Regulatory Alerts2014-01-01
Bank of Zambia Adjustment to the Overnight Lending Facility Rate
The Bank of Zambia has immediately adjusted the Overnight Lending Facility (OLF) rate to 10 percentage points above the prevailing policy rate. Commercial banks are now restricted to accessing the OLF window only once per week. The central bank will continuously monitor macroeconomic developments and implement further measures as necessary.
BANK Of ZAMBIA OFFICE OF THE DEPUTY GOVERNOR - ADMINISTRATION May 30, 2014 CB Circular No 1412014 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. ~ Dr. Tukiya Kankasa-Mabula DEPUTY GOVERNOR - ADMINISTRATION cc Governor Bank Square, Cairo Road, P.O. Box 30080, Lusaka, Zambia. Tel: +260-211-229930 Fax: +260-211-222808 E-mail: tkmabula@boz.zm. Web: http://www.boz.zm