By BUUMBA CHIMBULUZAMBIA’S foreign reserves have been boosted to US$2.9 billion following the injection of the Special Drawing Rights (SDRs) by the International Monetary Fund (IMF), as the benchmark of lending money in the financial sector has for the second time been maintained at 8.5 percent.The country last month was allocated US$1.33 billion SDRs by the IMF.International reserves therefore represents 5.4 months of import cover, according to the Bank of Zambia (BoZ) Governor, Mr Christopher Mvunga.Mr Mvunga said in Lusaka yesterday that reserves at end of August 2021 rose to US$2.9 billion following the receipt of the SDRs as well as market purchases.“Gross international reserves rose to US$1.4 billion at end June 2021 from US$1.2 billion at end March 2021,” he said.Meanwhile, Mr Mvunga announced that BoZ has maintained the monetary policy rate at 8.5 percent for the second time while being mindful of the subdued economic activity and vulnerabilities in the financial system.He explained […]
Foreign reserves hit $2.9 billion
