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Kwacha is weak because PF government chased away investors- HH

Filed under: Business,Latest News,Politics |
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United Party for National Development (UPND) president, Hakainde Hichilema says the local currency, Kwacha is trading weak today because the country chased away investors by bad policy decisions and pronouncements.

Hichilema says money is a coward and the moment it senses danger, it flies away to a safe destination, adding that this is the reason why restoring confidence in the governance of the country is so important.

HH says restoring confidence and making investors comfortable will make money stay in the economy and stabilise the kwacha as well as progressively reduce the high exchange rates.

The UPND leader adds that investors are willing to put in $25 billion into Zambia, but they need assurance.

He writes:

Money is a coward. The moment it senses danger, it flies away to a safe destination. This is the reason we want to give money confidence by restoring confidence in the governance of the country.

This dollar you see trading at K22.90, is because we chased the investors by some of the decisions and pronouncements the Government made which bordered on expropriation of private companies. Money sensed danger and departed with the earliest flight in what is called capital flight.

We will restore confidence and make investors comfortable. This way, money will stay in our economy and more money will pour back into the economy.

This will stabilise our kwacha as well as progressively reduce the high exchange rates. Remember, investors are willing to put in $25 billion into Zambia, but they need assurance.

HH aka Bally

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