Kwacha hits K7.00 mark against US Dollars

3
The Kwacha today reached a record low against the US dollar, trading at K7.035 per dollar.

The Kwacha was trading at K 6.9610 this afternoon in Lusaka.

That extended losses in May to 9.4 percent. This as low copper prices curbed foreign-exchange supply.

The price of copper, which accounts for about 70 percent of Zambia’s foreign-exchange earnings, has declined 6 percent this year.

Zambia Revenue Authority withheld more than $500 million in value-added tax repayments to mines, saying they didn’t comply with rules requiring import certificates from the countries their copper ends up in.

qfm Radio

SHARE

3 COMMENTS

LEAVE A REPLY