BoZ maintains MPC at 9%

Mark Ziligone/Brian Mwale-The Bank of Zambia -BOZ- has maintained the Monetary Policy Rate -MPC- at 9 percent.

BOZ Governor DENNY KALYALYA says the Monetary Policy Committee decided to maintain the policy rate owing to a sharp drop in inflation in the country.

Dr. KALYALYA says the committee also looked at various happenings in the financial sector saying it is still prone to vulnerability.

He says despite government relaxing some Covid measures in 22 districts, the pandemic still poses some challenges on the economy hence maintaining the MPC.

Dr. KALYALYA also noted that the Russia – Ukraine war has continued putting preasure on the global economy as seen with the increase in commodity prices while some countries have raised their policy rate because of high inflation.

Speaking during the quarterly briefing, the Central Bank Chief also revealed that the bank’s Quarterly survey of business opinion noted a pick up in the local economy as seen with a number of conferences being held in Lusaka and Livingstone.

He said survey has shown an increase in economic activities within the third quarter compared to the previous quarters.

And Dr. KALYALYA clarified that the drop in inflation does not mean that prices of commodities in the country are reducing.

He said commodity prices have remained high but only that the rate at which they increase has reduced.

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