michael gondwe : 50 years of central banking in zambia – repositioning for the future speech by dr michael gondwe, governor of the bank of zambia, at the official launch of the 50th anniversary celebrations of the bank of zambia, lusaka, 10 may 2014. * * * • deputy governor – administration • senior directors and directors • representatives from commercial banks • members of staff and former members of staff present • members of the press • ladies and gentlemen i would like to extend a warm welcome to you all on behalf of the bank of zambia and indeed on my own behalf, to the official launch of the bank of zambia ’ s 50th anniversary celebrations, since its establishment on 7th august 1964. the theme for the bank of zambia ’ s jubilee celebrations is “ 50 years of central banking : repositioning for the future ”. this is indeed a momentous year for our country, as it will also mark the commemoration of zambia ’ s golden jubilee. distinguished colleagues, the bank of zambia has during the last 50 years gone through different phases of transformation and development. i am proud to say that the bank has, from the time of establishment in august 1964, matured into an institution whose roles have changed to respond to the growing and changing demands of an emerging economy and deal with complexities of globalisation. the staff, past and present should be proud of the useful contribution, you have made towards the steady progress the bank has made in its quest to attain its mission of “ achieving and maintaining price and financial system stability for balanced macroeconomic development ”. ladies and gentlemen, this progress, has however, not been with any challenges. among the challenges was, the global economic and financial crisis during 2008 / 2009, which adversely affected most economies. it is, therefore, of utmost importance that we reposition ourselves to mitigate these types of challenges should they threaten to recur in the future. colleagues, this 50th anniversary celebration therefore presents us with an opportunity to reflect on the achievements and challenges of the bank since its inception. you will recall from my “ town hall speech ” to members of staff in january 2014 that going forward we need to work harder and build on the successes we have scored in the past, by focusing on enhancing productivity and accountability under what i termed “ the new bank we need ”. in repositioning ourselves, i would like to remind you of some of the tenets we need as the new bank which include the following : 1. productivity and accountability ; 2

caleb m fundanga : brief summary of economic and financial developments in zambia speech by dr caleb m fundanga, governor of the bank of zambia, at the official launch of standard chartered bank crossroads branch, lusaka, 25 september 2007. * * * the chairman of standard chartered bank zambia, mr george sokota members of the board of directors of standard chartered bank zambia the managing director of standard chartered bank zambia, mr. tom aaker distinguished guests members of the press and may i simply say ladies and gentlemen i am very pleased to be here today to officially open the new crossroads branch of standard chartered bank zambia. mr. chairman, as i have stated at various fora before, it is important for banks in zambia to take the lead in implementing actions, which contribute to the development of the financial infrastructure and support the development of our economy. as you may be aware, ladies and gentlemen, we would like banks to : • open new branches, such as this one, to enhance convenience for our people to access banking services, thereby improving financial service delivery and empowering our citizens ; • provide loans to the productive sector to support economic activity, such as mr. sokota just described ; and • invest in latest state of the art technology, such as standard chartered ’ s new electronic branch banking platform. i must hasten to mention, however, that in striving to meet these demands, banks must always comply with the regulations as stipulated in the banking & financial services act of 1994 as amended in 2000, to ensure the safety of customers ’ deposits and stability in the financial sector. any activities by banks, which do not meet the minimum standards provided for in the law, will invite close scrutiny and possible sanctions from the bank of zambia to bring the banks in line with the legal framework. mr chairman, following implementation of sound macroeconomic policies, the economy is relatively stable as shown by various indicators : • inflation is under control ; • the kwacha is stable ; and • interest rates are going down, although not yet as low as we would like them to be. the cost of borrowing has remained high in spite of the progress that has been made in the monetary and fiscal management of our economy. this high cost has, in turn, stifled the growth of the productive private sector, in particular the small and medium enterprises ( sme ) sector, which should be the engine of economic growth of our country. i therefore, appeal to all banks operating in zambia to show more commitment to the growth