Reduction on cheque item value boosts depositors book

BANKERS Association of Zambia (BAZ) has cited the reduction in item value limits on cheques as one factor that has helped to boost the book value of depositors to K53 billion from K48 billion last year.
Last year, Government revised the item value limits on cheques from K100,000 to K25,000.
BAZ chief executive officer Leonard Mwanza said out of the K53 billion currently sitting as deposits, about K22 billion has been given out in form of loans.
Mr Mwanza told journalists on Friday that banks are critical in the provision of capital to industries in the various sectors of the economy.
“From the time the item value limits on cheque was reduced from K100,000 to K25,000, there…

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