The Bank of Zambia raised the statutory reserve ratio and the monetary policy rate in an effort to stabilize the exchange rate, according to Finance Minister SITUMBEKO MUSOKOTWANE.
According to Dr. MUSOKOTWANE, the action is intended to lessen demand for dollars so that the Kwacha can stabilize.
Dr. MUSOKOTWANE said during the Questions for Oral Answer session in Parliament that the exchange rate has not yet stabilized because of the debt crisis in response to Kamfinsa Member of Parliament CHRISTOPHER KANG’OMBE.
He claimed that the government is making a lot of effort to push the dollar in order to boost the value of the kwacha.
