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.