ZMK (Zambian Kwacha)

DEFINITION of 'ZMK (Zambian Kwacha)'

The currency abbreviation for the Zambian kwacha (ZMK), the currency for Zambia. The Zambian kwacha is made up of 100 ngwee and is often presented with the symbol ZK. The name kwacha is based on the word "dawn" in the Nyanja language.

BREAKING DOWN 'ZMK (Zambian Kwacha)'

Until 1968, the British pound was the currency of Zambia, after which the kwacha replaced the pound at a rate of 2 kwacha to 1 pound. At this time, the kwacha was equal to US$1.20, but rampant inflation since that time has significantly devalued the currency.