Kwacha loses value

Kwacha loses value

The Kwacha is tumbling against the US dollar and other convertible currencies.

It is now trading at $1 to 12.5 to the dollar. This follows the World Bank downgrading of the Zambian economy growth forecast to lower than 3 percent GDP, depleted foreign reserves and debt servicing.

Inflation rate is also going up as the PF are printing more money that is not supported by production.

Mining houses are recording negative profits owing to the instability in the implementation of the chaotic sales tax.

Essential commodities such as mealie meal prices are likely to go higher due to dry spell and poor agriculture policies where farmers never received fertilizer and other inputs.

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