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Weak Kwacha Will Hit Us Hard – Farmers
TOBACCO farmers in Eastern Province are worried that the weak kwacha will adversely affect crop production in the country.
The farmers said the continued depreciation of the kwacha against the United States (US) dollar will negatively affect them.
The stakeholders raised concerns to Eastern Province Chamber of Commerce and Industry (EPCCI) over the currency movement.
Bank of Zambia, however, is taking necessary measures to curb the depreciation through the open market operation and might adjust the reserve ratio from the current 14 percent.
EPCCI president Thomas Mtonga told journalists in Chipata on Friday that tobacco farmers are this year likely to make less money if the kwacha continues with the current downward trend.
Mr Mtonga said, “[We are] worried. If the kwacha continues to depreciate against the US dollar, famers may not get a fair deal during the market season.”
He said prices of tobacco crops are quoted in US dollars and there is a tendency for businesses to start hiking prices of other commodities each time the dollar appreciates against other currencies.
A survey in Chipata central business district on Friday revealed that most banks were buying the US dollar at K7.58 and selling at K7.60, British pound is at K11.25 and selling at K11.28 and Euro buying is at K8.80 and selling at K8.1.
In the last three months, the kwacha has devalued by 19 percent due to the drop in copper price and non-traditional exports on the global market.
Posted by
New Educated Zambia©
March 23, 2015 at 9:32 am
The government has only thought of what to do weeks and weeks after many people and businesses have lost money. Even after that the boz governers statement was so generic and blunt such that after his and chikwandaz differing reasoning led to a further drop in kwacha that day. Again the losers here are the farmers and poor zambians. The country has being failed by the pf and now is time to bring in highly qualified economic managers under the upnd. Vote upnd
New Educated Zambia©
March 23, 2015 at 9:36 am
And this is just the beginning because even now the governor did not give much solutions to the problem. His statement did not give me much confidence. We told you zambians. No sooner had lungu been declared president than the economy started sinking. Clueless chap
Herve Stalin
March 23, 2015 at 10:22 am
iwe uli cisushi fye.
New Educated Zambia©
March 23, 2015 at 2:03 pm
kiki ba pf twakupesha mano. mukose ba makaka
nerd
March 23, 2015 at 10:00 am
Economic managers? Zambia is also there country NEZ why are they not providing solutions? Its simple they export and it benefits them when the kwacha is weak you think they care about the common man and what can they do about the falling metal prices on the internation market?
New Educated Zambia©
March 23, 2015 at 10:27 am
“He said prices of tobacco crops are quoted in US dollars and there is a tendency for businesses to start hiking prices of other commodities each time the dollar appreciates against other currencies.” Learn to read things in full and understand. Am sure you did comprehension at primary
Herve Stalin
March 23, 2015 at 10:21 am
I am very surprised that we have such brave people who can be quoted with their names published when they are spewing rubbish. How will the kwacha fall hit tobacco farmers hard seeing they cultivate in kwacha and sell tobacco in dollars? if there are people who the dollar rise will favour it is tobacco farmers!
New Educated Zambia©
March 23, 2015 at 10:28 am
“He said prices of tobacco crops are quoted in US dollars and there is a tendency for businesses to start hiking prices of other commodities each time the dollar appreciates against other currencies.” Learn to read things in full and understand. Am sure you did comprehension at primary. You are dull ba pf
Trixy
March 23, 2015 at 11:44 am
kikikikiki
MCCM
March 23, 2015 at 12:31 pm
cows are arguing on tumfweko as we keep on making money.Continue sleeping on tumfweko NEZ and we wil see if tumfweko will feed u and make yo choice a president.Chawama elections will teach upnd a lesson
GIFT
March 23, 2015 at 1:09 pm
Its not teaching UPND any lesson but Chawama residents will teach themselves a lesson by voting for someone who’s health is ailing.PF is broke and all those promises to Chawama will not help the locals.If they are wise this is time to vote wisely
AMASHOKO KOPALA
March 23, 2015 at 1:22 pm
about 7000 people n solwezi kalumbila kisasa vilage hav gather waiting 4de jobs which was promist by our poor leaders people are sufering with hangry waiting without any sine of jobs pliz our leader u see we vote for u n u fogot us mamamamama
jobreaker
March 23, 2015 at 1:37 pm
I was talking to a Congolese friend who was teaching me another reason why the economy would be in this state, he said where I come from our president has ruled for more than 17years and so u discover that our investors are happy with a stable environment, then he said u find that zambia has its hikups because investors confidence are lost,so to my view,I think Edgar should rule for the next 15years so we must have a balanced or improving economy
New Educated Zambia©
March 23, 2015 at 1:42 pm
Also did that congolese friend forget to tell you that you should also have civil wars, rape your women, have high poverty even when you are rich in resources?
Trixy
March 23, 2015 at 2:01 pm
So what your Congolese friend told you is gospel truth? And we are all supposed to listen to him and let Edgar rule for another 15 years? lol…pwahahaha….ho ho ho….hu ha!! You PF cadres can only deal with the simple minded; the unfortunate part is that they are very few of them on this site making you look stupid in the end.