Zambian Kwacha loses more value, again

Zambian Kwacha loses more value, again

The Zambian Kwacha has continued living up to its reputation as one of the two most useless currencies in the world, save for Zimbabwe, which has no currency. And the new Zambian president’s best friend is Robert Mugabe. He was the only president who attended Edgar Lungu’s inauguration.
Before the presidential by-elections, it was understandable that the local currency would lose some value due to political uncertainty.
But more than a week after Lungu was inaugurated, tScreen Shot 2015-02-02 at 17.11.55he Zambian Kwacha has continued depreciating.
By 16 hours local time today (Monday) the Kwacha was selling at K6. 579 per one US dollar in Zambian national Commercial Bank. The British Pound was fetching K9.923
At Barclays Bank, one USA dollar was going at K6. 6064.
And the Chief executive of Zambia says he deserves a break and go on holiday?

Share this post