The Bank of Zambia has cut its benchmark lending rate by 150 basis points to 11 percent citing lower consumer inflation and weak growth.
This is the third rate cut this year.
Bank of Zambia governor Denny Kalyalya told a media briefing that inflation has been declining and that the Central Bank is confident that it will remain within the medium term target range of 6-8 percent.
Dr. Kalyalya said the Bank also noted that economic growth has been sluggish.Bottom of Form
Zambia’s annual inflation rate is near the lowest since 2013, with this year’s Maize harvest leading to lower food prices.
A reduction in fuel costs this month could also ease inflationary pressure.
Loading read count...
The common wealth SG has really done magic in Zambia. We need more of her visits to Zambia.
Banks should reduce
Banks are stealing from poor Zambians. Stealing in the name of inflation and boz base lending rates.
please ba boz vist this institution
Someone won’t like this development.God we thank you for your intervention.Now fellow Zambians,let us be proactive.Its only us to develop our country.Go Zambia,Go ECL..the sky is the limit and possibly let’s make a hole through the sky!!
Thank God for using ECL for good policy. I wiil vote for you in 2021.
Hats-off to the great leadership of our President His Excellency Edgar Chagall Lungu. We have started seeing the fruits of good governance. Much as we appreciate BoZ rate reduction, we should see the same trickle to commercial banks’, reducing their interest rates. The gap is just too much. I know we have a free market economy but I strongly believe BoZ have a right to direct commercial banks on affordable interest rates. We are currently paying through our nose. BoZ please help as that can further stimulate economic growth
banks better response accordingly at same pace used to increase rates