Denny Kalyalya
Denny Kalyalya

PARLIAMENT has ratified the appointment of Denny Hamachila Kalyalya as the new Bank of Zambia (BOZ) governor.

President Edgar Lungu last month appointed the former World Bank executive director as governor pursuant to section 10(1) and (2) of the Bank of Zambia act of 1996 to serve for a period of not more than five years.

Moving the motion in parliament today, Mafinga member of parliament Catherine Namugala said the parliamentary select committee scrutinized Dr Kalyalya who was cleared by the Zambia Police, the Drug Enforcement Commission and the Anti Corruption Commission.

Ms Namugala further added that the committee took into account views from professional bodies such as the Economic Association of Zambia, Bankers Association of Zambia, Zambia Institute of Chartered Accountants and Transparency International Zambia who also supported the nominee.

The Mafinga law maker said her committee interacted with the nominee and the minister of finance Alexander Chikwanda who represented the appointing authority President Edgar Lungu and that her committee had no objection to his appointment as he meets the qualifications and experience criteria to head the Bank and stabilise the kwacha and reduce further the lending rates.

Dr Kalyalya has worked for the Bank of Zambia for 14 years rising to the rank of deputy governor operations from 2002 to 2010 where he is credited for reducing inflation from 29 per cent to eight per cent and lending rates from 45 per cent to 21 per cent from 2002 to 2010. Until his appointment Dr Kalyalya was an executive director at the World Bank for Africa. He hold a bachelor’s degree in Economics, two masters degree and a PHD in the same field.

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21 COMMENTS

  1. Well deserved. Good people deserve to have their faith rewarded. Mr. Kalyalya was deputy governor when Caleb Fundanga led the bank. He deserves it!

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    • ok good fit and nice choice. but why does Parliament ratifies? the only thing parliament ever blocked was appointment of Lombe Chibesakunda as CJ. other appointments in history have been rubber stamped by Parliament.

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    • Kalyalya is a dull economist. He wasted most of his life enjoying free money and doing two Masters and a Phd. He is that moron who sold Finance Bank for $5,000,000 to FNB a jew bank from South Africa. He is a bad news for Zambian entrepreneurs. Kwacha will nosedive.

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  2. …….if your car tyres are un-uniformly wearing out, when you fit new ones ensure that you do wheel alignment as well other wise it will be a zero job….yes, DK is the new tyre… the alignment(MoF) need to be adjusted as well….
    ….the LPM ‘car’ performed very well because of the good combination of Fundanga(tyres) and Magande(alignment)

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    • @Scrutinizerer
      As the adage goes: If the man at the top is dull, the whole system becomes dull.

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  3. Good, now this will only serve as a good appointment if Fossil Chikwanda is retired in National interest.You cant have such a smart guy being supervised by that kaloba addict.

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  4. Parliament ratifies appointment of Denny Kalyalya as the new Bank of Zambia?????????? How can he become the Bank of Zambia surely ba LT?

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  5. He can do everything about reducing exchange rate to a dollar because Zambia doesn’t determine the the price of her biggest exports.

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  6. He hold a bachelor’s degree in Economics, two masters degrees and a PHD in the same field……
    Mushota what about your PHDs etc??

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  7. The Kwacha is in deep waters,please salvage it by giving “cheap” loans to us emergent farmers to buy agri-machinery & small processing plants for maize,soya,mangoes,groundnuts,fish,milk etc.We will create employment & reduce hunger.The Kaponyas’ & street vending will die a natural death.I love Zambia.

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    • Zambia my Zambia, it appears no one cares, your currency is dying and your inhabitants do not seem to be bothered at all, perhaps because they are so busy making ends meet, not knowing where they will end up. Or could they be ignorant of the repercussion of the death of a currency? Your leaders are pretending that all is well, perhaps, they too, are ignorant. Then who do you turn to Zambia my Zambia?

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  8. PF Parliament is of ducks, they ratify and everthing seems okay. Once the chairs are rearranged on the deck the ratfication to them does not matter. Even a fool Chama has become a somebody in the aftremath of Sata’s death. What happened how can a party be lead by such a fool. PF work up.

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  9. @ james try and use some sane language when addressing people or issues at hand. It’s just cool to do that and your comment makes alot of sense. It doesn’t mean that when yu insult at zwd even here insults are allowed, no, not here please. Go back to zwd were such is a normal.

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  10. I sympathize with Dr Kalyalya. Not a good time to be governor. Too many expectations and pressure. He was better off at World bank. Besides, there is no framework for him to succeed. Poor finance min, arrogance, and just damn stup!dity in this pf govt

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  11. Congratulations mate! I felt that you would land this job someday and it has come to pass. Be focused but you have a tough assignment a head, like jakamudi implied in an earlier commented, you are good guy in a “c**spool”. I feel sorry, my friend, that you will really be soiled by this mess! You deserve better company!

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