GOVERNMENT is doing everything possible to stabilize the Kwacha and get the economy on the right track, says Bank of Zambia (BOZ) governor Denny Kalyalya.
Dr Kalyalya has appealed to the media to play a vital role in stabilizing the country’s economy by balancing their stories regarding economic issues.
“So we urge the Zambian people not to panic but to remain calm. Government is working tirelessly to ensure that things are normalised and improved,” said Dr Kalyalya
“The role of the media is very critical in stabilizing the economy; the media should balance their stories, they should not only point out the negative perception, but they should also create a positive perception towards issues to do with the economy. If they can do that, they will be very helpful,” he said.
Dr Kalyalya noted that the Kwacha had in the past few months been losing its value against the US dollar, and that the impact showed through inflation associated with rising costs of imports.
He said despite the economic challenges that the country was facing, the Kwacha had potential to stabilize.
“Inflation has exerted pressure on interest rates, hence lowered private investment and employment. But you may have seen that recently there has been some relative stability in the Kwacha, which is a very good thing and am hopeful that we are slowly getting there,” he said.
Dr. Kalyalya urged Zambians not to despair, adding that the challenges the country was facing would soon be a thing of the past.
He said Government had put in place policies that would translate into increased exports to earn more foreign exchange which was needed to defend the domestic currency and improve the country’s economy.
Dr. Kalyalya said one of Government’s plans was to diversify the economy from mining to other sectors that had potential such as agriculture.
“We have put in place measures that would stabilize the Kwacha and also support our economy. Government has plans to diversify from mining and develop other key sectors with significant potential such as agriculture to equally contribute immensely to economic development,” he said.