Lusaka businessman Sean Tembo has written to Bank of Zambia Governor Denny Kalyalya demanding that the Central Bank releases financial statements for the year 2013, 2014 and 2015.
In the letter dated February 15 2016 obtained in Lusaka, Mr Tembo is demanding that the statements be released for verification purposes of the country’s foreign currency reserves.
Mr Tembo said he was prompted to write to Dr Kalyalya following an article in the Zambia Daily Mail of 12th February 2016 in which the Governor was quoted as saying that foreign reserves were intact at $2.9 million.
He said he has strong doubts about the factual correctness of the said assertion with regard to the country’s foreign reserves.
“In order for me and my business plan and more accurately project the country’s economic outlook and business operating environment, I need comfort with regard to factual correctness of the figure for our country’s foreign reserves. In this regard, I am requesting for your bank’s full set of financial years ending 2013, 2014 and 2015. These documents will assist me to examine movements in our foreign reserves in the recent past as well as what the current position really is,” the letter read.
Mr Tembo noted that his doubts about the actual correctness of the assertions by the Governor should not be misconstrued as an attempt to cast aspersions on Dr Kalyalya’s professional integrity which he said he still holds in high esteem.
PF thinks they can fool everyone
We dont need proof- we agree and it seems correct.
Anyone demanding have been smothered and thrown away at the time of conception.-you lucky tadpole
Stop it!!
Miles Sampa wouldnt be caught in these webs of mediocrity
Thanks
BB2014
Elyo lwanya (EL)! These crooks think all citizens are as gullible as their stupid cadres. I can’t wait to read these statements, if they exist, which i doubt. They must be audited to add credibility.
show me the money, show me the money show me the money
You can’t F.O.O.L everyone. At the height of Zambian’s economic activities the nation’s only reached $2bn and that was when MMD was in power. Show us the $2.9bn
Chris Mvunga just like Margaret Mwanakatwe are corporate rejects that were fired from their respective employment, that Edgar Lungu could appoint them to his Cabinet just shows his lack of good judgment. In short what Mvunga says , juts like what Mwanakatwe and Edgar say should not be taken serious
If they refuse to avail the statements, then we will have no option but conclude and confirm that they blew away the reserves. we will not take any b@lls$%t
You dont have to bloody know just trust him!
Biological mistakes.
Did you demand proof of Tunnels when told?
Did you demand proof your Mother was was a woman?- dont be a f’ool.
I am with Danny on this.
MS II is coming
Thanks
BB2014
Ba Mushota babeba move away before she collapses on you. Tamumfwafye naimwe. uko!!
Mushota is the Donald Trump of Lusaka Times
She/he is actually Donald Trumpsgender she/he’s the real deal and a necessary evil for LT. She/he’s wamuyayaya in terms of BB20149(note that there has never been BB2015 and there does not seem to be BB2016 in sight. She/he wanted to have MCS to be president forever and now she’s living with the hope that Miles Sampa, the closest we’ll ever get back to MCS, is back and has reincarnated as MS. Miles is a baby who has always been crying for sweets and chocolates. Brush this Miles chap (so called MS) aside and get on with mature politics.
Chris Mvunga just like Margaret Mwanakatwe are corporate rejects that were fired from their respective employment, that Edgar Lungu could appoint them to his Cabinet just shows his lack of good judgment. In short what Mvunga says , juts like what Mwanakatwe and Edgar say should not be taken serious
We all know that Mvunga is a Johannesburg drunk with some ACCA qualification
There are no reserves, PF has stolen all the monies, sorry Tempo and Zambians.
The country does not produce anything apart from copper whose prices are low, how do you think the country has been functioning and the source of funds for lungus travels.
Instead of you focusing on your issues you are worried about foreign reserves foolish
Why rush to complain??.Let the BOZ answer then you can insult all you want imwe ba dull UPND u will never rule.
Now ba pf, defend yourselves on this one too.
PF is the only party that ever meant well for the people of Zambia. Do not experiment with Hakainde’s UPND (HH). These are small detractors.
By over charging it’s own citizens for developmental projects making building of roads in Zambia the most expensive in the world, and in the process enriching them selves????
