THE Bank of Zambia’s Monetary Policy Committee (MPC) has decided to adjust the Monetary Policy Rate upwards by 50 basis points to 8.50%.
In a statement today (February,17), Governor Christopher Mvunga said this has been necessitated by the escalation in inflationary pressures, which are pushing inflation further away from the upper bound of the 6-8% target range.
“The decision balances the need 10 contain rising inflation and anchor inflation expectations against the efforts made to support financial system stability and growth. Ensuring that inflation remains well anchored in the medium-term is essential to moderate fragilities in the financial sector and support economic recovery. In addition, the implementation of a strong fiscal policy adjustment, whose key parameters are clearly outlined in the Government ‘s Economic Recovery Programme, is critical in restoring macroeconomic stability.” He said.
Miner succumbs to injuries at Kansanshi Mine
A MINER at Kansanshi Mine lost his life when a rock fell on him in the underground dewatering decline portal, part of the mine’s ongoing development in the main pit.
The incident took place on Thursday around 20:00 hours.
The victim, Stephen Musukwa, employed by the mine’s contractor Reliant Drilling, sustained injuries and was promptly attended to by paramedics.
According to the Mine’s corporate affairs department, Mr Musukwa was subsequently evacuated to South Africa for treatment, where, he succumbed to his injuries.
“The relevant authorities have been informed and are at the scene of the incident.Our sincere condolences go out to his family, workmates and friends.Our priority for now is to ensure that his family receives our support during this difficult time,” reads the statement.
(Mwebantu, Saturday, 25th November, 2023)
Police say over 50 people swindled in fake roofing sheets scam
OVER 50 people swindled after they paid more than K700, 000 in order to buy Iron sheets.
Chongwe man nabbed for allegedly smuggling 16 Ethiopians
FOUR people among them Geoffrey Chumbwe have been arrested for suspected migrant smuggling involving 16 Ethiopians.
Mr Chumbwe 32 in company of Samson Masuka,34 believed to be the master mind, Kakoma Masumba aged 31 and Renson Sinkala aged 25 were nabbed during an operation which began as a routine patrol.
In a statement, Department of Immigration public relations officer Namati Nshinka said the operation took place on Wednesday, November 22nd.
“The operation quickly escalated when Immigration Officers received information that a White Fortuner Registration number BBD 671 carrying suspected illegal immigrants had been spotted near Water Falls Mall in Lusaka’s Silverest Area. Following this lead, the Officers rushed to the scene and eventually located the vehicle, which was empty at the time most likely after the driver had dropped off the passengers at an unknown location,” he said.
Mr Nshinka said the Officers started trailing the vehicle until the Driver, Mr Chumbwe, parked the vehicle which appeared to have been modified by removing the back seats to maximize carrying capacity.
He said Mr Chumbwe initially expressed ignorance regarding the whereabouts of the suspected Ethiopians.
“He instead led the officers to Kaunda Square, where Kakoma Masumba and Renson Sinkala, whom he alleged had transported the Ethiopians from Kasama, resided. The officers picked the two suspects and further investigations led them to Geoffrey Chumbwe’s Residence in Silverest where the officers found 16 undocumented suspected Ethiopians in a Gazebo,” he said.
Similarly, the Department of Immigration in Mansa on November 18th and 19th apprehended 35 persons during a clean-up operation dubbed ‘Operation Kolopa’.
Mr Nshinka explained that the operation was mainly on the Pemba Islands on the Luapula River, which is believed to have an influx of suspected illegal immigrants engaged in agricultural and fishing activities.
‘Those apprehended were 33 Congolese, 32 of whom were nabbed for illegal entry and unlawful stay and one for engaging in business without a Permit, and two Chinese for failure to observe the terms and conditions of their permits,” he saids.
(Mwebantu, Friday, 24th November, 2023)