THE banking sector looks forward to relaxed monetary tools in 2016 to ensure that the market has sufficient dollar and Kwacha liquidity, says the Bankers Association of Zambia (BAZ) chief executive officer Leonard Mwanza.
Mr Mwanza said relaxed monetary tools would enable the smooth flow of dollar and Kwacha liquidity to key sectors of the economy.
“The banking sector, looks forward to relaxed monetary tools in 2016 to ensure that the market has sufficient dollar and Kwacha which must start flowing to key sectors of the economy,
He also said going into 2016, Zambians needed to hold hands to weather the storm.
Mr Mwanza said the consolidation of fiscal discipline would be key in managing the economic head winds.
“The economic situation in 2015 should make us accelerate our diversification drive to cushion the country from external shocks,” he said.
Meanwhile, Mr Mwanza said bank deposits since 2000 had averaged around 15.7 percent of the gross domestic product (GDP) in Zambia.
“As at 30 September, 2015, the banking sector total assets stood at K65 441 and total deposits stood at K47, 013 and held in the 396 branches of the 19 banks across the country. Since 2000, bank deposits have averaged around 15.7 percent of the GDP in Zambia,” he said.
Mr Mwanza said access to savings services increased from 17.1 percent (1.1million) adults in 2012 to 32.5 percent (2.7 million) adults in 2015 as per 2015 fin scope study and the majority of these accounts were held within the banking sector.