Country on Auto pilot: One Dollar now fetching K5, 339

Country on Auto pilot: One Dollar now fetching K5, 339

 

This is the most worthless currency on Earth

Just about six months in the PF regime which promised to improve the economy, the local currency has depreciated to alarming levels.

According to the latest statistics by the Bank of Zambia released on Friday, March 23, 2012 one US dollar is costing between K5, 319 and K5, 339 while a Euro is now between K7, 049 and K7, 077.

During the campaigns last year, the Kwacha was trading around K4, 600 against one US Dollar.

But then PF presidential candidate Michael Sata mocked the local currency saying it was the most valueless currency in the world.

The bad news for small-scale and cross border traders in Zambia is that they have to find more Kwachas to go and do business in South Africa.

South Africa is a major trading partner for Zambia especially for small-scale businesses and sole traders who are so many in Zambia due to chocking unemployment in the country.

Today, one South African Rand is selling between K689 and K692 from the normal K520 and K550.

The Central bank figures show that one British Pound is between K8, 429 and K8, 462.

Just a month ago, on 14 February, one US dollar was fetching between K5, 245 and K5, 265 while a Euro is was selling at between K6, 904 and K6, 932.

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