Kwacha continues depreciating massively

Kwacha continues depreciating massively

Screen Shot 2015-11-10 at 08.34.40The Zambian Kwacha has now gone out of control and it will not be a surprise if international financial institutions stop recognising it as legal tender.
This morning, the Kwacha has depreciated massively to trade at K14: 40 per US Dollar on Zambia National Commercial Bank and Investrust rates.
The South African Rand has also become stronger than the Kwacha, meaning that to buy Rands you need more Kwacha for the same amount of Rands. One Rand now costs K1.01
One British Pound is now selling at K21. 76, while a Euro is going for K15: 48.
This simply means the country is going backwards. It is not even on autopilot because when it is on autopilot, the plane continues flying.

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