Lungu tasks new BoZ Governor to address Kwacha decline

zambia kwacha
zambia kwacha

Republican President Edgar Lungu has tasked new Bank of Zambia Governor Dr. Denny Kalyalya to work towards addressing the challenge of the declining Kwacha.

Speaking during the swearing-in ceremony of Dr. Kalyalya at State House this morning, President Lungu said Dr. Kalyalya should work with the Ministry of Finance in ensuring that the Kwacha gains its strength against major currencies.

President Lungu notes that Dr.Kalyalya’s previous experience at the Central Bank, where he has worked for 14 years should help him in boosting the country’s economy.

President Lungu says the challenge the Central bank Governor faces is to help sustain the country’s economy.

And speaking to journalists shortly after being sworn-in Dr Kalyalya says recent activities in the financial sector have shown that the Kwacha is under pressure.

Dr. Kalyalya has disclosed that factors that are contributing to the declining of the Kwacha are quiet many and that the Central Bank will try and manage all activities in the exchange rate.

He says the Central Bank will reach out to all relevant stakeholders in the financial sector who have a bearing on the performance of the Kwacha so that the Kwacha can gain its strength.

Dr. Kalyalya further states that there is a mismatch between the demand and supply, with a lot of demand in the country compared to supply.

He adds that the price of Zambia’s major export commodity copper has gone down thereby exerting pressure on the Kwacha.