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.
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Frederick Mwanza
yaba……thngs ar bad in our country