President Barack Obama and First Lady Michelle Obama greet His Excellency Edgar Chagwa Lungu, The President of the Republic of Zambia, And Mrs. Lungu during the United Nations General Assembly reception at the New York Palace Hotel in New York, N.Y., Sept. 28, 2015. (Official White House Photo by Lawrence Jackson)
President Barack Obama and First Lady Michelle Obama greet His Excellency Edgar Chagwa Lungu, The President of the Republic of Zambia, And Mrs. Lungu during the United Nations General Assembly reception at the New York Palace Hotel in New York, N.Y., Sept. 28, 2015. (Official White House Photo by Lawrence Jackson)

President Edgar Lungu has said that that Government is concerned with the current development in the foreign exchange market where the kwacha suddenly depreciated against major foreign currencies.

In a statement released to the media by his Assistant for Press and public relations Amos Chanda, the President assured the public that the Government , through the Bank of Zambia, is closely monitoring developments and taking necessary and appropriate measures to stabilise the exchange rate in order to ensure that it is consistent with the economic fundamentals.

The President further said that the Bank Governor has assured him that various measures are being implemented by the Bank of Zambia.

Below is the full statement

PRESIDENT ASSURES PUBLIC, BUSINESSES NOT TO PANIC OVER CURRENCY

NEW YORK (Tuesday, September 30,2015) — The Government is concerned with the current developments in the foreign exchange market, where the Kwacha has depreciated sharply against major foreign currencies.

Notwithstanding the adverse global economic developments, the sharp depreciation of the Kwacha is excessive and not consistent with the movements in the fundamental drivers of the exchange rate.

The Government, through the Bank of Zambia, is closely monitoring developments and is taking necessary and appropriate measures to stabilise the exchange rate in order to ensure that it is consistent with the economic fundamentals.

These measures will be complemented by prudent fiscal management and in this regard His Excellency, Mr. Edgar Chagwa Lungu, President of the Re-public of Zambia, has directed that increased fiscal interventions be made to improve the existing economic fundamentals so that there is favourable foreign exchange liquidity in the market.

The Governor of the Reserve Bank has assured the President that various measures are being implemented by the Bank of Zambia. The President is satisfied that the Monetary Policy Committee in consultation with the Ministry of Finance, will continue with measured interventions and monitor market trends to ensure the foreign exchange market is normalised.

The Head of State wishes to reiterate Government’s commitment to maintaining a liberalised foreign exchange market. The business community and the general public are therefore urged not to panic, as the Government does not intend to revert to foreign exchange controls to shore up the currency and as a measure to cure the speculative distortions.

The President has emphasised that speculative behaviour is therefore unnecessary and market players are urged to play by the rules consistent with the values of a free market economy.

—————————————————————————————-———————
Issued by:Amos Chanda
SPECIAL ASSISTANT TO THE PRESIDENT
(PRESS & PUBLIC RELATIONS)

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75 COMMENTS

  1. Please please please, who is dressing Ba Ester Lungu like that? Are there no clothes related to Zambian attire or to show that there is to try to show there is no Kwacha calamities back home?

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    • This is like pointing the way with your chin instead of using an outstretched hand and finger. At this point, unvell the plan and not the intention to plan. Pronounce the tangible, show the color of the plan then it will be believed, otherwise we have been here before and nothing changed. Thinking out aloud,…. where was this economic think tank that gets to be awakened only at the point when the vehicle is already in the ditch?

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    • Assurances on their own not enough. Any measures that will not earn the Zambian economy dollars will be superficial and unsustainable.

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    • Zambian Daily Nation 29th Sep: THE South African Rand dropped to an all-time-low to 14.05 to the dollar on Thursday afternoon last week but struggled to R13.94 to a dollar yesterday.
      The rand breached 12 to the dollar in the middle of the year and is yet to return to that level. The Rand used to trade at R5 to a dollar.
      Similarly, in mid-September the Turkish Lira too sank to historic lows against the dollar. And on Wednesday the Brazilian real dropped to its own historic low – before rallying on Thursday.

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    • I actually like our First Lady (she is not mother of the nation). If you listen to her sound bytes form the US, it is that of person who is learning and willing to bring back best practices. She was so impressed to see for herself that there was on animosity between Michelle Obama and Laura Bush. That is the way to go.Not his PF violence. In fact I think Mrs Lungu would make a far better president than her visionless husband.

