Sunday, June 16, 2024

President Lungu happy with measures on exchange rate

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President Edgar Chagwa Lungu (right) receives a report from Bank of Zambia (BOZ) Governor Dr. Denny Kalyalya during a meeting at State House on Tuesday,October 2,2018. PICTURE BY SALIM HENRY/STATE HOUSE ©2018
President Edgar Chagwa Lungu (right) receives a report from Bank of Zambia (BOZ) Governor Dr. Denny Kalyalya during a meeting at State House on Tuesday,October 2,2018. PICTURE BY SALIM HENRY/STATE HOUSE ©2018

President Lungu’s Spokesperson Amos Chanda said the Head of State is happy with the measures that the Bank of Zambia has put in place to address the movements in the US Dollar and Zambian Kwacha relation.

Mr. Chanda said President Lungu is satisfied that the volatility in the exchange rate is market based and that the central bank is monitoring the situation.

The Presidential Spokesperson said the Head of State has confidence that the Central Bank team will provide necessary mechanisms to oversee the exchange rate, market and the economy.

Mr. Chanda said President Lungu has since met Bank of Zambia Governor, Dr. Denny Kalyalya and wants the Reserve Bank and the Ministry of Finance to interface their roles of monetary policy and fiscal policy.

And Mr. Chanda said President Lungu is happy with the pace and progress being made in the ongoing administrative inquiry relating to the Social Cash Transfer.

He said the President wants the investigative wings and law enforcement agencies to thoroughly do their part in order to provide necessary information to make a decision.

Mr. Chanda said the Ministry of Foreign Affairs has met with the Donor community and assured them that investigations are going on well and will soon be concluded.

He said government will proceed with disbursement of funds to beneficiaries of the social cash transfer while donors await the conclusion of the investigations.

57 COMMENTS

    • The only way we can have a strong Kwacha is by exporting. We need to be a manufacturing and exporting country. The dollar will only flow in in exchange for goods and services. As long as we have these chaps that are okay with consumption running our country forget ever living in a developing country. Depending on grants and loans is unsustainable. Period!

    • Like all of you on here

      I believe the president’s judgement.

      Fasten your seatbelts and enjoy the Lungu ride. You will not crash and are in safe hands.

      Thanks

      BB2014,2016

    • Working hard for the nation! Keep it up! He cannot compete with you and he will NEVER be like you! Send him into retirement Mr. President in 2021. Thank you sir for developing Zambia!

    • Fellow citizens,

      We predicted what is happening now. I am sorry to say that things will get a lot worse.

      As more theft and corruption is revealed, the Kwacha will depreciate much further.

      Investors will insist on trading in US currency.

      Food prices will rise sharply, and inflation will bite.

      This is what happens when, among other things, the government prints more money. And that money is misused or stolen.

      We are in trouble (as the late Dennis Liwewe used to say).

  1. How about the unemployment rate, the poverty levels in the country, the corruption, the lawlessness, what measures has he taken? Or is he satisfied with the way things are & all he believes is the zambians will eat roads?

  2. Forex reserves have gone south,economic growth moved into lower gear, kwacha vs dollar rate worsened and foreign aid cut. Lungu is happy with these unfriendly movements too huh?

    • Hakainde has gone South five times! He is used to it! We will send him to the South Pole, come 2021. When we send him there he might pass through Panama and may bring us the money from Zambia he stole.

  3. Just make Amos Chanda the President …it seems this coward Lazy Lungu will never host any Press Conference on Zambian soil.

    • Lazy bu tribal illiterate little hooligan bully boy son of a tribal polygamist father with diarrhea in public. Hakainde please dress him in diapers. His mother forgot to! CHARMAINE is UNELECTABLE.

    • Lungu lisaka. He is the most hopeless human beings to walk this earth. All my friends who supported Lungu are now embarrassed they are not featuring on social media. Dead quiet and look fuulz. Lungu can’t even take questions from grade 5s. Sata nao, what did he see in this sack? Zambians fail for a failure. He does not even know how forex is traded. Now, this? He is confused he does not even know what question to ask the Bank of Zambia. He thinks like Kampyongo selling currency at Katondo street.

    • Now you are asking way too much from the president.

      All he needs to know is where his drink is, and if the roofing work in Swaziland is complete.

    • HH and Namwala tribal union still think HH is the president? Do they understand that he will NEVER be president? Kaya. UNELECTABLE, TRIBALISM god, UNLIKABLE, PRIVATIZATION THIEF & CHILDISH.

  4. “President Lungu happy with measures on exchange rate”. His Accidency Edgar Lungu is a clueless resident of the presidency. He is not in a leadership position. He is merely occupying a position without a leader. The Central Bank can “monitor” the exchange rate market. Yes, just “monitor”. The exchange rate is premised on the economic fundamentals–which the ministry of finance is constituted put in place , based on the economic vision of the presidency of which Edgar Lungu is clueless. The Zambian legislature which is supposed to translate politics into serious policy is dead under PF. Zambia is enduring wasted years in its socio-economic trajectory. Its painful. Very painful, I must tell you.

  5. Bwana Lungu i’m very unhappy with worsening movements of all the economic indicators.Last July Kwacha was 9.97 to 1$US and now the rate is $1 US to 12.19 Zm Kwacha.

    • Bwana HH I am unhappy that you took the money from Zambia and shipped it to Panama. Mr. Under Five, are you aware that once you die, the money will also die in the foreign land?

  6. This is horrible, why do you block your own citizen with alot of tax or stoppage when they try to sale their produce like maize outside the country when you are allowing Tanzania bring in rice in the country on free measures. I wish you all heard from Trump’s speech yesterday.

  7. kaya! The captain of the ship is happy when the water level is up above the neck level in his ship. We thought he was joking when he said he has no vision during his presidential campaign. He meant his word.

