The Free Falling Kwacha_Media Called to Account
THE Kwacha has continued to depreciate, hitting a historical low of K7 - 1$ this week. Some bloggers and analysts have accused the media in Zambia of not doing enough to explain to the public what is truly at stake with the economy. A blogger recently said that Bank of Zambia Governor Michael Gondwe has only survived because of the poor journalism and party opposition in this country describing him as a lucky man. Here is what Bloomberg reported on the Kwacha. Zambian Kwacha Falls to Record Low for World’s Worst Drop in May By Matthew Hill May 27, 2014 2:08 PM GMT+0200 Zambia’s kwacha retreated to a record low against the dollar, depreciating more than any other currency in the world this month, as lower copper prices and a tax dispute with mines curbed foreign-exchange supply. The currency of Africa ’s second-largest producer of the metal, used for electrical wire and water pipes, weakened as much as 2.3 percent, the biggest slide in two months, to 7.035 ...