Government’s move to create a sinking fund aimed at repaying the two 10-year sovereign Eurobonds has been received with mixed feelings by some sectors of society. Some stakeholders have welcomed the move while others claim it is all political propaganda.
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 (BoZ) says improving education and promoting financial literacy among the youths is vital for all African economies. Speaking during the second Child and Youth Finance International (CYFI) regional meeting for Africa, BoZ Governor Michael Gondwe said financial literacy among children and the youth is of vital importance to economic development.