Regulatory Alerts2020-01-01
Bank of Zambia Circular 30/2020: Changes to TMTRF Interest Rate Terms
The Bank of Zambia revised the interest rate terms for its Targeted Medium-Term Refinancing Facility (TMTRF) to a fixed 8.0 percent, which adjusts downward if the Monetary Policy Rate falls but ignores upward movements. This realignment applies to all outstanding and undrawn advances from January 1, 2021, with immediate effect for new disbursements. Financial service providers are required to pass the full interest rate differential directly to end clients starting January 1, 2021.
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