Comment:One PF cadre who hates HH braggin that his goin shoppin at one of biggest shopping malls on the copperBelt only 2 realise that HH is the majority shareholder in that Business Entity #SERIOUS AGONY Hahahahkikikipwapwapwa its seems like no matter how much you hate this man u Just can’t stop paying him and on top of that u will be giving him the presidence on the 11/07/2016 we are votin in numbers on the copaBelt 4 him.ViVA HH
HH is not even the share holder of mukuba mall. He denied those allegations himself and you want just Google it and prove yourself dull.
Ba Zambia
Kashinde ulenunka amafi Ch1kala. Who told you that Ichilema has shares in that mall, Kabwa iwe. No wonder you tongas are no different from banyamulenge
Dont give zambia to the devil.dont vote for shonongo,freemason,vampire,bloodsucker,human eater,vote wisely zambia is a christian nation..HH is a well known satanist
This is a matter of state security, since when does BOZ release classified information to every Jim and Jack? They can only do so if ordered by the court of law.
Where ever has a countries reserves been state secretes the world over?? Maybe north Korea. That is PF trying to hide there stealing and missmangment
You must be the dullest man on the planet!
Since when are the accounts of OUR MONEY classified information and a matter of state security?
Every civilised democratic Government in the world publishes this information on their websites DAILY!!!
The only possible reason for NOT DISCLOSING it is because the Government has been telling us LIES and does not want to be caught out!
The Bank of Zambia DOES NOT BELONG TO THE PF. IT BELONGS TO THE PEOPLE OF ZAMBIA!!!!
Comment:One Viva HH
Perhaps he meant $2.9 million? It’s an easy mistake to make – particularly if you work in banking!
It should be 2.5 billion otherwise we are in deep trouble if it was a mistake. There was 6 billion when PF took over, now we hear there is Zero or 2.5 million. Its a scandal.
WHO IS THIS STUP1D PERSON CALLED TEMBO WHO IS QUESTIONING THE GOVERNORS INTELIGENCY. ZAMBIA HAS A POOL OF STUPID PEOPLE MWA? HE SHOULD BE HH’S FRIEND. I SMELL OPOSITION POLICAL PARTY SOMEWHERE HERE. STUPID ID1OT
Every one has the right to know what reserves we have, why the secrecy???
Casper – for your information: …. take the UK’s Foreign Reserves …..UK International Reserves and Foreign Currency Liquidity data are published on a monthly basis in accordance with the IMF/G10’s Special Data Dissemination Standard (SDDS) using the IMF International Reserves Template. Summary data are published by HMT in a monthly press release, and on the third working day of every month.
On the contrary the Financials are in public domain if you have taken time to see the positions of Zambia’s Fiscal and monetary assets I have not seen the published though but I have seen and attended a class of analysts and the Financials of Bank of Zambia featured together with ZIM Namibia and of course South Africa
The reserve ratio as of April 2015 was at 18% up by 6% from previous April 2014
Fore a consolidated highlights of projects and Financials on BOZ CA and others please see the IMF Country Report No. 15/152
ZAMBIA
Bank od Zambia has the Accounts in order as assessed by IMF but requesting for official published I am sure its not Bad but should…
No wonder Lungu is bent on not reversing the grade 12 certificate,the crop surrounding him are just below th standard of global politics and economics.Just observe their commentary,itis always insults and intimidation.We brought it upon ourselves.How can even the president gain kudos when the crop supporting just insult and nothing to contribute.Take time to look at the Parliament website and profiles of pf Mps,except a few with traceable academic references otherwise you will be shocked.Then google the Nigerian senate profiles,surely if we had a debate on CNN between Nigerian senate and Zambian parliament,will be exposed as very naive country that allow substandard in our parliament.All this cadrism is born out of lack of knowledge.If they outwit me i will insult them syndrome
Ba Zambia – financial statements for Bank of Zambia to be state security you? Don’t you know that this is a public bank. I hope that is not the excuse we are going to get from these cadres. If Zamtrop could be exposed for abuse what about central bank which keeps reserves for other banks.
