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Parliament ratifies Kalyalya as Bank of Zambia Governor

Filed under: Business,Latest News |
Dr Denny Kalyalya

Dr Denny Kalyalya

Parliament has ratified the appointment of Denny Hamachila Kalyalya as the new Bank of Zambia (BOZ) Governor.

President Edgar Lungu last month appointed the former World Bank executive director as governor pursuant to section 10(1) and (2) of the Bank of Zambia act of 1996 to serve for a period of not more than five years.

Moving the motion in parliament today, Mafinga member of parliament Catherine Namugala said the parliamentary select committee scrutinized Dr Kalyalya who was cleared by the Zambia Police, the Drug Enforcement Commission and the Anti Corruption Commission.

Ms Namugala further added that the committee took into account views from professional bodies such as the Economic Association of Zambia, Bankers Association of Zambia, Zambia Institute of Chartered Accountants and Transparency International Zambia who also supported the nominee.

The Mafinga law maker said her committee interacted with the nominee and the minister of finance Alexander Chikwanda who represented the appointing authority President Edgar Lungu and that her committee had no objection to his appointment as he meets the qualifications and experience criteria to head the Bank and stabilise the kwacha and reduce further the lending rates.

Dr Kalyalya has worked for the Bank of Zambia for 14 years rising to the rank of deputy governor operations from 2002 to 2010 where he is credited for reducing inflation from 29 per cent to eight per cent and lending rates from 45 per cent to 21 per cent from 2002 to 2010. Until his appointment Dr Kalyalya was an executive director at the World Bank for Africa. He hold a bachelor’s degree in Economics, two masters degree and a PHD in the same field.


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