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Zambia’s Tanking Kwacha May Stay Vulnerable Even After Rate Hike

  • Central bank raised overnight lending rate to record 28%
  • Zambia’s Eurobond prices are deep into distressed territory
A man counts out Zambian kwacha 50 denomination banknotes. 

A man counts out Zambian kwacha 50 denomination banknotes. 

Photographer: Waldo Swiegers/Bloomberg

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Zambia may be in no mood to tolerate much more currency depreciation, but it will be hard-pressed to prevent it.