The Bank of Zambia (BOZ)has maintained that the appreciation of the kwacha is due to measures that the central bank had employed rather than what critics are putting across.
Some media reports have suggested that the appreciation of the Kwacha against other major currencies is artificial and cannot be suntanned for a long period time.
ZANIS reports that BOZ Assistant Director, Balance of Payments and Debt Division, Economics Department Ivan Zyuulu told Journalists in Lusaka that during this period it is normal for the Kwacha to perform extremely well because this is the time that companies pay their taxes.
Mr. Zyuulu said it is also during this time that mines remit their taxes coupled with the increase of interest rates in the country.
He said the appreciation of the Kwacha is also as a result of the measures that the bank has put in place to address and control the situation.
Mr. Zyuulu said the central bank is currently monitoring the performance of all the bank’s departments in concerted efforts to stabilize the kwacha.
He said BOZ has a task to ensure that financial stability is maintained for a longer period of time in order to improve the economy.
Mr. Zyuulu said BOZ has put in place monitory policies in order to increase the interest rates because data is usually collected on the interest rate to see where adjustments can be applied.
He said BOZ has a task to ensure financial stability in the country and to ensure that all players in the economy have a levelled playing field