Regulatory Alerts2020-08-19
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CB Circular No. 23 of 2020 – Adjustments to the Overnight Lending Facility Rate
The Bank of Zambia has reduced the Overnight Lending Facility rate to 24.5 percent with immediate effect, maintaining a 16.50 percentage point margin against the Policy Rate. Commercial banks are required to apply this adjusted rate to all overnight lending operations immediately upon issuance. The central bank will continuously monitor macroeconomic developments and revise facility access conditions as necessary.
BANK of ZAMBIA
OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
BOZ/EXEC/DGO/fmkts/bp
August 19, 2020
CB Circular No. : 23/2020
To : All Heads of Commercial Banks
ADJUSTMENTS TO THE OVERNIGHT LENDING FACILITY RATE
Reference is made to CB Circular No. 17/2020 dated May 21, 2020 on the above subject matter.
Commercial banks are hereby advised that with immediate effect the Overnight Lending Facility (OLF) rate has been reduced to 24.5%. The margin between the OLF Rate and the Bank of Zambia Policy Rate has been maintained at 16.50 percentage points.
The Bank of Zambia will continue to monitor developments in the macroeconomic environment and review the conditions for accessing the OLF when necessary.
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
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