By close of business today Tuesday July 12, 2016, one US Dollar was selling at K10: 80 in Barclays Bank, and at more than K11 in bureaux de change.
At Indo Zambia Bank, the Kwacha rotted to K10: 70 while in Cavmont Bank the Kwacha depreciated to K10 : 71 per US Dollar.
The Kwacha had made some false gains last week but like most financial experts including Miles Sampa explained then, the appreciation was artificial and politically induced. The true value of the Kwacha under Edgar Lungu is about K15 per US Dollar due to lack of production in the country, and the market’d lack of confidence in the government of PF.
Bank of Zambia experts believe that if Hakainde Hichilema is announced president, the Kwacha will appreciate to K6 per US Dollar because currencies respond negatively or positively depending on the quality of national and economic leaders.