Posted 2/22/2024, 4:46:30 PM
Zambian Kwacha Outperforms as Africa's Strongest Currency in 2024, But Sustaining Strength Depends on Foreign Investment
- Zambia's kwacha emerged as Africa's top performing currency in 2024, strengthening 13.8% against the dollar
- The central bank raised interest rates and reserve requirements to tighten monetary policy and support the kwacha
- Analysts say sustained kwacha strength depends on attracting more foreign investment
- Copper production declines have reduced a key source of foreign exchange
- New mine investors are expected to support the economy and currency