History
In 1968, the kwacha, a decimal type currency replaced the short lived pound at a rate of 2 kwacha = 1 pound (10 shillings = 1 kwacha). During the Kenneth Kaunda regime the value of the currency was fixed at a rate of approximately 1.2 kwacha to 1 USD. During the late eighties and early nineties a severe economic crisis emerged stemming from poor government oversight and overspending. As a result the currency suffered from high inflation throughout the 1990s and 2000s. By 2006, it took 4,800 kwacha to buy one U.S. Dollar.
As of March 8, 2011, 1 US dollar was equal to 4,715 kwacha.
As of January 23, 2012, 1 US dollar was equal to 5,120 kwacha
Read more about this topic: Zambian Kwacha
Famous quotes containing the word history:
“The history is always the same the product is always different and the history interests more than the product. More, that is, more. Yes. But if the product was not different the history which is the same would not be more interesting.”
—Gertrude Stein (1874–1946)
“They are a sort of post-house,where the Fates
Change horses, making history change its tune,
Then spur away o’er empires and o’er states,
Leaving at last not much besides chronology,
Excepting the post-obits of theology.”
—George Gordon Noel Byron (1788–1824)
“I saw the Arab map.
It resembled a mare shuffling on,
dragging its history like saddlebags,
nearing its tomb and the pitch of hell.”
—Adonis [Ali Ahmed Said] (b. 1930)