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    • This man has failed. Why wait till there is no hope to issue such useless statements that people shouldn’t worry? You have failed Sir. If you read the Bible carefully, you will see that each time a righteous kind ruled Israel, the Lord ensured that everything the king did prospered. The Lord imparted wisdom to such kings that He was please with so that the kings would make good plans to save the people from enemies, hunger and disease. Maybe cheating your way to presidency has its own consequences.

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    • ….has directed that increased fiscal interventions be made to improve the existing economic fundamentals…

      Please Mr President be specific you are talking about people’s livelihood here. What fiscal interventions are these? Are you reducing the size of your govt, stopping some of your projects, reducing your appetite for traveling and by elections? Please speak simple and straightforward and not the Dochi Kubeba style of yours.

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    • Nubian, did HH bang you once and dump you coz am not understanding the obsession. Mr. Change, was the Rand cited as the worst performing currency in the world and did it depreciate against other currencies in the region the way the Kwacha has? Please, spare us this useless comparison. Fact remains Lungu is and will forever remain visionless and the PF will always be a collection of clueless dunderheads waiting for Jesus to come and get them out of the sh!t they themselves created. Bloody laughable.

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  2. Am sure someone we know with infinity appointment(Bro Kasaka) to meet Obama is shot of words! Kikikikikik

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    • That is childish and fcking stup!d. Who gives a sh!t about Obama when your economy is being destroyed by that twat meeting Obama?

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  3. Same matuvi different day! The president needs to come up with a lucid and coherent statement, not this grade 4 level english! Yaba!

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  4. I wonder how long you are going to monitor the situation. The truth of the matter is that the kwacha is loosing value at least twice every day. It is a horrible horrible sign and if you think by these sugar coated press release you will solve the problem, you are shooting your your self in the foot. By now you should have told us what is causing this depreciation and what measures you have put in place to arrest the situation. Your following statement sum it all “Notwithstanding the adverse global economic developments, the sharp depreciation of the Kwacha is excessive and not consistent with the movements in the fundamental drivers of the exchange rate.”

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  5. why doesnt our president look as happy and bright as Esther, Obama and Michelle? Still trying to look humble? Swag ya ba Esther needs constitutional amendment

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    • You have made me laugh ..ati it needs constitutional amendment, that is very funny indeed and that will take for ever

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    • You should realize that the night before hes was busy drinking and auctioning off his hat thus ka consequence ni ka hangover. On the other hand mama Esther has been employed by Premier Coatings as their good will ambassador.

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  6. Mwafilwa tata.All support we had 4 u nomba katwisha.It can’t take a month to know what’s happening.Things are bad.Everyone is worried coz u have failed to address the nation.Pipo u have and yo self have no clue.A currency can’t depliciate as if we at war or imposed with sanctions.It’s not normal 4 a country.Whom are u assuring when u didn’t stop the kwacha from free fall when it was K7 per dolla.The kwacha will reach 20.Now u’ll see who will vote 4 u coz the same cadres will have nothing to eat.Most zambian don’t work n depend on trading.Govt has failed even to have commercial farms atleast u can export wheat and other important grains.What u know is stealing in GOVT starting from Malonda to the top. Nowonder no one is listening to yo speaches bcoz they are mere academic no…

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    • @ Moscow

      It sounds that you have finally discovered that the proverbial “light at the end of the tunnel” (“unprecedent development” and “achievement of this Government”) is just a cheep kerosene lamp and the fuel (Euro Bond money) is getting extremely low?

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  7. THINGS ARE BAD!

    It is shocking at this rate some people still think PF is performing!

    This is exactly how Zim Dollar started. Wait if u think this is a Joke. Most people thought the Kwacha would hit 10 in December, no double that and multiply by two, that will be the Kwacha in December as the fall is Exponential!

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  8. on the CB, every one now is being paid in US$. People have forgotten about the kwacha. How can it have value like that. The so called BOZ is aware about it and is doing nothing apart from issuing statements like this one you have just issued

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  9. Laughable indeed:
    1. monitoring kwacha closely? Taking measures to stabilize kwacha??? But it’s not stabilizing!!
    2. Come back! Don’t assure Zambians when you are out of Zambia. Makes no sense!

