Magande calls for revision of SI no. 55 over Weakening Kwacha

NMP president Ng'andu Magande
NMP president Ng'andu Magande
Former Finance Minister Ng’andu Magande has observed that the continued weakening of the Zambian Kwacha against global cumulative currencies requires government to revisit the Bank of Zambia (BoZ) Statutory Instrument (SI) No. 55 of 2013.

The Kwacha has dropped to a record low in 20-years as much K5.78 per US dollar.

Mr Magande has also observed that the weakening of the country’s currency is an indication that very little foreign exchange is coming into the country’s economy.

He says government should establish whether investors are now withholding their export earnings as a possible protest against Statutory Instrument no. 55.

Mr Magande who is National Movement for Progress president and an Agriculture Economist by profession has told Qfm News in an interview that the Kwacha’s volatility requires government to revisits SI 55 and possibly reverse it.

He has further advised government to ensure that all export proceeds are coming back into the country’s economy to cushion the economy, as opposed to being channeled to foreign reserves.