Zambia raises rates for the first time since 2019

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The Bank of Zambia’s monetary policy committee (MPC) raised interest rates to 9% on November 24, in an attempt to rein in inflation.

Year-on-year inflation fell to 19.3% in November. This was its fourth consecutive monthly fall but kept inflation at a level still well above the central bank’s target inflation band of 6–8%.  

The central bank’s statement stressed that quarterly inflation had risen “by 0.2 percentage points to an average of 23.7% in the third quarter.

The central bank said the

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