Fri, 24 Mar 2017 13:35:54 +0000 By BUUMBA CHIMBULU ZAMBIA has about K6 billion circulating outside the formal financial services sector which needs to be mopped up and placed in the banking sector, says Bankers Association of Zambia (BAZ). BAZ Chairperson, Charles Mudiwa, observed that about 40 percent of the money issued by the Bank of Zambia, never made it to the banks and yet that was money which continuously circulated outside the banking sector. “We are still a very cash-heavy society as a country. We currently have about K6 billion circulating outside the formal financial services sector,” he said. He was speaking at a half-day sensitisation workshop for selected members of Parliament on matters of financial literacy and understanding the operations of the banking sector in Zambia. Mr Mudiwa emphasised the need for legislative support from Government to ensure more funds were mopped up and placed back in the banking sector. “We appeal […]
Mop up money circulating outside formal banking sector, says BAZ
