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Alba Iulia
Sunday, May 22, 2022

Kwacha tumbles further

Economy Kwacha tumbles further

The local currency depreciated by K50 to the US dollar, Monday.

This was after trading closed in the range of five thousand 550 to five thousand 570 kwacha.

Standard Chartered bank Zambia said in its daily newsletter that the market was quiet for most of the day until in the afternoon when offshore players cashed in.

The bank predicts that the kwacha will weaken to a range of five thousand 500 to five thousand 600 kwacha Tuesday.

Last week the local unit hit five thousand 700 kwacha to one US dollar.

Copper and oil prices also weakened slightly.

The price of Copper closed at three thousand 200 dollars a tonne, down from three thousand 251 dollars a tonne last week.

Oil prices fell by about three dollars to close at 38 dollars per barrel.

/ZNBC/NEWS

45 COMMENTS

  1. I believe our country has lost direction.Too much politiking at the expense of work,development ,properity and production.With the current copper prices down to 3200 per tonne,our leaders shamelessly are already thinking of 2011 elections.They are supposed to ban political activities get down to work and concentrate on the economic recovery of the country.

    • It kind of works to my advantage sending alot of dollars fatens my acc in zambia but am very scared abit that zed might end up like zim were kwacha will become useless..
      pls advise if u think this problem is just for a short time ..

  2. Before I go I want to defend my comment on #1.I have said its great coz of the following reasons.
    1.This will put our country on the map,look at what is happening in Zim and Zim is now recognised byanyone notwaice coz of the weak currency.2.This will not change our currency will remain weak coz of our govt(too linient with fake investors).3.I thinks those of you mwebateyapo icimpombwa kubwaice ngawalanda ati tumble ninshi one is refering to bicycle kick mu football so in th this case we Zedians have to be proud of our currency for the using tumbles.
    Have a great day guys and those of you who will be heading home drive safely speed kills to you all who uses taxis safe lwedo. Byeeeeeeeeeeee

  3. This is the first time I am seeing some like ‘five thousand 550 to five thousand 570 kwacha’
    LT can you please write numbers in full or write the amounts in full. You cant combine them like that!

    The kwacha will continue to depreciate under the hands of RBB from the look of things. Even though LLPM had his own faults, RBB makes him look like a hero. I miss him everyday…

    • Levy mwna left RB a mistake for us. this will blemish his legacy. The ending of everything you leave determines whether you are great or not in my view. KK did some nice things but his ending was a disaster. History repeated itself with LPM for having woken up RB from his farm to be vice. This was a disaster as RB fortified himself to lead by crooks law over zambia when he had the slightest clue how this can be done.

    • Muli ba Dr ba shani? “Long” Sure!! Nangu limbi mulesekeshakofye ama boggers yangwe !! ama bloggers

  4. When anglo pulled out and the mines were being privatised, the price of copper per Tonne was below $ USD 2000. The Kwacha was less than K3000 per USD.

    Now the Price of copper per Tonne is US$3200 but the kwacha is at K5700 per US$. The tonnage of copper being produced is higher now than when we started privatisation. This clearly shows NyamaSoya not in control of the Economy. he has allowed the Kwacha to tumble on speculation. atase…

  5. Where are the authorities on Zambian Economics?
    Chibamba Kanyama…….
    Felix Mutati………
    Where are the ever wise NGOrists?
    Joyce Nonde….
    Surely they should have a solution to these problems. I am relating intelligence with Newsmaking?

  6. I remember in 2004 when I was in Zambia the dollar was 5500 kwacha, The pound was almost 9000 kwacha back then. This may be good news for those with forex but for the average zambian thats a hell of a lot

    • Iwe Kwacha somerthing, remember we have being having problems in Zambia even before the world economic crises. Ours is more to do with the acute mismanagement and misappropriation of priorities. If the systems and various sectors had confidence in the Government, they ought to stabilise the currency and the work on reducing the zeros on the Kwacha.

  7. Does this government even has a stimulus plan?? If the USA can implement a stimulus plan at 7% unemployment what about Zambia at 75% unemplyment? But its busness as usual in Zed and politiking

  8. [Quote for the Day]

    “Growing up is not about making the right decisions but rather dealing with the decisions you have made”

  9. Those that keep on to riducule your President RP, Just imagine for once, Mr. Michael Chilufya Sata being president today.i imagine RP is of a lessor evil of the two evils people “elected” the biggest problem I find in Zambia is, most intellectuals do not step up to the challange to lead the people. we are have been reduced to what i would call “Arm chair critics”while RP has not exhibited any inspiration or brought up new ideas.We need now to start thinking of a pontential new person to take up the guard of our country.All intellectuals tend to sit on the terances and watch the political game rather than take part.Zambia is endowed with a lot of educated talent.than the old tired…

  10. Bonds, a major underware/underpants manufacturer in Australia has fired so many workers in this credit crunch crisis.

    So Zambia , you are not alone in this financial woooooo!!!!

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