Reported 12 months ago
Zambia's central bank is proposing to make the use of foreign currency in the local economy illegal to address currency volatility, inflation, and high import costs. Those caught using foreign currency for local transactions could face prison sentences of up to 10 years or fines. The kwacha strengthened by 7% following the announcement. The country's currency has been one of the world's worst performers but saw a significant improvement this month after clearing its dollar bond default and receiving a substantial payment from the International Monetary Fund.
Source: YAHOO