There are various ways of doing this, but in the scenario described, it seems logical to think of retaining more profits, without forgetting capital increases, or the issuance of non-voting equity stock by savings banks. Allow me to conclude by repeating what I have already said on previous occasions. Governments, which have proven themselves resolute and decisive in the search for solutions to resolve the impact of the financial crisis on the economy, must also take action on the policies that directly affect the real economy. 8  BIS Review 133/2008  In a country such as ours, integrated into the single monetary area and with its attendant competitiveness difficulties, decisive action is essential on structural reforms that liberalise product and factor markets, increasing competition and favouring a more efficient allocation of the available resources. Allow me to mention some of them, because it would be remiss of me to fail to speak today about what is most important for facing up to the crisis. First, and given that the residential sector is subject to an especially intense degree of adjustment in the present situation, measures are needed that help to satisfy the demand for rented housing and that will also reactivate the demand for housing that is most closely linked to the investment motive. Liberalising the market for rented accommodation and giving legal certainty to owners would be one of the timeliest structural reforms. Second, there are still a large number of sectors and market segments that should be liberalised in order to boost competitiveness.
Caleb M Fundanga: Corporate social responsibility - challenges that the private sector in Zambia should overcome Key note address by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the Mufulira District Advisory Committee’s 2006 Business Forum, Mufulira, 18 March 2006. *  *  *  CHAIRPERSON, YOUR HONOUR THE MAYOR OF MUFULIRA MUNICIPAL COUNCIL, THE DISTRICT COMMISSIONER, THE TOWN CLERK, DISTINGUISHED INVITED PARTICIPANTS, LADIES AND GENTLEMEN On behalf of the Bank of Zambia and indeed on my own behalf, allow me to thank you for this invitation to Mufulira. It is an honour to be invited to this important Forum to share a few words with the business community on the issue of Good Corporate Citizenship. In view of the growing role of the private sector as a partner in economic development in Zambia, this topic could not have come at a better time than now. In fact, when I was invited to come here by the Municipal Council, I took a bit of time to reflect on the challenges good corporate citizens face. On the outset, it is imperative to realise that despite the moral ethics that come with being a responsible and good corporate citizen, advantages can also be exploited by strengthening the synergies between private sector growth on the one hand and social, economic and environmental development on the other. In view of this, I prepared my address within the context of the underlying theme “Corporate Social Responsibility: Challenges that the Private Sector in Zambia Should Overcome”.