Bank of Zambia

By: EconomyWatch   Date: 9 September 2010

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The Bank of Zambia was established to take over the central banking functions from the Bank of Rhodesia on 7th August 1964. The Bank of Zambia Act was passed later in June 1965. The main vision of the Central Bank of Zambia is “To be a world class central bank.”

As the central bank of the country the Bank of Zambia is required to perform the following functions:

  • Ensure appropriate monetary policy formulation and implementation
  • To act as the financial agent of the government
  • To license, regulate and supervise the activities of banks and financial institutions in the country with the objective of promoting and ensuring a safe and sound financial system
  • Manage and supervise the banking and monetary operations of the Bank of Zambia
  • Supervise the country’s payment system and ensure their smooth functioning
  • Issue the national currency and regulate its circulation’
  • Advise the public bodies in the country
  • Participate and regulate the activities of the national gold market
  • Compile and publish the main economic, monetary, and financial, exchange price and balance of payment statistics
  • Perform other operation and services as is usual to the central banking activities

The management of the Central Bank of Zambia is in the hands of a Board of Directors. The Board consists of the Governor, who is also the Chairperson of the Board and six other Directors. The Minister of Finance and National Planning appoint the members of the Board. All the Directors of the Board have non-executive powers. The Board is vested with all the powers of the bank and it has the final say in the affairs of the bank.

The Address and Contact details of the bank is as follows:

Bank of Zambia

Address: P.O. Box 30080 Lusaka ZAMBIA
Phone No.: ++260-1-22 88 88 
Fax: ++260-1- 22 68 44


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