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By ZamChro Correspondent

Bank of Zambia says Zambia’s international reserves, now standing at US$ 1.7 billion, are the highest attained in the last 38 years.

Bank of Zambia Governor Caleb Fundanga said international reserves are expected to rise to about five months of import cover by the end of 2009. Dr Fundanga said this in Lusaka yesterday.

He said international reserves stood at US$1.4 billion before Zambia was hit by the global financial crisis.

“Having adequate reserves is important because if there is any external shock, the reserves can help to stabilise the Kwacha and cover up imports,” he said.

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