Zambia raises rates amid persistently high inflation
Central bank does not expect 6–8% target to be reached until at least 2027
The Bank of Zambia today (February 12) raised its key interest rate by 50 basis points to 14.5%.
This decision came amid persistently high inflation and followed a 50bp hike in November. The central bank has now raised the policy rate by a total of 550bp since it began tightening policy in February 2023.
Headline inflation was 16.7% in January. This was unchanged from December’s figure, but higher than the 16.5% for November and the 15.7% for October. Inflation has been rising steadily since the
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