Regulatory Alerts2023-11-22
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Bank of Zambia Circular No. 32/2023: Adjustment to the Policy Rate and Overnight Lending Facility Rate
The Bank of Zambia has increased its Policy Rate by 100 basis points to 11 percent and raised the Overnight Lending Facility rate to 27.5 percent, effective immediately following its November 20–21 Monetary Policy Committee meeting. This adjustment, communicated via Circular No. 32/2023 to all commercial bank heads, establishes a 16.50 percentage point spread between the two rates. Financial institutions must align their lending and deposit pricing structures accordingly to reflect the tightened monetary conditions.
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