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Kalumba Urges More Boldness From Central Bank
Former Finance Minister Katele Kalumba says a lot more boldness in line with President Edgar Lungu’s announced austerity measures should be exercised by the Central Bank.
Dr. Kalumba has urged the Bank of Zambia (BoZ) to also reanalyze its data on the Country’s money market and how it is behaving.
He thinks that there is more that needs to be done not only with respect to inter-bank market rates and the speculative aspect in the economy, but also with respect to the holding of US dollars by the banks.
In an interview by telephone with Qfm News, Dr. Kalumba has expressed concern that instead of playing their intermediation role, banks in the Country are playing an extractive role.
Dr. Kalumba who served as Cabinet Minister under the Frederick Chiluba led MMD government notes that banks are using money to make money without producing anything.
He has suggested that this entails that the financial instruments in the banking sector need to be regulated a little more.
The Former Finance Minister states that the Central Bank should be allowed to prefect the banking sector a little than it is currently doing.
He has particularly cited the Bureau de change as one component of the sector that should be prefected more.
Dr. Kalumba has advised that this should be coupled with the Central Bank being forceful in curtailing pricing of goods and services in US Dollars.
Posted by Editor
on December 6, 2015. Filed under LATEST NEWS.
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New Educated Zambia©❤√
December 6, 2015 at 7:25 pm
No matter how much advice you give the pf thugs they will take it and throw it back in your face. HH and the upnd have been giving sound economic advice to pf since 2011. Now the things we warned them would happen due to economic mismangement are starting to happen. Time has come for change. vote upnd
nshibombelamwenso
December 6, 2015 at 7:40 pm
what advice can hh give.he celebrates each time bad things happen in zambia.katele kalumba aka kk’s advice will be taken.kosa mune you will be shocked and choked before you are thrown into political abssy.
Shaka Zulu
December 6, 2015 at 8:16 pm
PF is becoming entertaining.
Hello Haters
December 6, 2015 at 11:01 pm
Mr “silicon Valley voodoo computer programmer” your president doesn’t inspire anybody in the country except maybe the pf police force and pf thugs, the country is at a stand still.
derrick factors
December 6, 2015 at 11:15 pm
Dr Kalumba is right. There are just too much financial leakages in our economy and it has come being a middle income rated country to clean house and ensure we generate enough internally to sustain ourselves.
Shaka Zulu
December 7, 2015 at 8:02 am
Exactly what are you saying?
Ras Katelescope
December 7, 2015 at 10:00 am
Today they’re economic advisors,another they’re escaping the law with all sorts of abrakata brakata,wen u think its the end,u see them wanting to cross the luapula river on a cart only to tell you I thot it was a canoe but in southern province. Personally you’re not an inspiration bwana..Maybe this tells y Zed is in this state,if this former cabinet minister is a sample of pipo Phd’s.