Nawakwi challenges govt to state how BOZ is sustaining the treasury

Edith Nawakwi, the only woman presidential candidate
Edith Nawakwi, the only woman presidential candidate

Opposition Forum for Democracy and Development (FDD) leader Edith Nawakwi has challenged the Patriotic Front (PF) government to clearly state how the treasury is being sustained with the alleged poor management of the economy and poor regulations by the central bank.

And Ms. Nawakwi has challenged Finance Minister Alexander Chikwanda to tell the nation why the country has continued to borrow from commercial banks if government is said to be raising enough money from taxes.

Ms. Nawakwi who is also former Finance Minister is of the view that regulations that the Bank of Zambia (BOZ) is currently implementing are suffocating the country.

The FDD leader has told Qfm news that this is evident in the observation that a majority people in the country are no longer passing their money through the formal banking system because of the regulations introduced by government which she says is not helping the economy.

She says this is why it is also unfortunate that when stakeholders complained about government introducing exchange controls government defended itself by stating that it was only trying to manage the foreign exchange flows.

The opposition leaders says this is however not the implication that is now being created as there is critical shortage of foreign exchange in the country.

Amongst the regulations that the Central Bank is implementing include Statutory Instrument (SI) No. 55 which is also referred to as Balance of Payments Monitoring Regulations