Zambia introduces law to ban black market as Kwacha depreciates

The Bank of Zambia has introduced a law that bans ordinary people from trading in forex, as the local currency depreciates.

The Kwacha depreciated to a record low against the American dollar as the economy struggles with the worst drought in more than 4 decades and a debt restructuring process that’s dragged on for years.

In a gazette, the bank said trading in foreign currency should only be done when one of the parties is an authorized dealer.

Zwnews