-
Zambia’s Currency Plunges to Record Low as Drought Saps Economy
Zambia’s currency depreciated to a record low against the dollar as the economy struggles with the worst drought in more than four decades and a debt restructuring process that’s dragged on for years. The kwacha on Wednesday fell as much as 0.3% to 27.28, according to data compiled by Bloomberg. It’s slumped 1.9% this month, making it the worst performing currency globally of those tracked by Bloomberg. The weakness will amplify price pressures as the nation ramps up food and electricity imports. Annual inflation is already at a more than two-year high of 13.8%. The drought is also expected to halve Zambia’s ... (full story)