By MAIMBOLWA MULIKELELA –

A FINANCIAL Analyst Maambo Haamaundu has suggested that Government should revoke the Statutory Instrument (SI) Number 55 because it has failed to achieve its objective.
The move to introduce the SI has not helped matters in as far as strengthening the Kwacha was concerned.
According to Zanaco treasury newsletter, the Kwacha hit a new landmark as it fell through the K6 per United States dollar psychological barriers for the first time in more than five years.
Mr Haamaundu said it was important for the Government to reconsider revoking SI 55 which was meant to be one of the remedies to help strengthen the local unit  which has been under pressure from other covertible  foreign currencies since the SI was introduced last year.
“With the US dollar performing very well, this brings into question the implementation of the SI 55 by the Government and its effectiveness.” Mr Haamaundu noted.
The local currency continued to break new ground as made its steepest daily decline since late December last year to record a new low against the greenback.
Government introduced  SI 55, which empowered the Bank of Zambia to monitor inflows and outflows of  international transactions.
Prior to that, Government issued SI 33, which  seeks to  bring to an end the use of quoting or pricing of goods and services in American dollars in order to strengthen the Kwacha as a legal tender.
The  Kwacha before the introduction of the SI’s was much stronger than now trading around K5.30 compared to K6 today.
Mr Haamaundu said it was important for the Government to review the position of the SI.