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(LUSAKATIMES) Printing of fake notes by MMD has affected Zambian currency-Bob Sichinga

Printing of fake notes by MMD has affected Zambian currency-Bob Sichinga
TIME PUBLISHED - Tuesday, February 7, 2012, 9:04 am

Commerce minister Bob Sichinga has maintained that the MMD government printed illegal notes prior to the elections. Mr. Sichinga says commercial banks have since withdrawn some of the notes from circulation.

But the MMD has refuted the allegations by Mr. Sichinga. MMD deputy secretary Chembe Nyangu earlier said that the MMD was a responsible party which could not make any transactions that had the potential to distort the economy which the party worked so hard to build.

However Mr. Sichinga said that his statement has nothing to do with the distortion of the country’s economy but that the actions by the MMD government to print fake notes is what has affected the Zambian currency.

Last week Mr. Sichinga accused the MMD government of printing fake notes from China which they used to distribute in the villages during campaigns.

Mr Sichinga said that the money was printed in China and was dished out to rural areas to woo voters.

Mr Sichinga went on to say that part of the bogus K3 trillion had initially been intercepted at Nakonde Border Post in Muchinga Province by ‘vigilant’members of the public.

The minister said that it is disappointing to learn how the MMD used the illegal currency to manipulate the people in the rural areas adding that the money was only captured when it entered the banking system.

Mr. Sichinga could however not comment further on the matter saying it was the responsibility of the central bank and ministry of finance to indicate the measures that have been put in place to completely withdraw such money from circulation.

[Source: QFM]

Labels: KWACHA, MMD, ROBERT SICHINGA

posted by MrK @ 2:32 PM