I feel greatly honoured to be invited to give a vote of thanks to the Honourable minister’s speech at the launch of the Barclays Bank Home loan product.
On behalf of Bank of Zambia and
indeed on my own behalf, I would like to congratulate Barclays Bank Plc
Distinguished invited guests, its just a few
months ago that I was invited to talk to an audience on the theme, “Investment
opportunities in the
I remember telling the audience then that although the share of the real estate sector in GDP has been increasing over the years, it could perform even better if certain issues were addressed. I particularly mentioned the following as impediments to real estate sector development:
The picture was not promising for the real estate sector and the only positive economic variable I remember mentioning as helping the real estate sector was the exchange rate of the Kwacha that has been stable against major currencies since July 2003 when the Bank of Zambia introduced the broad-based inter-bank foreign exchange system (IFES).
Distinguished guests, today I feel honoured to tell you that most of the issues I raised a few months ago as impending real estate sector development are now being addressed.
First, the exchange rate of the Kwacha against major international currencies has continued to improve drastically.
Second, the issue of lack of long-term finance, an issue a few months ago has been resolved today with the announcement by Barclays Bank to offer home loans.
Third, the issue of high interest
rates necessitated by among other things high inflation levels in
Fourth, the issue of poor credit culture among our people. Again I am happy to inform you that the central bank in partnership with the Bankers Association of Zambia are in the process of developing credit reference bureau guidelines and will in the near future issue licences to deserving companies.
Lastly, but not the least, the
issue of lack of an effective secondary financial market in
Let me join the Honourable Minister of Finance in wishing Barclays Bank Zambia PLC the very best of success with the launch of the Home Loan product.
I thank you!!