Meanwhile, the weakness of advanced economies leads us to believe that they will hold on to their low monetary policy rates for a very long time. These low real interest rates help boost domestic demand in surplus economies with sound financial systems, like ours. The consequence is a global reaccommodation of the currencies: deficit countries depreciate their real exchange rates, while the rest of the world appreciate theirs. Within this context, the currencies of most emerging and/or commodity exporting economies are facing pressures for a real appreciation. The Chilean peso is part of this process of global parity re-accommodation. Our currency has appreciated significantly with respect to that of deficit-ridden economies: the US, the UK and, to a lesser extent, the Eurozone. However, it remains stable or has depreciated with respect to the currencies of other emerging or commodity exporting economies (figure 2). One problem is that not every country is contributing to the foreign exchange adjustment at the same pace. Such a disparity creates tensions in the world economy. In the Eurozone, the rigidity imposed by the single currency slows down the real exchange rate adjustment between economies that are going through very different stages in the cycle. In China, high savings and foreign exchange market interventions hinder the adjustment. This can amplify the effects on other currencies in emerging and commodity exporting economies. However, underlying pressures continue to manifest themselves in other ways. In the deficit economies of the Eurozone, the recession and its accompanying deflationary pressures depreciate the real exchange rate.
In this regard I would like to call upon other corporate entities and business houses in Lusaka and other cities around the country to emulate the efforts of the financial sector and help keep Zambia a beautiful, clean and healthy place to live in. I must hasten to mention here that, by undertaking such initiatives, we are in no way trying to take over the responsibility of the local authorities but merely supplementing their efforts of keeping the country clean and healthy. BIS Review 112/2009  1  Hon Minister, allow me to make an earnest appeal to the local authorities through “His Worship the Mayor” to assist in the maintenance of the islands by providing security to minimize the rampant vandalism, theft and destruction of plants and other essentials that occur on a daily basis. We also make a humble request to the Lusaka City Council to consider working on the water reticulation system, as this is one area posing a great challenge in the maintenance of the islands. Furthermore, there are still a number of places, which require urgent attention in the City. Your Worship, we have observed that a number of incomplete buildings have been abandoned posing a danger to the lives of many while others remain without a colour wash for years giving an unattractive sight to our beloved capital city.