Friday, March 30, 2012
Bank of Zambia Introduces New Policy Rate at 9.00%
The Bank of Zambia announced it would set its new monetary policy benchmark interest rate at 9.00%. The move marks a transition in the Bank's monetary policy, from money supply targeting to an interest rate target system. The overnight lending facility rate is due to be set at 250 basis points higher than the policy rate. The new interest rate level represents significant tightening, and compares to previous interest rate levels of around 6 percent. The Bank of Zambia's adoption of a monetary policy benchmark interest rate follows similar moves by Uganda and Angola last year.
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Good move, good to see the African nations progressing their economic policies
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