LUSAKA, Oct. 30 (Xinhua) -- Zambia's economy and financial market will remain fundamentally strong and resilient, Bank of Zambia Governor Michael Gondwe said Thursday, a day after the death of President Michael Sata.
Sata, 77, died on Tuesday night in London where he had gone for medical check-ups, triggering concerns that the country's currency, the Kwacha, would depreciate against major convertible currency such as the U.S. dollar.
"The resilience has been demonstrated this year through the challenges faced in the foreign exchange market over the first half of the year, the measures taken to address them, and the relative stability we have seen over the third and fourth quarters of the year," the central bank governor said in a statement.
"Our financial sector remains well-capitalized and sound," Gondwe said while acknowledging the financial markets may become unsettled as leading investors would take measures that reflect market uncertainty.
The fundamental drivers of the economy will remain in place and that prospects for 2015 and beyond will continue to be bright, he said.
"In this regard, we remain resolute in ensuring that we maintain macroeconomic stability that supports the continued growth and diversification of our economy," he added.
