Thu, 23 Feb 2017 11:19:17 +0000 By SHEILA SAKUPWANYA THE Central Bank has reduced the monetary policy rate from 15.5 percent to 14.0 percent, representing a reduction of 150 basis points. Speaking at the media briefing in Lusaka, Bank of Zambia (BoZ) governor Denny Kalyalya said the central bank decided to reduce the Policy Rate by 150 basis to 14.0 percent owing to the reduction in inflation rate. “Inflation in January 2017 fell to 7 percent and current forecasts indicate that it will remain within the target range of 6 to 8 percent over the medium-term. Economic activity in the fourth quarter of 2016 continued to face challenges, with electricity generation, and the production of copper and some selected manufactured products declining,” Dr. Kalyalya said. Dr. Kalyalya also said the BoZ reduced the Statutory Reserve Ratio by 250 points to 15.5 percent from 18 percent, and the Overnight Lending Facility Rate was also reduced […]
