Absa Bank Zambia says the Tourism sector is not just an important Foreign Exchange earner for many countries but it also provides significant employment.

Bank Head of Global Market Stanley Tamele told Money FM news that three or four percent of revenue generated by different nations comes from foreign exchange through international travels.

Mr. Tamele however observed that “the Covid-19 pandemic is having a sizeable impact on Zambia’s economy, affecting commodities, tourism and remittance, among others.”

“It may take time for the country’s tourism industry to fully get back on its feet because at the moment, some companies are still working from home hence massive improvement may begin to happen next year,” he stated.

Meanwhile, Mr. Tamele noted that the Bank of Zambia’s decision to reduce the Monetary Policy Rate is meant to bring down interest rates in the market and lending more affordable rates to the production sector in view of the pandemic.