The Central Bank of Zambia left its key interest rate at 9% at its May 2022 meeting, citing the continued deceleration in inflation and its projected further decline towards the target range of 6-8% by the end of 2023. Policymakers noted that headline inflation softened to a 2-1/2-year low of 11.5% in April of 2022 from 13.1% in March, reflecting a slowdown in some food prices and lagged effects of kwacha appreciation. Inflation is projected to trend towards single-digit, by averaging 12.5% in 2022, before declining to 8.9% in 2023. Underlying these projections are mostly the effects of enhanced fiscal consolidation and the resolution of external debt overhang, supported by an International Monetary Fund Extended Credit Facility. Meanwhile, high-frequency indicators suggest a slowdown in economic activity in the first quarter, with the economy expected to grow moderately in the medium-term. The bank kept its growth forecasts unchanged at 3.5% in 2022, 3.6% in 2023 and 3.9% in 2024. source: Bank of Zambia

Interest Rate in Zambia averaged 15.68 percent from 2001 until 2022, 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 2022.

Interest Rate in Zambia is expected to be 9.00 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 2023 and 9.00 percent in 2024, according to our econometric models.

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Zambia Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2021-11-24 09:30 AM 9% 8.5% 8.5%
2022-02-16 09:20 AM 9% 9% 9%
2022-05-18 09:15 AM 9% 9% 9%
2022-08-17 09:30 AM 9% 9%
2022-11-16 09:30 AM


Related Last Previous Unit Reference
Interest Rate 9.00 9.00 percent May 2022
Money Supply M3 113185363.25 110907963.19 ZMW Thousand Apr 2022
Foreign Exchange Reserves 2630.98 2905.75 USD Million Oct 2021

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
9.00 9.00 68.40 3.90 2001 - 2022 percent Daily

News Stream
Zambia Holds Key Interest Rate at 9%
The Central Bank of Zambia left its key interest rate at 9% at its May 2022 meeting, citing the continued deceleration in inflation and its projected further decline towards the target range of 6-8% by the end of 2023. Policymakers noted that headline inflation softened to a 2-1/2-year low of 11.5% in April of 2022 from 13.1% in March, reflecting a slowdown in some food prices and lagged effects of kwacha appreciation. Inflation is projected to trend towards single-digit, by averaging 12.5% in 2022, before declining to 8.9% in 2023. Underlying these projections are mostly the effects of enhanced fiscal consolidation and the resolution of external debt overhang, supported by an International Monetary Fund Extended Credit Facility. Meanwhile, high-frequency indicators suggest a slowdown in economic activity in the first quarter, with the economy expected to grow moderately in the medium-term. The bank kept its growth forecasts unchanged at 3.5% in 2022, 3.6% in 2023 and 3.9% in 2024.
2022-05-18
Zambia Holds Key Interest Rate at 9%
The Central Bank of Zambia left its key interest rate at 9% at its February 2022 meeting, as inflation declined sharply since November and economic growth remained fragile. Policymakers noted that headline inflation eased to a near two-year low of 15.1% in January of 2022 from 16.4% in December and down from a peak above 24% in June. Inflation is projected to continue trending downwards towards the 6-8% target range over the medium term, averaging 13.2% in 2022 and 7.3% in 2023, pointing the benefits of securing an IMF programme, as well as the positive impact of higher copper prices, mainly through the exchange rate. The economy is seen expanding by 3.5% in 2022, by 3.6% in 2023 and by 3.9% in 2024. The committee said that key downside risks to growth include uncertainty surrounding the resurgence of new Covid-19 variants, low vaccination rates and lower than anticipated recovery in major trading partners.
2022-02-16
Zambia Hikes Key Interest Rate to 9%
The Central Bank of Zambia raised its key interest rate by 50 bps to 9% at its November 2021 meeting. It was the first rate hike since February, to anchor inflation expectations, while supporting economic growth and financial stability. The Committee said that although inflation would decelerate sharply over the next eight quarters, it is likely to remain above the upper bound of the 6-8% target range. Zambia’s annual inflation eased to 21.1% in October from 22.1% in September and down from a peak above 24% in June; and it is projected to average 22.6% in 2021, before declining to 15% in 2022 and 9.3% in the first three quarters of 2023. The bank raised its growth projections for 2021 to 3.3%, from a modest 1.6% in September, on the back of strong performance in agriculture, information & communication and wholesale and retail trade. In 2022 and 2023, growth is expected to rise to 3.5% and 3.7%, respectively.
2021-11-24