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Saturday, 16 August 2008

Quote of the week (Danny Kalyalya)

“We are working on the process of rebasing the Kwacha, this is not something that you can just say one morning you wake up that now we move on.....If you look at the Kwacha note, you will realise that the three zeros on our notes are small, it was really to try and prepare people that at an opportune time, we would be able to knock of those three zeros,’’

Danny Kalyalya, BOZ (Daily Mail)


  1. Not too long ago a Zambian economist based in Australia (who ever he was) suggested the slashing of zeros of the Kwacha and the matter was well debated and closed.

    Madagascar, whose currency, am not sure about now, was considerably weaker than the Kwacha solved their embarrassing situation by scarping it all together and releasing a new currency (with three zeros suspiciously missing).

    BOZ should be working on that model from what I see. Am more interested in what it ment for Gono across the Zambezi. What it meant for Gono was that real business (International trade) follows the forex market. The Kwacha would have to be bulish to unattainable levels to acheive a workable Kwacha to Dollar rate that wont mean carrying a suit case of cash to a forex bureau.

    The which ever pychological experts BOZ got to send suttle thoughts into the minds of Zambians that the zeros are disapearing are either super rich (I spend but doent see cash, or foreign consultants). Thats because a real Zambian never looks at the Value of the note. Its colour. Pass me a blue for two beers.

    So will we keep seeing newer notes with increasingly smaller zeros? At what cost? And when they finally go how much more will we waste in destroying old currency and printing 3 times the more?

    Whatever! I have K1000 in my pocket. Am going to use it to buy two cigarettes right now. Tomorrow it could cost me K1 to get as many. Am no kid. My daily allowance in 8th grade was K2 to go to school and have some lunch and pay my bus fare.

    Shouldn't we work at reversing rather than erasing? As long as profit margins in this country are only sustainable when in excess of 300% we shall have our 3 zeros of sanity.

    This is either the last kick of a dying political machinery (MMD) to win support ahead of 2011 (Article 36 aside) of a an head in the sad approach to global oil and food crisis.

  2. iam hearing rumours about Denny Kalyalya. Where has he gone?


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