High interest rate failing low-income earners – Lungu

President Edgar Lungu says the failure by commercial banks to cut interest rates – despite the Bank of Zambia (BoZ) lowering the monetary policy rate – is thwarting government efforts to empower lower-income earners. “Sadly, we have not seen a significant interest rate reduction by commercial banks to support government…

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Zambian central bank reduces lending rates

The Bank of Zambia (BoZ) has reduced its lending rate by 150 basis points to 12.5% from 14%.The central bank also reduced the statutory reserve ratio by 300 basis points – to 12.5% from 15.5%. BoZ Governor Denny Kalyalya said prevailing high lending rates and subdued economic growth necessitated the…

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