The Zambian Kwacha yesterday traded at a record K6.700 per one United States dollar following increased dollar demand on interbank, while the supply side remained inadequate.
The local unit opened trading at K6.700 to K6.740 and closed at K6.735 to K6.775 per one US dollar.
This is according to Cavmont Bank Market Report for Thursday and obtained in Lusaka today.
The Bank stated that in the absence of improved supply, the local unit is likely to continue trading within the current levels, with bias towards the downside.
And the bank’s aggregate current account balance decreased by K195.35 million to K618.48 million while the cost for interbank borrowing and lending rose by 0.17 percent to 17.50 percent.
The bank further stated that funds traded on interbank were K427 million.
From K4,600 to 1 USD in 2011 to K6.775, we really have ignorant grandparents running our country.
PF will be a one term government, i don’t see this getting better, by mid next year we will be buying 1 USD for than K10,000 and life will get harsh for both PF kaponyas and us normal people.
Very soon we will need suitcases for our money to go shopping.
And all the money spent on “rebasing” the Kwacha will have been wasted. We will be back to using “pin”.
Useless stupid Sata and his PF have no clue on how to manage the economy. They cannot even manage to copy the failed UNIP era policies correctly.
Zambia must kick these IDI0TS out NOW! Before we are back to queuing up for 1 liter cooking oil again.
I pay PAYE while those in informal business enjoying life.its time you failed the impact as well.I dont import anything.
Charlie Kays was the wrong choice, next time vote wisely
Where did the name charles katongo come from?
How will it change @Debo? If you have noticed, you vote for representatives and then you start rallying with NGOs. Don’t you see where the problem is? Your MPs are getting free lunch while you lunge and scream at the wind.
That’s what you get when you vote for a government of ancient leaders. Chikwanda was a minister in UNIP and contributed to the fall of UNIP, leaving Zambia with a heap of debt until Mwanawasa pleaded for debt cancellation in the HIPC campaign. He’ll do the same to this government!
Overall we are on the right path. These are minor changes in value of the currency. The Kwacha will recover.
You really are an IDl0T! Since when is losing nearly 50% of its value “a minor change”???
It is the same as cutting your salary in half.
And there will be no recovery with the CLOWNS like Chikwanda running Zambias finances, it will only get worse, and much faster.
PF are clueless.
Abena Charles, we await the Facebook status telling us how everything is normal and things can only get better. I think at this point everyone understands we could have done so much better
And these arrogant Patriotic something still claim to be in control. This is exactly what started happening in Kaunda era before we knew it the kwacha could hardly buy a sweet. The PF cadres in power must accept that they do not have what it takes to manage an economy except insults. And if we vote them to power next time we should just consider ourselves as deserving what ever mess we will find ourselves in.
ICHALO CHILEONAIKA TULETAMBA $ SURE AT THIS RATE.THIS MUST BE A SOURCE OF CONCERN.I HAVE ALWAYS SAID CHIKWANDA AND GONDWE MUST RESIGN WITH IMMEDIATE EFFECT BEFORE ANY FURTHER DEMAGE.
Even before the SI debacle – many had lost confidence in these two charlatans to run a modern economy. Unfortunately for Zambia, PF guys know no shame!!!
CHIKWANDA & GONDWE PLEASE RESIGN – YOU HAVE FAILED BIG TIME!!!!!!
The CL0WN is state house is now so mentally deficient and incompetent he does not even know how to RESIGN! His intelligence level is below that.
Time for him to appear before a METAL REVIEW BOARD to check his sanity.
Simply put, currency, from any country, represents the value and strength of that nation to be able to compensate the holder of those funds, with either services, products, or resources.
That kwacha in your hand, is a guarantee by that nation, that it is worth the value designated on the note, and that it will be worth while in holding. So the foundation for any monetary system, is a good transparent legal structure, a relatively uncorrupted political scene, and a prosperous resilient economy. Because those are the vehicles by which you are ensured of that currency’s value. Corrupt countries with obscure legal systems, isn’t the place to make a big investment.
