Kwacha starts tumbling again

The Zambian Kwacha has started losing value again against major world currencies such as the United States Dollars which stands at bank rates of K6.3233 as of today from K6.0 to one US dollar while one British pound is now trading at K10.600.

The Bureau rates are now at one US dollar to K6.4 and market analysts predict that it is again likely to continue losing value.

The loss comes at a time the PF government has just borrowed 1 billion US dollars from the Euro-bond and the injection was expected to cushion the pressures on the Kwacha.

Just last week, the PF government increased fuel prices due to Kwacha depreciation, a situation that has continued to push prices of other major and essential commodities such as mealie meal, transport, and groceries.

The inflation rates have also been steadily going up currently standing at 7.8 percent.

Share this post