Former Finance Minister in the MMD Government says there is need for Zambia to produce and export more in order to boost foreign reserves.
Ng’andu Magande tells Money FM News that therefore, there is need for proper collaboration between Ministries of Finance, Commerce, Trade and Industry and other key ministries to ensure that the country exports more.
Mr. Magande said the dwindling of foreign reserves shows that Zambia is not exporting enough and hence the need to increase production and export more.
He argued that the Bank of Zambia is not responsible for the boosting of the foreign reserves but that this is determined by the economy in terms of exports made by the country.
The Bank of Zambia indicated that the reserves have fallen to US$1.57 billion, 1.8 months’ worth of import cover.
Central Bank Governor, Dr. Denny Kalyalya said during the 2019 first Quarter Monetary Policy Rate Presentation that this was largely due to external debt servicing.

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