Zambian Kwacha Gains Value To Become 6th Most Powerful Currency In Africa
The Zambian Kwacha, which was one most underrated currencies in the world, has risen to become the second best performing currency in the world.
This occurred a year after the leader of the opposition party Hichilema Hakainde defeated patriotic front Edgar Lungu.
Hichilema has worked and managed to reduce inflation in Zambia. In a tweet Hichilema said
”The inflation rate is under control. the Zambian kwacha has stabilised and is getting stronger against major foreign currencies.”
Fuel prices have also been reduced in Zambia and the economy has been performing well ever since Hichilema came into office.
The Zambian Kwacha has been rated to be stronger than the South African rand and other currencies in the southern African region. The Zambian Kwacha has continued to demonstrate its overall stability for a couple of months now.
A recent check shows that the Zambian Kwacha is now 1: 1.04 South African Rand while USD1 is now 16.30 Zambian Kwacha.
Since the election of Hakainde Hichilema as president in August 2021, the Zambian Kwacha continues to perform well on the back of favourable political sentiment, says Bank of Zambia officials.
“Following the general elections on August 12, the Kwacha gained 30% against the dollar to hit K15.89 ($0.93),” Besnat Mwanza, the director of communications at the Bank of Zambia (BOZ) told The Africa Report published on June 3, 2022.
Chief Government Spokesperson Chushi Kasanda said in a statement published by ZNBC News on July 1, 2022, that the Zambian Kwacha is the second-best performing currency after the Russian rubble owing to it gaining by over 30 per cent against the dollar in the last nine months.
