Bankers Association of Zambia chief executive officer Leonard Mwanza
ZCCM-IH’s takeover of Mopani Copper Mines will not have any meaningful benefit on strengthening the kwacha because the anticipated injection of foreign currency will still be targeted towards settling statutory liabilities, says the Bankers’ Association of Zambia (BAZ)
Last week, Finance Minister Dr Bwalya Ng’andu had argued in Parliament that ZCCM-IH’s acquisition of Mopani would help cushion kwacha’s free-fall against major currency convertibles because the inflow of foreign exchange into Zambia was expected to improve.
But in an interview, BAZ executive director Leonard Mwanza said that the anticipated foreign exchange inflows into the country’s economy was not possible because Mopani would have to create kwacha liabilities to their suppliers and employees to have any real impact on the local currency.
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Bloomberg
Zimbabwean bank workers have been offered a once-off 349% annual-pay increase by employers, falling far short of labor union demands and setting the stage for a potential legal challenge.
The proposal is in line with inflation figures released by the national statistics agency, the Banking Employers’ Association of Zimbabwe, which represents 17 lenders, said in a position paper seen by Bloomberg. It offered a minimum monthly salary of $26,112 Zimbabwean dollars ($318).
“The award is the full and final settlement for the year,” the association said in the position paper.
“Any other interventions during the year will be dealt with at an institutional level as has worked out very well in the past.”
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