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Kwacha critics dishonest, says Kambwili

GOVERNMENT says individuals politicising the depreciation of the Kwacha against the United States (US) dollar are insincere because many other countries are experiencing similar challenges.
Chief Government spokesperson Chishimba Kambwili said a number of currencies globally have experienced external shocks due to several economic dynamics.
Mr Kambwili, who is Minister of Information and Broadcasting Services, said what Zambians need now is not to politicise the depreciation of the Kwacha but rather to work hard and be able to sustain the currency.
“It’s not time for politicking but time for hard work among the citizenry,” he said.
Mr Kambwili said it is time for people to venture into manufacturing to enhance exports.
He also said Zambians should think of growing high-value crops for export to earn foreign exchange for the country.
He said the agriculture sector is one of the areas that Government is venturing into to diversify economic activities from copper production.
The minister, however, said Government’s investment in the agriculture industry will not yield positive results overnight.
He assured people that Government has a solution to the challenges the country is facing but the problems will not be resolved in the short term.
Mr Kambwili said it can be difficult to change things overnight even if there is change in Government.
He said stabilising the Kwacha against the US dollar is a long-term undertaking which requires patience from the people.
Mr Kambwili also said people should not lose hope because Government is currently working hard to resolve the economic challenges that country is facing.
And Reuters reports from Johannesburg that South Africa’s rand crumbled to a new record low against the dollar yesterday while yields on bonds rose sharply as concerns about China’s economy sunk commodity-linked currencies.
By 07:00 hours the rand had slipped 0.32 percent to 14.115 per dollar, having shed more than one percent in the previous session to a fresh record low of 14.130, with scope for more losses as uncertainty over the timing of an interest hike in the US stoked volatility.
“The rand is simply suffering from being hit by both risk aversion towards high-yield currencies and the fall in commodity prices,” said John Cairns, a currency strategist.