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Alba Iulia
Thursday, February 27, 2020

Story of K23 billion vanishing is false-BoZ

Economy Story of K23 billion vanishing is false-BoZ

Bank of Zambia Governor Denny Kalyalya displays a Kwacha note to Journalists during a news briefing
Bank of Zambia Governor Denny Kalyalya displays a Kwacha note to Journalists during a news briefing

The Bank of Zambia has rubbished media reports that some K23 billion of recently printed bank notes has gone missing.

Some media reports indicate that the government has so far printed K23 billion in order to finance the wage bill and pay some Chinese contractors.

The reports indicate that the government has authorized the printing money.

But BoZ Deputy Governor Dr. Bwalya Ngandu says these reports are a total fabrication as there is a procedure in printing money.

And addressing a media briefing at the Central Bank on Tuesday,Governor, Dr. Denny Kalyalya said the story is part of Fake News.

Dr. Kalyalya says the Central Bank has operational autonomy as enshrined in the Constitution.

He said printing of currency is the preserve of the bank and is not subject to external influence.

The Governor said the issuance of currency follows a strict process guided by the law.

“There is a set process and timetable, and each stage is subject to audit. Social media reports that state otherwise are untrue. We must be wary of fake news and its potential to dent economies,” Dr. Kalyalya said.

“The Bank of Zambia has operational autonomy as enshrined in the Constitution. Printing of currency is the preserve of the Bank and is not subject to external influence. Issuance of currency follows a strict process guided by the law. There is a set process and timetable, and each stage is subject to audit. Social media reports that state otherwise are untrue. We must be wary of fake news and its potential to dent economies,” Dr. Kalyalya said

Bank of Zambia Governor Denny Kalyalya addresses a news briefing at the Bank Headquarters in Lusaka
Bank of Zambia Governor Denny Kalyalya addresses a news briefing at the Bank Headquarters in Lusaka

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19 COMMENTS

    • If there is anything we have learned about PF, it’s that rules and regulations mean nothing to them. So just because there are rules doesn’t mean they won’t break them or overlook them.
      Let’s watch this space. Zimbabwe tried to do the same. The result was hyper inflation and a drastic loss of value of the currency. It will be interesting to see how the kwacha performs over the coming weeks.
      You see ba PF, you can do things in secrete and think you are clever, but the economy can’t be manipulated. You misdeeds will come out in the numbers and ultimately in the pinch that the pockets of the ordinary zambians are feeling.

    • I have been saying this for a while now that I suspect this government has been printing money.

      There is no visibility or accountability in this process.

      One wonders why there are so much houses being built these PF thieves to launder this Kwacha.

      They even buy US Dollars in large quantities, resulting in Kwacha depreciation.

      Things will only get worse.

    • So the “Fake News” Trump refrain has caught the attention of many followers but to the song many people know better too. The sick economy tells the story behind the scenes. The denials are for local consumption as for those who have access to international watch groups generated information have better understanding!

    • This is why HH should not be allowed anywhere near the instruments of power. In his under 5 mind, the president is responsible for anything and everything. That is why his campaign is HH will fix it. Running a country is team work.

    • What PF administration says the opposite is the absolute truth. Its absolutely true that BOZ was instructed to print money by PF. Thats why the Kwacha has continued to slide down continuously.

      Zim tried to do the same while hiding the truth. But the Zim Dollar value showed the truth by weakening uncontrollably.

      By the end of this year the kwacha is going to fall to more K100 to a dollar if the PF continues to stay in power.

    • The question is “Are you printing money to that tune?” What preparations have you done for a possible spiral in inflation and currency depreciation that might be caused by the influx of printed money into the economy. Wapya munzi!

  1. There is no law in Zambia that can not be flouted or abused under the PF.The PF regime has appointed loyalists in all public institutions, including the Bank of Zambia, who are carrying out it`s survival agenda and are shamelessly defending it. I am sorry Mr Kalyalya ,Mr. Ngandu your statements are not enough to convince many of us.

  2. Printing money for the civil servant wage bill, ha. Now this explains the seeminly ghostly inflationary exhuberance that perpetually seems to haunt the Zambia economy. It’s the seat cost of being ruled by fools.

  3. Who doesn’t know PF. When they say something, they mean the exact opposite. Truth will come out in weeks or months ahead not press briefings.

  4. Which constitution??? The same one raped by Lungu and his PF friends with impunity? Tell us about the new presidential Jet and NDF, are they compliant with the constitution?? Just provide proof to prove otherwise. Don’t use Fake News as a deflection. Most of the so called Fake News is Real News based on facts and leaks. We are not that dumb and gullible.

  5. All these posters on here that think that the Zambian government owns the Bank Of Zambia need to catch a wake up call. It’s owned by private entities, the same ones that own most other central banks in the world. The Zambian government borrows money from them that needs to be repaid at an interest.

    • Three dislikes !? Really !? These are FACTS people, wake up to whom your real slavemasters are, They are not the Zambian government !

      “Give me control of a nation’s money and I care not who makes it’s laws” — Mayer Amschel Bauer Rothschild

  6. If this were fake news please catch the prankster and make an example out of him. Unless our security system has collapsed it can’t take long to catch such an alarmist. Please bite so we know you are serious

  7. Dr Dennis Kalyalya and Dr Bwalya Ngandu both are PERFECTLY CORRECT as they both are high profile Economists. It was not K23 billion which was printed and later stolen ,the correct amount which printed and stolen was K32 billion. Please K23 billion and K32 billion are different.
    When Zimbabwe printed the money under mucus running nose and always sleeping Mugabe,the inflation reached 231,000,000% the worst economic status of the country since earth’s creation or human existence on earth.
    Secondly the issue sending money to China as debt payment and paying delayed salaries are both wrong . The money will be sent to China next month and salaries will be by end of this month

  8. He is only denying that the K23billion has gone missing. He is not denying that any money has been printed – only that there is a procedure in doing so and no one else influences it as it is in the preserve of the Bank.

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