BoZ Treasury Bill auction undersubscribed as demand falls below target

By BUUMBA CHIMBULU

THE Bank of Zambia (BoZ) treasury bill auction held last week was undersubscribed after attracting bids worth K1.04 billion against an offer of K2.2 billion, indicating lower investor demand for government securities.
According to the BoZ Treasury Bill Tender No. 21/2025 results released by the central bank’s Financial Markets Department, only K928.75 million (at cost) was accepted from successful bidders.
In the 364-day tenor, the central bank offered K730 million, received bids amounting to K525.91 million, and borrowed K525.04 million.
For the 273-day tenor, BoZ borrowed K325.13 million against an offer of K530 million.
Meanwhile, the 182-day tenor attracted bids of K56.83 million against an offer of K500 million, with K53.43 million borrowed.
In the 91-day tenor, only K25.15 million was borrowed from an offer of K440 million.
The auction outcome reflects muted appetite for short-term government securities, which serve as a key source of state financing and a liquidity management tool for the central bank.
On the money market, Absa Bank Zambia reported that interbank trading volumes fell to K1.19 billion on Friday from K1.39 billion the previous day, while the weighted overnight interbank rate remained steady at 14.50 percent. Market liquidity rose to K2.13 billion from K1.94 billion.
On the commodities market, copper prices strengthened on yesterday as China’s stronger-than-expected industrial output lifted sentiment despite slowing economic growth.
The most-active copper contract on the Shanghai Futures Exchange rose 1.26 percent to 85,790 yuan (US$12,041.88) per metric tonne, while the three-month benchmark contract on the London Metal Exchange gained 1.06 percent to trade at US$10,717 per tonne.
PSDA backs global platform to empower developing nations in debt governance
By VANESSA MAGAYA
THE Private Sector Development Association (PSDA) has expressed strong support for a new non-creditor platform aimed at giving developing countries a stronger voice in global debt governance, signalling the country’s commitment to fairer and more balanced international finance.
Speaking in an interview with Millennium Tv, PSDA chairperson Yusuf Dodia has emphasised that the initiative provides a level playing field for borrowing countries.
Mr Dodia says, often, borrowing countries negotiate with creditors who already have fixed perceptions of them, stating that this can make it difficult to develop strategies that reduce debt while supporting economic growth.
He has added that the platform encourages open and candid discussions free from undue pressure or control hence by uniting with borrower nations, non-creditor countries can help create win-win solutions.
He says this initiative could also foster a new generation of creditors – fair, responsible and focused on shared success.
Mr. Dodia also highlights the importance of non-creditor voices in ensuring equity at the negotiation table.
Mr. Dodia says their perspectives are vital because they are not tied to old financial interests as this allows borrowing countries to receive fair assessments of their situations and explore solutions that truly work for them.
Meanwhile, Mr. Dodia explained that the platform has been praised for its potential to transform global debt governance by amplifying the voices of developing countries, promoting sustainable development, and reducing reliance on predatory lending practices.
Through this initiative, he says, Zambia is positioning itself as a leading advocate for a more equitable global debt system, supporting solutions that balance fiscal responsibility with sustainable economic growth for developing nations.
The Wisdom of Chief Mpezeni – Unity as a Path to National Stability
Paramount Chief Mpezeni’s recent remarks on the need for opposition unity could not have come at a better time. His message resonates far beyond partisan boundaries; it is a call to reason, maturity, and patriotism. The Chief’s counsel underscores an undeniable truth — a divided opposition is not merely a political miscalculation; it is a threat to national cohesion and the democratic balance that sustains the Republic.
In any democracy, a strong and united opposition is a pillar of accountability. It compels those in power to govern responsibly and gives citizens hope for alternative leadership. Yet in Zambia today, the opposition landscape has become increasingly fragmented, characterized by personality clashes, ideological confusion, and leadership struggles. Each splinter group believes itself to be the natural torchbearer of change, while collectively, they weaken the very cause they claim to champion. Chief Mpezeni’s frustration reflects the growing national sentiment that opposition politics must rise above ego and embrace collective purpose.
The Chief’s warning is not about political expediency but about safeguarding the spirit of national unity. When opposition parties engage in internal warfare, the result is public disillusionment, voter apathy, and the entrenchment of the status quo. Divisive tendencies within the opposition translate into societal divisions outside it. Citizens, instead of rallying around a shared vision for progress, begin to retreat into tribal, regional, or sectional loyalties. This is the political fragmentation the Chief fears — a situation where the nation itself becomes a victim of political vanity.
Time is indeed running out. With the 2026 general elections fast approaching, the opposition must recognize that unity is not a luxury but a survival strategy. A coalition built on shared principles, respect, and dialogue can not only enhance electoral prospects but also restore public confidence in the democratic process. The people yearn for leaders who can put Zambia first, who can debate ideas without personal hostility, and who can challenge power without undermining national peace.
Chief Mpezeni’s wisdom reminds us that unity does not mean uniformity; it means cooperation for a greater cause. The opposition can retain its diversity of thought while embracing collective responsibility. What is needed is the humility to listen, the courage to compromise, and the discipline to focus on national priorities rather than personal ambitions.
In supporting Chief Mpezeni’s counsel, we affirm that democracy thrives when there is a credible and united alternative. The ruling party performs better when constructively challenged; the nation grows stronger when its political actors act with maturity. If the opposition continues to fight among themselves, they risk not only electoral defeat but also the erosion of Zambia’s democratic promise.
The call is clear: let the opposition unite for the sake of democracy, for the integrity of the nation, and for the future of every Zambian. Chief Mpezeni has spoken with the clarity of a statesman. It is time for the opposition to listen — and to act.