While President Edgar Lungu was busy admiring trains in Angola, the free falling Zambia Kwacha continued going down without hope. This is making business very expensive for people who depend on imported materials and products for business. It means they need to have more Kwachas to convert into other currencies in order for them to buy goods from other countries. These are hard times for cross border traders as it is almost impossible to make a profit from selling products from outside Zambia.
The latest available commercial rates show that one USA Dollar was fetching K6.7259 as of last Friday. One British Pound was last Friday fetching K10.2419 from ZANACO.
Note that these rates are for last Friday and today’s rates maybe different with the local currency losing more value.
On February 10, 2015, 1 US Dollar was costing K6.639 while 1 British Pound was going for K10.1236, according to Zambia National Commercial Bank rates.