President Edgar Lungu has fired Bank of Zambia Governor Dr Denny Kalyalya with immediate effect and replaced him with Deputy Secretary to the Cabinet Christopher Mvunga.
The sudden changes at the Central Bank were confirmed in a statement released by State House Saturday evening.
According to the statement released to the media, President Lungu has appointed Deputy Secretary to the Cabinet – Finance and Economic Development. Mr Christopher Mphanza
MVunga as the new Bank of Zambia Governor subject to ratification by the National Assembly.
President Lungu has also appointed Ministry of National Development Planning director development planning, Dr Mike Masiye as Deputy Secretary to
the Cabinet Finance and Economic Development, taking over from Mr. MVungda.
The President has wished Dr Kalyalya well in his future endeavours and wished Mr. Mvunga and Dr. Masiye, respectively, success in their new roles.
No Reasons were given for Dr. Kalyalya’s dismissal.
It was coming, especially after his honest statement about Zambia’s economic outlook
I thought so too.
The truth has set him free.
The reason because he is a Tonga period
Because he is a Tonga period
zikolino izavuta
This is nice .it has really helped me in terms of updates.
I saw it coming but he was just being truthful. The economic landscape is a disaster in this country. The over-borrowing has completely eclipsed bright ideas to salvage the economy. Mvunga will do nothing about it its all done and dusted – kwasila. The tuma Yes bwana savages are a big let down in this country.
Disaster!!!
He will just worsen things, printing money and further sending us down slippery slope with high inflation, interest rates…economy really sick…
Bracing for hyperinflation ine.
True…hyper??
??
Mvunga will just turn all the economic graphs upsidedown and all will be well again for his boss!! Perhaps they now want to print money.
I think so too leading to hyper inflation etc…
Zimbabwe here we come!
Economy is Tanking where to hide who to blame…. we can’t wait for 2021
Well the PF don’t like honest people who stand their ground and call a spade what it is. Mvunga will be fired next.
Dr kalyelye called a spade a spade and not a big spoon.for that,he has lost his job.
LUNGU IA NOT SERIOUS WHAT QUALIFICATION DOES CHRIS HAVE? THE MAN IS SO USELESS CHILDISH AND A DRUNKED. THIS IS STUPID AND I CRY FOR MY COUNTRY. IF SERIOUS WHY NOT APPOINT YOUNG GIRLS LIKE MIZINGA MELU??
Part and parcel of life. No job is permanent. There is a reason we have a leader who manages affairs of the nation as well as role holders. If the president feels that a particular person is not working in line with the overall objectives of government, then it is incumbent upon him to shuffle key positions. Mr Kalyalya has been in that position for a couple of years and you cannot say his dismissal is an abrupt use of power. All key positions are assessed against key objectives and where one does not meet key indicators then decisions are made on the best way forward. i am sure all of you in your jobs have objectives with consequences if you do not achieve them. Nothing sinister here. let us move on. I am wishing my brothers Dr Mike Masiye and Mvunga all the best in their new roles. i…
‘…drunked… ‘ Must be a new word?
Really laughable…let the printing of the Kwacha begin…this chap Mvunga is not even an Economist but this passed Lazy Lungu again..am sure they were drinking together last night.
Who said you needed to be an economist to be a governor of a central bank. I would like to see the job description which is like saying that to be president of a country you should have been a president. Ever heard of the word competency? Very full diasporans. What do you guys do abroad to be this f00lish
Who said you needed to be an economist to be a governor of a central bank. I would like to see the job description which is like saying that to be president of a country you should have been a president. Ever heard of the word competency? Very full diasporans. What do you guys do abroad to be this f00lish. Kz
Who said you needed to be an economist to be a governor of a central bank. I would like to see the job description which is like saying that to be president of a country you should have been a president. Ever heard of the word competency? Very full diasporans. What do you guys do abroad to be this f00lish. Kz @ tarino continue laughing like a mad man
The final nail to the economic coffin is done and sealed. Look to yourself to survive. Dont trust anybody. I wish my fellow youth can learn to live their full lives regardless of who is in state house
KZ, why do you repeat your postings, we hears you the first time.
Dr Kalyalya was an obstacle to the ECL Govt which wishes to print money like confetti to finance PF Election Campaigns. By the time that we hold Elections in August 2021, Zambia will be experiencing Hyperinflation caused by excessive and reckless printing of money. The writing is on the wall.
