Kwacha tumbles to K13:55 per Dollar

Kwacha tumbles to K13:55 per Dollar

The Kwacha has depreciated massively to trade at K13: 55 per one US Dollar in today’s morning session while the British Pound is trading towards K18.

And market sentiment is that by end of this week the South African Rand could become stronger than the Kwacha.

Meanwhile Civil Society for Poverty Reduction (CSPR) Board Member Guess Nyirenda this morning asked National Dialogue Forum (NDF) chairperson Muyunda Mwanalushi if Finance minister Margaret Mwanakatwe was in order to attend the forum while drunk.

On Saturday, the visibly drunken Minister was literally helped out of the Forum as she couldnt walk or talk.
And making a ruling on the matter NDF chair Muyunda Mwanalushi said the matter would be referred to the Standing Orders Committee.

Recently there were heightened calls for Mwanakatwe to pave way for a more stead hand to run the ministry of finance. This was in the wake of Mwanakatwe lying in parliament on the state of the country’s international reserves and later giving a below par appearance on prime financial media Bloomberg.

During the rebasing of the Kwacha in 2012, the Kwacha became artificially stronger than the Rand and Pula.

 

 

 

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COMMENTS

WORDPRESS: 4
  • comment-avatar
    Sharon Mulenga 1 week ago

    If a president says it is global then that president has failed to run the country the best way is to admit failure and pave way for elections instead of making people suffer even more it is not right !!!I. LUNGU told us he has no vision on how to run the country but some tribes men said it is this one SATA left us and this is the result we are getting .Watch the space very soon our currency is running towards Zimbabwe way of no currency of our own when we have all the resources which can bring us foreign exchange to stabilise the kwacha.  Cashew nut, Mango, Fish farming Mongu Rice Pine Apples in Solwezi We are rich we lack leadership!!!!!!!

  • comment-avatar

    Actually, the issue is that we do not manufacture anything for export. The Zambian economy has a huge potential for manufacturing, but we seem not to care. I hope the numerous economic zones we have established are not going to be warehousing facilities for manufactured goods from elsewhere. That Kafue Steel plant should have been seen to be the catalyst for manufacturing all sorts engine parts to export, not just making deformed bars, wires, angle bars and nails.

    In this country we produce lots of agricultural products such as tomatoes, pineapples, etc. But very little, if any, manufacturing taking place along these lines of products. We could be making tomato juice, puree and paste. From pineapples we could be making juice and canned chunks. We could also be making mango juice. But, no, we do none of such things. These require a government policy that will encourage such industrialisation.

  • comment-avatar
    Moureen 2 weeks ago

    PAY RETIREES DOLLAR WILL EAT OUR KWACHA AT NOW GOING TO K20 PER DOLLR SOON.

  • comment-avatar
    samlindo 2 weeks ago

    it seems the kwacha has also taken on to the daily jogging, but at this rate we are in real trouble because as an economy we do not produce but depend on imports for our survival since our industrial base is close to non existent in real terms, this coupled with depleted foreign reserves is suicidal (let us see how the rose wood according to Mwanakatwe, will mitigate the depleted reserves).