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.
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