Currencies
Kwacha Slips to Record Low as Drought Fuels New Risks for Zambia
- Currency has weakened for 11 days in a row versus dollar
- Country’s Kariba Dam reliance makes power imports essential
The kwacha had a volatile 2024, thanks to central bank action to defend the currency as well as an IMF deal.
Photographer: Luke Dray/BloombergThis article is for subscribers only.
Zambia’s currency kwacha plunged to a record low as a severe drought increases power prices and risks hurting the African nation’s economy.
The currency weakened for an 11th consecutive day to trade at 28.1200 per dollar by 2:06 p.m. in London. Tuesday’s 0.4% retreat was the biggest in three weeks.