Kwacha now very useless

The rebased Zambian currency has continued losing value and is now trading at KR5.40 (K5,400) against just one US dollar.

At the time the PF regime took office, the Zambian Kwacha was trading at K4, 500.

According to the ZANACO Daily newsletter for Friday, June 07, 2013, the Kwacha moved lower against the U.S. Dollar on Thursday falling to its lowest level in almost six (6) weeks.

The local currency fell as much as KR0.03 from an open of KR5.340 (K5, 340) and KR5.360 (K5, 360) ploughing to a low of KR5.375 (K5, 375) and KR5.395 (K5,395) for bid and offer.

There are two jokes going on in the  SADC region: one goes goes like ‘as empty as a Zimbabwean filling station.’ The second one says ‘as unstable as a Zambian Kwacha’.

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