ZAMBIA’s international reserves at the Bank of Zambia (BoZ) have increased to US$2.5 billion as at end of June 2011 translating into four months prospective imports.
The major products that were exported during the period include mining, Non traditional exports accounting for US$1.2 billion and remittances in the excess of US$200 million.
BOZ economics director Emmanuel Pamu said with the US$2.5 billion international reserves recorded as at June 2011, the country has exceeded the target of US$2.3 billion set for the year.
Speaking at the BoZ briefing held at the Agricultural and Commercial show in Lusaka, Dr Pamu said projections are that the reserves will continue to grow adding that copper exports and other metals have also risen contributing to the economic growth.
He said the economy has managed to pick up tremendously despite the impact of the 2008 global financial crisis.
He said lending to the private sector and household personal loans have increased considerably.
Commenting on the exchange rate, Dr Pamu said the Kwacha has been stable which is important for a growing economy.
And BOZ deputy governor Austin Mwape has said that the central bank is on course to attain the seven percent target inflation set for this year.
Dr Mwape said Zambia has managed to maintain a single digit inflation rate at nine percent. This enhances the optimism that the targeted inflation rate will be reached.
“The good part of the year has been the stabilisation of the inflation and the exchange rate. We have managed to maintain quite a stable financial system,” Dr Mwape said.
Director of non-banking financial institutions Chisha Mwanakatwe said the central bank was impressed that personal loans have increased over the past four years because of the coming down of interest rates.
Mr Mwanakatwe said new banks in the market have extended a lot of personal loans which has created competition resulting in interest rates declining.
“The banking industry has been adequately capitalised; new entrants in the sector have played a vital role. The coming up of financial systems (commercial and non-banks) aggressively on the market has facilitated services to the people who never had access to borrowing and saving in the past,” he said.
[Zambia Daily Mail]
Nafuti nafuti……
Exceeding the target six months ahead of schedule. And when roads are being rehabilitated someone will say it’s politics, keep the money in the bank until after the elections. Marketeers are now saying that this is the man we should have given 27 years. You know who, nafuti nafuti……
How come the police have got no fuel despite this HUGE reserve??
No Medicine in the Hospitals, No teachers etc………
This has no real meaning to the 90% of suffering zedians
goodnews for new govt to start from
@3 Section_24
You must definetely be a PF cadre who talk and chant ”’Donchi Kubeba” before they comprehend the matter at hand and hate reading.I refer you to Paul Krugman’s book ”International Economics,Theory and Policy” atleast to remove that PF mist in your head.Reserves by the central bank are used for international transactions and paying for imports.
@ 1&2
You guys are spot on!!!
Well done Zambia. This cannot be achieved by The 90 Days Miracle Wonder.
some on from another thread wrote
“UNIP was in power for 27 years and atleast they built UNZA, CBA, Tazama pipeline, TAZARA, started ZNBC, Built Mwembeshi satellite ground station.”
I must add at least 80 % of Zambias infrastructure was by UNIP, and these shamless MMD theives try to con us for another 5 yrs to build more shopping malls ?
What has MMD built in 20yrs ? only shopright and spar ? Those reserves dont mean jack to the 90 % of zambians living on less than 2$/day. Those reserves only make it possible for RB and his gang to go on massive borrowing sprees.
Only? We are serious jockers
No beds in hospitals and Zambians can’t afford 3 simple meals a day! What a shame!
How much debt again?
APPLE (MAKERS OF IPHONE, IPAD ETC) HAS $78BILLION DOLLARS RESERVE!! COUNTRY OF UNDER-ACHIEVERS!!!!
US$2.5 Billion covers 3 months of Import Cover. This though does not bring bread on the table of Zambians nor translates into Jobs for Zambian youths. This is mere rethoric which the Zambian people have said no to. No more bulls’hitting Zambians with figures, they need tangible results, translated into 3 square meals and decent living conditions for a majority of the population.
@ #12 kuckleHead
And the US govt currently has a cash balance of $73 Billion dollars (less than Apple) so what’s your point??
hear ye hear ye hear ye.. 80% unemployment, no teachers in schools, nurses and doctors in the diaspora, no medicines in hospitals, get a prescription from the hospital and head for the chemist (those living in mulenga compound will have to make do with herds and roots), 10% living as middle income whilst 90% live on $1 per day. Public contracts given to freinds and relatives without due the due tendering process, corruption at civil offices you need ka ngwee to get your reg or passport (it is no longer an entitlement by citizens its a privilege)
hear ye hear ye hear ye, we have been hoodwinked by cosmetic development for the last 4 months and we chant nafuti nafuti
hear ye hear ye hear ye.
# 14 and the USA is about to default on their debt and possibly trigger another global recession! they are bankrupt my friend that’s why the worlds largest economy has a mere R74b with a couple of trillions in debt…
#8 these shopping malls are not even being built by MMD, they are being built by the private sector, i.e they are funded by entrepreneurs and business institutions out to make a profit, apart from the 3 month cosmetic road rehabilitation/re surfacing what major public project has this gov undertaken in the last 20 years?? eish people are soooooo blind. Manda hill, Arcades and all those nice places were built and are owned by private companies who put up their own money for them and are making a profit on YOUR salaries every month. visit your fellow African countries i.e South Africa and look at how they build 8 lane highways they don’t resurface they build with steel reinforcement underneath the tarmac, how they rebuilt OR Tambo Airport, Bridges, schools,hospitals etc. shame on you!
NAFUTI,NAFUTI,NAFUTI, VIVA MMD. Go forward RB. Do not relent.Great spirits always receive opposition from mediocre spirits
# 18 Blind loyalty ne???
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