Central Bank

There is established the Bank of Zambia which shall be the central bank of the Republic.

The functions of the Bank of Zambia are to’ (a) issue the currency of the Republic; (b) determine monetary policy; and (c) regulate banking and financial services, banks, financial and non-banking institutions, as prescribed.

There is constituted a Board of Directors for the Bank of Zambia whose composition shall be prescribed.

The functions of the Bank of Zambia vest in the Board of Directors and shall be performed as prescribed.

The Bank of Zambia shall not be subject to the direction or control of a person or an authority in the performance of its functions. [Article 213 added by section 8 of Act 2 of 2016]

There shall be a Governor of the Bank of Zambia who shall be appointed by the President, subject to ratification by the National Assembly, and who shall be’ (a) a citizen; (b) a person who has specialised training and experience in economics, finance, accounting, banking, law or other field relevant to banking, as prescribed; and (c) a person of proven integrity.

The Governor shall be the Chairperson of the Board of Directors. [Article 214 added by section 8 of Act 2 of 2016]

The following shall be prescribed: (a) additional functions, operations and management of the Bank of Zambia; (b) appointment, qualifications and tenure of office of the Board of Directors; (c) election of a Vice-Chairperson of the Board of Directors; (d) tenure of office and emoluments of the Governor; (e) appointment, qualifications, tenure of office, functions and emoluments of the Deputy-Governor; (f) recruitment, and emoluments of members of staff of the Bank of Zambia; and (g) other matters necessary for the performance of the functions of the Bank of Zambia. [Article 215 added by section 8 of Act 2 of 2016]