I am sure its not Bad but should there
See the wonderful report on country Zambia by IMF and BOZ IMF Country Report No. 15/152
Its good and Informative and forms a basis to analyse what the officials are saying
IMF Country Report No. 15/152
ZAMBIA 2015 ARTICLE IV CONSULTATION—PRESS RELEASE; STAFF REPORT; AND STATEMENT BY THE EXECUTIVE DIRECTOR FOR ZAMBIA
Check it and see Very Good projects
I have read the executive summary. Very good article, straight to the point. I feel much better!
When I looking for economic figures on Zambia I just go the World FactBook (maintained by the CIA)! There is a page on every country.
Mwalimu thanks!
rather prospects as assessed and confirmed by IMF
Sean Tembo is being naive and ignorant.The Bank Government is at liberty to say whatever figure he wants as reserves for the nation.I say this because the only legal document that will allow disclosure of government’s information is the Freedom of Information Bill which people have been fighting for enactment.In the absence of that proper document,Tembo has no right to ask the governor for such important information.Tembo should fight for such a document to be enacted before he forces the governor to disclose the secretes about the national reserves.As citizens,we need to fight tooth and nail for Freedom of Information bill to be enacted into law so that we are privy to salient information appertaining to our livelihood.
Bwana Mbaluso Sean has every right to ask the only problem is that the Bank governor is not compelled by any law or instrument to provide this information and accurately for that matter. Just so you know
Comment: this is serious guys lets not see each other insulting, let Boz answer that Q
Comment:@ HH techlema Hakahinde can’t comeout in the open and say I own Mukuba mall Bcoz his afraid of Victimisation by PF Govnt,But one fact is 4 sure he owns the Business Entity,the reason why u are disagreein with me is that u have an inferiority complex dat only a white man can own such an investment,Mind u most of this PF Riff Raffs work in his organisations without even knowing,their are what their 2day Bcoz of him.HH FOVERER
Comment:.HH FOVERER
He is such an *****. This information is posted on the BOZ website. The IMF and the World Bank also has this information on their websites. The financial statements he is asking for is also posted on the BOZ website. He is hoping the country has no reserves but he disappointed there is US$2.9 BILLION. Why would a governor lie about such a number? Bu UPND chabe. If they don’t have a message for the people, they shouldn’t lie. This is our country and we should all cherish. Not talking about negative things all the time. It is childish.
….and when the Bank of Zambia proof that we have $2.9 Billion dollars in reserves you still will say they have cooked the books.
I hope people will accept the figures and will praise the PF for its dedication to overcome the economic challenges we are facing and grow the economy.
From the comments above only @ walimu knows the importance of Tembos question. All enties are obliged by law to produce income and statement of financial position yearly.
Ni reserve yanyoko?
If ECL said he stole $2 billion you would believe
Kalyalya says we have $2 billion in reserves mushusha.. bushe reserves ni cash chabe? When you get the reply ba Tembo inform us twakomba…
Is it true that HH went to that school in Bweengwa? if it’s true it’s scary
For the year ended 31 December 2014 the Financials are on the website as published for 2013 at least We can see copies
For Yr. 2015 I think the audit is still in process to conclude and confirm the Financials remember year end is December 2015,only 2 months from year end and an entity like BOZ is to huge to be audited in Two Months Time Unless may be some MGT accounts or Interim or other as provided for now
Prospects look good
Lord envy, don’t be naïve. Please do your home work first before rushing out at others. The data you are looking for is on the website of BOZ.
I just downloaded the 2014 financial statements and did a quick calculation on foreign cash and bank accounts on the Balance Sheet (Statement of Financial Position – page 74)!
The figure is K19.19billion as 31 December 2014, converted to USD (K6.39/$) at that date it amounts to US$2.99billion.
It took me 10 minutes to come up with part of the answer to Mr Tembo’s letter. My response is based on publicly available information.
Zambians please let us improve on our reading culture!
Comment:Donald Trump2 thank you. There is too much pettiness in Zambia. If mr s tembo is so intelligent why not open a dollar account with your bank to sustain your business. Ubulanda kuli ba Tembo.
It was public knowledge that late president Mwanawasa left million of dollars in reserves at time of his death. Let the nation know if we have any surplus in reserves before the next government.
Visit the BOZ website, you and the Tembo, ala!
