More demand for cash- BOZ

 More demand for cash- BOZ

The Bank of Zambia – BoZ- says it has noted an unprecedented rise in demand for cash across the country during the past few months.

BoZ Assistant Director Communications, Besnat Mwanza has said in a statement that the demand has been more than the expected seasonal increase in demand for the currency during the crop marketing season and general elections.

The statement follows complaints from the public that there is a shortage of bank notes in circulation.

Ms Mwanza, however, says the Central Bank, in collaboration with Commercial Banks, has put in place measures to ensure enough bank notes and coins in circulation.

She has also encouraged the public to use alternative payment methods to cash during this period.

Ms Mwanza said members of the public should only use cash where necessary especially that the country is still experiencing the Covid-19 pandemic during which the use of electronic mode of payment is considered as safer alternative.

The Independent Observer

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