To licence, supervise and regulate the activities of banks and financial institutions so as to promote the safe, sound and efficient operations and development of the financial system;  2. To promote efficient payment mechanisms;  3. To issue notes and coins to be legal tender in the Republic and regulate all matters relating to the currency of the Republic;  4. To act as banker and fiscal agent to the Republic;  5. To support the efficient operation of the exchange system; and  6. To act as adviser to the Government on matters relating to economic and monetary management. As Deputy Governor Administration, my work includes overseeing the Human Resources, Finance, ICT, Audit, Bank Secretariat (Legal, Board Secretarial and Public Relations), Procurement and Maintenance Services, and Security functions of the Bank. Prior to my appointment as Deputy Governor Administration, I was the Bank Secretary. This position entailed being the Chief Legal Advisor to the Bank, Secretary to the Board of Directors and in charge of the Bank’s Public Relations function. My first career was that of an Academic. I lectured Law at the University of Zambia. I then briefly joined the Securities and Exchange Commission as the Director of Licensing and Enforcement before moving to the Bank of Zambia.
To the degree that the public doubts that we will, current accommodation is reduced because expected future short-term rates, interest rate uncertainty and associated risk premiums all will be higher than they otherwise would be. Premature talk of exit strategies or assertions of inflation targets as ceilings only feed the perception that we are not committed to the low rates. And thus, I think we are seeing such added restraint today. 6  Woodford (2011). 7  Again, see Evans (2011). 8  Rogoff (1985). 6  BIS central bankers’ speeches  A proposed policy I believe that we can substantially ease the public’s concern that monetary policy will become restrictive in the near to medium term and, hence, reduce the restraint in expanding economic activity. This can be done by clearly spelling out in our policy statements the conditionality of our dual mandate responsibilities. What should such a statement look like? I think we should consider committing to keep short-term rates at zero until either the unemployment rate goes below 7 percent or the outlook for inflation over the medium term goes above 3 percent. Such policies should enable us to make progress toward our mandated goals. But if this progress is too slow, then we should move forward with increased purchases of longer-term securities. We might even consider a regime in which we reevaluate our progress toward our policy goals and the rate of purchase of such assets at every FOMC meeting. Let me note several aspects to this policy conditionality.