Bank of Zambia (BoZ) Governor Caleb Fundanga says the lending rates can only be brought down, if there is more Kwacha in circulation in the country.
Speaking when he met Eastern Province Chamber of Commerce and Industry (EPCCI) officials in Chipata today, Dr. Fundanga said there is need for more Zambians to have access to the Kwachga.
He says the more moneys in the banks, the more lending rates will be brought down.
He said this can only take place, if more Zambians have more moneys to deposit in banks.
The BoZ Governor also expressed concern at the country’s poor performance of financial services which he said currently stands at 16 percent for Zambia.
He said compared to rest of other countries in the region, Zambia’s financial service performance is at the bottom in the region.
And speaking earlier, EPCCI Chairman, George Chabwera said Eastern Province remains supportive of Government’s economic developments.
Mr. Chabwera said the province remains number one in terms of investment in the country.
He said it has an attractive infrastructure such as the Mchinji railway line and Katete ginnery, the oldest in the country.
The ECCI Official also said the Chamber remains committed to development of the economy in the province and the country as a whole.
Earlier, Dr. Fundanga said he was in the province to check on the operations of the banking institutions.
Dr. Fundanga told Journalists that he is also in the province to check on the operations of the circulation of the Kwacha.
Thomson Financial reports:
Vedanta Resources PLC said its option to acquire 28.4 pct stake in KCM from Zambia Copper Investments is independently valued at $213 million. Vedanta said it will make an announcement in due course on whether its exercising its options.
Dear Zambians I would advise you to pressurise your govt for this stake to be bought by Zambians. Indians would do the same if KCM where in India. It is called real empowerment!
Mbulawa
Thanks for the nudge, we Zambians need that. But frankly we need right-minded people in leadership to lead us, otherwise we will die believing that only others have the wisdom to manage our resources.
On the note of borrowing in Zambia – I think that there is more the country can do to help Zambians believe in saving. Our systems suck to the core. These things should be taught in schools, they must be center-stage in domestic discussions, and nurturing of children…