The Private Sector Development Association (PSDA) chairman Yusuf Dodia has attributed the depreciation of the kwacha against major foreign convertible currencies to the drop in the copper prices on the international market.

The kwacha is losing grip breaching the K10 mark, while copper prices on the international market have dropped below the US$6, 000 a tonne.

PSDA Chairman Yusuf Dodia says the depreciation of the kwacha could also mean that there is shortage of foreign currencies on the market in Zambia.

Mr. Dodia, who is also an economist, says it is a clear that the mining industry is not bringing enough foreign currencies onto the Zambian market resulting in the kwacha loosing grip.

He is calling on the Bank of Zambia (BoZ) to quickly come up with interventions to stabilize the kwacha.