By PETER SICHALIFOREIGN Banks should be subjected to forensic audit so that they do not sabotage the economy, UPP president Saviour Chishimba has said.Dr Chishimba said foreign banks especially South African institutions were advancing the interest of the firms from their country at the expense of local companies.He said South African firms were getting loans at low rates in that country thereby disadvantaging Zambian companies who acquire loans from the same banks at higher rates.Dr Chishimba suggested that the Bank of Zambia (BoZ) should subject foreign banks to forensic audit and ensure that they retain foreign exchange in Zambia, as it was critical to economic recovery.According to him, most foreign banks were promoting the interest of foreign companies at the expense of local firms and this was tantamount to sabotage.He said some foreign firms borrowed from South Africa at low interest rates and were allowed to service the loans from Zambia thereby disadvantaging local players.“You […]
Foreign banks sabotaging economy?
