More foreign currency should be bought into the economy-Dodia

Economist Yusuf Dodia has called for more foreign currency to be brought into the economy and to export more as this will help the kwacha to become a strong currency.

Mr. Dodia says the kwacha is currently deteriorating to a level where the kwacha is around 16 to 17 kwacha against strong currencies a situation he says seems to be stabilizing at this level.

Mr. Dodia says the impact of the value of the kwacha is based on the ability to generate foreign currency and put it into the economy. 

He adds that the 40 million dollars that goes out of the country every day in copper exports ends up in European banks which are borrowed by various European business entities who in turn also give out loans in form of supplying of fuel on loan and in form bailout packages from international monetary fund.

Mr. Dodia says a mechanism of insuring that the countries natural resources and exports can have a direct impact on building the economy is to see to it that export earnings come into Zambian banks before going anywhere else needs to be put in place as this will help in making the kwacha a strong currency.