denny h kalyalya : expansion of zambia ’ s banking sector remarks by dr denny h kalyalya, deputy governor - operations of the bank of zambia ; at the official opening of bank of china ’ s new premises, lusaka, 9 december 2008. * * * • honourable minister of finance and national planning, dr. situmbeko musokotwane, mp ; • his excellency – the chinese ambassador to the republic of zambia ; mr. li qiangmin ; • managing director of the bank of china ( zambia ) limited ; mr du qiang ; • distinguished invited guests ; • ladies and gentlemen. i am greatly honoured for having been invited to speak on the occasion of the official opening ceremony of bank of china ’ s new premises. ladies and gentlemen as part of the on - going zambia - chinese relationship, the bank of china was established in 1997. since then the bank has recorded tremendous progress. distinguished invited guests during the past 8 years, the overall financial performance and condition of the banking sector has been satisfactory. the sector has continued to expand and we anticipate increased economic and investment activity in the period ahead. banks are expected to continue to provide the required level of finance to consolidate the economic gains registered so far. the bank has achieved tremendous growth since its inception in 1997. during the last eleven years, total assets have increased by 325 % to k507. 9 billion in october 2008 from k13. 8 billion in december 1997. regulatory capital increased by about 1, 000 % to k41. 9 billion in october 2008 from k3. 8 billion december 1997. similarly, the bank ’ s profitability has steadily increased over the years. the bank has been a good supporter of a number of economic activities in zambia, especially in the mining, textile, construction, banking and agriculture sectors. however, going forward, we wish to encourage the bank to invest more in loans and advances, which have remained low at 4 % of total assets as at end of october 2008 compared to the industry average of 45 %. ladies and gentlemen the new offices being commissioned today should enhance the bank ’ s service delivery to its customers. we therefore wish to encourage the bank to continue playing an active and effective role in stimulating economic activity through the provision of well structured financial products and services. thus, boost growth in key sectors of the economy as well as enhancing access to finance and encourage more indigenous zambians to establish relationships with the bank. it is our expectation

caleb m fundanga : achievements and accomplishments at the bank of zambia during the past forty years speech by dr caleb m fundanga, governor of the bank of zambia, at the 40th anniversary celebrations, lusaka, 5 - 6 august 2004. * * * chairperson, baroness lynda chalker of wallasey the guest of honour, his excellency, the president of the republic of zambia, mr levy patrick mwanawasa, state counsel honourable ministers honourable deputy ministers your excellencies members of the diplomatic corps honourable members of parliament present special guest, governor tito mboweni, governor reserve bank of south africa distinguished past governors of the bank of zambia senior government officials distinguished invited guests ladies and gentlemen on behalf of the bank of zambia and indeed on my own behalf, it is my singular honour and rare privilege to extend a warm welcome to you all as we commemorate the 40th anniversary of the establishment of the bank of zambia. i would also like to thank, his excellency, the president of the republic of zambia, for accepting our invitation to officiate at this special occasion. further, special thanks go to governor mboweni for accepting to deliver a key note speech and all foreign participants for coming. mr president may i mention that amidst this gathering are participants from sister central banks in the region that have come to celebrate this anniversary with us as well as zambians based outside the republic. mr president, ladies and gentlemen, this anniversary marks 40 years of dynamic transformations and achievements accomplished by the bank. some of the challenging issues that the bank has confronted in the past and likely to do so in the future form part of the selected topics of papers to be presented and discussed at this conference. this conference is therefore expected to provide a platform for sharing ideas required for practical solutions aimed at improving the bank ’ s deliverables. in doing so, however, we must be cognisant of global trends in central banking. madam chairperson, since its establishment in 1964, the bank of zambia has played an important role in the economy by formulating and implementing monetary, regulatory and supervisory policies in its quest for price stability. over this period, progress has been made towards the deepening of financial markets, specifically in the areas of monetary policy management, and the foreign exchange market. in addition, substantial improvements to the legislative and regulatory frameworks for banks and financial institutions have been attained. ladies and gentlemen, during the pre - liberalisation period from 1964 to 1991, monetary policy was largely characterised