THE PricewaterhouseCoopers (PwC) Zambia 2023 Banking Industry Survey Report has revealed that the contraction in export earnings has precipitated a foreign currency deficit, particularly affecting banks with limited international affiliations and a significant local-to-foreign currency deposit ratio. PwC states that the shortfall in US dollar liquidity poses a significant challenge for banks, hindering their ability to fulfil customer transactions. The Report also revealed that merchandise exports declined by 2.5 per cent, largely driven by a decrease in copper and non-traditional export earnings in the first quarter of this year. “In Q1 2024, merchandise exports declined by 2.5%, largely driven by a decrease in copper and non-traditional export earnings. Copper, Zambia’s main export, experienced a drop in earnings despite higher market...