The Zambian kwacha has been in free-fall this year, especially since August, and it’s now down 45% for the year against the US dollar.
In response, president Edgar Lungu asked the country to pray to God to “heal” the currency, according to the AFP:
“Our God has heard our cries, he has forgiven us our sins and we are sure he will heal our country (as) we face serious social-economic challenges,” Lungu told a gathering of some 5,000 Zambians, including former presidents Kenneth Kaunda and Rupiah Banda.
Zambia’s economy is heavily dependent on its copper trade, and its copper trade is heavily dependent on China. When China devalued its currency at the same that global copper prices hit rock bottom, investors got spooked, only briefly pausing their frenzied selling of kwacha when the government said it wouldn’t impose capital controls.