denny h kalyalya : effective banking supervision – a risk based approach opening remarks by dr denny h kalyalya, deputy governor - operations of the bank of zambia ; at the workshop on “ effective banking supervision : a risk based approach ”, livingstone, 1 december 2008. * * * • the chairperson • resource persons • distinguished workshop participants • ladies and gentlemen on behalf of crown agents and the bank of zambia, i wish to welcome you all to this important workshop on effective banking supervision : a risk based approach and to zambia ’ s tourist capital, livingstone. in particular, i welcome our resource persons from crown agents and participants from the region. looking at the programme, it is obvious that you will have a tight schedule. however, i urge all of you to find time in your busy schedule to visit some interesting places that our tourist city of livingstone has to offer, especially the mighty victoria falls, which although not at its best at this time of the year, still presents a spectacle to behold. the ongoing global financial crisis has brought tremendous and unexpected challenges to regulatory and supervisory authorities. as you are all well aware, in any economy, more so in market - driven economy, financial institutions play a critical role in the allocation of resources through intermediating between those with surplus resources ( depositors ) and those in need of resources ( investors ). effective and efficient supervision is therefore, crucial to manage risk and avert possible loss to depositors / investors and hence maintain public confidence in the financial system. ladies and gentlemen this workshop is being held at a time when the global economy has come under serious strain caused by the sub - prime mortgage crisis in the us. appetite for profit and poor credit risk underwriting standards led to a surge in sub - prime mortgages. this brought about a real estate price bubble as demand for residential properties grew. the situation culminated into a liquidity and credit crunch in financial markets. the financial crisis has spread to other countries directly through financial market linkages and indirectly through trade. recent projections indicate that the global financial crisis will lead to global contraction in economic output with a corresponding reduction in incomes, a rise in unemployment and decline in volumes of trade. ladies and gentlemen the current state our financial sector calls for a new approach to the supervision of banks and other financial institutions. risk based supervision ( rbs ) represents a paradigm shift from the traditional rules based, historical, standardised and point - in - time assessments to a process - oriented, forward looking, continuous

denny h kalyalya : sustainable finance - savings are globally diverse, we are united in responsibility speech by dr denny h kalyalya, governor of the bank of zambia, at the world savings day and financial literacy awards, 4 november 2022. * * * salutations mr. phillip chitalu, secretary and chief executive officer, securities and exchange commission mrs. namakau ntini, acting registrar, pensions and insurance authority mr. markus wittkamp all senior government officials mrs mizinga melu a€ “ chairperson financial literacy working group and baz all chief executive officers of financial services providers all cooperating partners nominated participants for the financial literacy awards invited guests ladies and gentlemen good afternoon, it is an honor for me as champion of financial education, to engage with you during the public awareness campaign for the 2022 world savings day and the financial literacy awards ceremony. this year's theme focuses on preparing for the future, continuing with the 2021 theme " sustainable finance : savings are globally diverse, we are united in responsibility. " sustainable finance involves taking due account of environmental, social and governance considerations when making investment decisions. this is pertinent considering the threat environmental risks are increasingly presenting to the economy. it is therefore expected that efforts to promote sustainable finance will contribute to the attainment of a climate resilient economy. the recently launched 8th national development plan also supports a low carbon and climate - resilient development pathway towards attainment of vision 2030 and the sustainable development goals. ladies and gentlemen as has been done for many years now, zambia joins the international community in commemorating the world savings day which is celebrated every year on 31 october to emphasize the significance of savings for individuals. it is important to note that there are various forms of savings which include among others government securities, listed securities and equities, pension and insurance funds, savings accounts and other investment products. it is important that zambian citizens are aware of the different types of products and services that are available to help them save, in a sustainable 1 / 4 bis - central bankers'speeches manner. these campaigns are therefore aimed at creating awareness to enhance skills, attitudes and behaviours on personal financial management amongst children, youth and adults. all citizens should be aware of the effect their decisions have on the environment. this is critical if they are to have the confidence and motivation to make sound financial decisions, use appropriate financial services to improve their financial well - being and contribute to sustainable national development as