Zambia holds rates despite double-digit inflation

Christopher Mvunga
Christopher Mvunga
Bank of Zambia

The Bank of Zambia’s monetary policy committee left interest rates unchanged at 8.5% on August 31, despite persistently high inflation.

Year-on-year inflation declined marginally by 0.2% to 24.4% in August, remaining three times higher than the top of the central bank’s target band of 6–8%. It is only slightly below the record high of 24.6% recorded in July.

Governor Charles Mvunga issued a monetary policy statement arguing that the outlook would improve. He said the central bank projected

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