Bank of Zambia Holds Interest Rate at 13.5%, Defends Foreign Currency Penalty Amid Inflation Concerns

• Central bank keeps policy rate steady despite 15.4% inflation in July
• Debate intensifies over de-dollarisation efforts and economic strategies

Lusaka, Zambia – The Bank of Zambia’s Monetary Policy Committee (MPC) maintained the Monetary Policy Rate (MPR) at 13.5% for the third quarter of 2024, despite the country grappling with a reported 15.4% inflation rate in July. This marks the third consecutive quarter with the rate unchanged as the central bank seeks to balance inflation control with economic stability.