 |
Zambia Suffers Economic Loss Due to US Terror Attack
The Bank of Zambia (BOZ) Tuesday said last Tuesday's terror attacks in the United States have had a negative effect on the Zambian economy because of the slump of copper price on the world market.
Jacob Mwanza, governor of the central bank, said at a press briefing that the price of copper has reduced from 85 cents per pound to 65 cents after the U.S. tragedy
BOZ is happy with the way major central banks across the world have responded to reverse the economic recession as a result of the terror attacks, he said.
He said "the price of copper depends on the vibrancy of the economy where copper is being demanded."
He also expressed satisfaction with the stable exchange rates in Zambia, attributing the stability to the improved supply of foreign exchange, which resulted from increased production in the mining and tourism sectors.
The governor said he is optimistic that the stability in the exchange rates will be maintained as long as supply of foreign exchange continues.
In This Section
|