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Alba Iulia
Monday, June 28, 2021

Use Banks, avoid the habit of moving with huge sums of money-BOZ Chief

Headlines Use Banks, avoid the habit of moving with huge sums of money-BOZ...

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.

18 COMMENTS

  1. Once we get GRZ to work with Bottom-up decision-making Political party, there will be no need for banks asking people to work with him.

    The first one to participate will be IMF.

    Say no to PF top-down leadership.

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  2. Great stuff. Thank you my brother. This increase will facilitate business growth. My businesses are thankful

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  3. This monkey should tell his fellow cadres and ministers who were busy distributing truck loads of cash bribing the general public in the name of empowerment.

    Now where was this cash withdrawn from.
    Lungu the thief’s personal ATM

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  4. We happy without the banks thank you Sir
    Is your reason to show movement ? then when we apply to them we have to wait for an allocation ??

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  5. 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.
    If only we were a commercially focused nation. All borders are like that. Kasumbalesa, Mokambo, Sakania, Kazungula Tunduma all have huge trade potential due to the various goods that are exported into the neighboring countries hence the need to put up infrastructure in a systematic manner to ensure all exports are accounted for.

  6. The banks should not impose extra charges on our money when we take it there. They should give us real good interest otherwise we will continue hiding our money under the mattress.

  7. These banks, you can take an entire day trying to withdraw you own money. People should not be using cash in this day and age anyway. The Governor should be worried more about Cryptocurrency than people carrying cash.

  8. This adjustment in the daily transaction FX limits has left many of us scratching our heads. The reason being when we heard theFX daily limits have been revised with thought it was downwards and symptomatic of a currency and economy in free-fall hence the need to introduce FX controls. Alas, the opposite was true!! The adjustment was upwards….allowing for more FX over-the counter cash transactions!! So us sceptics asked, how can this be when the economy and the currency is in decline? Could it be that we are reading the indicators wrongly or being fed wrong data?! No my friends! The answer is we are in an election period. Or what is called the ‘silly season’ in some countries. During the election period, forget about any economic principles and fundamentals as they do not apply. The…

  9. I bet this drunkard knows all the bars in Chililabombwe…you should be telling your PF cadres you are printing money for not to move with bags of cash.

  10. Upnd diasporans why are you even commenting when you are being kept by the countries you ran away to. Most of you don’t work there and claim support from those governments so where can you get 5000 dollars from? Fuseke

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  11. Keeping money in homes is better as starving
    Workers can have portion of the cake.In banks ZRA will be on your neck.Which ever
    Way you go you are a loser.

  12. Bwana Governor, check what is happening in these banks first. Check particularly ABSA. It appears it’s on the verge of collapse or closure again. Their online platforms are becoming embarrassingly dismal. Withdrawal is K10/transaction and during month end they ensure to load their ATMs with 20 and 50kwacha notes to maximize profits from withdrawals. Withdrawal from the counter is like k50 if I remember well and their banks are becoming congested taking about 2 hours to be saved. Who has that time? Their cards are failing and you are forced to withdraw “huge sums of money”. Banks are running unregulated and that is the reason people decide to keep money in their homes, cars, offices, safes. Please do something.

  13. I will continue keeping my money the Austi Liato way. I will Keep it stashed away underground in the trunk at my farm until we have a responsible government.

  14. I have often wondered why people embark on a ‘learning’ exercise AFTER they are appointed to a job. Imagine a person turning up as a surgeon to operate on you and then after that goes to medical school to study.

  15. why not just pass a law on what a person is entitled to withdraw money on a daily basis, and just allowed to pay by credit card if they Exceed the allowed amount and also make it illegal for companies to pay their employees cash in hand and just allow the employers to pay them through their bank account.

  16. MacGyver – I hope its not Kwacha currency you will stash underground as you will be shocked to find your is not even enough to buy a loaf of bread a few months

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