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. source: Bank of Zambia

The benchmark interest rate in Zambia was last recorded at 13.50 percent. Interest Rate in Zambia averaged 15.12 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 February of 2026.

The benchmark interest rate in Zambia was last recorded at 13.50 percent. Interest Rate in Zambia is expected to be 13.75 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 12.00 percent in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2025-08-13 09:00 AM Interest Rate Decision 14.5% 14.5% 14.5%
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%
2026-05-12 09:00 AM Interest Rate Decision 13.5%


Related Last Previous Unit Reference
Deposit Interest Rate 6.09 6.19 percent Sep 2025
Foreign Exchange Reserves 5224.78 5127.30 USD Million Oct 2025
Interest Rate 13.50 14.25 percent Feb 2026
Money Supply M3 216796941.97 207233976.87 ZMW Thousand Nov 2025


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
13.50 14.25 68.40 3.90 2001 - 2026 percent Daily

News Stream
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
Zambia Keeps Policy Rate Untouched for 2nd Time
The Central Bank of Zambia left its benchmark interest rate unchanged at 14.5% during its regular meeting on August 13th, 2025, marking the second consecutive hold. Policymakers noted that inflation has been trending downward since the last meeting but remains above the 6–8% target, while uncertainties around trade policies and ongoing geopolitical tensions persist. Zambia's annual inflation rate decelerated for the third month to 13% in July 2025, reaching the lowest level since November 2023. It is expected to continue its downward trend over the next eight quarters, reaching the target band by Q1 2026—earlier than May 2025 projections. The updated forecast sees inflation at 13.3% in 2025 and 7.7% in 2026, stable into mid-2027, reflecting exchange rate gains, lower commodity prices, and policy measures.
2025-08-13