Regulatory Alerts2014-01-01
Adjustment to the Overnight Lending Facility Rate
The Bank of Zambia immediately adjusts the Overnight Lending Facility rate to 10 percentage points above the prevailing policy rate for all commercial banks. The central bank limits access to this lending window to once per week, as mandated in Circular 7/2014. Regulators will continuously monitor macroeconomic developments and implement further measures as necessary to maintain monetary policy effectiveness.
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BANK OF ZAMBIA OFFICE OF THE DEPUTY GOVERNOR - ADMINISTRATION
May 30, 2014
CB Circular No : 14/2014
TO : All Heads of Commercial Banks
ADJUSTMENT TO THE OVERNIGHT LENDING FACILITY RATE
The Bank of Zambia wishes to advise all commercial banks that with immediate effect, the Overnight Lending Facility (OLF) rate will be set at 10 percentage points above the prevailing Bank of Zambia Policy Rate.
As earlier stated in Circular Number 7/2014, commercial banks will only be allowed to access the OLF Window once in a week.
The Bank of Zambia will continue to monitor developments in the macroeconomic environment and stands ready to take appropriate measures as and when deemed necessary.
[SIGNATURE] Dr. Tukiya Kankasa-Mabula DEPUTY GOVERNOR – ADMINISTRATION
cc Governor