This will play out quite well; it will assist in kicking out these thugs…
Very sad. Kalyalya fired for his tribe and replaced by Lungu’s tribesmen. The Dictator Lungu has just realised that he has no where to go; he has no plans and no vision. He feels insecure working with other tribes but Lungu is going and has to go.
Mvunga is a drunkard and has no credible banking experience. Lungu wants to print money to finance the PF election and doesn’t care because he is going.
The Kwacha will be tumble to the bottom and the economy will be totally destroyed before the new government comes in next year.
Surely. olo ni discretion
We can do what we want! We fired him for being a useless Tonga. Kz
if you see a post being repeated, just know someone is using slow internet
We can do what we want! We fired him for being a useless Tonga. Kzulu
to be honest kalyalya was a big failure at BOZ i dont know why the president took too long to see that this man was doing nothing but to black mail the president look at how he has accelerated the the down fall of our kwacha,
no senseble zambian should wish failure s like danny success in life our imports are hard hit because our kwacha terribly bleeding against US dollar,
sad ending for danny because of flip flop policies at BOZ
our dollar exchange should be brought to below k15 at least not where this kalyalya has left it poor economist in zambia
@sky lab kayipushe lusaka times olo ban0k0.
@ tarino you dull clone, next time ensure you change your email address to the clone account before posting. You have been caught out. I knew it was you cloning me. Very childish
But people what can be done…..it’s so depressing……people destroying our country ssurely tuletambafye…..This party affiliation has killed our brains…..its a cancer and needs to be rooted out before this country turns into a mafia state! shame, shame and more shame to all who are in support of the nonsense going on….believe me dictators are actually made!
mphangela
“……our dollar exchange should be brought to below k15 at least not where this kalyalya has left it poor economist in zambia…..”
Hehehehe ……..
How can BOZ improve the Kwacha with a rotten economy ???
You have to wounder how Some people think……
ECL should have appointed hh to head BOZ. Opportunity missed???
I see..
Filapwa fikapwa
Danny has been refusing lungu to deplete what is left of the $3 billion forigne reserves he found….
He is on record saying he would rather resign than have that money chewed into by the the utterly incompetent and hapless lungu…
Ok so remember what i said…..i told you guys Fundanga will be fired…and in less than 48 hrs he is out….Kaizar Zulu…so now you know that Anonymous is not a small boy……but just know am not Partisan
The Zambian Kwacha will quickly lose value in anticipation of fears of the Govt printing money. It was thought that Kalyalya was resisting Govt Pressure to print money to finance PF Election Campaigns. The Election season is upon us so BOZ will be ordered to borrow and print money like its from Heaven. Zambians must brace for hyperinflation as we approach the August 2021 Elections. Increased money supply will lead to higher prices of consumer goods and services. Just wait and see!
Dr Kenny Kalyalya was born in Monze and must have been fired in the National Interest to accommodate Mr Mvunga an Easterner. Under ECL that is a familiar practice.
Dr. Denny Kalyalya seems like a good man. He needs to quickly begin to spill the beans. Speak up, Dr Kalyalya. Let us know what corrupt pressure this PF crime syndicate had put you under.
Even if things are bad in your house, to go out and start issuing statements to your relatives against your spouse it’s not wisdom. Mr Kalyelye statements were contributing to the down fall of the economy particularly the exchange rates. If the governor loses hope in the economy where does that place the rest?
Now, imagine a drunk signature on your currency????!!!!!
Am telling you this Lungu guy is a curse to this country
Huge congratulations to my Uncle Chris. Yesssssss!!!!
@MPHANGELA, naulya ka pushi?
The lab koswe has failed to rig the economy
He wants a f00l who can just print him money for illegal campaigns for unconstitutional third terms. illogical and absurd.
Firing Dr. Kalyalya for a statement he made is not in the best interest of the country. Reason, we have to deal with negativity and positivity so that we can grew economy. For a vehicle to get cranked, a positive and negative connections needed to be connected to a battery. Without informing the citizens about negatives which affects the economy, how can citizens who know how to grew economy offer positive suggestions to the government. The economy effect every Zambian that’s why we need to know where the problem is. It is a waste of time shooting at the enemy you have not seen. First, you must locate and enemy before you shoot. It is like spending money on projects that will never grow economy (example, investing money in Zambia Airways at a wrong time). Burying the truth in the sand…
Dr Kenny Kalyalya had to be fired becoz he was no longer fit for purpose to the PF Govt. We are entering an Election Season where the ECL PF Govt requires a lot of Money for the 2021 Elections. Dr Kenny Kalyalya is a stumbling block in the implementation of Expansionary Monetary Policy leading to the August 2021 Elections. This Election is a do or die matter for ECL PF Govt therefore millions of Money is required to finance the Elections. Winning the upcoming Elections is a priority to the Ruling Party and detractors like Dr Kenny Kalyalya had fall by the wayside. Goodbye Kenny!
