Financial sector experts are concerned with the unprecedented huge withdrawals of the Kwacha from open circulation.
Bankers Association of Zambia -BAZ- Chief Executive Officer, LEONARD MWANZA says hoarding huge sums of money greatly slows down economic transactions, and breaks the cycle of trade.
Mr. MWANZA also says according to statistic on the sums of money out of circulation in the recent past, it is possible that the recently discovered 65 million kwacha at a house in Lusaka is just a tip of the iceberg.
And Financial Analyst, BLESSINGS KAFWANKA says keeping of money away from circulation can possibly raise inflation, once this money is carelessly put back into circulation.
Meanwhile, Economic expert, CAESAR CHEELO says research has revealed that Zambia’s unbanked currency in circulation, rose from 8 point 6 billion kwacha in August 2019, to a record high of 15 billion kwacha this year in August