Reserves at $6.5 billion as President says reserves are at record level

LUSAKA, October 11, 2026. Zambia's gross international reserves stand at about $6.5 billion, according to Bank of Zambia Governor Denny Kalyalya. President Hakainde Hichilema told Parliament on October 9 that reserves are at their highest level ever. Reserves first reached $6.5 billion in February 2026. They closed March at $6.2 billion, or 5.2 months of imports, after payments for fuel and debt and central bank support for the Kwacha. In May the IMF put them at $6.4 billion, or 4.4 months. In July the governor said cover was about five months. Import cover is how long the country could pay for imports if no new dollars came in. The IMF has said around five months would be comfortable. The Kwacha gained sharply over the past year. Bank of Zambia data show it moved from K27.58 to K18.90 per dollar between December 2024 and February 2026. The President said inflation fell to 6.1 percent in September 2026. A steadier Kwacha makes imported fuel and fertiliser costs easier to predict. The IMF has also warned that tax collection is weak. **Sources:** Zambia Monitor (Bank of Zambia briefing); IMF press release (May 14, 2026); Lusaka Times (July 7, 2026); President Hichilema's address, October 9, 2026; Forbes Africa via africa.com.