Zambian Economy Is Stable – Bank Of Zambia (BoZ).
T H E Bank of Zambia ( BoZ) says the country’s economy is stable with gross international reserves currently standing at US$ 2.5 billion.
And the central bank has projected an inflation rate of slightly below 10 percent by the end of this year due to stability in the foreign exchange market and food prices.
BoZ financial markets department director Emmanuel Pamu said the economy is steadily growing, even with the coming up of general elections next month.
Dr. Pamu was speaking at the ongoing 52nd Zambia International Trade Fair ( ZITF) in Ndola yesterday.
He, however dispelled allegations by some sections of society that the statistics presented are artificial.
“ The exchange rate is positive and with increased inflow in foreign exchange, there is significant appreciation in foreign exchange, so it is not artificial.
The growth rate in the past has been higher although right now it is lower due to external developments, which have led to the general slowdown in the economy,” Dr Pamu said.
He said the country’s gross international reserves are safe with three months of import cover.
Dr Pamu, however, said the status in reserves is not the highest or lowest as they keep fluctuating.
In 2001, the reserves were as low as US$ 300 million, and at some point recorded over US$ 4 billion.
He said inflation levels are expected to register below 10 percent by the end of the year due to stability in foreign exchange market and food prices.
He said the growth rate for last year was 3.2 percent while the projection for this year is between 3.3 percent and 3.5 percent.