Posts Tagged ‘bank of zambia’

Zambia announced the currency devaluation Monday.

Hong Kong, Jan. 23 – Zambian authorities have announced intentions to redenominate the local currency – Kwacha – by dividing the current notes by 1000 and knocking off three zeros from all the denominations.

This means that K1, 000 will be K1, K5, 000 will be K5 while K50, 000 will become K50.

Finance Minister, Alexander Chikwanda and newly appointed Central Bank Governor, Michael Gondwe announced the redenomination of the Kwacha at a news briefing in Lusaka Monday.

“The rebasing had to be done when all the fundamentals like inflation and GDP growth were right and we think they are now right,” Chikwanda said.

Zimbabwe, Mozambique and Ghana are some of the African countries that once rebased their currencies.

In July 2007, Ghana chopped off four zeros from the Cedi. Instead of having 10,000 Cedis, it  now has 1 cedi for 10000.

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Hong Kong, Oct.02 – Zambian President, Michael Sata, has with immediate effect terminated the contracts of three former aides to immediate past president Rupiah Banda.

Zambian President Michael Sata to fire more officers that served in past president Rupiah Banda's administration. PHOTO: csmonitor.com

The three officers whose contracts have been terminated are Richard Chembe who was Special Assistant to the President for Economic and Development Affairs, Joseph Jalasi who was Special Assistant to the President for Legal Affair and Francis Chigunta who was Special Assistant to the President for Political Affairs.

According to State House, President Sata terminated the contracts in exercise of the powers vested in him pursuant to the provisions of the Zambian Constitution.

Last week, President Sata sacked Central Bank Governor, Caleb Fundanga, and State House aide for press and public relations, Dickson Jere, whom he has since replaced with former Post Newspapers reporter, George Chellah.

President Sata also fired Anti-Corruption Commission (ACC) Director-General, Godfrey Kayukwa whom he replaced with Rosewin Wandi.

The sacking of several officials that served in Rupiah Banda’s administration is likely to continue in the coming weeks.

Hong Kong, Sept. 29 – Former Development Bank of Zambia (DBZ) boss, Bwalya Ng’andu is billed to replace sacked Bank of Zambia (BOZ) Governor, Caleb Fundanga.

Fundanga was relieved of his duties last week.

Former Bank of Zambia Governor, Caleb Fundanga was fired last week. PHOTO: 2space.net

And Post Newspapers Managing Editor, Amos Malupenga is also set to take up a new role as Ministry of Information Permanent Secretary.

Malupenga will join his former junior and workmate, George Chella, who was appointed President Michael Sata’s public relations aide on Thursday.