Q FM Africa's Modern Radio
Ackim Mweemba
The Zambia Union of Financial Institution and Allied Workers (ZUFIAW) has expressed concern with the recent continued depreciation in the value of the kwacha.
ZUFIAW President Ackim Mweemba in a statement says the labour movement is worried that the continued downward trajectory in the value of the local currency will have severe impact on the living standards of workers and the poor.
Mr. Mweemba says it is common knowledge that most of the workers in Zambia are poorly paid, and the erosion in the value of the currency, in an import-dependent economy will only entail one thing; an inevitable increase in the cost of goods and services.
He is appealing to the Bank of Zambia (BoZ) to effectively use its monetary policy instruments to ensure that the kwacha quickly stabilizes.
He says the union is aware that any such measures by the Central Bank are not sustainable in the long-term.
The ZUFIAW President has since called on government to seriously and practically work on formulating policies that will lead towards industrialization of the economy.