One dollar now fetches K6000

One dollar now fetches K6000

The Kwaha has continued being worthless and has now gone above K6000 (K600 PF money) per one US Dollar.
In most commercial banks and Bureaus de change, one British Pound is now selling at K10, 000.
The Zambian currency today hit another record worthless against major currencies by selling at K6.055 to 1 US dollar and K10.127 to 1 British Pound.

Economists and experts in banking say the fast free falling Kwacha is historical and probably never happened since independence in 1964.

The economic effect are likely to be immediately felt in areas such as prices of essential commodities such as mealie meal, medicine, fuel, chemicals, debt servicing cost will also rise, students who pay fees abroad will feel the immediate pinch.

In short, the so called huge salary increments people received last year have been technically wiped out and even worse there will be no increments for the next two years due to wage freeze.

Even worse, the so called jobs that Sata is claiming to have created are all casual jobs in road sector where government does not benefit in pay contributions.

In simple terms, if you wanted to buy a car online for 6,000 USD yesterday you would have paid 35,400 kwacha, today it is 36,300 in what is being described as time being money with a free falling currency.

Salaula traders and all the vendors buying goods will be greatly affected as their prices have to be continuously adjusted since they import in foreign currency.

The Zambiawatchdog has engaged some economists to do a detailed analysis of the cause of this economic mess and the consequences under the PF, not the crap George Chellah posts on Sata face book page.

Look out for the article in the next few days.
The Bank of Zambia is still showing that one dollar is still slightly less than K6000 and the Pound just a few figures below K10, 000.Screen Shot 2014-03-05 at 15.01.08 Screen Shot 2014-03-05 at 14.52.03

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