BANK OF ZAMBIA GOVERNOR FIRED

Zambia’s central bank Governor Caleb Fundanga, who helped curb inflation to below 10 percent for the first time in 30 years, was fired by President Michael Sata in a sign the government may seek looser monetary policy.
Information Ministe,r Given Lubinda has confirmed in a phone interview from the capital, Lusaka, today that Dr Fundanga has been removed from his post.
The Bank of Zambia has however declined to give further details.
Dr Fundanga was head of the Bank of Zambia since 2002, winning The Banker magazine’s central banker of the year award in 2007 for his fight against inflation.
Citigroup Inc. Sub- Saharan Africa strategist, Leon Myburgh says Dr Fundanga’s removal may signal the government wants to lower interest rates and weaken the currency of Africa’s biggest copper producer.
Mr Myburgh has further said in a phone interview that the decision might indicate a shift in the monetary policy framework may change.