BANK of Zambia Governor Dr Denny Kalyalya says the Central Bank has not abandoned its dedollarization project, which it embarked on last year. The Bank of Zambia (BoZ) initiated the dedollarization project last year, aiming to reduce reliance on the US Dollar in local transactions. This move came in response to the rapid depreciation of the Zambian Kwacha, which had significantly impacted the cost of living and devalued incomes for citizens. While the initiative was seen as a strategic step to address Zambia’s currency challenges, it sparked mixed reactions. Some stakeholders, particularly foreign-owned businesses, expressed concerns about potential economic implications, including disruptions to trade and investment. However, proponents argued that dedollarization could enhance monetary sovereignty and reduce vulnerability to external...
