Bank of Zambia

The Bank of Zambia is hosting the 2024 Meeting and Conference of the Community of African Banking Supervisors (CABS) at Mulungushi International Conference Centre from 29th to 30th April, 2024.
In his keynote address this morning, Chairperson of the Association of African Central Banks (AACB) and BoZ Governor, Dr. Denny Kalyalya, said the conference and meetings are being held at a challenging time. “Barely recovering from the impact of the Covid-19 pandemic, the global economy is faced with a myriad of challenging vulnerabilities and risks that have potential to destablise the African continent”, Dr. Kalyalya observed. He cited, among others, extreme weather events and their devastating impact on such areas as agricultural productivity, infrastructure and electricity generation.
The CABS Meeting and Conference is discussing enhancing supervisory and regulatory tools to address climate and nature-related financial risks, the sovereign bank nexus, operational resilience, cross-border banking supervision, foreign exchange risk for African banks, and enhancing banking resolution and crisis management, among other topics.
Dr. Kalyalya's Speech:https://www.boz.zm/Governor_Keynote_Address_CABS_April_2024.pdf
More pictures: https://flic.kr/s/aHBqjBomyC

Notice is hereby given to Investrust Bank Plc (In Possession) depositors that an initial payment of up to K500,000.00 per deposit account will be made from April 26 to May 10, 2024. Full Statement:https://www.boz.zm/Press_Statement_Payment_Depositors_IVB_In_Possession.pdf

Employment Opportunity: The Bank of Zambia invites applications from suitably qualified individuals for the attached positions. Apply by May 2, 2024. Please note that the Bank only accepts applications submitted through the portal on this link: https://lde.tbe.taleo.net/lde01/ats/careers/v2/searchResults?org=N6R4CE&cws=40

UPDATE ON INVESTRUST BANK PLC (IN POSSESSION)

Governor, Dr. Denny Kalyalya, and Deputy Governor – Operations, Dr. Francis Chipimo, who is Registrar of Financial Service Providers, have given an update on Investrust Bank Plc (In Possession) at a media briefing at the Bank of Zambia in Lusaka.

HIGHLIGHTS:

1. The Bank of Zambia took possession of Investrust Bank Plc on 2nd April, 2024, due to insolvency. The decision was taken after all other efforts failed to deliver the assurance that the institution could continue as a going concern.

2. Depositors are assured that their deposits are safe as Government will provide support to bridge the gap between the assets and liabilities of Investrust (In Possession).

3. The Bank of Zambia is currently preparing a Statement of Affairs to establish the full extent of insolvency of the bank at the time of taking possession. This process is expected to be completed, all things being equal, in approximately six (6) weeks.

4. The Bank of Zambia will facilitate the first payment to all depositors up to a maximum of K500,000.00 (Kwacha Five Hundred Thousand). This payment will cover over 90% of the total deposit accounts. This means that those who have deposits at or below K500,000.00 will get payments that fully cover their deposits during this first payment. The Bank of Zambia plans to make this first payment by 26 April 2024. Once the Statement of Affairs is concluded, the Bank will advise depositors on how they will access the balance of the deposits.

5. Customers with outstanding loans will still need to remain current on their loans and will be advised where to make their repayments.

6. The Bank of Zambia will continue to provide periodic updates to the public on the status of the possession through print and digital media platforms, among others as appropriate. This includes newspapers, Radio, Television, Facebook, X/Twitter and/or LinkedIn.

Full Statement: https://www.boz.zm/Investrust_Media_Briefing_April.pdf

Video: https://www.youtube.com/live/ipzRSvzHGDc?si=4DZKqfGgtcPXXKpC&t=354

Public Notice: Join us for an update on Investrust Bank Plc (In Possession) tomorrow, April 11, at 10:00hrs.

The Bank of Zambia invites applications from suitably qualified individuals for the attached positions. Apply by April 16, 2024. Please note that the Bank only accepts applications submitted through the portal on this link: https://lde.tbe.taleo.net/lde01/ats/careers/v2/searchResults?org=N6R4CE&cws=40 Female candidates are encouraged to apply.

Public Notice: The Bank of Zambia has taken possession of Investrust Bank with effect from April 2, 2024. The possession has been necessitated by the bank’s insolvency.
Full Notice: boz.zm/Investrust_Not…

Join us as we discuss Financial Literacy : Loans on Tuesday, April 2nd, at 10:00. Our guest is the Bank of Zambia Assistant Director - Regulatory Policy, Licensing & Regulation, Mr. Calvin Habasonda. We look forward to interacting with you.

