Auto Added by WPeMatico

Hyperinflation and Currency Collapse Fears After Zambian President Fires Central Bank Governor

Zambian President Edgar Lungu fired the country’s central bank governor Denny Kalyalya last week sparking fears that government wants to end the institution’s independence. Kaylalya was immediately replaced by Christopher Mvunga who reportedly has close ties to the President. The abrupt decision, which sent shockwaves across Zambian financial markets, saw the country’s currency, the Kwacha shedding 0.7% against the greenback to reach an all-time low of 19.20 kwachas to a single U.S. dollar. Since the start of the year, the Kwacha depreciated by more than 25%. According to a report, the President’s decision came as Zambia, which is the world’s…

Continue Reading Hyperinflation and Currency Collapse Fears After Zambian President Fires Central Bank Governor

End of content

No more pages to load