Kwacha appreciates by 12% from 27th May, 2014 to date

The Ministry of Finance says it collected K2.32 Billion in revenue in May, 2014.
According to a statement issued to QFM News today by Ministry of Finance Public Relations officer Chileshe Kandeta, this was in form of revenues and grants.

Mr Kandeta says during the same period, expenditure amounted to K2.31 Billion.

He says total domestic revenues collected during the month of May amounted to K2.29 Billion above the programmed figure of K2.23 Billion by 2.9 percent.

Mr Kandeta explains that of the total domestic revenues collected, tax revenues amounted to K1.75 Billion while non-tax revenues amounted to K540.39 Million.

And the treasury has projected higher total expenditures for the third quarter largely due to disbursement of the bond proceeds towards beneficiary institutions that have so far submitted implementation plans or certificates of works.

Meanwhile the Ministry of Finance says the Kwacha has appreciated against the US Dollar by over 12% for the period from 27th May, 2014 to date, despite the high cost of capital and the inflation creep.

The treasury views this as the right direction towards economic stabilisation.

The ministry adds that it is also keenly observing the movements of copper in the international market.

The Ministry has observed an increase of world copper prices by 2.59 % over the last one week to USD6, 898.5 from USD6, 711.00 recorded on 17th June, 2014.

QFM NEWS