Bank of Zambia Governor Denny Kalyalya displays a Kwacha note to Journalists during a news briefing
Bank of Zambia Governor Denny Kalyalya displays a Kwacha note to Journalists during a news briefing

The Bank of Zambia has called on business entities and citizens to focus on opportunities that exist in the country amidst the economic challenges facing the country.

Bank of Zambia Governor Denny Kalyalya has also urged Barclays Bank Zambia and Absa Group to explore ways in which the Bank can assist in addressing some of the challenges facing the country such as load shedding.

Dr. Kalyalya said this during the groundbreaking ceremony for the Barclays Bank Zambia new Head office in Lusaka yesterday.

He said Barclays Bank is also expected to continue supporting SMEs in the country as the sector is key to sustainable development and economic growth.

Dr. Kalyalya said construction of the head office is a demonstration that the Bank is focused on possibilities and opportunities in the country.

And Barclays Bank Zambia Board Chairperson Chishala Kateka said the Bank will continue to support key sectors that support growth of the country’s economy even as it transitions into Absa.

Ms. Kateka has reiterated the Bank’s commitment to support the country’s development agenda.

Meanwhile Bank of Zambia (BOZ) Governor, Denny Kalyalya, has said that the central Bank is confident that the austerity measures announced by cabinet will be implemented.

Dr. Kalyalya said that the measures are important in ensuring that arrears are reduced, interest rates pushed downwards, adding that this would trigger growth in the economy.

Dr. Kalyalya was speaking in Kabwe during the Kabwe Chamber of Commerce and Industry (KCCI) organised business breakfast.

And Kabwe Chamber of Commerce and Industry Vice President, Thomas Muwowo, said the current financial environment is choking the small, medium and emerging enterprises in the country.

Mr. Muwowo said in as much as growth of the economy is backed by a thriving financial environment, it must not choke the growth of budding enterprises.

He said the revision of the policy rate has come at a great cost and detrimental to the business community countrywide.

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5 COMMENTS

  1. The problem is the debt and none of that BS you are talking about.

    If you don’t see it as a problem, then you are a problem yourself.

    I have a PhD

    Thanks

    BB2014,2016

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  2. With the introduction of Aunty Dizzie’s sales tax, a lot of things will begin to go wrong, the problem with Dudu is that she see’s the sales tax from one angle only and that angle is the issue of government receiving only and not paying (issue of tax refunds), but what she is failing to see is
    1) The reduction in compliance
    2) The spiral effect of sales Tax along the value chain
    3) The resultant high prices of commodities due to the spiral effect above.
    Watch this space and you shall remember what I have just highlighted.

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  3. On the Contrary He is has correctly and rightly commented global growth prospects has been weak and fragile global growth various risks and challenges are impacting and will take time to moderate in the near to long-term but there is still opportunities for policy makers to grow the economies and attract investments amidst those challenges decisions could be simply structural sometimes for stronger growth prospects for Zambia amidst even those debt concerns that the minister of Finance is managing to restructure

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    • Sir, firstly i don’t think there is such an horizon as “near-to-long” term. “Near-to-long” covers the whole spectrum 🙂
      The terms are near, medium and long term. I m sure you meant medium to long term.
      Zambia economy currently is suffering from lack of investment, trust, and prudent management of the economy. These factors will in turn lead to none productivity, businesses not making enough to pay salaries, resulting in the suffering of the masses, and possibly resume change.
      Because of lack of trust, investors will NOT bring money into the economy, GRZ does not have its own, resulting in economy stagnation.

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  4. Its Correct

    On the Contrary He is has correctly and rightly commented global growth prospects has been weak and fragile global growth various risks and challenges are impacting and will take time to moderate in the near to long-term but there is still opportunities for policy makers to grow the economies and attract investments

    When you also look t it critically in view of low interest rates you can take advantage of the Gov positions in debt and other better than the private and support to further perform the economy that is in a cycle not stagnant at all That is what the Gov is saying when you look at it critically hinting there

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