Bank of Zambia Deputy Governor Operations, Dr. Bwalya Ng’andu has said that the inflation rate is projected to reduce to a single digit by the end of this year.
Dr. Ng’andu said that the Central Bank has managed to slow down the rate of inflation through a number of interventions over the past months.
Dr. Ng’andu said that the 12.5 percent inflation recorded in the month of October is therefore not fictional but due to base factors.
Dr. Ng’andu has also urged Zambians to develop a habit of saving money with Commercial Banks, adding that saving will eventually culminate in reduction of interest rates charged by Banks on loans.
Dr. Ng’andu was speaking in an interview with ZNBC news in Lusaka during the Commemorations of World Savings Day.