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Bank of Zambia raises Monetary Policy by 100 basis point, predicts enhanced economic growth

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THE Bank of Zambia (BOZ) has increased the Monetary Policy Rate by 100 basis points to 11.0 percent.

The decision comes in response to both current and anticipated inflation deviating from the 6-8 percent target band.

According to BOZ Governor Danny Kalyalya, if left unchecked, inflation could pose a risk of becoming anchored above the target band, challenging the attainment of macroeconomic stability.

“Therefore, in this environment, a much stronger policy response is warranted to anchor inflation expectations and bring inflation back into the 6-8 percent target band,” Dr Kalyalya said.

He however stated that the decision will result in the brighter growth prospects than projected in August.

Dr Kalyalya said Monetary Policy Committee is of the view that growth will be sustained over the medium to long-term with the economy projected to grow faster at 4.3 percent than the previous forecast of 2.7 percent.

“This follows an upward revision to real GDP growth for 2023 because of higher-than-expected growth mostly in the ICT, education, transport, and tourism sectors during the first nine months of the year. The economy is now projected to grow faster at 4.3 percent in 2023 than the previous forecast of 2.7 percent. A further expansion of the economy by 4.7 percent in both 2024 and 2025 is projected, supported by the expected recovery in the mining and agriculture sectors,” he said.

The Governor said the Committee also took into account stability in the financial sector and sustained progress on fiscal consolidation in arriving at its decision.

He said the positive spillovers from reaching a Staff-Level Agreement on the second review of the IMF Extended Credit Facility on November 20, 2023, and progress on external debt restructuring are essential for macroeconomic stability.

(Mwebantu, Wednesday, 22nd November,  2023)

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ERB lowers fuel prices amid Kwacha appreciation

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THE Energy Regulation Board (ERB) has announced a downward adjustment in the prices of petrol, diesel, and jet A-I, bringing relief to consumers.

Effective midnight, petrol will be priced at K31.12 per litre, diesel at K28.78 per litre, and jet A-I at K28.23 per litre.

However, the price of kerosene will remain unchanged at K20.44 per litre.

The reduction in the prices have been attributed to the appreciation of the Kwacha which outweighed the increase in international oil prices therefore warranting a reduction in the domestic wholesale and pump prices of petroleum products.

ERB Board chairperson Reynolds Bowa said the price of kerosene has been maintained, adding that the decision on kerosene pricing will be reviewed consistent with the national supply and demand situation.

In a statement, Mr Bowa said over the review period, the Kwacha significantly appreciated against the United States Dollar.

“On average the exchange rate appreciated 14.4 percent. The appreciation was mainly attributed to interest rate hike by the Bank of Zambia (BoZ) and the directive that commercial banks hold back more funds in reserve. Furthermore, BoZ made available additional United States Dollars to the market,” he said.

Mr Bowa said the prices will come into effect at midnight and shall remain in effect until revised by the ERB.

He however said during the month of February the prices of oil on the international market increased.

Mr Bowa said the increase was mainly attributed to supply disruptions arising from geopolitical tensions in the Middle East which led to tightened supply of the commodity.

Meanwhile, the ERB in line with the Energy Policy has developed a bio-fuels pricing framework that will be used on blended fuel.

Mr Bowa said the growth of the biofuel industry will foster security of supply of petroleum products.

“Currently, a pilot phase for bio-ethanol trading has commenced and ERB will give periodic updates on how this programme is unfolding.” he said.

(Mwebantu, Thursday, 29th February, 2024)

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ACC nab senior accountant, businessman 

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A LUSAKA based senior accountant has been arrested by the Anti-Corruption Commission (ACC) alongside a business man for possession of property suspected to be proceeds of crime.

Kasemuka Chiteta, a senior accountant stationed at police headquarters has since been charged with one count of possession of property suspected of being proceeds of crime.

ACC head of corporate communications Timothy Moono said in a statement that Kasemuka Chiteta on dates unknown but between 7th April, 2023 and 12th February 2024 in Lusaka District, concealed possession of a motor vehicle namely Toyota Landcruiser BAD4360 registered under the ownership of Chimuka Chibawe a Lusaka based businessman.

“In a similar development, the ACC has arrested and charged a Lusaka based businessman, Chimuka Chibawe of plot No. 136 C Kalomo road Chilenje” Mr Moono said.

He said Mr Chibawe has been charged with one count of Possession of Property Suspected of Being Proceeds of Crime contrary to Section 71 (1) of the Forfeiture of Proceeds of Crime Act No. 19 of 2010.

“Details of the offence are that, Chimuka Chibawe on dates unknown but between 7th April, 2023 and 12thFebruary 2024 in Lusaka, concealed possession of a motor vehicle namely Toyota Landcruiser BAD4360 registered under his names when the beneficial owner is Mr. Kasemuka Chiteta a Senior Accountant at Police Service Headquarters,” he said.

The pair has since been released on bond pending court appearance.

(Mwebantu, Thursday, 29th February, 2024)

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Experience the Next Level of great entertainment with DStv Step Up!

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IT’s February and still feels like Jan-worry, but we have just the thing for you! Introducing the Step Up campaign, designed to elevate your viewing experience without breaking the bank. Welcome to the big leagues of entertainment!

From January 15th to March 31st, 2024, subscribers have the chance to upgrade their package and enjoy a plethora of additional channels at an unbeatable price.

Here’s a brief overview of how the Step Up campaign works and how you can make the most of your DStv subscription:

What is the Step Up Campaign?

Step Up is a limited-time offer for DStv subscribers. During this campaign, subscribers can upgrade their package to a higher tier and receive a further upgrade to an even higher package within 48 hours of payment. It’s like getting a premium experience at a fraction of the cost, courtesy of DStv!

How does it work?

• If you’re on DStv Lite (K120), upgrading to DStv Access (K190) will bump you up to DStv Family (K345), unlocking lifestyle channels, more music options, top-notch kids’ entertainment, and premium European football coverage.

• Subscribers on DStv Access (K190) who upgrade to DStv Family (K345) will enjoy access to DStv Compact (K520), featuring the best in local content, the Premier League, and more.

• Upgrading from DStv Family (K345) to DStv Compact (K520) grants you a whole month’s access to DStv Compact Plus (K770), offering UEFA Champions League matches, international series on 1Magic, and captivating documentary channels like History Channel.

• Those on DStv Compact who upgrade to DStv Compact Plus (K770) will find themselves enjoying DStv Premium (K1,200), where blockbuster movies, hit series, and premium sports like Tennis, Golf, and F1 await.

Take the leap and Step Up today to indulge in a wide array of entertainment options, experience your favourite shows in high definition, and access exclusive content available only on higher-tier packages.

If you’ve recently been disconnected, fear not! Simply reconnect to one of the eligible packages mentioned above and elevate your viewing experience. Plus, enjoy the convenience of watching your new package on DStv Stream, anytime and anywhere.

Don’t let this opportunity pass you by in the new year. Step Up to a whole new level of entertainment with DStv!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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