BoZ diagnose, namefour eminent risks threatening Zambia’s 7 % end of year overall inflation target

By John Chola 28 – 09 - 2012 The Bank of Zambia (BoZ) has diagnosed and named four eminent risks threatening Zambia’s 7 % end of year overall inflation target. The Central Bank’s Monetary Policy Committee says the end-year inflation target faces threat from labour related cost-push factors, rising international oil prices, rising feedstock pricesand the anticipated global grain deficit. The Central Bank also noted some weakness in the external performance of the economy owing to a slowdown in the global economy as a result of the on-going Euro zone debt crisis and the slow growth in China, India and the United States of America. The threat from the four factors cited, however, will not be noticeable within the immediate coming month. “The Monetary Policy Committee at its September 2012 meeting, therefore, decided to maintain the Bank of Zambia Policy Rate at 9.0% for October 2012,” BoZ Head of Public Relations Kanguya Mayonda stated in a statement released Friday. “However, the Committee was of the view that these threats may not have an immediate effect on the exchange rate and subsequently, inflation in the coming month,” Mayondi said in the statement. He added that the Committee anticipates annual overall inflation in October 2012 to remain steady around the September level. The Committee noted downward risks to inflation, to arise from the stability in the prices of vegetables and fish, reflecting an improvement in seasonal supply, coupled with relative stability in the exchange rate. End..///

BoZ diagnose, namefour eminent risks threatening Zambia’s 7 % end of year overall inflation target

By John Chola 28 – 09 - 2012 The Bank of Zambia (BoZ) has diagnosed and named four eminent risks threatening Zambia’s 7 % end of year overall inflation target. The Central Bank’s Monetary Policy Committee says the end-year inflation target faces threat from labour related cost-push factors, rising international oil prices, rising feedstock pricesand the anticipated global grain deficit. The Central Bank also noted some weakness in the external performance of the economy owing to a slowdown in the global economy as a result of the on-going Euro zone debt crisis and the slow growth in China, India and the United States of America. The threat from the four factors cited, however, will not be noticeable within the immediate coming month. “The Monetary Policy Committee at its September 2012 meeting, therefore, decided to maintain the Bank of Zambia Policy Rate at 9.0% for October 2012,” BoZ Head of Public Relations Kanguya Mayonda stated in a statement released Friday. “However, the Committee was of the view that these threats may not have an immediate effect on the exchange rate and subsequently, inflation in the coming month,” Mayondi said in the statement. He added that the Committee anticipates annual overall inflation in October 2012 to remain steady around the September level. The Committee noted downward risks to inflation, to arise from the stability in the prices of vegetables and fish, reflecting an improvement in seasonal supply, coupled with relative stability in the exchange rate. End..///

Zambia has a new Justice Minister, Wynter Kabimba.

By John Chola – 03-08-2012 President Michael Sata has nominated Patriotic Front (PF) Secretary General Wynter Kabimba as Member of Parliament and with immediate effect appointed him Minister of Justice. Kabimba (right) takes over from President Sata’s long term comrade Sebastian Zulu who was dropped last week.

Kabimba is a lawyer and an advocate of the High Court of Zambia. He has been Secretary General of PF since the now ruling party was in opposition. The Presidency announced Monday that Kabimba will take over from Zulu immediately. Ends.