Zambia’s Sata Scraps FirstRand Deal, Fueling Currency Slide
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Zambian President Michael Sata yesterday scrapped FirstRand Ltd.’s purchase of a local lender and fired the board of the central bank. The kwacha fell the most against the dollar.
Sata, who defeated incumbent Rupiah Banda in a Sept. 20 election, dissolved the boards of three state agencies, including power utility Zesco, according to a statement from his office. The board of the Bank of Zambia was removed after Governor Caleb Fundanga was fired on Sept. 29.