Falling Kwacha will improve once PF implements projects-Simumba

Falling Kwacha will improve once PF implements projects-Simumba

Trevor Simumba

A Lusaka based economist Trevor Simumba has expressed confidence that the current volatility that the Kwacha has faced against major currencies will soon normalize.

In an exclusive interview with Qfm, Mr. Simumba says the instability is temporal and that there is no need for Punic.

Mr. Simumba explains that as soon as the Patriotic Front government begins to implement various projects, the Kwacha will appreciate.

He has also called on the Bank of Zambia to intervene using its market instruments to ensure that the local currency stabilizes.

By close of business last Friday, the Bank of Zambia rates showed that one US Dollar was trading between K5,077.68 and K5,097.68  The British Pound was between K7,784.097 AND 816.28 while one South African Rand fetched between K631.28 and K634.16. The Euro was trading selling between K6,488.77 and K6,514.84

On the future of Zamtel, Mr. Simumba has backed Justice Minister Sebastian Zulu’s statement that government is ready for negotiations with Lap Green on shareholding and the way forward.

He SAYS nationalizing the parastatal will not work in the best interest of the firm as Lap Green has invested huge sums of money in Zamtel.

Simumba was a die hard MMD supporter upto the election day on September 20, 2o11.

 

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