BANK OF ZAMBIA HAS BEEN PRINTING MONEY EVER SINCE GOVERNOR KALYAYA WAS FIRED
Cash in circulation(CIC) increased through 2021 and particularly in the last months towards elections. If anything CIC was consistently on an upward trajectory since Governor Kalyalya was fired in August 2020.
So it goes without saying that the Cash balance has been expanding the Balance sheet. You will also observe the increased “dollarisation” of account holdings by the increase in forex statutory reserves; as account holders opted to keep their money in forex rather than Kwacha as the currency continued to lose its value and also due to uncertainty in the environment.
Within a period of 1 year…July 2020 to July 2021 CIC increased by K4billion. Quite unprecedented looking at prior years.
So expect more suitcases out there.