MPUKU SUGGESTS CHANGING CURRENCY
Zambia Institute for Policy Analysis and Research (ZIPAR) executive director Herrick Mpuku has suggested changing the currency to arrest the depreciation of the Kwacha.
The Kwacha has spiralled out of control, weakening against other major convertible currencies, now reaching the 24th mark.
In reviewing Zambia’s economic performance for this year, Dr Mpuku said changing the currency as a legal tender would help to capture the money that is in the informal system.
He suspects there is a lot of money in the informal system that is exerting a lot of pressure on the Kwacha.
“How do we deal with people that are keeping money in suitcases, under the pillow and burying some of it in farms? How are you going to catch up with them? How do we get them to remove that money from the suitcases and pillows? I may suggest that perhaps we should start seriously thinking about changing the currency.
“If we are going to change the currency within 60 days, it will no longer be our legal tender, that money will be back in the formal system because people will start going to the bank to open accounts and keep the money there,” he said.
Daily Mail
Sleeping director. By now the suitcases must already be in US$