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Posts tagged as “Bank of Zambia”

BOZ warning to dubious firms timely – Analyst

By KETRA KALUNGA – Economic analyst Partner Siabutuba says the Bank of Zambia (BoZ) caution to fraudulent financial institutions engaged in illegal financial services is timely because the increasing trend has a ripple effect of the flow of money in the financial market.Mr Siabutuba said these fraudulent financial institutions were getting money from the financial […]

Export framework: BoZ handles $1.4bn

By KETRA KALUNGA – THE Bank of Zambia has handled about $1.4 billion through the Export Proceeds Tracking Framework (EPTF) implemented this year.BoZ Deputy Governor Francis Chipimo said since January 2024 when the framework was implemented about $1.4 billion had been received in the system from the goods exported.Speaking during the Monetary Policy Committee Announcement […]

BoZ housing initiative loading!

By KETRA KALUNGA – THE Bank of Zambia (BoZ) has come up with an initiative to establish a specialised housing finance facility to address the shortage of accommodation in the country.BoZ Governor Denny Kalyalya said the central bank would take an active role and invest significant resources to support and accelerate increased availability of housing […]

ZICB pays out K30m to Investrust depositors

By KETRA KALUNGA – THE Zambia Industrial Commercial Bank (ZICB) has paid out more than K30 million to Investrust Bank depositors out of the K470 million allocated to the bank by the Bank of Zambia (BoZ).Last week, BoZ announced that the depositors of Investrust Bank will start accessing their money through ZICB and Zanaco branches […]

BoZ unveils 2024-2027 Strategic Plan

By KETRA KALUNGA – THE Bank of Zambia (BoZ) has launched the 2024-2027 Strategic Plan under the theme “promote inclusive and sustainable development in a digitalised world”.The plan has four focus areas which are price stability, financial stability, financial inclusion and organization resilience and growth.Read more

BoZ engages Investrust Bank defaulters

By KETRA KALUNGA – THE Bank of Zambia (BoZ) is engaging depositors at Investrust Bank who have defaulted on their loans to ensure the money owed is paid back.BoZ Governor Denny Kalyalya said the non-performing loans at the bank were quite high, and the central bank was working on a mechanism to ensure that the […]

Investrust depositors hail State

By SYLVIA MWEETWA – SOME account holders at the Investrust Bank, in possession by the Bank of Zambia (BoZ), have commended the Government for its quick action on the issue of their deposits.They have paid tribute to the Government and the BoZ for urgently responding to concerns on whether they will be able to access […]

BAZ nods Investrust take over …as LuSE halts bank’s trading on all platforms

By KETRA KALUNGA – THE Bankers Association of Zambia (BAZ) says there is nothing sinister about the Bank of Zambia (BoZ)’s taking possession of Investrust Bank because the move was backed by the law.Some economic experts have, however, said the move, though legal, has a tendency to erode public confidence in the banking institutions. Read […]

‘Kwacha appreciation increased profitability’

By ANDREW MULENGA – THE appreciation of the Kwacha against the Dollar after the Bank of Zambia (BoZ) monetary policy interventions have provided prospects for profitability, importers have said.Importers also encouraged the central bank to be consistent in the application of such policy interventions in order to guarantee the stability of the local currency while […]

More accolades for BoZ

By KETRA KALUNGA – THE monetary intervention measures by the Bank of Zambia (BoZ) are bearing fruit, economic stakeholders have said.They say that they expect this to lead to a reduction in prices of essential commodities like fuel and ultimately improve businesses, the welfare of consumers, and economic performance.The measures BoZ has taken include increasing […]

Dollar still trading below K25

By ANDREW MULENGA – THE Kwacha has for the third consecutive week continued to put up a good fight against the United States (US) dollar to still trade below the K25 psychological mark.According to the Bank of Zambia (BoZ) daily exchange rate updates, the local currency opened this week’s trading session buying at an average […]

Export framework: $100m flows into BoZ

By KETRA KALUNGA – THE Export Proceeds Tracking Framework (EPTF) has recorded tremendous progress of US$100 million worth of inflows received in the system, Bank of Zambia (BoZ) Deputy Governor of Operations Francis Chipimo has said.Dr Chipimo said before implementation of the tracking framework on January 1 this year, there were significant gaps between trade […]

IMF hails Govt’s prudent economic management

By JAMES KUNDA – THE International Monetary Fund (IMF) has hailed the Government for prudently managing Zambia’s economyas the country had continued exhibiting macroeconomic and fiscal stability amidst a challenging global economicphase.And Bank of Zambia (BoZ) Governor Denny Kalyalya has attributed the appreciation of the Kwacha to the emergenceof foreign currency inflows into the mining […]

Stanchart launches ultra-modern priority centre

By KETRA KALUNGA – STANDARD Chartered Bank Zambia has launched an ultra-modern priority centre to foster meaningful engagements between clients and relationship managers to facilitate seamless and personalised banking experience.Speaking during the launch of the priority centre, Bank of Zambia (BoZ) Director Prudential and Supervision Gladys Chiwele said such innovations allowed clients to serve on-board […]

Kwacha remains resilient

By ANDREW MULENGA – THE Kwacha yesterday remained resilient and traded below K27 per dollar with some level of stability following a measure by the Bank of Zambia (BoZ).Last week, the BoZ announced the increase in the minimum Statutory Reserve Ratio (SRR) on both local and foreign currency deposits by nine percentage points to 26 […]

BoZ to diversify investor base in Govt securities …as it implements export tracking framework

By KETRA KALUNGA and MUNAMBEZA MUWANEI in Siavonga – THE Bank of Zambia (BoZ) is working to diversify the investor base in Government securities by encouraging the participation of non-financial institutions and individuals.Government securities markets are important as they provide revenue for borrowing funds to finance deficits.BoZ Manager for Government Security Dealings Harriet Kausa said […]

Monetary policy measure brings positives

By KETRA KALUNGATHE Zambia Development Agency (ZDA) has said the monetary policy measures put in place by the Government through the Bank of Zambia (BoZ) has positively impacted businesses in the country.ZDA Director for Corporate Strategy, Innocent Melu said according to the findings of the 2023 Private Sector Foreign Investment and Investor Perception Survey, 71.9 […]

BoZ raises Statutory Reserve Ratio

By CHATULA KANGALI and ANDREW MULENGA – THE Bank of Zambia (BoZ) has raised the minimum Statutory Reserve Ratio (SRR) on the Kwacha and foreign currency by three per cent to help address the inflation and foreign exchange pressure.This has been increased from 11.5 per cent to 14.5 per cent effective Monday, November 13 this […]

BoZ wants to turn Zambia into digital economy

By KETRA KALUNGA – THE Bank of Zambia (BoZ) is working at making the country a digital economy.BoZ Governor Denny Kalyalya said with developments in Information and Communication Technology (ICT) in the country, economic activities would no longer need to be restricted to traditional working hours.Dr Kalyalya was speaking during the 2023 Africa Fintech Summit […]