(3 minutes read).
The Bank of Zambia (BOZ) has maintained the Monetary Policy Rate (MPR) at 9.0 percent. Bank of Zambia’s Governor Dr. Denny Kalyalya said the decision to maintain the MPR at 9.0 percent was due to the continued deceleration in inflation.
The Bank of Zambia (BOZ) has maintained the Monetary Policy Rate (MPR) at 9.0 percent. Bank of Zambia’s Governor Dr. Denny Kalyalya said the decision to maintain the MPR at 9.0 percent was due to the continued deceleration in inflation, it is projected to decelerate towards the target range of 6-8 percent by end of 2023 because of the improved macroeconomic conditions in the country.
Dr. Kalyalya said other factors the Monetary Policy Committee (MPC) considered included the positive efforts in implementing fiscal consolidation measures, weaker growth prospects in the medium term, and lingering vulnerabilities and risks to the financial sector.
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During the next eight quarters, inflation is projected to trend downwards to a single digit. It is projected to drop to 8.9 percent in 2023, Enhanced fiscal consolidation supported by the International Monetary Fund Extended Credit Facility has helped the economy. The timely help of the IMF has helped boost market confidence, taming inflation expectations, positively impacting macroeconomic stability, and contributing to growth that has remained subdued for some time.
