SIs had no bearing on the continued weakening of the Kwacha-Magande

Opposition National Movement for Progress (NMP) president Ng’andu Magande has observed that the continued depreciation of the Kwacha is an indication that the revoked Statutory Instruments 33 of 2012 and 55 of 2013 had no bearing on the strength of country’s currency.

The Kwacha has continued to depreciate despite having recorded a minimal gain against cumulative currencies after the revocation of the two Statutory Instruments.

As of Friday the 28th of March, the Kwacha stood at 6.2547 against the US Dollar.

And Mr. Magande, who is also former Finance Minister under the previous MMD government, says the continued weakening of the Kwacha against other cumulative currencies is further implies that government did not consult widely as to understand what is causing the weakening of Kwacha.

Mr. Magande has told Qfm news in an interview that if government had consulted it would perhaps have had taken a general view which would have in turn saved the Kwacha without necessary revoking the Statutory Instruments 33 of 2012 and 55 of 2013.

The NMP leader says with such lack of wider consultation that government is allegedly exhibiting it could be obvious that even the revocation of the two Statutory Instruments could have been done without consultation with other stakeholders.

He says it is for this reason that government should be advised not to rush into announcing policy changes without widely consulting with all players in the economy.

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