The official currency of Zambia, abbreviated as ZMW and issued by the Bank of Zambia. The kwacha is a floating currency highly sensitive to copper prices, as Zambia is one of Africa's largest copper producers and the metal accounts for a significant portion of the country's export earnings. The currency has experienced periods of sharp depreciation linked to commodity downturns, fiscal deficits, and the country's sovereign debt restructuring.
Example
“USD/ZMW weakened to 27.50 after copper prices fell 8% on Chinese demand concerns, highlighting the kwacha's strong correlation with the base metal.”