Regulatory Alerts2023-01-01
Bank of Zambia Adjustment to the Policy Rate and Overnight Lending Facility Rate
The Bank of Zambia has increased its Policy Rate by fifty basis points to ten percent and raised the Overnight Lending Facility rate to twenty-six point five percent, effective immediately following the August 21–22 Monetary Policy Committee meeting. Issued by the Deputy Governor for Operations to all commercial bank heads, this directive mandates an immediate adjustment to maintain a sixteen point five percentage point spread between the two rates. Commercial banks must promptly update their pricing mechanisms to comply with the revised monetary policy parameters.
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