By BUUMBA CHIMBULUVENTURING more into trade as opposed to manufacturing has added more pressure on the exchange rate, says Bank of Zambia (BoZ) Governor, Christopher Mvunga.Mr Mvunga has therefore challenged the private sector to aggressively participate in the industrialisation of the country to assist in stabilising the exchange rate.The Kwacha is currently in the range 21.32 and 21.39.Mr Mvunga regretted that venturing more in the trading than manufacturing had put pressure on the exchange rate as businesses were more into importing than exporting. “The more you go into trading, the more you have an impact on the exchange trade because you are just importing things from outside. You are just a middle man,” Mr Mvunga said yesterday when he appeared before the virtual Parliamentary Budget Committee.Mr Mvunga emphasised that there was no trick of dealing with the exchange rate other than industrialising the economy.He observed the need to take advantage of the trade agreements Zambia had […]
Industrialisation key to stabilising Kwacha – Mvunga
