Within a day, Zambian Kwacha depreciates 4 points to K9.4 per Dollar

Within a day, Zambian Kwacha depreciates 4 points to K9.4 per Dollar

 

Due to poor leadership, the Zambia’s kwacha fell by the most in more than six years, reaching a record low against the dollar, as a slump in copper prices and an electricity shortage weigh on the economy.

The currency, representing the Zambian president Edgar Lungu’s inability to run the country, retreated as much as 5.5 percent to 9.4961 per dollar, the biggest drop since May 2009, according to data compiled by Bloomberg. It was 3.5 percent weaker at 9.3153 by 3:34 p.m. in Lusaka, the capital, bringing its decline this quarter to 24 percent.

The British Pound is now at 14.52 while the Euro is trading at K10:70

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