Courtesy investorglossary.com, we have another great-looking African currency – the Zambian kwacha!

ZMK is the three-character currency abbreviation for the Zambian Kwacha based on the ISO-4217 standard codes. ZMK is the official currency of the Republic of Zambia. The common usage symbol for the ZMK is ZK. The Bank of Zambia is the government agency that issues the ZMK. The ZMK divides into smaller units of known as Ngwee. One ZMK equals 100 Ngwee. The ZMK is not considered a major currency and is not actively traded in the international currency markets. The value of the ZMK “floats” against other currencies. That is, market forces determine the value of the ZMK. Therefore, the ZMK is convertible into other currencies.

Sure, it’s no South African rand, but I like the shout-out to hard-working peasants!

A random woman flashes some kwacha. (Exchange rate: USD $1 = 5,175 ZMK, but relatively higher inflation means this won’t stay current for long)

This entry was posted on Monday, July 13th, 2009 at 11:25 am and is filed under Africa, Econ & Business, Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.