Zambia Real Effective Exchange Rate
Real effective exchange rate index PX.REX.REER
Zambia's real effective exchange rate was 73.28 in 2024, ranked 6th globally. This represents a 13.3% decrease from 2023. Data from BIS, covering 1988–2024.
Overview
Zambia's real effective exchange rate stood at 73.28 in 2024, a decline of +11.25 from 2023. Based on recent trends, this figure is projected to reach 85.53 by 2025. Zambia ranked 6th globally.
Zambia’s real effective exchange rate (REER) stood at 73.28 in 2024, placing the country sixth in the global ranking and just below South Africa’s 72.60 and Norway’s 73.67. Over the 37‑year series that begins in 1988 with a REER of 50.23, Zambia has experienced considerable volatility, reaching an all‑time peak of 112.60 in 2008 before sliding to a trough of 46.99 in 1992. The post‑1992 appreciation reflects a combination of commodity price booms, fiscal consolidation and monetary tightening that lifted the currency’s competitiveness, while the 2008 surge coincided with a worldwide commodity rally that temporarily over‑valued the unit. Recent modest depreciation since the 2020s suggests a gradual return toward medium‑term equilibrium, but future shifts in global copper prices, external debt servicing and monetary policy will be decisive in determining whether Zambia’s REER continues its modest decline or reverts to higher levels.
Data & projection
| Year | Real Effective Exchange Rate | YoY change | Rank |
|---|---|---|---|
| 2027* trend | 91.21 | - | - |
| 2026* trend | 88.37 | - | - |
| 2025* trend | 85.53 | - | - |
| 2024 | 73.28 | −11.25 | #6 |
| 2023 | 84.53 | −6.48 | #12 |
| 2022 | 91.01 | +21.24 | #21 |
| 2021 | 69.77 | +3.32 | #3 |
| 2020 | 66.45 | −13.36 | #2 |
| 2019 | 79.81 | −8.71 | #7 |
| 2018 | 88.52 | −5.68 | #15 |
| 2017 | 94.20 | +8.54 | #28 |
| 2016 | 85.66 | −1.08 | #13 |
| 2015 | 86.74 | −11.69 | #13 |
| 2014 | 98.43 | −4.60 | #43 |
| 2013 | 103.03 | +3.32 | #76 |
| 2012 | 99.71 | +2.55 | #57 |
| 2011 | 97.15 | −2.85 | #21 |
| 2010 | 100.00 | +4.38 | #101 |
Detected Pattern
Analysis
Zambia matched the Export Boom Cycle pattern in 2021. Historically, 71% of countries showing this pattern (546 out of 768) saw real effective exchange rate improve within 24 months. View full analysis →
Frequently Asked Questions
Zambia's real effective exchange rate was 73.28 in 2024. Ranked 6th globally. This represents a 13.3% decrease from the previous year.
Zambia's real effective exchange rate peaked at 112.60 in 2008.
The lowest real effective exchange rate in Zambia was 46.99 in 1992.
Zambia ranks 6th globally in real effective exchange rate as of 2024.
The World Bank indicator code is PX.REX.REER. Data sourced from BIS.
Zambia's real effective exchange rate is projected to reach 85.53 by 2025 based on trend extrapolation.
The real effective exchange rate of Zambia in 2024 was 73.28. This ranks 6th in the world.
Cite this page
@misc{historysaid_zambia_reer,
title = {Zambia Real Effective Exchange Rate},
url = {https://historysaid.com/zambia/reer/},
publisher = {HistorySaid},
year = {2026}
}