MPs extol Kalyalya as new BoZ governor

Dr Denny Kalyalya is a man of impeccable credentials who as Bank of Zambia Governor will  effectively contribute to the social and economic development of the country, Parliament heard yesterday before the legislators unanimously ratified his appointment.

And Parliament commended President Edgar Lungu for appointing Dr Kalyalya and Justice Irene Mambilima as Bank of Zambia governor and Chief Justice respectively and declared that the two presidential appointments should be celebrated by all Zambians because they had brought pride to the country.

In contributing to the ratification of Dr Kalyalya as Bank of Zambia governor, Lunte MMD member of Parliament Felix Mutati said it was his hope and desire that the new Central Bank governor was going to effectively and efficiently deal with the challenges in the procurement of oil which he said was being frustrated by an endless chain of middlemen.

Mr Mutati told Parliament that the current model of procurement of petroleum products involving middlemen was promoting bureaucracy in the process which was making the petroleum products in the country unusually expensive.

He said the country’s fiscal system should not be used to support the oil procurement model through middlemen because it was making the product expensive and thereby discouraging and slowing down investment.

Mr Mutati said the introduction of the policy monitoring rate by the Central Bank created an impression that the Bank of Zambia had abandoned its mandate as a policy regulatory body to that of a spectator, hence making interest rates becoming prohibitive to small-scale business enterprises.

He said it was the feeling of the customer that the Bank of Zambia had shifted its policy on monitoring the financial sector to that of a spectator adding that the introduction of the policy monitoring rate failed to be the driver of lower interest rates.

“I wish to support the ratification of Dr Denny Kalyalya as the new Bank of Zambia governor. There is no doubt that Dr Kalyalya is a man with impeccable credentials and experience but that is not sufficient enough without the fiscal policies that can co-mingle with experience.

I see the new governor of having tremendous tasks in contributing to the social and economic development of the country. If we are going to attain a stable exchange rate and achieve the goals of economic development, the new governor must harness the more than 75 percent revenue coming from the mines particularly North Western Province,” Mr Mutati said. Mr Mutati said Government should therefore prioritise the tarring of the Chingola-Solwezi Road which has over the years remained in a dilapidated and almost impassable state despite the road being one of the most active in the country.

And Bweengwa UPND member of Parliament Hyghvie Hamududu said President Lungu had made the best appointments in Dr Kalyalya and Chief Justice Mambilima and that Zambians had a good reason to celebrate the appointment and ratification of the two personalities.

“As a country, we must celebrate good things and the appointment of Dr Kalyalya, an educated humble citizen and Chief Justice Irene Mambilima have been among the best. Dr Kalyalya is going to bring something unique to the Bank of Zambia and we must not blame the weakening of the Kwacha on the Central Bank chief but on our inability to engage in productive activities. We must stop borrowing for consumption,” Mr Hamududu said. Finance Minister Alexander Chikwanda said Dr Kalyalya was the best man for the Bank of Zambia and hoped that he would put in his best to match with his track record.

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