LUSAKA (The Business Telegraph):- The head of state in Africa’s red metal producer Zambia, Dr. Edgar Chagwa Lungu has tasked the new central bank chief Christopher Mvunga to play his part in stabilizing macroeconomic fundamentals at a time when disease pandemic has receded growth sharply. Zambia had a sudden change in monetary policy leadership on the 22 August when Dr. Denny Kalyalya’s contract was terminated by the Republican President and was replaced by former Deputy Secretary to the Cabinet for Economic and Finance Affairs Christopher Mvunga. Mvunga’s ratification took place on the first day of October 2020.
“I want to emphasize that as governor of the central bank, you have an enormous task ahead of you. You will oversee the operations of the entire financial sector as well as the performance of the country’s economy as a whole.
“I am confident that with the over 30 years of experience in the public and private financial management sector, you will apply your skills and expertise to among others, review and formulate policy driven solutions to address the macroeconomic challenges that our economy is faced with,” His Excellency President Edgar Lungu said.
In the labyrinth of economic turbulence characterized by a 40% currency slide, rising credit risks as fiscal postures wanes and an expected 4.2% COVID induced recession, Mvunga comes at a time when the country seek pragmatic leadership to back a “V” shaped rebound in 2021.
Mvunga a chartered and certified accountant has a confluence of experience from the private sector having held senior executive roles for multinational banks to the public sector serving as deputy finance minister and was until his new appointment deputy secretary to the cabinet for economic and finance affairs.
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