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Zambia is
going through tough economic times (Photo: AFP)
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Zambia currency has
fallen to a record low against the US dollar, Reuters news agency reports. The kwacha hit to an all-time
low of 10.1500 per dollar before recovering to trade at 9.8200, it reports. "The
apparent slowdown of China's economy is negatively impacting financial markets
in the short run. Panic buying may have set it," analyst Peter Sitamulaho
is quoted as saying.
Zambia
is Africa's second biggest copper producer, but the industry has been hit by a
fall in commodity prices.
Mines
have also been hit by a power shortage, with a union saying that this has
forced one copper producer, China's NFC Mining, to shut down some of its
operations, Reuters reports.
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