Banking Coronavirus Economy Finance Governance Zambia

Zambia cuts key interest rate for 1st time in 2 years

Zambia’s central bank on Wednesday (May 20th) cut its benchmark lending rate by 225 basis points to 9.25%, in response to economic turmoil brought about by the COVID-19 pandemic.

The bank projected gross domestic product (GDP) would shrink by 2.6% in 2020, the country’s first economic contraction in more than 20 years.

Source: Reuters

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