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Currency News

While China’s decision to devalue the Yuan  created major impact for economies around the globe, no country was more impacted than Zambia.  The kwacha (Zambian currency) has fallen 40% against the U.S. dollar this past year. The kwacha is now worth just a measly $.00019, which is a record low, for the already poor nation. This caused Zambian president Edgar Lungu to start a five-hour prayer session involving 5ooo Zambians and them all praying for the economy to improve.

The reason for the kwacha struggles is because Zambia is very dependent on copper. China has been Zambia’s main copper trading partner with the former making up  a total of 70% of the latter’s copper exports. China decision to devalue the yuan came at the same time .

The fall in Copper hasn’t been the only reason for the country’s economic struggles.  The lack of rain in the country create electricity cuts that last up to 14 hours a day.

While foreign currency reserves have fallen 30% this year, the Zambian government has ruled out for any foreign- exchange controls in order to stop the kwacha’s plunge.