No rescue for free-falling Kwacha – Chikwanda

Finance Minister Alexander Chikwanda has ruled out government allowing the Bank of Zambia to offload Dollars into the economy in order to stop the rapid depreciation of the Kwacha stating that this will be of no value.

Mr Chikwanda told Parliament today that the country’s exchange reserves are limited for government to give speculators the leeway to take away the country’s limited foreign reserves.

He says government’s intervention through the Central bank in the exchange market will be limited.

Mr Chikwanda says the Kwacha will strengthen and stabilize as the economy grows, stating that government will not prescribe the exchange rate.

He adds that Statutory Instruments number 33 and 55 have helped bring some sanity but that there is still more to be done to get the economy in top gear.

Mr Chinkwanda further states that the rate at which the Kwacha is depreciating is not very worrying.