Melo News | Thursday, February 29, 2024 | Lusaka
Standard Chartered Bank Zambia’s Managing Director and CEO, Sonny Zulu, emphasized that the efforts made by the government and the Bank of Zambia to stabilize the local economy may not yield immediate results in the short-term.
During a media briefing in Lusaka yesterday, Zulu stated that the impact of these measures, particularly in the mining sector, may only be visible in the medium or long term.
He further explained that mining is a long-term endeavor, and while the benefits of the current actions may take time to materialize, there may be some immediate advantages from the direct investments flowing into the country. Additionally, Zulu highlighted several factors that will continue to influence the exchange rate in 2024, including the slowdown in mining due to the nonfunctioning of key mines, which affects the flow of foreign currency.
Furthermore, the importation of oil and continued imports will exert pressure on the local currency. In terms of financial performance, Zulu revealed that in 2023, Standard Chartered Bank Zambia recorded an income of K1.52 billion, reflecting a 27 percent year-on-year growth, while profit before tax stood at K918 million, representing a remarkable 145 percent year-on-year growth.
