Zambia to restrict use of other currencies to stabilize kwacha
2,270 views · Published 23 December 2015 · 0:41 · Indexed 27 October 2026
Channel: CGTN Africa · 2015 · News & Politics
Zambia is considering reintroducing regulations to make the kwacha currency the country's only legal tender. Treasury official Fredson Yamba says the move is aimed at ensuring effectiveness in the conduct of monetary policy for price stability. Africa's second-largest copper producer has often blamed the weakening of its currency on the tendency by businesses to price their products in dollars. The government had banned the practice in 2012, only to lift the restrictions again in March 2014. This year the kwacha has shed more than 40 percent in value against the dollar mainly due to a sharp fall in global copper prices, severe electricity shortages and government mining regulations that spooked investors.
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