The Central Bank of Zambia slashed its key policy rate by 250 basis points to 10.75% at its meeting on September 30, 2026, marking the fourth consecutive cut. The move was supported by a sustained disinflationary process underway since early 2025. Annual inflation eased further to 6.1% in September, its lowest level since February 2018, down from 6.2% in August, nearing the bottom of the central bank's target range. Inflation has been contained by Zambia’s suspension of fuel taxes, a zero-rated value-added tax and a resilient currency. source: Bank of Zambia

The benchmark interest rate in Zambia was last recorded at 10.75 percent. Interest Rate in Zambia averaged 15.07 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 October of 2026.

The benchmark interest rate in Zambia was last recorded at 10.75 percent. Interest Rate in Zambia is expected to be 10.75 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 9.50 percent in 2027 and 9.00 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
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%
2026-09-30 09:20 AM Interest Rate Decision 10.75% 13.25% 13%
2026-11-27 09:00 AM Interest Rate Decision 10.75% 10.75%


Related Last Previous Unit Reference
Deposit Interest Rate 5.99 5.92 percent Mar 2026
Foreign Exchange Reserves 5802.42 6489.47 USD Million Jun 2026
Interest Rate 10.75 13.25 percent Sep 2026
Money Supply M3 221780379.47 220141845.45 ZMW Thousand Jul 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
10.75 13.25 68.40 3.90 2001 - 2026 percent Daily

News Stream
Central Bank of Zambia Trims Policy Rate for 4th Time
The Central Bank of Zambia slashed its key policy rate by 250 basis points to 10.75% at its meeting on September 30, 2026, marking the fourth consecutive cut. The move was supported by a sustained disinflationary process underway since early 2025. Annual inflation eased further to 6.1% in September, its lowest level since February 2018, down from 6.2% in August, nearing the bottom of the central bank's target range. Inflation has been contained by Zambia’s suspension of fuel taxes, a zero-rated value-added tax and a resilient currency.
2026-09-30
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