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Dollar brings Kwacha to K19

Filed under: Business,Latest News |
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While Zambians are still waiting for kwacha to be selling at K10 against the USD1 as promised by President Hakainde Hichilema while in opposition, the kwacha is now selling at K19

President Hichilema had promised the local currency, the Kwacha would appreciate by 2pm after he is sworn at 10AM.

Things are certainly not going to plan, as the depreciation goes against the President’s claim then that the country would witness a rapid appreciation of the currency on account of the investor confidence his election would instil into the economy.

President Hichilema at one point daringly went as far as claiming that the local currency would experience a rapid appreciation whereby once he is sworn in at 10 hours, by 14 hours the very day, the country would see a rapid appreciation of huge proportions.

It’s yet to be seen how the local currency would hold in the medium to long term.

This however, may further induce panic buying of the dollar and other major convertible currencies which would lead to a further weakening of the currency, and subsequently feeding into more inflationary pressures.

Since the assuming of office in 2021, the lowest selling the dollar has seen was K14.

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