Zambia cuts rates for first time in five years
Inflation eases as high global copper prices boost exports and strengthen local currency
Zambia’s central bank has lowered its policy rate by 25 basis points, marking the first cut since the country defaulted on its sovereign debt five years ago.
The Bank of Zambia today (November 12) cut rates to 14.25%, its governor, Denny Kalyalya, said in a statement following the decision. The bank had last eased policy in August 2020.
Annual headline inflation in the country was 11.9% in October, down from 12.3% the previous month. The bank targets inflation at a range of 6–8%.
Prices have been
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