  8. I am very puzzled about the dropping or firing of Ms Kabanship as the republican cabinet minister, leaving out the PS, the accountant!! Does it mean she was the recipient, account and the disbursement officer. I thought PS was to go first or suspended. What the collaboration between ZAMPOT and Ms Kabanshi, Someone to educate me” Kabusha Takolelwe Bowa.”

    • Its not about tribe or HH or ECL. Its about the living conditions of the posterity of the nation. I wish you had a brain heart and discern beyond HH, ECL and tribe.

    • Whoever you are please….how old are you?…you are an *****.Please LT BLOCK such pipo like this sharon.IYou are boring and pipo dont like you on this forum

  9. BOZ is tired of faking and manipulating economic indicators for political motives. Something had to give and someone is in denial.

  10. Is it a coincidence…fuel hikes and the President getting a report from the central bank?
    This seems wild:
    “Head of State is happy with the measures that the Bank of Zambia has put in place to address the movements in the US Dollar…..”
    Then, the next sentence
    “…President Lungu is satisfied that the volatility in the exchange rate is market-based….”
    So are the measures, the fact that the volatility in the exchange rate is market-based????

  11. What is there to be happy about when you have not even seen the effects of the measures you have put in place? You normally rejoice after seeing the fruits begin to bear and not immediately after sowing your seed.

    That said, the usual period of monitoring the effectivity of such measures is a year because that’s when you can see how the exchange rates of your currency are performing in relation to the economy. Unfortunately, our Kwacha has a history of being highly volatile due to the country’s incosistent fiscal policies so there is a probability that other measures will be neceessary to back up this measure in order to sustain stability of the exchange rates.

  12. Hold on tight Zambia. You are in for a bumpy ride until after the third bond payment.

    The exchange rate is just responding to the adverse news on China, debt and donor freeze. Exports and capital flows are not filling the gap left behind. Reserves are limited, so the exchange rate has to slide. Where it lands, we shall see. But there is no outlook on improved exports.

    Lungu 2021. Kikiki

    • Your relatives are suffering and so will your children. Get a heart and a brain please. Unfortunately they are not for sale. You think Zambia is HH. Believe me HH may not able to get your hero out of power but the lord working through his people will. Nothing lasts for ever. I wish you could speak the truth to your hero and let him that poverty is growing in Zambia.

    • @ Gono

      Mad Cow sharon is semi-retired “street walker” (read h00ker) with more than 30 years experience. Plenty of free time as the potential customers disposable income has shrunk due to PF economic achievements.

    • @John Mwale dont waste ur precious time to reason with this sharon d!ckhead.They were sent overseas by pf.Time is coming you will come back

  13. @Sharon
    You find it very painful to accept that L-U-N-G-U has f-a-i-l-e-d. No matter how much u trash HH, in any case, yours is a case of sour grapes, the Zambian economy is under the debt trap. Your minister of finance openly admitted failure and I quote ” We do not have a manufacturing base. There is no value addition,” Mwanakatwe said . How can u abandon manufacturing? How is she going to get sustainable revenues and create jobs? She is another clueless who thinks the problem is tax revenue and paying lip service to the real issues of outright theft of public funds, fraudulent procurement and wanton corruption.

  14. Therein lies the problem: since when did His Excellency become an economist? And yet the goofs in cabinet wait for DIRECTIVES from their Excellency!!!!

  15. No vision, this is what u get, yet u were all dancing dununa reverse for ichidoli, now dance to the real tune, only s.t.u.pid Sharon is happy coz they come from the same dog pound

  16. People should be made to understand that Zambia is not an oil producing country,therefore can not control prices of oil from going up,which ever leader either hh ,ck, nawakwi were not going to have control over fuel prices. Let’s not cheat ourselves!

  17. People should be made to understand that Zambia is not an oil producing country,therefore can not control prices of oil from going up,which ever leader either hh ,ck, nawakwi were not going to have control over fuel prices. Let’s not cheat ourselves!

  18. SHARON SOON YOUR MOUTH& THINKING WILL LEAD YOU IN TO MORE TROUBLE.YOU ARE SHALLOW MINDED.WALICHINKOMPO SANA KUNSIKULU

  19. I and Sharon would have been very happy dancing all the way if fuel prices were hiked by K10.00. This would have improved people’s lives given that they have to pay tollgate fees, 37.5% PAYE, borehole tax K250.00 and failure to pay borehole fees we will surcharge them K30,000.00 thereby further improving their livelihood. If they fail to pay the borehole surcharge we imprison them thereby increasing food security as there will be fewer poor in circulation looking for food. Imprisoning people for failing to pay borehole fees will further strengthen the kwacha because there will be fewer people looking for foreign currency. My friend Sharon we have strong economic polices which these dunderheads can’t ready and continue harguing hagain and hangain.

  20. sharon is either bemba or easterner…..she is schooled by her parents in insults and evil….Like parents like child…… No wonder Zambia does not develop with such people in abundance….. they call themselves christians but by their works are worse than the d.evil…….
    Young girl or boy learn to be tolerant in life…. Dont love Lungu as if he is GOD… Lungu used to stay in Chawama…. HH is not the one increasing fuel or chasing vendors from the street… Support Lungu with soberness…. Lungu does not pay tax at all . You and me do pay tax.
    We supported Chiluba in 1991 but he later stole someone’s wife…….. Mwaiche tekanya

  21. Amos and EL do not know or understnad anything about exchange rates and hence trying to make people think otherwise. The chap cannot even elaborate anything on the so called measures, what measure ******awe are you talking about? Ba spokesperson is so dull that he cannot really explain anything. These folks have completely failed to run the country and now squizzing the citizens everywhere.

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