The Zambian Kwacha that opened at mid-market rates of 1 USD = 6,410.00 ZMK today as monitored by XE Currency Converter has again been revised losing twice today from 1 USD to 6.4199 at 09:20 today and was by 11:08 hours at 1USD to 6.4200.
It is likely that the currency may further lose value against major currencies due to unstable economic conditions and volatile political climate that has scared away investors.
At a time many countries, including the United States are busy wooing investors outside their borders a senior government official in the name of Wynter Kabimba is quoted in today’s PF Post newspaper as saying the PF government will not allow foreigners hijack the country.
Speaking when he featured on Kabwe’s KNC radio yesterday, Kabimba said investors were free to keep their money as PF will keep our Zambia.
In a typical Robert Mugabe style of rhetoric, Kabimba said “They (investor) don’t care about our people. That’s why as a government we wont allow then to hijack our country. They can keep their money and we’ll keep our Zambia. Very soon we’ll crack the whip as a government.
Another senior PF party official an old man claiming to be the Lusaka Province Youth Chairman Kennedy Nkamba said at the same meeting in Kabwe that foreign business owners had disliked the PF because it refused their dirty money.
He wondered why some government departments were soft on foreign investors.
He also claimed that foreign business owners had failed to corrupt the PF with dirty money.