Join our discussion on Financial Literacy - Loans on Twitter/ X this Wednesday, March 27, at 10:00 hrs. We look forward to interacting with you. https://x.com/BankofZambia/status/1772896646512214242?s=20

The commemoration of the 2024 Financial Literacy Week (FLW) is underway from March 18 – 24, under the theme “Protect Your Money, Secure Your Future”. The commemoration was launched on March 18 at Cosmopolitan Mall in Lusaka.
The launch included a march-past from Embassy Mall to Cosmopolitan Mall, launch of educational materials, performances by pupils, and an exhibition by financial sector regulators, institutions and other stakeholders.
In his keynote address, Governor, Dr. Denny Kalyalya, said this year’s theme was an important reminder of the need to be responsible and security-conscious when managing personal finances. Dr. Kalyalya said it was important to be mindful of potential risks in the financial sector and knowing how to safeguard one’s hard-earned money.
“These risks include financial scams that include fraud, pyramids schemes, cyber-attacks, and identity theft. Limited financial literacy and awareness about safe usage of digital financial services increase the likelihood of individuals falling victim to these risks”, he said.
The Financial Literacy Week is being commemorated countrywide with activities such as media programmes, public exhibitions, and debates spread across the 10 provinces.

Governor’s speech:https://www.boz.zm/Governors_Speech_2024_FLW_Launch_18_March.pdf
Launch event in pictures: https://flic.kr/s/aHBqjBhTFa

The Bank of Zambia celebrates International Women's Day under the theme: "Invest in Women - Accelerate Progress.” Deputy Governor — Administration, Ms. Rekha Chifuwe Mhango, shares her thoughts on the importance of empowering women for a brighter future.

The Bank of Zambia is hosting the SADC Committee of Central Bank Governors (CCBG) subcommittee on Banking Supervision and Financial Stability from March 5th to 6th, 2024. The meeting is being held at Mulungushi International Conference Centre in Lusaka. Director – Prudential Supervision Department, Ms. Gladys Chiwele, gave the opening remarks on behalf of Deputy Governor – Operations, Dr. Francis Chipimo. Ms. Chiwele pointed out that the extreme weather conditions being experienced have a devastating effect on the SADC region as agriculture production, hydro-electricity generation, physical infrastructure and human life are all affected. She stated that such events filtered through the financial system and called for ensuring effective regulations and supervision at both micro and macro level to preserve stability.
The meeting is discussing harmonisation of regulatory and supervisory norms, anti-money laundering and combat of financing of terrorism, financial inclusion indicators, and macroprudential policy indicators, among others.
More pictures: https://flic.kr/s/aHBqjBgsjb

The Bank of Zambia this morning launched the inaugural Monetary Policy Report (MPR) in line with the new BoZ Act, 2022. Governor, Dr. Denny Kalyalya, led members of the Monetary Policy Committee (MPC) in unveiling the inaugural Monetary Policy Report. The launch was held at Mulungushi International Conference Centre in Lusaka, alongside the Post-MPC Stakeholder Engagement for Q1, 2024.
Dr. Kalyalya said it was the Bank's expectation that the publication of the Monetary Policy Report would enhance transparency, accountability, communication and interactions on monetary policy matters.
Previously, Monetary Policy Reports were published internally to support the Bank's monetary policy decisions. The new BoZ Act, 2022, requires that the Bank makes the MPR publicly accessible.
Governor’s Keynote Address:https://boz.zm/Governors_Speech_MPR_Launch_.pdf
Inaugural Monetary Policy Report: https://boz.zm/Monetary_Policy_Report_February_2024.pdf
More pictures: https://flic.kr/s/aHBqjBfFkG

The Bank of Zambia (BoZ) is hosting the 29th Annual Meeting of the SADC Committee of Central Bank Governors (CCBG) - ICT Subcommittee from 19th - 23rd February at Radisson Blu Resort, Livingstone. In her opening speech, BoZ Deputy Governor – Administration, Ms. Rekha Chifuwe Mhango, highlighted the crucial role of ICT in achieving regional financial stability and integration. The meeting will address ongoing projects in the region such as Business Application Development, IT Governance, the SADC RTGS Multicurrency System, Innovation Hubs and Cybersecurity. More Pictures: https://flic.kr/s/aHBqjBeNq4

