The Bankers Association of Zambia (BAZ) has described the 2018 National Budget as progressive and aimed at attaining economic growth.
ZANIS reports that BAZ Chief Executive Officer, Leonard Mwanza said the 2018 national budget is poised to propel economic growth in the country.
Mr Mwanza said the banking sector was optimistic that banks would adjust lending and interest rates accordingly.
Mr Mwanza revealed that the banking sector was putting up measures to ensure that the culture of holding money by people is reduced.
He said currently over K6 billion is circulating in people’s hands and that the trend should come to an end.
The BAZ Chief said one of the measures that had been put in place to reduce holding of money is the introduction of e-payments.
Meanwhile, the Zambia Association of Manufacturers (ZAM) said the 2018 budget was favourable to the manufacturers, and expressed optimism that the sector will help promote growth in the economy through enhanced production and job creation.
ZAM Chief Executive Officer Chipego Zulu noted that the approach by government of promoting industrial clusters as espoused in the Seventh National Development Plan is a good initiative that would accelerate development countrywide.