UPND maintains PF should not get credit for Kwacha’s appreciation

Charles Kakoma

The opposition UPND has maintained that the ruling PF should not be given credit for the appreciation of the kwacha against the US Dollar.

UPND Spokesperson Charles Kakoma in a statement says this is because when the kwacha was depreciating, the nation was told that the situation was global and that now that it has appreciated, the PF is claiming that it is a result of measures taken by the Government.

Mr. Kakoma says there is no logic in this appreciation except to say that it is largely driven by two things and that the first is the Bank of Zambia tightening monetary policy.

He says this is a temporary intervention which gives the nation temporary relief.

He adds that the second dimension is that most international organisations whose financial year ended on 31^st March are buying kwacha to pay their financial obligations in the local currency adding that this, coupled with the lack of money in circulation, has caused the kwacha to appreciate.

Mr. Kakoma says Zambia needs a stable currency, not a currency that fluctuates like a see-saw saying this makes planning very difficult for the private sector.