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Depreciation of Kwacha has affected construction industry – Mutati

Economy Depreciation of Kwacha has affected construction industry - Mutati

Former Commerce, Trade and Industry Minister, Felix Mutati, has observed that the depreciation of the Kwacha against the major foreign currencies has affected the construction industry which relies very much on imported materials.

Mr. Mutati told QFM Business News in an interview that this has resulted in the volumes of employment in the construction industry being negatively affected.

He said government should initiate new mechanisms of revenue collection and ensure there is compression of expenditure if the kwacha is to regain its strength.

Mr. Mutati stated that there is also need to minimise the deficit to allow the private sector to have better access to the financial sector.

He said if such measures can be put in place, the country%u2019s economy will be headed for greater heights.

BOZ Exchange Rates

14 May 2014
Currency Buying Selling
US Dollar 6.5665 6.5865
GB Pound 11.0062 11.0404
Euro 8.9988 9.0275
Rand 0.6344 0.6369
Average Overnight Interbank Interest Rates
14 May 2014 16.5600

8 COMMENTS

  1. What revenue measures. The government needs to create an environment where they private sector will flourish and also make the country attractive to Direct Foreign Investment.

    Not this rubbish about increased taxes.

    Restore the incentives in the mining sector as they were under Chiluba, as simple as that.

  2. I see you are struggling guys. I am calling for all well meaning Zambians to overthrow the Government of SATA. To the Lozis of Barotseland, please dont worry we are working tirelessly to decolonize of our country Barotseland so called Western Province by the Kolwes. Viva Barotselland

  3. pf will start printing more money,banda rupiah you shouldnt have fired magande as he grew the economy,look now where we are,you set the example of kunyopola nayako

    • What was the exchange rate when Rupiah Banda left office? PF have been given the chance to lead. Rupiah Banda is not the one leading. PF were voted into office based on their promises to improve the Zambian economy. Infact, Sata at one time said the appreciation of the Kwacha during Mwanawasa’s reign was not genuine. Sata promised Zambians that the Kwacha would perform better once the PF was voted into office. Is this what he meant? Blaming the current Kwacha woes on Banda’s decision to fire Magande is not making any sense to me. Please can you stop the blame game. PF guys have run out of ideas and therefore the only thing they can do is blame Rupiah, Hakainde, etc

  4. But Chikwanda the other day told off ba BBC focus on Africa and said a strong Kwacha would not be good for the development of Zambia’s economy.

  5. This guy the so called the President he is “destroying ALL INSTITUTIONS of Democracy” this is bad leadership.

    Its bad of him. If he comes from a SMALL VILLAGE in Mpika he shud just ACCEPT thts all. His family cant be Chitimukulu FULL STOP !!

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