Felix Mutati explains “Why Kwacha” is sick
Written by Mafken FM Newsroom on 18 November 2020
Felix Mutati has disagreed with Government’s argument that the depreciation of the Kwacha is due to the demand of the US Dollar on the Zambian market.
As of Monday the 16th of November 2020 the Kwacha was trading on the Foreign Exchange Market at K20 against one US Dollar on overage, a depreciation Republican President Vice President Inonge Wina last Friday attributed to the demand of the US dollar on the market.
But Mr. Mutati who is Movement for Democratic Change MDC leader has contended that the weakening of the Kwacha against other convertible currencies has nothing to do with the issue of demand and supply on the market.
Mr. Mutati is of the view that the strength of the Kwacha is eroding because investors from outside are holding back from investing in the Zambian economy.
Mr. Mutati who is also a former Finance Minister has suggested that the government should, instead deal with the issue of confidence among investors.