Former Bank of Zambia Governor Caleb Fundanga
Former Bank of Zambia Governor Caleb Fundanga

Former Bank of Zambia (BoZ) Governor Caleb Fundanga has dismissed assertions that the Kwacha recent appreciation is artificial.

Dr. Fundanga says contrary to such suggestions, the gains the Kwacha is making are in fact real.

Zambia’s Central Bank Governor Caleb Fundanga gives a briefing on monetary policy implementation and its outcomes in the first quarter of 2010 in Lusaka May 13, 2010. REUTERS/Mackson Wasamunu
Caleb Fundanga

He says the strengthening of the Kwacha is as a result of the rise in the price of copper on the international market and measures the central bank has put in place.

In an interview with QTV News, Dr. Fundanga has wondered how therefore anyone can say that the strengthening of the Kwacha is artificial when measures the Bank of Zambia has put in place are real.

Dr. Fundanga who is also Executive Director at the Macroeconomic and Financial Management Institute of Eastern and Southern African says critics should be fair to the people at the Central Bank who are working over night to correct things.

He says he personally congratulates the Central Bank for the measures put in place which are now contributing to the stability of the Country’s money market.

And Dr. Fundanga notes that the strengthening of the Kwacha cannot overnight translate into the reduction of commodities prices.

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28 COMMENTS

  1. sir i suppose you also need to tutor hh on this issue coz he has no clue on governance. you have spoken well

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    • What an id.iot and fo.ol you are!! Cant you see that this story is from the 2010 Archives? Ar.sewhore! Read again and wake up man. This is how misleading LT has become – it is donci kubeba again. Caleb needs to sue LT.

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    • HH never rubbished the gains in the Kwacha. He simply said that the gains were short-term and Dr. Fundanga has rightly echoed that fact in his last sentence that the strengthening of the Kwacha cannot translate into reduction in commodities prices. Stop your unreasonable hate for HH – ldiot!

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    • @Chilyata. It not from the archives, it’s LT mix up, think they meant the picture of him talking is from that. Basically the date this article us published gives the clue it’s recent comment he made based on current events occurring.

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    • Chilyata which archives are talking about you must be a big fool that you cant even read simple english (Former Bank of Zambia (BoZ) Governor Caleb Fundanga has dismissed assertions that the Kwacha recent appreciation is artificial.)

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  2. What’s wrong with LT? What is the motive behind especially given that the Kwacha is currently falling inn value every day? This article is from the Archives in 2010 AND the heading says “Former” but LT is putting the story as if it is current!!
    LT has scored its own because this is only hurting the PF as this can only be interpreted as an attempt to mislead us in this current digital age when information is freely and easily available and people are highly enlightened. LT, you will not succeed with your “donchi kubeba” this time!

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  3. I hope that shallow minded kaloba lender Noel is listening to a guru on economics not a wannabe economist….we have been vindicated the sad thing is ECL cannot now grow on the strengthened kwacha..sad EZN for plot one

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    • @ellen :
      What an id.iot and fo.ol you are!! Can you read and understand? Cant you see that this story is from the 2010 Archives? Ar.sewhore! Read again and wake up man. This is how misleading LT has become – it is donci kubeba again. Caleb needs to sue LT. Ar.sewhore

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    • @Chilyata Ellen us correct to understand its recent. You read again and make sense of it yourself. It not from the archives, it’s LT mix up, think they meant the picture of him talking is from that. Basically the date this article us published gives the clue it’s recent comment he made based on current events occurring.

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  4. Ba LT… who is paying you?……. “Zambia’s Central Bank Governor Caleb Fundanga gives a briefing on monetary policy implementation and its outcomes in the first quarter of 2010 in Lusaka May 13, 2010”.
    Even if we say some of you guys are mentally retards, on this one you have beat your record. What are you saying?

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    • I suspect the “… May 13, 2010” statement was supposed to be a caption for the picture but inadvertently ended up in the body of the story.

