Commercial banks warned

Bank of Zambia kwacha
Bank of Zambia kwacha

Bank of Zambia Governor, Michael Kaumba has warned Commercial Bank foreign exchange dealers against engaging in any conduct that can destabilize the economy.

Dr. Gondwe says dealers should act within the foreign exchange market code of conduct and the interbank foreign exchange market framework.

He said this during meet the Governor Dinner hosted by the Financial Markets Association of Zambia also known as the ACI Zambia.

Dr Gondwe also warned against mispricing or artificially inflating the size of demand or supply volume the intent to mislead market participants.

He also warned against conniving with major suppliers of forex with a view to create an artificial shortage of Foreign Exchange in the market.

And the Bankers Association of Zambia Chairman, Shankardas Gupta says Zambia financial sector need to diversify financial products.

He says at the moment both the money and capital markets are underdeveloped.

And ACI Zambia President, Mwape Kambafwile says members of the association will uphold the highest ethical standards.

On proposes that Commercial Banks list on the Lusaka stock Exchange, Mr. Kambafwile says this should not be imposed on banks.


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