FINANCE MINISTER CALLS ON ZAMBIAN BANKS TO LOWER LENDING RATES

Zambian Finance Minister Alexander Chikwanda has called on banking institutions in the country to lower their lending rates and effectively contribute to poverty eradication.

The current high interest rates had reduced and pre-empted the economy’s growth prospects, he said when he officially opened a new Indo-Zambia Bank branch in Mungwi district in Northern Province on Tuesday.

Chikwanda said it was clear that banks played a critical role in the development of the country’s economic growth.

Indo-Zambia Bank Managing Director Maheshkumar Bansal said the bank had continued to invest and expand its services and products because of the confidence it had in the Zambian economy.

The bank’s Chairman, Orlean Moyo, said the bank would continue to actively participate in the economy.

Source: Nam News Network