President Edgar Lungu has reverted Dr. Bwalya Ng’andu to the Bank of Zambia as Deputy Government-Operations. Dr Ng’andu has been on secondment to the civil service as Permanent Secretary for Mchinga Province.
This is according to a statement released to the media by State House. In a letter addressed to Dr Ng’andu, the president said that there was a compelling need to use monetary policy to stimulate the economy and that it cannot be business as usual at this critical time of both the global and local economy.
“In January last year, you were reassigned to Government as Permanent Secretary. Just as at Bank of Zambia, you have of Deputy of Governor (Operations). This is a critical position especially at a time when we face intractable challenges in both the domestic and global economies. There is a compelling need to use monetary policy to stimulate the economy and it cannot be business as usual,” the President says in a letter to Dr Ng’andu.
“Our government’s proclaimed intention is to lower the interest rates in order for small businesses to access bank facilities has proved futile because the Central Bank has persistently been tightening even when the economic fundamentals suggested the opposite. It is my sincere hope that you will reinforce the Governor and initiate meaningful dialogue with commercial banks to close some avoidable loopholes that induce injurious outflows of our meagre foreign exchange.”