ZAMBIAN BANKS WERE HOLDING MORE THAN $2 BILLION
Minister of Finance and National Planning Dr. Situmbeko Musokotwane says Zambians in the Zambian Banks were holding more than 2 billion US dollars because they were not sure about the future of the country.
Dr. Musokotwane says with the country’s debt problem being resolved by the new dawn government, some Zambians are converting back the Dollars into Kwacha which is a positive development for the economy.
Speaking during the symposium on the midyear budget and economic performance and the 2023 to 2025 medium term budget plan, Dr. Musokotwane said that as evidenced by the exchange rate, some dollars seen in the economy are not from outside but from local banks.
The Minister emphasised that bringing Zambia back to debt sustainability is important in attracting investment because no investor would be willing to invest in a bankrupt nation.