DEAR EDITOR,THE Kwacha is Zambia’s legal currency which has been depreciating against the major convertible currencies such as the United States Dollar for instance. The Bank of Zambia (BOZ) exchange rate of the kwacha against the United States Dollar was K20.13 as at Monday October 12, 2020.The Kwacha at various Bureau De Change in Lusaka is trading slightly above K21.00. The recent depreciation of the kwacha relative to the foreign currencies has led to the skyrocketing in the price of goods and services.The prices of goods and services have generally more than doubled in the recent past, thereby making it difficult for the majority of the people to afford them. The above named category of people don’t have the purchasing power. Hence, wallowing in abject poverty.However, the outbreak of the corona-virus in China last December which has devastated the entire world has been cited as one of the factors leading to the depreciation of the […]
DEPRECIATION OF THE KWACHA INFLATES PRICES OF GOODS AND SERVICES
