Economy strong, resilient – BoZ

BANK of Zambia (BoZ) has assured the country that the financial sector and the Zambian economy remain fundamentally strong and resilient despite the death of President Sata.
BoZ governor Michael Gondwe said the economic resilience has been demonstrated by the challenges faced in the foreign exchange market over the first half of the year, the measures taken to address these challenges, and the relative stability witnessed over the third and fourth quarters.
Dr Gondwe, however, said at a time like this, it is expected that financial markets may become unsettled leading investors and individuals to take measures that reflect market uncertainty rather than any change in the fundamental strength and resilience of our economy.
“I wish, however, to assure the nation that the financial sector and the Zambian economy remain fundamentally strong and resilient,” he said in a statement issued by the BoZ communications division on Wednesday.
He said the financial sector remains well capitalised and sound with fundamental drivers of the economy remaining in place.
Similarly, the prospects for 2015 and beyond continue to be bright.
Dr Gondwe said the central bank will continue to provide support to the market to cushion the impact the demise of the head of State may have on the economy.
The central bank will also maintain macroeconomic stability that supports the continued growth and diversification of the economy.
“Consistent with our policy of operating a flexible exchange rate while minimising volatility, the Bank of Zambia stands ready to provide support to the market as required during these difficult times,” he said.

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