Zambia cuts interest rates again

The Zambian kwacha

Zambia’s central bank cut interest rates again on May 17, bringing them to their lowest level since 2015.

The Bank of Zambia’s monetary policy committee cut its policy rate by 150 basis points to 12.5%, having cut it by the same amount from 15.5% in its previous meeting in February. The central bank also cut the rate on an additional monetary policy tool, Zambia’s “statutory reserve ratio”, by 300bp to 12.5%.

The statutory reserve ratio, which dictates what percentage of commercial banks’

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