There are a number of copper mines in the country of Zambia. These were initially under the control of the government. These mines had been incurring heavy losses, causing a great financial loss for the country. To change this condition and improve Zambia economy, the government of Zambia took step for the privatization of the industry. This also helped this industry to return to profitable ways.
Apart from copper mining, there are a number of other factors that affect the economy of Zambia. These include the agriculture, natural resources, the industries and others. The Zambia economy also depends on the natural resources of the country. The country mainly gains from the maize harvest, which are also exported to foreign countries. The major problem of economy in Zambia was the high rate of inflation. The banks have taken a stricter monetary policy to curb these inflation.
Bank of Zambia
Bank of Zambia had been created as the premier central bank in 1964 to form and enforce economic policy that can sustain and help the growth of the financial position of the nation. Bank of Zambia was earlier called Bank of Northern Rhodesia, which in its turn was formed from Bank of Rhodesia and Nyasaland.
Responsibilities of Bank of Zambia have undergone sea change since those days, presently the bank has around 11 individual departments inclusive of :
- Research, one of the earliest banks to establish a research wing, the bank benefited immensely from it.
- Personnel and Administration has helped the bank maintain super motivated employees who believe in the credo of service with a smile.
- Import and Export Control has helped the bank control the impact of the outside world on its economy.
- Operations is the largest department in the bank.
- Exchange Control is the instrument of foreign currency control.
- Inspection helps the bank to keep a tab on both its creditors and debtors.
- Estate and Properties consolidates the banks position in the real estate market.
- National Debt is regulated efficiently.
- Small Scale Industries provides loans and extends credit.
- Government Securities provide a means of tax rebated incomes.
- Transport helps the company to operate in the transport market.
Zambia National Commercial Bank
Zambia National Commercial Bank or Zanaco, as is popularly known, is the most popular bank in Zambia. It has 41 branches that are providing services across Zambia. People from countryside in Zambia rely heavily on National Bank for their financial activities.
Zambia National Commercial Bank services cater to all sections of people. People ranging from marginal farmers, share croppers to business men, small depositors and public servants all derive benefits from its services.
The key services that Zambia National Commercial Bank caters to its customers are payment services, E-banking services,credit facilities, bill muster facilities ands scheme loans.
Credit facilities: Issuing loans are what one of the key credit facilities that Zambia National Commercial Bank renders to its customers. Loans include SEBA loans, Enterprise development fund (EDF), Bank loans and above all personal loans.
Bank loans: Zambia National Commercial Bank provides bank loans on a short term basis. The loans are issued either for 12 months or for a five years term. Scheme loans are something that Zambia National Commercial bank has recently introduced. Under this scheme, employees from the corporate and the business world will be benefited immensely.