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Bank of Zambia Implements Stringent Monetary Measures to Tackle Economic Challenges

The Bank of Zambia has announced significant measures to tighten monetary policy in a bid to address economic challenges.

Bank of Zambia Deputy Governor Operations, Dr. Francis Chipimo, has revealed that the central bank is implementing measures to tighten monetary policy. 

In 2023, the Policy Rate saw an upward adjustment of two percentage points, starting at 9 percent and reaching 11 percent by the end of the year. Additionally, the statutory reserve ratio increased by 8 percentage points, moving from 9% to 17%.

Dr. Chipimo made these announcements during the opening of a Media Seminar in Siavonga District. 

He emphasized the bank’s commitment to bringing inflation back into the targeted range of 6-8 percent.

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