Appreciation of the Kwacha is real, says Keith Mukata
By Fulman Mukobeko
Former Finance Deputy Minister Keith Mukata has parried assertions that the recent appreciation of the Kwacha is fictitious and not supported by economic fundamentals.
In a statement made available to the media, Mr Mukata who is also former Chilanga Member of Parliament clarified that the appreciation of the Kwacha was anchored in real and observable fundamentals.
Mr Mukata said it would be inaccurate to dismiss the recent appreciation of the Kwacha as artificial or unsupported by fundamentals.
“I have noted recent remarks by some of our colleagues suggesting that the appreciation of the Kwacha is “fictitious” and not supported by economic fundamentals. Having previously served as Deputy Minister of Finance, and with an appreciation of how exchange-rate dynamics work, I wish to respectfully clarify that the recent strengthening of the Kwacha is anchored in real and observable fundamentals,” he clarified.
Mr Mukata added: “The currency’s performance reflects improving economic conditions and growing confidence in Zambia’s policy direction. Sustaining these gains will require continued discipline, structural reforms, and a shared commitment to stability across the political spectrum.”
He said Zambia had made significant progress in restoring macroeconomic stability.
According to the Former Finance Deputy Minister, inflation has declined to single digits, fiscal consolidation has reduced pressure on the domestic market, and the on-going debt restructuring process has improved confidence among investors and cooperating partners.
“…These developments have strengthened Zambia’s external position and reduced uncertainty—key ingredients for exchange-rate stability,” he said.
Mr Mukata added that foreign exchange inflows have improved significantly.
He observed that the higher copper production and prices, alongside growing non-traditional exports and increased investor confidence, have enhanced FX supply in the market.
“… At the same time, prudent monetary policy and improved coordination between fiscal and monetary
have supported a more stable and predictable currency environment.
Mr Mukata said confidence was in itself a fundamental, saying markets respond not only to currency flows, but also to credible policy direction.
The Former Chilanga Member of Parliament said Zambia’s reform programme, supported by international partners and underpinned by fiscal discipline, had restored credibility in the economy. .
“The strengthening of the Kwacha reflects that restored confidence.
This is not to suggest that all challenges have been resolved or that exchange-rate movements alone define economic success,” he said.
Mr Mukata said the key task ahead was to ensure that macroeconomic stability translates into tangible benefits for citizens—lower prices, more jobs, and sustained growth.
Volcanic News
Here is another murderer convict that was pardoned by ECL. Ala ECL had such a big heart compare to Hakainde. He was a man and a half. If we knew in 2021 what we know now, ECL would still be president. But Hakainde had to lie his way to power. What a pathetic little liar. He will certainly get his just deserves soon. Karma is a b1tch for sure. And I for one can never piss on such dodgy characters if they caught fire.
REJECT TRIBALISM, CORRUPTION AND OPPRESSION.
VOTE FOR CHANGE IN AUGUST.
Iwe did you drink your medicine this morning?
Katele Kalumba was he not a criminal convict who was reportedly gravely ill and now ale tuka? GMB did he serve his full term mujele olo bali mufwilako luse?
Bane mu tasha…mwali iba impiya sha Euro bond nomba mule ponta kwati tamuli bakabolala…ba shanti nchito ni nsele.
Palasti mwala lenga tutampe kumi tuka kwati abena Maxwell Chongu kaaa. Ichindikeni
All statistics are changing..
.70% pass rate for Grade 12 Students despite savage Load shedding..
.Single digit Inflation.
.LUSE best performing Stock Exchange in the world.
.4 % GDP growth.
.Appreciation of the Kwacha.. The Zambian kwacha the best performing currency in the world.
.Reduced Fuel Prices
.Super Credit Rating
.24 hours Electricity supply after 4 years Of savage Load shedding.
And the Great Leader, the best according to the Daily Telegraph UK!
Where have these statistics come from all of the Sudden??
Zambian Statistics brewed in the Pot of Deceit and crookery.. Amazing 13th August, 2026 , the feast of the Mingalatoon, for so he thinks.
But he will be shocked..
A Zambian is not a fool!
Why did we still go ahead and get the IMF loan?
If the economy is doing well why continue borrowing?
Cause you needed bridging finance to uphold your unpaid dues that the PF misapplied and misappropriated. And since your bank accounts had zero balance how were you going to pay the current obligation?
The essence of the debt resteucturing was borrow at a lower rate and pay off vulture loans. Also speak to our creditors about the terms of the PF loans. In the case of China they agreed to reduce interest terms and write off some percentage of the debt.
In short, borrow from the IMF at a cheaper rate/longer period to have some room to pay off the expensive cut throat PF loans.
The kwacha has appreciated, because the dollar has fallen. The rand and every other currency has appreciated. Only the idiots above can’t see what is so obvious.