“Kwacha will stabilize”

By Paul Shalala.

Standard Chartered Bank says economic measures which the government and the Bank of Zambia have put in place will result in the stability of the Kwacha in the medium and long term.

Standard Chartered Bank Chief Executive Officer SONNY ZULU the recent developments in which capital has been injected in the mining sector is expected to make the national currency stronger in the long run.

Mr. ZULU says the mining sector is a huge contributor to the nation and recent pronouncement on the direction for the sector will result in the kwacha strengthening in the long run.

Speaking at a media briefing in Lusaka, Mr. ZULU said some developments in the mining sector may not result in immediate results because the sector operates in the long run.

Meanwhile, Mr. ZULU has disclosed that Standard Chartered Bank recorded income of one point five billion kwacha in 2023.

Mr. ZULU said the achievement represents a growth of 27 percent which is the highest for the bank since 2013.

He has further disclosed that the bank recorded profit before tax of 918 million kwacha which is an increase of 145 percent.

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