Kwacha continues losing value

Kwacha continues losing value


One US Dollar now costs K14: 22 ngwee while a British Pound costs K19: 12 ngwee in Commercial banks.

On the black market , one US Dollar fetches K17.

President Edgar Lungu last week told Vedanta’ Konkola Copper Mines to ‘go’.

Bloomberg news then reported that Zambia’s kwacha immediately extended its losses against the dollar to as much as 3.2% to the lowest level since 2015, and was down 2.3% at 13.91 per dollar by 4 p.m. in Lusaka, the capital. Yields on the country’s $1 billion of Eurobonds due April 2024 rose 11 basis points to a record 18.25% after the Lungu’s statement.

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