IMF says central banks must be independent after change of Zambia's governor

Zambian President Edgar Lungu on Saturday dismissed central bank governor Denny Kalyalya and replaced him with former deputy finance minister Christopher Mphanza Mvunga.

FILE: A man walks past the International Monetary Fund (IMF) headquarters in Washington DC. Picture: AFP

LONDON - The International Monetary Fund said on Monday central banks’ independence must be maintained, in a statement in response to a change of Zambia’s central bank governor.

Zambian President Edgar Lungu on Saturday dismissed central bank governor Denny Kalyalya and replaced him with former deputy finance minister Christopher Mphanza Mvunga.

“Without credible institutions and sound policies, sustained economic growth and much-needed improvements in living standards will not be possible,” the IMF said.

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