Q FM Africa's Modern Radio
The Zambia Union of Financial Institutions and Allied Workers (ZUFIAW) have called on government to immediately resolve the depreciation of the local currency against major foreign currencies.
ZUFIAW General Secretary Chingati Msiska says the union is concerned by the recent rapid depreciation of the kwacha against foreign currencies such as dollar, the British pound and the euro.
Mr. Msiska has attributed the depreciation of the kwacha to over dependence on copper because there isn’t enough foreign currency coming into the country.
He has observed that Zambia’s real wealth is not coming due to the limited exporting credentials of copper, sugar, cement, vegetables and meat products.
Speaking during a media briefing held in Lusaka Mr. Msiska also noted that if not resolved, inflation will increase rapidly than the current levels, given that it intends to be more sensitive to currency fluctuations.
Mr. Msiska has since called upon opposition parties in the country to give serious alternative measures to government saying blaming one another and avoid unnecessary differences.