ZUFIAW Calls for further Reduction in Lending Rates
Category: Business
08/02/2010
The Zambia Union of Financial Institutions and Allied Workers (ZUFIAW) has called on local banks to consider a further reduction in lending rates to facilitate for economic growth.
ZUFIAW President Cephas Mukuka says reduction of lending rates will help peasant farmers and Small and Medium Enterprises –SMEs- access loans for expansion of their businesses.
He says this will prop up Zambia’s revenue base as more people will start contributing through employment creation and increased production.
Mr. Mukuka has also commended various institutions including Indo- Zambia Bank for reducing lending rates.
Recently Stanbic Bank Zambia Announced a reduction in lending rates to the current 19 percent while Stanchart Zambia reduced its lending rates late last year.
Last week Agriculture Minister Peter Daka also appealed to banks to consider a further reduction in lending rates.
Mr. Daka expressed sadness that interest rates on savings are far lower than rates levied on loans.
The Zambia Union of Financial Institutions and Allied Workers (ZUFIAW) has called on local banks to consider a further reduction in lending rates to facilitate for economic growth.
(0) Comments