By Kamuti Muyambela
The local currency has continued depreciating against the United States Dollar and other major convertible currencies.
The Kwacha is now heading towards K18 to US$ 1, selling at an overage K17.7 in most Bureau de Change outlets and buying at K17.45. The local currency was appreciating in the last months towards the August 12, 2021 general elections, with sharp appreciations noticed just after President Hakainde Hichilema was sworn in as President, even trading in the K15 something range to the Dollar at one point.
However, that was short lived as the local currency embarked on a depreciation trend soon afterwards. This is contrary to President Hichilema’s promised sharp appreciation if he were elected as President, even once declaring a sharp appreciation by afternoon if he were sworn-in in the morning owing to the confidence his election would have on the economy.