Essentially, when a currency drops in value, something has effected that foundation. Something has changed the perceived…
ability, to get reimbursed for the note the value it was worth when you first obtained said note.
Here is what I found and modified it for our currency, the original is in UD Dollar. It’s not my work, am not smart in economics. Credit goes to the owner below:
Source: https://uk.answers.yahoo.com/question/index?qid=20091116110411AAQeYCa
….I’m a Man U supporter, when I see our free falling Kwacha, it evokes the anxiety and the strange feeling I used to experience with David Moyes….When it was apparent that we wont retain the championship, we settled for championship league slot(top four), ‘no… give him time we will do better’, now from champions, we couldn’t even manage lower Europa league slot……the same scenario with ABC and his Bank of Zambia counterpart(tho the buck ends with MCS), we are still stack with them. Thank God Moyes is out, Who knows, we could have been battling with relegation next season just as we are heading the Zimbabwe route on Dollar-Kwacha exchange…
Who is Charlie Kays, Charles, you people (#2 & 4) are mentioning in your comments?
Michael Charles Katongo Sata. What happened to the Chilufya name?
The country has been destroyed by TRIBAL selfishnesss from BEAMBAS. They removed a functioning governement and replaced it by the current one simply because it is run by a ‘bemba’. Now, they are also suffering from their own folly, how nice!
You, friend, are a work of art. That is like the mouth blaming the a.r.s.e for being constipated…
Bloomberg says 6.87 right now. This not looking good at all.
We need to hit the re-set button once again. New economic managers WANTED!!!!
It would not matter even if the Kwacha traded at K12 to a $ and stays like that for 4-5 years oscillating between K11.50 and K12.50. What matters is the ever escalating figure between a short period of time. For entrepreneurs who are not export oriented but who depend on imports, its very difficult to engage in long term planning. Those who had a 5yr plan made in 2011 are already incurring almost 70% deficit…..
For once let us be seen to be serious on economical issues instead of engaging us to court cases………
This report is not even current. The Kwacha is almost at 6.9 to the dollar. While we watch, these baboons continue to destroy everything they found like the monkeys they are. How long are we going to keep looking while these morons destroy this country? 2016 is too far. There will be nothing left of this country by then. We need to do something but then we are Zambians and docility is our middle name.
the currency is gaining momemtum in losing value. i have noticed the united states beginning to add their voice in the displeasure of the way the PF govt is running things. The next thing is the kwacha will be a run away train in terms of losing more value. i predict the exchange rate to be over K100 to $1 by end of this year specially with the recent court appearance of Ukwa.
This is an old rate. As of today the rate is actually 1USD to K6.944. We are looking at 7 by middle of next week and from then on it will be a steep slippery slope. Anyone remember how it happened in the late ’80s? We were at this level for some time when we suddenly woke up one morning to find it at 1 to 40,,,, next thing we knew Chikwanda and his KK were auctioning the kwacha. Beware little children!!!
It was sudden for you because you rely on newspaper reports. Matter of fact there is nothing like a free-falling Kwacha. There are no exchange controls, and the perceptive index shows Zambia is in deficit between what you are able to attract others to buy from you and what you rush out to buy for your egotistic selves. You expect the Kwacha to strengthen when all you do is spend in US dollars and scamper across the borders to buy luxury goods????
@Kudos, give us facts other than glumly saying the kwacha will recover. What, how, when? This guy never ceases to amaze me. Zambians must do the right thing come selection time in 2016 otherwise we shall all be reduced to this grinning kabwe man skull. We certainly need to kick these incompetent guys out come what may. What kind of employers are we who keep on allowing politicians to draw salaries for doing zilch? Next time around, salaries and allowances must only be drawn when positive growth indices are being posted.
i am mentioning this again…
lets trade in usdollars like zimbabwe- no need to worry about exchange rates then. we lost our airline, we lost our mines, we lost manpower, now we can loose our currency also?
God help us.
viva zambia……