By Amb. Emmanuel Mwamba
$100million Pumped into Exchange Rate Market, Kwacha Appreciates
Last week, Bank of Zambia last week, $100million to shore up the Kwacha and attempt to create stability in the foreign currency market and in an attempt to calm the recent volatile exchange rate of the Kwacha.
Further anticipated positive news from Paris from the Creditors’ Committee may also give bouyance to the Kwacha.
However we must also state that for 3years, Zambia has not been servicing it’s foreign debt thereby excluding this from foreign exchange pressures needed for imports and other payments.
However, the most sustainable way to stabilize the exchange rate is to create conditions for a good economy, produce more goods for exports and ensure that the Central Bank retains copper and other export receipts than exporters retaining such monies in foreign banks but merely reporting numbers and statistics to BOZ as is the case now.
