Weakening kwacha worries ZUFIAW

The Zambia Union of Financial Institution and Allied workers ZUFIAW, has expressed concern with the recent continued depreciation of the Zambia Kwacha against other convertible currencies.

ZUFIAW President, Ackim Mweemba, says the labour movement is worried, because the deprecation of Kwacha will have severe impact on the living standards of workers and the poor.

In a statement to Breeze News, Mr. Mweemba alleges that it is common knowledge that workers in Zambia are poorly paid and further depreciation will have an impact on the prices of commodities.

He has appealed to the Bank of Zambia to effectively use its monetary policy instruments to ensure that the kwacha quickly stabilizes.

Mr. Mweemba further says that ZUFIAW is aware that such measures by the central bank are not sustainable in the long term.

He says that it is in this regard that the union calls on government to seriously work on formulating policies that would lead towards industrialization of the economy.

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