Policy rate was kept at 9%
The Monetary Policy Rate has been held at 9 percent by the Bank of Zambia (BoZ).
The Monetary Policy Rate, according to BoZ Governor DENNY KALYALYA, cannot be lowered because it is still below the inflation rate, which is 9.7 percent.
However, according to Dr. KALYALYA, inflation is anticipated to continue on a downward trend and return to the target range in the first quarter of 2019.
And according to Dr. KALYLYA, the nation’s economy is predicted to end the year with a growth rate of 3%.
The governor of the central bank claims that reduced copper prices, which fell from around 9,000 dollars per ton in the third quarter of 2021 to roughly 7,000 dollars in the third quarter of 2022, are partially to blame for the moderate economic development.
This was stated by Dr. KALYALYA on Wednesday in Lusaka at the Monetary Policy Committee Press Briefing for the third quarter of 2022.