Government says it is disturbed with the current volatility of the Kwacha on the foreign exchange market.
Finance and National Planning Minister, Situmbeko Musokotwane, said the continued depreciation of the local currency against the US Dollar is unjustifiable.
Dr. Muskotawne said this when he addressed various stakeholders in the financial market at his office in Lusaka today.
He said there is need to revisit the foreign exchange supply in the country as a measure of safeguarding the Kwacha from further depreciation.
Dr. Musokotwane maintained that the rate at which the local currency is trading against the US Dollar is too high to be attributed to the fall in Copper prices and the global economic crisis.
He has since urged major players in the financial market to ensure that they create a balance in trade adding that the current trends in the foreign exchange rates are totally unjustifiable.
And speaking at the same occasion Bank of Zambia Governor, Caleb Fundanga, urged major business entities in the country to desist from trading local goods in foreign exchange.
Dr. Fundanga warned that the trend may lead to instability in the local currency which could lead to an unfriendly business environment.
He, further, urged business houses such as manufacturers to ensure that they buy foreign exchange quantities that are bearable to the market.
In attendance at the meeting were representatives from the ministry of nergy, Nyiombo transport, Zain Zambia, Omnia Fertilisers and Millers Association of Zambia.
Others representatives in attendance were from Simba Milling Company, Superior Milling, Zambeef and Zamanita.
ZANIS/CM/PC/ENDS/SJK