Zambia's currency to remain stable

The Economics Association of Zambia (EAZ) has said the country's currency, kwacha, is likely to remain stable against other major convertible currencies even up to the close of the year and urged investors to proceed with their investment plans.

Ernest Mwape, EAZ vice president, was quoted by Wednesday's Times of Zambia as saying that investors who had serious investment projects in Zambia should go ahead because the economy would remain on a stable path.

The current political scenario in the country was still conducive for investment because nothing had changed, he said.

Kwacha gained significantly earlier this year but plummeted recently. The exchange rate of kwacha to U.S. dollar appreciated to 3,000 against one dollar in May this year compared with 4,800 to one dollars in February of 2005. The rate now is 4,000 to one dollar.

Source: Xinhua