Zambia's president will not allow the copper-exporting country's currency to collapse and may intervene to regulate markets, a government spokesman said on Monday, as the kwacha fell to new record lows against the dollar.

"The president cannot allow the national currency to collapse because of a false belief in a free market economy even when things are clear that the market won't fix itself. So the president could intervene, through the Treasury of course," presidential spokesman Amos Chanda told Reuters.