- Stay Connected
Socialize
SAMPA: Kwacha Appreciation, Indication Of Investor Confidence
Government says the 10 % appreciation of the Kwacha against the dollar is an indication that the investor community still has confidence in the country’s investment climate under the Patriotic front administration.
Deputy Minister of Finance Miles Sampa says even the government decision to come up with a statutory instrument to ban the use of the dollar in the local transactions is meant to strengthen the Kwacha against the major foreign currencies.
Mr. Sampa has however noted the need for the government for the appreciation of the Kwacha to be monitored to prevent the currency from becoming too strong against the dollar.
The minister adds that a very strong Kwacha would make Zambia’s exports expensive a situation he says would affect the performance of the local industries which export goods to other countries.
Mr. Sampa was speaking during the launch of the National Strategy on Financial education for Zambia in Lusaka this morning.
Mr. Sampa observed there is need for financial education to be promoted to enable the citizens acquire good financial management skills that will impact positively on the country’s economic development.
Earlier Bank of Zambia deputy governor of operations Bwalya Ng’andu noted that access to financial services in the country still among the adult population stands at only 37.3% adding that there is need for more people to begin accessing such services.
Dr. Ng’andu adds that there is financial literacy among the people of Zambia to be scaled up adding that financial sector development plan also seeks to improve among other things to develop a rural finance policy and strategy to increase access to financial services to the rural population.
And minister of Education Dr. John Phiri observed that the Ministry of Education is also working on modalities that will ensure that financial education is incorporated into the country’s education system.
Posted by
nyatu
July 12, 2012 at 5:51 pm
make sure u dot injer anyone
ukwa2
July 12, 2012 at 8:09 pm
which sampa iz this 1.hop not the chitemene man who waz chased in s province
S TEN
July 12, 2012 at 8:25 pm
looks like everyone is talking about the 10% appreciation on kwacha….
what does this mean on the current kwacha currency against dollar…previously $ 1 =K 5300
10% of k 5300 will be
(10 * 5300)/100
53000/100
=530
therefore
5300-530
=K 4800 ans
the question is for how long will this be…..cause the product prices are still high,the income charges a still low etc and its these things which affect the currency….
accountant
July 13, 2012 at 1:12 am
@S TEN…WEN 3 ZERO’Z R REMOVED……PF….
kakolwe
July 13, 2012 at 4:26 am
Zambia is mostly an import controlled economy at consumer level. The moment we start to export finished products other than raw copper & agric products (in Kwacha) it will boost our economy coz imports will be cheaper making cost of production cheper. These are the theories that we wish God can move leaders to turn into practicables.
Tupac
July 13, 2012 at 7:32 am
Mimimum wage has been increased by 100% for domestic workerz.If kadansa was getting k200,000 for looking afta my uncle’s goats at his farm he ill now be getting K500,000 and those in shop K1,000,000.Kwacha trading in the range of K4000 against the dollar.Bembaz at work,iseni tumilange ifyo bateka.
MANDINGO
July 13, 2012 at 4:22 pm
INVESTOR CONFIDENCE MY BLACK FOOT!! You are arm twisting the exchange rate. This type of intervention is very dangerous.WATCH THIS SPACE
kachenche
July 14, 2012 at 4:53 pm
Tupac you are an *****!