Borrowing costly despite cuts: Zambia's Fundanga

The cost of borrowing in Zambia continues to be high despite policy efforts, said Caleb Fundanga, the governor of the Bank of Zambia.

Fundanga highlighted that the central bank reduced the reserve ratios for banks from 14% to 8% in October 2007 with a primary aim of bringing the cost of borrowing down. He also said that the government adopted prudent fiscal policies that should enabled the private sector to access more credit from the financial system. However, these measures have so far had

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