BOZ maintains policy rate at 8.5 percent

Written by on May 19, 2021

The Bank of Zambia has maintained the monetary policy rate at 8.5 percent.

And the Bank of Zambia says the economic activities in the first quarter of 2021 declined due to the second wave of the covid 19 pandemic.

Speaking during a press briefing, bank of Zambia Governor Christopher Mvunga says the decision to maintain the monetary policy rate follows the expected reduced inflationary pressure as a result of increased food supply such as maize and wheat on the market.

And Mr Mvunga says the high demand in copper and foreign investment in the domestic economy is likely to see a reduction in the inflation rate.

He has however stated that the inflation rate is expected to remain above the upper bound of 6-8 target range. Meanwhile Mr Mvunga stated that there has been a rise in the country‘s foreign reserves in the first quarter of 2021

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