Zambian central bank maintains policy lending rate

Zambia's central bank on Wednesday kept its key benchmark interest rate unchanged at 15.5 percent due to a decline in annual inflation.

The Bank of Zambia (BoZ) said after meetings on Monday and Tuesday, its Monetary Policy Committee decided to maintain the policy rate following a decline in the annual inflation rate.

The country's annual inflation declined from 22.2 percent in March to 18.9 percent in September, before plunging to 12.5 percent in October.

Denny Kalyalya, the central bank governor, said in a statement that although a recent rise in fuel prices will likely raise monthly inflation, the annual inflation was projected to decline to a single digit by year end. Endit