Rule · BOZ · 18 May 2023

Bank of Zambia Adjusts Policy Rate and Overnight Lending Facility Rate

monetary

The Bank of Zambia has increased its Policy Rate by 25 basis points to 9.50 percent and raised the Overnight Lending Facility rate to 26.0 percent, effective immediately following its May 15–16 Monetary Policy Committee meeting. The Overnight Lending Facility rate now stands 16.50 percentage points above the Policy Rate, directly impacting all commercial banks operating in Zambia. This circular formally notifies commercial bank heads of these adjustments to ensure immediate compliance with the updated monetary policy framework.

ZambiaBank of Zambia

[Logo: Bank of Zambia]

Bank of Zambia
OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS

BOZ/EXE/DGO/fmkts/bp

May 18, 2023

CB Circular No. : 09/2023

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 May 15 – 16, 2023, commercial banks are hereby advised that, with immediate effect, the Bank of Zambia Policy Rate has been increased by 25 basis points to 9.50 percent. Consequently, the Overnight Lending Facility (OLF) rate has also increased to 26.0 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