The Zambian kwacha is the best performing currency in the world against the US dollar, with an increase of over 18.5% against the dollar from January 22 to September 1.

While its continental counterparts, South Africa, Zimbabwe, Nigeria, Ghana, and Kenya have not been able to control rising inflation and falling currencies, the pr& President Hakainde Hichilema and his government succeeded in reducing the inflation rate from 24.4% in August 2021 to 9.7% in June this year. This is through a series of monetary and fiscal measures, according to the Center for Policy Monitoring and Research in Lusaka, the capital.

When the government's monetary policy committee met last November, it decided to “raise the key rate by 50 basis points to 9%.” The rate remains the same so far. The ultimate goal is to reduce inflation between 6% and 8% by mid-2023 and a reduction in inflation had been achieved by its new meeting in May 2022. To support agriculture and livestock, the government has also removed 5% tariffs on the import of cattle and chicken farms. The rate of increase in food prices rose from 12% in July to 11.3% in August.