The truth remains Dr kalyalya was the worst governer of BOZ zambia has ever had, lead us to have the kwacha dollar to stupid levels of where it is now
if he had economic competences things could not have reached this level.
Look at where the blame is going, some of his tribemates are blaming the president for thingbias they least understand
IF danny had differed with the government policies resigning was the best madicine for professionals or at least he could have declined the job offer in the first place
zambia has problems indeed with the so called professionals, ranging from medical doctors, engineers, lawyers economists.
let danny just rest we are tired indeed
Dr Kalyalya is a very decent man with a clean track record. He happens to be Tonga and easy to sacrifice.
Denny may have been right but best to speak about it in private. We wish the new guard all the best once parle ratifies the proposed appointment.
Change is sometimes good.
Not really a constitutional office if the holder can be sacked without even being given a chance to clear his desk, hand over to his successor and bid farewell to staff.
Blaming Danny for the Kwacha being in ICU on a ventilator is like a headmaster blaming the school grounds keeper for poor student exam results …………..
The truth is Danny refused to hand over to lungu what is left of the foreign reserves
The problem in Africa generally is that when one finds himself in the office of President they think they’re some kind of deity whose actions and inactions mustn’t be questioned. They think by just waking from sleep at any time and make major pronouncements while still scratching their balls then they’re being in charge. Ivory Coast is again in trouble because of 1 person. He knows that what he’s doing is wrong but he goes ahead. Let’s to respect the rules we set for ourselves and the institutions that run them.
The country has gone to the dogs . It is now going to change from two million Kwacha loose change for Tasila’s shopping to 100 million Kwacha . Yesterday I saw a fool walking to some dodge radio station dishing stolen tax payers money to the poor people of Zambia .What has Zambia done to deserve these thieves ?
Lungu is one of the most incompetent leaders in Africa…..,…
On top of his incompetence as a president , he is one of the most corrupt and violent on the continent
His supporters point at the development around them , we say anybody can do that with borrowed money lungu has had , he has failed to grow the economy with all economic indicators going down hill ever since he became president , period.
Whether Lungu fires this governor & replaces him with his puppet won’t improve things. Drunkard Mwanakatwe was fired, what changed? Nothing. Things keep going down. Zambians we must all agree that the fundamentals of our economy are wrong. This government has not improved anything. This economy were everybody goes to other countries to import things for sale is what leaves us here. With covid boarders everywhere are closed. So our economy is stuck. This govt has only focused on grading the same roads kk left. No factories have been established. We need local processing of even the basic agricultural things we producing. And export to earn forex. As a country we also can’t afford this situation were our copper is dug & exported & the money goes out. In simple language, Zambia needs self…
I am surprised that Kaizer Zulu says that one doesn’t need to be an Economist to be governor of the Central bank but always insists that HH should have served in a public office before being President. Mmmm, chiwamila chimbwi.
I guess the ex BOZ governor didn’t want to follow instructions from Edgar China Lungu to steal even more from Zambia’s coffers
Edgar China Lungu should have appointed Kaizar Zulu as the new BOZ governor: then all Zambia’s money would have disappeared in one second!
@Kaizer Zulu. The constitution of Zambia states the qualifications of Bank of Zambia governor as ‘a person who has specialised training and experience in economics, finance, accounting, banking, law or other field relevant to banking, as prescribed.’
For such a sensitive position, I would have thought the President would be humble enough to provide the world some explanation that gives some hope that he has a plan of steering the ship out of the stormy weather. That kind action can calm the nerves, even when the plan doesn’t work in the end.
