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For close to three decades, Zambia’s currency would buy you more U.S. dollars than South Africa’s rand. The kwacha’s steep decline in the past five years has changed that: it’s been trading on par with the rand since the end of last year. That’s driving up costs in a country that buys almost a third of its imports from South Africa, which, in turn, pays dollars for most of the goods it purchases abroad. - Bloomberg
For close to three decades, Zambia’s currency would buy you more U.S. dollars than South Africa’s rand. The kwacha’s steep decline in the past five years has changed that: it’s been trading on par with the rand since the end of last year. That’s driving up costs in a country that buys almost a third of its imports from South Africa, which, in turn, pays dollars for most of the goods it purchases abroad. - Bloomberg
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