Zambia not to adopt USD as legal tender: VP

The Zambian government said Friday it would not adopt U.S dollar as a legal tender, following the steep depreciation of the local currency which has caused instability in commodity prices.

The Zambian currency, kwacha, has depreciated by more than half this year due to falling copper prices on the international market.

The depreciation has caused the prices of services and commodities to go up on a daily basis, with some calling on the government to adopt U.S. dollar as a legal tender to ensure stability in the economy.

But Vice President Inonge Wina said the government had no such desire.

She acknowledged the economic situation in the country was not rosy, adding efforts were under way to stabilize the economy.

She said the country's economic outlook for next year was promising as foreign investors had shown interest in investing in the country. Endit