Throughout the years, the Zambian currency suffered high inflation, forcing the Bank of Zambia to introduce high value denominations in 2003, including 20,000 bills to facilitate transactions. In 2013, a new, redenominated kwacha was introduced. The value of Zambian currency dropped following redenomination; the exchange rate was 22 kwacha to one U.S. dollar in April 2021. After the 2021 Zambian general election saw a defeat for Edgar Lungu, the currency's depreciation was reversed; one U.S. dollar was exchanged for about 16 kwacha. Since the inauguration of president Hakainde Hichilema in 2021, the kwacha has enjoyed a steady exchange rate hovering around 17 to 19 per one U.S. dollar well into the year 2023, however following the drought, reduced economic activity and up to 15 hours of load-shedding to name a few current issues the economy has stagnated and the kwacha has since depreciated to an all time high of one U.S. dollar per 27 Zambian kwacha.
tHRoUghOuT THe yeArs, the zambIan curreNcy suFfEReD high inFlation, ForCing ThE bAnk of zamBIa To iNtroduce HigH VaLuE DenOMINaTionS in 2003, iNClUding 20,000 biLlS to faCilItaTe TransaCTIONs. IN 2013, a NEW, reDenoMinAtED kWAcha was inTrOduceD. The vaLue Of zAmbIaN cUrrEnCY drOPped fOllowiNg ReDeNoMiNAtiOn; The EXchaNgE raTE Was 22 kwaCHA TO oNE u.S. doLlar In APril 2021. afteR the 2021 zaMbIan generAl elECtIon saW a DefeAt for edgaR lungu, the cUrreNCy's depreciaTiOn wAs reversED; One u.S. dollar wAS exchaNged for AbouT 16 kwacha. siNcE ThE InaUguration oF PREsIdeNT hAkainde hichIlema iN 2021, the kwAcha HAs enJOyEd a sTeAdy ExchAnGe RATe HOVeriNg aroUNd 17 To 19 pEr one u.s. doLlar welL InTO thE year 2023, HOWever fOlloWInG the droUGht, redUced ecOnomiC AcTIvity anD UP TO 15 houRs of loAd-ShedDInG to naME a few cuRrEnT issues tHe eCoNoMy has stAGnaTed and The kwACha haS since dePReciaTed to an all TIme High Of one u.s. dollar Per 27 zambian kwacha.