Sata takes aim at graft, high bank rates

and vowed to keep a close eye on copper exports, while finance minister Alexander Chikwanda told banks to cut interest rates.
In a sign of Sata’s administration acting quickly on populist campaign promises, Chikwanda, who was only appointed last Thursday, said lending rates in Africa’s biggest copper producer were “inconsistent” with inflation, which hit 8,8 percent in September. “Zambians, especially women and the youth, have bright ideas and business proposals but they cannot implement them because of high interest rates on money available in the banking and financial services sector,” he said. – Reuters.