MACROECONOMIC EFFECTS OF EXCHANGE RATE VOLATILITY …

A fixed exchange rate regime existed from 1964 to 1982 and 1987 to 1991 while a crawling peg was adopted between 1983 and 1985. An initial float of the kwacha took place between 1985 and 1987. A more flexible exchange rate regime was adopted in the early 1990s as part of the economic reforms. ................
................