‘Kwacha fall a ploy’

Bank of Zambia kwacha
Bank of Zambia kwacha

THE Government has been urged to cautiously monitor the local money market in view of the escalating dollar shortage as there could be a ploy between some business entities and financial players to exacerbate the problem.
Zambian Voice executive director Chilufya Tayali said President Edgar Lungu should engage co-operating partners to seriously monitor the local money market before the ploy gained its roots by those with ulterior motives.


Mr Tayali said during a Press briefing in Lusaka yesterday that no political party would win next year’s general elections based on the dollar issue.
Mr Lungu has also been urged to use his influence to stimulate the foreign investment to wedge the depreciation of the Kwacha.
Mr Tayali said his organisation sensed the gimmicks in the shortage of the dollar by financial players who had political interest due to their association with the opposition in exchange for favourable business opportunities once in power.
He said his organisation was more concerned with the speculations and malignancy to erode public confidence and portray the economical status of this country as if it was on the verge of total collapse.


“This is why we say it is manipulation to claim political mileage on the basis that one political leader would sort out the currency challenges with his education or wealth. We urge Government to be very cautious and monitor financial players, we sense some gimmicks in the shortage (of the dollar),” Mr Tayali said.
He called on other countries, especially the West, to partner with the Zambian Government and help to stabilise the economy which is small and could be assisted by a few substantive foreign investors.
“For some time China has been our friend in times of crisis while the West criticise our alignment. Maybe this is their time to show that they are true friends who care for us, we want to partner with the Americans, Britons, Russians and Germans, among others,” he said.
Mr Tayali also urged President Lungu to start evaluating the performance of some of his ministers based on his recent pronouncements of patriotism, hard work, discipline, corruption and efficiency.
He said it was cheap politics and manipulative to capitalise on the depreciation of the Kwacha because the factors which affected the exchange rate could be unpredictable and beyond Government.
“We would like to advise stakeholders and politicians who are inciting people through the exchange rate to stop causing panic and anxiety in the people because Zambia is not as bad as some stakeholders are portraying the situation,” Mr Tayali said.