Reuters reports that Zambia’s New Central Bank Governor Christopher Mvunga said on Tuesday that he will uphold the operational independence of the Bank of Zambia in line with the law.
Zambian President Edgar Lungu summarily dismissed central bank governor Denny Kalyalya on Aug. 22 and replaced him with Mvunga, a former deputy finance minister.
The unexplained removal of the respected Bank of Zambia governor was controversial locally and globally, with critics saying it undermined the independence of the central bank.
The International Monetary Fund responded to the decision in August by saying that developing countries had enjoyed prosperity in recent years partly as a result of increased central bank independence.
“I would like to assure all stakeholders that the operational independence of the central bank will be retained,” Mvunga told media after he was sworn in.
“It will be in line with the relevant legislation such as the Bank of Zambia Act and also in line with the international best practice,” Mvunga added.
In a statement after the swearing in, Lungu urged Mvunga to work closely with the Finance ministry to stabilise the economy.
Lungu said there was need to stabilise the local currency and find more efficient ways of financing the purchase of farm inputs for small-scale farmers and managing oil procurement.
“The current efforts to address debt sustainability and reduce the country’s debt need to be sustained and a successful outcome achieved,” Lungu said.
Kalyalya, previously a World Bank executive director, was appointed in February 2015 and his contract was extended for five years in 2018.
Seen by political analysts as an ally and close friend of Lungu, Mvunga was most recently deputy secretary to the cabinet in the finance and economic development unit.
He was a senior auditor at Deloitte between 1988 and 1993 before working in the banking sector.
Yeah right.
Instead of going to work, go and prove the critics wrong – Third world, tough indeed
Excellent my brother. If there is something I have learned from you is that you know how to prove the critics wrong. Very intelligent man who will do great things at boz. Ala I can’t wait to spend my first kwacha with your name on it while the upnd diasporans foam with anger at mouth
Kekekeke, when did Zambia insult God imwe Bantu? Bank of Zambia given to drunk kapoli??
Wow wow…. Zambia is now ruled by Poor People’s Party. If Chris can be governor of a Bank, then why not give Mulyokela Ministry of Finance?
KZ am back from tour of duty, looked for any sane human being resembling that face in pink shirt in Zambia, every source was ignorant about this on-line KZ. Got a clue when Dora Siliya was in eastern province driving on dirt road to Lundazi and without shame addressing suffering people with hate speech to vote deceptive PF regime. I understand Kaizer Zulu is no longer part of government since charged with insubordination and removed from responsibilities. This was coming from PF government spokesperson interacting with a diasporan. Check mate.
Lol lol, lol, look at those saddists, no decent Zambian want to join their government, they end up appointing a destitute from alcoholic rehab as governor.
Ine uluse.
Congratulations Chris! A good appointment! Shame your critics!
What is this bookkeeper going to change? Is he going to tell his boss about reckless borrowing? Let us wait and see.
Muna dekane isolation in your mother’s basement is not being on a tour of duty. And to respond to your made up lies, please produce evidence of my firing due to insubordination. Any civil servant relieved of his or her duties is given an official letter which remains on record. This is public information which you can request to see. Welcome back from your covid self isolation in mummy’s basement
WHY ARE JOURNALISTS MAKING SO MUCH NOISE OVER A GOVERNOR’S APPOINTMENT? DONT THEY HAVE BETTER THINGS TO DO? A GOVERNOR IS NOT IN CHARGE OF THE ECONOMY
This statement that “Zambia owes $20B” please don’t include me. We need to audit everybody who has held a public office in the last 10 years. If possible including their families. You can’t enrich your families using public funds elyo mutufwike amala yambushi.
If you have a shortage of skilled manpower, swallow your pride and bring in from abroad. UK had a Canadian as Bank of England Governor for some years. There were no demonstrations in the streets for employing a foreigner. This new guy has no skills to demonstrate apart from being a good dancer. You are evolving backwards, and it is a tragedy.