Central Banking

Weak kwacha forces Zambian cb to trade in dollars

ZAMBIA - Zambians have begun trading in US dollars because of the instability of the kwacha, the local currency that has recently plunged against major currencies, the new central bank governor Caleb Fundanga said on Wednesday.

"We need to work extra hard to stop this trend. The only way we can stop people from fixing prices in dollars is by making sure that our currency stabilises," said central bank governor Caleb Fundanga.

Almost all businesses in Zambia have resorted to trading in US dollars

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