These signs are not unconnected to the swift and resolute intervention by the public authorities, which has proven effective in checking the growing perception of risks on financial markets and in increasing agents' confidence, thereby playing a valuable role in containing this crisis. But it is precisely now when the results of the measures are coming to fruition that it is most important to shun complacency and untimely and excessive optimism, which might curtail the process. The latest forecasts from the IMF and from many other supranational institutions admittedly include upward revisions of world output growth rates in 2010; but they also emphasise the persistence of a high degree of uncertainty. This applies in particular to financial market developments, where certain tension indicators still remain at high levels. BIS Review 124/2009  1  It seems reasonable under these conditions that the most immediate objectives of the economic authorities should continue to focus primarily on restoring the orderly working of financial markets and on maintaining the aggregate demand stimulus policies until economic recovery takes firm root, as was recently reiterated at the Pittsburgh G-20 Summit. Further ahead, however, the main challenge will be to identify the appropriate time for withdrawing the exceptional measures that have been adopted in the financial, fiscal and monetary realms, avoiding both a premature withdrawal that might undermine what has been achieved and an unnecessary prolongation that might ultimately generate dynamics that are difficult to reverse, and that are harmful to growth and well-being.
Denny H Kalyalya: Expansion of Zambia’s banking sector Remarks by Dr Denny H Kalyalya, Deputy Governor-Operations of the Bank of Zambia; at the official opening of Bank of China’s new premises, Lusaka, 9 December 2008. *  *  *  • Honourable Minister of Finance and National Planning, Dr. Situmbeko Musokotwane, MP; • His Excellency – the Chinese Ambassador to the Republic of Zambia; Mr. Li Qiangmin; • Managing Director of the Bank of China (Zambia) Limited; Mr Du Qiang; • Distinguished Invited Guests; • Ladies and Gentlemen. I am greatly honoured for having been invited to speak on the occasion of the official opening ceremony of Bank of China’s new premises. Ladies and Gentlemen As part of the on-going Zambia-Chinese relationship, the Bank of China was established in 1997. Since then the Bank has recorded tremendous progress. Distinguished Invited Guests During the past 8 years, the overall financial performance and condition of the banking sector has been satisfactory. The sector has continued to expand and we anticipate increased economic and investment activity in the period ahead. Banks are expected to continue to provide the required level of finance to consolidate the economic gains registered so far. The Bank has achieved tremendous growth since its inception in 1997. During the last eleven years, total assets have increased by 325% to K507.9 billion in October 2008 from K13.8 billion in December 1997. Regulatory capital increased by about 1,000% to K41.9 billion in October 2008 from K3.8 billion December 1997.