The Zambian kwacha, denoted by ZMK, is the official currency that has been used in Zambia since 1968. The ZMK, which is further divided into 100 ngwee, gets its name from the Bemba word for "dawn," which alludes to the Zambian nationalist slogan of a "new dawn of freedom". In 2003, Zambia printed its 500 and 1000 banknotes on polymer, being the first African country to do so.
Sovereign Ratings for Zambia
Zambia is not rated.
What does it look like?
Political Structure
Zambia government is a republic and contains three branches of government: the executive, the legislative and the judicial.
The executive branch consists of the president who serves as chief of state and is elected by popular vote for a five-year term. The president then appoints the vice president, as well as his Cabinet from members of the National Assembly.
This unicameral National Assembly makes up the legislative branch. It contains 150 seats whose members serve five-year terms after being elected by popular vote.
The judicial branch consists of the Supreme Court (whose justices are appointed by the president and serves as the final court of appeal) and the High Court (who has unlimited jurisdiction to hear civil and criminal cases).
Prominent Figures
Chief of State: President Levy Mwanawasa, since January 2, 2002
Head of Government: President Levy Mwanawasa, since January 2, 2002
Governor, Central Bank of Zambia: Caleb Fundanga
Key Economic Factors
Overview: Although Zambia is taking steps forward in privatization and budgetary reform, its growth is still below the 5-7% that is needed to substantially lessen poverty. The privatization of government owned copper mines in Zambia largely helped the government, as it no longer had to cover the massive losses created by the industry. This significantly bettered the chances of the copper industry to go back to being a profitable one and something that could stimulate economic growth. With the increase in copper prices and the opening of new mines, output of copper is predicted to continue to increase. Another positive aspect for Zambia was that a good maize harvest in 2004 helped to boost GDP and agricultural exports. As of late, Zambia is looking for ways to reduce poverty, such as new lending deals with the IMF. Also, more controlled monetary policies have been implemented to help curb inflation. However, on the downside, Zambia continues to have an extreme problem with fiscal discipline.
Industries: Copper mining and processing, construction, foodstuffs, beverages, chemicals, textiles, fertilizer, and horticulture.
Agriculture Products: Corn, sorghum, rice, peanuts, sunflower seed, vegetables, flowers, tobacco, cotton, sugarcane, cassava (tapioca), cattle, goats, pigs, poultry, milk, eggs, hides and coffee.
Major Trading Partners: South Africa, Zimbabwe, Tanzania, China, Japan, Thailand and Switzerland.
Import Commodities: Machinery, transportation equipment, petroleum products, electricity, fertilizer, foodstuffs and clothing.
Export Commodities: Copper/cobalt 64%, cobalt, electricity, tobacco, flowers and cotton.
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