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Whereas currencies just like the Kenyan shilling and the Nigerian naira misplaced worth in 2021, the Zambian kwacha enters the brand new 12 months with some critical momentum. The kwacha surged 27% final 12 months, totally on the hope that President Hakainde Hichilema will flip across the economic system and restructure the nation’s big $17 billion debt — nearly a 3rd of which is owed to Chinese language collectors.
Past a $1.4 billion IMF deal, President Hichilema has but to offer particulars on how he plans to do to achieve a settlement with collectors. In the meantime, the robust kwacha and excessive copper costs are shopping for him a bit extra time to achieve a deal. (BLOOMBERG)
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