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The local currency- the christian louboutin heels Kwacha- has taken a downward spiral since the coming into office of the new government of President Michael Sata in September last year, losing almost 10 percent against the US dollar over the last six months. The deputy head of the Central Bank Bwalya Ng'andu said the bank's prime desire for the exchange rate market is for it to remain stable and competitive and that it off-loaded 152.5 million dollars between January and March to moderate the depreciation of the local currency. "When christian louboutin daffodile the exchange rate is depreciating, interventions aimed at protecting the exchange rate at a certain level would result in the depletion of Zambia's foreign reserves thereby impacting negatively on the country's international obligations," he was quoted as saying by the paper. He however said the intervention in the foreign exchange market has its own limits and was for the purposes of mitigating instability in the exchange rate, adding that the central bank would not deplete christian louboutin discount its foreign reserves in cushioning the currency. The previous government left about 2 billion dollars in foreign reserves. Analysts have attributed the instability in the foreign exchange rate to inconsistencies on policy pronouncements by the current government. A Syrian official said Thursday that his country is working on the "final touches" of an observers ' protocol with the UN, a document aiming to regulate the work of the monitors on the ground.He also urged delegates attending the conference to stop chanting cheap christian louboutin shoes slogans against each other, saying ANC members should not treat one another with enmity. Earlier reports said the ANC would disband its youth league following the suspension of the league's president Julius Melama. But the ANC has refuted the reports as "untrue and misleading." Malema was suspended from the ANC for the second time on Wednesday for his anti-Zuma remarks. In November last year, Malema and five other top officials of the ANCYL were suspended from the ANC for dishonoring louboutin shoes the ANC by opposing its policies. In February, the ANC aggravated the five-year suspension to expulsion, but the party allowed Malema to appeal to the party's National Discipline Committee of Appeal (NDCA) to overturn the decision. If he fails, the ANC's National Executive Committee can review the verdict and expulsion. Malema is still waiting for the result of his appeal against his expulsion from the party by the NDCA. 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