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  5. LT What is this?. It does not just make sense. Caleb talking about the appreciation of the kwacha in 2010? 2016?.

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  6. This copy & paste habit by L.T is slowly exposing their true motive. L.T used to be a credible news source until this @KAPA187 (Kapa Kaumba) became a PF sympathizer

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  7. Re-do the article LT. In its current state it is ambiquos. SOme are already mislead that he said this in 2010 and are busy hauling insults at other inocent citozens who have deciphered that Dr. Fundanga spoke on the recent gain of the Kwacha.
    Please learn to write articles that are clear and unambiquos!

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  8. Ba LT! What a mix up! It’s like the way Lungu runs the country in a non-stop drunken stupor. You have to be totally drunk or high on something dangerous to the brain to fuc!up like this! This is a new addition to your normal grammatical errors and misspellings in virtually all your articles.

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  9. Why should Zambians feel bad when the Kwacha appreciates? By June this year most of the things in this country will be manageable and pleasing. if you are used to praying for bad things I feel sorry for you.

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  10. If if you think Zambian economy is worst off in the world, look at USA territory countries like Puerto Rico almost bankrupt.
    LETS GET BEHIND OUR COUNTRY IN PATRIOTIC DUTY.

    Read
    elitedaily(Dot)com/news/us-policy-continues-leave-puerto-rico-bankruptcy-limbo/1463390

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  11. @chilyata, the story only makes sense and logic if the second paragraph refers to a picture of Dr Fundanga speaking at an event in 2010, in that caption he is referred to as Central Bank Governor. But he is quoted as speaking as former governor. He is also referred to as Executive Director of a Macroeconomic and Finance institute, a position he only took after he left BoZ. In 2010 there was no QTV in Zambia. Is it that difficult to see the logical flow of the story? Why do you hate to hear anything positive about your country, the same country that you want to rule? Or is it just lack of ability to deduce a meaning from the written word?
    Anyway LT corrects the story, I expect that you would then believe Dr Fundanga. Most likely though, we would get another negative comment from the…

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    • dude…word of advice @terrible..there is no logic whatsoever when it comes to these guys…non, zilch, nada,….its actually true on both divides, Upnd and PF cadres…they refuse to see anything in its true position, as long as their point, or political opinion is not in question. i feel sorry for LusakaTimes, i can imagine what they go through to get us this news everyday without being insulted etc.This was a small mistake made by our friends at LT..leave them alone…..Let Aug please come soon…we need to have some semblance of calm in our country…

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  12. The price of metals on the market is now $6,923. The mining industry have started hiring human resource again

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  13. If people are praying for the Kwacha to remain volatile on the surrency market to have someone get to the state house, then development will remain a campign issue in Zambia. Assuming the Kwacha remains steady, patriotic Zambians should just thank the BOZ so that whoever wins the presidency this year can have a breather. The coutry’s improved standards of living will depend on GDP per capita income. Anyone who takes over the country from PF, assuming it ends that way, will spend his or her five years in office blaming EL for the poor economy even if EL will not be in the driver’s seat of the country. Let us not hope for DOOM to unstand the seating president, we can come up with new ideas to win elections.

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  14. ‘And Dr. Fundanga notes that the strengthening of the Kwacha cannot overnight translate into the reduction of commodities prices.’ Mr Fundanga or Dr , whatever , a silent month is a symbol of wisdom. Why became a cheer leader over cosmetic measures? What is your point? The fundamentals are not there to support a Kwacha recovery. There are many factors at play. One of the key issues I need to mention here , is structural inflation. This means that prices are flexible upwards and inflexible downwards. The Kwacha will never trade blow K9000 to a dollar, unless PF is booted out.

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  15. Just three months ago, Fundanga was urging the Bank of Zambia not to intervene in the market but to allow the so-called market forces to determine the Kwacha exchange rate. Today he is congratulating the Bank of Zambia for the measures it has taken to stabilise or strengthen the Kwacha exchanage rate. What does it mean both to condemn and to praise at the same time?

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