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.
A journey of a thousand miles begins with one step, they say. Our forefathers took that one mighty step to fight for independence many years ago and today, we are privileged to celebrate mother Zambia’s 50th independence anniversary. The first Zambian president Kenneth Kaunda and his government did an amazing job in putting Zambia where it is today. They had to gather up their strength and transition the remnants left by colonial masters into a beautiful land.
THE economy of Zambia has been under-performing for a long time now and there is urgent need to diversify the sectors which the economy is dependent on. From the post-independence period to date, the economy has heavily relied on foreign currency earnings from copper which apparently is proving to be unsustainable. It is unsustainable in that the country does not have the manufacturing machinery to process the very copper into finished products. Copper exports amount to approximately 77 percent of the country’s income.
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.