video Video
Zambia: kwacha at record lows on China
Friday, September 11, 2015 - 01:20
The Zambian kwacha has fallen to an all-time low weighed down by continued concerns over slowing growth in China, a major export destination for Africa's number two copper producer. Amy Pollock reports.
▲ Hide Transcript
▶ View Transcript
EDITORS PLEASE NOTE: CONTAINS 4:3 MATERIAL Zambia's decade of economic boom is not looking so copper-bottomed. The local currency, the kwacha, has fallen to all-time lows against the dollar.system.scripts. It's been hit by power problems and a slide in the price of its key export. Financial analyst Maambo Hamaundu. (SOUNDBITE) (English) MAAMBO HAMAUNDU, FINANCIAL ANALYST SAYING: "Mines had to drop down in production and this has not really saved the cause and of course the prices on the international market of copper have dropped and this is also not a motivating factor in terms of inflow of forex into the country." Copper export earnings dropped almost 30 percent in the first half of the year, compared with a year earlier. And three mining companies - including Glencore and two Chinese firms - are planning to shut down some Zambian operations. That will hurt Zambia - despite reassuring words fro China's ambassador (SOUNDBITE) (English) YANG YOUMING, CHINESE AMBASSADOR TO ZAMBIA SAYING: "I am sure that there will be an increasing of Chinese investment in all areas of development in Zambia." The kwacha is likely to firm up - as Zambia's central bank has taken action to support it. But some opposition politicians say it's time Zambia stopped relying on copper. The government has slashed its growth forecast for the year to 5 percent, from an initial 7 percent. It may have to do even more in the wake of China's downturn.
Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code
Zambia: kwacha at record lows on China
Friday, September 11, 2015 - 01:20
Top News »
Tue, Apr 24, 2018 - (1:27)
Tue, Apr 24, 2018 - (1:07)
Tue, Apr 24, 2018 - (0:37)
Tue, Apr 24, 2018 - (1:43)
Tue, Apr 24, 2018 - (1:54)
Tue, Apr 24, 2018 - (1:24)
Tue, Apr 24, 2018 - (1:58)
Tue, Apr 24, 2018 - (1:51)
Mon, Apr 23, 2018 - (1:29)
Mon, Apr 23, 2018 - (1:40)
Mon, Apr 23, 2018 - (0:56)
Mon, Apr 23, 2018 - (0:48)
Migrant Crisis »
Fri, Mar 16, 2018 - (0:50)
Fri, Dec 22, 2017 - (1:52)
Fri, Dec 22, 2017 - (1:07)
Fri, Dec 22, 2017 - (1:37)
Editors' Picks »
5:15am EDT - (1:59)
Tue, Apr 24, 2018 - (2:00)
Tue, Apr 24, 2018 - (1:36)
Mon, Apr 23, 2018 - (1:56)
Fri, Apr 20, 2018 - (1:24)
Fri, Apr 20, 2018 - (2:04)
Thu, Apr 19, 2018 - (1:45)
Tue, Apr 17, 2018 - (2:44)
Tue, Apr 17, 2018 - (2:15)
Politics »
Tue, Apr 24, 2018 - (1:27)
Tue, Apr 24, 2018 - (0:37)
Tue, Apr 24, 2018 - (1:43)
Tue, Apr 24, 2018 - (2:13)
Mon, Apr 23, 2018 - (1:40)
Fri, Apr 20, 2018 - (1:07)
Fri, Apr 20, 2018 - (1:46)
Thu, Apr 19, 2018 - (2:16)
Thu, Apr 19, 2018 - (1:32)
Thu, Apr 19, 2018 - (1:00)
Innovations »
Tue, Apr 24, 2018 - (1:54)
Tue, Apr 24, 2018 - (2:13)
Mon, Apr 23, 2018 - (1:55)
Sun, Apr 22, 2018 - (1:30)
Fri, Apr 20, 2018 - (1:50)
Thu, Apr 19, 2018 - (1:54)
Wed, Apr 18, 2018 - (1:03)
Wed, Apr 18, 2018 - (1:01)
Tue, Apr 17, 2018 - (2:15)
Mon, Apr 16, 2018 - (1:54)
Entertainment »
Tue, Apr 24, 2018 - (1:17)
Tue, Apr 24, 2018 - (1:38)
Tue, Apr 24, 2018 - (1:51)
Tue, Apr 24, 2018 - (1:18)
Tue, Apr 24, 2018 - (1:25)
Tue, Apr 24, 2018 - (2:02)
Mon, Apr 23, 2018 - (1:28)
Mon, Apr 23, 2018 - (1:39)
Mon, Apr 23, 2018 - (2:11)
Mon, Apr 23, 2018 - (1:50)
Mon, Apr 23, 2018 - (0:39)
Rough Cuts »
Tue, Apr 24, 2018 - (1:27)
Tue, Apr 24, 2018 - (1:17)
Tue, Apr 24, 2018 - (0:51)
Tue, Apr 24, 2018 - (1:07)
Tue, Apr 24, 2018 - (0:37)
Tue, Apr 24, 2018 - (1:43)
Tue, Apr 24, 2018 - (2:13)
Tue, Apr 24, 2018 - (1:38)
Tue, Apr 24, 2018 - (1:51)
Tue, Apr 24, 2018 - (0:59)
Tue, Apr 24, 2018 - (2:02)
Mon, Apr 23, 2018 - (1:50)
Moving Pictures »
Tue, Apr 03, 2018 - (1:46)
Fri, Mar 02, 2018 - (2:13)
Thu, Feb 08, 2018 - (1:43)
Thu, Jan 04, 2018 - (1:01)
Fri, Dec 22, 2017 - (2:08)
Reuters Investigates »
Wed, Oct 11, 2017 - (10:18)
Wed, Aug 23, 2017 - (6:44)
Thu, Mar 16, 2017 - (2:26)
Tue, Nov 01, 2016 - (2:15)
Thu, Sep 29, 2016 - (2:19)
Fri, Aug 05, 2016 - (2:04)
Mon, Mar 28, 2016 - (3:02)
Thu, Mar 10, 2016 - (2:34)
Mon, Dec 07, 2015 - (2:58)
Mon, Dec 07, 2015 - (2:20)
Mon, Dec 07, 2015 - (0:35)
Mon, Dec 07, 2015 - (3:53)
Dateline Asia »
Tue, Dec 05, 2017 - (2:06)
Tue, Dec 05, 2017 - (2:11)
Fri, Dec 01, 2017 - (2:04)
Thu, Nov 30, 2017 - (2:10)
Thu, Nov 30, 2017 - (2:14)
Wed, Nov 29, 2017 - (2:11)
Tue, Nov 28, 2017 - (1:55)
Tue, Nov 28, 2017 - (2:21)
Mon, Nov 27, 2017 - (2:25)
Fri, Nov 24, 2017 - (2:16)
Fri, Nov 24, 2017 - (2:14)
Thu, Nov 23, 2017 - (2:18)