Bank of Zambia cuts rates as food crisis mounts

Photo of Zambia currency

The Bank of Zambia’s monetary policy committee (MPC) raised interest rates by 125 basis points to 11.5% on November 20, and called on the government to help restore macroeconomic stability.

“Monetary policy alone is not sufficient to address prevailing economic challenges and to restore economic stability,” the MPC said in its statement, published on November 20. “It must be complemented by corrective fiscal and structural policy measures.”

The MPC said it was raising rates to counter the

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