Bank of Zambia (BOZ) Governor Christopher Mvunga has implored members of the community to take advantage of the revised daily trade limits in commercial banks and other financial institutions by conducting their transactions with banks unlike moving with huge sums of money.
The central bank recently increased the daily trade limits in commercial banks from $ 5000 to $10 000 and in bureaus from $1000 to $5000 which translates into increased amounts of money a person can withdraw or deposit on a daily basis.
Speaking when he toured Kasumbalesa Border Post in Chililabombwe, Mr Mvunga noted the need for commercial banks to establish bases at the border area which had huge trade volumes to promote formal trade.
Mr Mvunga said Kasumbalesa border has huge trade potential due to the various goods that are exported into the neighboring Democratic Republic of Congo (DRC) hence the need to put up infrastructure in a systematic manner to ensure all exports are accounted for.
He called on small scale traders and those in the informal sector to cultivate a culture of banking their money unlike keeping it at home to help facilitate trade that does not bypass the banking system.
And Copperbelt Permanent Secretary Bright Nundwe said the governor and his entourage were in the province to check on developmental projects among them the Kasumbalesa Border Post, the $ 397million Airport in Ndola and the $ 4.9 million worth Kafulafuta dam.
Mr Nundwe noted that the Copperbelt is a critical province to the nation as it is the largest contributor to the nation’s Gross Domestic Product (GDP) due to the mining activities in various districts as well as the booming agriculture activities in Mpongwe, Masaiti and Lufwanyama.
He said the Kasumbalesa border facility only has one bank and one bureau du change despite the huge trade volumes that characterize the border post, a situation that makes traders to deal with illegal money vendors.
The Governor and his entourage of senior staff from the institution visited Kasumbalesa border post on a fact finding mission regarding trade operations from a monetary point of view.