…prods Kelvin Chisanga: “Beat inflation by engaging on long term investment with proven financial security!
Beat inflation by engaging on long term investment with proven financial security!
By Kelvin Chisanga, Communications Specialist, in Lusaka, Zambia, Southern African Development Community (SADC)
This current economic furnace being undertaken shall spring forth giants and one out there, will ask a question how possible can someone survive on savings to beat the daunting heats of inflation.
Inflation rate is a fact of life and this is an obvious case if I qualify in that sense, inflation therefore represents the cost of goods and services and the increase rate recorded over time.
It is worthy to note that Zambia’s inflation will remain slightly above the upper bound, totally setting it away from the target range projected of 6-8% due to the weakening of near-term growth prospects, COVID -19 pandemic being the main panache characterizing liquidity challenges on the forex market as exchange is mechanically controlled with the closure of business activities between borders, which may also include many other risks, shock-related to financial stability.
Also as a nation, we are currently addressing huge fiscal deficits, elevated debt and debit service levels, high domestic arrears are also of considered view even though we are equally looking at policy adjustment modalities coupled with the implementation of austerity measures.
At the pace, our local currency – The Zambian Kwacha’s value is moving, there is no absolute measure that can be used to constrain it from free fall amidst this slow lockdown within the regional market. The value of your money in a few years’ time may not even afford to buy what you really want buy today. My humble advise is simply don’t let your hard-earned savings being made this year go to waste.
Go for a savings or smart investment plan that can grow your money’s worth to prepare of the impact of Inflation.