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Weak Kwacha Source Of Concern
The negative perception that people have especially towards foreign investors has contributed to the continued weakening of the Kwacha, Lusaka financial analyst Maambo Hamaundu has said.
The Kwacha has been depreciating for the past few months and has been a source of worry and a rather disturbing factor towards the country’s economic development.
The Kwacha is currently buying at 5200 and selling at 5300 against the dollar.
Mr Hamaundu observed that the ‘nationalisation’ of parastatals like Zamtel and ZANACO and the events surrounding Finance Bank have also contributed to the shoddy performance of the Kwacha.
He feared that if the Kwacha continued to lose its value against other currencies, the cost of goods would rise, thereby affecting people’s way of living .
“The Kwacha has continued to lose its value against other currencies and that would open way for the rise in the price of fuel,” he said.
There was need for government to now leverage the existing economic activities to deliver sustainable development that should benefit the poor in Zambia.
Posted by
ZAMBIAN RABBI
March 12, 2012 at 4:25 pm
Sometimes when things become hard why cant we introduce again veterans like Magande in the squard who brought the K to 2900.Gvnt pliz remove pride.
Malenga
March 12, 2012 at 4:49 pm
The government needs to work on its investment stratergies because at the rate at which the kwacha is currently tradin against other currencies, we are heading to zimbabwes economy!!
Man Elah
March 12, 2012 at 4:53 pm
I conquer with u Zambia Rabbie. You hv seen light at the end tunel,personally i thot the gvt was going to appoint Magande as gvnor but thngs went other way round. Pliz reintroduce Magande into the system. If thy dd in 2009 y cnt we do it.
Kwata
March 12, 2012 at 5:12 pm
The economist is scared of PF. Instead of him saying the fact that their policies have failed hence the loss of confidence by people.
Note that the pending rebasing of the same kwacha is causing people to convert into dollar fearing loss of value.
charles c. Mvula
March 12, 2012 at 5:13 pm
i personally do not think magande has the solution to the problem but believe the problem is bigger than zambia,we have capable people in the finance minister.governor,and the best people in the financial markets l guess patience will get us to the destination after all these same economists have predicted and said a lot which have not turned out true,taking Zamtel l think on face value is okey listen the libyans got rid of gadafi partly that he was corrupt so why keep the fruits of his corruption,economists have no morality all they think is money.
WALKING RAZOR
March 12, 2012 at 5:14 pm
I second your sentiments!! it too much. Government give us answers or is it because of the fake money that was printed?
kokokoko
March 12, 2012 at 6:10 pm
You people are crying for magande but are the same ones who rejected him when he stood to lead zambia.Now you have seen that zambia made a wrong choice kikikikiki twazigongo’ pa zed.I bet magande cannot accept to work in a hire and fire government otherwise his cv will be tainted within a month of being appointed.
wise ruler
March 12, 2012 at 6:49 pm
just plead from Magande . nungu tolekeni fwebafola forex tochite enjoy . infact we r very happy .
washington
March 12, 2012 at 7:48 pm
come on guys, the weakening of the kwacha is largely due to the Euro zone crisis. our non-traditional exports to Europe have reduced owing to the same crisis. this has also affected the rand.
FDI does not flow, it trickles. no country gets FDI on daily basis. mind u, any change of gov brings about anxiety. it takes at least 9 months before confidence can be built especially where there is policy shift.
the analyst must check his facts. dealing with corrupt deals like lap green saga is one way to instill confidence. come on guys
Washngton you atticulate issues well
March 12, 2012 at 8:57 pm
Can someone help us understang these economic crisis in Zambia?
maigolo
March 12, 2012 at 9:12 pm
Its a huge worry..1e need stability..paying for international exams in Pounds is so expensive
One off
March 13, 2012 at 9:02 am
We are just paying for experimenting with leadership
Ken
March 13, 2012 at 12:06 pm
Imweeee! its not Magande or Jesus. Its us to work and produce period. No manipulations will will firm up any currency. Remember we are dealing an aftershock of the billions that was printed by Movement for Mad Dogs. The boma cannot openly agree that mula was photocopied, coz that would damage the economy even irrepairably.
