Depreciating if the Kwacha to trigger another increase in fuel – Nyirenda

Depreciating if the Kwacha to trigger another increase in fuel – Nyirenda

By Tinkerbel Mwila

Former Zambia Chamber of Commerce President Michael Nyirenda has predicted a further upward adjustment on fuel pump prices due to the continued deprecation of the kwacha.

The kwacha has continued losing value and now trading at k 15.52 from k15 per dollar as of last week.

Reacting to the development, Mr. Nyirenda says Zambia is using the dollar to import fuel hence the weakening kwacha may trigger another upward adjustment on petroleum products.

He has since asked government through the central bank to quickly put in place measures to arrest the situation adding that if left unchecked, it may compromise the already deteriorating economy.

PHOENIX NEWS

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