Sina and Jonas Miederer
Apr 7, 2021
I have lended $45 for this loan: www.zidisha.org/loan/help-m...
It says, the loan is 100% repaid. However, if I sum up all the repayments received, there are only $40.14 on my account. I don't believe that this is a currency conversion issue (10% is a quite high inflation rate in 5 months).
I'm just wondering about the issues - is it maybe on the technical site (repayments not updated etc...)?
Apr 7, 2021
Thank you for checking. I see that this loan is in Zambia, whose currency has depreciated unusually quickly over the past year.
This loan was originated in September 2020. At that time, the dollar to Zambian Kwacha exchange rate was 18.37497, so your loan of $45 would have corresponded to 826 Kwacha. When the loan was repaid in February this year, the exchange rate was 21.20230, so the 826 Kwacha converted back to dollars at that time would be $38.96. The total amount you received back is between $38.96 and $45 because each repayment installment was converted to dollars using the exchange rate in effect at the time the repayment was made.
Note that we update exchange rates in our system at the times we send new fund transfers to borrower countries, using the exchange rates applied to our funds transfers by our payment transfer provider. There were three transfers and exchange rate updates during the course of this loan period: 20.6584 on Dec 16, 20.9622 on Jan 29, and 21.2023 on Feb 19.
I hope this is helpful. Please don't hesitate to let us know if you have any further questions.
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