Let’s focus on opportunities for growth, urges Dr Kalyalya
By Staff Reporter
BANK of Zambia (BOZ) has called on business entities and citizens to focus on opportunities that exist in the country amidst the economic challenges facing the country.
BOZ Governor Denny Kalyalya has also urged Barclays Bank Zambia and Absa Group to explore ways in which the Bank can assist in addressing some of the challenges facing the country such as load shedding.
Dr. Kalyalya said this during the ground-breaking ceremony for the Barclays Bank Zambia new Head office in Lusaka yesterday.
He said Barclays Bank was also expected to continue supporting SMEs in the country as the sector was key to sustainable development and economic growth.
“Construction of the head office is a demonstration that the bank is focused on possibilities and opportunities in the country,” he said.
And BBZ board chairperson Chishala Kateka said the bank would continue to support key sectors for growth of the country’s economy even as it transitions into Absa.
Kateka has reiterated the bank’s commitment to support the country’s development agenda.
Meanwhile, Dr Kalyalya said that the Central Bank was confident that the austerity measures announced by cabinet would be implemented as they were important in ensuring that arrears were reduced, interest rates pushed downwards and ultimately trigger growth in the economy.
Dr. Kalyalya was speaking in Kabwe during the Kabwe Chamber of Commerce and Industry (KCCI) organised business breakfast.
And KCCI vice-president, Thomas Muwowo said the current financial environment was choking the small, medium and emerging enterprises in the country.
Muwowo said in as much as growth of the economy was backed by a thriving financial environment, it must not choke the growth of budding enterprises.
“The revision of the policy rate has come at a great cost and detrimental to the business community country-wide,” he said.