Forex Zambia
1 ZAR = 1.2073 ZMW
Indicative rate, updated 7 hours ago. Not a live dealing rate - confirm with your broker before trading.
A live technical-analysis reading for ZAR/ZMW, from Strong Sell to Strong Buy, updated automatically by TradingView. Forex has no reliable, freely-published Fear & Greed Index the way stocks or crypto do, so this momentum-based gauge is shown instead.
ZAR/ZMW shows how many Zambian Kwacha one South African Rand buys. It's driven by copper export earnings, Bank of Zambia policy and inflation, alongside the South African Rand's own trend against the Dollar.
Rates shown here are indicative only, sourced periodically rather than streamed live. Confirm the exact rate with your bank or broker before converting funds or opening a trade.
Latest
1.1901
25 Sep 2026
Highest since Mar 2024
1.5848
26 Mar 2025
Lowest since Mar 2024
1.0770
10 Jun 2026
12-month average
1.2070
1.0770 – 1.3852
Over the past year ZAR/ZMW has fallen 12.99%, meaning the ZAR has weakened against the ZMW. In the last 30 days it has moved down 0.62%. Across the last 12 months it traded between 1.0770 and 1.3852. Its highest level in the data window (since March 2024) was 1.5848 on 26 Mar 2025, and its lowest was 1.0770 on 10 Jun 2026.
Based on weekly data from 6 Mar 2024 to 25 Sep 2026. Source: Weekly rate snapshots (currency-api). A rising rate means the ZAR is strengthening against the ZMW. Past performance does not predict future results.
A pair's price is one currency's value measured against another, so the economy behind each side matters.
South Africa · South African Reserve Bank (SARB) · Free float (inflation targeting)
The Rand is Africa's most-traded currency and a widely used proxy for emerging-market risk. It reacts to commodity prices, global risk appetite and domestic politics and energy supply.
Zambia · Bank of Zambia (BoZ) · Managed float
Zambia is Africa's second-largest copper producer and one of its most commodity-dependent economies. The Kwacha is a freely floating currency in principle, but the Bank of Zambia intervenes to smooth volatility, and the currency trades thinly, so moves can be sharp.
ZAR/ZMW is effectively a two-step rate: it combines the South African Rand's value against the US Dollar with the Kwacha's value against the US Dollar. A move in either leg, or in both, changes ZAR/ZMW.
Copper is the key common thread. Because it is priced in Dollars and Zambia depends on it for most export revenue, rising copper tends to strengthen the Kwacha, while falling copper tends to weaken it. Chinese demand (China buys most of the world's refined copper) is therefore an important background driver.
The Zambian Kwacha is an emerging or frontier-market currency. Compared with a major reserve currency, its market is thinner, so shifts in global risk appetite, Dollar liquidity and capital flows can move it faster and further than fundamentals alone would suggest.
Central-bank policy matters on both sides: the South African Reserve Bank (SARB) and the Bank of Zambia (BoZ). When one of them is expected to keep interest rates higher than the other, that currency usually attracts capital and strengthens; a narrowing gap tends to reverse the move.
Typically support the Rand
Tend to move with the Rand
Usually moves with the Kwacha: rising copper tends to strengthen it
Usually inverse: a stronger Dollar tends to weaken the Kwacha
A gauge of copper demand from Zambia's largest buyer
Reflect investor confidence in debt sustainability
2001 ZAR
A sharp sell-off took USD/ZAR to about 13.8 before a recovery.
2013 ZMW
The Kwacha was rebased, with 1,000 old kwacha (ZMK) replaced by 1 new kwacha (ZMW).
2015 ZAR
The abrupt firing of the finance minister ("Nenegate") triggered a big Rand sell-off.
2015 ZMW
A copper price slump, power shortages and fiscal slippage triggered a sharp Kwacha depreciation.
2020 ZAR
The pandemic pushed USD/ZAR close to 19–20 per Dollar.
2020 ZMW
Zambia became the first African country to default during the COVID-19 period, and the Kwacha fell to record lows against the Dollar at the time.
2021 ZMW
A peaceful change of government and hopes of IMF support sparked a strong Kwacha rally.
2023 ZAR
Energy shortages and geopolitical concerns pushed the Rand back close to the 19–20 zone.
2023 ZMW
Debt restructuring agreements with official creditors progressed, alongside a severe drought that hit power generation and the Kwacha.
2024 ZMW
Drought-driven load-shedding and a bondholder restructuring deal shaped sentiment, and the Kwacha weakened towards historic lows.
2025–26 ZMW
After touching its weakest level in our rate data in March 2025, the Kwacha staged a strong recovery against the US Dollar over the following year.
ZAR/ZMW is a direct Kwacha rate, so it shows what Zambian importers, students, travellers and traders actually pay or receive when converting to or from the ZAR. Most international retail brokers don't list Kwacha pairs, so traders normally trade Dollar-based pairs and use this rate to understand deposit and withdrawal costs.
Compare brokers offering these pairs →Most active: Johannesburg business hours and the London session • Lusaka business hours, then the London and New York sessions
1 ZAR is worth about 1.2073 ZMW (indicative, updated 7 hours ago). Always confirm the exact rate with your bank or broker before you convert or trade.
In the data we track (since 6 Mar 2024), ZAR/ZMW peaked at 1.5848 on 26 Mar 2025 and bottomed at 1.0770 on 10 Jun 2026.
ZAR/ZMW is influenced by the relative strength of the South African Rand and the Zambian Kwacha. Key factors include: Commodity prices, Global risk appetite, Copper prices, US Dollar strength and global risk appetite. See the sections above for the full list.
Activity and liquidity are typically highest during: Johannesburg business hours and the London session • Lusaka business hours, then the London and New York sessions. Spreads are usually tighter when the relevant markets are open.
ZAR/ZMW can be more volatile or carry wider spreads than the major pairs, so it usually suits experienced traders better. If you are new, start with a demo account and a major pair. Trading forex carries a high risk of loss.
This page is educational and is not investment advice. Rates, statistics and commentary are indicative and may contain errors or be out of date. Forex and CFD trading carries a high risk of loss.