BoZ International Reserves Drop

ZAMBIA’s gross international reserves have dropped to US$2.317.7 billion in March from US$2.371.4 billion in February this year, says the Bank of Zambia (BoZ) .
BoZ head of public relations Kanguya Mayondi says the foreign reserves declined slightly to 3.2 months of import cover in March.
This means that in the event of a major crisis, the country can survive on imports for a period of three months and two weeks without going on its knees economically.
However, this is still below the six months import cover recommended by the Southern African Development Community (SADC).
Mr Kanguya said in response to a Daily Mail query in Lusaka yesterday that the 3.2 months import cover is in comparison to 3.3 months import cover recorded in February 2012.
Mr Kanguya said there has been a minimal decline in the reserves since January.
On Tuesday, BoZ deputy governor Bwalya Ng’andu said the central bank sales of foreign exchange to the market aimed at moderating the depreciation in the exchange rate amounted to US$152.5 million.
Dr Ng’andu said in managing the exchange rate, BoZ intervenes in the market for the purpose of mitigating instability in the exchange rate and accumulating international reserves.
He, however, said the intervention has limits, and when the exchange rate is depreciating, intervention aimed at protecting the exchange rate at a certain level will result in the depletion of the country’s foreign reserves, thereby impacting negatively on the country’s ability to meet its international obligations.
Some analysts say the reduction in the foreign reserves is minimal, adding that the country is within the required threshold.

Posted by Admin on April 19, 2012. Filed under BUSINESS. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

14 Responses to BoZ International Reserves Drop

semeki

April 19, 2012 at 1:35 pm

imwe ba pf.does it mean u didnt prepare 2 b in power.can u work!
Magwazavi

April 19, 2012 at 2:15 pm

put your house in order ,we r still suporting your efforts.
Peace k

April 19, 2012 at 2:20 pm

We cant see more money but we ll try to be patient. can you show us were its hidden.
Tupac

April 19, 2012 at 2:42 pm

Guys pf has nothing to do with this basanga ifintu fyalipena kale.Imagine icimuntu ukushika 2billion!A lot of money has been burried by certain little devils that’s why even the economy is not as such kwacha worse.
kekeke

April 19, 2012 at 2:51 pm

…aah yaaba…it has already started to vanish!,they said more money in the ‘poketi’ not muma dramu oro in the ground ova concrete slabu
GUN

April 19, 2012 at 3:04 pm

We are now updated even when our economy is not doing fine,something that never hapened during the MMD rule,with them it was all economic growth that was never seen.I cant wait to see zambia import oil from Angola in 3yrs time,oil drives economies and ours will soon hit the highway.
Tonga Bull@1

April 19, 2012 at 5:09 pm

It was NO money in our pockets but you were mislead in to say more money in our pockets, mukalachulafye.
LEBO LIDA

April 19, 2012 at 5:10 pm

Awe if u blam pf fyobe weka patu chawamapo as a person tu money ulinato not uko ku reserv.mwati ngabakweba ati mo money in yo pocket nishi ku mushikumwenu ni mo money ku international resevour kaya nga chinamanshi ichochine.iwe just knw wat yo pocket is having kwasila ifya ku reserv fyakwishiba abo bene ama econimist.lets just produce more economy of scale.champwa.amataba,ifyumbu,intoyo nefyashala ni mbwe elo uchule boyi ukafwa na stres weka boyi.
solskjosh

April 19, 2012 at 5:16 pm

I think its good that even the negative aspects our economy can be brought to light.we must note though that this is not as bad as certain cynics might want to potray it.
ukwa3

April 19, 2012 at 7:54 pm

wat iz good ova this ba sheet! ifia bu pf nafilaka mana pantu tuleya muchi dich
ukwa3

April 19, 2012 at 8:01 pm

wat iz good ova this ba sheet! ifia bu pf nafilaka mane pantu tuleya muchi dich
SYC

April 20, 2012 at 8:33 am

ba PF what is the matter with you. now zmbia will be worse of ZIm co the Familly tree in GVT is full of pipo who just talkers. PIPO WAKEUP . Postnews paper has been compromised greatly. M Y BRO Mmembe wakeup. THIEVES ARE IN CONTROL
GETTOMAN

April 20, 2012 at 8:44 am

FOREIN RESERVES FINISHING, IN LESS THAN 6 MONTHS IN POWER. BA CHIKWANDA YOU MUST SHOW THAT YOU BOWHEAD MEANS WISDOM AND NOT DEPLETION OF IT OTHERWISE JUST RESIGN. WORSE WITH LOOMING OF BYE ELECTIONS WE ARE DOOMED..
SUNY

April 20, 2012 at 8:22 pm

we are about to lose our patience.