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Bank of Zambia (BoZ) Governor, Denny Kalyalya, has dismissed claims that the central bank has failed to control inflation, attributing rising prices to key economic factors such as exchange rate fluctuations and food shortages.
Speaking on Prime TV’s The Big Debate on Thursday, Kalyalya emphasized that inflation was influenced by multiple variables, some of which were beyond the central bank’s direct control.
He pointed to the imbalance between supply and demand in the foreign exchange market as a significant driver of inflationary pressures.
“Inflation is a thief in the night. You are sleeping, and your money is losing value when you wake up,” Kalyalya said.
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He defended BoZ’s inflation target range of 6–8 percent, explaining that allowing inflation to spiral beyond this threshold would erode the value of fixed incomes, negatively impacting ordinary citizens.
Kalyalya stressed the need for a collective approach to tackling inflation, urging all stakeholders to play a role in stabilizing the economy.
He also reaffirmed the central bank’s commitment to maintaining price stability amid ongoing economic challenges.
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