Zambia’s Foreign reserves unsatisfactory – Chikwanda

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Chikwanda
Chikwanda
Finance Minister Alexander Chikwanda says the country’s current foreign reserves held at the Bank of Zambia are not satisfactory.

Mr. Chikwanda told parliament today in response to a question by Chipili Member of Parliament Davis Mwila who wanted to know how much money was held in foreign reserves at the Bank of Zambia from 2010 to 2013, year by year; and whether the Government is satisfied with the levels of the foreign reserves.

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Mr Chikwanda said the current level of reserves translate into three point one months of import cover.

He stated that the target of the government in the medium term is to build the reserves to at least four months import cover.

Mr. Chikwanda says this can best be attained by diversifying the economy and consequently the exports.

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