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Central Banking Christopher Mvunga Print this page   The Bank of Zambia hiked its policy rate today (February 17) as policy-makers sought to resist surging inflation without harming the country’s fragile economic recovery. Governor Christopher Mvunga said the monetary policy committee had held a “difficult and complex discussion” before settling on a 50 basis point hike. “We can’t let inflation run away, neither can we stifle economic growth,” he told journalists. “We had to get into the middle of the road.” Price rises are being driven by cost Only users who have...

The Bank of Zambia will begin buying gold from Canadian miner First Quantum Minerals and the state mining firm as it resumes holding the precious metal as part of its foreign reserves, the central bank governor said on Friday.

(Adds deal between central bank and ZCCM-IH, quotes) LUSAKA, Dec 11 (Reuters) - The Bank of Zambia will begin buying gold from Canadian miner First Quantum Minerals and the state mining firm as it resumes holding the precious metal as part of its foreign reserves, the central bank governor said on Friday. The southern African nation - a major copper producer - became Africa’s first pandemic-era sovereign default last month after it failed to pay a coupon on one of its dollar-denominated bonds. “During periods of market stress - when assets would be losing value - gold would be adding valu...

Nov 26 2020, 7:56 PM November 26 2020, 2:25 PM November 26 2020, 7:56 PM (Bloomberg) -- Zambian inflation quickened for the third straight month in November to a four-year high. (Bloomberg) -- Zambian inflation quickened for the third straight month in November to a four-year high. Consumer prices rose 17.4% from a year earlier, compared with 16% in October, Mulenga Musepa, the interim statistician general at the Zambia Statistics Agency, told reporters in Lusaka, the capital. Costs increased 2.2% in the month. Annual food inflation accelerated to 16.8% in November from 14.6% a month earlier ...

The Bank of Zambia has signed a Gold Purchase Agreement with Kansanshi Mining PLC, a subsidiary of First Quantum Minerals. BoZ Governor, Mr Christopher Mvunga, signed the agreement on behalf of the Central Bank while, Director of Operations at First Quantum Minerals, Mr Rudi Badenhorst, signed on behalf of Kansanshi Mining PLC. The Agreement is a milestone in the Bank’s efforts to resume the holding of gold as part of the country’s foreign exchange reserves. Mr Mvunga said Kansanshi Mining Plc was identified as a counterparty since it has been producing the commodity on a commercial bas...