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  10. @Change, where are you getting your data from? The Rand was 5 to a dollar 20 years ago and not recently as you are trying to imply. The kwacha has devalued much more than the Rand, so stop consoling yourself.

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  11. A month ago you issued a same statement that the Government and its BOZ is closely monitoring developments and taking necessary measures to stabilize the exchange rate. Since then the rate has depreciated by over 30 percent and you are just monitoring. Come on get serious. You should have taken measures already rather than just lies and lies.

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  12. ‘While President Edgar Lungu carried musicians, dancers and party cadres to the United Nations General Assembly, Kenya’s Uhuru Kenyatta carried business people and has since secured US$4 billion from US investors on the sidelines of the UN Summit.’

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  13. ‘Like the playful and gambling person he is, Lungu was even selling his personal clothes including his stupid hat.’

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    • This seems to be the level of Jamesoni Lungus understanding of macro-economics.

      He is aspiring to be a successful marketeer of salaula from a kantemba on Lumumba road!

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  14. I didn’t realise ED was multilingual coz what he said is all Greek to me. Waffles for breakfast, anyone?

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  15. #VJ Rigger. i like your 1st comment very much. that shows the caliber of the 2 leaders. One went for business and another went for entertainment and to beg for a donation. Even Indian leader did not take Bollywood actors but had a plan to meet business leaders. US$4 billion investment is not a joke.

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  16. The worst performing currency in rhe world and this lazy bum is still in US…taking photos and talking about assurances! !

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  17. I have never seen such a president like this one.I’m confused n can’t believe this party is gone with 5 months of him ruling.We had so much hope in the party.PF should be very serious and this time around all prices are being quoted in USD.Despite this govt announcing that pipo should not quote in USD but all suppliers are quoting in USD.Do we really have pipo to implement what they preach about?.Because of quoting in dollars, prices of commodities have gone up by 50%.Who is going to buy and sell?We need now salary to be increased by 50% in order to meet our daily demands but the cost of production is too high.What will happen is that govt will print more kwacha to impress civil servant this will result in high inflation never recorded in this country before.What measures have you put…

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    • Moscow
      My dear friend try to be realistic…did you even vote…????? Show me your voters card please….just don’t talk too much….ukusabaila….sober up and be a patriot and help the current Govt…..

      I will let MMD chiefbootlicker lecture you

      2016 vote PF ( Edgar )

      I thank you

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    • @ Katondo boys

      Can you explain how anybody can “…help this Government…” without been assessory to criminal offence?

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  18. What measures have you put in place?.Can he give us hope ?.We loved this Party and him but he has destroyed PF bcoz of lack vision.He has sidelined genuine PF members n now embracing corrupt MMD chaps who is helping him destroying the econnomy.He should change before we start decampaigning him.We PF members are disappointed with him he is not inspiring.All he know is travelling without bring investors.How do u take cadres to USA instead of pipo who can bring investors.He has no confindence in himself to sell the country.He should be positive that alarming the situation.I hope he’ll learn something from Obama.God help us!

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  19. We are not panicking, we are scared shitless! The house is on fire & you are waltzing in a bar in someone’s house.
    Come back home & steer the boat. This is no time for Amos’ stupid statements. The speaker has ordered senile squander to issue a statement. He will just make things worse.
    Please these guys are out to finish you off. Come back home, twa papata.

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  20. What measures have you put in place?.Can he give us hope ?.We loved this Party and him but he has destroyed PF bcoz of lack vision.He has sidelined genuine PF members n now embracing corrupt MMD chaps who is helping him destroying the econnomy.He should change before we start decampaigning him.We PF members are disappointed with him. He is not inspiring.All he knows is travelling without bringing investors.How do u take cadres to USA instead of pipo who can bring investors.He has no confindence in himself to sell the country.He should be positive than alarming the situation.I hope he’ll learn something from Obama.God help us!

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  21. Changwa was just too serious. He should have won a proper suit. I like amai Lungu’s smile although she should have been told on the proper way to hold down her hands.

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  22. Her wardrobe needs burning down, she’s a fashion disaster and such an embarrassment for the country! And that thing on her gurumutu, is it a wig or a “mushukwe wa nasikuku”?

