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Zambia’s Currency is Named Africa’s Best Performing Currency in 2024

Somto NwanoluebySomto Nwanolue
February 22, 2024
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Zambia’s Currency is Named Africa’s Best Performing Currency in 2024
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Zambia’s kwacha is presently Africa’s best performing currency against the U.S. dollar so far this year after the central bank forcefully tightened monetary policy, but analysts have said it would reinforce sustainably only if the country attracted considerable foreign investment.

The kwacha has regrouped from 13.8% to 22.8% against the greenback in 2024, according to LSEG data. This was after the central bank raised commercial banks’ reserve ratios and then hiked interest rates earlier this month, in an attempt to interchange a decline in the currency that had hiked up inflation.

Danny Greef, the Co-Head of Africa at research firm ETM Analytics had said that the kwacha’s performance this year had been astonishing.

Zambian officials have accused the country’s hampered debt restructuring (now in its fourth year) for stymieing overseas investment and weakening the kwacha. But copper production, the country’s major foreign exchange earner, has also plummeted despite government efforts to boost the sector.

Zambia’s Currency is Named Africa’s Best Performing Currency in 2024

Although the kwacha weakened slightly from 22.5 to $1, it is still more than 20% stronger than the record low of 27.23 it reached on February 6.

Economist, Munyumba Mutwale had said, “What is expected is an adjustment that will stabilize around the 21-22 per dollar.”

He had also added that raised foreign currency flows were mandatory for the kwacha to make further gains.

“The government is now tidying up arrangements for new investors to take over Mopani and Konkola Copper Mines, while other companies including KoBold Metals are tackling exploration with commitments to finance new projects.

The conclusion to the external debt restructuring exercise will also be instrumental to giving clarity on the outlook for hard-currency- and fixed investment flows into the country.” Mutwale finished.

Tags: federal characterNewsZambia's Currency is Named Africa's Best Performing Currency in 2024
Somto Nwanolue

Somto Nwanolue

Somto Nwanolue is a news writer with a keen eye for spotting trending news and crafting engaging stories. Her interests includes beauty, lifestyle and fashion. Her life’s passion is to bring information to the right audience in written medium

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