Bank of Zambia (BOZ) Governor Michael Gondwe has stated that selected economic indicators tracked by the Central Bank continue to suggest that the real Growth Domestic Product (GDP) target of 6.5 percent for 2014 is likely to be achieved.
Dr Gondwe said this in his monetary policy statement obtained by ZANIS in Lusaka today.
The Central Bank Governor noted that in the agriculture sector, the stock of maize grain held by the Food Reserve Agency (FRA) rose by 276.7 percent to 1, 294, 213 metric tonnes at end of September from 343, 581.3 metric tonnes at end of June 2014.
He said rice stocks also rose by 37.6 percent to 2, 097 metric tonnes while stocks for maize were higher than the 500, 000 metric tonnes allocated in the 2014 budget.
Dr Gondwe stated that in the construction sector, the production of cement increased by 29.2 percent to 401, 104 metric tonnes from 310, 383.3 metric tonnes during the second quarter.
“With respect to the energy sector, electricity generation increased by 1.3 percent in the third quarter to 3, 554, 249 megawatt hours and on a year to date basis, electricity generation at 10, 027, 044 megawatt hours, was also 4.4 percent higher during the same period in 2013,” he said.
Dr. Gondwe further stated that in the tourism sector, the international passenger arrivals at the four international airports in the country increased by 10.3 percent in the third quarter to 175, 265.
He said the manufacturing sector also saw the production of clear beer and soft drinks rise by 20.8 percent and 2.6 percent respectively in the third quarter whilst the production of mineral water declined by 7.5 percent.
The Central Bank Governor further stated that preliminary data indicate that mining sector output might be lower than originally forecast at the beginning of the year, although the prospects for increased output over the medium term remain strong as new projects come on stream.
And on the Bank’s policy rate, Dr Gondwe said the Bank’s forecast is that inflation will remain within elevated levels of 7.9 percent throughout the rest of the year and into 2015.
He reiterated the Central Bank’s commitment to safeguard macroeconomic stability by focusing on the maintenance of price and financial sector remains well capitalised, profitable and stable, and that the fundamentals of the Zambian economy remain strong.
Dr. Gondwe said the Bank of Zambia remain confident that the growth target of 6.5 percent will be met, with the possibility of an even higher growth rate being achieved in 2014.
A good Governor doesn’t make headlines elsewhere
They are inconspicuous
You sir are making noise because Government is changing and you more than likely going to replaced -FACT
Thanks
Team Kaseba all the way.
Canadians are with you on your ascension to presidency.
Ba Mushota:
This morning at 00:01 my time, the Bank of Japan issued a statement on BOJ Monetary Policy. It contained the statistical data that the BOJ Policy Board members evaluate when making the latest interest rate decision, and provides detailed analysis of current and future economic conditions from the bank’s viewpoint.
In the US, this morning at 7:45 my time, Federal Reserve Governor Daniel Tarullo spoke at the The Clearing House Conference, in New York; members vote on where to set the nation’s key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy.
In the next 1 hour at 12:00 my time in Geneva, Swiss National Bank Governing Board Member Fritz Zurbrugg will be speaking about the Swiss economic policy, enough…
@Mushota
For once, I agree with you 100%. BOZ is also saying inflation in 2015 will be at 7.9%.
The roosters have finally come home to roost…oooh boy.
B R Mumba, Sr
Thank you for your unwarranted insight in the world of Finance, very interesting.
You trade shares?
A recapitulation of my view:- I was merely Implying that,
Gondwe’s statement is convenient to show what he is doing because the odds are that he is more than likely going to be replaced sooner than later.This was some form of free publicity to show us his worth.
The Kwacha has tumbled irreparably in the last 2-3 years ( Over K10 for a £1)
In relative terms something along the line of 40%.
It may not be his fault, but it would be understandable and expected that resultant and the ego of a new President, he is gone. SO are the Police chiefs, Military etal Justice power mongers, DEC etc.
That comes with the territory, you feeling me?
Thanks
The only one who can sort out Mumembe and his cartel is RB!
Vote RB 2015 to get our K 14 Billion back from Mumembe & Nchito!
Pleeeeeeeeeeeeeeeeeeeeeeease Zambians!
Ba Mushota:
The market is my life, I monitor it 24/7 and hedge my investments with fundamental analysis which you can only obtain by using proper data feeds from Central Banks of all major economies.
When the fundamentals are correctly interpreted, then your technical analysis falls in place because it rallies sentimental analysis.
