By NATION REPORTER
THE Kwacha’s appreciation is artificial and only engineered by the Bank of Zambia (BoZ) to please President-elect, Hakainde Hichilema, PeP president Sean Tembo has claimed.
Mr Tembo warned that the rapid gain of the Kwacha which had appreciated by approximately 15 percent in the past four days would cause economic instability due to huge exchange losses that importers and exporters would suffer
He appealed to the BoZ) to buy dollars off the market so that the appreciation of the
Kwacha could be gradual and not sudden.
Mr Tembo also advised the central bank to do its job independently and professionally and not engineer an unsustainable appreciation of the Kwacha just so as to please the incoming Government that they have brought investor confidence when in fact not as yet.
“It must be noted that any appreciation of the Kwacha due to increased investor confidence would be gradual over a period of time.
“Given the sudden nature of this particular appreciation, it is more likely than not
that it has been engineered by BoZ so that President- elect Hakainde Hichilema’s prophesy of the Kwacha appreciating if he wins elections can come true, as a way of the BoZ Governor seeking favours from the incoming administration so as to protect his job,” Mr Tembo said.