- Stay Connected
Socialize
Chikwanda Revokes SI No.55
Finance Minister Alexander Chikwanda has announced the revocation of Statutory Instruments 33 and 55 of 2012 and 2013 respectively in view of the continued rapid depreciation of the Kwacha.
The two regulations were passed to principally support the implementation of monetary policy
Addressing a highly anticipated press conference in Lusaka this morning, Mr Chikwanda cited challenges in implementation as the reason for revoking the two statutory instruments.
Mr Chikwanda says the revocation of the two regulations is aimed at allowing for further consultation.
He states that government in consultation with all stakeholders will look at other options to protect and safeguard public interest.
And Mr Chikwanda says the depreciation of the Kwacha is temporal.
He says factors affecting the exchange rate are both domestic and external, citing the happenings in the US and Chinese economies.
Mr Chikwanda says the depreciation of the Kwacha is does not imply weakness in economic fundamentals.
He states that there is need to increase resilience to external economic shocks by diversifying the economy.
The Finance Minister however says the country’s economy remains strong, adding the rating agency Fitch’s latest rating has reaffirmed the Zambia’s strong economic growth prospects and has maintained its rating at B.
Posted by Editor
on March 21, 2014. Filed under LATEST NEWS.
You can follow any responses to this entry through the RSS 2.0.
You can leave a response or trackback to this entry
funny as sh*t
March 21, 2014 at 4:47 pm
Pwa hahahahahahahaha.
Tail between your legs, you’ve swallowed humble pie dude! You were a lousy finance minister 30 years ago and have not improved dude.
What the heck was on your mind with SI 55? You must have mush for brains, thinking that investors and zambian companies would maintain a kwacha position under those f00lish conditions. Not everyone is a PF cadre that listens to SATA-NOMICS and George Chellah.
Now that you’ve received a kick in the nuts from investors and another hard kick in the nuts over your choice of Central Bank Managers, are you finally ready to think with your cranial head rather than your penile head?
FuManchu
March 21, 2014 at 9:32 pm
Yeah still implementing outdated failed economic policies! Guess he can not even use the internet to be abreast with the latest on the global trends hiding in what’s going on in China and US knowing very well my grandmother in the village has no use for such excuses! Fitch is just being diplomatic!
kayula
March 21, 2014 at 4:52 pm
Its a welcome move we hope it will improve the situation. kaunda realizd a long time ago the importance of export if we are to strengthen our economy but alas we sold evrything including housese
spanner boy
March 21, 2014 at 4:55 pm
I hope the government has learnt a good lesson from this.Its very wrong to change systems without undertaking a carefull study of the situation and the possible effects of such undertakings.However I d like to commend the minister of finance for being bold enough by swallowing his pride and anouncing the revocation of the SI 33 and SI 55.
id!ot!
March 21, 2014 at 5:16 pm
That’s what is even more pleasing! Accept when you are wrong, it does not hurt! Well, lets where this will take the local currency!
JOHN CHINENA
March 21, 2014 at 5:35 pm
KIKIKIKIKI………PABWATO NOW SINKING
JOHN CHINENA
March 21, 2014 at 5:36 pm
BUT HH TOLD YOU …………..AWE SURE VOTE HH 2016
FuManchu
March 21, 2014 at 9:37 pm
Not to be appreciated because the advice came from an opposition leader
Green Zedian
March 21, 2014 at 5:50 pm
The Zambian Economic Crisis: The disorganized and greedy bunch of leaders in the PF who know nothing about good economic management have destroyed Zambia’s economy. The Sooner they leave power the better for Zambia. PF (Pathetic Failures) Get Out!!!!!!!!!
jamakudi
March 21, 2014 at 6:10 pm
They never wanted to listen. Their hearts soaked in pride. Arrogance breeds ignorance.
Cha Cha
March 21, 2014 at 6:58 pm
What is si no55 pipo can some one explain to us
lames nyire
March 22, 2014 at 10:10 am
Was an instrument by parliament to monitor exports and imports.In other words payments outside zambia and payment into zambia.So it was,before you send or recieve any payment above $20,000 you had to get permision from BOZ and explain yourself to them why you are sending or receiving.
me
March 21, 2014 at 8:42 pm
technocrates are to blame for this down fall of our currency. To people who deserve the blame I add The Economic Association of Zambia which include Prof. Oliver Saasa and HH who are learned Economists and also the Bank of Zambia which is a bunch of Economists.. These people on a day-to-day basis rehearse with the govt on economic issues. To me it shows that these people are the ones advising the govt wrongly. Remember the 2008 recession which hit the US very hard, people wanted to blame the govt but it was the failure by the Economists. The govt does not work in isolation, it works with learned technocrates who advise the Finance Minister. People, everyone should be involved in the economic walfare of our mother Zambia. When the currency fails, it will be you and me the people on the end of the food chain who will be hit the hardest. We like supporting people such as HH who are just good at critising but cant offer solutions. God bless our leaders, God bless Zambia.
water treatment
March 21, 2014 at 9:58 pm
If an under five”HH”can give advise to above 90″PF”government and the advise works,what can restrict him 2 be @ plot 1 tgether wth his tonga countapart Magande.
Village Chicken
March 22, 2014 at 5:44 am
‘…..Chikwanda cited challenges in implementation…..’
Means Chikwanda has Failed.
‘……Chikwanda says the revocation of the two regulations is aimed at allowing for further consultation….’
Means Chikwanda and PF is thinking after the act.
That is more proof for you that PF is useless.
ukwa
March 22, 2014 at 7:33 am
Me, do you think we have technocrats in this pathetic failures party. All we are seeing are a bunch of useless, idiots as their president said and arrogant minitures not ministers.
Mpongo
March 22, 2014 at 12:22 pm
Further consultations after failure to implement the SIs. Please Govt learn to consult before passing such draconian laws. “You take someone to the hospital after he has died” – Zambia is in the mortuary right now. too bad.
Mark ii Kajimange Nkoswe
March 22, 2014 at 3:40 pm
kaya manje mweeeee!!!! 47 years of independence.
Mark ii Kajimange Nkoswe
March 22, 2014 at 3:41 pm
is it 50 years?