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.