Bank of Zambia cuts rates as Covid concerns intensify
Zambian central bank calls for debt sustainability policies as growth and inflation forecasts worsen
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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