Regulatory Alerts2023-01-01
CB Circular No. 03 of 2023: Adjustment to the Policy Rate and Overnight Lending Facility Rate
The Bank of Zambia increased its Policy Rate by 0.25 percentage points to 9.25 percent and raised the Overnight Lending Facility rate to 25.75 percent, effective immediately following its February 13–14 Monetary Policy Committee meeting. All commercial banks must apply these updated rates immediately, maintaining a 16.50 percentage point spread between the lending facility and policy benchmarks. This directive mandates immediate implementation across the banking sector to ensure consistent monetary transmission following recent committee deliberations.
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