Tuesday, July 16, 2024

BOZ maintains Monetary Policy Rate of 9.0 percent


The Bank of Zambia (BOZ) has maintained the monetary policy rate at 9.0 percent.

The Bank of Zambia Governor, Danny Kalyalya said that the Monetary Policy Committee (MPC) of BOZ has based their assessment mainly on the prevailing macroeconomic conditions and outlook which are currently taking shape, and has to this end maintain status quo with regard to the policy rate sitting at 9.0% for the third consecutive time.

“The Policy rate has however maintained at 9.0%, strongly generating from the bearing effect being witnessed and obtained from the November Monetary Policy Rate, as it remains such an important aspect to maintaining accommodative model of credit flows to business and investment as they are now picking up with some economic activities, and as it quite significant to see that this is coming out so strongly as a necessary tool to be used in reviving the speed observed in the domestic economy,” Dr Kalyalaya explained.

He said that the Monetary Policy Rate’s stance is seen to have done a bit of heavy lifting in a way, as it has sustained some spots of steady growth patterns on a durable basis within the short-term.

Dr Kalyalaya further underscored the rationale for maintaining status quo on the policy rate is to support the recovery process in building up of aggregate demand, which is now hinging on the gradual pick up with the private investment.

He stated that the Bank of Zambia monetary policy rate Committee has regarded the prominence of headwinds emanating from global developments, as the main originator to risk affecting the domestic outlook as done by stakeholders such as the International monetary fund (IMF) and World Bank .

Dr Kalyalaya further stated that this has also now objectively been bothered by both upside and downside risks of Russian-Ukraine effects as well as with some lingering conditionalities emanating from the COVID-19 impacts among many other things such as oil pricing dynamics among others.


  1. “He said that the Monetary Policy Rate’s stance is seen to have done a bit of heavy lifting in a way, as it has sustained some spots of steady growth patterns on a durable basis within the short-term.”

    What is this? Done a bit of heavy lift ,in which way? What spot of steady growth has been sustained? What are patterns on the durable basis?
    What is the point of this communication? Is this trying to hide behind the veil of economics at the expense of not be specific ? This is proper waffling,

  2. This is good news at least a bit of stability…gone are the Lazy Lungu years of chipantapanta where rates where jumping up and down like hot porridge in a pot on the stove.

  3. 2021, July, inflation rate was at 25%.
    2021, July, FOOD inflation rate was 12%
    See also below how UPND has transformed Zambia. Keep fighting that inflation.
    Figures and hips don’t lie.
    9.9% July, 2022
    9.7% June, 2022
    10.2% May, 2022
    11.5% April, 2022
    13.1% March, 2022
    14.2% February, 2022
    15.1% January, 2022
    12% July, 2022
    11.9% Jun, 2022
    12.3% May, 2022
    14.1% April, 2022
    15.3% March, 2022
    16% February, 2022
    16.9% January, 2022
    Zambia is still battling high inflation. Money is so scarce and prices are still high.Good news is things have improved drastically, but not enough to make cost of money and food economically cheap.
    There has been a steady downward trend (except for…

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