President Lungu receives the oath of office affidavit from Bank of Zambia governor Dennis Kalyalya during the swearing in ceremony at State house on Wednesday 18th March .Picture by Salim Henry State house
President Lungu receives the oath of office affidavit from Bank of Zambia governor Dennis Kalyalya during the swearing in ceremony at State house on Wednesday 18th March .Picture by Salim Henry State house
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.

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52 COMMENTS

  1. Let’s now out play the critics . no compromise ba Denny. Show them you are more qualified for the job .

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    • Please please ba Lungu , i know you read my comments , Remove Ba chikwanda twalafwa kunsala .

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    • Very funny…the president directed the new BOZ Governor to find a solution to weakening kwacha! How about not collapsing in public?

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    • GBM has taken his tu ma dollar to Sa hence the decline…buying himself tu ma Benz for himself ati gift from my wife…ba bemba che!

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    • Ba Kalyalya please bring down the kwacha to at least $1 : K5 by November coz that’s when I plan to buy my first car, Toyota Harrier Hybrid ,,,, you’ll punish me if the rate stays just like this please, I need to drive my car this year,,,yesterday the dollar was K7.5 and today its K7.6 does it mean the kwacha will be depreciating every year?? I hope by November it wont be K28.6 assuming we’re adding K0.1 daily up to November, then Oh no coz my Toyota Harrier hybrid for $8,000 will now cost me K228,000 instead of only K40,000 ,,,, WHATT!!!

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    • Ba Kalyalya please bring down the kwacha to at least $1 : K5 by November coz that’s when I plan to buy my first car, Toyota Harrier Hybrid ,,,, you’ll punish me if the rate stays just like this please, I need to drive my car this year,,,yesterday the dollar was K7.5 and today its K7.6 does it mean the kwacha will be depreciating every year?? I hope by November it wont be K28.6 assuming we’re adding K0.1 daily up to November, then Oh no coz my Toyota Harrier hybrid for $8,000 will now cost me K228,000 instead of only K40,000 ,,,, WHATT!!! kikikikikikikikiki kwena ifwe pa PF kuwayawayafye

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    • Lungu is asking Kalyalya to find quick solutions to the weakening the Kwacha.

      Unfortunately, there are no quick solutions. The only quick solution perhaps is for PF to get out of power, and let smart and knowledgeable people run the economy.

      Just like a person suffering from a cocktail of ailments, Zambia`s economic crisis is caused by a mix of a lot of factors which can only be fixed if PF is booted out of power. For now Zambians have to enjoy the effects of their choices..

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  2. Impressive credential; but done has a tough challenge. It like asking a doctor to cure an illness without empowering him with the necessary medicines. Good luck Danny!

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    • @ Done. Thanks,.. but Sorry for the confusing typo; the computer sometimes takes over the typing. Substitute “done” with ” Denny”.

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  3. Like the president correctly pointed out, the other currencies are under the same pressure from the dollar. The might dollar keeps on appreciating due to good news from the USA about their economy and its growth that has sparred high employment and high investment from the markets. They have rebounded nicely from the 2008 economic crash and are towering over every currency at the moment. we need to keep things in perspective instead of blaming all the time. I always say your blames are well received when they are objective not when you just are on blame mode no matter what. So EL haters, please hold your horses. This is not EL’s doing. It would be the case even if a different president was at the helm. There is very little EL and his team can really do to stem this tide.

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    • Don’t defend him so soon. The depreciation is not only about strong dollar. There has been no economic performance since pf came. The only plus is rebasing the kwacha and Eurobond. The foools cud not even conduct stress testing of the economy. So useless. Pf was the worst thing to happen to Zambia amid all the fooolish excitement. Even RB in his uselessness was far better.

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  4. Mr. President make Chikwanda Defense minister and look for a fresh mind not even Nawakwi or Magande.

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  5. I HOPE THE DOOLAR$ CAN REACH K10.00 I WANT TO DOUBLE MY MUSHROOM EXPORTS. MORE MONEY IN THE POCKET.

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  6. Please Dr Kalyalya, prove to the people of Zambia that your experience and qualifications are worth it. Drop the exchange rate to 1: 3Kwacha within 90 days. Leakage:

    Ministry of Finance please reduce borrowing.

