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Zambian Kwacha World’s Best Performer as Forex Laws Scrapped

Zambia scrapped two laws restricting foreign-exchange trade in Africa’s second-biggest copper producer, triggering the kwacha’s biggest gain against the dollar in 15 months.

Legislation introduced in 2012 that bans the use of dollars and other currencies within Zambia is revoked with immediate effect, Finance Minister Alexander Chikwanda told reporters today in the capital, Lusaka. The government also abandoned a law that requires companies to notify the Bank of Zambia of foreign transactions, Chikwanda said at the briefing while flanked by officials from the central bank.