Financial Analyst Mambo Hamaundu says the kwacha might continue coming under pressure despite it showing some recovery in the past few days. Mr. Hamaundu notes that the country has not done enough to see the kwacha rebounding citing that the appreciation in the past days can be attribute to a substantial amount of supply coming
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Kwacha still under pressure – Hamaundu
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Zambia should stop depending on copper – Zimba
The Islamic Supreme Council of Zambia says it is high time that the country stops depending on mining and diversifies. Supreme Council President Suzyo Zimba says the mines have really disappointed the people of Zambia and the solution remaining is moving away from depending on them. He points out that it is unfortunate that when
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Zambeef loses $20m due to depreciating kwacha
ZAMBEEF Plc has recorded losses of over US$20 million in the 2015 financial year owing to the kwacha’s rapid depreciation. According to Zambeef’s statement of comprehensive income for the financial year ended September 30, 2015, the group posted exchange rate losses of US$20.2 million, equivalent to K142 million. This represents a sharp jump from US$3.9
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Dollarisation
IT IS very clear that some of our business players are up to no good. Their motive seems to rest in maximising profits by speculating in a volatile Kwacha against foreign currencies. This has resulted in the phenomenon of dollarisation of all goods and services, even those locally produced in Zambia. The pricing we are
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Kwacha maintains K10-levels
THE Kwacha has continued to trade within the K10-levels although reduced United States dollar supply is likely to weigh down the local unit, a financial market player says. Zanaco Bank says the Kwacha, which was unchanged against the US dollar on Tuesday in a quiet trading day, was yesterday expected to trade within the levels
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Slash prices
FOLLOWING the Kwacha appreciation, Micmar, a hardware retailer, has urged traders to pass on benefits to customers on imported products by reducing prices. Micmar director Michael Kroupnik said it is important for traders of various goods and services to price their products fairly unlike the current trend where prices have remained high despite the local
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Mealie-meal prices in Lusaka hit K92
RETAIL prices for mealie-meal in Lusaka have hit K92 per 25 kilogramme bag of breakfast meal despite combined efforts by the government and millers to reduce the price of the commodity. On November 11, agriculture minister, Given Lubinda, said the Food Reserve Agency (FRA) would immediately make available maize grain to millers, and would enter
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Appreciation of the Kwacha good for the economy-CAPiZ
THE appreciation of the Kwacha against the major currencies has sent hope and a sign of balancing the economy in Zambia, says the Christians Against Poverty in Zambia (CAPiZ) president Gregory Chileshe. Mr Chileshe said it was encouraging to see that the Zambian currency balanced the economy, and that the efforts of the Government and
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END OF EXCHANGE OF OLD ZMK BANKNOTES – 31st DECEMBER 2015
The Bank of Zambia wishes to inform members of the public that the exchange of the old currency for the rebased currency at Bank of Zambia Head office in Lusaka and Regional Office in Ndola will cease on 31st December 2015. Consequently, members of the public are hereby reminded to take advantage of the remaining
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Shoprite in milk Scandal
Shoprite Checkers overlooked the rules of origin in the importation of milk from Poland through South Africa, thereby benefiting from tax incentives of the Southern African Development Community. Agriculture Minister Given Lubinda told Parliament yesterday that Shoprite Checkers was supposed to follow the rules of origin but that the firm disregarded import permit conditions when
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IMF package
IT had to take the entire International Monetary Fund to clarify that the Zambian Government had not turned down a US$ 1billion aid programme offered during a recent mission visit to Zambia. Persistent reports have suggested that President Lungu refused to sign up to the deal as he feared the austerity measures would make the
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Zanaco secures $60m loan
ZANACO has secured a five-year US$60 million loan that will enable the bank to meet demand from customers who have dollar borrowing requirements. Recently, Zambia experienced inadequate inflow of United States dollars, pushing the Kwacha to depreciate rapidly. The credit facility from three European development finance institutions is anticipated to boost the bank’s foreign currency
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Be alert, CCPC warns consumers
AS ZAMBIA draws into the festive mood, the Competition and Consumer Protection Commission (CCPC) has warned consumers to be careful and avoid buying substandard and defective products. CCPC public relations officer Hanford Chaaba said in a statement yesterday that unsuspecting consumers are duped into buying what seems to be affordable but later discover that the
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Banks stop lending due to high interest rates
COMMERCIAL banks have stopped giving loans because of low cash levels and high interest rates prevailing on the market. And the Bankers Association of Zambia has warned that key sectors of the country will start getting hurt if the current high interest rates and lack of liquidity in the market is allowed to hold for
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Ex-Mopani miners resolve to return for duty until their dues are paid
THOUSANDS of retrenched Mopani Copper Mine miners have resolved to return to work TODAY until their promised dues are fully paid. The ex-miners, who on Friday complained about walking away from Mopani with completely nothing while the government was busy misleading the nation that their debts had been written off by banks, said each miner
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Chat shuts down 2 plants in theft scandal
CHAT Breweries has shut down two Lusaka plants owing to alleged rampant thefts and dishonesty among employees and will only open once security is tightened up to seal loopholes, company proprietor Brian Mulubwa has said. Mr. Mulubwa told the Daily Nation that he was pained to suspend Chat Breweries operations in Lusaka but was forced
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Social cash transfer scaled up
Government will scale up the social cash transfer scheme from 50 to 78 districts next year. Deputy Minister of Community Development Obvious Chisala says this means that more vulnerable people will benefit from the scheme. Mr. Chisala was speaking when he visited beneficiaries of the scheme in Sinda and Petauke districts. And Mr. Chisala urged
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MTN ‘disconnects’ partial subscribers
Hundreds of MTN subscribers whose particulars were incomplete have had their simcards disconnected from the network, company general manager for corporate services Mwenzi Mulenga has confirmed. She said those who have been disconnected should visit MTN Zambia service centres and have their simcards reconnected within 24 hours. Some subscribers have complained that they have been
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Pick n’ Pay reportedly dupes Lusaka resident
A concerned Lusaka resident has advised members of the public to be careful so that they are not duped by chains stores as they do their shopping during the festive season. Mumbuna Kufekisa says he was shocked to be charged almost double the price of fish flakes at the till from that reflected on the
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Kabwe to have shopping mall
DISCUSSIONS between Heriot Property Development Limited and Kabwe Municipal Council to construct a first ever shopping mall are still on course. In an interview on Tuesday, Kabwe town clerk Ronald Daka said the shopping mall will be built on land located near Zambia China Mulungushi Textiles Joint Venture (ZCMT-JV) plant. Mr Daka said plans for
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