LUSAKA, July 15 (Xinhua) -- Zambian President Edgar Lungu has fired Finance Minister Margaret Mwanakatwe, his office said in a statement seen on Monday.

The statement, released on Sunday night, stated that central bank deputy governor Bwalya Ng'andu will take over as finance minister.

The statement however did not state any reasons why she has been fired.

The Zambian leader however thanked the fired finance minister on her services rendered to the government since her appointment in February last year.

The new finance minister has previously served in high profile positions both in government and the private sector. He was managing director of the Development Bank of Zambia, National Savings and Credit Bank and director-general of the Zambia Investment Center.

There has been pressure from stakeholders for the Zambian leader to finance minister, with stakeholders accusing her of failing to manage the economy.