Zambia Hikes Policy Rate to 14% as Inflation Remains High

• Bank of Zambia raises rate to curb inflation, targeting single-digit levels by 2025.
• Inflation driven by supply shortages, currency depreciation, and energy demands.

Lusaka, Zambia – Zambia’s central bank has raised its Monetary Policy Rate by 50 basis points to 14%, aiming to counter rising inflation as the government works toward achieving a single-digit rate next year. The decision was made by the Monetary Policy Committee (MPC) during its meeting on November 11-12, 2024.