DENNY KALYALYA SERVED FOUR FINANCE MINISTERS, YET THE KWACHA LOST VALUE SIGNIFICANTLY BY 367%

DENNY KALYALYA SERVED FOUR FINANCE MINISTERS, YET THE KWACHA LOST VALUE SIGNIFICANTLY BY 367%

We need to be mindful that the Bloomberg report on the Kwacha has ignored the fact that in the week leading to removal of Dr Denny Kalyalya, the Kwacha had slumped by more than 5.2% from K18.1/US$ to over K19.1/US$.

ACCORDING TO BLOOMBERG, from the time Mr Christopher Mvunga was appointed up to close of business yesterday, the Kwacha has slumped by 0.7%.

But according to records, from the time Dr Denny Kalyalya was appointed in February 2015 (K5.2/US$) to the time of his removal (K19.1/US$) the Kwacha had slumped by close to 367%.

Dr Kalyalya should explain how and why he should excuse himself from this.

Since 2015, Dr Bwalya Ng’andu is the 4th Minister of Finance (others being Alexander Chikwanda, Felix Mutati, Margaret Mwanakatwe).

PERHAPS it’s about time that a fresh mind took over at the Central Bank.

Economist.

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