PRESIDENT Edgar Lungu has appointed Bank of Zambia (BoZ) Deputy Governor for Operations Dr Francis Chipimo to act as central bank governor as Christopher Mvunga’s appointment awaits ratification in Parliament.
According to a statement released by President Lungu’s Special Assistant for Press and Public Relations, Isaac Chipampe, Dr Chipimo has been elevated to act as BoZ governor following Dr Denny Kalyalya’s abrupt departure from the central bank last Saturday.
“His Excellency, Dr Edgar Chagwa Lungu President of the Republic of Zambia, has appointed Bank of Zambia Deputy Governor (Operations) Dr Francis Chipimo to act as Bank of Zambia Governor owing to the pending ratification of the substantive Governor by the National Assembly. On Saturday, 22nd August, 2020, President Lungu appointed Mr Christopher Mphanza Mvunga as Bank of Zambia Governor subject to ratification by the National Assembly. According to the President’s letter dated 22nd August, 2020 to Dr Chipimo, the Deputy Bank of Zambia Governor will act as Governor until the National Assembly ratifies the appointment of the substantive Governor,” stated Chipampe in a statement, Friday evening.
Following Dr Kalyalya’s termination of contract as BoZ governor, a broad spectrum of critics have expressed skepticism and doubt over Mvunga’s ability to manage the central bank, particularly at a time when the local currency is enduring its worst-ever performance, having hit over K19.40 per dollar, while inflation remains in double-digit territory at 15.5 per cent.