Bank of Zambia Governor Christopher Mvunga has disclosed that international reserves have increased from around 1.2 billion US Dollars to over 1.4 Billion US Dollars, contrary to assertions that the Central Bank has completely moped out strategic reserves.
Speaking after touring the Simon Mwansa Kapwepwe International Airport that is nearing completion, Mvunga said the current level of reserves represents 3.5 months import cover.
And Mvunga has also revealed that the Central Bank has so far bought over 289 kilograms of Gold through the two agreements signed with ZCCM-IH Gold and Kansanshi Mine.
He also said the Bank of Zambia is not trading in Gold but buying the material as an International reserve tool instrument.
Meanwhile, Mvunga says the completion of the Simon Mwansa Kapwepwe International Airport will expand economic activities in the country.
He said Zambia has now seen the infrastructure that was in a bad state rejuvenated not only in the road sector but other constructions taking place around the country.
And Copperbelt Permanent Secretary Bright Nundwe said over one thousand workers will be employed once the facility is fully completed.
The Copperbelt International Airport is almost complete, with only minor touches remaining and is costing Government over 397 million US Dollars.
Job well done our working government.
These Forex reserves used to be around $3.2B in Rupiah Banda’s era. Now our paltry sum of $1.2b shows how much damage PF has done.
Then how come Zambia is defaulting on its loan repayments.
Zambia is broke. You cant cheat us any more.
To the lame brains they will think having $1.2 increased 1.4 billion in reserves for a country like Zambia in 2021 is an achievement….really laughable…mediocrity of the highest order
Calculate the percapita on your own but Botswana with a population almost one tenth of Zambia has $5.3 billion in foreign reserves and no nkongole. Botswana’s Foreign Exchange Reserves equaled 6.9 Months of Import in December.
As usual LT isn’t publishing anti-establishment posts. I responded to say Botswana with a population one tenth of Zambia’s has reserves of $5.3 billion and no nkongole. Botswana’s Foreign Exchange Reserves are equal to 6.9 Months of Import.
Maybe HH should give chance to the drunken governor.
No. 5. If ECL IS A THIEF HOW DO YOU AGAIN GIVE A CHANCE TO ANOTHER THIEF AND A MORE SERIOUS THIEF?
@Tarino Orange very true.And mind you this $1.4b is far cheaper Dollars in 2021 than the Dollars of 2011…meaning Zambia should now have $3.79b in reserves just to stay constant where RB left off in 2011 due to inflation.
Thank you my brother for setting the record straight. The evil upnd diasporans only had faith in boz when a fellow T.o.ng.a was governor. You never heare them say anything negative until now
They don’t even have enough money to import fuel hence the fuel shortage every other week. All lies.
The gold standard has confused them. Or is it that they are just pleading ignorance? I beg you, don’t fix what’s not broken.
Let’s keep rolling Rome wasn’t built in a day and its not about huge amounts of reserves but a combination of robust capital projects with healthy returns and reasonable reserves to absorb the external shocks. We applaud Govt for consistent and focused approach to development. You’ve my vote.
But in what capacity was je visiting the airport? Is that in his job description?
I thought that is for PS works and supply or that Chella man from state house.
LT still hasn’t banned this ichi KZ troll ? These mediocre PF thugz like KZ,mediocre Lungu & Co is why Zambia is getting poorer and more rotten.Our Forex reserves are less than 1/3rd of what MMD left in the coffers in 2011.
Mlevi f.u.c.k. off!!!!
Dangote’s petty cash. Hahahahaha!!!
The reason the reserves have gone up is the price of gold has gone up since they bought the gold , not any real plan they had just good luck. but the price of gold can also drop in the future.
Yes , as cosmos above says , they got lucky
Nothing to do with any plan…..
This is good news .!!!the new BOZ governor is working.. little talk but more work . Great job