{"id":43017,"date":"2023-03-25T22:44:38","date_gmt":"2023-03-25T22:44:38","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/zambias-kwacha-in-free-fall-fred-mmembe-highlights-multiple-factors-at-play"},"modified":"2023-03-25T22:53:10","modified_gmt":"2023-03-25T22:53:10","slug":"zambias-kwacha-in-free-fall-fred-mmembe-highlights-multiple-factors-at-play","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/zambias-kwacha-in-free-fall-fred-mmembe-highlights-multiple-factors-at-play","title":{"rendered":"Zambia\u2019s Kwacha in free fall: Fred M\u2019membe highlights multiple factors at play"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>Zambia\u2019s Kwacha is currently in a state of free fall, with various factors contributing to its depreciation. Dr. Situmbeko Musokotwane, the country\u2019s Minister of Finance, attributed the situation to the delayed debt restructuring, stating that \u201cthere\u2019s definitely some truth in this. But it cannot be the sole reason for the Kwacha\u2019s free fall.\u201d<\/p>\n

Fred M\u2019membe, the President of the Socialist Party, agrees with Dr. Musokotwane, stating that there are several other factors at play. M\u2019membe noted that the appreciation of the Kwacha was previously celebrated by President Hakainde Hichilema and his government as a sign of economic growth. However, the Kwacha has lost value in recent times, reaching a low of K20.70 to the US Dollar, compared to K15.89 under the same government.<\/p>\n

M\u2019membe explained that \u201cinterest rate increments in the countries where the money, which was being invested in Zambian government securities, was coming from\u201d is causing a flight back of money. As a result, \u201cmoney is leaving Zambia and being taken to where interest rates are rising and risks are much lower.\u201d Additionally, fluctuating copper and oil prices are also contributing to the Kwacha\u2019s depreciation, with a drop in copper prices leading to less revenue for the government, resulting in a decreased supply of US dollars.<\/p>\n

Furthermore, M\u2019membe stated that investment pledges made by President Hichilema have not come to fruition, further exacerbating the situation. \u201cDubai\u2019s US$2 billion solar energy investment is still not in. FQM\u2019s US$1.2 billion Kansanshi investment pledge is being awaited. And when it comes in, it will be spent elsewhere to buy mining equipment and other supplies. Very little of it will be spent in Zambia to have an impact on the Kwacha,\u201d he said.<\/p>\n

Finally, electricity load shedding, which has been a constant problem in Zambia, is also contributing to the depreciation of the Kwacha. \u201cClearly, the depreciation of the Kwacha cannot be solely attributed to the delay in restructuring Zambia\u2019s debt,\u201d M\u2019membe added.<\/p>\n

The government must address these issues and take measures to stabilize the Kwacha\u2019s value to prevent further economic challenges. With various factors at play, stabilizing the currency\u2019s value will not be an easy feat, and the government must work to implement measures to address each contributing factor.<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. Zambia\u2019s Kwacha is currently in a state of free fall, with various factors contributing to its depreciation. Dr. Situmbeko Musokotwane, the country\u2019s Minister of Finance, attributed the situation to the delayed debt restructuring, stating that \u201cthere\u2019s definitely some truth in this. But it cannot be the sole reason for the Kwacha\u2019s free […]<\/p>\n","protected":false},"author":84,"featured_media":43016,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,12],"tags":[234,235,233],"class_list":["post-43017","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-policy","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nZambia\u2019s Kwacha in free fall: Fred M\u2019membe highlights multiple factors at play - Zambia<\/title>\n<meta name=\"description\" content=\"Zambia\u2019s Kwacha is currently in a state of free fall, with various factors contributing to its depreciation. 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