Economic consultant Trevor Simumba says the rapid depreciation of the kwacha is as a result of policy inconsistency by the Patriotic Front government.
Simumba has also predicted that kwacha will continue to depreciate and could reach K7 to a dollar.
“The depreciation of the kwacha is a culmination of factors. There has been a flurry of statutory instruments by the PF government in relation to the management of the economy,” he said.
“There has been policy inconsistency in the last two years the PF has been in power leading to the erosion of confidence. I think the kwacha will continue to depreciate and probably reach K7. I do not see it gaining anytime soon.”
The kwacha has been in freefall against the USA dollar hitting a record K6.4 as at Wednesday afternoon causing panic in the financial market.
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