The Zambian Kwacha (ZMW) has become one of three African countries to begin listing their currency on the Johannesburg Stock Exchange (JSE) in a move that will protect investors, importers and exporters against currency fluctuations in the three countries.
Trading of the Zambian Kwacha, the Kenyan Shilling and the Nigerian Naira began at the JSE following a recent ceremony in Johannesburg where representatives from each of the three countries celebrated with the opening bell.
According to Joe Kaunda, Zambia’s Deputy High Commissioner to South Africa, the launch confirms the confidence of international markets in the leadership and development of the Zambia economy.
“We are further glad that Zambia was paraded during the launch as an excellent performer with a projected growth of over seven per cent by year-end, out-performing major economies,” he said, “As JSE stated, we continue to attract huge figures in Foreign Direct Investment.”
Trade statistics from the South African Revenue Service (SARS) indicate the value of trade flow between South Africa and Zambia at nearly USD 1.6 billion.
