Zambian Kwacha

Overview

Economy

• Zambia is a member of AU, SADC, COMESA, Commonwealth.
• Main industries include: Copper mining and processing, Emerald mining, Construction, Foodstuffs, Beverages, Chemicals, Textiles, Fertilizer, Horticulture.
• Zambia is part of the World Trade Organization.
• Imports are machinery, transportation equipment, petroleum products, electricity, fertilizer, foodstuffs, clothing.
• Major exports include copper, cobalt, electricity, tobacco, flowers, cotton.
• GDP: $26.1 billion (2023 est.).
• GDP per capita: $1,305 (2023 est.).
• Unemployment rate: 12.9% (2019 est.).
• Inflation rate: 9.9% (2023 est.).
• Main trading partners: Switzerland, China, Singapore, Democratic Republic of Congo, South Africa, United Arab Emirates.
• Trade agreements: SADC Trade Protocol, COMESA FTA, African Continental Free Trade Area.

History

• Previous currencies used: Zambian pound, Rhodesian pound, British pound.
• The current kwacha was introduced in 2013, replacing the old kwacha at 1000:1. The name 'kwacha' means 'dawn' in the local Nyanja language, symbolizing a new beginning.
• 1968: First kwacha introduced, replacing Zambian pound
• 1971: Decimalization completed
• 1990s: Economic liberalization
• 2013: Redenomination at 1000:1 ratio
• 2015: Copper price collapse impact
• 2020: COVID-19 and debt distress
• Exchange rate peg: Free floating.

General Information

• ISO 4217 Code: ZMW
• Symbols: ZMW/ZK
• Currency Subunits: 100 ngwee
• Central Bank: Bank of Zambia
• Monetary Policy: Inflation targeting with flexible exchange rate. Focus on price stability while supporting economic diversification away from copper dependence.
• Bills: 2 ZMW, 5 ZMW, 10 ZMW, 20 ZMW, 50 ZMW, 100 ZMW
• Coins: 5 ngwee, 10 ngwee, 50 ngwee, 1 kwacha
• USD Exchange Rate: Variable (approximately 24-25 ZMW per USD)
• Pegged To: None (Floating)
• Capital: Lusaka
• Population: 20,017,675 (2023 est.)
• Area: 752,618 km²
• Languages: English (official), Bemba, Kaonda, Lozi, Lunda, Luvale, Nyanja, Tonga
• Time Zones: UTC+2 (Central Africa Time)
• Government Type: Presidential republic
• Head of Government: President (head of state and government)
• Independence: October 24, 1964 (from United Kingdom)
• Ethnic Groups: Bemba 21%, Tonga 13.6%, Chewa 7.4%, Lozi 5.7%, Nsenga 5.3%, Tumbuka 4.4%, Ngoni 4%, Lala 3.1%, Kaonde 2.9%, Namwanga 2.8%, Lunda (north western) 2.6%, Mambwe 2.5%, Luvale 2.2%, Lamba 2.1%, Ushi 1.9%, Lenje 1.6%, Bisa 1.6%, Mbunda 1.2%, Other 13.8%, Unspecified 0.4%
• Religions: Protestant 75.3%, Roman Catholic 20.2%, Other 2.7%, None 1.8%
• Literacy Rate: 86.7% (2018 est.)
• Transport: Kenneth Kaunda International Airport, road networks, railway connections, landlocked requiring neighboring country ports
• Communications: Expanding telecommunications, 21% internet penetration, growing mobile network
• Energy: Hydroelectric 85%, Coal 10%, Oil 4%, Other 1%
• Countries Using This Currency: Zambia
• Data Sources: Central Bank: Bank of Zambia (boz.zm), Economic Data: Zambian Statistics Agency, World Bank, IMF, Trade Data: Zambia Revenue Authority, Demographic Data: Zambian Statistics Agency, Geographic Data: Zambia Meteorological Department, Historical Data: Bank of Zambia archives
• Last Updated: 2025