Kwacha goes down again

Kwacha goes down again

Its not just the value, even physical integrity of currency is useless

Its not just the value, even physical integrity of currency is useless

The Zambian currency has continued losing value against major currencies standing at worthless levels of 1 USD = 6,410.00 ZMK today as monitored by XE Currency Converter.

Former Finance Minister Ng’andu Magande yesterday observed that the continued depreciation of the Kwacha is an indication that the revoked Statutory Instruments 33 of 2012 and 55 of 2013 had no bearing on the strength of country’s currency.

The Kwacha has continued to depreciate despite having recorded a minimal gain against cumulative currencies after the revocation of the two Statutory Instruments.

Many stakeholders have observed that the weakening of the Zambian currency is due to unstable political and inconsistency economic policies by the PF government.

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