Russia has proposed the use of the Zambian Kwacha and the Russian Ruble in bilateral trade with Zambia, a move that could signal a shift in currency strategy as the two countries seek to strengthen economic cooperation and reduce reliance on third-party currencies.
The proposal was made by Russia’s Ambassador to Zambia, Dr. Azim Yarakhmedov, who said the initiative is intended to ease trade transactions, lower costs, and enhance economic ties between the two nations.
The proposal comes at a time when global trade patterns are evolving amid shifting geopolitical dynamics, currency volatility, and a growing interest by some countries in settling international transactions using local currencies.
For Zambia, the proposal presents potential opportunities alongside policy considerations related to exchange-rate stability, trade balance, and financial risk management.
Diplomatic and economic relations between Zambia and Russia have expanded in recent years, particularly in the mining, energy, agriculture, and infrastructure sectors. The latest initiative seeks to further deepen commercial engagement by facilitating trade in domestic currencies rather than relying predominantly on the United States dollar or other major reserve currencies.
