Monday, 9 November 2026Lusaka, Zambia
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Reserves & FX Market

Interbank Rate (USD)

Kwacha per US dollar between banks, monthly average mid-rate.

K19.42Sep 2026+2.8%on the month−18.4%on the year
12-month average19.92
Record high28.69Mar 2025
Record low3.20May 2006
Observations249since Jan 2006

Interbank Rate (USD), Jan 2006 to Sep 2026

010203040200620092012201520182021202419.42

Show the numbers
MonthInterbank Rate (USD) (ZMW)
Sep 202619.42
Aug 202618.90
Jul 202618.36
Jun 202617.81
May 202618.83
Apr 202619.10
Mar 202619.26
Feb 202618.89
Jan 202620.09
Dec 202522.84
Nov 202522.72
Oct 202522.85
Sep 202523.78
Aug 202523.25
Jul 202523.39
Jun 202524.55
May 202526.95
Apr 202528.16
Mar 202528.69
Feb 202528.21
Jan 202527.93
Dec 202427.58
Nov 202427.34
Oct 202426.56
Sep 202426.40
Aug 202426.09
Jul 202425.61
Jun 202425.98
May 202426.49
Apr 202425.35
Mar 202425.01
Feb 202425.23
Jan 202426.34
Dec 202324.75
Nov 202323.02
Oct 202321.55
Sep 202320.79
Aug 202319.46
Jul 202318.66
Jun 202318.72
May 202318.58
Apr 202318.45
Mar 202320.63
Feb 202319.41
Jan 202318.52
Dec 202217.58
Nov 202216.55
Oct 202215.92
Sep 202215.61
Aug 202216.08
Jul 202216.42
Jun 202217.01
May 202217.09
Apr 202217.39
Mar 202217.96
Feb 202218.10
Jan 202217.22
Dec 202116.78
Nov 202117.54
Oct 202117.04
Sep 202116.37
Aug 202118.07
Jul 202121.73
Jun 202122.58
May 202122.43
Apr 202122.21
Mar 202121.99
Feb 202121.59
Jan 202121.30
Dec 202021.09
Nov 202020.83
Oct 202020.20
Sep 202019.82
Aug 202018.78
Jul 202018.15
Jun 202018.18
May 202018.22
Apr 202018.59
Mar 202016.52
Feb 202014.69
Jan 202014.41
Dec 201914.38
Nov 201913.98
Oct 201913.18
Sep 201913.14
Aug 201913.03
Jul 201912.75
Jun 201913.05
May 201913.24
Apr 201912.30
Mar 201912.03
Feb 201911.92
Jan 201911.93
Dec 201811.91
Nov 201811.85
Oct 201811.91
Sep 201811.14
Aug 201810.09
Jul 20189.90
Jun 201810.04
May 201810.39
Apr 20189.52
Mar 20189.59
Feb 20189.79
Jan 20189.86
Dec 201710.03
Nov 201710.04
Oct 20179.76
Sep 20179.39
Aug 20179.02
Jul 20178.95
Jun 20179.25
May 20179.26
Apr 20179.44
Mar 20179.61
Feb 20179.77
Jan 20179.93
Dec 20169.84
Nov 20169.82
Oct 20169.88
Sep 20169.98
Aug 201610.04
Jul 20169.87
Jun 201610.70
May 201610.04
Apr 20169.74
Mar 201611.34
Feb 201611.33
Jan 201611.12
Dec 201510.84
Nov 201512.18
Oct 201512.02
Sep 201510.20
Aug 20158.07
Jul 20157.65
Jun 20157.33
May 20157.26
Apr 20157.41
Mar 20157.34
Feb 20156.75
Jan 20156.46
Dec 20146.34
Nov 20146.35
Oct 20146.33
Sep 20146.15
Aug 20146.11
Jul 20146.15
Jun 20146.31
May 20146.61
Apr 20146.20
Mar 20146.08
Feb 20145.69
Jan 20145.53
Dec 20135.53
Nov 20135.52
Oct 20135.32
Sep 20135.33
Aug 20135.44
Jul 20135.41
Jun 20135.32
May 20135.36
Apr 20135.37
Mar 20135.39
Feb 20135.34
Jan 20135.29
Dec 20125.20
Nov 20125.21
Oct 20125.18
Sep 20125.03
Aug 20124.92
Jul 20124.89
Jun 20125.25
May 20125.22
Apr 20125.25
Mar 20125.28
Feb 20125.22
Jan 20125.13
Dec 20115.12
Nov 20115.03
Oct 20114.96
Sep 20114.92
Aug 20114.93
Jul 20114.83
Jun 20114.80
May 20114.75
Apr 20114.71
Mar 20114.76
Feb 20114.77
Jan 20114.77
Dec 20104.73
Nov 20104.70
Oct 20104.70
Sep 20104.87
Aug 20104.92
Jul 20105.03
Jun 20105.12
May 20104.95
Apr 20104.68
Mar 20104.69
Feb 20104.68
Jan 20104.54
Dec 20094.69
Nov 20094.66
Oct 20094.67
Sep 20094.54
Aug 20094.84
Jul 20095.15
Jun 20094.99
May 20095.21
Apr 20095.66
Mar 20095.55
Feb 20095.42
Jan 20094.92
Dec 20084.88
Nov 20084.27
Oct 20084.09
Sep 20083.54
Aug 20083.45
Jul 20083.39
Jun 20083.25
May 20083.41
Apr 20083.53
Mar 20083.68
Feb 20083.76
Jan 20083.80
Dec 20073.84
Nov 20073.78
Oct 20073.84
Sep 20073.97
Aug 20074.01
Jul 20073.82
Jun 20073.89
May 20074.02
Apr 20074.17
Mar 20074.26
Feb 20074.25
Jan 20074.22
Dec 20064.14
Nov 20063.99
Oct 20063.84
Sep 20064.06
Aug 20063.89
Jul 20063.55
Jun 20063.48
May 20063.20
Apr 20063.21
Mar 20063.30
Feb 20063.29
Jan 20063.38

Source: Bank of Zambia. Monthly. Gaps in the line are months with no published figure.

Change on a year earlier

Each bar is this month against the same month twelve months before — the comparison that strips out the seasonal pattern.

-50-2502550751002007201020132016201920222025

IncreaseDecrease

Related analysis

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Nothing published on this indicator yet. KSJ analysis appears here as it is written.

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Gross International Reserves$5,802m−10.6%m/m+23.4%y/yJun 2026BoZ Forex Inflows from Mines$0.0m—m/m—y/yJun 2026BoZ Forex Inflows from Mining Taxes$241.1m+144.1%m/m+113.1%y/yJun 2026BoZ Net Forex Sales$34.5m+$19.5mm/m+$23.5my/yJun 2026Government Debt Service from Reserves$1,496.7m+2449.4%m/m+601.9%y/yJun 2026Bureau De Change Rate (USD)K21.60+14.9%m/m−8.1%y/ySep 2026Real Effective Exchange Rate76.5+1.6%m/m−22.9%y/yJul 2026Exports$1,606.4m−8.1%m/m+33.9%y/ySep 2026Imports$1,792.8m+5.4%m/m+51.6%y/ySep 2026Trade Balance−$186.4m−$234.4mm/m−$203.1my/ySep 2026

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