Zambia's president orders fiscal interventions to boost kwacha - CNBC Africa

Zambia's president orders fiscal interventions to boost kwacha

Southern Africa

by Reuters 0

President Edgar Lungu has directed the finance ministry to increase fiscal interventions to improve the economic fundamentals. Photo: Wiki

Zambia's President Edgar Lungu has directed the finance ministry to increase fiscal interventions to improve the economic fundamentals to ensure there was adequate foreign exchange liquidity in the market, his spokesman said on Wednesday.

The kwacha plunged 17 percent against the dollar on Monday to a record low due to the sharp slide in prices for its copper exports and a credit rating downgrade. The currency of Africa's second largest copper producer recovered somewhat on Tuesday, with traders citing intervention by the central bank.

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