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Events in China worry govt

Filed under: Business,Latest News |
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zambian-kwacha notesSecretary to the Treasury Fredson Yamba says China’s economic growth slow down has affected financial markets and currencies around the world.

Mr Yamba says the Kwacha’s sharp depreciation witnessed in the last few days is a result of the economic slow down in China.

He however noted that the South African Rand is another currency that has suffered rapid depreciation.

Mr Yamba has since urged Zambian regulators, policy makers and other stakeholders to urgently evaluate and align regulations with current global financial practices.

Mr Yamba was speaking in Lusaka at the Bond and Derivatives Exchange -BADEX breakfast under the theme New Capital Markets and financial innovation: the case of BADEX.

The Secretary to the Treasury said the Zambian economy should diversify financial services beyond traditional banking as a boost to capital markets.

And BADEX Chief Executive Officer Peter Sitamulaho said Zambia is the second Country in Africa after South Africa to have BADEX on the market.

MR. Sitamulaho said BADEX will take a lead in job creation and skills transfer.

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