Bank of Zambia Governor Christopher Mvunga has called on Commercial Banks to take advantage of huge transactions that take place at Kasumbalesa Border and open up points to help reduce on cash transactions.
Speaking when he toured Kasumbalesa Border to appreciate the challenges, Mr. Mvunga said his office has been receiving reports of challenges on foreign cash transactions at the border due to daily limits in the Banks.
He said the situation at the border is an opportunity for Banks to facilitate trade through the banks to grow the economy, adding that dealing in cash is always a challenge.
Mr. Mvunga noted that the Bank of Zambia will come in to find a way it can help resolve the problems and ensure transactions at the border are legal and done through established systems.
He said the decision by the Bank of Zambia to increase the threshold on foreign cash transactions to Ten Thousand US Dollars in Commercial Banks and Five thousand US dollars through the bureau per day are platforms that can be used by those dealing in foreign currency.
Meanwhile, Copperbelt Permanent Secretary Bright Nundwe said Kasumbalesa Border remains a critical trading facility to Zambia due to its contribution to the country’s Gross Domestic Product.
He said it is Government’s desire to make Kasumbalesa a one-stop border post and allow business 24 hours