Chikwanda revokes Statutory Instruments, SI no. 33 , 55

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Chikwanda
Chikwanda
Finance Minister Alexander Chikwanda has announced the revocation of Statutory Instruments 33 and 55 of 2012 and 2013 respectively in view of the continued rapid depreciation of the Kwacha.

The two regulations were passed to principally support the implementation of monetary policy
Addressing a highly anticipated press conference in Lusaka this morning, Mr Chikwanda cited challenges in implementation as the reason for revoking the two statutory instruments.

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Mr Chikwanda says the revocation of the two regulations is aimed at allowing for further consultation.

He states that government in consultation with all stakeholders will look at other options to protect and safeguard public interest.

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And Mr Chikwanda says the depreciation of the Kwacha is temporal.

He says factors affecting the exchange rate are both domestic and external, citing the happenings in the US and Chinese economies.

Mr Chikwanda says the depreciation of the Kwacha is does not imply weakness in economic fundamentals.

He states that there is need to increase resilience to external economic shocks by diversifying the economy.

The Finance Minister however says the country’s economy remains strong, adding the rating agency Fitch’s latest rating has reaffirmed the Zambia’s strong economic growth prospects and has maintained its rating at B.

 

CLICK HERE TO READ  Statutory Instruments 33

 

CLICK HERE TO READ  Statutory Instruments 55

 

 

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