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Govt Acts To Stabilise The Kwacha
President Edgar Lungu says government through the Bank of Zambia is taking necessary and appropriate measures to stabilise the Kwacha.
President Lungu says government is concern with the current developments in the foreign exchange market, where the Kwacha has depreciated sharply against major foreign currencies.
President Edgar Lungu, has therefore directed that increased fiscal interventions be made to improve the existing economic fundamentals so that there is favourable
foreign exchange liquidity in the market.
Mr. Lungu said that measures to be taken will be complemented by prudent fiscal management.
This is according to a statement released to ZNBC News by Special Assistant to the President for Press and Public Relations Amos Chanda.
Mr. Lungu said that the Bank of Zambia governor has assured him that various measures are being implemented to stabilise the Kwacha.
The President said he is satisfied that the Monetary Policy Committee in consultation with the Ministry of Finance, will continue with measured interventions and monitor market trends to ensure the foreign exchange market is normalised.
The Head of State reiterated government’s commitment to
maintaining a liberalised foreign exchange market.
He has assured the business community and the general public that they should not panic, as government does not intend to revert to foreign exchange controls to shore up the currency and as a measure to cure the speculative distortions.
The President emphasised that speculative behaviour is therefore
unnecessary and market players are urged to play by the rules consistent
with the values of a free market economy.
Recently the Kwacha has depreciated to double digits against major foreign currencies.
Posted by Kunda
on September 30, 2015. Filed under LATEST NEWS.
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Chilankalipa
September 30, 2015 at 9:07 am
Stupid foolish girls, how in the first place do u agree to escort someone without permission from your parents?
pillar
September 30, 2015 at 9:15 am
ready the headline iwe
Advocate
September 30, 2015 at 9:30 am
I am yet to see workable measures being talked about here.The issue is not to stabilize the Kwacha at acute intensive care level it has reached but to gain strength to its former self.Mwachedwa ngako Baba,Kwacha ya mwalila kale.Urea fertilizer will require a miracle to obtain at the current exchange rates.Maize will also be difficult to buy or sell next year.
Kwati like so
September 30, 2015 at 9:33 am
Dis economy has no shock absorbers . Can the presido start addressing the nation on a weekly basis oooooh sory hez clueless ! Can u start reading the market trends b4 o this nosense n desperate measures. It looks like another cosmetic !
Israeli
September 30, 2015 at 9:34 am
Chikopo which stupid girls?u can’t read the heading.
gumu gumu
September 30, 2015 at 9:38 am
What a simpleton president we have! How do U talk about fiscal management yet yoself are hirinng expensive jets to fly yo drunken ass around. U have no shame.zambians can’t U see that this is just teasing,wakeup.
pillar
September 30, 2015 at 9:40 am
which epxensive plane chimbwi iwee? how much did the plane cost tomba wiso?
Timbwi
September 30, 2015 at 10:21 am
US$300,000
Mula
September 30, 2015 at 9:40 am
@Governor Assured Him, Kikiki. Where Has This Chap Been All This Time Kwacha Has Been Losing Stance? Edger, You Cant Even Give Advise To Your Twin Visionless Governor, Then You Send Your Dog To Tell Us Nosense. Fools.
New Educated Zambia©❤√
September 30, 2015 at 9:40 am
What measures. This is a very shallow statement. Some time it is wise to let the boz specialists to address the nation not dull lungu
pillar
September 30, 2015 at 9:42 am
it is u who is dull,coz if u are wise enough,u would have gone out there telling people what u are going to do for them rather than READING UPND MANIFESTO ku voice of lusaka
mind u not everyone know how to read
Sir Blessings
September 30, 2015 at 9:43 am
It seems the head of state has no advisors
New Educated Zambia©❤√
September 30, 2015 at 9:49 am
They are all dull.no vision
Israeli
September 30, 2015 at 10:01 am
He has advisors and they advise him to fly in and out of the country Coz who knows what happens in 2016
kayula
September 30, 2015 at 10:17 am
when sata became our president we had army worms,demos and shortage of meameal. much as we appreciate the effects of kwacha depreciation the best part is that it will come to an end. All we should do is working togather and be positive
Kwati like so
September 30, 2015 at 10:29 am
I pity dis country. Ladies n gentlemen 2016 lets kick out pf, dis bunch of clueless chaps ve ruined our country. Vote hh bane ! Am coming back to c ma mama, friends & kakolwe
shimine
September 30, 2015 at 10:33 am
the falling of the kwacha is largely due to widening of the trade deficit.we have seen the copper price fall even worse than $5000/ton but the kwacha did not fall to this horrible level. the issue was that we were still able to sell the copper and stabilize the currency in turn. the problem today is unique in that even at low copper price, buyers are not coming forth to take the little that we are producing.the cost of production is also highest in history.investors with hold their cash coz they cannot continue investing without any cash flow. let’s see what happens after October 23rd.
Starlight
September 30, 2015 at 10:37 am
Those will be mere stop-gap-measures. Simply put : temporary measures. Talk to real economists and they will tell you that the strength of any currency depends on the country’s production capacity. Since there is no serious production going on in Zambia (the mines are in trouble, very low agricultural activity, very low manufacuring levels, etc.)the Kwacha will continue to sink.
HAbezu
September 30, 2015 at 10:46 am
Nothing hh will do to change the currency.pf is winning the elections come next year. I saw it in the dream last week and I have never missed a dream in my life.
Puungwa
September 30, 2015 at 11:05 am
It is not the duty of the opposition to advise or fix the economy,the ruling party must do that,their failure is to the advantage of the opposition.
chuundu chaitwa(cc)
September 30, 2015 at 11:24 am
@NEZ you think when that satanist come in power things will suddenly change? ruling the country is not like keeping cattle or having a small business where you even fail to pay your workers
one d
September 30, 2015 at 11:47 am
The infamous tumfweko ward chairmen are at it again. Every story they are the first to post a reaction. Get a life.
Big Nose
September 30, 2015 at 4:25 pm
please tell Mr president what is happening to our kwacha he was drunkand and asleep he has just waken up
Sir Gee
October 1, 2015 at 1:34 pm
Pipo kip in mind dat no mata which president will be in power the economy of this country will never stabilise if not worsen.
And when I ready the Bible about the end times, I really do believe that part it says”perilous times shall come like never before”, n “people will become lovers of themselves more than lovers of God”. Coz u cant honest hire such an expensive jet when people r hungry n luzing jobs if only u love yo fellow human beings, U cant love God whom u have not seen and hate a fellow human whom u see everyday.
spear ngozi
October 1, 2015 at 3:26 pm
its good to hear the president calm the nation.But we should know when to espect improvement otherwise,someone will wait for chinese economy to emprove and when benefits reach zambia,he lifts his fist and say “ndine chikali nakontolola economy vote for me: when he has not even lifted a finger to improve it!