Bank of Zambia cuts rates as Covid concerns intensify


The Bank of Zambia’s monetary policy committee lowered its policy rate by 125 basis points to 8% on August 18, responding to a growing Covid-19 crisis.

Central bank governor Denny Kalyalya said the pandemic’s economic effects were growing, and said the country’s already-fragile fiscal state was worsening. Zambia’s authorities have requested aid from the International Monetary Fund, but have not yet been able to agree terms for a deal.

The central bank’s monetary policy committee (MPC) revised

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