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Zambian Kwacha Advances After President Lungu Calls for Calm

  • Lungu says kwacha drop excessive, doesn't reflect fundamentals
  • President urges market participants to avoid speculating
Updated on

Zambian President Edgar Lungu urged investors not to panic as the government won’t resort to foreign-exchange controls to arrest a slide in the kwacha, the world’s worst-performer against the dollar in 2015. The currency gained.

The decline in the currency of Africa’s second-biggest copper producer “is excessive and not consistent with the movements in the fundamental drivers,” he said in a statement e-mailed by the presidency. The kwacha has plunged 48 percent this year, the most out of the more than 150 currencies tracked by Bloomberg.