The Zambian Kwacha has continued losing value to and in now trading at K21:30 per one US Dollar.
CONTINUED FALL OF THE KWACHA THREATENS MINE SUPPLIERS AND CONTRACTORS AS IT SURGES TOWARDS 21 PER US DOLLAR
By Michael Kaluba
The Association of Mine Suppliers and Contractors -AMSC- has challenged the Bank of Zambia -BOZ- to address the sustained pressure on the depreciation of the Kwacha.
Association president Augustine Mubanga tells Phoenix News that the fall of the local currency is worrying as there are no any signs of recovery to allow for its revival.
He said the continued free fall of the local currency has affected local contractors and suppliers who are on the verge of losing business to foreign companies who quote transactions in dollars.
Mr. Mubanga added that the current state of the exchange rate has the potential to injure Small and Medium Enterprises SME’s by swallowing their capital base and deterring then from acquiring loans from banks especially that money is expensive with interest rates up to 33 percent.
According to the Bank of Zambia Website, the Kwacha is almost hitting K21 to a dollar and has been on a free fall without making any notable gains.
PHOENIX FM NEWS