Since then, the Central Bank has intervened on three occasions. The first time, in August 2001, the Central Bank announced that it might intervene at any moment from then to the end of the year. It also explained that the exchange rate was depreciating very fast and with great volatility, which was cause for concern in financial markets, despite the fact that the peso was weakening largely because of stressful conditions abroad. The intervention consisted in a sale of up to $ billion of international reserves and issuing another $ billion in dollarindexed bonds. The final intervention amounted to a sale of slightly above $ million and the full issuance of bonds. The second time, in October 2002, the Bank announced a similar package, as it considered that the depreciation reflected an overreaction, high volatility and a liquidity shortage. $ billion were issued in exchange rate indexed debt and no reserves were sold. The third time, in April 2008, because of the high global uncertainty, the Bank decided to increase its holdings of reserves, while recognizing that, at the time of the announcement, the exchange rate was appreciated relative to its long-term fundamentals. The intervention consisted in daily purchases of $ million intended to accumulate $ billion in eight months. The outburst of the global financial collapse in September 2008 made us suspend these measures. The evidence at hand indicates that these interventions had an immediate impact on the exchange rate of around 3%, but on some occasions they also altered its later trend.
I am glad that, true to private sector entrepreneurial spirit, you have opened a branch in Luangwa where there was no bank representation from pre-independence days. In spite of the not - so reliable electricity supply to the area and the not – so good road to Luangwa, you did not see these as impediments to bringing banking services to Luangwa but rather you have looked at them as challenges to be overcome. Mr Managing Director, the step taken by your bank is to be lauded. I take this opportunity to appeal to the entire management to take the findings of the FINSCOPE Survey as a serious challenge to the Banking Industry to reduce the percentage of the unbanked population. 6. Planned move to the Listed Tier of Lusaka Stock Exchange  I am informed that due to the phenomenal growth of the Bank, Management and shareholders have agreed to move the Bank up the ladder to the Listed Tier of Lusaka Stock Exchange very soon. This has become necessary in order to raise more requisite capital and enhance the bank’s profile and oversight. This is an important step as it will mean that the bank will broaden public participation in its ownership and other public institutions will now participate as well. I therefore call upon Zambians and parastatals to take up shares in the bank. I am told that the Bank is about to venture into new products such as Women Empowerment loans and Islamic Banking.