{"id":58148,"date":"2024-02-17T21:46:16","date_gmt":"2024-02-17T21:46:16","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/?p=58148"},"modified":"2024-02-17T07:02:24","modified_gmt":"2024-02-17T07:02:24","slug":"the-economy-is-overheating-boz-governor-denny-kalyalya","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/the-economy-is-overheating-boz-governor-denny-kalyalya","title":{"rendered":"The economy is overheating- BOZ Governor Denny Kalyalya"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>Bank of Zambia Governor, Denny Kalyalya, when presenting the decisions of the Monetary Policy Committee that held its meeting on February 12-13, 2024 stated that the economy was doing very badly and was \u201coverheating\u201d.<\/p>\n

He bemoaned the rise in inflation(annual inflation rising to 13.2 percent) and the continued instability in the foreign exchange market. He proceeded to announce some of the harshest measures and draconian monetary policy to curb inflation and stabilise prices and exchange rate market.<\/p>\n

Below are some of the fiscal and monetary measures that have been undertaken; \u25cf The Monetray Policy Rate has been raised by 150 basis points from 11.0 percent to 12.5 percent.<\/p>\n

\u25cf to moderate volatility and broadly support the importation of critical commodities, Bank of Zambia has offloaded $215.5 million on the foreign exchange market.<\/p>\n

\u25cf the Statutory Reserve Ratio was raised by 900 basis points from 17.0 percent to 26.0 percent with effective from 5th February 2024.<\/p>\n

\u25cf$461million(K12billion) mopped to BOZ-Government introduced the ZERO-BASED BALANCE accountsbfor Ministries, Provinces and Government Agencies (MPAs). To this effect, government moved funds totalling K12billion ($461million) from commercial banks to Bank of Zambia. All funds in Commercial Bank Accounts to the Credit of MPAs was mopped to the Mopping Account at Bank of Zambia.<\/p>\n

\u25cf All funds in Commercial Bank Accounts to the Credit of Ministries, Provinces and Government Agencies mopped and repatriated to the Mopping Account at Bank of Zambia.<\/p>\n

\u25cf Turn-over in the interbank foreign exchange market reduced significantly to $14.4million from $185million in the previous quarter due to low supply.<\/p>\n

\u25cf In the fourth quarter alone of 2023, the Kwacha depreciated by 17.5% against the US dollar and the depreciation continued to 4.6 percent as at 13th February 2024.<\/p>\n

The Bank of Zambia (BoZ) has formulated and implemented these monetary and supervisory measures that should achieve and maintain price stability and promote financial system stability. But all these measures remain temporal and not sustainable;<\/p>\n

\u25cf The ultimate solution lie in economic activities and boosting export trade that should earn the country foreign exchange and the subsequent retention of export proceeds in local banks.<\/p>\n

\u25cf abandon the tax and other incentives that have been given to the mining sector.<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. Bank of Zambia Governor, Denny Kalyalya, when presenting the decisions of the Monetary Policy Committee that held its meeting on February 12-13, 2024 stated that the economy was doing very badly and was \u201coverheating\u201d. He bemoaned the rise in inflation(annual inflation rising to 13.2 percent) and the continued instability in the foreign […]<\/p>\n","protected":false},"author":84,"featured_media":58147,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,248],"tags":[234,235,233],"class_list":["post-58148","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-to-homepage","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nThe economy is overheating- BOZ Governor Denny Kalyalya - Zambia<\/title>\n<meta name=\"description\" content=\"Bank of Zambia Governor, Denny Kalyalya, when presenting the decisions of the Monetary Policy Committee that held its me ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zambia\/all-news\/the-economy-is-overheating-boz-governor-denny-kalyalya\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The economy is overheating- BOZ Governor Denny Kalyalya\" \/>\n<meta property=\"og:description\" content=\"Bank of Zambia Governor, Denny Kalyalya, when presenting the decisions of the Monetary Policy Committee that held its me ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zambia\/all-news\/the-economy-is-overheating-boz-governor-denny-kalyalya\" \/>\n<meta property=\"og:site_name\" content=\"Zambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-17T21:46:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2024\/02\/sm_1708140579.939616.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"739\" \/>\n\t<meta property=\"og:image:height\" content=\"333\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/the-economy-is-overheating-boz-governor-denny-kalyalya#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/the-economy-is-overheating-boz-governor-denny-kalyalya\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"The economy is overheating- BOZ Governor Denny Kalyalya\",\"datePublished\":\"2024-02-17T21:46:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/the-economy-is-overheating-boz-governor-denny-kalyalya\"},\"wordCount\":366,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/the-economy-is-overheating-boz-governor-denny-kalyalya#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2024\/02\/sm_1708140579.939616.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zambia\",\"Zambia\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/the-economy-is-overheating-boz-governor-denny-kalyalya#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/the-economy-is-overheating-boz-governor-denny-kalyalya\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/the-economy-is-overheating-boz-governor-denny-kalyalya\",\"name\":\"The economy is overheating- BOZ Governor Denny Kalyalya - 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