Friday, March 1, 2024

Kwacha appreciation good indication for brighter future – UPND

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The ruling United Party for National Development( UPND ) leadership in Muchinga Province says the continued appreciation of the Zambian Kwacha gives hope of many good things coming ahead.

In an interview today, Provincial Coordinator, Frederick Chimeya says the continued appreciation of the Zambian Kwacha is a boost to the economic recovery of the country.

Mr. Chimeya says it is fundamentally important for the Zambian Kwacha to appreciate against the other convertible currencies adding that this is needed for the resuscitation of the country’s economy.

“As new dawn administration, we are on course to resuscitate our economy and the appreciation of the Zambian Kwacha recorded in recent months as because of the measures put in place to ensure the economy of the country improves, ” said Mr. Chimeya.

He says the appreciation of the Zambian Kwacha is allowing many people to trade locally and internationally.

The UPND provincial coordinator says the performance of the currency shows investor’s confidence in the new dawn administration towards resuscitating the economy.

Meanwhile, at Nakonde border the appreciation of the Zambian Kwacha has boosted trade.

A check by ZANIS revealed that the number of cross border traders from Zambia has increased in the past days to buy goods and other merchandise from the border town of Tunduma in Tanzania.

Provincial Coordinator for the Zambia Micro and Small Traders Cooperative, Josephat Chitimbwa says the demand for maize and Soya beans has further strengthened the performance of the Zambian Kwacha at the Nakonde border.

Mr. Chitimbwa has told ZANIS that the demand for maize grain and Soya beans by the foreign countries calls for the need to invest more in agriculture in order to boos our economy.

“Agriculture is now the main stay of our economy and we need to invest more in agriculture in order to increase production and earn more foreign exchange through exports,” said Mr. Chitimbwa.

Mr. Chitimbwa says Zambians at Nakonde are benefiting from the increased demand for both maize and Soya beans which is being exported to Kenya and Tanzania.

The demand for maize and Soya beans has seen an increase of Tanzanian and Kenyan nationals at Nakonde who are working in partnerships with Zambia citizens in exporting maize and Soya beans to Kenya and Tanzania.

Mr. Chimeya says the demand for Kwacha by the foreigners buying maize and Soya beans has further strengthened the performance of the Zambian Kwacha at the border giving it more buying power.

“We have seen an influx of people from Kenya and Tanzania coming to trade with us especially in maize grain and soya beans which is of mutual benefit to our cross border traders of Zambia as the buying power of the Zambian Kwacha has been strengthened, ” said Mr. Chitimbwa.

The Zambian Kwacha has gained value in recent months and is now more robust than the South African Rand and other currencies in the Southern region.

The Zambian Kwacha has continued to demonstrate its overall stability for a couple of months now.

23 COMMENTS

  1. the continued appreciation of the Zambian Kwacha is a boost to the economic recovery of the country. What a lie! This happened during PF’s time and the economic recovery was still sleeping-sorry in a coma

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  2. And yet prices of goods are going up. Meanwhile the upnd ministers are inflating the value of their assets a year after being in power, all part of a scheme to steal and claim thar they were already rich. These f00ls think we Zambians are slow.

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  3. I am looking at off loading the kwacha I bought when PF was in power………..

    I am in two minds on waiting for it to gain more on the dollar, that is the confidence I have in HH……….

    £10,000 worth of kwacha bought at 29 to 1 was a good investment returns ………..

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  4. The problem is that most Zambians do not read books. A strong Kwacha is not necessarily a good thing, especially for a country that exports a lot of copper. A low exchange brings in more Kwacha to pay for goods and services in the country. Conversely. a strong Kwacha earns exporter less Kwacha and means that mines get less Kwacha to pay their employees. The Japanese and Chinese are amongst the weakest in the world and yet their economies are amongst in the world.

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    • Example my friend working for an NGO…his salary is quoted in USD and so far it has gone down by 250 Kwacha. So how is his financial position improving? If 200 Japanese yen equals one USD and the Kwacha is not ten to a USD does it mean the Kwacha is stronger than the Japanese yen.

    • Deja Vu, so just because 1 person works and earns in dollars, his suffering should matter more than the millions of Zambians that earn in Kwacha? And be Mukame, why are you concerned for the foreigners, the so called investors? Appreciation of Kwacha boosts buying power of the majority of Zambians, as the case at Nakonde shows. Prices of imported goods will eventually start coming down, last time I checked, reduction in cost of living was still a good thing.

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    • @Uwakwisano it depends on what you are importing and from where. Zambians use forex mostly for Japanese cars and for South African groceries. So whats the relationship
      of the dollar to the Yen? I dont think the little appreciation will make Ford Rangers cheap enough for the Zambian.

  5. The problem is that most Zambians do not read books. A strong Kwacha is not necessarily a good thing, especially for a country that exports a lot of copper. A low exchange rate brings in more Kwacha to pay for goods and services in the country. Conversely, a strong Kwacha earns exporters less Kwacha and means that mines get less Kwacha to pay their employees. The Japanese and Chinese currencies are amongst the weakest in the world and yet their economies are amongst the strongest in the world.

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  6. Big powers are always blaming each other of deliberately devaluating currencies….. just imagine and here is the bush country going the opposite direction… syphoning the Kwacha from circulation just to reduce it rate against the major currencies.

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    • But that is true. They use currency to drive local trends. If they want to boost manufacturing they will weaken their currency. The US which owns the international trade currency puts fake money on the table for slave economies like ours to fight over. The fake money swallows ours and we have to look for more because we have to buy their goods. We cant do without these because we make nothing.. Gaddafi’s currency would have liberated us. We should try it even if he is gone.

  7. appreciation of the Zambian Kwacha gives hope of many good things coming ahead.is this just political talk or this man was just trying to impress his boss or maybe he meant the appreciation is only to those in leadership, if what he said is true why are things not getting easy on the market. please lets remove the appreciation on paper and put it in reality than making blank statements.

  8. Don’t even lie to yourself that this situation will bring about any change…the major economies of the world are currently experiencing a recession- high inflation and stuff like that …crude has hit record highs in years thanks to western stupidity who have imposed sanctions on everything and expects the citizen to pay..now as long as any democracy in this world is aligned with the west none of this sh** will spare you…

  9. Kikikikiki here you are:: Brent crude, oil’s international benchmark, hit $95.55 Thursday as prices fell to pre-invasion levels. from Bloomberg

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