By NATION REPORTERThe sudden appreciation of the Kwacha will injure Zambia’s economy even more because the country will reach a point where the Bank of Zambia (BoZ) will run out of foreign reserves, Socialist Party (SP) spokesperson Frank Bwalya has said.Mr Bwalya challenged Minister of Finance and National Planning, Situmbeko Musokotwane to tell Zambians what has happened to cause the sudden appreciation of the Kwacha.He said the appreciation of the Kwacha may be artificial because the UPND government had a tendency of releasing United States dollar reserves from BoZ to create an impression that the local currency was gaining value.Mr Bwalya said Dr. Musokotwane was on record as having said that there were certain steps that should be taken, which included the successful conclusion of the International Monetary Fund (IMF) deal to reduce pressure on the Kwacha against the US dollar and other convertible currencies.“But we have not seen the IMF deal come through, we […]
Sudden Kwacha appreciation to hurt economy, says Frank Bwalya
