The Bank of Zambia lowered its key Monetary Policy Rate by 25bps to 13.25% at its May 2026 meeting, bringing borrowing costs to their lowest level since mid-2024. Policymakers cited expectations of a favourable maize harvest during the current crop marketing season, along with the relative stability of the Kwacha against the US dollar, as key factors supporting a more benign inflation outlook. These developments are expected to help keep inflation anchored within the central bank’s 6–8% target range. However, the central bank also highlighted persistent upside risks and heightened uncertainty linked to the ongoing conflict in the Middle East, prompting a cautious approach to monetary easing in order to maintain an appropriate monetary policy stance. Inflation is expected to remain within the target band and average 6.8% in 2026 and ease to 6.1% in 2027, before edging up to 6.6% in Q12028. Zambia’s annual inflation rate slowed to 6.8% in April, its lowest level since February 2018. source: Bank of Zambia

The benchmark interest rate in Zambia was last recorded at 13.25 percent. Interest Rate in Zambia averaged 15.11 percent from 2001 until 2026, reaching an all time high of 68.40 percent in March of 2001 and a record low of 3.90 percent in April of 2010. This page provides - Zambia Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Zambia Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2026.

The benchmark interest rate in Zambia was last recorded at 13.25 percent. Interest Rate in Zambia is expected to be 13.25 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Zambia Interest Rate is projected to trend around 12.00 percent in 2027 and 10.00 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2025-11-12 09:00 AM Interest Rate Decision 14.25% 14.5% 14%
2026-02-11 09:00 AM Interest Rate Decision 13.5% 14.25% 13.75%
2026-05-13 09:30 AM Interest Rate Decision 13.25% 13.5% 13.5%
2026-09-16 09:00 AM Interest Rate Decision 13.25% 13%
2026-11-18 09:00 AM Interest Rate Decision


Related Last Previous Unit Reference
Deposit Interest Rate 5.99 5.92 percent Mar 2026
Foreign Exchange Reserves 6199.48 6477.91 USD Million Mar 2026
Interest Rate 13.25 13.50 percent May 2026
Money Supply M3 211889738.26 213771872.40 ZMW Thousand Apr 2026


Zambia Interest Rate
In Zambia, interest rates decisions are taken by the Monetary Committee of the Bank of Zambia. The official rate is the policy rate.
Actual Previous Highest Lowest Dates Unit Frequency
13.25 13.50 68.40 3.90 2001 - 2026 percent Daily

News Stream
Central Bank of Zambia Lowers Interest Rates
The Bank of Zambia lowered its key Monetary Policy Rate by 25bps to 13.25% at its May 2026 meeting, bringing borrowing costs to their lowest level since mid-2024. Policymakers cited expectations of a favourable maize harvest during the current crop marketing season, along with the relative stability of the Kwacha against the US dollar, as key factors supporting a more benign inflation outlook. These developments are expected to help keep inflation anchored within the central bank’s 6–8% target range. However, the central bank also highlighted persistent upside risks and heightened uncertainty linked to the ongoing conflict in the Middle East, prompting a cautious approach to monetary easing in order to maintain an appropriate monetary policy stance. Inflation is expected to remain within the target band and average 6.8% in 2026 and ease to 6.1% in 2027, before edging up to 6.6% in Q12028. Zambia’s annual inflation rate slowed to 6.8% in April, its lowest level since February 2018.
2026-05-13
Zambia Cuts Key Policy Rate for 2nd Time
The Central Bank of Zambia lowered its key policy rate by 75 basis points to 13.5% at its meeting on February 11, 2026, marking the second consecutive cut. The annual inflation slowed sharply to 9.4% in January 2026 from 11.2% in the previous month, driven by the bumper maize harvest from 2024/25 and the appreciation of the Kwacha against major currencies. Policymakers said inflation is expected to fall faster than previously forecast in November, with prices projected to enter the central bank’s 6%–8% target band by the second quarter of 2026 and reach the lower bound by mid-2027. The Bank of Zambia added that its policy stance will continue to be guided by inflation developments, forecasts, and identified risks, including those related to financial stability, while maintaining a position supportive of macroeconomic stability.
2026-02-11
Zambia Lowers Key Policy Rate to 14.25%
The Bank of Zambia reduced its key policy rate by 25 basis points to 14.25% at its regular meeting on November 12, 2025, implementing its first rate cut since August 2020. The move followed a continued moderation in inflation during the third quarter, as policymakers sought to ease monetary conditions while steering price growth back within the target range. Annual inflation eased to 11.9% in October, the lowest level in over two years, down from 12.3% in September. The central bank projected that inflationary pressures will keep moderating in the near term, with average price growth expected at 7.6% in 2026, slightly below the 7.7% forecast at the previous MPC meeting. Policymakers noted, however, that risks linked to external conditions and domestic supply factors remain.
2025-11-12