Artificially and on paper only, the Zambian currency is now one of the three strongest currencies in Africa. The Kwacha is now stronger than currencies of economic giants such as South Africa, Botswana, Nigeria, Kenya, Egypt. The bank of Zambia even has the audacity to publicise on its website that to buy One South Africa Rand, you only need 58 ngwee.
Just two months ago before the political move to rebase the Kwacha was made, you needed 600 Kwacha to buy one South African Rand.
The Botswana Pula, one of the most stable currencies in Africa and backed by a stable economy is now weaker than the Zambian Kwacha.
If you have 100 Kwacha, you can buy 153 Pula One Kwacha now fetches 27 Nigerian Nira. In other words, to buy 100 Zambian Kwacha, you need 2, 947 Nigerian Nira. If you have 79 ngwee, you can buy 100 Egyptian Pounds or, if you have 100 Zambian Kwacha, you can walk away with 120 Egyptian Pounds. Kenya, the biggest economy in East Africa can’t compare its currency with Zambia.
Land in Kenya with 100 Zambian Kwacha, you will be given 1609 Shillings. Even the Algerian Dinar is weaker than the Zambia Kwacha. 0ne Zambian Kwacha gives you 15 Dinar.
Yet there is there no meallie meal in most parts of the country and electricity and there is persistent electricity blackouts in the capital city.
Only the Cedi of Ghana and Dinar of Libya are stronger than the Kwacha while the Franc of Gabon is at par with the Kwacha.
Yet, according to World Bank and CIA country poverty rankings, Zambia is number 179 in the world while the richest country in Africa Gabon is number 59. Botswana comes in second at 61, followed by Mauritius a 66. Yet the Mauritanian Rupee is also weaker than the Kwacha. Libya 75 and South Africa 85. There are 196 countries with Congo DR and Zimbabwe at the bottom of 196 and 195 respectively. Qatar is number one.