President Lungu says Kwacha depreciation is due to global trends

President Edgar Lungu claims the Kwacha depreciation is due to global effects affecting many other currencies.
Speaking to journalists after his weekly jogging in Lusaka’s State Lodge area on Saturday, he claimed that many other currencies are also depreciating as a result of global economic trends.
He further accused those raising alarm over the poor performance of the Kwacha of being ‘prophets of doom.’
President Lungu further made a casual ‘assurance’ that something was’ being done to stabilise the Kwacha.
Just two days after President Lungu’s statement, the Kwacha has depreciated massively to trade at K13: 55 per one US Dollar, according to Stanbic and Zambia National Commercial Bank exchange rates.

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COMMENTS

WORDPRESS: 3
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    If you borrow beyond your capability can you say the problem is our Zambian economy which is bad.The globe economy is not bad, it’s the way we are managing the economy which is bad. Bad policies and pilfering of govt resources

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    It’s unfortunate Mr. President that you look at the Zambian nation as uneducated. Talking about world economic trend; what do you read that all of us are not aware of. You are undermining the integrity of the Zambian people. Silence is golden the say. You rather keep quite because you are irritating us. Have you been following the matter of Najib Razak the former Malaysian Prime Minister from 2004-2018? Enjoy all the corruption; award tenders to your cronies while Zambians are starving to death. One day you will understand why Najib is the present turmoil

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    Mr President…what are global economic trends. Please dont expose your ignorance in that manner. The kwacha is depreciating prrcisely due to your poor management of the economy and your appetite to corruption.It cant be economic trend when people are dumping the kwacha in preference to other respectable currencies. In the same global economic trend, other currencies are gaining against your keacha.