Kwacha loses value, about to reach 5000 per USD

Kwacha loses value, about to reach 5000 per USD

The Zambian Kwacha has been steadily losing ground against major currencies and is about to reach K5000 against one US Dollar.

Starting from late July upto early August, the Kwacha appreaciated to trading around K4800 to one USD.

But this appreciation was due to political and not economic measures.

The PF regime introduced the statutory instrument (IS) number 33 that prohibits transacting in foreign currency for domestic transactions.

The result was a rush by business and individuals to buy the local currencies thereby putting the Kwacha on demand. The Kwacha appreciated from about K5300 per one USD to about 4800 per dollar

But that political measure has run its course and the natural law of demand and supply is in control.

The bank of Zambia reported on Monday August 27, 2012 that one US Dollar was going between 4,902.59 and 4,922.59.

One Great Britain Pound was selling between K7, 752.96 and 7,785.57 while the Euro was going between K6, 143.93 and 6,170.96.

The South African Rand was selling for K584.11 and K587.54

The bank of Zambia rates tally very well with the figures given by the World’s most trusted and reliable Universal Currency Convertor XE found at www.xe.com

On 27 August 2012, XE calculated  that  USD 1 USD = 4,921.60 ZMK or 1 ZMK = 0.000203186 USD

Share this post
Skip to toolbar