September 30, 2011 / 11:04 AM / 8 years ago

Zambian govt to push banks to cut lending rates

LUSAKA, Sept 30 (Reuters) - New Zambian finance minister Alexander Chikwanda said on Friday interest rates in Africa’s biggest copper producer were too high, and he would be pushing banks to cut the cost of borrowing to boost economic growth.

Chikwanda also said rates were inconsistent with inflation, which quickened to 8.8 percent in September.

“The government will advocate for pro-growth interest rates by dialoguing with the banking sector in understanding the factors that have led to the current prohibitive interest rates,” Chikwanda said in a Ministry of Finance statement.

Reporting by Chris Mfula; Editing by Ed Cropley

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