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Exchange rates for the Deutsche Mark in Zambia / DEM 1 = ZMK ... (middle) / up to 1998

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  4. DEM Deutsche Mark (historical)
  5. ZMK Kwacha (Zambia)
CSV SDMX-ML 2.0 SDMX-ML 2.1
Time series key BBEX3.A.ZMK.DEM.CA.AC.A04
Unit ZMK
Dimension one
Timespan from 1978 to 1998
Last update 20.09.2023 12:51:45 PM
   
General Until 5 July 1983: pegged to the SDR. 6 July 1983 - 3 October 1985: pegged to a currency basket. 4 October 1985: introduction of an auction system to set the exchange rates. End of January 1987: foreign exchange auctions suspended. Start of February 1987: pegged to a currency basket. 28 March 1987: with the reintroduction of foreign exchange auctions in addition to the official exchange rate, a multiple exchange rate system was established. Exchange rate application from 28 March to 30 April 1987: Official exchange rate: for the procurement of pharmaceuticals by the government as well as for receipts from public sector external borrowing and the servicing of this debt. Auction rate (see commentary on value for 1987): for all other transactions. On 1 May 1987, the termination of the foreign exchange auctions was announced and the kwacha was pegged to the US dollar on 4 May 1987. 9 November 1988: pegged to the SDR. 19 February 1990 - 22 April 1991: multiple exchange rate system. Exchange rate application: Official exchange rate: for proceeds from traditional exports (mostly copper), for payments for the import of petroleum and fertilisers and for other approved imports, as well as for certain capital inflows. Market rate (see commentary on value for 1990): for proceeds from the export of non-traditional goods, for imports on the "general list of imports" (especially chemical products), for foreign exchange proceedsrevenue from foreign travel and receipts for foreign embassies, as well as for non-public investment and transfer payments. Listed against the euro as of January 1999, see BBEX3:A:ZMK:EUR:CA:AC:A04.
Methodology Calculated on the basis of month-end buying and selling rates.
Source Bank of Zambia, Lusaka International Monetary Fund, Washington
   
Comment on 1992 After the foreign exchange markets closed on 31 January 1992, a devaluation of the kwacha was announced. We recorded the following exchange rates (buying/selling) for 3 February 1992: DEM 1 = ZMK 77.08757 / 78.63707 On the basis of the exchange rates on 31 January and on 3 February 1992, the kwacha depreciated by 23.0%. On 7 December 1992, the exchange rates were adjusted more sharply. We recorded the following exchange rates (buying/selling): before the adjustment: DEM 1 = ZMK 152.26696 / 155.32760 after the adjustment: DEM 1 = ZMK 200.11216 / 206.17617 On the basis of these exchange rates, the kwacha depreciated by 24.3% (on average).
Comment on 1991 Average from April to December 1991. The multiple exchange rate system was unified on 23 April 1991.
Comment on 1990 On 19 February 1990, a multiple exchange rate system was established with the introduction of market rates. The most recent exchange rates (buying/selling) before and after the introduction of the multiple exchange rate system which were known to us were: Official exchange rate: 16 February 1990: DEM 1 = ZMK 14.41912 / 14.70895 19 February 1990: DEM 1 = ZMK 14.33152 / 14.61959 Market rate: 19 February 1990: DEM 1 = ZMK 23.50165 / 23.97405 Calculated using these rates, the currency depreciated against the Deutsche Mark by 38.6% within the range of the market rate. See also additional series attributes.
Comment on 1989 At the beginning of July 1989, the kwacha was devalued. We recorded the following exchange rates (buying/selling) for 3 July 1989: DEM 1 = ZMK 8.15391 / 8.31780 On the basis of the exchange rates at the end of June and on 3 July 1989, the kwacha was devalued by 33.0%.
Comment on 1988 On 9 November 1988, the kwacha ceased to be pegged to the US dollar and was pegged to the SDR instead. We recorded the following middle rates: 8 November 1988: DEM 1 = ZMK 4.48129 9 November 1988: DEM 1 = ZMK 5.61002 On the basis of these exchange rates, the kwacha depreciated by 20.1%.
Comment on 1987 Average from May to December 1987. At the end of January 1987, the foreign exchange auctions introduced in October 1985 were suspended and the kwacha was pegged to a currency basket at the beginning of February 1987. On 28 March 1987, a multiple exchange rate system was introduced when foreign exchange auctions were resumed; the auction rates set in addition to the official exchange rates were: DEM 1 = ZMK 8.18661 / 8.35117 (buying/selling). On 1 May 1987, the termination of the foreign exchange auctions was announced and the kwacha was pegged to the US dollar on 4 May 1987.
Comment on 1985 On 4 October 1985, the kwacha ceased to be pegged to the currency basket that had been used as a reference since 6 July 1983. Since then, the exchange rates have been set once a week in an auction process. We recorded the following exchange rates (buying/selling): 3 October 1985: ZMK 1 = DEM 1.20588 / 1.18212 11 October 1985: ZMK 1 = DEM 0.53226 / 0.52178 (first auction) On the basis of these exchange rates, the kwacha depreciated by 55.9%.
Comment on 1983 On 7 January 1983, the kwacha was devalued by 20% against the SDR. From 6 July 1983, pegged to a currency basket.
Comment on 1978 On 17 March 1978, the kwacha was devalued by 10% against the SDR.
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