Economics
Zambia's World-Beating Kwacha Shows Copper Can Outshine Gold
- Kwacha outshines bullion, silver and 150 other currencies
- Currency was world's third-worst performer last year
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Zambia’s kwacha has gone from the world’s third-worst performance in 2015 to the best this year, outshining gold, silver and 150 other currencies and precious metals tracked by Bloomberg. Further gains are in store as copper prices recover, according to ETM Analytics.
The currency of Africa’s second-biggest copper producer has advanced 19.9 percent against the dollar in 2016, surpassing gold’s 16.3 percent gain, after slumping 42 percent in 2015. The currency has benefited from an increase in metal prices, news of increased mining investment and proposed changes to mineral royalties seen to be more investor friendly.