Mvunga appointment is not good for Zambia. Isn’t Mvunga a drunkard mwebantu? This appointment mwandi kaya???……. To me Dr Kalyalya seems much more sober-minded than Mvunga. We wish you a happy life Dr Kalyalya. You meant well in every decision you made at BOZ
Charles you have proved my point. It does not state that economics is mandatory. Either of those you have listed will suffice. Simple English
Charles you have proved my point. It does not state that economics is mandatory. Either of those you have listed will suffice. Simple English . Kz
The only reason upnd are up in arms is because kalyalya is from a certain tribe. Very tribal bunch
Mr Masiye Banda replaces Dr Chileshe Mulenga ,Christopher Mvunga replaces Dr Denn Kalyalya and Mr Mike Masiye replaces Christopher Mvunga really are there no other Zambians from other provinces competent to do a better job and u in PF think this is ok
Mr Masiye Banda replaces Dr Chileshe Mulenga ,Christopher Mvunga replaces Dr Denn Kalyalya and Mr Mike Masiye replaces Christopher Mvunga really are there no other Zambians from other provinces competent to do a better job and u in PF think this is ok.Cry my beloved country
Education is not like sport especially football. The man will just rest a bit out of his own volition.His expertise will be needed by other countries. Those are very advanced levels in life. He is not a frustrated man. He is a professional not a politicians who kills for him to be elected. It is just a stroke of a pen and is employed in a better environment than political one. Christopher Mvunga is a play boy who will not be taken seriously. Such jobs require people who are serious in life,not play boys. These are what I call disgraceful appointment.
Wrong appointment…isnt this play boy who’s always drunk….how do you appoint such a person to head a biggest financial institution in the country….we will end up worse than Zimbabwe…and Greece combined…relatives already struggling to withdraw money from Western union due to non availability of funds….am sure Diasporans can attest to this..
Please just ignore the shameless UK based troll impostor…all he wants is for you to wallow in the mud with him and urge about tribe which only he himself is aware of…he has no affiliation to PF just a daft attention seeker like Bowman whose loyalty is only to Lungu and his family. Comb through the thread above and you will see that our geniue resident PF bloggers have excused themselves from this because deep down they know it wrong.
Even thought Lungu fired Fundanga…yaba…gone are the Jacob Mwanza days when BOZ governor used to last more than 10 years….now its mishmash…Christopher Mvunga is very childish and will make things even worse
i hope sherrif nao tabatamfye….keeping fingers crossed. thinking loud.
Yes its true…Mvunga likes his drink and dance, but Mvunga gets the jobs done and after hours enjoys his drinks. He shall do it…he shall put us on steady course
Lungu is a horrible running accident in Zambia. Totally clueless and ignorant pretender with destructive power. Zambia, what wasted years! What will ever stop this kaponya from accomplishing the utter destruction of Zambia?
Compatriots, listen to the voice of reason from Kaiser Zulu. You don’t need to be an economist to the the Governor for BoZ. You just need to drink a few with the boss and let him know he that he can drink you under the table. Kwasila
Dr Kenny Kalyalya must be relieved to be fired. Its not easy for a Professional Economist to work with Dunderheads. Dr Kenny Kalyalya’s Contract was ending 2023 so they should pay him for the remaining part of his Contract. Dr Kenny Kalyalya should relax and sit back and watch Okello mess up at BOZ. Dr Kenny Kalyalya should be glady and proud of the legacy he has left at BOZ. Good luck Kenny.
PATRIOTISM:
Unless you understand your role in society, you can never make any meaningful contribution. According to the Greeks there are three types of people on earth, the *****s, the tribesmen and the citizens. Studies show only 10% of Sierra Leoneans are citizens. The remaining 90% are either tribesmen or *****s.
1. When the Greeks used the word *****s, they did not use it as a curse word. *****s are people who just don’t care. If they write exams they will cheat, if they are in government they will steal, an ***** does not care at all, if he eats banana he throws the peels anywhere instead of putting it in trash, according to the Greeks, some societies have more *****s than tribesmen and citizens.
2. The next set of people are tribesmen, these are people that look at…
Just ka dance from the Mvungas’ is a sign of things to come at BoZ. One can even predict which region the appointee will come from these days
The President is not a man who has been firing people anyhow, despite what we feel, something must have happened behind the scenes and from markets reaction no really impact has been felt with the kwacha but i stand to be corrected
An experienced & qualified accountant understands the economy because economics is part & parcel of accountancy. And can do the Job, the problem here is the character that has been apointed, where his loyalty lies & the relationship he has with ECL. Boz governor must be someone independent to make un-influenced decisions. This guy wil just follow the wind like Kaizer Zulu