Ken
March 13, 2012 at 12:08 pm
Washington, spot on
Snr.citizen
March 13, 2012 at 4:59 pm
I cant understand why we are failing to tick in Zambia. God had blessed us with a very good soil by this I mean you can eat a mongo fruit through away the seed the mango will germinate grow on it’s own up to the time it produces fruits without any one water it or weed it, same applies to even kalembula one time I threw the cuttings after taking out the leaves, a week later I found the kalembula has germinated, God also has blessed this country with a lot of water through many rivers we have in Zambia why are we failing to make it kansi imwe bantu. Muniuza at sitinga pase ma youth land na tundalama to yambila so that they plant a lot of fruit trees to export fruits in other countries which have no these God given facilities we can grow a lot of food crops for export e.g beans, vegetables, cassava, sorghum, millet name it than crying for employment all the time we can put these monies in our pockets people yes we can just make land available to all the people in Zambia.
Yaza
March 13, 2012 at 6:32 pm
The problem with Sata is that he has too much pride. He cant find himself asking for advice from Magande. If Magande decided it was more important for him to help the country when Mwanawasa asked him to be finance minister than to wait for Mazoka to be president. I do not see someone so credible refusing to give advice if asked, at the end of the day it is not about one person. The entire country benefits. We should not be subjected to riding this roller coaster every five years, a good leader today then a bad leader tomorrow. We need to go protest and hold Sata accountable to his promises.
ZAMBIAN RABBI
March 13, 2012 at 6:36 pm
Zambia has got no smooth outlet & inlet when it comes to top political positions.every thing which the previous gvnt did was fake by now.eg the money is fake.zamtel sold in bad faith.zanaco also.some things we need to sit down both the past leaders & present before rushing to the media.this has affected our economy.Zambia is one.united we stand divided we fall.not all MMD,UPND leaders er corupt or dull & not all PF leaders er wise.Do what Mwanawasa did.this is the gvnt & not a political party.we love Zambia.
bom dia
March 14, 2012 at 6:36 am
cry out loud poor fellas aka pf.we told you nt to experiment wth leadaship. am enjoying ths scenerio coz it minz wen i send my hard earned dollars home, nizee.
CHINVINDINVINDI
March 14, 2012 at 7:19 am
What a Financial Analyst! It is such speculative utterancies who are making the kwacha overburdenned. The weak mined will take what these quack economists as gospel truth.
The more we work hard and EXPORT, the less pressure on the Kwacha.
So more, more mines(copper, precious metals, platnum,etc) and manufacturing steel, copper, and more maize, soya for export.
patriotic front
March 14, 2012 at 12:30 pm
if mwanawasa was alive he was going to be crying day in day out becoz of poor governing of the country by sata the poorest gvt so far no vision mwanawasa followed coruption and left it in hands of the law and concetrate with development not sata no plan
PF
March 14, 2012 at 6:41 pm
How can we understand economic crises when veteran miners are made to look after lands/natural resources, tuntemba owners are now District Commissioners, economists are appointed as broadcasters…& only heaven knows for how many days/months they wanna stay in these offices!This only happens pa ZED…Zambia Katuya
Concerned citizen
March 14, 2012 at 11:02 pm
Surly if all you guys with brilliant ideas when back on your drawing boards are going to be ruled by these governments. Coz if i pose a question to the government all they will tell me I’m one of the MMD EVEN THOUGH I VOTED FOR PF. A voice of one person is not just too loud to be heard by the state so lets utter in oneness Our as ZIIIIIAMBIANS!!
Zambian abroad...
March 19, 2012 at 1:59 pm
Whats happening to the promises Ba TaTa ba sata was promising Zambians??????????????????