No visible reduction in shelf prices of imported goods in shops-PeP

 No visible reduction in shelf prices of imported goods in shops-PeP

Patriots for Economic Progress (PeP) leader Sean Tembo says that despite the Kwacha appreciating by more than 30% so far, there is no visible reduction in the shelf prices of imported goods in shops.

Mr Tembo says that it has been more than a month since the Kwacha suddenly started appreciating against major convertible currencies.

He said that this is evidence that various business entities see this appreciation of the Kwacha as artificial as it is not driven by economic fundamentals, and it is not sustainable in the medium term.

“We feel exonerated regarding our long-standing position that this appreciating of the Kwacha is artificial and was engineered by the Bank of Zambia, initially to make the PF look good before elections, and subsequently to help the newly elected President Hichilema’s prophesy to come true, where he had asserted that the Kwacha will appreciate if he is elected into office,” he said.

Mr Tembo said they are fully aware that the Kwacha exchange rate is a hot political issue, but has advised the Bank of Zambia to always act professionally and independently and stop using currency manipulation as a political tool for politicians.

He added that if not BOZ will diminish the little remaining credibility that they have as a central bank.