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Finance Minister, Alexander Chikwanda has immediately acted to revise the capital ratio for the commercial banking sector.
The new capital ratio is now pegged at 104 billion kwacha, up from 12 billion kwacha.
Cabinet has since approved the proposals, in line with section 83 of the banking and financial services ac
All foreign owned banks will effectively need to have a minimum 520 billion kwacha as capital in order to operate in Zambia.
The measure to raise minimum capital requirement for banks is intended to mobilise additional resources to enable banks participate more effectively in growing the economy by increasing credit available to the private sector.
Mr Chikwanda has also noted that the increase in the minimum capital requirement will make the banks more resilient to economic shocks.
The new capital ratio is now pegged at 104 billion kwacha, up from 12 billion kwacha.
Cabinet has since approved the proposals, in line with section 83 of the banking and financial services ac
All foreign owned banks will effectively need to have a minimum 520 billion kwacha as capital in order to operate in Zambia.
The measure to raise minimum capital requirement for banks is intended to mobilise additional resources to enable banks participate more effectively in growing the economy by increasing credit available to the private sector.
Mr Chikwanda has also noted that the increase in the minimum capital requirement will make the banks more resilient to economic shocks.
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