President Edgar Lungu has sworn in Denny Kalyalya as the new Bank of Zambia (BOZ) Governor following his ratification by Parliament last week.
Dr. Kalyalya takes over from Michael Gondwe who served as BOZ governor for the last three years.
President Lungu noted that the Zambia’s local currency, the Kwacha, was facing pressure against the United States dollar and other foreign convertible currencies.He has directed Dr. Kalyalya to quickly find a solution to the declining value of the Kwacha against the dollar and other foreign currencies.The Head of State was speaking at State House today when he swore in Dr. Kalyalya. He observed that other countries in the region were facing similar challenges of the devaluation of currencies.
President Lungu said Zambia’s economy was different from others hence her currency should not be allowed to drop further.The President noted that Dr. Kalyalya was suitable for the position due to his vast experience and qualification in the industry.He also urged Dr. Kalyalya to work closely with the Ministry of Finance in seeking solutions to the falling Kwacha.
And speaking to journalists after being sworn in, Dr. Kalyalya said that the devaluation of the Kwacha requires concerted efforts from all stakeholders.The Governor stated that there were many factors that have led to the falling of the Kwacha against the dollar hence the need for other stakeholders to be involved.He cited the imbalance between demand and supply and the failing copper prices as some of the major causes of the depreciation of the local currency.He noted that the country only depends on copper for export which he said affects the performance of the Kwacha once the price of the commodity declines.
Dr. Kalyalya said the Central Bank will play its role of managing the volatility of the exchange rate and reach out to the stakeholders who have a bearing on the performance of the local currency.
Parliament recently ratified the appointment of Dr. Kalyalya as the new Bank of Zambia (BOZ) Governor.President Edgar Lungu last month appointed the 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.
Dr. Kalyalya has worked for the Bank of Zambia for 14 years rising through the ranks to the position Deputy Governor for Operations from 2002 to 2010.During this period, inflation rates reduced from 29 percent to eight percent and lending rates from 45 percent to 21 percent.
Dr. Kalyalya holds a bachelor’s degree in Economics, two masters’ degrees and a PHD in the same field.
The swearing in ceremony was attended by Vice President Inonge Wina, Finance Minister Alexander Chikwanda, Minister of Information Chishimba Kambwili, Lusaka Province Minister Obvious Mwaliteta and Deputy Minister at State House Mulenga Sata.
Others that attended the ceremony are Gender Deputy Minister Obious Chisala, Secretary to the Cabinet Roland Msiska and other senior government officials.