About the Zambian Kwacha
The current Zambian Kwacha (ZMW) was introduced in 2013, replacing the old Kwacha (ZMK) by redenominating it by three zeros (1000 ZMK = 1 ZMW). This was a measure to combat persistent inflation.
The name 'Kwacha' means 'dawn' in Nyanja and Bemba, symbolizing the dawn of independence. 'Ngwee' means 'bright' in Bemba, referring to the shine of copper.
Interesting Facts
The 'Dawn' Currency
The name 'Kwacha' means 'dawn', signifying the nation's independence, while 'Ngwee' means 'bright' or 'shining', often associated with copper.
A Rebirth of the Kwacha
The 2013 redenomination saw the removal of three zeros, making the Kwacha more manageable and improving confidence in the currency after years of high inflation.
Copper is King
Zambia is a major copper producer, and the Kwacha's value is highly sensitive to global copper prices, making it a commodity currency.
Historical Timeline
Zambia gains independence; the Zambian Pound replaces the Rhodesian and Nyasaland Pound.
The first Kwacha (ZMK) replaces the Zambian Pound.
The redenominated Kwacha (ZMW) is introduced.
Denominations
Banknotes
Coins
Security Features
Quick Facts
- ISO Code
- ZMW
- Symbol
- ZK
- Numeric Code
- 967
- Subunit
- Ngwee (1/100)
- Introduced
- 2013-01-01
Central Bank
- Name
- Bank of Zambia
- Headquarters
- Lusaka, Zambia
- Founded
- 1964
- Current Governor
- Denny Kalyalya (since 2021)
Economic Data
- Reserve Currency Share
- 0.0%
- Forex Volume Share
- 0.0%
- Inflation Rate
- 10.0%
- Interest Rate
- 11.0%
Exchange Rates
What Affects the ZMW Exchange Rate?
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