Zambian kwacha (currency number: ZMK) is the currency in circulation in Zambia. The unit of token is Wayne, 1 kwacha = 100 Wayne. It was issued in 1968 to replace the Zambian pound. With the emergence of inflation, numerical calculation is inconvenient. Zambia officially decided to issue the new Kwacha in 20 13. The new currency was issued from 65438+1 October1.The denomination of the old currency was divided by 1000, and it was circulated with the old Kwacha until June 30th.
Zambia
Zambia is a landlocked country in south-central Africa, and most areas belong to plateau areas. It borders the Democratic Republic of Congo in the north, Tanzania in the northeast, Malawi in the east, Mozambique in the southeast, Zimbabwe, Botswana and Namibia in the south and Angola in the west.
Zambia is named after Zambezi River, and is not known as the country of copper mines. Zambia is a country with a high degree of urbanization in sub-Saharan Africa, and about half of the population of10 live in cities. Compared with neighboring countries, Zambia has good infrastructure and transportation.
Zambia was an underdeveloped country rather than a developing country before 20 14. However, in the 20 14 human development index report, Zambia's human development index reached the "medium" level, which means that Zambia has developed into a developing country.
Currency evolution in Zambia
Zambian kwacha is issued by Zambia Bank, the central bank of Zambia.
1964165438+10, the Bank of Zambia, the central bank, was established and issued the Zambian pound, which is equivalent to the old currency pound. 1 968 165438+1October16, issue kwacha in decimal currency, and recover Zambian pound at the ratio of 2: 1, and the gold content of kwacha is determined as1.244/kloc. 1 9711On February 6th, Zambia announced that it would no longer link Kwacha to the British pound, but would link Kwacha to the US dollar at a fixed price of 1.40, but would remain in the British pound area. On June 23rd, 1972, Zambia stopped listing after the pound floated.
1July 9, 976, Kwacha was decoupled from the US dollar and linked to SDR. The median price is 1 kwacha pair 1.0s479 SDR, but the US dollar is still used as the intervention currency, and the exchange rate is calculated according to the daily exchange rate of SDR against the US dollar published by the International Monetary Fund. 1983 65438+1October 7 was decoupled from SDR and linked to a basket of currencies. 1985 10.4, kwacha exchange rate is guided by the central bank and based on the weekly average market clearing quotation. 1987 65438+1On October 23rd, the above method was stopped, and on February 2nd, it was pegged to a basket of currencies again. On March 17, Zambia changed to the dual exchange rate system. The official exchange rate is only applicable to the settlement of government and state-owned enterprises and the conversion of foreign currency loans from the central bank.
The foreign exchange settlement of other departments uses the market exchange rate. The market exchange rate is about 1 kwacha, which is equal to 0.067 USD. On May 4th, Zambia changed to a single fixed exchange rate, and 1 kwacha was equal to 0. 125 USD. 1988165438+1On October 9th, Kwacha depreciated by 25% and was linked to SDR. 1 SDR is equal to 13.45438+0 15 kwacha.