Zambia's Kwacha Falls the Most Since 2009 Amid Copper Slump
- Traders hoarding dollars while importers rush to buy
- Electricity crisis and low copper price weighing on currency
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Zambia’s kwacha fell by the most in more than six years, reaching a record low against the dollar, as a slump in copper prices and an electricity shortage weigh on the economy.
The currency of Africa’s second-biggest copper producer retreated as much as 5.5 percent to 9.4961 per dollar, the biggest drop since May 2009, according to data compiled by Bloomberg. It was 3.5 percent weaker at 9.3153 by 3:34 p.m. in Lusaka, the capital, bringing its decline this quarter to 24 percent.