In Zambia President may step in to stem kwacha free fall: spokesman

The president cannot allow the national currency to collapse because of a false belief in a free market economy even when things are clear that the market won't fix itself.

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The new Zambian head of state President Edgar Lungu attends the opening ceremony of the 24th Ordinary session of the Assembly of Heads of State and Government of the African Union (AU) at the African Union headquarters in Ethiopia's capital Addis Ababa, January 30, 2015. REUTERS/Tiksa Negeri play The new Zambian head of state President Edgar Lungu attends the opening ceremony of the 24th Ordinary session of the Assembly of Heads of State and Government of the African Union (AU) at the African Union headquarters in Ethiopia's capital Addis Ababa, January 30, 2015. REUTERS/Tiksa Negeri (Reuters)
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Zambia's president will not allow the copper-exporting country's currency to collapse and may intervene to regulate markets, a government spokesman said on Monday, as the kwacha fell to new record lows against the dollar.

"The president cannot allow the national currency to collapse because of a false belief in a free market economy even when things are clear that the market won't fix itself. So the president could intervene, through the Treasury of course," presidential spokesman Amos Chanda told Reuters.

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