THE Central Bank of Lesotho (CBL) has called on civil servants to spend their money wisely on basic needs by making proper planning on their expenditures and avoiding unnecessary debts.
Dec. 1, 2022
2 min read
CBL advises civil servants to save money
The Central Bank of Lesotho
Metro Audio Articles
Catch our weekly audio news daily only on Metro Radio Podcast News.listen now
Head of Financial Consumer Protection Section at the CBL, Moroke Moroke, made these remarks on Monday this week, addressing civil servants drawn from various government ministries at a one-day Financial Literacy Sensitisation workshop in Mafeteng.
He advised the public workers to develop a culture of saving and investing in things that can keep generating income for their families.
Moroke further warned them to refrain from sharing their already skimpy incomes with their grown children who are old enough to take care of themselves.
“Most civil servants are in deep financial debts as they do not have the right information on how to manage their finances, hence, they incessantly borrow from financial institutions like local banks, micro finances, and loan sharks,” he said, adding that they are therefore forced to live from hand to mouth.
Analyst for Non-banks at the CBL, Molise Sethobane highlighted the importance of public workers properly managing their funds while at the same time preparing for their retirement.
“It is important to save before retirement because there is still life after phase, which requires finances,” Sethobane said, urging the workers to spend money on essential things and not entertainment.
Enjoy our daily newsletter from today
Access exclusive newsletters, along with previews of new media releases.
“We sincerely have to thank the CBL for providing us with this crucial financial information. Some of you who still have time in the service should invest in this information and avoid getting into debt until it is too difficult for you to get out.
The workshop was organised by the CBL in collaboration with the Lesotho Institute of Public Administration and Management (LIPAM).
It was held after it was established that debts pose a serious challenge to civil servants by negatively affecting both production and the quality of their lives. - LeNA