    President Lungu, please talk to the Mines and settle the matter regarding taxes immediately. Consult experienced people, not Dr. Mpande of UNZA. He will mislead you. He is just academic. No industrial experience.

    Ministry of agriculture, produce more food and pay the farmers to improve the food security situation. Dissolve FRA immediately so that the fraud going on there is curbed.

    Tourism, please boost this and have deliberate policies to compete favorably in the region. e.g local ownership etc to avoid loss of revenew

    The above will see the Kwacha 1$ = 3K

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  7. This time to make money. They dollar will also limit Salaula cars from japan. Tu ma Spacio. Noah. Kolola. Hiace mini bus. These to ma free-to-air cars must be phased. Learn from GBM

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  8. The issue of the falling Zambian Kwacha needs urgent attention just like the shortage of fuel.Zambia has emerged victorious in the past when faced with such challenges.In the 1990s lending rates were as high as 100% over the years these were reduced to 21%.

    We can do it again.

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  9. Met a farmer who was very happy with the dollar because he exports Tobacco! Zambians reduce the appetite for the dollar, it is not your currency. I work for an international organization, I have more than enough Kwacha to help the under privileged! I just wish I had pegged my salary in USA dollar

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    • You’re dull. Kwacha going to the south only benefits businesses in export but it has a negative impact on the general populace. All the imported products you buy in supermarkets become expensive. I don’t think most Zambians will care about your tobacco farmer

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    • @9. Margaret

      Please be concerned about the weak Kwacha at the moment.For that farmer to export his tobacco, he had to invest in order to produce it.The long term effect is that it will be difficult to import machinery and chemicals that the farmer needs to remain in business.

      I don`t see the sense in the excitement of the farmer that you met.That farmer is yet to catch up with reality.

      For me i need the buying rate to remain in the range of 6.00ZM AND 6.3 buying and selling respectively. At that level, we can import machinery and other inputs that we need in production.

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  10. For as long as PF and it’s Govt continues with it’s chipante pante kind of leadership, Dr. Kalyalya with his vast experience and rich CV will amount to nothing. In as much as appreciate the swearing in of people day in day out, Chagwa should find time to address the current economic situation of our country. “Ask me of a country with poor economic managers and i will show you the exchange rate”.

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  11. …What happened to stepping down. I thought Nawakwi said that HEEL should step down.

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  12. Zambians are continue ring loosing jobs in lungu’s government. why!What is continuity?

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  13. Dombwa, know that for the president to identify talent like Danny he is addressing the very concerns you have.Don’t just criticise. For any coach to win he first starts by recruiting talented players.

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  14. chachine bane, tampeniko ukubomba fast fast coz I need the kwacha to be at $1 : K5 by November coz that’s when I am buying my first vehicle. I need to drive this year bane kaa

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  15. @Dombwa are you saying the President should all senior govt officials, all cabinet including BOZ governor and start working solo. Then what is the meaning of leadership? I think you guys ve a long way to grasp with reality.

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  16. What was the problem with MCS’ Gondwe nobantu? Does it mean every time there is change of government, we will be changing BOZGs as well? Where is that poor old man now, who was brought in all the way from another lucrative job at some regional bank, where do they want to shant him to?

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    • Please get facts right first Denny served his term as Executive Director with the World bank so he is not giving up a lucrative job but he has good credentials. Gondwe attained retirement age at the PTA Bank so he was a retiree but in typical Sata poor mentality he gave him a life his record is staring you in the face. Please Edgar can we have a new DG Admin this lady is holding office illegally because of Chikwanda

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  18. The new bank Governor well articulated the reasons for the kwacha depreciating and I wonder what quack economist HH will say. The fact is imbalance in the supply and demand in terms of exports and imports is cause. Zambia is importing everything including vegetables, potatoes, floor tiles etc. This is where Zambians must be empowered to make or grow locally some of the products being imported. So let us see what the liars will say.

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    • The liars and quacks are u pf maggots who had no plan for Zambia except stealing and tribalism with yo dead sata. Especially clueless pipo like jl.

