Zambia Kwacha Weakens to Breach 13 Per Dollar for First Time
- Surge in borrowing costs seen weighing on economy, consumers
- State's intervention may increase as growth deteriorates: ETM
This article is for subscribers only.
Zambia’s currency weakened, breaching 13 per dollar for the first time, on concern that the government may increasingly intervene in the economy before elections in 2016.
The kwacha dropped as much as 2.3 percent to 13.0650 as of 12:39 p.m. in the capital, Lusaka, on Friday as the greenback strengthened against most major and emerging-market currencies as improving U.S. economic data pushes the Federal Reserve closer toward interest-rate hikes. That decline extended the kwacha’s losses this year to 51 percent, the most among 155 currencies tracked by Bloomberg.