After the International Finance Fund revealed that it had approved a rescue package for Zambia, the South African country’s currency, the Kwasha, rose 3.1%. After this gain, the Kwasha took the position of the Russian ruble as the world’s best performing currency in 2022.
Zambia still has a long way to go.
The Zambian kwacha currency, which currently trades at a K15.40 price for every dollar, became the world’s best-performing paper currency when the IMF approved the country’s $1.3 billion bailout. With annual gains of more than 18.25%, kwasha took the Russian ruble’s place as the best performing currency in the world.
According to Bloomberg’s report, news of the International Monetary Fund’s approval of the $1.3 billion financial bailout for the African country saw the kwasha rise by 3.1% in a single day. Zambian officials, including President Hakayende Hishilima – known as “HH” – promoted currency gains and approval of the bailout as evidence of the success of the new Government’s policies.