ZANACO to increase lending by a further K300m

ZANACO Managing Director Henk Mulder

The Zambia National Commercial Bank (ZANACO) has announced that it is increasing lending by a further 300 million Kwacha to the productive sectors of the economy.

This follows a recent positive announcement by the bank of Zambia lowering the Monetary Policy Rate (MPR) from 14 percent to 12.5 percent and reducing the percentage of deposits banks are required to hold as reserves from 15.5 percent to 12.5 percent.

ZANACO Managing Director Henk Mulder says the sectors that will benefit include agriculture, Manufacturing, Transport and Energy.

Speaking during a media briefing in Lusaka, Mr. Mulder has welcomed the move by the Central Bank to reduce the Monetary Policy Rate adding that the action is aimed at spurring economic activity in the economy.

He says after succeeding in bringing down inflation rate back to a single digit using tight monetary policy, it is now time to turn to the important matter of driving strong economic growth.