Zambian Kwacha

About The Zambian Kwacha: The Currency of Zambia

Quick Facts About the Zambian Kwacha Notes

Country of Origin	Zambia
Symbol	K, ZK
Currency Code	ZMW
Nick Names
Minor units	Ngwee
Denominations (Banknotes)	2, 5, 10, 20, 50 and 100 kwacha
Motto
Identification Feature	When it comes to YRls 1,000 note, the images of Seiyun Palace and Hadhramaut are featured on the obverse side.
Issuing Bank	Bank of Zambia
In Circulation Since	January 16, 1968

The Kwacha is Zambia's national currency, and it is referred to simply as the Kwacha. One Ngwee is equal to one hundred Ngwee. The Zambian kwacha is issued by the Bank of Zambia, which serves as the country's central bank. The name "kwacha" comes from the Nyanja word for "dawn," and one kwacha is equal to one hundred ngwee. The Zambian kwacha is abbreviated as ZMK. In 1967, the Zambian pound was replaced by the Zambian kwacha as the country's official currency. Prior to this, Zambia had been a British colony known as Northern Rhodesia. The value of the Kwacha, which was originally pegged to the dollar and the pound of the United Kingdom but now floats freely against other international currencies as a result of inflation, has been dramatically eroded in recent years. The Zambian kwacha symbol is K or ZK.

The live Zambian Kwacha rate is INR (0 🔄) . You can keep an eye on the real-time Zambian Kwacha price.

History of the Zambian Kwacha

Northern Rhodesia was the former name of the country that is now known as Zambia. Northern Rhodesia was a British colony that changed its name and declared its independence in 1964. Along with the introduction of the Zambian pound in 1964 by the Bank of Zambia, The Zambian pound was a currency that ran concurrently with the British pound that had been in use before. The Zambian kwacha was legally adopted in 1967 under the Currency Act of that year.

The Zambian pound and the kwacha were both legal tender in the country until the year 1974. The value of one Kwacha was fixed in relation to both the British pound and the US dollar by the state bank of Zambia right up until 1971. As a direct consequence of what came to be known as the "Nixon Shock," the United States gave up using the gold standard, so calling an end to the Bretton Woods accord that had been in place after World War II. The new value of the kwacha in relation to the pound is a direct consequence of the devaluation of the US dollar.

As a direct response to the sustained depreciation of the value of the United States dollar in February 1973, the Bank of Zambia implemented a crawling peg for the kwacha that was set at a rate of 4.5 percent against the dollar. In the 1980s, Zambia experienced high inflation as a consequence of the country's deteriorating economic situation, which was brought on by a combination of factors including falling global copper prices and rising gasoline costs.

In 1996, the Bank of Zambia issued new notes in the following denominations: 5,000, 10,000, 20,000, and 50,000. 3 The value of the Zambian Kwacha reached an all-time low in 2006 when it was worth approximately 4,800 kwacha to one U.S. dollar. In recent years, the value of the Kwacha has maintained a level of consistency that is largely attributable to the country's continued economic progress. In 2013, the government implemented a revaluation of its currency that was equivalent to a factor of 1,000. 2014 was another year that saw exchange rates that were generally stable in comparison to the US dollar. In 2015, the value of the yuan fell by 42% against the dollar as a result of a slowdown in the Chinese economy and a reduction in the demand for copper. After that point, the exchange rate between the kwacha and the dollar settled between 10 and 20.

Countries Accepting the Zambian Kwacha

Amount in the Zambian Kwacha You Should Carry for Your Trip

There are a lot of things that can change how much money you may need to travel to the amazing country of Zambia. The total cost of your trip will depend on how much you spend on transportation to and around your destination, where you stay, and how much you spend on food. On a trip with a budget, a tourist can spend about ZK 2,536,285 a day in Zambia. On the other hand, a day of vacation can easily cost more than ZK 19,549,887 if you use expensive transportation, eat at Michelin-starred restaurants, and only stay in the best hotels. The price of travel for two people can be anywhere from ZK 5,000,000 to ZK 41,249,000. A night's stay in Zambia can cost between ZK 2,431,229 and ZK 18,893,541 per person, per day.

All in all, you can keep an eye on the Live Zambian Kwacha value in order to exchange your currency notes. You can also check out the Zambian kwacha to dollar rate.