Zambia’s Lungu fires Central bank governor

Zambian President, Edgar Lungu has dismissed the country’s central bank governor, Denny Kalyalya replacing him with former deputy finance minister, Christopher Mphanza Mvunga.

This comes on the heels of Global ratings agency, S&P affirming Zambia’s sovereign credit ratings with a negative outlook recently.

Kalyalya, who previously served as a World Bank executive director, was appointed in February 2015 and had his contract extended in 2018 until 2023.

The dismissal comes barely three days after the Zambian central bank cut its benchmark lending rate by 125 basis points to 8.0% in a bid to safeguard financial sector stability and protect livelihoods in the wake of the Covid-19 pandemic.

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Mvunga’s appointment, is subject to ratification by parliament, the president’s statement adds.

Mvunga, seen by political analysts as an ally and close friend of the President, worked previously as a senior auditor at Deloitte & Touche between 1988 and 1993 before joining the banking sector.

He worked at Standard Chartered bank until 2015, when he was nominated as a member of parliament and appointed for a brief stint as deputy Finance Minister in 2016.

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