This information is posted on the BOZ website. The IMF and the World Bank also has this information on their websites. The financial statements he is asking for is also posted on the BOZ website. He is hoping the country has no reserves but he disappointed there is US$2.9 BILLION. Why would a governor lie about such a number? Bu UPND chabe. If they don’t have a message for the people, they shouldn’t lie. This is our country and we should all cherish. Not talking about negative things all the time. It is childish.
Exactly my point – this information is readily available. Atembo go to these sites or get the hard copy BOZ Annual Report. Since most of us Zambians do not like reading, you can then post your findings on this website for us to read.
I love this irrespective of which party is in power do not be afraid to exercise your democratic right…that money belongs to your grandchildren you have every right to enquire about it…it’s not like in a commercial bank where there is no physical money.
It’s about time Zambians woke up from their DOCILITY…I salute this man!!
Jay jay, there is nothing to salute. Being an economist I visit the BOZ website regularly. Immediately this Tembo doubted the BOZ governors’ information he should have consulted the recently producted IMF report 15/152 and checked on the BOZ website for the financial reports. The problem with tembo is he has no research and reading culture. Period!
Jay jay I agree with you on this point. A very frugal Zambian Mr. Tembo is. We need Zambians to question government and the opposition.
I just downloaded the 2014 financial statements and did a quick calculation on foreign cash and bank accounts on the Balance Sheet (Statement of Financial Position – page 74)!
The figure is K19.19billion as 31 December 2014, converted to USD (K6.39/$) at that date it amounts to US$2.99billion.
It took me 10 minutes to come up with part of the answer to Mr Tembo’s letter. My response is based on publicly available information.
Zambians please let us improve on our reading culture!
WE REPRESENT THE PEOPLE AND WE ARE DI-CLASSIFYING THOSE DOCUMENTS WITH IMMEDIATE EFFECT
Please read this quote from Jacob Zume, which I totally agree with him;
If you support PF, just a friendly advice for you. Kindly check with a nearest psychiatrist.
We Zambian just don’t read books. This information is well available in the Bank of Zambia Annual Reports which are released to the public. The reports go back to 1966 when the Bank was established.
if y undetstand,MBAa, BAcc,FCCA,FCPA, FZICA you will realise that this Tembo is actually a fellow, very high qualifications in the money world, but the level of suspicion/ Ignorance he is exhibiting is shocking.
You are very correct, I was at the BOZ website a moment ago.
I just downloaded the 2014 financial statements and did a quick calculation on foreign cash and bank accounts on the Balance Sheet (Statement of Financial Position – page 74)!
The figure is K19.19billion as 31 December 2014, converted to USD (K6.39/$) at that date it amounts to US$2.99billion.
It took me 10 minutes to come up with part of the answer to Mr Tembo’s letter. My response is based on publicly available information.
Zambians please let us improve on our reading culture!
I agree, there is no $2.9 Bn in BOZ but $2.89 Bn !
hahahahahahaha Bo Shi Nono Reloaded you are funny.
Imwe ba ***** who are saying the information is there on Boz website what are you using for browsing because i m just checking and there is nothing like how much is in the reserves or you are just as clueless,brainless,visionless,useless,drunkard and a lazy bum as edgar kaloba chakolwa lungu.
….Tembo has contradicted himself…….how does he question someone he still hold in high esteem…??
Where is Wynter Kabimba? Since he apologized to the Zambian people about what a bad boy he was during the Sata short tenure, he’s disappeared. By the way who fired him as Minister of legal affairs & SG? Was it AC or MCS or Dr Kaseba? This is of public interest.
That’s the problem with pseudo-intellectuals. You do not need to write to the Governor for statements. These are published regularly and you can even pick them up from the BOZ PR department if you can get them on their website. Mr. Tembo has let down his wise compatriots from the east by grandstanding and exhibiting his lack of common sense wisdom in public.
That Tembo is just being used for cheap political milage by a known regional political party because they have been singing about this for sometimes now, but what buffles me is that they claim to be economists and yet they dont know where to get this information from. What will happen when they become presidents? Agony is supporting some one who has lost elections four times in a a space of ten years.
How is he going to use the proof once shown to him? If you don’t have good use, DO NOT WASTE PEOPLES TIME.
HOW COME WE ARE STILL BORROWING MONEY IF WE HAVE 2.9 BILLION IN RESERVE ???????????????????????????????????????????????????????????????????????