Regulatory Alerts2024-01-01
Bank of Zambia Circular No. 04/2024: Adjustment to the Policy Rate and Overnight Lending Facility Rate
The Bank of Zambia has immediately increased its Policy Rate by 150 basis points to 12.5 percent following the February 12–13 Monetary Policy Committee meeting. Consequently, the Overnight Lending Facility rate has been raised to 29 percent, positioning it 16.50 percentage points above the new Policy Rate. All commercial banks must implement these adjusted rates effective immediately.
[Logo: Bank of Zambia]
Bank of Zambia OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
BOZ/EXEC/DGO/fmkts/bp
February 14, 2024
CB Circular No. : 04/2024
To : All Heads of Commercial Banks
ADJUSTMENT TO THE POLICY RATE AND THE OVERNIGHT LENDING FACILITY RATE
Following the Monetary Policy Committee (MPC) meeting held from February 12 – 13, 2024, commercial banks are hereby advised that, with immediate effect, the Bank of Zambia Policy Rate has been increased by 150 basis points to 12.5 percent. Consequently, the Overnight Lending Facility (OLF) rate has also increased to 29 percent, that is 16.50 percentage points above the prevailing Bank of Zambia Policy Rate.
[Signature]
Francis Chipimo (PhD) DEPUTY GOVERNOR – OPERATIONS
cc Governor
Bank Square, Cairo Road, P.O. Box 30080, Lusaka, Zambia Tel:+260-211-399303, 399300, E-mail: dgo@boz.zm, Web: http://www.boz.zm