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| Title: | The role of defective legislative regulations in retarding the allocative efficiency of commercial banks in a developing economy: an example of Zambia |
| Author: | Ailola, D.A. |
| Year: | 1988 |
| Periodical: | Lesotho Law Journal: A Journal of Law and Development |
| Volume: | 4 |
| Issue: | 2 |
| Pages: | 81-106 |
| Language: | English |
| Geographic term: | Zambia |
| Subjects: | commercial banks legislation |
| Abstract: | The growth of commercial banks in Zambia since independence in 1964 has been impressive, although many continue to be owned by foreign international banks and individuals. Despite this, the government has drawn up some legislative and administrative regulations and policies, such as the Banking Act and the Bank of Zambia Act, to control their functions as well as to induce them to commit their resources to the country's development needs. However, the government has not succeeded in reshaping the lending habits of most banks in Zambia, which continue to stress short-term and self-liquidating loans. Insofar as these habits persist, the regulatory machinery has changed nothing, and banks in Zambia have not been turned adequately into agents of development. Nor can such increases as have been noted in the levels of credit to the government and parastatal companies be treated as signs of change since the underlying motives stem from the certainty of reception. Finally, many of the shortcomings of the Zambian regulations are inherent in the regulations themselves. They arise from certain assumptions and elements of indecision enshrined in the Acts. Notes, ref. |