Bank of Zambia holds interest rate as inflation stabilises
First MPC meeting of new quarterly schedule sees no change in policy
The Bank of Zambia yesterday held its policy interest rate at 12%, in its first monetary policy committee meeting since it switched to a quarterly meeting schedule in May.
Yesterday's statement describes the monetary policy over the second quarter of 2014 as "challenging", due to "persistent" inflationary pressures "compounded by excessive volatility in the foreign exchange market". Measures were therefore taken in April to tighten policy, which were "augmented" in May.
Since then, however
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