Seventy-three percent of Zambian exports have adversely been affected since the local currency started to gain against major currencies in November 2005, The Post reported Tuesday.

According to a recent assessment by the Bank of Zambia, seven percent of the exporters are favorably affected while 20 percent are not affected.

A sectional analysis from the bank indicates percentages of 82. 9 for agro-based business, 78 for tourism and 71 for the mining sector are in the band of those adversely affected by kwacha appreciation.

In the manufacturing sector about 56.8 percent of exporters are adversely affected, 15.9 percent favorably while 27.3 are not affected.

Assistant director of the macroeconomic analysis division of the central bank Noah Mutoti said the implications of these findings confirmed that there are business risk associated with a volatile exchange rate.

Kwacha has appreciated to 3,500 against one dollar now from 4, 200 kwacha in November 2005.

Source: Xinhua