By Daily Revelation reporter
The Zambian Kwacha’s slide against the United States Dollar and other major international currencies shows no signs of abetting.
The local currency is fast speeding towards the K22 psychological barrier, with the currency selling at K21.70 and buying at K21.35 against US$1.
The last time the Kwacha traded in such high range was two months before Edgar Lungu was ejected from office.
When the currency is weakening as rapidly as the Kwacha it means that its value is becoming weak, and can therefore only buy a few goods as compared to the past, especially in this import driven economy.
Several interventions to stem the tide have been pronounced but to little effect. However, others have suggested increasing taxes from the main foreign exchange earner, mining, given that the profits made by the multinationals are usually expropriated to their countries.
The government argues against such a move in order to encourage more investors to come into the market.
However, copper is enjoying some of the highest prices right now on the global market at over US$8000 per metric tonne
