Economy

BoZ Raises Monetary Policy Rate to 10%

The Bank of Zambia has raised the monetary policy rate to 10.25 percent from 9.75 percent aimed at responding to weakening kwacha against foreign convertible currencies.

Central Bank Governor Denny Kalyalya announced the upward adjustment in Lusaka today where he has reminded commercial banks to discuss with affected customers on how best they can settle their loans either by extending their payment period or increase the service charge.

25 Comments

  1. Mazuzyo

    Ulo lwaisa! Bane kakeni ifitenge!

  2. Kenneth Ngalamika

    The increase in the policy rate from the 9.75% to 10.25% the end result will it not be the increase in the cost of borrowing? And in the end will that not bring about the increase in the cost of doing business in Zambia? If that is the case then we expect the commodity prices to go up and this will result in the inflationary pressure to up resulting in the raise of inflation.

  3. Alozi

    The upward adjustment will actually limit borrowers will actually be the opposite of Mr. Ngalamika’ s thought. In other terms, those with the idea of borrowing will borrow with a risk of paying the interest at the introduced rate in the same manner, those that are servicing will service at the new rate. What the Central bank has done is hedging…. Reducing the risk of loss by financial institutions through the unstable Kwacha and also to reduce the inflation caused the exchange rate. Therefore, if less pipo can borrow, less money will circulate thereby managing the inflation rate……

    • Foreskin nyirenda

      So @alozi it’s merely cosmetic and meant to insulate financial institutions

    • C.J

      what does this mean for people that have borrowed from Commercial banks and MFIs? the increment from 9.75 to 10.25 %. how will it affect them?

      • lnnocent

        chances of running loans not ending as per agreement when getting it are very high.

  4. Kelvin

    Where are we going people

  5. Alu.B

    Apa manje yabvuta kweni-kweni!

  6. GH

    Things r bad nw in Zambia let’s pray hard.

  7. GH

    Were r we going people of Zambia?

  8. GH

    Let’s see what will happen

  9. Chalo Wandya

    Elo lwanya

  10. Chilubo

    Apa manje lwabya over. Ni mwana wa kaya chabe

  11. Please help

    I need help from all well wishes with my school fees .
    I graduated high school in 2017 and I scored 12points
    I managed to get acceptance letters from various UNIVERSITIES around this country Even overseas. But I don’t have anyone to sponsor or help me out. I tried to reach out social welfare and other organizations they never gave me any response.
    I do some piece works which enables me to raise money for my basic needs and application fees.
    Recently I was accepted at nortec to study electrical engineering at only about k3’930. Tuitions fee and to provide k2’000 for my accommodation and other requirements.
    If it means to educate me then when. I start working to repay you I can humbly do that..
    Thanks.

    • Please help

      You can call me on 0971147851 thank you

    • Mario puzo

      Did you call? let us know the outcome,we know if at all things went well.call call that number.

  12. Terence

    I miss the days when there was a plan. i miss the day we had confidence in economic vision for Zambia.
    I MISS N’GANDU MAGANDE.
    I WOULD ACTUALLY MORN THE DAY MAGANDE WAS IN CHARGE OF OUR ECONOMY but no, I can’t because the man is still alive. can you believe it.
    can someone please tell the president that the nation us not out of brain power to help rescue the nation. now is time to dial 911 or whatever it is that we should dial in Zambia.
    you are proof that with a bit of luck anyone can become president and you slowly becoming proof that not every President can be a leader.
    leaders Mr president are not afraid to surround themselves with the best even when the best are better that them. leaders attract men and women of honor, who will stand for their dignity and value in the face of death. yes in the face of death.
    Kaunda had such people as did Mandela and so they did us Africans proud.
    these moves you are making as regards the kwacha are desperate kicks of dying horse.
    please don’t make the nation morn MAGANDE while he is still alive and able to contribute to his country.

  13. Please help

    Am the same person seeking for help from all well wishers tuition my tuition fees please if you’re willing you can call me on cell number 0971147851.
    My name is Emmanuel mwàle.n.

    • Lolo

      Try the member of Parliament in your constituency! All the best!

  14. LN

    Yes, bring Magande on board. Royalists are not always the best people. During the leadership of President Mwanawasa the economy was steadily becoming stronger and stronger. There is no doubt that both Magande’s knowledge and Mwanawasa’s determination to fight corruption contributed to the growing economy. Recognised people outside the pf with brains and incorporate then the governance of our country.

  15. Jms

    Why punish innocent people if you have failed to perform

  16. e kangolo

    how much was the kwacha against dollar in one party state before mmd came in power in 1991?

  17. G.N.Mukuka

    Surely, Mr N’gandu Magande and Mr Caleb Fundanga are still alive and are always available to offer there knowledge on monetary matters…. Don’t feel shy consult them……They are real servants of mother Zambia!!!

  18. Frank

    if perhaps u need new blood then get chibamba kanyama,the man is equal to the task

  19. One love

    Its your time to perform b4 it is worst work hard for mother Zambia .salaries there peanuts ,meal meal is how much? Two roomed houses in lsk is how much? Then if the loaf of bread will be at k12 then the salary is k800 wat are you expecting to be out break at hospitals is malnutrition .

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