The Monetary Policy Rate has been raised by 150 basis points to 12.5%. This decision was arrived at by the Monetary Policy Committee (MPC) at its Meeting held from February 12-13, 2024. The MPC decision was informed by a further increase in inflation in Q4 of 2023 and the current forecast showing inflation moving even further away from the 6-8% target band. The increase is aimed at steering inflation to the target band of 6-8% target band. The Committee took into account the stability of the financial sector and the importance of robust growth over the medium-to-long term.
Decisions on the Policy Rate will continue to be guided by inflation outcomes, forecasts, and identified risks, including those associated with financial stability. The Bank stands ready to take appropriate action should inflation persist above the 6-8% target band.
The next MPC Meeting will take place on May 13 and 14, 2024.

Statement:https://www.boz.zm/MPC_Statement_Q1_2024.pdf
Presentation:https://www.boz.zm/MPC_Media_Presentation_Q1_2024.pdf
More Pictures: https://flic.kr/s/aHBqjBeb9T

Notice: The Monetary Policy Committee is holding its quarterly meeting from February 12 - 13, 2024. This will be followed by the Announcement and Press Briefing on February 14, 2024. The Press Briefing is strictly by accreditation. Full Notice: https://www.boz.zm/MPC_Media_Advisory_Feb2024.docx

The Bank of Zambia is hosting its 17th Media Seminar at Lake Kariba Inns in Siavonga from 16th to 18th January, 2024. The Seminar is aimed at enhancing collaboration between the Bank and the media, enhancing communication of the monetary policy and contributing to the capacity building of business reporters.
In his opening remarks this morning, Deputy Governor – Operations, Dr. Francis Chipimo, said the media are a key stakeholder in the formulation and implementation of monetary policy. The topics to be covered in the Seminar include monetary policy, inflation, exchange rate, Government securities, Export Proceeds Tracking Framework, Payment Systems, Customer Complaints Procedures and Money Circulation Schemes. The Seminar has 41 participants drawn from 34 media houses.

Congratulations to the winners of the 2023 Bank of Zambia Photo Challenge. In 1st place is Ephraim Chimpinde, who won an Apple MacBook, in 2nd place is Doricah Masaku, who won an iPhone 14 Pro Max, and in 3rd place is Imasiku Nyambe, who won an iPad. The winners received their prizes at the Bank of Zambia Head Office in Lusaka on December 28th, 2023. The Challenge ran from 1st - 31st October, 2023 and was open to Zambians aged 18 and above. The prize - giving ceremony was officiated by Director Non - Bank Financial Institutions Supervision, Ms. Freda Tamba.

Join our discussion on Government Securities next Wednesday on Twitter/X: https://x.com/BankofZambia/status/1738097712367562888?s=20
We look forward to interacting with you.

Compliments of the season.

The Bank of Zambia invites applications from suitably qualified individuals for the position of Assistant Accountant - Data Entry (BoZU4). Please apply on the website by December 27, 2023: https://lde.tbe.taleo.net/lde01/ats/careers/v2/searchResults?org=N6R4CE&cws=40 Female candidates are encouraged to apply.

Congratulations to our 2023 Bank of Zambia School Essay Writing Contest winners! The overall winner and two runners-up received their prizes at the Bank of Zambia Head Office in Lusaka. The prize-giving ceremony was officiated by Ministry of Education Permanent Secretary, Ms. Noriana Muneku, and Deputy Governor - Operations, Dr. Francis Chipimo. Thank you to all the 998 high school learners from across the country who participated in the contest.
Watch the prize-giving ceremony here: https://web.facebook.com/BankofZambia/posts/pfbid0jJEf7BGC64f4UuzFP5uDXB6Ao28ES9ECpKcpdpqzHWUu3AQVFT6zHPwDrkMH15oTl

Join us for the announcement of the winners of the 2023 Bank of Zambia School Essay Writing Contest that ran from September 1 to October 15, 2023. The announcement will be broadcast tomorrow at 12:00hrs on Diamond TV and page.

Public Notice: The Bank of Zambia wishes to inform the General Public and investors in Government securities that effective January 2024, Government bonds will be issued at par in the primary market for all new issuances. This means that Government bonds will be sold at their face value.

Full Notice:https://www.boz.zm/Public-Notice-for-Issuance-at-Par.pdf