Saturday, June 22, 2024

Foreign Reserves sitting at US$ 3 billion – BOZ


The Bank of Zambia has disclosed that the Country’s international reserves are now sitting at US3 billion United States dollars, the Bank of Zambia has disclosed.

BOZ Governor, Denny Kalyalya said the current price of fuel was not in the measurement index for the month of June inflation which dropped to a single digit.

He said the central bank was aware of the concerns of the public who wondered why the inflation rate had dropped while the price of fuel had increased.

“As a central bank, we will work on maintaining this single digit for inflation so that over a period of time, the public can start seeing the reduction in prices of commodities,” he said.

Meanwhile BoZ Manager Foreign Reserves, Progress Zulu said the foreign reserves have now reached $3 billion representing three months of import cover.

Mr Zulu has attributed the rise in the reserved to the increased gold reserves, the resent Special Drawing Rights (SDR) and net purchases from the mines.

“In terms of reserves we are currently sitting at $3 million which comes to almost three months if import cover,” he said.

Mr Zulu was speaking during the media tour of BoZ stand at the ongoing Zambia International Trade Fair (ZITF) under the theme “promoting value addition for sustainable growth.

He said the central bank as of May this year purchased 1 metric ton of refined gold valued at $56 million.

Mr Zulu said the gold was not for sale but a reserve for the country.


  1. If it wasn’t for the war in Ukraine this country would have been transformed already by now.

  2. William banda you are a f00l and please stop using names that are not yours. Feel proud of your heritage and use your given names such as hachule hangandabala. Your fellow tribesman kalylya has failed once more. Your president selected a governor who had been fired, and thought he will achieve anything tangible with a formerly fired man haha

  3. Zambia is the only country in the whole world with inflation going down while commodity prices keep going up. Not sure what type of economists we have at bank of Zambia.

    • Correction: these computers that don’t know Chinyanja, one of the world’s most important languages. I posted:
      Okapi tiuze.

    • Not true sir, Gabon 1.2 from 2.9, Hong-Kong 1.2 from 1.3, Ivory Coast 3.5 from 4, Jamaica 10.9 from 11.8, Namibia 5.4 from 5.6, Zambia 9.7 from 10.2, its true across the world its gone up but its not true to say its only in Zambia. The Key thing is prices are going up, more higher in other countries more than others.

    • Inflammation is not at Zero percent. As such , you should expect prices to be going up but at a slower rate. So , Sir , do not show your ignorance in public.
      When inflation reaches zero or negative, then you can issue your statement

  4. Even if I hated those PF guys, with each day that passes UPND is swallowing its own lies. Uubomba mwibala left us $3billion in reserves! And New Dawn has been crying about finding nothing in the coffers. The other day Chushi told us Zambia is food secure. That certainly didn’t happen in 9 months.
    We will monitor these reserves. Noone should steal them,UPND or PF. But with a lap dog police force that focuses only on defamation of the president and a malfunctioning ACC these reserves will be fodder for the corrupt politicians that have invaded our governance.

  5. He has explained that fuel was not included in the calculation for inflation. That is what one does with data. You only publish what you want to fit the hypothesis.

    • Fuel pump price was increased on 1st July. How on earth can you include it in June Data? It’s indeed mind boggling

  6. Gov Kalyalya and HH show ’em PF thieves how its done good job.Those fullz bankrupted our Zambia and left only $1.3bn as Forex reserves yet Rupiah Banda left $3.5 at the end of his tenure.

  7. Zambia is a rich country but no
    Proper economic policy.No wonder
    Investors make their money in short space of time and laugh at
    Our investment policy.

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