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Local Banks Need Support, Says ZUPED

The Zambian for Peace Unity and Development (ZUPED) has called on the government to prioritize supporting local banks following the takeover of Investrust Bank by the Bank of Zambia.

ZUPED President Ronnie Jere expressed concern over the recent takeover, citing the Central Bank’s control of the Development Bank of Zambia (DBZ) last July.

Both banks are entities under the Industrial Development Corporation (IDC), chaired by President Hakainde Hichilema.

Jere emphasized the importance of bolstering domestic financial institutions rather than relying on foreign banks.

He urged the government to address the escalating cost of living and poverty, which he claims are at worrying levels.

The introduction of loadshedding has further burdened businesses, according to Jere. He fears that small businesses like salons, barbershops, and welders will struggle to survive amidst these challenges.

ZUPED hopes the government will implement domestic solutions to overcome the current economic hardships.

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