Zimbabwe settles final $30m principal portion of colonial era debt owed to Zambia
According to data released this morning by the Central Statistics office, inflation for May 2014 remained unchanged from the previous month rate of 7.8%. Inflation looks to have stabilized at the beginning of the second quarter following monetary tightening measures by the central bank in the first quarter of this year – policy rate up to 12%, reserve ratio up to 14% and some direct forex intervention. Fuel price increments from April 2014 did not make an immediate impact like they did over the same period last year.
MTN Zambia takes the lead in mobile subscriber race
Shoprite has been operating in Zambia for almost 20 years – enduring the tough economic times as well as capitalizing on the strong economic growth that has occurred over the last decade or so. The supermarket chain has a network of 21 stores (with the recent opening of a store at Kafubu Mall in Ndola) which is set to expand to 26 by the end of 2015. Anyone who reads the various newspaper publications would have noticed an advert for the inception Shoprite money transfer services in partnership with Stanbic bank. Here is why the brick and mortar money transfer service providers should be worried:
Nothing emphasizes the potential appeal of Shoprite’s entrance into the money transfer business than the chart below:
Kwacha continues fall, ends the week at 6.61
The Kwacha hit a record low of K6.71 per $US dollar before closing the week at K6.61:
Zambia Sugar posted a net profit of K127.8m in financial year 2013 which was down 9.4% year over year:
Konkola Copper Mines has appointed Steven Din as the Chief Executive Officer, effective today, 12th May 2014. Din has a Bachelor’s degree in Chemical Engineering from Bradford University and is a Chartered management accountant. Din has held various Africa positions for mining giant Rio Tinto in the past with his most recent position being as CEO – Minerals for an Essar Africa project in Zimbabwe. He will be taking over from embattled predecessor Kishore Kumar (CEO of Vedanta’s Africa base-metals business) who had previously held the post twice in the last 4 years.
Maize output to increase by 32.2% in 2014
The central bank announced held the policy rate at 12% for the second quarter of 2014. The decision was driven by reduced inflationary pressures from an anticipated improvement in food supply (good crop harvest and maize surplus) and the effects of policy tightening in the first quarter of 2014. The committee forecasted second quarter inflation to reduce to 7.3% while citing the recent fuel price hike and further Kwacha depreciation as upside risks to their inflation forecast.
Bank of Zambia postpones policy rate decision
The central bank postponed the policy rate for May 2014 to next week Friday. In addition, they also announced that they would reduce the frequency of policy rate meetings from monthly to quarterly in order to give them more time to analyze the macroeconomic environment.
Trying to decipher this puzzle that is Zambia by using a variety of publicly available data (structured and unstructured) in conjunction with my own skill/experience. * * *