar on interbank, a fall of almost four per cent from last week’s closing level. The local currency which has depreciated by over 23 per cent this year saw its worst during the “black Monday” which also saw other currencies of emerging markets plunge on fears of slow growth in China, which led to stock sell-off. China is the biggest consumer of copper, Zambia’s main economic stay. By yesterday, three-month copper on the London Metal Exchange slightly went up by US $4 to US $4,957 a tonne, after touching six-year lows on Monday. According to Barclays Bank Zambia Treasury Newsletter, the current pressure the kwacha was going through was expected to hold, with the local currency expected to depreciate further.