BOZ FIDDLING WITH KWACHA TO PLEASE HH-SEAN TEMBO
PeP President Mr Sean Tembo has bemoaned the rapid gain of the Kwacha which has appreciated by approximately 15% in the past 4 days, as it will cause economic instability due to huge exchange losses that will be suffered by importers and exporters alike. He has appealed to the Bank of Zambia (BOZ) to intervene by buying dollars off the market so that the appreciation of the Kwacha can be gradual and not sudden.
He has further appealed to BOZ to do its job independently and professionally and not engineer an unsustainable appreciation of the Kwacha just so as please the incoming Government that they have brought investor confidence when in fact not as yet.
The PeP President further stated that “It must be noted that any appreciation of the Kwacha due to increased investor confidence would be gradual over a period of time. Given the sudden nature of this particular appreciation, it is more likely than not that it has been engineered by BOZ so that President-Elect Hakainde Hichilema’s prophesy of the Kwacha appreciating if he wins elections can come true, as a way of the BOZ Governor seeking favors from the incoming administration so as to protect his job”.
PeP Media Team