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

caleb m fundanga : the new k10, 000 banknote in zambia opening remarks by dr caleb m fundanga, governor of the bank of zambia, at the official launch of the new k10, 000 banknote, bank of zambia, lusaka, 16 june 2008. * * * • members of the press • official from commercial banks present • ladies and gentlemen i wish to welcome you all to the bank of zambia. the objective of this press briefing is to announce the introduction of the new k10, 000 banknote in our economy. the new k10, 000 banknote will be put into circulation as early as this week. by showing you the new k10, 000 banknote first, we expect that you will, in turn, help us to inform the public about this new banknote. in order for us to help you understand the new k10, 000 banknote, we have produced posters and will make a short power point presentation. the posters are showing the main public recognition and security features of the new k10, 000 banknote. let me from the outset inform you that although we are calling it a new k10, 000 banknote, most of the features on the banknote are still the same as those on the current k10, 000 banknotes. the differences can best be detected by comparing this new k10, 000 banknote with the current k10, 000 banknotes in circulation. ladies and gentlemen the new features on the k10, 000 banknote are as follows : on the front of the banknote – there is a new bright silver demetallised holographic lead representing a fish eagle. this has replaced the old hologram of the head of a fish eagle. on the back of the banknote – the area around the value numeral, k10, 000 in the right top corner, is printed with a special ink which shifts colour from copper to green when angle of view is changed. these are the two changes that have been made to the k10, 000 banknote. all other features are basically the same. the reason for the introduction of these two features is mainly to enhance the security of the banknote. the bank of zambia would further like to inform the public that the new k10, 000 banknote and the current circulating k10, 000 banknotes shall circulate side by side. the new and current banknotes will therefore all be legal tender. the current k10, 000 banknotes will