Sata blames USA for worthless Kwacha as Pound reaches K9700

Screen Shot 2014-03-03 at 20.35.48Due to lack of formal education, president Michael Sata has blamed the USA for the worthless Zambia Kwacha, which has been losing value since he took over power.
Meanwhile, the British Pound, which normally trades at K8, 000 is now selling above K9, 700 per one Pound.
The Euro has reached the historic record of K8, 000 per one Euro according to the Bank of Zambia.
Sata, whose academic qualifications are unknown said the Kwacha has lost value because the United States Dollar had broadly strengthened against other currencies following the (USA) Federal Reserve Bank’s decision to reduce the amount of liquidity it injected into the economy through its monetary stimulus programme commonly referred to as Quantitative Easing. We doubt if Sata knows what this means.
According to Sata, since the beginning of the year, the Ghanaian Cedi and South African Rand have depreciated by 5.5% and 4.7% against the US Dollar, respectively.
But Sata had nothing to say about the British Pound which now sales at almost K10, 000 (normal currency not the rebased rubbish).
The Euro which is used in most European countries is now trading at K8, 000. Its normal rate has been around K6500.
He said nothing about other currencies in Africa and Asia that have gained against the USA Dollar.
Sata published these lies on his Facebook managed by George Chellah. Probably Sata has not even seen that posting.

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