Kwacha Expected To Continue Losing Value This Week

An Economist says the Kwacha will this week continue to lose strength against the United States dollar due to the persistent increase in demand for foreign exchange (forex).

Speaking in an interview with Money FM News, Chomba Chomba has attributed the high US dollar demand to the surge in importation of solar equipment and generators by individuals and businesses in the wake of power interruptions.

Mr. Chomba notes that most businesses have resorted to be using solar panels and generators as alternative sources of energy in light of the current load shedding, a move that is putting pressure on the local currency.

The US Dollar is currently buying at Twenty-Six Kwacha Fifty- Five Ngwee and selling at Twenty-Seven Kwacha Seven Ngwee.

According to Bloomberg, Zambian Kwacha, Angolan kwanza, and Nigerian naira are the 3 worst-performing African currencies.