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    • JL, in case you did not know, DK and HH have the same background. They come from the same home town, attended the same Secondary School and pursued the same Economics program at UNZA! So if you acknowledge that DK is that good can HH really be a quack and that bad? Is it not just becos DK has been appointed by EL that you acknowledge he is good, if it was HH who had appointed him & I am certain he would have, most of your like with your narrow mindedness would have been calling him names!Let’s face it, DK (the Financial Economist/ Monetary Policy analyst) is good and HH (the Economic Manager/Investment Portfolio specialist) is equally good. Then throw in a Magande, a Musokotwane or a Nawakwi at Cabinet; what a combination that would have been to turn our economy around! Wishful…

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  19. Monetary policy has to be sorted out since the fiscal policy will be sorted out by Denny. But ba Chikwanda can not manage the modern economic trends. Let ABC go to defence and ECL to find fresh economic brains and NOT Patrick Pankoloko Mvunga.

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    • I agree with you TRUE ZAMBIAN. I think the likes of SITUMBEKO MUSOKOTWANE can make a good combination. Remember it Musokotwane in charge of the Ministry of Finance when we faced the global financial crisis. Why not recall him on public demand.

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  20. I must not forget to thank ECL on the choice of Denny……Right person for the job. More of such quality appointments will shame the critics

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  21. What’s up with those chinese curtains. Couldn’t they find something Zambian like chitenge or Zambian colors?

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  22. ba danny work on the dollar i cant pay for my degree from usa because of high rate. god bless you danny

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  23. These r execellent appointments,u r the man we had all been waitin 4,and evrybdy in kitwe is behind your leadership sir

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  24. KA LUNGU HAS FINISHED TAX PAYER’S MONEY ALREADY, BARELY 2 MONTHS AFTER HE WAS SWORN IN AS STATE PRESIDENT.. KABWALALA OOYU! KALABBA MANINGI KANTU AAKA. AMUKAGWISYE KALAWA KALE!

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  25. Lungu is asking Kalyalya to find quick solutions to the weakening the Kwacha.

    Unfortunately, there are no quick solutions. The only quick solution perhaps is for PF to get out of power, and let smart and knowledgeable people run the economy.

    Just like a person suffering from a cocktail of ailments, Zambia`s economic crisis is caused by a mix of a lot of factors which can only be fixed if PF is booted out of power. For now Zambians have to enjoy the effects of their choices.

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  26. Alungu aziba kuti mu Tonga ndiye anga sove vuto ya economics and the run-away Kwacha, hence the digging out on Kalyalya…These guys are intellectually talented and are an action oriented lot on such matters…though not on politics

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    • @ Koma neo ininyokola Njala….khikikiki….maybe you are right…but in politics their was that great Anderson Mazoka…he was quite a collected gentleman more than HH….As regarding Kalyalya, lets wait and see, don’t forget the period cited in the article about his achievement, was also the time of the Billion Man, Magande(another great achiever) and it was also a HIPC completion point, Zambia had all its loan cancelled and had now more money to invest in its own sectors.

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  27. Over a period of time now, i have been analysing the comments from the two camps; UPND and PF.

    1. The comments from PF seem to indicate that they are only interested in seeing to it that HH does not rule zambia. They have no tangible economic reasons that led them to vote except to make sure that their candidate goes through whether he has a vision or not.

    2. the comments from UPND seem to indicate that they have a concern for the economy of the country, but they don’t seem to have the capacity to influence every body to follow them

    3. The two parties seem to keep distance on tribal lines; though it seems to be fading with time.

    4. The PF camp seem to realise that there are a lot of flaws in their leader, however, they are well bent on making sure that HH and his followers…

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  28. Am very impressed with comments here. Very mature and from truly concerned citizens who love their country. Please keep it up. This is how we tackle issues that are of national importance.

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  29. A great Tonga man indeed by the name of ng’andu magande who managed to bring the exchange rate to $1 = K3.50. This was a great achievement but Bwezani Banda fired him because he waz Tonga shame. Now its another Tonga by the name of Dr.D.H.Kalyalya an Economist like HH, let us wait and see what he will do for this economy. Do not let us down but if these pf thugs frustrate you, you are free to quit. All the best.

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  30. the xchange rate may not be so much about who is there as finance minister or BOZ governor but often about how whoever is there is capable of patronising those who make the dollar.The multinationals. They ‘ll always hold onto it and hoard it to hold our poor economy at ransom this time because of royalty tax.If kalyalya has to make any immediate impact his prime task should be to convince chikwanda to chew his own pen on this.

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