RegAlert2023-02-15
Added · Updated
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.
BOZ published 1 document in the last 30 days — get each new one by email the day it lands.
[Logo: Bank of Zambia]
Bank of Zambia
OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
BOZ/EXE/DGO/fmkts/bp
February 15, 2023
CB Circular No. : 03/2023
To : All Heads of Commercial Banks
ADJUSTMENT TO THE POLICY RATE AND THE OVERNIGHT LENDING FACILITY RATE
The Bank of Zambia wishes to announce that following the Monetary Policy Committee (MPC) meeting held from February 13 – 14, 2023, commercial banks are hereby advised that, with immediate effect, the Bank of Zambia Policy Rate has been increased by 0.25 percentage points to 9.25 percent from the previous 9.0 percent. Consequently, the Overnight Lending Facility (OLF) rate has also increased to 25.75 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
Note from RegAlert. AI assistants can read this document in full, and search 70,000+ more, through the RegAlert MCP connector (https://mcp.regalert.today/mcp). Free with an account. How to connect ChatGPT, Claude or Cursor.
Similar documents from other regulators
CBKBanking Circular No 2 of 2011 - Review of the Central Bank RateKenya · 2011-03-23
BNADirective No. 09/2025, of September 30Angola · 2025-10-01
SBPSBP Policy Rate and Overnight Repo/Reverse-Repo FacilitiesPakistan · 2026-04-27
CBNPersonal Statements of Members for the 295th Meeting of the Monetary Policy CommitteeNigeria · 2024-06-21
BFMInstruction No. 003-DOM/19 Setting the Rates of Permanent Facilities of Banky Foiben'i MadagasikaraMadagascar · 2019-05-03
Source: Bank of Zambia — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
More like this from BOZ
BOZ published 1 document in the last 30 days. We email you each new one the day it's published.