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Zambia Leader Tells Central Bank Chief to Stabilize Currency

  • Mvunga sworn in as Bank of Zambia governor, replacing Kalyalya
  • Zambia’s currency is Africa’s worst performer this year
Edgar Lungu
Edgar Lungu

Photographer: Thomas Trutschel/Getty Images

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Zambian President Edgar Lungu told his new central bank chief to stabilize Africa’s worst-performing currency as the southern African nation tries to convince private creditors to provide debt relief.

Lungu urged Governor Christopher Mvunga at a swearing-in ceremony on Tuesday to “redouble efforts” and work with the Finance Ministry to achieve stability in the kwacha, according to a speech emailed by the presidency. Lawmakers confirmed Mvunga’s appointment on Oct. 1.