THE president of Zambia, Edgar Lungu, on Saturday dismissed Bank of Zambia governor Denny Kalyalya without giving a reason for the surprise move.

Lungu replaced Kalyalya, a former World Bank executive director, with a former deputy finance minister, Christopher Mvunga.

Kalyalya was appointed in February 2015 and had his contract extended in 2018 until 2023, but Lungu decided to cut it short over this weekend.

The dismissal follows a monetary policy announcement by the Zambian central bank last week that the repo rate would be cut by 125 basis points and settle at 8% in an attempt to safeguard the well-being and stability of the country’s financial sector and safeguard Zambia’s economy during the Covid-19 pandemic.

South Africa’s minister of finance, Tito Mboweni, took to Twitter to slam Kalyalya’s dismissal as “nonsense”.

“Presidents in Africa must stop this nonsense of waking up in the morning and fire a central bank governor! You cannot do that. This is not some fiefdoms of yours! Your personal property?! No!!,” Mboweni, a former governor of the South African Reserve Bank, lashed out.

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