By Michael Kaluba
A cost-benefit analysis of the proposed currency change over by the green party has revealed that the undertaking would cost $18 million to recover the approximately $530 million in cash that is missing from circulation.
According to the Green Party, around K8.5 billion is out of circulation translating into about 8% of the total cash that is supposed to be in circulation or US$530 million.
Party Leader Peter Sinkamba says the currency change-over is lucrative monetary-wise to the nation with his proposed scheme, self-financing through a sliding scale commission mechanism whereby the more money one exchanges, the higher the commission levied.
Mr. Sinkamba argues that the holdup of the over K5.8 Billon Or $530 million cash implies that 8% of cash-based economic activities have suffered losses during the intervening period and maintaining the status quo harms the Zambian economy.
He has implored the bank of Zambia to exercise its mandate by recalling the current currency and replace it to recover the us$530 million which is stuck out of circulation.
PHOENIX NEWS