Bank of Zambia – DIGIT INFO

Zambia’s Dedollarization Plan Aims to Strengthen Kwacha Stability

DIGIT — Sat, 07 Sep 2024 02:46:11 +0000

Zambia’s latest move to restrict foreign currency use in domestic transactions is aimed at stabilizing its currency, the kwacha, according to central bank Governor Denny Kalyalya. The Bank of Zambia announced this initiative in June and is still consulting market participants, with no set implementation date. Kalyalya highlighted that foreign currency use hinders effective monetary […]

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Report: Zambian Currency Poised for First Quarterly Decline Since 2020

DIGIT — Tue, 04 Apr 2023 12:19:56 +0000

The Zambian kwacha, one of the best-performing currencies in 2022, is now expected to see its first quarterly decline in nearly two years. The Zambian leader Hakainde Hichilema claimed that stalled debt restructuring negotiations are adding to pressure against the local currency. Zambia’s Debt Default After ending 2022 as one of Africa’s best-performing currencies, the […]

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Zambia Testing Technology to Regulate Cryptocurrency — Government Minister

DIGIT — Sun, 19 Feb 2023 08:00:53 +0000

The Bank of Zambia and the country’s securities regulators are currently testing the technology to regulate cryptocurrencies, a Zambian government minister has said. According to Felix Mutati, cryptocurrency is a revolutionary technology that embodies a future his country desires to achieve. Achieving an Inclusive Digital Economy The Zambian central bank and the country’s Securities and […]

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IMF Bailout Approval Helps Zambian Kwacha Take the Russian Ruble’s Position as World’s Best Performing Currency

DIGIT — Sat, 03 Sep 2022 21:30:14 +0000

After the International Money Fund revealed it had approved a bailout package for Zambia, the Southern African country’s currency, the kwacha, rallied by 3.1%. Following this gain, the kwacha took the Russian ruble’s position as the world’s best-performing currency in 2022. Zambia Still ‘Has a Long Way to Go’ The Zambian kwacha currency, which currently […]

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Hyperinflation and Currency Collapse Fears After Zambian President Fires Central Bank Governor

DIGIT — Wed, 26 Aug 2020 05:30:04 +0000

Zambian President Edgar Lungu fired the country’s central bank governor Denny Kalyalya last week sparking fears that government wants to end the institution’s independence. Kaylalya was immediately replaced by Christopher Mvunga who reportedly has close ties to the President. The abrupt decision, which sent shockwaves across Zambian financial markets, saw the country’s currency, the Kwacha […]

The post Hyperinflation and Currency Collapse Fears After Zambian President Fires Central Bank Governor appeared first on Bitcoin News.

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Zambia Launches Crackdown on Crypto Companies

DIGIT — Mon, 15 Oct 2018 20:30:22 +0000

The Bank of Zambia has started to clamp down on cryptocurrency-related businesses, mere days after declaring that it does not view digital coins such as BTC as legal tender. The crackdown began on Oct. 14, when the central bank announced an investigation into Heritagecoin Resources Ltd. for allegedly laundering money, according to local media reports. […]

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Zambian Central Bank Declares Bitcoin Is Not Legal Tender

DIGIT — Sat, 13 Oct 2018 23:50:35 +0000

The Zambian central bank said on Oct. 12 that cryptocurrencies like bitcoin core and bitcoin cash aren’t legal tender, cautioning that those transacting in such will have no one to blame in the event of market failure. It appears that the bank issued the decree because, as a traditional issuer of the depreciating local fiat […]

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