KWACHA WILL BE MARKET DETERMINED

The Bank of Zambia -BOZ- has reiterated that the exchange rate will continue to be determined by market forces.

A statement issued by the Bank of Zambia Communications Division says this is the most appropriate way in which economic imbalances are resolved.

The Central Bank says its utmost priority is to restore macroeconomic stability and revive economic growth.

This is in the midst of a challenging economic environment that has been significantly impacted by the Covid-19 pandemic.

The BoZ has said this in the wake of reports that the Central Bank wants to ban the holding of foreign currency accounts in commercial banks.

The Bank says such unsubstantiated reports can mislead the public and, if left unchallenged, have the potential to cause panic and destabilise the financial sector and the economy as whole.

The Central Bank further says the false reports have the potential to tarnish the image of the country, both locally and abroad.

The Bank has urged the public to use social media responsibly and desist from circulating false news.

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