Kwacha depreciation worries economist

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Lusaka, February 15, ZANIS—Renowned Economist Professor Oliver Saasa has called on government to consider putting in place mitigation measures aimed at strengthening the local currency, the Kwacha, which has been sliding against major foreign currencies.
Prof. Saasa said government, through the Bank of Zambia, should inject resources into the country’s economy from its reserves in order to stabilize the local currency.
He told ZANIS in an interview in Lusaka today that the loss of value which the Kwacha has recorded over the past few months has a negative effect on production and expansion of many sectors of the country’s economy.
He said this development threatens all the economic fundamentals of the currently hence the need to urgently institute measures against the sliding of the local currency.
Prof. Saasa attributed the depreciation of the Kwacha to the scarcity of the foreign exchange currencies such as United States dollar on the market.

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