Dr DENNY KALYALYA TO CONTINUE RECEIVING SALARY UNTIL 2023
THE Southern African Institute for Policy and Research (SAIPAR) says former Bank of Zambia (BoZ) governor Denny Kalyalya will continue drawing his full contractual package until May 2023 when the contract comes to an end despite being fired.
In its latest report titled ‘Central role of the central bank governor’ SAIPAR says this means that BoZ will be paying two bank governors while deriving the services of only one.
“This is clearly an unnecessary cost resulting from a rush, un-consulted and irrational decision.
“And given the hasty nature of movements at BoZ, in the interim, the governor position will remain vacant as the new appointee cannot take up office, pending ratification by Parliament after it reopens on 11th September 2020,” it says.
SAIPAR notes that the firing of the governor could be a turning point for the central bank’s independence and possibly its effectiveness.
The Southern African Institute for Policy and Research (SAIPAR) is an independent, educational research and development oriented research centre.