Zambia is currently facing a housing deficit of about 1.5 million, and the number is predicted to double by 2030, mainly due to urbanization.
THE Bankers Association of Zambia (BAZ) says banks in the country are struggling to support key sectors of the economy because they do not have enough funds. BAZ President Leonard Mwanza told the Lusaka Star in a telephone interview today that the recently increased statutory reserve ratio empowers the central bank to be entitled to as much as 18 percent of all deposits made in Banks.
The Bank of Zambia has intensified its nationwide campaign aimed at sensitizing the public on the rebasing of the local currency. Bank of Zambia Manager for Communications and Protocol Besnat Mwanza revealed that the central bank has deployed a ten man team to educate the public on the process of rebasing.