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    Zambia central bank leaves policy rate on hold at 9.0%

    Zambia's central bank kept its monetary policy rate unchanged at 9.0% in a decision announced on Wednesday.
    Source: Wikipedia.
    Source: Wikipedia.

    The Bank of Zambia's main lending rate has been at 9.0% since November 2021.

    Annual inflation peaked at 24.6% in the middle of last year and had declined steeply until June, when it reached 9.7%, before edging up to 9.9% in July.

    In 2020 Zambia became the first African country to default on its sovereign debt during the Covid-19 pandemic.

    It hopes that the International Monetary Fund's executive board will approve a $1.4bn lending programme as soon as the end of this month, after its official creditors pledged to negotiate a debt restructuring.

    Source: Reuters

    Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day.

    Go to: https://www.reuters.com/
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