Zambia raises rates for first time since 2015

zambia-kwacha

The Bank of Zambia’s monetary policy committee has voted to raise the policy rate by 50 basis points, to 10.25%, in an attempt to control inflation.

In a statement on May 22, BoZ governor Denny Kalyalya said inflation is projected to rise above the bank’s target of 6–8% mainly due to the high price of maize grain and the depreciation of the Zambian kwacha.

The governor said “between April 1 and May 17, 2019, the kwacha depreciated by 14.9% to around K14 per US dollar” due to elevated demand

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