Kwacha tumbles to K14 per Dollar

Kwacha tumbles to K14 per Dollar

The Zambia Kwacha has lost more value this morning to major hard currencies.

One US Dollar is now selling for more than K14 in some commercial banks while in some commercial banks it is still going slightly below K14, but such banks are not selling it.

Stanbic is selling one US Dollar for K14:14. The same bank is selling the British Pound for more than K18..

On the black market, one USD is being sold for close to K18 now.

The Watchdog understands that some financial institutions have engaged black market vendors to sell their Dollars while customers who seek the Dollars in the banks they are told ‘we don’t have’.

 

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