BoZ acts to address high lending rates

FROM LEFT: Bank of Zambia (BoZ) director - economics Dr Francis Chipimo, deputy governor - operations Dr Bwalya Ngándu, BoZ governor Dr Denny Kalyalya, deputy governor - administration Dr Tukiya Kankasa-Mabula, senior director - supervisory policy Chisha Mwanakatwe and director financial - markets Dr Emmanuel Pamu during a media briefing in Lusaka yesterday. PICTURE: MACKSON WASAMUNU

THE Bank of Zambia (BoZ) has signalled a reduction in lending rates that are over 40 percent on average following the immediate removal of restrictions on commercial banks’ access to its overnight lending facility (OLF).
This means that commercial banks will now have enough money to lend out to the public.
And the central bank, which has maintained the monetary policy rate at 15.5 percent, says inflation, currently at 12.5 percent, is expected to fall into single digit by end of 2016 despite the increase in the pump price of fuel.READ MORE

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