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

Real Effective Exchange Rate

The kwacha against a basket of trading partners’ currencies, adjusted for inflation (Dec 2005 = 100). A rise means the kwacha has depreciated in real terms.

76.5Jul 2026+1.6%on the month−22.9%on the year
12-month average87.9
Record high184.4May 2003
Record low75.3Jun 2026
Observations283since Jan 2003

Real Effective Exchange Rate, Jan 2003 to Jul 2026

501001502002003200620092012201520182021202476.5

Show the numbers
MonthReal Effective Exchange Rate
Jul 202676.5
Jun 202675.3
May 202677.1
Apr 202677.7
Mar 202677.9
Feb 202678.0
Jan 202681.5
Dec 202594.8
Nov 202593.2
Oct 2025126.6
Sep 2025100.0
Aug 202595.9
Jul 202599.3
Jun 2025104.8
May 2025111.0
Apr 2025113.4
Mar 2025113.9
Feb 2025112.8
Jan 2025112.3
Dec 2024123.6
Nov 2024125.4
Oct 2024126.6
Sep 2024127.5
Aug 2024102.0
Jul 2024120.8
Jun 2024123.6
May 2024126.2
Apr 2024120.8
Mar 2024121.3
Feb 2024122.3
Jan 2024132.7
Dec 2023127.0
Nov 2023116.9
Oct 2023109.6
Sep 2023107.0
Aug 2023102.0
Jul 2023100.2
Jun 202398.4
May 202398.0
Apr 2023100.3
Mar 2023110.3
Feb 2023105.5
Jan 2023104.1
Dec 202299.4
Nov 202291.6
Oct 202286.4
Sep 202286.3
Aug 202290.8
Jul 202293.3
Jun 202299.6
May 202299.3
Apr 2022106.8
Mar 2022110.4
Feb 2022111.3
Jan 2022106.6
Dec 2021115.5
Nov 2021122.0
Oct 2021120.9
Sep 2021117.6
Aug 2021138.4
Jul 2021175.5
Jun 2021165.7
May 2021165.7
Apr 2021163.8
Mar 2021161.9
Feb 2021164.0
Jan 2021164.2
Dec 2020170.0
Nov 2020166.9
Oct 2020161.3
Sep 2020158.9
Aug 2020150.4
Jul 2020145.6
Jun 2020143.1
May 2020137.1
Apr 2020143.3
Mar 2020137.3
Feb 2020128.4
Jan 2020130.9
Dec 2019132.0
Nov 2019128.5
Oct 2019121.1
Sep 2019122.2
Aug 2019122.0
Jul 2019124.1
Jun 2019125.8
May 2019128.1
Apr 2019121.1
Mar 2019119.2
Feb 2019119.8
Jan 2019120.4
Dec 2018120.1
Nov 2018120.6
Oct 2018122.0
Sep 2018112.2
Aug 2018104.9
Jul 2018105.5
Jun 2018108.4
May 2018108.4
Apr 2018108.7
Mar 2018114.4
Feb 2018115.6
Jan 2018113.5
Dec 2017111.2
Nov 2017107.8
Oct 2017108.3
Sep 2017102.3
Aug 2017102.2
Jul 2017101.5
Jun 2017104.9
May 2017103.5
Apr 2017104.3
Mar 2017107.4
Feb 2017108.2
Jan 2017108.9
Dec 2016107.3
Nov 2016105.9
Oct 2016111.4
Sep 2016113.6
Aug 2016115.3
Jul 2016111.9
Jun 2016120.0
May 2016111.3
Apr 2016110.7
Mar 2016124.1
Feb 2016121.4
Jan 2016118.0
Dec 2015120.0
Nov 2015140.7
Oct 2015151.0
Sep 2015134.3
Aug 2015111.6
Jul 2015109.0
Jun 2015105.0
May 2015107.2
Apr 2015105.3
Mar 2015105.3
Feb 2015100.4
Jan 201596.5
Dec 201495.9
Nov 201498.7
Oct 201499.8
Sep 201498.1
Aug 2014100.7
Jul 2014102.8
Jun 2014105.8
May 2014113.2
Apr 2014106.2
Mar 2014104.1
Feb 201495.9
Jan 201493.5
Dec 201396.3
Nov 201397.0
Oct 201395.2
Sep 201394.0
Aug 201395.2
Jul 201396.5
Jun 201395.7
May 201396.2
Apr 201399.3
Mar 201399.4
Feb 2013101.5
Jan 2013100.7
Dec 2012101.1
Nov 2012100.1
Oct 2012100.9
Sep 201298.4
Aug 201295.5
Jul 201295.2
Jun 2012103.5
May 2012105.5
Apr 2012109.6
Mar 2012112.1
Feb 2012110.7
Jan 2012105.4
Dec 2011105.4
Nov 2011106.5
Oct 2011105.6
Sep 2011108.8
Aug 2011116.3
Jul 2011114.2
Jun 2011114.0
May 2011111.5
Apr 2011109.7
Mar 2011108.3
Feb 2011105.4
Jan 2011107.0
Dec 2010108.3
Nov 2010108.0
Oct 2010109.8
Sep 2010109.8
Aug 2010108.3
Jul 2010109.0
Jun 2010105.5
May 2010108.2
Apr 2010104.3
Mar 2010104.4
Feb 2010101.7
Jan 2010103.1
Dec 2009108.8
Nov 2009109.7
Oct 2009108.5
Sep 2009109.3
Aug 2009116.4
Jul 2009117.7
Jun 2009114.2
May 2009114.0
Apr 2009119.3
Mar 2009114.0
Feb 2009108.5
Jan 2009104.5
Dec 2008104.3
Nov 200893.5
Oct 200898.2
Sep 200888.7
Aug 200891.4
Jul 200896.0
Jun 200886.4
May 200892.9
Apr 200896.3
Mar 200897.9
Feb 2008100.0
Jan 2008105.0
Dec 2007107.9
Nov 2007106.8
Oct 2007109.7
Sep 2007109.4
Aug 2007109.3
Jul 2007106.6
Jun 2007104.3
May 2007110.3
Apr 2007113.4
Mar 2007111.8
Feb 2007112.7
Jan 2007114.6
Dec 2006114.5
Nov 2006108.6
Oct 2006103.2
Sep 2006123.1
Aug 2006111.0
Jul 2006100.0
Jun 200699.1
May 200695.5
Apr 200695.4
Mar 200695.9
Feb 200697.1
Jan 200699.7
Dec 2005100.0
Nov 2005115.5
Oct 2005127.0
Sep 2005133.8
Aug 2005133.0
Jul 2005137.6
Jun 2005141.2
May 2005149.4
Apr 2005152.1
Mar 2005159.4
Feb 2005159.1
Jan 2005163.7
Dec 2004168.6
Nov 2004170.9
Oct 2004172.6
Sep 2004169.3
Aug 2004170.4
Jul 2004174.9
Jun 2004172.6
May 2004164.9
Apr 2004167.5
Mar 2004166.9
Feb 2004170.8
Jan 2004171.0
Dec 2003170.9
Nov 2003175.0
Oct 2003177.3
Sep 2003172.9
Aug 2003173.9
Jul 2003179.0
Jun 2003180.4
May 2003184.4
Apr 2003182.3
Mar 2003181.1
Feb 2003170.9
Jan 2003159.8

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.

-60-40-20020406020042007201020132016201920222025

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 2026Interbank Rate (USD)K19.42+2.8%m/m−18.4%y/ySep 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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