BOZ says economy still stable after Sata death

The Bank of Zambia (BOZ) has assured the nation that the financial sector and the Zambian economy remain fundamentally strong and resilient as the nation mourns the tragic loss of President Michael Sata.

Conveying condolences to the First  family in a statement availed to ZANIS in Lusaka this evening, BOZ Governor Michael Gondwe said the financial sector remains well capitalized and sound.

President Michael Sata died at King Edwards the Seventh hospital in Central  London at 20:11 hours last night.

Secretary to the Cabinet Rowland Msiska announced the death of President Sata to the nation on ZNBC Radio and Television in Lusaka this morning.

Meanwhile, Dr Gondwe observed that at a time like this it was expected that financial markets may become unsettled leading investors and individuals to take measures that reflect market uncertainty rather than any change in the fundamental strength and resilience of the economy.

He allayed fears of sudden changes to the country’s economic set up insisting that the fundamental drivers of the economy remain firmly in place.

Dr Gondwe, who was recently voted 2014 Bank Governor of the year, said the Bank of Zambia stands ready to provide support to the market as required during such a difficult time.

The Central Bank Chief said that the country’s economy has demonstrated resilience throughout the year amid challenges faced in the foreign exchange markets.

He said measures have been taken to address the challenges as demonstrated by the relative stability seen over the third and fourth quarters of the year.

Dr Gondwe assured that the Central Bank will remain resolute in ensuring that macroeconomic stability is maintained to support the continued growth and diversification of the economy.