Banking sector was satisfactory in 2018 – BAZ

By Staff Reporter

 

The Bankers Association of Zambia (BAZ) says the performance of the banking sector in 2018 was satisfactory.

Association Public Relations Manager Miriam Zimba in a statement on Friday said the sector remained adequately capitalized to handle the unexpected financial losses and shocks.

Zimba stated the sector recorded satisfactory gains that continued to compliment the capital growth in the sector and were able to meet both its primary and total capital regulatory adequate ratios that were above the minimum levels of about 10 percent.

“The total assets of the banking sector grew by 2.9 percent closing the year by 80.7 billion Kwacha.” she explained, attributing the growth to deposits recorded on government securities which are dimmed to be risk free.

Meanwhile, Private Sector Development Association chairperson Yousuf Dodia said inflation and the exchange rates tend to be the foundation of a stable economy in terms of the cost of goods and services.

Dodia hoped that the rates remained stable in 2019 as they have an effect on prices of goods and services.

According to the Central Statistical Office the year-on-year inflation rate for the month of December 2018 increased to 7.9 percent from 7.8 percent recorded in November.

CSO acting Director for Census and Statistics Goodson Sinyenga said this meant that on average prices of food and services increased by 0.1 percent between December 2017 and December 2018.

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