For instance, I can tell that your sentimental analysis of Gondwe’s performance is based on your perception of ZMK devaluation by 40% since he took over.
However, a look at Euro vs. Swiss Franc shows a similar devaluation with different fundamental data throughput in same time reviewed.
Given that sentimental analysis gives rise to technical analysis, I would hedge trades bullishly against yours knowing you are bearish. I make a profit, you…
Parents marry off their young daughters to 30- 40- and even 50-year-old men, for money, because everyone’s so poor here. It’s poverty that’s driving all of this.
Oh boy! I cannot wait to see Gondwe Go! Bring back Caleb Fundanga!
I totally agree.
This morning at 00:01 my time, the Bank of Japan issued a statement on BOJ Monetary Policy. It contained the statistical data that the BOJ Policy Board members evaluate when making the latest interest rate decision, and provides detailed analysis of current and future economic conditions from the bank’s viewpoint.
In the US, this morning at 7:45 my time, Federal Reserve Governor Daniel Tarullo spoke at the The Clearing House Conference, in New York; members vote on where to set the nation’s key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy.
In the next 1 hour at 12:00 my time in Geneva, Swiss National Bank Governing Board Member Fritz Zurbrugg will be speaking about the Swiss economic policy, enough said.
THE CARTEL VS THE PEOPLE
Dear Editor allow me time and space on your web to share my heartfelt disappoint with what is happening in our country where only 5 people and their cronies are tearing this country apart because of their insatiable appetite to rule and control Government and all its systems.
Surely do we need to wait for an angel to come and tell us that Membe, Mutembo nchito, Matani and their cronies are behind the in fights in PF? Do we need to go in the streets to demonstrate against the conduct of the Cartel with their instrument Guy Scott? Where are the law enforcers, the army, the Court Judges, and other senior citizens when a few insects in the name of the Cartel are almost putting this Country in problems? Are these noble men and women part of the evil Cartel? Are they…
No sir, the Cartel are a myth. Stop reading too much propaganda. get another degree and you will start seeing what we are seeing.
For now I have answered you as the Part time Editor of LT
Need I remind you even the cartel is an imaginary term that is meant to sell newspapers.
The democracy you are craving for is just a feeler for textbooks. There is no such thing as a Democratic country, or Christian Nation. Those imaginary terms are meant for people who buy newspapers in this DNA or those who buy CD’s instead of media drives.
Any more questions Mr Kazembe? Please feel free to ask and i am happy to answer you as clear as I have just done.
Stop smiling sir.
Thanks
@Chils,
What Canadians are you representing? Most Canadians I know don’t understand how a country with intelligent people like Zambia elected Sata. They detest PF and it’s policies. They’re however relieved to think that a new leader, perhaps a good one, is going to be elected and use their money more prudently.
Just go back to Zambia Choma
You sound an illegal resident in canada.
Both of you are no representatives of Canada and are a disgrace to the noble country of the nation of Zambia
Who ever is elected the President next year will more than likely be not as good as President sata- So stop insinuating you are likely yo have a better President.
Who would you vote for?
Loook! Look behind you , immigration officials may catch you.
Thanks
@Mushota,
Unfortunately, I would never engage people like you in an intelligent conversation. Try someone else. By the way nothing wrong with coming from Choma. Like we say “Choma Maanu wabula maanu chakulya.” A land that only produces smart people.
@ choma maanu,
Gondwe is not going anywhere. He has done fine work so far. PF will remain in power for as long as possible. For your own information, it is only the president of PF who will appear new in the party and republican seats in January 2015, but all structures will remain intact. Gondwe, all the way with Sata legacy.
Gondwe,well done my friend to wake up at last to give us this insight.
However,it was too little too late….kuya bebele………….
we need inteligent , young and an articulate governor for the central bank like Dambisa moyo or Mizinga melu.
Thanks
Choma Maanu responding to useless chaps like Mushota is dignifying their comments. My brother you are way above that. She is as empty as a tin and can tell she went to a private school in Zambia because even her analysis is so shallow.
Here in the diaspora, a Monetory Policy Statement (MPS) is something which everyone waits for. They read through it over and over because it guides the economic fundamentals of a nation and sets a tone on how the economic experts will manage affairs of a nation.
In Zambia, instead of poeple regarding this as important, bloggers are commenting on political candidates on this important news item !! Call this lack of manners or mere embecility ?
I now understand when they say literacy levels in Zambia is around 35 – 40% while Tunisia and Zimbabwe are well above 92%.