The appreciation of Zambian currency kwacha against major currencies is sustainable if all players exploited its benefits to boost investment in their gains, Finance Minister Ng'andu Magande has said.

Sunday Mail quoted Ng'andu Magande as saying that strong kwacha, which is 3,400 against one US dollars currently compared with 4, 700 against one dollars six months ago, is due to increasing foreign exchange savings, high import earnings, more investments into the economy by locals and foreigners, and Zambians in the diaspora sending money home.

He said foreign exchange savings from debt relief will continue to be available up to 2050 and it is up to the private sector to exploit these benefits.

The minister said that while the government needs to create an enabling environment to maintain the strength of kwacha all the other players should play into their role too.

He urged exporters to use the enhanced currency to bring in more equipment to add value to their products and increase the volume of exports.

By the end of the year, 3.89 billion dollars out of the southern African country's total foreign debts of 7.1 billion will be written off, he said.

The minister said by mid-2006, his country's foreign debt will fall to 502 million dollars after a further debt forgiveness by the G-8 countries.

Source: Xinhua