The Private Sector Development Association (PSDA) is urging the government to consider legislation on foreign currency in the country and to compel foreign investors to domesticate part of the proceeds from copper and other mineral exports aimed at helping strengthen the kwacha.
PSDA Chairperson Yusuf Dodia says it is shocking that The Bank of Zambia is limited with its measures to deal with the instability in the exchange rate with only a call for increased production in the mines and other sectors without practical proposals.
In an interview with Phoenix News, Mr. Dodia has challenged the government to develop measures to firmly deal with the fluctuating local currency in order to attract investments.
And Mr. Dodia says Zambians should not anticipate stable pricing of goods and services on the market with the sustained instability in the exchange rate which is putting business entities in a difficult position.