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  23. …$120m was recently offloaded to try to stabilise the Kwacha,,,what happened….??…it seems whatever is up their sleeves is just as good as ‘shooting in the dark’…..this reminds me of the Ugandan situation when Idi Amin took over the country…and there was a hell of jubilation…ever since he ascended to the throne..the economy took a continuous nose diving for 8 yrs punctuated with assurances that all shall be fine….

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  24. Ati “You cannot always be telling a football coach, substitute this one, substitute that one, NO. The coach knows what he is doing and will do his own timely substitutions if need arises so that the team can win”. Things are fast loosening up and before you know it everything will snap and it will be Armageddon in Zambia!

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  25. Amos Chanda, a week ago you issued a statement that Edgar Chagwa Lungu was considering re-introducing exchange controls that sent the Kwacha nosediving.

    Now you are telling us about the “Government’s commitment to maintaining a liberalised foreign exchange market…. as the Government does not intend to revert to foreign exchange controls to shore up the currency” !!!!!

    Either you, or your boss, are the biggest F00LS ever seen! Do you have any clue on what you are doing???

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    • Great idea!!!
      If implemented, the proceeds of institutionalized corruption will stay in Zambia instead of Hong Kong, Malaysia, UAE, Switzerland, BVI, Mauritius…………………………

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  26. “…The President has emphasised that speculative behaviour is therefore unnecessary and market players are urged to play by the rules consistent with the values of a free market economy…”.
    The President has just contradicted himself big time on this one. And I mean big time it’s a shame to the Country really. As an average normal functioning adult knows, a free market economy is premised in predictions, conjecture and speculations. i.e. if it walks like a duck, and quacks like a duck, how on earth is it going to be an Eagle?. The President’s statement must be the mother of all oxymorons. Just what sort of aid-staff and speech writers has he surrounded himself with? This is beyond embarrassing.

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  27. Naysayers and prophets of doom……please understand some simple economics….this has nothing to do with the President….check out the news worldwide and stop pretending like you don’t know what’s going on.

    But one thing I can assure you 2016…..Lungu will come out Victorious…i told you all before the 2015 elections and now am telling you one more time…Lungu Lungu

    2016 vote PF ( Edgar )

    I thank you

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  28. Since when did the foreign exchange rate determine the outcome of the Presidential elections?
    Real voters are out there in Chama…Mporokoso…shangombo…mununga….Kanele box 1….Sinazeze…Chadiza…Pemba….Kalabo…chinsali

    And Just watch how Kelvin Mutale Sampa will humiliate GBM…..

    2016 vote PF ( Edgar )

    I thank you

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  29. PF underestimates the damage to the economy;their present goes out side the country and he says empty things to assure people not to panic. Sad

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  30. My Ass, this guy when will he be serious. His Press Aide who told us o shut up and go back to school to learn economics is failing to tell us in simple language what the govt of Edgar Lungu will do. With my simple education like Amos Chanda (clerkie or Clerk).Tell us e.g.
    E Lungu will
    1. reduce Cabinet from 85 to 40
    2. Will only have 1 permanent secretary per ministry.
    3. Will stop selling the Ministers, PS the Land Cruiser it buys at K1 Billion to them at K300,0000
    4. Will reduce the trips of travel

    thats what is action not that Bank of Zambia, blur, blur. This is the same song before you left.
    By the way what are you still doing in USA, your friends are coming back.

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  31. This is it! ka Lungu has achieved the pinnacle of political accomplishment. He has posed for a photo with Obama!
    lol

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  32. Lungu is a man of action and he is well focused.Zambia will soon overcome her challenges and the cow dung critics will be ashamed.

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  33. I have renewed my voters card….to my new residential area. Now locked in my safe….awaiting to vote AGAINST the PF candidates in parliamentary and presidential elections!!

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  34. Comment:@Katondo boys it’s unfortunate that u n yo colleagues in govt. are still playing the blame game on what is happening to this country’s economy.The people in the places u ve mentioned are also directly affected by the depreciation of Kwacha..the price of ffertilizer at the mome

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    • @Wadala
      Things will improve my dear friend….we all need to contribute in whatever way we can.

      Once we get rid of corruption and nepotism and then try to make the business playing field even…..then we will be able to see real growth and development.

      Anyway
      2016 vote PF ( Edgar )

      I thank you

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  35. With all the resources available to you Mrs Lungu you decide to dress like that. You woke up and said “this is nice”. Please call me so that I can help you. Free of charge, because my heart can’t take it.

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