Zambian economy recovering %u2013 Dr. Fundanga
Governor Dr. Caleb Fundanga says the Zambian economy is showing some signs of recovery.
Dr. Fundanga has since advised that caution should be exercised to ensure maximum adherence to financial regulations to mitigate operation risks in the financial sector.
He said despite the financial turmoil, the Zambian economy has shown signs of growth with the Gross Domestic Product (GDP) forecast of 6 percent and single digit inflation rate of 9.9 % as of December 2009.
He noted that the financial turmoil has already resulted in a reduction in projected global economic growth and decline in demand for Africa%u2018s exports as the US remains one of the largest player.
He said this in a speech read on his behalf by BOZ Director of Financial Analysis Wilson Kalumba during the Bank and Grab mobilization campaign grand draw for Standard Chartered Bank Zambia in Lusaka today.
Dr. Fundanga said BOZ has continued with macro prudential analysis to insulate the Zambian financial system from external influences like the financial turmoil being experienced in the US and other Western counties.
He said the Central Bank remains resolved to continue with consistent fiscal reforms and economic management to ensure a buoyant financial sector in Zambia, growth accelerated reforms and opportunities.
He added that banks have shown more commitment to the growth and development which will also contribute to poverty reduction in the country through the provision of easily accessible and affordable products and services.
And Standard Chartered Bank Zambia Managing Director and CEO Mizinga Melu said the %u2018Bank and Grab%u2019 promotion was primarily a deposit mobilization campaign that is aimed at rewarding loyal savers, frequent depositors and new customers.
Mrs. Melu said the lucky winner of the grand prize will win a cash vault dash of up to K250 million.
She pointed out that the bank has been an integral component to the economic development of Zambia and remains committed to being the leading bank in the country.
And speaking earlier Standard Chartered Acting Head of Consumer Banking Mwansa Mutati disclosed that the bank will soon be launching the %u2018Blue and Green%u2019 advantage campaign which will run from 8th February to May 31st, 2010.
The winner of the grand draw was an SME account holder.
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